TROY, Mich., April 24, 2024 (GLOBE NEWSWIRE) — Kelly, a leading global specialty talent solutions provider, will release its first-quarter earnings before the market opens on Thursday, May 9, 2024. In conjunction with its first-quarter earnings release, Kelly will publish a financial presentation on the Investor Relations page of its public website and will host a conference call at 9 a.m. ET.
The call may be accessed in one of the following ways:
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 May 9, 2024, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 5728672#. The recording will also be available at kellyservices.com during this period.
About Kelly
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 500,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2023 was $4.8 billion. Learn more at kellyservices.com.
Q4 operating earnings of $7.3 million, or up 59% to $22.1 million on an adjusted basis
Q4 revenue was flat; down 1.3% in constant currency
Q4 adjusted EBITDA margin increased 60 basis points to 2.6% driven by meaningful reduction in operating expenses resulting from business transformation initiatives
Company expects Q1 2024 sale of European staffing operations, sustained structural expense reductions and near-term outcome from growth initiatives to drive further expansion of EBITDA margin
TROY, Mich., Feb. 15, 2024 (GLOBE NEWSWIRE) — Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the fourth quarter of 2023.
Peter Quigley, president and chief executive officer, announced revenue for the fourth quarter of 2023 totaled $1.2 billion, a 0.1% decrease, or a 1.3% decrease in constant currency, compared to the corresponding quarter of 2022. Year-over-year revenue trends were impacted by customers’ more guarded approach to hiring and initiating new projects or capital spending partially offset by favorable foreign currency impacts.
Kelly reported operating earnings in the fourth quarter of 2023 of $7.3 million, compared to earnings of $4.6 million reported in the fourth quarter of 2022. Earnings in the fourth quarter of 2023 include $14.8 million of charges related to transformation actions and the first-quarter 2024 sale of our European staffing operations. Excluding those charges, adjusted earnings were $22.1 million in the fourth quarter of 2023. Earnings in the fourth quarter of 2022 included a $10.3 million goodwill impairment charge related to RocketPower. Excluding the impairment charge and a $0.9 million gain related to the sale of real property, adjusted earnings from operations were $14.0 million. Adjusted earnings improved primarily as a result of lower selling, general and administrative expenses, partially offset by unfavorable business mix and lower permanent placement fees which resulted in lower gross profit.
Earnings per share in the fourth quarter of 2023 were $0.31 compared to a loss per share of $0.02 in the fourth quarter of 2022. Included in earnings per share in the fourth quarter of 2023 were restructuring charges, net of tax, of $0.16. In addition, there were $0.46 per share of tax adjustments, transaction costs, and an unrealized loss on a forward contract, all net of tax, related to the first-quarter 2024 sale of our European staffing operations. Included in the loss per share in the fourth quarter of 2022 is a $0.23 per share goodwill impairment charge, net of tax, related to RocketPower, partially offset by a $0.02 per share gain on sale of real property, net of tax. On an adjusted basis, earnings per share were $0.93 in the fourth quarter of 2023, an improvement from $0.18 per share in the corresponding quarter of 2022.
“In the fourth quarter, we captured steady demand in Education and most of our outcome-based specialties in P&I, which continue to demonstrate resilience amid a challenging operating environment. We remained focused on the future as well, driving significant progress on our transformation initiatives while completing the sale of Kelly’s European staffing operations which we closed in early January, unlocking more than $100 million of capital and additional net margin expansion,” said Quigley. “Taken together, these accomplishments have propelled Kelly’s EBITDA margin to 3% entering 2024 – a step change from the company’s historical average of approximately 2%. As we continue to build a more efficient, effective, and focused enterprise, I am confident we are well positioned to capture increased customer demand when the operating environment rebounds and accelerate profitable growth.”
Kelly also reported that on February 13, its board of directors declared a dividend of $0.075 per share. The dividend is payable on March 13, 2024, to stockholders of record as of the close of business on February 27, 2024.
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 15 to review the results and answer questions. The call may be accessed in one of the following ways:
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 15, 2024, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 5856971#. 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 statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Kelly’s financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business’s anticipated growth strategies, (vii) our future business development, results of operations and financial condition, (viii) damage to our brands, (ix) dependency on third parties for the execution of critical functions, (x) conducting business in foreign countries, including foreign currency fluctuations, (xi) availability of temporary workers with appropriate skills required by customers, (xii) cyberattacks or other breaches of network or information technology security, and (xiii) other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release 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) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 500,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2023 was $4.8 billion. Learn more at kellyservices.com.
TROY, Mich., Feb. 01, 2024 (GLOBE NEWSWIRE) — Kelly, a leading global specialty talent solutions provider, will release its fourth-quarter earnings before the market opens on Thursday, February 15, 2024. In conjunction with its fourth-quarter earnings release, Kelly will publish a financial presentation on the Investor Relations page of its public website and will host a conference call at 9 a.m. ET.
The call may be accessed in one of the following ways:
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 15, 2024, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 5856971#. The recording will also be available at kellyservices.com during this period.
About Kelly
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
Q3 operating earnings were break-even, or up 60% to $15.5 million on an adjusted basis
Q3 revenue down 4.3%; down 5.8% in constant currency
Q3 adjusted EBITDA margin increased to 2.3% compared to 1.6% in the prior year driven by meaningful reduction in operating expenses resulting from business transformation initiative
Company expects sale of European staffing operations and near-term outcome from growth initiatives to drive further expansion of adjusted EBITDA margin
TROY, Mich., Nov. 9, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, today announced results for the third quarter of 2023.
Peter Quigley, president and chief executive officer, announced revenue for the third quarter of 2023 totaled $1.1 billion, a 4.3% decrease, or 5.8% decrease in constant currency, compared to the corresponding quarter of 2022. Year-over-year revenue trends were impacted by customers’ more guarded approach to hiring and initiating new projects or capital spending, partially offset by favorable currency impacts.
“In the third quarter, persistent macroeconomic uncertainty continued to temper demand for temporary and permanent staffing services,” said Quigley. “As expected, results in SET and P&I reflected these challenges, while our Education segment and more resilient outcome-based solutions in P&I once again delivered year-over-year growth. We continued to focus on what we can control in this challenging operating environment, driving significant progress in the execution of our transformation initiatives – the benefits of which are evident in our operating results.”
Kelly reported break-even operating earnings in the third quarter of 2023 compared to a loss of $21.4 million reported in the third quarter of 2022. Earnings in the third quarter of 2023 include $15.4 million of transformation-related charges. Excluding the transformation-related charges, adjusted earnings from operations were $15.5 million. Loss from operations in the third quarter of 2022 included a $30.7 million goodwill impairment charge and adjusted earnings were $9.5 million. Adjusted earnings improved 60% year-over-year primarily as a result of lower operating expenses due to our ongoing transformation initiatives.
