Kelly® Declares Quarterly Dividend

Posted on February 16, 2022 by Admin

Kelly® Declares Quarterly Dividend

Research, News, and Market Data on Kelly

TROY, Mich.,
Feb. 16, 2022 /PRNewswire/ — Kelly^®(Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced that its Board of Directors has declared a quarterly dividend of
$0.05 per share on Kelly Services Class A and Class B common stock. The dividend is payable
March 14, 2022 to shareholders of record at the close of business on
February 28, 2022.

About Kelly^®
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center,
Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ more than 350,000 people around the world, and we connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was
$4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

KLYA-FIN

ANALYST & MEDIA CONTACT:
James Polehna
(248) 244-4586
[email protected]

SOURCE
Kelly Services, Inc.

SPAC to Merge With Cannabis Financial Services Pioneer

Posted on February 15, 2022 by Admin



  Image Credit: Safe Harbor Financial

Cannabis Bank Sowing New Seeds as it Announces SPAC Merger

The latest SPAC or “blank check company” to find the desired target will help fulfill the growing need for banking services for cannabis-related businesses (CRB) in Colorado, and beyond. At the helm of the soon to be merged institution will be one of the pioneers that has helped lead the way by overcoming barriers to financial services for CRBs.

Career banker Sundie Seefried literally wrote the book on cannabis banking back in 2015. She says she was inspired by public safety risks posed by what was largely an all-cash business. After Colorado eased marijuana restrictions, she worked to serve this sector’s financial needs. Sundie became a leader in cannabis banking and has been providing guidance to other bankers, business owners, and policymakers. Ms. Seefried, who runs Safe Harbor Financial Corp. will soon be sowing more potent seeds within the industry.

Picture: Sundie Seefried

Seefried’s Safe Harbor Financial announced a definitive agreement Monday to be taken public by Northern Lights Acquisition (NLIT) which was formed as a special purpose acquisition corporation (SPAC).

In a news release, Seefried explained the deal will position Safe Harbor to expand its financial services and support the growth of the cannabis industry. “Our goal is to become a ‘one stop-shop’ for cannabis business financial needs,” she added.

Terms of the Agreement

Under the merger, New York-based Northern Lights (NLIT), an affiliate of Luminous Capital, will pay $70 million in cash and $115 million in common stock to acquire Safe Harbor, a subsidiary of Colorado-based Partner Colorado Credit Union. The post-transaction equity value of the company is expected to be $327 million, according to the release.

The deal has already been approved by the board of directors and managers of Northern Lights, Partners Colorado and Safe Harbor, according to the news release. It remains subject to other closing conditions including approval by the stockholders of Northern Lights.

About Safe Harbor

Safe Harbor has nearly 600 accounts across 20 states. During 2021 it processed $4 billion in transactions, for a total of $11 billion since it began operations, according to the release.

Last year, Safe Harbor unveiled a commercial cannabis lending platform. Currently, it has an actionable pipeline of more than $300 million, including both existing and new customers, the release said.

John Darwin and Joshua Mann, co-CEOs of Northern Lights, will remain on Northern Lights’ board of directors after the sale is finalized. Sundie Seefried will serve as CEO of the merged company.

Suggested Reading

Banks and Credit Unions Are Now Allowing Services For Marijuana And Cannabis Businesses

What’s in the Senate’s Marijuana Tax Proposal

Marijuana is Winning the Sports Battle

Clarence Thomas’ Statement on Half-in, Half-out Marijuana Laws

Sources

https://www.prnewswire.com/news-releases/northern-lights-acquisition-corp-announces-entering-into-a-business-combination-agreement-with-safe-harbor-financial-the-leading-provider-of-financial-services-and-access-to-banking-solutions-for-the-us-cannabis-industry-301481232.html

https://financialregnews.com/northern-lights-details-acquisition-of-leading-financial-services-provider-for-cannabis-industry/

https://shfinancial.org/resources/

https://www.facebook.com/SafeHarborFinancialLLC/photos/a.278325677682904/316238937224911

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Kelly Services (KELYA) – Gearing Up For Meaningful Change

Posted on February 15, 2022 by Admin

Tuesday, February 15, 2022

Kelly Services (KELYA)
Gearing Up For Meaningful Change

Kelly Services Inc is a provider of workforce solutions and consulting and staffing services. The company’s operations are divided into three business segments namely Americas Staffing, Global Talent Solutions (“GTS”) and International Staffing. It provides staffing solutions through its branch networks in Americas and International operations and also provides a suite of innovative talent fulfilment and outcome-based solutions through GTS segment. Americas Staffing generates maximum revenue from its operations.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q21. Revenue of $1.25 billion was up 0.7% year-over-year (1.1% in constant currency) but up 6% when adjusting for the additional week in 2021. Consensus was $1.3 billion and we were at $1.31 billion. Kelly reported operating earnings of $15.3 million, compared to $9.5 million in 4Q20, and $19.4 million versus $13.9 million on an adjusted basis. GAAP EPS for 4Q21 was $1.80 compared to $0.59 in 4Q20. Adjusted EPS for the fourth quarter was $0.65 versus $0.41 last year. We had projected adjusted EPS of $0.32.

Monetization of APAC. Kelly entered into an agreement to sell nearly all of its PersolKelly JV and its shareholdings in Persol Group. Net cash proceeds are anticipated to be approximately $255 million, or $6.75 per KELYA share. Combined with availability under its credit facilities, Kelly has about $0.5 billion of capital to accelerate its growth in high-margin, high-growth specialties …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

Release – Kelly Reports Fourth-Quarter and Full-Year Earnings 2021

Posted on February 14, 2022 by Admin

Kelly® Reports Fourth-Quarter and Full-Year Earnings 2021

Research, News, and Market Data on Kelly

– Q4 revenue increased 0.7%, or 6% as adjusted
– Q4 gross profit rate of 19.7%, improved 160 bps
– Q4 operating earnings of $15.3 million, or earnings of $19.4 million as adjusted, compared to earnings of $13.9 million in the corresponding quarter of 2020 as adjusted, up 40% on an adjusted basis
– Full year 2021 operating earnings of $48.6 million, or earnings of $52.6 million as adjusted, compared to adjusted earnings of $44.3 million last year, up 19% on an adjusted basis
– To unlock capital to accelerate Kelly’s specialty strategy, Kelly and Persol Holdings will unwind cross-ownership and Kelly will reduce its ownership interest in PersolKelly, the companies’ joint venture in the APAC region, in Q1 2022

TROY, Mich.,
Feb. 14, 2022 /PRNewswire/ — Kelly® (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the fourth quarter and full year of 2021. The company’s 2021 fiscal year is a 52-week year, and the fourth quarter of 2021 includes 13 weeks. The company’s 2020 fiscal year was a 53-week year, and the fourth quarter of 2020 included 14 weeks.

Peter Quigley, president and chief executive officer, announced revenue for the fourth quarter of 2021 totaled
$1.3 billion, a 0.7% increase compared to the corresponding quarter of 2020. Year-over-year revenue trends were negatively impacted by the additional week in the 2020 period. Adjusted for the impact of the additional week in 2020, revenue for the fourth quarter of 2021 increased 6.0%. Improving year-over-year revenues in the quarter reflect increasing customer demand compared to the COVID-19-impacted prior year period.

Earnings from operations in the fourth quarter of 2021 totaled
$15.3 million, compared to earnings of
$9.5 million reported in the fourth quarter of 2020. The 2021 fourth-quarter results include a
$4.1 million restructuring charge. The 2020 fourth-quarter results included a
$4.4 million restructuring charge. On an adjusted basis, earnings from operations were
$19.4 million compared to
$13.9 million in the corresponding quarter of 2020.

Diluted earnings per share in the fourth quarter of 2021 were
$1.80 compared to
$0.59 per share in the fourth quarter of 2020. Included in the earnings per share in the fourth quarter of 2021 is a non-cash gain, net of tax, on Kelly’s investment in Persol Holdings common stock of
$0.87 and a gain on insurance settlement, net of tax, of
$0.36, partially offset by a loss of
$0.08 related to restructuring charges, net of tax. Included in the earnings per share in the fourth quarter of 2020 is
$0.26 from a non-cash gain per share on Kelly’s investment in Persol Holdings common stock, net of tax, partially offset by a loss of
$0.08 related to restructuring charges, net of tax. On an adjusted basis, earnings per share were
$0.65 in the fourth quarter of 2021 compared to
$0.41 in the corresponding quarter of 2020.

“Our fourth-quarter results reflect that the economic recovery continues. While our revenue growth in the quarter was affected by talent supply, we are pleased with our ability to leverage growth into solid gross profit and earnings improvements,” said Quigley.

Operating earnings for the full year of 2021 totaled
$48.6 million, compared to a loss of
$93.6 million reported for the full year of 2020. The 2021 full-year results included a
$4.0 million restructuring charge. The 2020 full-year results include a
$147.7 million goodwill impairment charge,
$12.8 million of restructuring charges, a
$9.5 million customer dispute charge and a
$32.1 million gain on sale of assets. On an adjusted basis, earnings from operations for the full year of 2021 were
$52.6 million compared to
$44.3 million for the full year of 2020.

Diluted earnings per share for the full year of 2021 were
$3.91 compared to a loss per share of
$1.83 for the full year of 2020. Included in the earnings per share for the full year of 2021 is
$2.12 from a non-cash gain on Kelly’s investment in Persol Holdings common stock, net of tax, and a
$0.36 gain on insurance settlement, net of tax, partially offset by a
$0.07 per share restructuring charge, net of tax. Included in the loss per share for the full year of 2020 is a non-cash goodwill impairment charge, net of tax, of
$3.17; restructuring charges, net of tax, of
$0.24; a
$0.17 customer dispute charge, net of tax; and a non-cash loss, net of tax, on Kelly’s investment in Persol Holdings common stock of
$0.29, partially offset by a gain of
$0.61 related to the gain on sale of assets, net of tax. On an adjusted basis, earnings per share were
$1.51 for the full year of 2021 compared to
$1.44 for the full year of 2020.

In other actions taken today, Persol Holdings and Kelly have agreed to changes in their relationship in the APAC region.

First, Kelly will reduce its ownership interest in
PersolKelly Pte. Ltd., the staffing joint venture established between Kelly and Persol in 2016, from 49% to 2.5%. Persol will acquire 46.5% of the shares held by Kelly through a Persol subsidiary. These changes will have no impact on the operations of PersolKelly, which remains a premier staffing supplier across the region. PersolKelly will continue to use the brand name, PersolKelly, for a period of time.

Second, Kelly and Persol will discontinue their cross-shareholding. Kelly holds 9,106,800 shares of Persol Holdings common stock, and Persol owns 1,576,169 shares of Kelly’s Class A common stock and 1,475 shares of its Class B common stock. Kelly will monetize its equity holdings in Persol by selling all its shares in an open market transaction. Kelly will also buy back from Persol its equity position in Kelly. These actions will allow Kelly to realize the appreciation of its equity investment in Persol and enable the company to reinvest in Kelly’s specialty growth strategy. Both stock transactions are expected to be completed within two business days.

Persol Holdings continues to be a valued partner to Kelly, and the companies’ senior leaders will continue to regularly meet as part of this valued business partnership. PersolKelly, under the leadership of CEO Francis Koh, will continue to provide workforce solutions to customers across 13 markets in the
Asia Pacific market and Kelly, under the leadership of Pete Hamilton, will continue to operate KellyOCG in the region.

“Kelly is already building on our momentum from 2021, which included
Softworld, our largest acquisition to date, the creation of a strong, diverse leadership team, and the introduction of new solutions and products in our specialty businesses,” said Quigley. “With the additional transactions announced today, Kelly will free up significant capital to invest in our specialty strategy, positioning us to elevate growth and profitability in 2022 and beyond.”

In conjunction with its fourth-quarter earnings release, Kelly has published a financial presentation on the Investor Relations page of its public website and will host a conference call at
9 a.m. ET on February 14 to review the results and answer questions. The call may be accessed in one of the following ways:

Via the Internet:
Kellyservices.com

Via the Telephone
(877) 692-8955 (toll free) or (234) 720-6979 (caller paid)
Enter access code 5728672
After the prompt, please enter ”#”

A recording of the conference call will be available after
1:30 p.m. ET on
February 14, 2022, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 7976390#. The recording will also be available at kellyservices.com during this period.

