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Kelly Reports Second-Quarter 2021 Earnings and Announces Dividend

Kelly Reports Second-Quarter 2021 Earnings and Announces Dividend

 

Financial Highlights

  • Q2 revenue up 29.0%; 26.2% in constant currency
  • Q2 operating earnings of $13.7 million; up 24.1% from a year ago
  • Q2 earnings per share of $0.60 down from $1.04 a year ago; adjusted EPS of $0.49 compared to $0.51

TROY, Mich., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Kelly (Nasdaq: KELYA) (Nasdaq: KELYB), a leading specialty talent solutions provider, today announced results for the second quarter of 2021.

Peter Quigley, president and chief executive officer, announced revenue for the second quarter of 2021 totaled $1.3 billion, a 29.0% increase compared to the corresponding quarter of 2020. Revenue improved year-over-year in the quarter reflecting increased customer demand compared to the COVID-19-impacted prior year period.

Earnings from operations in the second quarter of 2021 totaled $13.7 million, compared to earnings of $11.1 million reported in the second quarter of 2020.

Diluted earnings per share in the second quarter of 2021 were $0.60 compared to $1.04 per share in the second quarter of 2020. Included in the earnings per share is a non-cash gain per share, net of tax, on Kelly’s investment in Persol Holdings common stock of $0.11 in the second quarter of 2021 and $0.52 in the second quarter of 2020. On an adjusted basis, earnings per share were $0.49 in the second quarter of 2021 compared to $0.51 in the corresponding quarter of 2020.

“All five of our operating segments—Professional & Industrial (P&I); Science, Engineering & Technology (SET); Education; OCG; and International—delivered organic year-over-year revenue growth in the second quarter as the recovery gained momentum,” said Quigley. “OCG continues to exceed pre-COVID growth rates; Education exited the quarter on track with 2019 revenue; our International and SET segments delivered solid specialty growth; and our Softworld acquisition is already delivering top- and bottom-line results for the enterprise. Demand is strong in our P&I segment, though it will take longer to fully recover. We’re encouraged by the healthy sales pipelines and new wins we're seeing across all of our businesses. Our reinstatement of a dividend for the quarter reflects the progress we're making with our specialization and M&A strategies, and our confidence in the economic recovery. Kelly is well-positioned for the future and ready for what’s next.”

Kelly also reported that on August 11, its board of directors declared a dividend of $0.05 per share. The dividend is payable on September 7, 2021 to stockholders of record as of the close of business on August 25, 2021.

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 12 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 2:30 p.m. ET on August 12, 2021, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 8454029#. 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 recent 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 nearly 370,000 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 2020 was $4.5 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
stehnja@kellyservices.com     james.polehna@kellyservices.com



KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED JULY 4, 2021 AND JUNE 28, 2020
(UNAUDITED)
(In millions of dollars except per share data)
                %   CC %  
    2021   2020   Change   Change   Change  
                       
Revenue from services $ 1,258.1   $ 975.3   $ 282.8     29.0   % 26.2   %
                       
Cost of services   1,027.1     786.1     241.0     30.7        
                       
Gross profit   231.0     189.2     41.8     22.1     19.6    
                       
Selling, general and administrative expenses   217.3     178.1     39.2     21.9     19.8    
                       
Earnings (loss) from operations   13.7     11.1     2.6     24.1        
                       
Gain (loss) on investment in Persol Holdings   6.3     29.6     (23.3 )   (78.8 )      
                       
Other income (expense), net   (0.3 )   2.6     (2.9 )   (109.0 )      
                       
Earnings (loss) before taxes and equity in net earnings (loss) of affiliate   19.7     43.3     (23.6 )   (54.4 )      
                       
Income tax expense (benefit)   (2.6 )   0.9     (3.5 )   (406.2 )      
                       
Net earnings (loss) before equity in net earnings (loss) of affiliate   22.3     42.4     (20.1 )   (47.2 )      
                       
Equity in net earnings (loss) of affiliate   1.7     (1.3 )   3.0     NM      
                       
Net earnings (loss) $ 24.0   $ 41.1   $ (17.1 )   (41.6 )      
                       
Basic earnings (loss) per share $ 0.60   $ 1.04   $ (0.44 )   (42.3 )      
Diluted earnings (loss) per share $ 0.60   $ 1.04   $ (0.44 )   (42.3 )      
                       
                       
STATISTICS:                      
                       
Permanent placement revenue (included in revenue from services) $ 18.6   $ 7.6   $ 11.0     146.1   % 139.8   %
                       
Gross profit rate   18.4   % 19.4   % (1.0 ) pts.        
                       