Earnings per share in the third quarter of 2023 were $0.18 compared to a loss per share of $0.43 in the third quarter of 2022. Included in the earnings per share in the third quarter of 2023 is a $0.32 loss per share related to transformation-related charges, net of tax. Included in the third quarter of 2022 was a $0.67 loss per share, net of tax, from a goodwill impairment charge. On an adjusted basis, earnings per share were $0.50 in the third quarter of 2023, double the $0.25 earnings per share in the corresponding quarter of 2022.
Quigley went on to provide an update on the company’s business transformation initiative.
“Following the implementation of strategic restructuring activities at the outset of the third quarter, we remained focused on sustaining these structural improvements across the enterprise. We also made progress on several initiatives that are positioning Kelly to accelerate profitable growth over the long term. With the efficiency phase of our transformation on-track, our growth initiatives delivering encouraging early results, and the sale of our European staffing business poised to benefit both of these efforts, we remain committed to driving continued improvement of our adjusted EBITDA margin and maximizing value creation.”
In the fourth quarter of 2023, Kelly expects to achieve an adjusted EBITDA margin in the range of 2.8% to 3.0%, reflecting the impact of market conditions that are more challenging than anticipated. Assuming the benefit of a full year of its transformation-related savings, the sale of its European staffing business and current top-line trends, the company would expect to reach a normalized, adjusted EBITDA margin in the range of 3.3 to 3.5%.
Kelly also reported that on November 7, its board of directors declared a dividend of $0.075 per share. The dividend is payable on December 6, 2023, to shareholders of record as of the close of business on November 22, 2023.
In conjunction with its third-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 November 9 to review the results and answer questions. The call may be accessed in one of the following ways:
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 2:30 p.m. ET on November 9, 2023, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 7027637#. 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 statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Kelly’s financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business’s anticipated growth strategies, (vii) our future business development, results of operations and financial condition, (viii) damage to our brands, (ix) dependency on third parties for the execution of critical functions, (x) conducting business in foreign countries, including foreign currency fluctuations, (xi) availability of temporary workers with appropriate skills required by customers, (xii) cyberattacks or other breaches of network or information technology security, and (xiii) other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release 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) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
FOR THE 13 WEEKS ENDED OCTOBER 1, 2023 AND OCTOBER 2, 2022
(UNAUDITED)
(In millions of dollars except per share data)
%
CC %
2023
2022
Change
Change
Change
Revenue from services
$
1,118.0
$
1,167.9
$
(49.9)
(4.3)
%
(5.8)
%
Cost of services
889.5
927.3
(37.8)
(4.1)
Gross profit
228.5
240.6
(12.1)
(5.1)
(6.3)
Selling, general and administrative expenses
228.4
231.1
(2.7)
(1.2)
(2.4)
Goodwill impairment charge
—
30.7
(30.7)
NM
Loss on disposal
—
0.2
(0.2)
NM
Earnings (loss) from operations
0.1
(21.4)
21.5
NM
Other income (expense), net
1.6
0.2
1.4
NM
Earnings (loss) before taxes
1.7
(21.2)
22.9
NM
Income tax expense (benefit)
(4.9)
(5.0)
0.1
0.1
Net earnings (loss)
$
6.6
$
(16.2)
$
22.8
NM
Basic earnings (loss) per share
$
0.18
$
(0.43)
$
0.61
NM
Diluted earnings (loss) per share
$
0.18
$
(0.43)
$
0.61
NM
STATISTICS:
Permanent placement revenue (included in revenue from services)
$
14.6
$
19.8
$
(5.2)
(26.3)
%
(28.5)
%
Gross profit rate
20.4
%
20.6
%
(0.2)
pts.
Conversion rate
0.0
%
(8.9)
%
8.9
pts.
Adjusted EBITDA
$
25.5
$
19.1
$
6.4
Adjusted EBITDA margin
2.3
%
1.6
%
0.7
pts.
Effective income tax rate
(299.3)
%
23.4
%
(322.7)
pts.
Average number of shares outstanding (millions):
Basic
35.4
37.9
Diluted
35.8
37.9
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 39 WEEKS ENDED OCTOBER 1, 2023 AND OCTOBER 2, 2022
(UNAUDITED)
(In millions of dollars except per share data)
%
CC %
2023
2022
Change
Change
Change
Revenue from services
$
3,603.5
$
3,731.6
$
(128.1)
(3.4)
%
(3.8)
%
Cost of services
2,880.3
2,970.0
(89.7)
(3.0)
Gross profit
723.2
761.6
(38.4)
(5.0)
(5.2)
Selling, general and administrative expenses
703.8
707.3
(3.5)
(0.5)
(0.8)
Asset impairment charge
2.4
—
2.4
NM
Goodwill impairment charge
—
30.7
(30.7)
NM
Loss on disposal
—
18.7
(18.7)
NM
Gain on sale of assets
—
(5.3)
5.3
NM
Earnings from operations
17.0
10.2
6.8
67.0
Loss on investment in Persol Holdings
—
(67.2)
67.2
NM
Loss on currency translation from liquidation of subsidiary(1)
—
(20.4)
20.4
NM
Other income (expense), net
3.0
1.9
1.1
55.9
Earnings (loss) before taxes and equity in net earnings of affiliate
20.0
(75.5)
95.5
NM
Income tax expense (benefit)
(5.0)
(13.1)
8.1
61.8
Net earnings (loss) before equity in net earnings of affiliate
25.0
(62.4)
87.4
NM
Equity in net earnings of affiliate
—
0.8
(0.8)
NM
Net earnings (loss)
$
25.0
$
(61.6)
$
86.6
NM
Basic earnings (loss) per share
$
0.68
$
(1.62)
$
2.30
NM
Diluted earnings (loss) per share
$
0.67
$
(1.62)
$
2.29
NM
STATISTICS:
Permanent placement revenue (included in revenue from services)
$
47.8
$
71.2
$
(23.4)
(32.9)
%
(33.3)
%
Gross profit rate
20.1
%
20.4
%
(0.3)
pts.
Conversion rate
2.4
%
1.3
%
1.1
pts.
Adjusted EBITDA
$
76.9
$
81.5
$
(4.6)
Adjusted EBITDA margin
2.1
%
2.2
%
(0.1)
pts.
Effective income tax rate
(25.1)
%
17.4
%
(42.5)
pts.
Average number of shares outstanding (millions):
Basic
36.2
38.2
Diluted
36.5
38.2
(1) Subsequent to the sale of the Persol Holdings investment, the Company commenced the dissolution process of the Kelly Services Japan subsidiary, which was considered substantially liquidated as of the first quarter-end 2022, resulting in the recognition of the $20.4 million loss on currency translation from liquidation of this subsidiary in the first quarter of 2022.