This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. These factors include, but are not limited to, changing market and economic conditions, the impact of the novel coronavirus (COVID-19) outbreak, competitive market pressures including pricing and technology introductions and disruptions, disruption in the labor market and weakened demand for human capital resulting from technological advances, competition law risks, the impact of changes in laws and regulations (including federal, state and international tax laws), unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, or the risk of additional tax liabilities in excess of our estimates, our ability to achieve our business strategy, our ability to successfully develop new service offerings, material changes in demand from or loss of large corporate customers as well as changes in their buying practices, risks particular to doing business with government or government contractors, the risk of damage to our brand, our exposure to risks associated with services outside traditional staffing, including business process outsourcing, services of licensed professionals and services connecting talent to independent work, our increasing dependency on third parties for the execution of critical functions, our ability to effectively implement and manage our information technology strategy, the risks associated with past and future acquisitions, including risk of related impairment of goodwill and intangible assets, exposure to risks associated with investments in equity affiliates including
PersolKelly Pte. Ltd., risks associated with conducting business in foreign countries, including foreign currency fluctuations, the exposure to potential market and currency exchange risks relating to our investment in Persol Holdings, risks associated with violations of anti-corruption, trade protection and other laws and regulations, availability of qualified full-time employees, availability of temporary workers with appropriate skills required by customers, liabilities for employment-related claims and losses, including class action lawsuits and collective actions, our ability to sustain critical business applications through our key data centers, risks arising from failure to preserve the privacy of information entrusted to us or to meet our obligations under global privacy laws, the risk of cyberattacks or other breaches of network or information technology security, our ability to realize value from our tax credit and net operating loss carryforwards, our ability to maintain specified financial covenants in our bank facilities to continue to access credit markets, and other risks, uncertainties and factors discussed in this release and in the Company’s filings with the
Securities and Exchange Commission. Actual results may differ materially from any forward-looking statements contained herein, and we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

About Kelly®

Kelly Services, Inc. (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center,
Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ more than 350,000 people around the world, and we connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was
$4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

*MEDIA CONTACT:*			*ANALYST CONTACT:*
*Jane Stehney*			*James Polehna*
*(248) 765-6864*			*(248) 244-4586*
*[email protected]*			*[email protected]*

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED JANUARY 2, 2022 AND 14 WEEKS ENDED JANUARY 3, 2021
(UNAUDITED)
(In millions of dollars except per share data)
								%		CC %
		2021		2020		Change		Change		Change

Revenue from services	$	1,250.3	$	1,241.4	$	8.9		0.7	%	1.1	%

Cost of services		1,004.3		1,017.3		(13.0)		(1.3)

Gross profit		246.0		224.1		21.9		9.8		10.1

Selling, general and administrative expenses		230.7		214.6		16.1		7.5		7.9

Earnings from operations		15.3		9.5		5.8		60.7

Gain (loss) on investment in Persol Holdings		50.0		14.8		35.2		236.8

Gain on insurance settlement		19.0		—		19.0		NM

Other income (expense), net		0.4		(0.2)		0.6		277.9

Earnings before taxes and equity in net earnings (loss) of affiliate		84.7		24.1		60.6		251.5

Income tax expense (benefit)		16.1		2.5		13.6		NM

Net earnings before equity in net earnings (loss) of affiliate		68.6		21.6		47.0		218.4

Equity in net earnings (loss) of affiliate		3.1		1.8		1.3		72.2

Net earnings	$	71.7	$	23.4	$	48.3		207.1	%

Basic earnings per share	$	1.80	$	0.59	$	1.21		205.1	%
Diluted earnings per share	$	1.80	$	0.59	$	1.21		205.1	%

STATISTICS:

Permanent placement income (included in revenue from services)	$	21.1	$	10.8	$	10.3		94.7	%	95.0	%

Gross profit rate		19.7	%	18.1	%	1.6	pts.

Conversion rate		6.2		4.2		2.0

Adjusted EBITDA	$	27.7	$	20.4	$	7.3
Adjusted EBITDA margin		2.2	%	1.6	%	0.6	pts.

Effective income tax rate		19.0	%	10.6	%	8.4	pts.

Average number of shares outstanding (millions):
Basic		39.4		39.3
Diluted		39.6		39.4

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 52 WEEKS ENDED JANUARY 2, 2022 AND 53 WEEKS ENDED JANUARY 3, 2021
(UNAUDITED)
(In millions of dollars except per share data)
								%		CC %
		2021		2020		Change		Change		Change

Revenue from services	$	4,909.7	$	4,516.0	$	393.7		8.7	%	7.8	%

Cost of services		3,990.5		3,688.4		302.1		8.2

Gross profit		919.2		827.6		91.6		11.1		10.1

Selling, general and administrative expenses		870.6		805.6		65.0		8.1		7.3

Goodwill impairment charge		—		147.7		(147.7)		NM

Gain on sale of assets		—		(32.1)		32.1		NM

Earnings (loss) from operations		48.6		(93.6)		142.2		NM

Gain (loss) on investment in Persol Holdings		121.8		(16.6)		138.4		NM

Gain on insurance settlement		19.0		—		19.0		NM

Other income (expense), net		(3.6)		3.4		(7.0)		(206.5)

Earnings (loss) before taxes and equity in net earnings (loss) of affiliate		185.8		(106.8)		292.6		NM

Income tax expense (benefit)		35.1		(34.0)		69.1		203.4

Net earnings (loss) before equity in net earnings (loss) of affiliate		150.7		(72.8)		223.5		NM

Equity in net earnings (loss) of affiliate		5.4		0.8		4.6		NM

Net earnings (loss)	$	156.1	$	(72.0)	$	228.1		NM	%

Basic earnings (loss) per share	$	3.93	$	(1.83)	$	5.76		NM	%
Diluted earnings (loss) per share	$	3.91	$	(1.83)	$	5.74		NM	%

STATISTICS:

Permanent placement income (included in revenue from services)	$	75.4	$	39.7	$	35.7		89.7	%	87.4	%

Gross profit rate		18.7	%	18.3	%	0.4	pts.

Conversion rate		5.3		(11.3)		16.6

Adjusted EBITDA	$	84.1	$	69.0	$	15.1
Adjusted EBITDA margin		1.7	%	1.5	%	0.2	pts.

Effective income tax rate		18.9	%	31.8	%	(12.9)	pts.

Average number of shares outstanding (millions):
Basic		39.4		39.3
Diluted		39.5		39.3

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

		Fourth Quarter

		2021 (13 Wks)			2020 (14 Wks)		% Change		CC % Change
Professional & Industrial
Revenue from services	$	450.7		$	511.7		(11.9)	%	(12.1)	%
Gross profit		82.3			89.1		(7.7)		(7.9)
SG&A expenses excluding restructuring charges		70.8			76.5		(7.4)		(7.6)
Restructuring charges		—			1.7		NM		NM
Total SG&A expenses		70.8			78.2		(9.5)		(9.6)
Earnings (loss) from operations		11.5			10.9		5.3
Earnings (loss) from operations excluding restructuring charges		11.5			12.6		(9.2)

Gross profit rate		18.2	%		17.4	%	0.8	pts.

Science, Engineering & Technology
Revenue from services	$	297.7		$	257.6		15.5	%	15.5	%
Gross profit		66.1			53.4		23.7		23.7
SG&A expenses excluding restructuring charges		49.2			35.2		39.7		39.6
Restructuring charges		—			0.1		NM		NM
Total SG&A expenses		49.2			35.3		39.3		39.3
Earnings (loss) from operations		16.9			18.1		(6.7)
Earnings (loss) from operations excluding restructuring charges		16.9			18.2		(7.1)

Gross profit rate		22.2	%		20.7	%	1.5	pts.

Education
Revenue from services	$	132.4		$	91.8		44.3	%	44.3	%
Gross profit		21.1			13.4		57.6		57.6
SG&A expenses excluding restructuring charges		15.6			13.3		17.1		17.1
Restructuring charges		—			0.2		NM		NM
Total SG&A expenses		15.6			13.5		15.3		15.3
Earnings (loss) from operations		5.5			(0.1)		NM
Earnings (loss) from operations excluding restructuring charges		5.5			0.1		NM

Gross profit rate		15.9	%		14.6	%	1.3	pts.

Outsourcing & Consulting
Revenue from services	$	112.1		$	102.5		9.3	%	9.4	%
Gross profit		38.0			32.7		16.3		16.5
SG&A expenses excluding restructuring charges		33.5			28.9		16.2		16.4
Restructuring charges		—			0.3		NM		NM
Total SG&A expenses		33.5			29.2		15.1		15.4
Earnings (loss) from operations		4.5			3.5		26.2
Earnings (loss) from operations excluding restructuring charges		4.5			3.8		17.6

Gross profit rate		34.0	%		31.9	%	2.1	pts.

International
Revenue from services	$	257.7		$	278.0		(7.2)	%	(5.4)	%
Gross profit		38.5			35.5		8.6		11.0
SG&A expenses excluding restructuring charges		35.5			33.2		6.9		9.2
Restructuring charges		1.2			0.3		365.5		384.5
Total SG&A expenses		36.7			33.5		9.6		12.1
Earnings (loss) from operations		1.8			2.0		(7.7)
Earnings (loss) from operations excluding restructuring charges		3.0			2.3		35.1

Gross profit rate		15.0	%		12.8	%	2.2	pts.

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

		December Year to Date

		2021 (52 Wks)			2020 (53 Wks)		% Change		CC % Change
Professional & Industrial
Revenue from services	$	1,837.4		$	1,858.4		(1.1)	%	(1.5)	%
Gross profit		310.0			330.2		(6.1)		(6.5)
SG&A expenses excluding restructuring charges		278.6			282.6		(1.4)		(1.7)
Restructuring charges		—			6.0		NM		NM
Total SG&A expenses		278.6			288.6		(3.5)		(3.8)
Earnings (loss) from operations		31.4			41.6		(24.4)
Earnings (loss) from operations excluding restructuring charges		31.4			47.6		(34.0)

Gross profit rate		16.9	%		17.8	%	(0.9)	pts.

Science, Engineering & Technology
Revenue from services	$	1,156.8		$	1,019.1		13.5	%	13.3	%
Gross profit		253.9			209.4		21.3		21.1
SG&A expenses excluding restructuring charges		180.2			133.8		34.7		34.5
Restructuring charges		—			0.6		NM		NM
Total SG&A expenses		180.2			134.4		34.1		33.9
Earnings (loss) from operations		73.7			75.0		(1.7)
Earnings (loss) from operations excluding restructuring charges		73.7			75.6		(2.5)

Gross profit rate		21.9	%		20.5	%	1.4	pts.

Education
Revenue from services	$	416.5		$	286.9		45.2	%	45.2	%
Gross profit		65.1			42.2		54.1		54.1
SG&A expenses excluding restructuring charges		62.1			50.2		23.6		23.6
Restructuring charges		—			1.0		NM		NM
Total SG&A expenses		62.1			51.2		21.1		21.1
Earnings (loss) from operations		3.0			(9.0)		NM
Earnings (loss) from operations excluding restructuring charges		3.0			(8.0)		NM

Gross profit rate		15.6	%		14.7	%	0.9	pts.

Outsourcing & Consulting
Revenue from services	$	432.1		$	363.5		18.9	%	17.9	%
Gross profit		141.4			119.8		18.0		16.3
SG&A expenses excluding restructuring charges		122.7			108.0		13.6		12.4
Restructuring charges		—			0.3		NM		NM
Total SG&A expenses		122.7			108.3		13.3		12.0
Earnings (loss) from operations		18.7			11.5		62.7
Earnings (loss) from operations excluding restructuring charges		18.7			11.8		58.3

Gross profit rate		32.7	%		33.0	%	(0.3)	pts.

International
Revenue from services	$	1067.8		$	988.6		8.0	%	4.9	%
Gross profit		148.8			126.0		18.1		14.8
SG&A expenses excluding restructuring charges		137.7			133.5		3.1		0.2
Restructuring charges		1.2			1.4		(10.2)		(6.6)
Total SG&A expenses		138.9			134.9		2.9		0.1
Earnings (loss) from operations		9.9			(8.9)		NM
Earnings (loss) from operations excluding restructuring charges		11.1			(7.5)		NM

Gross profit rate		13.9	%		12.7	%	1.2	pts.

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
		Jan. 2, 2022		Jan. 3, 2021
Current Assets
Cash and equivalents	$	112.7	$	223.0
Trade accounts receivable, less allowances of
$12.6 and $13.3, respectively		1,423.2		1,265.2
Prepaid expenses and other current assets		52.8		61.4
Total current assets		1,588.7		1,549.6

Noncurrent Assets
Property and equipment, net		35.3		41.0
Operating lease right-of-use assets		75.8		83.2
Deferred taxes		302.8		282.0
Goodwill, net		114.8		3.5
Investment in Persol Holdings		264.3		164.2
Investment in equity affiliate		123.4		118.5
Other assets		389.1		319.9
Total noncurrent assets		1,305.5		1,012.3

Total Assets	$	2,894.2	$	2,561.9

Current Liabilities
Short-term borrowings	$	—	$	0.3
Accounts payable and accrued liabilities		687.2		536.8
Operating lease liabilities		17.5		19.6
Accrued payroll and related taxes		318.4		293.0
Accrued workers’ compensation and other claims		20.8		22.7
Income and other taxes		51.3		53.2
Total current liabilities		1,095.2		925.6

Noncurrent Liabilities
Operating lease liabilities		61.4		67.5
Accrued payroll and related taxes		57.6		58.5
Accrued workers’ compensation and other claims		37.0		42.2
Accrued retirement benefits		220.0		205.8
Other long-term liabilities		86.8		59.3
Total noncurrent liabilities		462.8		433.3

Stockholders’ Equity
Common stock		40.1		40.1
Treasury stock		(15.1)		(17.1)
Paid-in capital		23.9		21.3
Earnings invested in the business		1,315.0		1,162.9
Accumulated other comprehensive income (loss)		(27.7)		(4.2)

Total stockholders’ equity		1,336.2		1,203.0

Total Liabilities and Stockholders’ Equity	$	2,894.2	$	2,561.9

Statistics:
Working Capital	$	493.5	$	624.0
Current Ratio		1.5		1.7
Debt-to-capital %		0.0	%	0.0	%
Global Days Sales Outstanding		60		64
Year-to-Date Free Cash Flow	$	73.8	$	170.5