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
Third Quarter
%
CC %
2023
2022
Change
Change
Professional & Industrial
Revenue from services
$
364.5
$
408.6
(10.8)
%
(10.5)
%
Gross profit
65.5
70.3
(6.9)
(6.5)
SG&A expenses excluding restructuring charges
53.7
65.3
(17.7)
(17.6)
Restructuring charges
4.0
—
NM
NM
Total SG&A expenses
57.7
65.3
(11.6)
(11.4)
Earnings from operations
7.8
5.0
54.2
Earnings from operations excluding restructuring charges
11.8
5.0
133.7
Gross profit rate
17.9
%
17.2
%
0.7
pts.
Science, Engineering & Technology
Revenue from services
$
295.7
$
321.3
(8.0)
%
(8.0)
%
Gross profit
68.0
76.3
(10.8)
(10.9)
Total SG&A expenses
47.8
53.4
(10.4)
(10.5)
Earnings from operations
20.2
22.9
(11.7)
Gross profit rate
23.0
%
23.7
%
(0.7)
pts.
Education
Revenue from services
$
128.1
$
104.3
22.9
%
22.9
%
Gross profit
19.8
16.6
19.2
19.2
Total SG&A expenses
22.4
21.4
5.0
5.0
Earnings (loss) from operations
(2.6)
(4.8)
44.8
Gross profit rate
15.5
%
15.9
%
(0.4)
pts.
Outsourcing & Consulting
Revenue from services
$
114.1
$
118.5
(3.8)
%
(4.0)
%
Gross profit
41.5
44.1
(6.0)
(6.7)
SG&A expenses excluding restructuring charges
37.2
37.7
(1.5)
(2.4)
Restructuring charges
1.8
—
NM
NM
Total SG&A expenses
39.0
37.7
3.3
2.2
Goodwill impairment charge
—
30.7
NM
Earnings (loss) from operations
2.5
(24.3)
NM
Earnings (loss) from operations excluding restructuring charges
4.3
(24.3)
NM
Gross profit rate
36.4
%
37.2
%
(0.8)
pts.
International
Revenue from services
$
220.6
$
215.5
2.4
%
(6.2)
%
Gross profit
33.7
33.3
1.0
(7.6)
Total SG&A expenses
31.2
31.4
(0.7)
(8.7)
Earnings from operations
2.5
1.9
27.5
Gross profit rate
15.3
%
15.5
%
(0.2)
pts.
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
September Year to Date
%
CC %
2023
2022
Change
Change
Professional & Industrial
Revenue from services
$
1,131.3
$
1,268.7
(10.8)
%
(10.4)
%
Gross profit
200.4
231.2
(13.3)
(12.8)
SG&A expenses excluding restructuring charges
176.5
203.8
(13.4)
(13.1)
Restructuring charges
7.3
0.3
NM
NM
Total SG&A expenses
183.8
204.1
(9.9)
(9.6)
Asset impairment charge
0.3
—
NM
Earnings from operations
16.3
27.1
(40.4)
Earnings from operations excluding restructuring charges
23.6
27.4
(14.4)
Gross profit rate
17.7
%
18.2
%
(0.5)
pts.
Science, Engineering & Technology
Revenue from services
$
903.5
$
962.7
(6.2)
%
(6.1)
%
Gross profit
207.4
225.3
(7.9)
(7.9)
Total SG&A expenses
150.6
161.4
(6.7)
(6.7)
Asset impairment charge
0.1
—
NM
Earnings from operations
56.7
63.9
(11.2)
Gross profit rate
23.0
%
23.4
%
(0.4)
pts.
Education
Revenue from services
$
583.9
$
433.2
34.8
%
34.8
%
Gross profit
91.6
69.2
32.4
32.4
Total SG&A expenses
69.3
60.4
14.8
14.8
Earnings from operations
22.3
8.8
152.7
Gross profit rate
15.7
%
16.0
%
(0.3)
pts.
Outsourcing & Consulting
Revenue from services
$
342.4
$
352.0
(2.7)
%
(2.3)
%
Gross profit
124.4
127.6
(2.5)
(2.0)
SG&A expenses excluding restructuring charges
114.9
111.7
2.8
2.7
Restructuring charges
2.3
0.1
NM
NM
Total SG&A expenses
117.2
111.8
4.7
4.6
Asset impairment charge
2.0
—
NM
Goodwill impairment charge
—
30.7
NM
Earnings from operations
5.2
(14.9)
NM
Earnings from operations excluding restructuring charges
7.5
(14.8)
NM
Gross profit rate
36.3
%
36.3
%
—
pts.
International
Revenue from services
$
657.5
$
715.9
(8.2)
%
(11.2)
%
Gross profit
99.4
108.3
(8.2)
(11.1)
Total SG&A expenses
96.2
99.2
(3.0)
(5.8)
Earnings from operations
3.2
9.1
(64.9)
Gross profit rate
15.1
%
15.1
%
—
pts.
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
October 1, 2023
January 1, 2023
October 2, 2022
Current Assets
Cash and equivalents
$
117.2
$
153.7
$
122.4
Trade accounts receivable, less allowances of
$11.1, $11.2, and $12.1, respectively
1,388.2
1,491.6
1,519.9
Prepaid expenses and other current assets
86.1
69.9
83.1
Assets held for sale
—
—
4.7
Total current assets
1,591.5
1,715.2
1,730.1
Noncurrent Assets
Property and equipment, net
28.8
27.8
24.9
Operating lease right-of-use assets
59.9
66.8
67.3
Deferred taxes
315.3
299.7
300.7
Goodwill, net
151.1
151.1
161.4
Other assets
403.4
403.2
397.5
Total noncurrent assets
958.5
948.6
951.8
Total Assets
$
2,550.0
$
2,663.8
$
2,681.9
Current Liabilities
Short-term borrowings
$
—
$
0.7
$
0.1
Accounts payable and accrued liabilities
647.5
723.3
735.2
Operating lease liabilities
13.2
14.7
14.4
Accrued payroll and related taxes
287.8
315.8
321.4
Accrued workers’ compensation and other claims
22.8
22.9
24.4
Income and other taxes
54.0
51.4
47.5
Total current liabilities
1,025.3
1,128.8
1,143.0
Noncurrent Liabilities
Operating lease liabilities
51.5
55.0
55.6
Accrued workers’ compensation and other claims
40.5
40.7
43.4
Accrued retirement benefits
185.6
174.1
172.7
Other long-term liabilities
11.4
11.0
14.5
Total noncurrent liabilities
289.0
280.8
286.2
Stockholders’ Equity
Common stock
38.5
38.5
38.5
Treasury stock
(57.4)
(20.1)
(12.4)
Paid-in capital
29.3
28.0
26.6
Earnings invested in the business
1,233.0
1,216.3
1,220.1
Accumulated other comprehensive income (loss)
(7.7)
(8.5)
(20.1)
Total stockholders’ equity
1,235.7
1,254.2
1,252.7
Total Liabilities and Stockholders’ Equity
$
2,550.0
$
2,663.8
$
2,681.9
STATISTICS:
Working Capital
$
566.2
$
586.4
$
587.1
Current Ratio
1.6
1.5
1.5
Debt-to-capital %
0.0
%
0.1
%
0.0
%
Global Days Sales Outstanding
63
61
64
Year-to-Date Free Cash Flow
$
21.0
$
(88.3)
$
(117.3)
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 39 WEEKS ENDED OCTOBER 1, 2023 AND OCTOBER 2, 2022
(UNAUDITED)
(In millions of dollars)
2023
2022
Cash flows from operating activities:
Net earnings (loss)
$
25.0
$
(61.6)
Adjustments to reconcile net earnings (loss) to net cash from operating activities:
Asset impairment charge
2.4
—
Goodwill impairment charge
—
30.7
Deferred income taxes on goodwill impairment charge
—
(5.3)
Loss on disposal
—
18.7
Depreciation and amortization
25.6
24.7
Operating lease asset amortization
12.4
14.2
Provision for credit losses and sales allowances
1.4
1.7
Stock-based compensation
7.9
5.9
Gain on sale of equity securities
(2.0)
—
Loss on investment in Persol Holdings
—
67.2
Loss on currency translation from liquidation of subsidiary
—
20.4
Gain on foreign currency remeasurement
—
(5.5)
Gain on sale of assets
—
(5.3)
Equity in net earnings of PersolKelly Asia Pacific
—
(0.8)
Other, net
0.5
3.5
Changes in operating assets and liabilities, net of acquisition
(39.8)
(220.2)
Net cash from (used in) operating activities
33.4
(111.7)
Cash flows from investing activities:
Capital expenditures
(12.4)
(5.6)
Proceeds from sale of assets
—
4.5
Acquisition of company, net of cash received
—
(143.1)
Cash disposed from sale of Russia, net of proceeds
—
(6.0)
Proceeds from company-owned life insurance
—
1.5
Proceeds from sale of Persol Holdings investment
—
196.9
Proceeds from sale of equity method investment
—
119.5
Proceeds from equity securities
2.0
—
Other investing activities
(0.4)
—
Net cash (used in) from investing activities
(10.8)
167.7
Cash flows from financing activities:
Net change in short-term borrowings
(0.7)
0.2
Financing lease payments
(1.0)
(1.2)
Dividend payments
(8.3)
(7.7)
Payments of tax withholding for stock awards
(1.7)
(0.9)
Buyback of common shares
(42.2)
(27.2)
Contingent consideration payments
(2.5)
(0.7)
Other financing activities
(0.2)
0.1
Net cash used in financing activities
(56.6)
(37.4)
Effect of exchange rates on cash, cash equivalents and restricted cash
(1.9)
(7.4)
Net change in cash, cash equivalents and restricted cash
(35.9)
11.2
Cash, cash equivalents and restricted cash at beginning of period
162.4
119.5
Cash, cash equivalents and restricted cash at end of period
$
126.5
$
130.7
KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES BY GEOGRAPHY
(UNAUDITED)
(In millions of dollars)
Third Quarter
%
CC %
2023
2022
Change
Change
Americas
United States
$
795.5
$
861.0
(7.6)
%
(7.6)
%
Canada
50.9
43.3
17.5
20.7
Puerto Rico
26.5
28.3
(6.2)
(6.2)
Mexico
18.4
10.9
68.4
41.9
Total Americas Region
891.3
943.5
(5.5)
(5.7)
Europe
Switzerland
57.0
55.2
3.3
(5.6)
Portugal
48.6
41.9
15.9
7.2
France
47.0
45.8
2.8
(5.0)
Italy
16.1
16.4
(2.3)
(9.6)
Russia
—
5.0
(100.0)
(100.0)
Other
47.1
49.8
(5.5)
(12.3)
Total Europe Region
215.8
214.1
0.8
(7.0)
Total Asia-Pacific Region
10.9
10.3
5.8
9.7
Total Kelly Services, Inc.
$
1,118.0
$
1,167.9
(4.3)
%
(5.8)
%
KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES BY GEOGRAPHY
(UNAUDITED)
(In millions of dollars)
September Year to Date
%
CC %
2023
2022
Change
Change
Americas
United States
$
2,647.1
$
2,746.5
(3.6)
%
(3.6)
%
Canada
142.2
122.7
15.9
21.4
Puerto Rico
81.1
84.8
(4.3)
(4.3)
Mexico
55.1
32.4
70.0
49.1
Total Americas Region
2,925.5
2,986.4
(2.0)
(2.0)
Europe
Switzerland
165.9
165.5
0.3
(5.0)
France
145.0
150.8
(3.8)
(5.5)
Portugal
142.3
125.8
13.2
10.9
Italy
49.5
54.3
(8.8)
(10.4)
Russia
—
63.4
(100.0)
(100.0)
Other
142.4
152.8
(6.8)
(7.2)
Total Europe Region
645.1
712.6
(9.5)
(11.6)
Total Asia-Pacific Region
32.9
32.6
1.0
5.8
Total Kelly Services, Inc.