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 52 WEEKS ENDED JANUARY 2, 2022 AND 53 WEEKS ENDED JANUARY 3, 2021
(UNAUDITED)
(In millions of dollars)
		2021		2020
Cash flows from operating activities:
Net earnings (loss)	$	156.1	$	(72.0)
Adjustments to reconcile net earnings to net cash from operating activities:
Goodwill impairment charge		—		147.7
Deferred income taxes		21.6		(57.1)
Depreciation and amortization		29.8		24.2
Operating lease asset amortization		21.2		21.1
Provision for credit losses and sales allowances		1.6		12.8
Stock-based compensation		5.1		3.9
(Gain) loss on investment in Persol Holdings		(121.8)		16.6
Gain on insurance settlement		(19.0)		—
Gain on sale of assets		—		(32.1)
Equity in net (earnings) loss of PersolKelly Pte. Ltd.		(5.4)		(0.8)
Other, net		6.0		1.4
Changes in operating assets and liabilities, net of acquisitions		(10.2)		120.3
Net cash from operating activities		85.0		186.0

Cash flows from investing activities:
Capital expenditures		(11.2)		(15.5)
Proceeds from sale of assets		—		55.5
Acquisition of companies, net of cash received		(213.0)		(39.2)
Proceeds from company-owned life insurance		12.2		2.3
Proceeds from insurance settlement		19.0		—
Proceeds from sale of Brazil, net of cash disposed		—		1.2
Proceeds (payments) related to loans to equity affiliate		5.9		5.6
Proceeds from (investment in) equity securities		5.0		(0.2)
Other investing activities		1.4		0.1
Net cash (used in) from investing activities		(180.7)		9.8

Cash flows from financing activities:
Net change in short-term borrowings		(0.2)		(1.7)
Financing lease payments		(1.5)		(2.0)
Dividend payments		(4.0)		(3.0)
Payments of tax withholding for stock awards		(0.6)		(1.2)
Contingent consideration payments		(1.6)		—
Other financing activities		(0.2)		(0.2)
Net cash used in financing activities		(8.1)		(8.1)

Effect of exchange rates on cash, cash equivalents and restricted cash		(4.8)		9.4

Net change in cash, cash equivalents and restricted cash		(108.6)		197.1
Cash, cash equivalents and restricted cash at beginning of year		228.1		31.0

Cash, cash equivalents and restricted cash at end of year	$	119.5	$	228.1

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)

		Fourth Quarter

		2021		2020	%		CC %
		(13 Wks)		(14 Wks)	Change		Change

Americas
United States	$	908.6	$	891.0	2.0	%	2.0	%
Canada		38.1		33.8	12.6		8.6
Puerto Rico		25.5		20.9	21.6		21.6
Mexico		10.6		35.8	(70.5)		(70.1)
Total Americas Region		982.8		981.5	0.1		—

Europe
Switzerland		61.0		59.2	3.1		4.9
France		55.0		57.0	(3.5)		0.5
Portugal		37.3		42.6	(12.4)		(8.6)
Russia		32.9		29.9	9.8		4.9
Italy		18.2		15.7	15.8		20.7
United Kingdom		16.4		17.2	(4.5)		(6.7)
Germany		9.4		8.0	17.4		22.3
Ireland		8.0		5.9	36.9		42.4
Other		18.1		15.9	13.5		17.4
Total Europe Region		256.3		251.4	2.0		4.0

Total Asia-Pacific Region		11.2		8.5	33.3		34.5

Total Kelly Services, Inc.	$	1,250.3	$	1,241.4	0.7	%	1.1	%

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)

		December Year to Date

		2021		2020	%		CC %
		(52 Wks)		(53 Wks)	Change		Change

Americas
United States	$	3,513.4	$	3,260.2	7.8	%	7.8	%
Canada		155.0		122.5	26.5		18.2
Puerto Rico		102.1		77.0	32.5		32.5
Mexico		92.7		114.4	(19.0)		(23.2)
Brazil		—		17.0	NM		NM
Total Americas Region		3,863.2		3,591.1	7.6		7.2

Europe
France		223.1		198.2	12.5		8.6
Switzerland		222.2		200.4	10.9		8.2
Portugal		158.2		141.7	11.7		7.6
Russia		132.2		118.5	11.5		14.3
Italy		74.2		58.2	27.4		23.0
United Kingdom		68.3		73.7	(7.4)		(13.7)
Germany		34.0		30.1	13.0		9.7
Ireland		26.8		19.9	34.9		31.4
Other		68.0		54.6	24.5		20.4
Total Europe Region		1,007.0		895.3	12.5		9.5

Total Asia-Pacific Region		39.5		29.6	33.8		27.7

Total Kelly Services, Inc.	$	4,909.7	$	4,516.0	8.7	%	7.8	%

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
FOURTH QUARTER
(UNAUDITED)
(In millions of dollars)

	2021			2020
SG&A Expenses:	As Reported	Restructuring⁽⁵⁾	Adjusted	Adjusted
Professional & Industrial	$ 70.8	$ —	$ 70.8	$ 76.5
Science, Engineering & Technology	49.2	—	49.2	35.2
Education	15.6	—	15.6	13.3
Outsourcing & Consulting	33.5	—	33.5	28.9
International	36.7	(1.2)	35.5	33.2
Corporate	24.9	(2.9)	22.0	23.1
Total Company	$ 230.7	$ (4.1)	$ 226.6	$ 210.2

	2021			2020
Earnings (Loss) from Operations:	As Reported	Restructuring⁽⁵⁾	Adjusted	Adjusted
Professional & Industrial	$ 11.5	$ —	$ 11.5	$ 12.6
Science, Engineering & Technology	16.9	—	16.9	18.2
Education	5.5	—	5.5	0.1
Outsourcing & Consulting	4.5	—	4.5	3.8
International	1.8	1.2	3.0	2.3
Corporate	(24.9)	2.9	(22.0)	(23.1)
Total Company	$ 15.3	$ 4.1	$ 19.4	$ 13.9

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
FOURTH QUARTER
(UNAUDITED)
(In millions of dollars)

	2020
SG&A Expenses:	As Reported	Restructuring⁽⁵⁾	Adjusted
Professional & Industrial	$ 78.2	$ (1.7)	$ 76.5
Science, Engineering & Technology	35.3	(0.1)	35.2
Education	13.5	(0.2)	13.3
Outsourcing & Consulting	29.2	(0.3)	28.9
International	33.5	(0.3)	33.2
Corporate	24.9	(1.8)	23.1
Total Company	$ 214.6	$ (4.4)	$ 210.2

	2020
Earnings (Loss) from Operations:	As Reported	Restructuring⁽⁵⁾	Adjusted
Professional & Industrial	$ 10.9	$ 1.7	$ 12.6
Science, Engineering & Technology	18.1	0.1	18.2
Education	(0.1)	0.2	0.1
Outsourcing & Consulting	3.5	0.3	3.8
International	2.0	0.3	2.3
Corporate	(24.9)	1.8	(23.1)
Total Company	$ 9.5	$ 4.4	$ 13.9

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
DECEMBER YEAR TO DATE
(UNAUDITED)
(In millions of dollars)

	2021			2020
SG&A Expenses:	As Reported	Restructuring⁽⁵⁾	Adjusted	Adjusted
Professional & Industrial	$ 278.6	$ —	$ 278.6	$ 282.6
Science, Engineering & Technology	180.2	—	180.2	133.8
Education	62.1	—	62.1	50.2
Outsourcing & Consulting	122.7	—	122.7	108.0
International	138.9	(1.2)	137.7	124.0
Corporate	88.1	(2.8)	85.3	84.7
Total Company	$ 870.6	$ (4.0)	$ 866.6	$ 783.3

	2021			2020
Earnings (Loss) from Operations:	As Reported	Restructuring⁽⁵⁾	Adjusted	Adjusted
Professional & Industrial	$ 31.4	$ —	$ 31.4	$ 47.6
Science, Engineering & Technology	73.7	—	73.7	75.6
Education	3.0	—	3.0	(8.0)
Outsourcing & Consulting	18.7	—	18.7	11.8
International	9.9	1.2	11.1	2.0
Corporate	(88.1)	2.8	(85.3)	(84.7)
Total Company	$ 48.6	$ 4.0	$ 52.6	$ 44.3

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
DECEMBER YEAR TO DATE
(UNAUDITED)
(In millions of dollars)

	2020
SG&A Expenses:	As Reported	Customer Dispute⁽⁴⁾	Restructuring⁽⁵⁾	Adjusted
Professional & Industrial	$ 288.6	$ —	$ (6.0)	$ 282.6
Science, Engineering & Technology	134.4	—	(0.6)	133.8
Education	51.2	—	(1.0)	50.2
Outsourcing & Consulting	108.3	—	(0.3)	108.0
International	134.9	(9.5)	(1.4)	124.0
Corporate	88.2	—	(3.5)	84.7
Total Company	$ 805.6	$ (9.5)	$ (12.8)	$ 783.3

	2020
Earnings (Loss) from Operations:	As Reported	Goodwill Impairment⁽¹⁾	Gain on sale of assets⁽³⁾	Customer Dispute⁽⁴⁾	Restructuring⁽⁵⁾	Adjusted
Professional & Industrial	$ 41.6	$ —	$ —	$ —	$ 6.0	$ 47.6
Science, Engineering & Technology	75.0	—	—	—	0.6	75.6
Education	(9.0)	—	—	—	1.0	(8.0)
Outsourcing & Consulting	11.5	—	—	—	0.3	11.8
International	(8.9)	—	—	9.5	1.4	2.0
Corporate	(203.8)	147.7	(32.1)	—	3.5	(84.7)
Total Company	$ (93.6)	$ 147.7	$ (32.1)	$ 9.5	$ 12.8	$ 44.3

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
(In millions of dollars except per share data)

	Fourth Quarter		December Year to Date
	2021	2020	2021	2020
Income tax expense (benefit)	$ 16.1	$ 2.5	$ 35.1	$ (34.0)
Taxes on goodwill impairment charge⁽¹⁾	—	—	—	23.0
Taxes on investment in Persol Holdings⁽²⁾	(15.3)	(4.5)	(37.3)	5.1
Taxes on gain on sale of assets⁽³⁾	—	—	—	(8.1)
Taxes on customer dispute⁽⁴⁾	—	—	—	2.8
Taxes on restructuring charges⁽⁵⁾	1.0	1.0	1.0	3.2
Taxes on gain on insurance settlement⁽⁶⁾	(4.8)	—	(4.8)	—
Adjusted income tax expense (benefit)	$ (3.0)	$ (1.0)	$ (6.0)	$ (8.0)

	Fourth Quarter		December Year to Date
	2021	2020	2021	2020
Net earnings (loss)	$ 71.7	$ 23.4	$ 156.1	$ (72.0)
Goodwill impairment charge, net of taxes⁽¹⁾	—	—	—	124.7
(Gain) loss on investment in Persol Holdings, net of taxes⁽²⁾	(34.7)	(10.3)	(84.5)	11.5
(Gain) loss on sale of assets, net of taxes⁽³⁾	—	—	—	(23.9)
Customer dispute, net of taxes⁽⁴⁾	—	—	—	6.7
Restructuring charges, net of taxes⁽⁵⁾	3.1	3.4	3.0	9.6
Gain on insurance settlement, net of taxes⁽⁶⁾	(14.2)	—	(14.2)	—
Adjusted net earnings	$ 25.9	$ 16.5	$ 60.4	$ 56.6

	Fourth Quarter		December Year to Date
	2021	2020	2021	2020
	Per Share		Per Share
Net earnings (loss)	$ 1.80	$ 0.59	$ 3.91	$ (1.83)
Goodwill impairment charge, net of taxes⁽¹⁾	—	—	—	3.17
(Gain) loss on investment in Persol Holdings, net of taxes⁽²⁾	(0.87)	(0.26)	(2.12)	0.29
Gain on sale of assets, net of taxes⁽³⁾	—	—	—	(0.61)
Customer dispute, net of taxes⁽⁴⁾	—	—	—	0.17
Restructuring charges, net of taxes⁽⁵⁾	0.08	0.08	0.07	0.24
Gain on insurance settlement, net of taxes⁽⁶⁾	(0.36)	—	(0.36)	—
Adjusted net earnings	$ 0.65	$ 0.41	$ 1.51	$ 1.44

Note: Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year.

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
(In millions of dollars)

	Fourth Quarter		December Year to Date
	2021	2020	2021	2020
Net earnings (loss)	$ 71.7	$ 23.4	$ 156.1	$ (72.0)
Other (income) expense, net	(0.4)	0.2	3.6	(3.4)
Income tax expense (benefit)	16.1	2.5	35.1	(34.0)
Depreciation and amortization	8.3	6.5	31.5	24.7
EBITDA	95.7	32.6	226.3	(84.7)
Equity in net (earnings) loss of affiliate	(3.1)	(1.8)	(5.4)	(0.8)
Goodwill impairment charge⁽¹⁾	—	—	—	147.7
(Gain) loss on investment in Persol Holdings⁽²⁾	(50.0)	(14.8)	(121.8)	16.6
Gain on sale of assets⁽³⁾	—	—	—	(32.1)
Customer dispute⁽⁴⁾	—	—	—	9.5
Restructuring⁽⁵⁾	4.1	4.4	4.0	12.8
Gain on insurance settlement⁽⁶⁾	(19.0)	—	(19.0)	—
Adjusted EBITDA	$ 27.7	$ 20.4	$ 84.1	$ 69.0
Adjusted EBITDA margin	2.2 %	1.6 %	1.7 %	1.5 %

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)

Management believes that the non-GAAP (Generally Accepted Accounting Principles) information excluding the 2020 goodwill impairment charge, the 2021 and 2020 gains and losses on the investment in Persol Holdings, the 2020 gain on sale of assets, the 2020 customer dispute, the 2021 and 2020 restructuring charges and the 2021 gain on insurance settlement are useful to understand the Company’s fiscal 2021 financial performance and increases comparability. Specifically, Management believes that removing the impact of these items allows for a meaningful comparison of current period operating performance with the operating results of prior periods. Management also believes that such measures are used by those analyzing performance of companies in the staffing industry to compare current performance to prior periods and to assess future performance.