$
3,603.5
$
3,731.6
(3.4)
%
(3.8)
%
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
THIRD QUARTER
(UNAUDITED)
(In millions of dollars)
2023
2022
SG&A Expenses:
As Reported
Restructuring(7)
Adjusted
As Reported
Professional & Industrial
$ 57.7
$ (4.0)
$ 53.7
$ 65.3
Science, Engineering & Technology
47.8
(0.7)
47.1
53.4
Education
22.4
(0.6)
21.8
21.4
Outsourcing & Consulting
39.0
(1.8)
37.2
37.7
International
31.2
—
31.2
31.4
Corporate
30.3
(8.3)
22.0
21.9
Total Company
$ 228.4
$ (15.4)
$ 213.0
$ 231.1
2023
2022
Earnings from Operations:
As Reported
Restructuring(7)
Adjusted
Adjusted
Professional & Industrial
$ 7.8
$ 4.0
$ 11.8
$ 5.0
Science, Engineering & Technology
20.2
0.7
20.9
22.9
Education
(2.6)
0.6
(2.0)
(4.8)
Outsourcing & Consulting
2.5
1.8
4.3
6.4
International
2.5
—
2.5
1.9
Corporate
(30.3)
8.3
(22.0)
(21.9)
Total Company
$ 0.1
$ 15.4
$ 15.5
$ 9.5
KELLY SERVICES, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP MEASURESTHIRD QUARTER(UNAUDITED)(In millions of dollars)
2022
Earnings from Operations:
As Reported
Loss on disposal(4)
Goodwill impairment charge(6)
Adjusted
Professional & Industrial
$ 5.0
$ —
$ —
$ 5.0
Science, Engineering & Technology
22.9
—
—
22.9
Education
(4.8)
—
—
(4.8)
Outsourcing & Consulting
(24.3)
—
30.7
6.4
International
1.9
—
—
1.9
Corporate
(21.9)
—
—
(21.9)
Loss on disposal
(0.2)
0.2
—
—
Total Company
$ (21.4)
$ 0.2
$ 30.7
$ 9.5
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
SEPTEMBER YEAR TO DATE
(UNAUDITED)
(In millions of dollars)
2023
2022
SG&A Expenses:
As Reported
Restructuring(7)
Adjusted
As Reported
Professional & Industrial
$ 183.8
$ (7.3)
$ 176.5
$ 204.1
Science, Engineering & Technology
150.6
(1.2)
149.4
161.4
Education
69.3
(1.0)
68.3
60.4
Outsourcing & Consulting
117.2
(2.3)
114.9
111.8
International
96.2
(0.6)
95.6
99.2
Corporate
86.7
(15.2)
71.5
70.4
Total Company
$ 703.8
$ (27.6)
$ 676.2
$ 707.3
2023
2022
Earnings from Operations:
As Reported
Asset impairment(5)
Restructuring(7)
Adjusted
Adjusted
Professional & Industrial
$ 16.3
$ 0.3
$ 7.3
$ 23.9
$ 27.1
Science, Engineering & Technology
56.7
0.1
1.2
58.0
63.9
Education
22.3
—
1.0
23.3
8.8
Outsourcing & Consulting
5.2
2.0
2.3
9.5
15.8
International
3.2
—
0.6
3.8
9.1
Corporate
(86.7)
—
15.2
(71.5)
(70.4)
Total Company
$ 17.0
$ 2.4
$ 27.6
$ 47.0
$ 54.3
KELLY SERVICES, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP MEASURESSEPTEMBER YEAR TO DATE(UNAUDITED)(In millions of dollars)
2022
Earnings from Operations:
As Reported
Gain on sale of assets(3)
Loss on disposal(4)
Goodwill impairment charge(6)
Adjusted
Professional & Industrial
$ 27.1
$ —
$ —
$ —
$ 27.1
Science, Engineering & Technology
63.9
—
—
—
63.9
Education
8.8
—
—
—
8.8
Outsourcing & Consulting
(14.9)
—
—
30.7
15.8
International
9.1
—
—
—
9.1
Corporate
(70.4)
—
—
—
(70.4)
Loss on disposal
(18.7)
18.7
—
—
Gain on sale of assets
5.3
(5.3)
—
—
—
Total Company
$ 10.2
$ (5.3)
$ 18.7
$ 30.7
$ 54.3
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
(In millions of dollars except per share data)
Third Quarter
September Year to Date
2023
2022
2023
2022
Income tax expense (benefit)
$ (4.9)
$ (5.0)
$ (5.0)
$ (13.1)
Taxes on investment in Persol Holdings(1)
—
—
—
18.4
Taxes on foreign currency matters(2)
—
—
—
(1.5)
Taxes on gain on sale of assets(3)
—
—
—
(1.3)
Taxes on loss on disposal(4)
—
—
—
—
Taxes on asset impairment charge(5)
—
—
0.6
—
Taxes on goodwill impairment charge(6)
—
5.3
—
5.3
Taxes on restructuring charges(7)
3.9
—
6.9
—
Adjusted income tax expense
$ (1.0)
$ 0.3
$ 2.5
$ 7.8
Third Quarter
September Year to Date
2023
2022
2023
2022
Net earnings (loss)
$ 6.6
$ (16.2)
$ 25.0
$ (61.6)
Loss on investment in Persol Holdings, net of taxes(1)
—
—
—
48.8
Loss on foreign currency matters, net of taxes(2)
—
—
—
16.4
Gain on sale of assets, net of taxes(3)
—
—
—
(4.0)
Loss on disposal, net of taxes(4)
—
0.2
—
18.7
Asset impairment charge, net of taxes(5)
—
—
1.8
—
Goodwill impairment charge, net of taxes(6)
—
25.4
—
25.4
Restructuring charges, net of taxes(7)
11.5
—
20.7
—
Adjusted net earnings
$ 18.1
$ 9.4
$ 47.5
$ 43.7
Third Quarter
September Year to Date
2023
2022
2023
2022
Per Share
Per Share
Net earnings (loss)
$ 0.18
$ (0.43)
$ 0.67
$ (1.62)
Loss on investment in Persol Holdings, net of taxes(1)
—
—
—
1.28
Loss on foreign currency matters, net of taxes(2)
—
—
—
0.43
Gain on sale of assets, net of taxes(3)
—
—
—
(0.10)
Loss on disposal, net of taxes(4)
—
0.01
—
0.49
Asset impairment charge, net of taxes(5)
—
—
0.05
—
Goodwill impairment charge, net of taxes(6)
—
0.67
—
0.67
Restructuring charges, net of taxes(7)
0.32
—
0.56
—
Adjusted net earnings
$ 0.50
$ 0.25
$ 1.28
$ 1.15
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)
Third Quarter
September Year to Date
2023
2022
2023
2022
Net earnings (loss)
$ 6.6
$ (16.2)
$ 25.0
$ (61.6)
Other (income) expense, net(2)
(1.6)
(0.2)
(3.0)
(1.9)
Income tax expense (benefit)
(4.9)
(5.0)
(5.0)
(13.1)
Depreciation and amortization
8.4
8.6
25.6
24.7
EBITDA
8.5
(12.8)
42.6
(51.9)
Equity in net earnings of affiliate
—
—
—
(0.8)
Loss on investment in Persol Holdings(1)
—
—
—
67.2
Loss on foreign currency matters(2)
—
—
—
20.4
Gain on sale of assets(3)
—
—
—
(5.3)
Loss on disposal(4)
—
0.2
—
18.7
Asset impairment charge(5)
—
—
2.4
—
Goodwill impairment charge(6)
—
30.7
—
30.7
Restructuring(7)
15.4
—
27.6
—
Other, net(8)
1.6
1.0
4.3
2.5
Adjusted EBITDA
$ 25.5
$ 19.1
$ 76.9
$ 81.5
Adjusted EBITDA margin
2.3 %
1.6 %
2.1 %
2.2 %
KELLY SERVICES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
Management believes that the non-GAAP (Generally Accepted Accounting Principles) information excluding the 2023 restructuring charges, the 2023 impairment charge, the 2022 sale of the Persol Holdings investment, the 2022 losses on the fair value changes of the investment in Persol Holdings, the 2022 losses on foreign currency matters, the 2022 gain on sale of assets, the 2022 loss on disposal, and the 2022 goodwill impairment charge, are useful to understand the Company’s fiscal 2023 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. Management also uses year-to-date free cash flow (operating cash flows less capital expenditures) to indicate the change in cash balances arising from operating activities, net of working capital needs and expenditures on fixed assets.
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) In 2022, the loss on the investment in Persol Holdings represents the change in fair value up until the date of the sale of the investment on February 15, 2022 as well as the loss on the sale of the investment during the period presented and the related tax benefit.
(2) In 2022, the loss on foreign currency matters includes a $20.4 million loss on currency translation resulting from the substantially complete liquidation of the Company’s Japan entity, partially offset by a $5.5 million foreign exchange gain on the Japan entity’s USD-denominated cash balance. The foreign exchange gain is included in other (income) expense, net in the EBITDA calculation.
(3) Gain on sale of assets in 2022 is related to the sale of under-utilized real property in the second quarter of 2022 and other real property sold in the first quarter of 2022.
(4) Loss on disposal in 2022 represents the write-off of the net assets of our Russian operations that were sold in the third quarter of 2022.
(5) Asset impairment charge in the second quarter of 2023 represents the impairment of right-of-use assets related to an unoccupied existing office space lease.
(6) Goodwill impairment charge in 2022 is the result of an interim impairment test the Company performed related to RocketPower due to a triggering event caused by changes in market conditions.
(7) Restructuring charges in the second and third quarters of 2023 relate to a comprehensive transformation initiative that includes actions that will further streamline the Company’s operating model to enhance organizational efficiency and effectiveness. These restructuring charges include $10.4 million of severance, $4.5 million of costs to execute the transformation, and $0.5 million of lease termination expenses in the third quarter of 2023 and $4.5 million of costs to execute the transformation and $1.1 million of severance in the second quarter of 2023. Restructuring charges in the first quarter of 2023 represent severance costs and lease and other terminations as a result of management undertaking actions to further our cost management efforts in response to the current demand levels and reflects a repositioning of our P&I staffing business to better capitalize on opportunities in local markets.
(8) Other, net primarily represents amortization of capitalized hosted software implementation costs.
Enables greater focus on higher margin, higher growth global managed service provider (MSP) solutions, global recruitment process outsourcing (RPO) solutions, and specialty outcome-based and staffing services in North America
Transaction expected to close in the first quarter of 2024; cash consideration of €100 million with additional earnout potential of up to €30 million
Unlocks significant capital to invest in organic and inorganic growth
TROY, Mich., Nov. 2, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, today announced that it has entered into a definitive agreement to sell its European staffing business to Gi Group Holdings S.P.A. (“Gi”), one of the largest staffing companies in Europe, for cash consideration of up to €130 million. The transaction is expected to close in the first quarter of 2024, subject to receipt of required regulatory approvals and other customary closing conditions.
Under the terms of the agreement, Kelly will transfer its European staffing business within its International operating segment to Gi. Kelly provides staffing services to customers in 14 countries across Europe. The company will retain its managed service provider, recruitment process outsourcing, and functional service provider (FSP) business with customers in the Europe, Middle East, and Africa (EMEA) region.
Following the close of the transaction, Kelly will maintain its global footprint and continue to provide MSP, RPO, and FSP solutions to customers in the EMEA region through KellyOCG, Kelly’s outsourcing and consulting group. As a leading global vendor-neutral provider of talent supply chain strategies and workforce solutions, KellyOCG leverages a network of 3,000 suppliers spanning 140 countries – including Gi – to connect customers across North America, Asia Pacific, and EMEA with top talent to grow their businesses. In Everest Group’s 2023 PEAK Matrix®, KellyOCG was recognized as a leader and major contender for its MSP and RPO solutions, respectively, with the latter earning KellyOCG star performer status. Everest Group also recognized KellyOCG as a leader and star performer in statement-of-work (SOW) management.
“The sale of Kelly’s European staffing business demonstrates our commitment to taking bold, transformative action to optimize our portfolio and maximize value creation,” said Peter Quigley, president and chief executive officer. “This transaction unlocks significant capital to pursue organic and inorganic investments in our chosen specialties. Furthermore, it sharpens our focus on our higher margin, higher growth global MSP solutions, global RPO solutions, and specialty outcome-based and staffing services in North America. Together, we expect these outcomes will accelerate Kelly’s progress toward achieving a normalized, adjusted EBITDA margin in the range of 3.3% to 3.5% as we shared in August and drive profitable growth over the long term.”
The transaction is the latest in a series of strategic actions Kelly has executed to unlock capital in pursuit of its specialty strategy and further optimize its operating model, which includes monetizing non-core real estate holdings and businesses; unwinding Kelly’s cross-shareholding arrangement with Persol and reducing the company’s ownership interest in PersolKelly, its Asia-Pacific staffing joint venture; selling its operations in Brazil and Russia; and most recently, implementing strategic restructuring actions which enhance organizational efficiency and effectiveness.
Quigley and Olivier Thirot, executive vice president and chief financial officer, will provide additional details about this transaction as it relates to the company’s specialty strategy during its upcoming third-quarter earnings conference call on November 9, 2023.
DLA Piper is serving as legal counsel to Kelly.
About Kelly®
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
Forward-Looking Statements
This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Kelly’s financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business’s anticipated growth strategies, (vi) our future business development, results of operations and financial condition, (vii) damage to our brands, (viii) dependency on third parties for the execution of critical functions, (ix) conducting business in foreign countries, including foreign currency fluctuations, (x) availability of temporary workers with appropriate skills required by customers, (xi) cyberattacks or other breaches of network or information technology security, and (xii) other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release 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.
TROY, Mich., Oct. 26, 2023 /PRNewswire/ — Kelly, a leading global specialty talent solutions provider, will release its third-quarter earnings before the market opens on Thursday, November 9, 2023. In conjunction with its third-quarter earnings release, Kelly will publish a financial presentation on the Investor Relations page of its public website and will host a conference call at 9 a.m. ET.
The call may be accessed in one of the following ways:
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 2:30 p.m. ET on November 9, 2023, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 7027637#. The recording will also be available at kellyservices.com during this period.