Management uses Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA Margin (percent of total GAAP revenue) which Management believes is useful to compare operating performance compared to prior periods and uses it in conjunction with GAAP measures to assess performance. Our calculation of Adjusted EBITDA may not be consistent with similarly titled measures of other companies and should be used in conjunction with GAAP measurements.

These non-GAAP measures may have limitations as analytical tools because they exclude items which can have a material impact on cash flow and earnings per share. As a result, Management considers these measures, along with reported results, when it reviews and evaluates the Company’s financial performance. Management believes that these measures provide greater transparency to investors and provide insight into how Management is evaluating the Company’s financial performance. Non-GAAP measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

(1)	The goodwill impairment charge is the result of an interim impairment test the Company performed during the first quarter of 2020, due to a triggering event caused by a decline in the Company’s common stock price.

(2)	The gains and losses on the investment in Persol Holdings represent the change in fair value of the investment during the period presented and the related tax expense and benefit.

(3)	Gain on sale of assets in 2020 primarily represents the excess of the proceeds over the cost of the headquarters properties sold during the first quarter of 2020.

(4)	Customer dispute in 2020 represents a non-cash charge in Mexico to increase the reserve against a long-term receivable from a former customer based on an updated probability of loss assessment.

(5)	Restructuring charges in 2021 represent severance costs as part of cost management actions designed to increase operational efficiencies within enterprise functions that provide centralized support to operating units. Restructuring charges in 2020 represent severance costs and lease terminations in preparation for the new operating model adopted in the third quarter of 2020.

(6)	Gain on insurance settlement represents a payment received in the fourth quarter of 2021 related to the settlement of claims under a representations and warranties insurance policy purchased by the Company in connection with the acquisition of Softworld.

SOURCE Kelly Services, Inc.

How Last Years Retail Traders Have Transformed

Posted on February 14, 2022 by Admin



  Image Credit: Diverse Stock Photos (Flickr)

Individual Investors are Finding Investment Styles to Match Today’s Market Landscape

In a research note last week, JP Morgan (JPM) wrote that Self Directed Investors influence over the direction of stocks, and the overall market is declining. A decline in trading activity was confirmed by the number of transactions at Robinhood and other brokers and even r/wallstreetbets activity. The accounts are still exposed to the stock market according to JPM, their exposure however has shifted.

Past Circumstance

While other venues of “entertainment” or “past times” were idle, the stock market never closed in response to the reality of coronavirus. This helped create over a year of focused retail trading. The booming stock market rewarded its participants and even became a source of entertainment for some. Many who had free time at home with their stimulus checks, perhaps deferring their mortgage or rent payments, joined the online trading craze that included social media interaction, and meme stock potential riches. This set of circumstances is now unwinding, and retail investors are doing less “me too” trading and investing their assets using more hands-off, long-term methods.

The JPM research note reported that the online trading app Robinhood experienced a decline in stock market transactions in December. The level of trading approached the pre-pandemic activity level. While Robinhood is a focus of many newer market participants, a decline in trading activity was also observed at other retail brokerage firms, including E*Trade and Charles Schwab.

The note also points to reduced activity on popular stock market social media forums like those on Reddit. The Reddit WallStreetBets community boomed from about 1.5 million Redditors in 2020 to more than 11 million current subscribers. JPM says that growth has plateaued, and the daily number of comments has fallen well below the peak one year ago.

The decline in trading and sharing stock ideas (and memes) coincides with the decline in value of high-flying stocks that drew the attention of investors with their spectacular growth in 2020/21. Many of these stocks that retail investors helped drive to dizzying levels have since given up all of their gains. These include Netflix, Peloton, and PayPal. “Whether one looks at the proportion of retail investors in total US stock trading or the number of stocks traded by retail investors, it is clear that US retail activity had peaked at the beginning of 2021 with diminishing peaks since then,” JPMorgan said.

Take-Away

While retail investors are abandoning the type of trades they put on in 2020 and 2021, they are still sticking with equity funds, with strong 2021 inflows into equity ETFs and mutual funds continuing into 2022, the JPM said. It’s unclear if this is due to less time to be involved, or market softness providing fewer hyped stocks. At Channelchek we have noticed a surge in traffic to our research and articles. In January 2022 we experienced a record number of visitors to our sight, presumably searching for more fundamental analysis and actionable opportunities.

Channelchek is a no-cost distribution platform for small and microcap equity research. These are the stocks that have the potential to reward investors that have a longer time horizon. Given the information provided by JPM, it is no wonder Reddit WSB traffic which has been more short-term trading oriented has declined, while Channelchek continues to see new sign-ups and is breaking records with the pace of visitors.

Paul Hoffman

Managing Editor, Channelchek

Suggested Reading

Super Bowl is Set to Become the Biggest Legal Gambling Event in Football History

Analyst Sees Evidence these Sectors are Just Beginning to Benefit from Reduced Mandates

How Much is Spent Saying ‘I Love You’ on Valentine’s?

The Big Challenges for Supply Chains in 2022

Sources

https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/portfolio-insights/ltcma/ltcma-full-report.pdf

https://www.thestreet.com/investing/jp-morgan-stocks-far-from-over

https://markets.businessinsider.com/news/stocks/retail-investors-influence-over-stock-market-declining-meme-stock-mania-2022-2?utm_medium=ingest&utm_source=markets

Stay up to date. Follow us:

How Last Year’s Retail Traders Have Transformed

Posted on February 14, 2022 by Admin



  Image Credit: Diverse Stock Photos (Flickr)

Individual Investors are Finding Investment Styles to Match Today’s Market Landscape

Past Circumstance

Take-Away

Paul Hoffman

Managing Editor, Channelchek

Suggested Reading

Super Bowl is Set to Become the Biggest Legal Gambling Event in Football History

Analyst Sees Evidence these Sectors are Just Beginning to Benefit from Reduced Mandates

How Much is Spent Saying ‘I Love You’ on Valentine’s?

The Big Challenges for Supply Chains in 2022

Sources

https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/portfolio-insights/ltcma/ltcma-full-report.pdf

https://www.thestreet.com/investing/jp-morgan-stocks-far-from-over

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Kelly® Reports Fourth-Quarter and Full-Year Earnings 2021

Posted on February 14, 2022 by Admin

Kelly® Reports Fourth-Quarter and Full-Year Earnings 2021

Research, News, and Market Data on Kelly

In other actions taken today, Persol Holdings and Kelly have agreed to changes in their relationship in the APAC region.

Via the Internet:
Kellyservices.com

Via the Telephone
(877) 692-8955 (toll free) or (234) 720-6979 (caller paid)
Enter access code 5728672
After the prompt, please enter ”#”

About Kelly®

*MEDIA CONTACT:*			*ANALYST CONTACT:*
*Jane Stehney*			*James Polehna*
*(248) 765-6864*			*(248) 244-4586*
*[email protected]*			*[email protected]*

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED JANUARY 2, 2022 AND 14 WEEKS ENDED JANUARY 3, 2021
(UNAUDITED)
(In millions of dollars except per share data)
								%		CC %
		2021		2020		Change		Change		Change

Revenue from services	$	1,250.3	$	1,241.4	$	8.9		0.7	%	1.1	%

Cost of services		1,004.3		1,017.3		(13.0)		(1.3)

Gross profit		246.0		224.1		21.9		9.8		10.1

Selling, general and administrative expenses		230.7		214.6		16.1		7.5		7.9

Earnings from operations		15.3		9.5		5.8		60.7

Gain (loss) on investment in Persol Holdings		50.0		14.8		35.2		236.8

Gain on insurance settlement		19.0		—		19.0		NM

Other income (expense), net		0.4		(0.2)		0.6		277.9

Earnings before taxes and equity in net earnings (loss) of affiliate		84.7		24.1		60.6		251.5

Income tax expense (benefit)		16.1		2.5		13.6		NM

Net earnings before equity in net earnings (loss) of affiliate		68.6		21.6		47.0		218.4

Equity in net earnings (loss) of affiliate		3.1		1.8		1.3		72.2

Net earnings	$	71.7	$	23.4	$	48.3		207.1	%

Basic earnings per share	$	1.80	$	0.59	$	1.21		205.1	%
Diluted earnings per share	$	1.80	$	0.59	$	1.21		205.1	%

STATISTICS:

Permanent placement income (included in revenue from services)	$	21.1	$	10.8	$	10.3		94.7	%	95.0	%

Gross profit rate		19.7	%	18.1	%	1.6	pts.

Conversion rate		6.2		4.2		2.0

Adjusted EBITDA	$	27.7	$	20.4	$	7.3
Adjusted EBITDA margin		2.2	%	1.6	%	0.6	pts.

Effective income tax rate		19.0	%	10.6	%	8.4	pts.

Average number of shares outstanding (millions):
Basic		39.4		39.3
Diluted		39.6		39.4

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 52 WEEKS ENDED JANUARY 2, 2022 AND 53 WEEKS ENDED JANUARY 3, 2021
(UNAUDITED)
(In millions of dollars except per share data)
								%		CC %
		2021		2020		Change		Change		Change

Revenue from services	$	4,909.7	$	4,516.0	$	393.7		8.7	%	7.8	%

Cost of services		3,990.5		3,688.4		302.1		8.2

Gross profit		919.2		827.6		91.6		11.1		10.1

Selling, general and administrative expenses		870.6		805.6		65.0		8.1		7.3

Goodwill impairment charge		—		147.7		(147.7)		NM

Gain on sale of assets		—		(32.1)		32.1		NM

Earnings (loss) from operations		48.6		(93.6)		142.2		NM

Gain (loss) on investment in Persol Holdings		121.8		(16.6)		138.4		NM

Gain on insurance settlement		19.0		—		19.0		NM

Other income (expense), net		(3.6)		3.4		(7.0)		(206.5)

Earnings (loss) before taxes and equity in net earnings (loss) of affiliate		185.8		(106.8)		292.6		NM

Income tax expense (benefit)		35.1		(34.0)		69.1		203.4

Net earnings (loss) before equity in net earnings (loss) of affiliate		150.7		(72.8)		223.5		NM

Equity in net earnings (loss) of affiliate		5.4		0.8		4.6		NM

Net earnings (loss)	$	156.1	$	(72.0)	$	228.1		NM	%

Basic earnings (loss) per share	$	3.93	$	(1.83)	$	5.76		NM	%
Diluted earnings (loss) per share	$	3.91	$	(1.83)	$	5.74		NM	%

STATISTICS:

Permanent placement income (included in revenue from services)	$	75.4	$	39.7	$	35.7		89.7	%	87.4	%

Gross profit rate		18.7	%	18.3	%	0.4	pts.

Conversion rate		5.3		(11.3)		16.6

Adjusted EBITDA	$	84.1	$	69.0	$	15.1
Adjusted EBITDA margin		1.7	%	1.5	%	0.2	pts.

Effective income tax rate		18.9	%	31.8	%	(12.9)	pts.

Average number of shares outstanding (millions):
Basic		39.4		39.3
Diluted		39.5		39.3

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

		Fourth Quarter

		2021 (13 Wks)			2020 (14 Wks)		% Change		CC % Change
Professional & Industrial
Revenue from services	$	450.7		$	511.7		(11.9)	%	(12.1)	%
Gross profit		82.3			89.1		(7.7)		(7.9)
SG&A expenses excluding restructuring charges		70.8			76.5		(7.4)		(7.6)
Restructuring charges		—			1.7		NM		NM
Total SG&A expenses		70.8			78.2		(9.5)		(9.6)
Earnings (loss) from operations		11.5			10.9		5.3
Earnings (loss) from operations excluding restructuring charges		11.5			12.6		(9.2)

Gross profit rate		18.2	%		17.4	%	0.8	pts.

Science, Engineering & Technology
Revenue from services	$	297.7		$	257.6		15.5	%	15.5	%
Gross profit		66.1			53.4		23.7		23.7
SG&A expenses excluding restructuring charges		49.2			35.2		39.7		39.6
Restructuring charges		—			0.1		NM		NM
Total SG&A expenses		49.2			35.3		39.3		39.3
Earnings (loss) from operations		16.9			18.1		(6.7)
Earnings (loss) from operations excluding restructuring charges		16.9			18.2		(7.1)

Gross profit rate		22.2	%		20.7	%	1.5	pts.

Education
Revenue from services	$	132.4		$	91.8		44.3	%	44.3	%
Gross profit		21.1			13.4		57.6		57.6
SG&A expenses excluding restructuring charges		15.6			13.3		17.1		17.1
Restructuring charges		—			0.2		NM		NM
Total SG&A expenses		15.6			13.5		15.3		15.3
Earnings (loss) from operations		5.5			(0.1)		NM
Earnings (loss) from operations excluding restructuring charges		5.5			0.1		NM

Gross profit rate		15.9	%		14.6	%	1.3	pts.

Outsourcing & Consulting
Revenue from services	$	112.1		$	102.5		9.3	%	9.4	%
Gross profit		38.0			32.7		16.3		16.5
SG&A expenses excluding restructuring charges		33.5			28.9		16.2		16.4
Restructuring charges		—			0.3		NM		NM
Total SG&A expenses		33.5			29.2		15.1		15.4
Earnings (loss) from operations		4.5			3.5		26.2
Earnings (loss) from operations excluding restructuring charges		4.5			3.8		17.6

Gross profit rate		34.0	%		31.9	%	2.1	pts.

International
Revenue from services	$	257.7		$	278.0		(7.2)	%	(5.4)	%
Gross profit		38.5			35.5		8.6		11.0
SG&A expenses excluding restructuring charges		35.5			33.2		6.9		9.2
Restructuring charges		1.2			0.3		365.5		384.5
Total SG&A expenses		36.7			33.5		9.6		12.1
Earnings (loss) from operations		1.8			2.0		(7.7)
Earnings (loss) from operations excluding restructuring charges		3.0			2.3		35.1

Gross profit rate		15.0	%		12.8	%	2.2	pts.

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

		December Year to Date

		2021 (52 Wks)			2020 (53 Wks)		% Change		CC % Change
Professional & Industrial
Revenue from services	$	1,837.4		$	1,858.4		(1.1)	%	(1.5)	%
Gross profit		310.0			330.2		(6.1)		(6.5)
SG&A expenses excluding restructuring charges		278.6			282.6		(1.4)		(1.7)
Restructuring charges		—			6.0		NM		NM
Total SG&A expenses		278.6			288.6		(3.5)		(3.8)
Earnings (loss) from operations		31.4			41.6		(24.4)
Earnings (loss) from operations excluding restructuring charges		31.4			47.6		(34.0)

Gross profit rate		16.9	%		17.8	%	(0.9)	pts.

Science, Engineering & Technology
Revenue from services	$	1,156.8		$	1,019.1		13.5	%	13.3	%
Gross profit		253.9			209.4		21.3		21.1
SG&A expenses excluding restructuring charges		180.2			133.8		34.7		34.5
Restructuring charges		—			0.6		NM		NM
Total SG&A expenses		180.2			134.4		34.1		33.9
Earnings (loss) from operations		73.7			75.0		(1.7)
Earnings (loss) from operations excluding restructuring charges		73.7			75.6		(2.5)

Gross profit rate		21.9	%		20.5	%	1.4	pts.

Education
Revenue from services	$	416.5		$	286.9		45.2	%	45.2	%
Gross profit		65.1			42.2		54.1		54.1
SG&A expenses excluding restructuring charges		62.1			50.2		23.6		23.6
Restructuring charges		—			1.0		NM		NM
Total SG&A expenses		62.1			51.2		21.1		21.1
Earnings (loss) from operations		3.0			(9.0)		NM
Earnings (loss) from operations excluding restructuring charges		3.0			(8.0)		NM

Gross profit rate		15.6	%		14.7	%	0.9	pts.

Outsourcing & Consulting
Revenue from services	$	432.1		$	363.5		18.9	%	17.9	%
Gross profit		141.4			119.8		18.0		16.3
SG&A expenses excluding restructuring charges		122.7			108.0		13.6		12.4
Restructuring charges		—			0.3		NM		NM
Total SG&A expenses		122.7			108.3		13.3		12.0
Earnings (loss) from operations		18.7			11.5		62.7
Earnings (loss) from operations excluding restructuring charges		18.7			11.8		58.3

Gross profit rate		32.7	%		33.0	%	(0.3)	pts.

International
Revenue from services	$	1067.8		$	988.6		8.0	%	4.9	%
Gross profit		148.8			126.0		18.1		14.8
SG&A expenses excluding restructuring charges		137.7			133.5		3.1		0.2
Restructuring charges		1.2			1.4		(10.2)		(6.6)
Total SG&A expenses		138.9			134.9		2.9		0.1
Earnings (loss) from operations		9.9			(8.9)		NM
Earnings (loss) from operations excluding restructuring charges		11.1			(7.5)		NM

Gross profit rate		13.9	%		12.7	%	1.2	pts.

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
		Jan. 2, 2022		Jan. 3, 2021
Current Assets
Cash and equivalents	$	112.7	$	223.0
Trade accounts receivable, less allowances of
$12.6 and $13.3, respectively		1,423.2		1,265.2
Prepaid expenses and other current assets		52.8		61.4
Total current assets		1,588.7		1,549.6

Noncurrent Assets
Property and equipment, net		35.3		41.0
Operating lease right-of-use assets		75.8		83.2
Deferred taxes		302.8		282.0
Goodwill, net		114.8		3.5
Investment in Persol Holdings		264.3		164.2
Investment in equity affiliate		123.4		118.5
Other assets		389.1		319.9
Total noncurrent assets		1,305.5		1,012.3

Total Assets	$	2,894.2	$	2,561.9

Current Liabilities
Short-term borrowings	$	—	$	0.3
Accounts payable and accrued liabilities		687.2		536.8
Operating lease liabilities		17.5		19.6
Accrued payroll and related taxes		318.4		293.0
Accrued workers’ compensation and other claims		20.8		22.7
Income and other taxes		51.3		53.2
Total current liabilities		1,095.2		925.6

Noncurrent Liabilities
Operating lease liabilities		61.4		67.5
Accrued payroll and related taxes		57.6		58.5
Accrued workers’ compensation and other claims		37.0		42.2
Accrued retirement benefits		220.0		205.8
Other long-term liabilities		86.8		59.3
Total noncurrent liabilities		462.8		433.3

Stockholders’ Equity
Common stock		40.1		40.1
Treasury stock		(15.1)		(17.1)
Paid-in capital		23.9		21.3
Earnings invested in the business		1,315.0		1,162.9
Accumulated other comprehensive income (loss)		(27.7)		(4.2)

Total stockholders’ equity		1,336.2		1,203.0

Total Liabilities and Stockholders’ Equity	$	2,894.2	$	2,561.9

Statistics:
Working Capital	$	493.5	$	624.0
Current Ratio		1.5		1.7
Debt-to-capital %		0.0	%	0.0	%
Global Days Sales Outstanding		60		64
Year-to-Date Free Cash Flow	$	73.8	$	170.5

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 52 WEEKS ENDED JANUARY 2, 2022 AND 53 WEEKS ENDED JANUARY 3, 2021
(UNAUDITED)
(In millions of dollars)
		2021		2020
Cash flows from operating activities:
Net earnings (loss)	$	156.1	$	(72.0)
Adjustments to reconcile net earnings to net cash from operating activities:
Goodwill impairment charge		—		147.7
Deferred income taxes		21.6		(57.1)
Depreciation and amortization		29.8		24.2
Operating lease asset amortization		21.2		21.1
Provision for credit losses and sales allowances		1.6		12.8
Stock-based compensation		5.1		3.9
(Gain) loss on investment in Persol Holdings		(121.8)		16.6
Gain on insurance settlement		(19.0)		—
Gain on sale of assets		—		(32.1)
Equity in net (earnings) loss of PersolKelly Pte. Ltd.		(5.4)		(0.8)
Other, net		6.0		1.4
Changes in operating assets and liabilities, net of acquisitions		(10.2)		120.3
Net cash from operating activities		85.0		186.0

Cash flows from investing activities:
Capital expenditures		(11.2)		(15.5)
Proceeds from sale of assets		—		55.5
Acquisition of companies, net of cash received		(213.0)		(39.2)
Proceeds from company-owned life insurance		12.2		2.3
Proceeds from insurance settlement		19.0		—
Proceeds from sale of Brazil, net of cash disposed		—		1.2
Proceeds (payments) related to loans to equity affiliate		5.9		5.6
Proceeds from (investment in) equity securities		5.0		(0.2)
Other investing activities		1.4		0.1
Net cash (used in) from investing activities		(180.7)		9.8

Cash flows from financing activities:
Net change in short-term borrowings		(0.2)		(1.7)
Financing lease payments		(1.5)		(2.0)
Dividend payments		(4.0)		(3.0)
Payments of tax withholding for stock awards		(0.6)		(1.2)
Contingent consideration payments		(1.6)		—
Other financing activities		(0.2)		(0.2)
Net cash used in financing activities		(8.1)		(8.1)

Effect of exchange rates on cash, cash equivalents and restricted cash		(4.8)		9.4

Net change in cash, cash equivalents and restricted cash		(108.6)		197.1
Cash, cash equivalents and restricted cash at beginning of year		228.1		31.0

Cash, cash equivalents and restricted cash at end of year	$	119.5	$	228.1

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)

		Fourth Quarter

		2021		2020	%		CC %
		(13 Wks)		(14 Wks)	Change		Change

Americas
United States	$	908.6	$	891.0	2.0	%	2.0	%
Canada		38.1		33.8	12.6		8.6
Puerto Rico		25.5		20.9	21.6		21.6
Mexico		10.6		35.8	(70.5)		(70.1)
Total Americas Region		982.8		981.5	0.1		—

Europe
Switzerland		61.0		59.2	3.1		4.9
France		55.0		57.0	(3.5)		0.5
Portugal		37.3		42.6	(12.4)		(8.6)
Russia		32.9		29.9	9.8		4.9
Italy		18.2		15.7	15.8		20.7
United Kingdom		16.4		17.2	(4.5)		(6.7)
Germany		9.4		8.0	17.4		22.3
Ireland		8.0		5.9	36.9		42.4
Other		18.1		15.9	13.5		17.4
Total Europe Region		256.3		251.4	2.0		4.0

Total Asia-Pacific Region		11.2		8.5	33.3		34.5

Total Kelly Services, Inc.	$	1,250.3	$	1,241.4	0.7	%	1.1	%

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)

		December Year to Date

		2021		2020	%		CC %
		(52 Wks)		(53 Wks)	Change		Change

Americas
United States	$	3,513.4	$	3,260.2	7.8	%	7.8	%
Canada		155.0		122.5	26.5		18.2
Puerto Rico		102.1		77.0	32.5		32.5
Mexico		92.7		114.4	(19.0)		(23.2)
Brazil		—		17.0	NM		NM
Total Americas Region		3,863.2		3,591.1	7.6		7.2

Europe
France		223.1		198.2	12.5		8.6
Switzerland		222.2		200.4	10.9		8.2
Portugal		158.2		141.7	11.7		7.6
Russia		132.2		118.5	11.5		14.3
Italy		74.2		58.2	27.4		23.0
United Kingdom		68.3		73.7	(7.4)		(13.7)
Germany		34.0		30.1	13.0		9.7
Ireland		26.8		19.9	34.9		31.4
Other		68.0		54.6	24.5		20.4
Total Europe Region		1,007.0		895.3	12.5		9.5

Total Asia-Pacific Region		39.5		29.6	33.8		27.7

Total Kelly Services, Inc.	$	4,909.7	$	4,516.0	8.7	%	7.8	%

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
FOURTH QUARTER
(UNAUDITED)
(In millions of dollars)

	2021			2020
SG&A Expenses:	As Reported	Restructuring⁽⁵⁾	Adjusted	Adjusted
Professional & Industrial	$ 70.8	$ —	$ 70.8	$ 76.5
Science, Engineering & Technology	49.2	—	49.2	35.2
Education	15.6	—	15.6	13.3
Outsourcing & Consulting	33.5	—	33.5	28.9
International	36.7	(1.2)	35.5	33.2
Corporate	24.9	(2.9)	22.0	23.1
Total Company	$ 230.7	$ (4.1)	$ 226.6	$ 210.2

	2021			2020
Earnings (Loss) from Operations:	As Reported	Restructuring⁽⁵⁾	Adjusted	Adjusted
Professional & Industrial	$ 11.5	$ —	$ 11.5	$ 12.6
Science, Engineering & Technology	16.9	—	16.9	18.2
Education	5.5	—	5.5	0.1
Outsourcing & Consulting	4.5	—	4.5	3.8
International	1.8	1.2	3.0	2.3
Corporate	(24.9)	2.9	(22.0)	(23.1)
Total Company	$ 15.3	$ 4.1	$ 19.4	$ 13.9

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
FOURTH QUARTER
(UNAUDITED)
(In millions of dollars)

	2020
SG&A Expenses:	As Reported	Restructuring⁽⁵⁾	Adjusted
Professional & Industrial	$ 78.2	$ (1.7)	$ 76.5
Science, Engineering & Technology	35.3	(0.1)	35.2
Education	13.5	(0.2)	13.3
Outsourcing & Consulting	29.2	(0.3)	28.9
International	33.5	(0.3)	33.2
Corporate	24.9	(1.8)	23.1
Total Company	$ 214.6	$ (4.4)	$ 210.2

	2020
Earnings (Loss) from Operations:	As Reported	Restructuring⁽⁵⁾	Adjusted
Professional & Industrial	$ 10.9	$ 1.7	$ 12.6
Science, Engineering & Technology	18.1	0.1	18.2
Education	(0.1)	0.2	0.1
Outsourcing & Consulting	3.5	0.3	3.8
International	2.0	0.3	2.3
Corporate	(24.9)	1.8	(23.1)
Total Company	$ 9.5	$ 4.4	$ 13.9

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
DECEMBER YEAR TO DATE
(UNAUDITED)
(In millions of dollars)