About Kelly
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
TROY, Mich., Sept. 7, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, today announced it will participate in the 16th Annual Barrington Research Virtual Fall Investment Conference on Thursday, September 14, 2023.
Peter Quigley, president and chief executive officer, Olivier Thirot, executive vice president and chief financial officer, and Scott Thomas, investor relations, will participate in virtual one-on-one meetings. Kelly’s investor presentation is available on the company’s website.
About Kelly®
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
Q2 revenue down 3.9%; down 4.5% in constant currency; organic revenue down 2.2% in constant currency
Q2 gross profit down 8.3%; GP rate, 19.8%, down 90 bps year-over-year due primarily to lower permanent placement fees as customer full-time hiring decelerates
Q2 operating earnings of $6.2 million, including $8.0 million of transformation-related restructuring and impairment charges, or $14.2 million on an adjusted basis
Comprehensive business transformation program expected to drive meaningful improvement in EBITDA margin beginning in the second half of 2023
TROY, Mich., Aug. 10, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, today announced results for the second quarter of 2023.
Peter Quigley, president and chief executive officer, announced revenue for the second quarter of 2023 totaled $1.2 billion, a 3.9% decrease, or 4.5% decrease in constant currency, compared to the corresponding quarter of 2022, with organic, constant currency revenue down 2.2%. Year-over-year revenue trends were impacted by the sale of Russian operations in July 2022 and customers’ more guarded approach to hiring, partially offset by favorable currency impacts.
“In the second quarter, we remained focused on seeking out pockets of demand in more resilient markets, while the effects of ongoing macroeconomic uncertainty became more noticeable in certain parts of our portfolio,” said Quigley. “Our Education segment and higher-margin outcome-based solutions in P&I continued to deliver year-over-year growth, while lower demand for temporary and permanent placement services impacted results in our P&I and SET segments.”
Kelly reported operating earnings in the second quarter of 2023 of $6.2 million, compared to earnings of $8.2 million reported in the second quarter of 2022. Earnings in the second quarter of 2023 include $8.0 million of transformation-related restructuring and impairment charges. Excluding the transformation-related charges, adjusted earnings from operations were $14.2 million. Earnings in the second quarter of 2022 included an $18.5 million asset impairment charge related to our Russian operations and a $4.4 million gain on sale of assets related to underutilized real property and adjusted earnings were $22.3 million. Adjusted earnings declined year-over-year primarily as a result of lower revenues.
Earnings per share in the second quarter of 2023 were $0.20 compared to earnings per share of $0.06 in the second quarter of 2022. Included in the earnings per share in the second quarter of 2023 is an $0.11 loss per share related to transformation-related restructuring charges, net of tax, and a $0.05 loss per share, net of tax, related to an asset impairment charge. Included in the second quarter of 2022 is a $0.48 loss per share, net of tax, asset impairment charge, partially offset by a $0.08 per share gain on sale of real property, net of tax. On an adjusted basis, earnings per share were $0.36 in the second quarter of 2023, a decline of 20% from $0.45 per share in the corresponding quarter of 2022.
Quigley went on to provide an update on the company’s business transformation following the strategic restructuring actions it announced in July. “The change we set out to create through this transformation is no longer hypothetical. The efficiency actions we have implemented to date will deliver an immediate, meaningful improvement to the company’s EBITDA margin, creating a strong foundation for further EBITDA margin expansion going forward. With these actions unlocking additional resources to invest in our future, we are quickly shifting our focus to the growth phase of our transformation to realize the full potential of our specialty strategy.”
As a result of the strategic restructuring and additional cost optimization actions that Kelly will complete in 2023, the Company expects an adjusted EBITDA margin of approximately 3% exiting 2023. Assuming the benefit of a full year of its transformation-related savings and no change in current top-line expectations, the Company would expect to achieve a normalized, adjusted EBITDA margin in the range of 3.3% to 3.5%.
Kelly also reported that on August 9, its board of directors declared a dividend of $0.075 per share. The dividend is payable on September 6, 2023, to shareholders of record as of the close of business on August 23, 2023.
In conjunction with its second-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 August 10 to review the results and answer questions. The call may be accessed in one of the following ways:
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 2:30 p.m. ET on August 10, 2023, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 7516480#. 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 statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Kelly’s financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business’s anticipated growth strategies, (vii) our future business development, results of operations and financial condition, (viii) damage to our brands, (ix) dependency on third parties for the execution of critical functions, (x) conducting business in foreign countries, including foreign currency fluctuations, (xi) availability of temporary workers with appropriate skills required by customers, (xii) cyberattacks or other breaches of network or information technology security, and (xiii) other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release 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) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
TROY, Mich., July 27, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, will release its second-quarter earnings before the market opens on Thursday, August 10, 2023. In conjunction with its second-quarter earnings release, Kelly will publish a financial presentation on the Investor Relations page of its public website and will host a conference call at 9 a.m. ET.
The call may be accessed in one of the following ways:
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 2:30 p.m. ET on August 10, 2023, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 7516480#. The recording will also be available at kellyservices.com during this period.
About Kelly
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
Strategic restructuring follows comprehensive review of company’s growth and efficiency objectives as part of ongoing transformation
Aggressive action builds on strategic progress to monetize non-core assets, reinvest capital in organic and inorganic growth initiatives, and shift to higher-margin, higher-growth business mix
Actions expected to result in meaningful, sustainable EBITDA margin expansion beginning immediately, and substantial improvement in the second half of 2023 and beyond
TROY, Mich., July 20, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, today announced strategic restructuring actions that will further optimize the company’s operating model to enhance organizational efficiency and effectiveness. These actions are part of the comprehensive transformation initiative the company announced in May to drive EBITDA margin improvement and accelerate long-term profitable growth.
The strategic restructuring actions realign business-critical resources to Kelly’s business units, streamline corporate resources, reduce redundant organizational layers, and optimize work processes. These structural changes simplify the company’s operations and unlock additional resources to invest in growth. As a result of these actions, the company has implemented a workforce reduction plan and notified affected employees in accordance with applicable employment laws and regulations. Employees whose roles were included in the workforce reduction are eligible for applicable severance, benefits, and outplacement services.
“Today marks a difficult but necessary step forward on Kelly’s journey to accelerate profitable growth,” said Peter Quigley, president and chief executive officer. “These actions follow an exhaustive review of the company’s business and functional operations to determine how we can work more efficiently to improve profitability over the long term. I am confident the structural improvements we have made to Kelly’s operating model position the company to pursue new avenues of growth that will enable it to deliver greater value for customers, talent, and shareholders.”