	2021			2020
SG&A Expenses:	As Reported	Restructuring⁽⁵⁾	Adjusted	Adjusted
Professional & Industrial	$ 278.6	$ —	$ 278.6	$ 282.6
Science, Engineering & Technology	180.2	—	180.2	133.8
Education	62.1	—	62.1	50.2
Outsourcing & Consulting	122.7	—	122.7	108.0
International	138.9	(1.2)	137.7	124.0
Corporate	88.1	(2.8)	85.3	84.7
Total Company	$ 870.6	$ (4.0)	$ 866.6	$ 783.3

	2021			2020
Earnings (Loss) from Operations:	As Reported	Restructuring⁽⁵⁾	Adjusted	Adjusted
Professional & Industrial	$ 31.4	$ —	$ 31.4	$ 47.6
Science, Engineering & Technology	73.7	—	73.7	75.6
Education	3.0	—	3.0	(8.0)
Outsourcing & Consulting	18.7	—	18.7	11.8
International	9.9	1.2	11.1	2.0
Corporate	(88.1)	2.8	(85.3)	(84.7)
Total Company	$ 48.6	$ 4.0	$ 52.6	$ 44.3

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
DECEMBER YEAR TO DATE
(UNAUDITED)
(In millions of dollars)

	2020
SG&A Expenses:	As Reported	Customer Dispute⁽⁴⁾	Restructuring⁽⁵⁾	Adjusted
Professional & Industrial	$ 288.6	$ —	$ (6.0)	$ 282.6
Science, Engineering & Technology	134.4	—	(0.6)	133.8
Education	51.2	—	(1.0)	50.2
Outsourcing & Consulting	108.3	—	(0.3)	108.0
International	134.9	(9.5)	(1.4)	124.0
Corporate	88.2	—	(3.5)	84.7
Total Company	$ 805.6	$ (9.5)	$ (12.8)	$ 783.3

	2020
Earnings (Loss) from Operations:	As Reported	Goodwill Impairment⁽¹⁾	Gain on sale of assets⁽³⁾	Customer Dispute⁽⁴⁾	Restructuring⁽⁵⁾	Adjusted
Professional & Industrial	$ 41.6	$ —	$ —	$ —	$ 6.0	$ 47.6
Science, Engineering & Technology	75.0	—	—	—	0.6	75.6
Education	(9.0)	—	—	—	1.0	(8.0)
Outsourcing & Consulting	11.5	—	—	—	0.3	11.8
International	(8.9)	—	—	9.5	1.4	2.0
Corporate	(203.8)	147.7	(32.1)	—	3.5	(84.7)
Total Company	$ (93.6)	$ 147.7	$ (32.1)	$ 9.5	$ 12.8	$ 44.3

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
(In millions of dollars except per share data)

	Fourth Quarter		December Year to Date
	2021	2020	2021	2020
Income tax expense (benefit)	$ 16.1	$ 2.5	$ 35.1	$ (34.0)
Taxes on goodwill impairment charge⁽¹⁾	—	—	—	23.0
Taxes on investment in Persol Holdings⁽²⁾	(15.3)	(4.5)	(37.3)	5.1
Taxes on gain on sale of assets⁽³⁾	—	—	—	(8.1)
Taxes on customer dispute⁽⁴⁾	—	—	—	2.8
Taxes on restructuring charges⁽⁵⁾	1.0	1.0	1.0	3.2
Taxes on gain on insurance settlement⁽⁶⁾	(4.8)	—	(4.8)	—
Adjusted income tax expense (benefit)	$ (3.0)	$ (1.0)	$ (6.0)	$ (8.0)

	Fourth Quarter		December Year to Date
	2021	2020	2021	2020
Net earnings (loss)	$ 71.7	$ 23.4	$ 156.1	$ (72.0)
Goodwill impairment charge, net of taxes⁽¹⁾	—	—	—	124.7
(Gain) loss on investment in Persol Holdings, net of taxes⁽²⁾	(34.7)	(10.3)	(84.5)	11.5
(Gain) loss on sale of assets, net of taxes⁽³⁾	—	—	—	(23.9)
Customer dispute, net of taxes⁽⁴⁾	—	—	—	6.7
Restructuring charges, net of taxes⁽⁵⁾	3.1	3.4	3.0	9.6
Gain on insurance settlement, net of taxes⁽⁶⁾	(14.2)	—	(14.2)	—
Adjusted net earnings	$ 25.9	$ 16.5	$ 60.4	$ 56.6

	Fourth Quarter		December Year to Date
	2021	2020	2021	2020
	Per Share		Per Share
Net earnings (loss)	$ 1.80	$ 0.59	$ 3.91	$ (1.83)
Goodwill impairment charge, net of taxes⁽¹⁾	—	—	—	3.17
(Gain) loss on investment in Persol Holdings, net of taxes⁽²⁾	(0.87)	(0.26)	(2.12)	0.29
Gain on sale of assets, net of taxes⁽³⁾	—	—	—	(0.61)
Customer dispute, net of taxes⁽⁴⁾	—	—	—	0.17
Restructuring charges, net of taxes⁽⁵⁾	0.08	0.08	0.07	0.24
Gain on insurance settlement, net of taxes⁽⁶⁾	(0.36)	—	(0.36)	—
Adjusted net earnings	$ 0.65	$ 0.41	$ 1.51	$ 1.44

Note: Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year.

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
(In millions of dollars)

	Fourth Quarter		December Year to Date
	2021	2020	2021	2020
Net earnings (loss)	$ 71.7	$ 23.4	$ 156.1	$ (72.0)
Other (income) expense, net	(0.4)	0.2	3.6	(3.4)
Income tax expense (benefit)	16.1	2.5	35.1	(34.0)
Depreciation and amortization	8.3	6.5	31.5	24.7
EBITDA	95.7	32.6	226.3	(84.7)
Equity in net (earnings) loss of affiliate	(3.1)	(1.8)	(5.4)	(0.8)
Goodwill impairment charge⁽¹⁾	—	—	—	147.7
(Gain) loss on investment in Persol Holdings⁽²⁾	(50.0)	(14.8)	(121.8)	16.6
Gain on sale of assets⁽³⁾	—	—	—	(32.1)
Customer dispute⁽⁴⁾	—	—	—	9.5
Restructuring⁽⁵⁾	4.1	4.4	4.0	12.8
Gain on insurance settlement⁽⁶⁾	(19.0)	—	(19.0)	—
Adjusted EBITDA	$ 27.7	$ 20.4	$ 84.1	$ 69.0
Adjusted EBITDA margin	2.2 %	1.6 %	1.7 %	1.5 %

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)

(1)	The goodwill impairment charge is the result of an interim impairment test the Company performed during the first quarter of 2020, due to a triggering event caused by a decline in the Company’s common stock price.

(2)	The gains and losses on the investment in Persol Holdings represent the change in fair value of the investment during the period presented and the related tax expense and benefit.

(3)	Gain on sale of assets in 2020 primarily represents the excess of the proceeds over the cost of the headquarters properties sold during the first quarter of 2020.

(4)	Customer dispute in 2020 represents a non-cash charge in Mexico to increase the reserve against a long-term receivable from a former customer based on an updated probability of loss assessment.

(5)	Restructuring charges in 2021 represent severance costs as part of cost management actions designed to increase operational efficiencies within enterprise functions that provide centralized support to operating units. Restructuring charges in 2020 represent severance costs and lease terminations in preparation for the new operating model adopted in the third quarter of 2020.

(6)	Gain on insurance settlement represents a payment received in the fourth quarter of 2021 related to the settlement of claims under a representations and warranties insurance policy purchased by the Company in connection with the acquisition of Softworld.

SOURCE Kelly Services, Inc.

CoreCivic, Inc. (CXW) – Post Call Commentary and Updated Guidance

Posted on February 11, 2022 by Admin

Friday, February 11, 2022

CoreCivic, Inc. (CXW)
Post Call Commentary and Updated Guidance

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Opportunity Exists. We continue to believe significant opportunity exists for CoreCivic to increase overall occupancy levels at its facilities. Rescinding of Title 42 and relaxation of Covid imposed occupancy restrictions are two of the key drivers. Management noted a return to pre-Covid occupancy levels could add some $40+ million of EBITDA.

Capital Allocation. The Company is currently in negotiations on a new credit facility, which management hopes to complete soon. Notably, management indicated only needing a facility one-quarter to one-third the size of the existing $1 billion facility. Once the credit facility is completed, we anticipate CoreCivic to implement alternative capital allocation strategies, including share repurchases …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

CoreCivic Inc. (CXW) – Solid 4Q21 Provides Guidance for 2022

Posted on February 10, 2022 by Admin

Thursday, February 10, 2022

CoreCivic, Inc. (CXW)
Solid 4Q21, Provides Guidance for 2022

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q21 Results. CoreCivic reported fourth quarter results after the market closed yesterday. Revenue came in at $472.1 million, compared to $473.5 million in the same period last year. The Company reported net income of $28 million, or $0.23 per share, compared to a loss of $26.8 million, or $0.22 per share last year. Adjusted EPS of $0.27 compared to $0.40. On a proforma basis to reflect the adoption of a C-corp structure EPS was $0.27 versus $0.30 last year. We had projected revenue of $474 million and EPS of $0.22.

2021 Results. Full year revenue came in at $1.86 billion, adjusted EPS at $1.04, normalized FFO at $1.85, and adjusted EBITDA at $402 million. These results were obtained in the still challenging operating environment, including Covid-related costs and restrictions and the loss of USMS contracts as a result of the President’s executive order. In 2020, revenue was $1.91 billion, adjusted EPS$1.32 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – CoreCivic Reports Fourth Quarter and Full Year 2021 Financial Results

Posted on February 10, 2022 by Admin

CoreCivic Reports Fourth Quarter and Full Year 2021 Financial Results

Research, News, and Market Data on CoreCivic

BRENTWOOD, Tenn., Feb. 09, 2022 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the fourth quarter and full year 2021.

Financial Highlights – Full Year 2021

Total revenue of $1.86 billion
- CoreCivic Safety revenue of $1.69 billion
- CoreCivic Community revenue of $99.4 million
- CoreCivic Properties revenue of $68.9 million
Net loss attributable to common stockholders of $51.9 million
Net loss reflects $178.6 million of special items, including $114.2 million of income taxes associated with change in corporate tax structure reflected in the first quarter of 2021
Diluted net loss per share of $0.43
Adjusted diluted EPS of $1.04
Normalized FFO per diluted share of $1.85
Adjusted EBITDA of $402.0 million

Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, said, “Our fourth quarter financial performance capped off another year of resilient cash flow generation amid the ongoing global pandemic. During 2021, we made great strides in enhancing our capital structure by revoking our REIT election, selling non-core assets which enabled us to accelerate our debt reduction strategy, accessed the debt capital markets, extended our debt maturities, and positioned our balance sheet to allow us to pursue attractive growth opportunities and return capital to shareholders. With the financial guidance we are providing today for the full year 2022, our capital allocation strategy remains on track.

Hininger continued, “We began 2022 on a positive note with the recent announcement of our new contract with the state of Arizona to care for up to 2,706 inmates at our La Palma Correctional Center, which is the largest contract awarded to the private sector by any state in over a decade. We look to continue this positive momentum as we pursue other market opportunities that may present themselves throughout the year.”

Financial Highlights – Fourth Quarter 2021

Total revenue of $472.1 million
- CoreCivic Safety revenue of $432.8 million
- CoreCivic Community revenue of $25.3 million
- CoreCivic Properties revenue of $14.0 million
Net income attributable to common stockholders of $28.0 million
Diluted earnings per share of $0.23
Adjusted diluted EPS of $0.27
Normalized FFO per diluted share of $0.48
Adjusted EBITDA of $103.2 million

Fourth Quarter 2021 Financial Results Compared With Fourth Quarter 2020

Net income attributable to common stockholders in the fourth quarter of 2021 totaled $28.0 million, or $0.23 per diluted share, compared with net loss attributable to common stockholders in the fourth quarter of 2020 of $26.8 million, or a net loss of $0.22 per diluted share. Adjusted for special items, net income in the fourth quarter of 2021 was $32.6 million, or $0.27 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the fourth quarter of 2020 of $48.8 million, or $0.40 per diluted share. Special items for each period are presented in detail in the calculation of Adjusted Diluted EPS in the Supplemental Financial Information following the financial statements presented herein. Financial results in 2021 reflect higher income tax expense following the revocation of our election to be taxed as a real estate investment trust (REIT) effective January 1, 2021. As a REIT, we were entitled to a deduction for dividends paid, which resulted in a significantly lower income tax expense in the prior year. The decline in per share amounts was also the result of property sales and refinancing transactions, both of which strengthened our balance sheet, as well as an increase in general and administrative (G&A) expenses.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $97.0 million in the fourth quarter of 2021, compared with $33.0 million in the fourth quarter of 2020. Adjusted EBITDA, which excludes special items, was $103.2 million in the fourth quarter of 2021, compared with $108.7 million in the fourth quarter of 2020. Adjusted EBITDA decreased from the prior year quarter due to the sale of 47 non-core real estate assets since the end of the third quarter of 2021, which generated $7.4 million in Adjusted EBITDA in the fourth quarter of 2020, and an increase in G&A expenses primarily resulting from lower incentive compensation in the prior year due to the onset of COVID-19.

Funds From Operations (FFO) was $54.7 million, or $0.45 per diluted share, in the fourth quarter of 2021, compared to $22.8 million, or $0.19 per diluted share, in the fourth quarter of 2020. Normalized FFO, which excludes special items, was $57.8 million, or $0.48 per diluted share, in the fourth quarter of 2021, compared with $76.3 million, or $0.63 per diluted share, in the fourth quarter of 2020. FFO and Normalized FFO were also impacted by our new corporate tax structure.

Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and related note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.

Business Updates

New Contract with the State of Arizona at the La Palma Correctional Center. On January 10, 2022, we announced that we were awarded a new contract with the state of Arizona to care for up to 2,706 adult male inmates on behalf of the Arizona Department of Corrections, Rehabilitation & Reentry (ADCRR) at the Company’s 3,060-bed La Palma Correctional Center in Eloy, Arizona. The new management contract has an initial term of five years, with one extension option for up to five years thereafter upon mutual agreement. We are currently working with ADCRR on a ramp plan that is expected to begin late in the first quarter or early in the second quarter of 2022. The La Palma facility currently supports the mission of Immigration and Customs Enforcement (ICE) by caring for approximately 1,800 detainees. We are simultaneously working with ICE to coordinate the transition of their populations to other facilities, including at facilities where we have available capacity within the region. We expect the transition of populations from ICE detainees to inmates from the state of Arizona to result in the disruption of earnings and cash flows until the occupancy of inmates from the state of Arizona reaches stabilization. Upon full utilization of the new contract with the state of Arizona we expect to generate approximately $75 million to $85 million in annualized revenue at the La Palma facility.

2022 Financial Guidance

Based on current business conditions, the Company is providing the following financial guidance for the full year 2022:

	Full Year 2022
• Diluted EPS	$0.72 to $0.86
• FFO per diluted share	$1.55 to $1.70
• EBITDA	$354.8 million to $370.0 million

Our 2022 guidance reflects a continuation of occupancy restrictions placed on our bed capacity by many of our government partners as a result of the ongoing COVID-19 pandemic, which could result in enhanced earnings when relieved. Our 2022 guidance also reflects the aforementioned transition of resident populations at our La Palma Correctional Center, and higher operating expenses due to above average wage inflation we expect to experience in 2022 as a result of the challenging labor market.

During 2022, we expect to invest approximately $75.8 million to $79.3 million in capital expenditures, consisting of approximately $33.8 million to $34.3 million in maintenance capital expenditures on real estate assets; $30.0 million to $32.0 million for capital expenditures on other assets and information technology and $12.0 million to $13.0 million for facility renovations.

Supplemental Financial Information and Investor Presentations

We have made available on our website supplemental financial information and other data for the fourth quarter and full year 2021. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation and disclaim any duties to update any of the information disclosed in this report.

Management may meet with investors from time to time during the first quarter of 2022. Written materials used in the investor presentations will also be available on our website beginning on or about February 21, 2022. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.

Conference Call, Webcast and Replay Information

We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, February 10, 2022, which will be accessible through the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. The live broadcast can also be accessed by dialing 877-614-0009 in the U.S. and Canada, including the confirmation passcode 8591205. An online replay of the call will be archived on our website promptly following the conference call. In addition, there will be a telephonic replay available beginning at 1:15 p.m. central time (2:15 p.m. eastern time) on February 10, 2022, through 1:15 p.m. central time (2:15 p.m. eastern time) on February 18, 2022. To access the telephonic replay, dial 888-203-1112 in the U.S. and Canada. International callers may dial +1 719-457-0820 and enter passcode 8591205.

About CoreCivic

CoreCivic is a diversified government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Forward-Looking Statements

This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy (including the United States Department of Justice, or DOJ, not renewing contracts as a result of President Biden’s Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities, or the Private Prison EO) (two agencies of the DOJ, the United States Federal Bureau of Prisons and the United States Marshals Service utilize our services), legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government, and the impact of any changes to immigration reform and sentencing laws (our company does not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a continuing rise in labor costs; fluctuations in interest rates and risks of operations; (vi) the duration of the federal government’s denial of entry at the United States southern border to asylum-seekers and anyone crossing the southern border without proper documentation or authority in an effort to contain the spread of COVID-19; (vii) government and staff responses to staff or residents testing positive for COVID-19 within public and private correctional, detention and reentry facilities, including the facilities we operate; (viii) restrictions associated with COVID-19 that disrupt the criminal justice system, along with government policies on prosecutions and newly ordered legal restrictions that affect the number of people placed in correctional, detention, and reentry facilities, including those associated with a resurgence of COVID-19; (ix) whether revoking our REIT election, effective January 1, 2021, and our revised capital allocation strategy can be implemented in a cost effective manner that provides the expected benefits, including facilitating our planned debt reduction initiative and planned return of capital to shareholders; (x) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; (xi) our ability, following our revocation of our REIT election, to identify and initiate service opportunities that were unavailable under the REIT structure; (xii) our ability to have met and maintained qualification for taxation as a REIT for the years we elected REIT status; and (xiii) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.

CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

ASSETS	December 31, 2021			December 31, 2020

Cash and cash equivalents	$	299,645		$	113,219
Restricted cash		11,062			23,549
Accounts receivable, net of credit loss reserve of $7,931 and $6,103, respectively		282,809			267,705
Prepaid expenses and other current assets		26,872			33,243
Assets held for sale		6,996			279,406
Total current assets		627,384			717,122
Real estate and related assets:
Property and equipment, net of accumulated depreciation of $1,657,709 and $1,559,388, respectively		2,283,256			2,350,272
Other real estate assets		218,915			228,243
Goodwill		4,844			5,902
Non-current deferred tax assets		–			11,113
Other assets		364,539			396,663

Total assets	$	3,498,938		$	3,709,315

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable and accrued expenses	$	305,592		$	274,318
Current portion of long-term debt		35,376			39,087
Total current liabilities		340,968			313,405

Long-term debt, net		1,492,046			1,747,664
Deferred revenue		27,551			18,336
Non-current deferred tax liabilities		88,157			–
Other liabilities		177,748			216,468

Total liabilities		2,126,470			2,295,873

Commitments and contingencies

Preferred stock ? $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2021 and 2020, respectively		–			–
Common stock ? $0.01 par value; 300,000 shares authorized; 120,285 and 119,638 shares issued and outstanding at December 31, 2021 and 2020, respectively		1,203			1,196
Additional paid-in capital		1,869,955			1,835,494
Accumulated deficit		(498,690	)		(446,519	)
Total stockholders’ equity		1,372,468			1,390,171
Non-controlling interest – operating partnership		–			23,271
Total equity		1,372,468			1,413,442

Total liabilities and stockholders’ equity	$	3,498,938		$	3,709,315

CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2021			2020			2021			2020

REVENUES:
Safety	$	432,785		$	424,318		$	1,693,968		$	1,706,232
Community		25,313			25,320			99,435			105,990
Properties		14,007			23,802			68,934			93,098
Other		28			37			279			165
		472,133			473,477			1,862,616			1,905,485

EXPENSES:
Operating
Safety		309,948			315,127			1,236,938			1,288,938
Community		20,059			21,158			81,610			88,903
Properties		2,832			6,857			18,155			28,128
Other		80			65			362			407
Total operating expenses		332,919			343,207			1,337,065			1,406,376
General and administrative		38,412			27,031			135,770			124,338
Depreciation and amortization		33,951			36,425			134,738			150,861
Contingent consideration for acquisition of businesses		–			–			–			620
Shareholder litigation expense		–			–			54,295			–
Asset impairments		2,027			47,570			11,378			60,628
		407,309			454,233			1,673,246			1,742,823

OTHER INCOME (EXPENSE):
Interest expense, net		(23,239	)		(19,572	)		(85,542	)		(83,299	)
Expenses associated with debt repayments and refinancing transactions		(4,112	)		(7,141	)		(56,279	)		(7,141	)
Gain (loss) on sale of real estate assets, net		–			(17,943	)		38,766			(13,023	)
Other income (expense)		(105	)		(188	)		(212	)		525

INCOME (LOSS) BEFORE INCOME TAXES		37,368			(25,600	)		86,103			59,724

Income tax expense		(9,331	)		(1,203	)		(137,999	)		(4,386	)
NET INCOME (LOSS)		28,037			(26,803	)		(51,896	)		55,338

Net income attributable to non-controlling interest		–			–			–			(1,181	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	28,037		$	(26,803	)	$	(51,896	)	$	54,157


BASIC EARNINGS (LOSS) PER SHARE	$	0.23		$	(0.22	)	$	(0.43	)	$	0.45

DILUTED EARNINGS (LOSS) PER SHARE	$	0.23		$	(0.22	)	$	(0.43	)	$	0.45

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2021			2020			2021			2020

Net income (loss) attributable to common stockholders	$	28,037		$	(26,803	)	$	(51,896	)	$	54,157
Non-controlling interest		–			–			–			1,181
Diluted net income (loss) attributable to common stockholders	$	28,037		$	(26,803	)	$	(51,896	)	$	55,338

Special items:
Expenses associated with debt repayments and refinancing transactions		4,112			7,141			56,279			7,141
Expenses associated with mergers and acquisitions		–			–			–			338
Expenses associated with COVID-19		–			2,792			2,434			13,777
Expenses associated with changes in corporate tax structure		–			195			–			5,240
Income taxes associated with change in corporate tax structure and other special tax items		–			–			114,249			3,085
Contingent consideration for acquisition of businesses		–			–			–			620
Loss (gain) on sale of real estate assets, net		–			17,943			(38,766	)		13,023
Shareholder litigation expense		–			–			54,295			–
Asset impairments		2,027			47,570			11,378			60,628
Income tax expense (benefit) for special items		(1,533	)		–			(21,227	)		532
Adjusted net income	$	32,643		$	48,838		$	126,746		$	159,722
Weighted average common shares outstanding – basic		120,285			119,636			120,192			119,559
Effect of dilutive securities:
Restricted stock-based awards		933			56			531			28
Non-controlling interest – operating partnership units		–			1,342			952			1,342
Weighted average shares and assumed conversions – diluted		121,218			121,034			121,675			120,929
Adjusted Earnings Per Diluted Share	$	0.27		$	0.40		$	1.04		$	1.32

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2021			2020			2021			2020

Net income (loss)	$	28,037		$	(26,803	)	$	(51,896	)	$	55,338
Depreciation and amortization of real estate assets		25,176			27,447			98,738			112,046
Impairment of real estate assets		2,027			4,225			3,335			14,380
Loss (gain) on sale of real estate assets, net		–			17,943			(38,766	)		13,023
Income tax expense for special items		(506	)		–			8,785			532
Funds From Operations	$	54,734		$	22,812		$	20,196		$	195,319

Expenses associated with debt repayments and refinancing transactions		4,112			7,141			56,279			7,141
Expenses associated with mergers and acquisitions		–			–			–			338
Contingent consideration for acquisition of businesses		–			–			–			620
Expenses associated with COVID-19		–			2,792			2,434			13,777
Expenses associated with changes in corporate tax structure		–			195			–			5,240
Income taxes associated with change in corporate tax structure and other special tax items		–			–			114,249			3,085
Shareholder litigation expense		–			–			54,295			–
Goodwill and other impairments		–			43,345			8,043			46,248
Income tax benefit for special items		(1,027	)		–			(30,012	)		–
Normalized Funds From Operations	$	57,819		$	76,285		$	225,484		$	271,768

Funds From Operations Per Diluted Share	$	0.45		$	0.19		$	0.17		$	1.62
Normalized Funds From Operations Per Diluted Share	$	0.48		$	0.63		$	1.85		$	2.25

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF EBITDA AND ADJUSTED EBITDA

	For the Three Months Ended December 31,					For the Year Ended December 31,
		2021		2020			2021			2020

Net income (loss)	$	28,037	$	(26,803	)	$	(51,896	)	$	55,338
Interest expense		25,700		22,216			95,565			93,453
Depreciation and amortization		33,951		36,425			134,738			150,861
Income tax expense		9,331		1,203			137,999			4,386
EBITDA	$	97,019	$	33,041		$	316,406		$	304,038
Expenses associated with debt repayments and refinancing transactions		4,112		7,141			56,279			7,141
Expenses associated with mergers and acquisitions		–		–			–			338
Expenses associated with COVID-19		–		2,792			2,434			13,777
Expenses associated with changes in corporate tax structure		–		195			–			5,240
Contingent consideration for acquisition of businesses		–		–			–			620
Loss (gain) on sale of real estate assets, net		–		17,943			(38,766	)		13,023
Shareholder litigation expense		–		–			54,295			–
Asset impairments		2,027		47,570			11,378			60,628
Adjusted EBITDA	$	103,158	$	108,682		$	402,026		$	404,805

GUIDANCE — CALCULATION OF FUNDS FROM OPERATIONS & EBITDA

	For the Year Ending December 31, 2022
	Low End of Guidance		High End of Guidance
Net income	$	85,500	$	102,750
Depreciation and amortization of real estate assets		98,500		99,000
Funds From Operations	$	184,000	$	201,750
Diluted EPS	$	0.72	$	0.86
FFO per diluted share	$	1.55	$	1.70

Net income	$	85,500	$	102,750
Interest expense		97,500		96,500
Depreciation and amortization		134,750		134,750
Income tax expense		37,000		36,000
EBITDA	$	354,750	$	370,000

NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION

Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. The Company believes that these measures are important operating measures that supplement discussion and analysis of the Company’s results of operations and are used to review and assess operating performance of the Company and its properties and their management teams. The Company believes that it is useful to provide investors, lenders and security analysts disclosures of its results of operations on the same basis that is used by management. FFO, in particular, is a widely accepted non-GAAP supplemental measure of performance of real estate companies, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT).