As a result of the strategic restructuring actions, Kelly expects to see meaningful expansion of its EBITDA margin beginning immediately with substantial improvement in the second half of 2023 and beyond. The company expects to incur a restructuring charge from these actions in the range of $7.5-$8.5 million in the third quarter of 2023. Mr. Quigley and Olivier Thirot, executive vice president and chief financial officer, will provide additional details about the strategic restructuring as it relates to the company’s ongoing transformation, including expectations for EBITDA margin improvement, during its upcoming second-quarter earnings conference call on August 10, 2023.
About Kelly®
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
Forward-Looking Statements
This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Kelly’s financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business’s anticipated growth strategies, (vi) our future business development, results of operations and financial condition, (vii) damage to our brands, (viii) dependency on third parties for the execution of critical functions, (ix) conducting business in foreign countries, including foreign currency fluctuations, (x) availability of temporary workers with appropriate skills required by customers, (xi) cyberattacks or other breaches of network or information technology security, and (xii) other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release 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.
TROY, Mich., June 7, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced it will participate in the Sidoti Virtual Investor Conference on Wednesday, June 14, 2023.
Olivier Thirot, executive vice president and chief financial officer, and James Polehna, chief investor relations officer and corporate secretary, will participate in virtual one-on-one meetings. A copy of Kelly’s investor presentation is also available at kellyservices.com.
About Kelly®
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
TROY, Mich., May 19, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced that at its 2023 Annual Shareholders Meeting held on May 17, 2023, Kelly shareholders elected nine individuals to serve one-year terms on its board of directors.
The newly elected directors are Gerald S. Adolph, retired senior partner, strategy and M&A, Booz & Co.; George S. Corona, retired president and chief executive officer, Kelly; Robert S. Cubbin, retired president and chief executive officer, Meadowbrook Insurance Group, Inc.; Amala Duggirala, executive vice president and chief information officer, United Services Automobile Association (USAA); InaMarie Felix Johnson, former chief people and diversity officer, Zendesk, Inc.; Terrence B. Larkin, retired executive vice president, business development, general counsel and corporate secretary, Lear Corporation; Leslie A. Murphy, CPA, president and chief executive officer, Murphy Consulting, Inc.; Donald R. Parfet, managing director, Apjohn Group, LLC; and Peter W. Quigley, president and chief executive officer, Kelly.
Following the election of the board of directors, the board appointed Mr. Larkin to the position of chairman of the board, effective immediately. An attorney with 28 years of experience in business law, Mr. Larkin has served as an independent director on Kelly’s board since 2010 and brings a valuable combination of complex problem-solving skills, legal and governance expertise, and global experience. He succeeds Mr. Parfet, who has elected to step down as chairman of the board, a position in which he has served since 2018. Mr. Parfet will continue his service on Kelly’s board as an independent director.
“On behalf of the entire board of directors, I would like to thank Don for his distinguished leadership during the last five years. Kelly has benefited immensely from his guidance and insights as the Company has executed its specialty strategy and transformed its portfolio,” said Mr. Larkin. “I am grateful for the opportunity to serve as Kelly’s next chairman, and I look forward to continuing to work with Don and the rest of the board to carry out our responsibility to Kelly’s shareholders as the Company embarks on the next phase of its growth journey.”
About Kelly®
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.
Q1 revenue down 2.2%; down 1.4% in constant currency; organic revenue nearly flat (down 0.5% in constant currency)
Q1 gross profit down 1.7%; down 0.8% in constant currency; delivered continued improvement in GP rate, 20.0%, up 10 bps year-over-year
Q1 operating earnings of $10.7 million, including a $5.7 million restructuring charge, or $16.4 million on an adjusted basis
Initiated a comprehensive business transformation program to significantly improve EBITDA margin
TROY, Mich., May 11, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the first quarter of 2023.
Peter Quigley, president and chief executive officer, announced revenue for the first quarter of 2023 totaled $1.3 billion, a 2.2% decrease, or 1.4% decrease in constant currency, compared to the corresponding quarter of 2022, with organic, constant currency revenue down 0.5%. Year-over-year revenue trends were impacted by foreign currency headwinds and the impact of the sale of Russian operations in July 2022. Year-over-year results in the quarter also reflect the impact of the 2022 acquisitions of RocketPower, a recruitment process outsourcing firm, and Pediatric Therapeutic Services, a specialty firm providing in-school therapy services.
“Taking into account well recognized macroeconomic headwinds, we delivered solid results as our specialty solutions proved more resilient than others. Our Education segment and our more profitable outcome-based solutions in both P&I and SET continued to deliver solid growth, while, as expected, our staffing businesses faced decreased demand in this environment,” said Quigley.
Kelly reported operating earnings in the first quarter of 2023 of $10.7 million, compared to earnings of $23.4 million reported in the first quarter of 2022. Earnings in the first quarter of 2023 included a $5.7 million restructuring charge. The restructuring charge reflects cost management actions in response to the current demand levels and to reposition the Professional & Industrial staffing business to better capitalize on opportunities in local markets. Excluding the restructuring charge, adjusted earnings from operations were $16.4 million. Earnings in the first quarter of 2022 included a $0.9 million gain on sale of assets and adjusted earnings were $22.5 million. Adjusted earnings declined year-over-year primarily as a result of lower revenues.
Earnings per share in the first quarter of 2023 were $0.29 compared to a loss per share of $1.23 in the first quarter of 2022. Included in the earnings per share in the first quarter of 2023 is an $0.11 per share restructuring charge, net of tax. Included in the first quarter of 2022 is a $1.69 loss per share, net of tax, on the sale of Kelly’s investment in Persol Holdings common shares and related transactions, partially offset by a $0.02 per share gain on sale of real property, net of tax. On an adjusted basis, earnings per share were $0.40 in the first quarter of 2023, a decline of 9% from $0.44 per share in the corresponding quarter of 2022.
As Kelly approaches the three-year anniversary of its operating model, Quigley went on to introduce a new phase in the company’s journey toward profitable growth. “We have made progress on our growth journey. Now, with an eye to the future, we are taking a bold approach to accelerate profitable growth. I’ve established a Transformation Management Office reporting directly to me and engaged an expert consulting firm to support our aggressive ambitions to create structural improvements in our business designed to convert our revenue and gross margin gains to significantly improve our EBITDA.” Quigley noted that regular progress updates will be provided starting in August.
Kelly also reported that on May 9, its board of directors declared a dividend of $0.075 per share. The dividend is payable on June 6, 2023, to shareholders of record as of the close of business on May 22, 2023.
In conjunction with its first-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 May 11 to review the results and answer questions. The call may be accessed in one of the following ways:
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 2:30 p.m. ET on May 11, 2023, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 4789007#. 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 brands, 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 certain equity investments, including with strategic partners, risks associated with conducting business in foreign countries, including foreign currency fluctuations, 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) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.