NAREIT defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. EBITDA, Adjusted EBITDA, and Normalized FFO are useful as supplemental measures of performance of the Company’s properties because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company’s tax provisions and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company’s properties, management believes that assessing performance of the Company’s properties without the impact of depreciation or amortization is useful. The Company may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary or ordinary component of the ongoing operations of the Company. Normalized FFO excludes the effects of such items. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt repayments and refinancing transactions, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented.

Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where appropriate, their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company’s operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company’s consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.

Contact:		Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024
		Financial Media: David Gutierrez, Dresner Corporate Services – (312) 780-7204

CoreCivic Reports Fourth Quarter and Full Year 2021 Financial Results

Posted on February 10, 2022 by Admin

CoreCivic Reports Fourth Quarter and Full Year 2021 Financial Results

Research, News, and Market Data on CoreCivic

BRENTWOOD, Tenn., Feb. 09, 2022 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the fourth quarter and full year 2021.

Financial Highlights – Full Year 2021

Total revenue of $1.86 billion
- CoreCivic Safety revenue of $1.69 billion
- CoreCivic Community revenue of $99.4 million
- CoreCivic Properties revenue of $68.9 million
Net loss attributable to common stockholders of $51.9 million
Net loss reflects $178.6 million of special items, including $114.2 million of income taxes associated with change in corporate tax structure reflected in the first quarter of 2021
Diluted net loss per share of $0.43
Adjusted diluted EPS of $1.04
Normalized FFO per diluted share of $1.85
Adjusted EBITDA of $402.0 million

Financial Highlights – Fourth Quarter 2021

Total revenue of $472.1 million
- CoreCivic Safety revenue of $432.8 million
- CoreCivic Community revenue of $25.3 million
- CoreCivic Properties revenue of $14.0 million
Net income attributable to common stockholders of $28.0 million
Diluted earnings per share of $0.23
Adjusted diluted EPS of $0.27
Normalized FFO per diluted share of $0.48
Adjusted EBITDA of $103.2 million

Fourth Quarter 2021 Financial Results Compared With Fourth Quarter 2020

Business Updates

2022 Financial Guidance

Based on current business conditions, the Company is providing the following financial guidance for the full year 2022:

	Full Year 2022
• Diluted EPS	$0.72 to $0.86
• FFO per diluted share	$1.55 to $1.70
• EBITDA	$354.8 million to $370.0 million

Supplemental Financial Information and Investor Presentations

Conference Call, Webcast and Replay Information

About CoreCivic

Forward-Looking Statements

CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

ASSETS	December 31, 2021			December 31, 2020

Cash and cash equivalents	$	299,645		$	113,219
Restricted cash		11,062			23,549
Accounts receivable, net of credit loss reserve of $7,931 and $6,103, respectively		282,809			267,705
Prepaid expenses and other current assets		26,872			33,243
Assets held for sale		6,996			279,406
Total current assets		627,384			717,122
Real estate and related assets:
Property and equipment, net of accumulated depreciation of $1,657,709 and $1,559,388, respectively		2,283,256			2,350,272
Other real estate assets		218,915			228,243
Goodwill		4,844			5,902
Non-current deferred tax assets		–			11,113
Other assets		364,539			396,663

Total assets	$	3,498,938		$	3,709,315

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable and accrued expenses	$	305,592		$	274,318
Current portion of long-term debt		35,376			39,087
Total current liabilities		340,968			313,405

Long-term debt, net		1,492,046			1,747,664
Deferred revenue		27,551			18,336
Non-current deferred tax liabilities		88,157			–
Other liabilities		177,748			216,468

Total liabilities		2,126,470			2,295,873

Commitments and contingencies

Preferred stock ? $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2021 and 2020, respectively		–			–
Common stock ? $0.01 par value; 300,000 shares authorized; 120,285 and 119,638 shares issued and outstanding at December 31, 2021 and 2020, respectively		1,203			1,196
Additional paid-in capital		1,869,955			1,835,494
Accumulated deficit		(498,690	)		(446,519	)
Total stockholders’ equity		1,372,468			1,390,171
Non-controlling interest – operating partnership		–			23,271
Total equity		1,372,468			1,413,442

Total liabilities and stockholders’ equity	$	3,498,938		$	3,709,315

CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2021			2020			2021			2020

REVENUES:
Safety	$	432,785		$	424,318		$	1,693,968		$	1,706,232
Community		25,313			25,320			99,435			105,990
Properties		14,007			23,802			68,934			93,098
Other		28			37			279			165
		472,133			473,477			1,862,616			1,905,485

EXPENSES:
Operating
Safety		309,948			315,127			1,236,938			1,288,938
Community		20,059			21,158			81,610			88,903
Properties		2,832			6,857			18,155			28,128
Other		80			65			362			407
Total operating expenses		332,919			343,207			1,337,065			1,406,376
General and administrative		38,412			27,031			135,770			124,338
Depreciation and amortization		33,951			36,425			134,738			150,861
Contingent consideration for acquisition of businesses		–			–			–			620
Shareholder litigation expense		–			–			54,295			–
Asset impairments		2,027			47,570			11,378			60,628
		407,309			454,233			1,673,246			1,742,823

OTHER INCOME (EXPENSE):
Interest expense, net		(23,239	)		(19,572	)		(85,542	)		(83,299	)
Expenses associated with debt repayments and refinancing transactions		(4,112	)		(7,141	)		(56,279	)		(7,141	)
Gain (loss) on sale of real estate assets, net		–			(17,943	)		38,766			(13,023	)
Other income (expense)		(105	)		(188	)		(212	)		525

INCOME (LOSS) BEFORE INCOME TAXES		37,368			(25,600	)		86,103			59,724

Income tax expense		(9,331	)		(1,203	)		(137,999	)		(4,386	)
NET INCOME (LOSS)		28,037			(26,803	)		(51,896	)		55,338

Net income attributable to non-controlling interest		–			–			–			(1,181	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	28,037		$	(26,803	)	$	(51,896	)	$	54,157


BASIC EARNINGS (LOSS) PER SHARE	$	0.23		$	(0.22	)	$	(0.43	)	$	0.45

DILUTED EARNINGS (LOSS) PER SHARE	$	0.23		$	(0.22	)	$	(0.43	)	$	0.45

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2021			2020			2021			2020

Net income (loss) attributable to common stockholders	$	28,037		$	(26,803	)	$	(51,896	)	$	54,157
Non-controlling interest		–			–			–			1,181
Diluted net income (loss) attributable to common stockholders	$	28,037		$	(26,803	)	$	(51,896	)	$	55,338

Special items:
Expenses associated with debt repayments and refinancing transactions		4,112			7,141			56,279			7,141
Expenses associated with mergers and acquisitions		–			–			–			338
Expenses associated with COVID-19		–			2,792			2,434			13,777
Expenses associated with changes in corporate tax structure		–			195			–			5,240
Income taxes associated with change in corporate tax structure and other special tax items		–			–			114,249			3,085
Contingent consideration for acquisition of businesses		–			–			–			620
Loss (gain) on sale of real estate assets, net		–			17,943			(38,766	)		13,023
Shareholder litigation expense		–			–			54,295			–
Asset impairments		2,027			47,570			11,378			60,628
Income tax expense (benefit) for special items		(1,533	)		–			(21,227	)		532
Adjusted net income	$	32,643		$	48,838		$	126,746		$	159,722
Weighted average common shares outstanding – basic		120,285			119,636			120,192			119,559
Effect of dilutive securities:
Restricted stock-based awards		933			56			531			28
Non-controlling interest – operating partnership units		–			1,342			952			1,342
Weighted average shares and assumed conversions – diluted		121,218			121,034			121,675			120,929
Adjusted Earnings Per Diluted Share	$	0.27		$	0.40		$	1.04		$	1.32

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2021			2020			2021			2020

Net income (loss)	$	28,037		$	(26,803	)	$	(51,896	)	$	55,338
Depreciation and amortization of real estate assets		25,176			27,447			98,738			112,046
Impairment of real estate assets		2,027			4,225			3,335			14,380
Loss (gain) on sale of real estate assets, net		–			17,943			(38,766	)		13,023
Income tax expense for special items		(506	)		–			8,785			532
Funds From Operations	$	54,734		$	22,812		$	20,196		$	195,319

Expenses associated with debt repayments and refinancing transactions		4,112			7,141			56,279			7,141
Expenses associated with mergers and acquisitions		–			–			–			338
Contingent consideration for acquisition of businesses		–			–			–			620
Expenses associated with COVID-19		–			2,792			2,434			13,777
Expenses associated with changes in corporate tax structure		–			195			–			5,240
Income taxes associated with change in corporate tax structure and other special tax items		–			–			114,249			3,085
Shareholder litigation expense		–			–			54,295			–
Goodwill and other impairments		–			43,345			8,043			46,248
Income tax benefit for special items		(1,027	)		–			(30,012	)		–
Normalized Funds From Operations	$	57,819		$	76,285		$	225,484		$	271,768

Funds From Operations Per Diluted Share	$	0.45		$	0.19		$	0.17		$	1.62
Normalized Funds From Operations Per Diluted Share	$	0.48		$	0.63		$	1.85		$	2.25

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF EBITDA AND ADJUSTED EBITDA

	For the Three Months Ended December 31,					For the Year Ended December 31,
		2021		2020			2021			2020

Net income (loss)	$	28,037	$	(26,803	)	$	(51,896	)	$	55,338
Interest expense		25,700		22,216			95,565			93,453
Depreciation and amortization		33,951		36,425			134,738			150,861
Income tax expense		9,331		1,203			137,999			4,386
EBITDA	$	97,019	$	33,041		$	316,406		$	304,038
Expenses associated with debt repayments and refinancing transactions		4,112		7,141			56,279			7,141
Expenses associated with mergers and acquisitions		–		–			–			338
Expenses associated with COVID-19		–		2,792			2,434			13,777
Expenses associated with changes in corporate tax structure		–		195			–			5,240
Contingent consideration for acquisition of businesses		–		–			–			620
Loss (gain) on sale of real estate assets, net		–		17,943			(38,766	)		13,023
Shareholder litigation expense		–		–			54,295			–
Asset impairments		2,027		47,570			11,378			60,628
Adjusted EBITDA	$	103,158	$	108,682		$	402,026		$	404,805

GUIDANCE — CALCULATION OF FUNDS FROM OPERATIONS & EBITDA

	For the Year Ending December 31, 2022
	Low End of Guidance		High End of Guidance
Net income	$	85,500	$	102,750
Depreciation and amortization of real estate assets		98,500		99,000
Funds From Operations	$	184,000	$	201,750
Diluted EPS	$	0.72	$	0.86
FFO per diluted share	$	1.55	$	1.70

Net income	$	85,500	$	102,750
Interest expense		97,500		96,500
Depreciation and amortization		134,750		134,750
Income tax expense		37,000		36,000
EBITDA	$	354,750	$	370,000

NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION

Contact:		Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024
		Financial Media: David Gutierrez, Dresner Corporate Services – (312) 780-7204

CoreCivic, Inc. (CXW) – Solid 4Q21, Provides Guidance for 2022

Posted on February 10, 2022 by Admin

Thursday, February 10, 2022

CoreCivic, Inc. (CXW)
Solid 4Q21, Provides Guidance for 2022

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Vectrus Awarded Logistics Support Services Task Order Valued at $250 Million

Posted on February 8, 2022 by Admin

Vectrus Awarded Logistics Support Services Task Order Valued at $250 Million

Research, News, and Market Data on Vectrus

COLORADO SPRINGS, Colo., Feb. 8, 2022 /PRNewswire/ — Vectrus, Inc., (NYSE: VEC), a leading global government services company, announced that it was awarded a new five-year cost-plus-fixed-fee task order valued at $250 million to provide logistics support services to the U.S. Army at Fort Benning, Georgia. The task order, which was awarded under the Enhanced Army Global Logistics Enterprise (EAGLE) contract extends through December 2026, including all option periods.

“We are pleased to have been selected to provide logistical support services under this important task order,” said Chuck Prow, president and chief executive officer of Vectrus. “I would like to thank our Army client for their continued confidence in Vectrus.”

About Vectrus:
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, converged environment solutions, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair, and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 9,200 employees spanning 206 locations in 27 countries. In 2020, Vectrus generated sales of $1.4 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Contact Information

Mike Smith, CFA
[email protected]
(719) 637-5773

SOURCE Vectrus, Inc.

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Kelly® Reports Fourth-Quarter and Full-Year Earnings 2021

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Individual Investors are Finding Investment Styles to Match Today’s Market Landscape

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Kelly® Reports Fourth-Quarter and Full-Year Earnings 2021

CoreCivic, Inc. (CXW)Post Call Commentary and Updated Guidance

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CoreCivic Reports Fourth Quarter and Full Year 2021 Financial Results

CoreCivic Reports Fourth Quarter and Full Year 2021 Financial Results

CoreCivic, Inc. (CXW)Solid 4Q21, Provides Guidance for 2022

Vectrus Awarded Logistics Support Services Task Order Valued at $250 Million

Kelly Services (KELYA)
Gearing Up For Meaningful Change

CoreCivic, Inc. (CXW)
Post Call Commentary and Updated Guidance

CoreCivic, Inc. (CXW)
Solid 4Q21, Provides Guidance for 2022

CoreCivic, Inc. (CXW)
Solid 4Q21, Provides Guidance for 2022