Conversion rate   5.9   % 5.8   % 0.1   pts.        
                       
Adjusted EBITDA $ 22.2   $ 16.9   $ 5.3            
Adjusted EBITDA margin   1.8   % 1.7   % 0.1   pts.        
                       
Effective income tax rate   (13.5 ) % 2.0   % (15.5 ) pts.        
                       
Average number of shares outstanding (millions):                      
Basic   39.4     39.3                
Diluted   39.5     39.4                



KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 26 WEEKS ENDED JULY 4, 2021 AND JUNE 28, 2020
(UNAUDITED)
(In millions of dollars except per share data)
                %   CC %  
    2021   2020   Change   Change   Change  
                       
Revenue from services $ 2,464.0   $ 2,236.4   $ 227.6     10.2   % 8.3   %
                       
Cost of services   2,019.7     1,823.9     195.8     10.7        
                       
Gross profit   444.3     412.5     31.8     7.7     5.9    
                       
Selling, general and administrative expenses   420.0     397.6     22.4     5.6     4.0    
                       
Goodwill impairment charge       147.7     (147.7 )   NM      
                       
Gain on sale of assets       (32.1 )   32.1     NM      
                       
Earnings (loss) from operations   24.3     (100.7 )   125.0     NM      
                       
Gain (loss) on investment in Persol Holdings   36.3     (48.2 )   84.5     NM      
                       
Other income (expense), net   (3.7 )   4.3     (8.0 )   (185.8 )      
                       
Earnings (loss) before taxes and equity in net earnings (loss) of affiliate   56.9     (144.6 )   201.5     NM      
                       
Income tax expense (benefit)   7.9     (35.3 )   43.2     122.2        
                       
Net earnings (loss) before equity in net earnings (loss) of affiliate   49.0     (109.3 )   158.3     NM      
                       
Equity in net earnings (loss) of affiliate   0.6     (2.8 )   3.4     NM      
                       
Net earnings (loss) $ 49.6   $ (112.1 ) $ 161.7     NM      
                       
Basic earnings (loss) per share $ 1.25   $ (2.86 ) $ 4.11     NM      
Diluted earnings (loss) per share $ 1.25   $ (2.86 ) $ 4.11     NM      
                       
                       
STATISTICS:                      
                       
Permanent placement revenue (included in revenue from services) $ 34.6   $ 19.8   $ 14.8     74.1   % 70.0   %
                       
Gross profit rate   18.0   % 18.4   % (0.4 ) pts.        
                       
Conversion rate   5.5   % (24.4 ) % 29.9   pts.        
                       
Adjusted EBITDA $ 39.1   $ 35.4   $ 3.7            
Adjusted EBITDA margin   1.6   % 1.6   %   pts.        
                       
Effective income tax rate   13.8   % 24.5   % (10.7 ) pts.        
                       
Average number of shares outstanding (millions):                      
Basic   39.4     39.2                
Diluted   39.5     39.2                



KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
                     
    Second Quarter
                     
              %   CC %  
    2021     2020   Change   Change  
Professional & Industrial                    
Revenue from services $ 466.5     $ 406.4     14.8   % 14.0   %
Gross profit   75.2       78.9     (4.7 )   (5.5 )  
SG&A expenses excluding restructuring charges   69.0       64.6     6.8     6.2    
Restructuring charges             NM   NM  
Total SG&A expenses   69.0       64.6     6.9     6.2    
Earnings (loss) from operations   6.2       14.3     (57.0 )      
Earnings (loss) from operations excluding restructuring charges   6.2       14.3     (56.9 )      
                     
Gross profit rate   16.1   %   19.4   % (3.3 ) pts.    
                     
Science, Engineering & Technology                    
Revenue from services $ 298.2     $ 247.3     20.6   % 20.1   %
Gross profit   66.5       50.6     31.5     31.1    
SG&A expenses excluding restructuring charges   46.9       31.3     49.7     49.3    
Restructuring charges             NM   NM  
Total SG&A expenses   46.9       31.3     49.7     49.3    
Earnings (loss) from operations   19.6       19.3     1.8        
Earnings (loss) from operations excluding restructuring charges   19.6       19.3     1.8        
                     
Gross profit rate   22.3   %   20.4   % 1.9   pts.    
                     
Education                    
Revenue from services $ 105.9     $ 25.1     322.1   % 322.1   %
Gross profit   16.8       4.3     291.1     291.1    
SG&A expenses excluding restructuring charges   15.3       9.6     60.0     60.0    
Restructuring charges         (0.1 )   NM   NM  
Total SG&A expenses   15.3       9.5     60.5     60.5    
Earnings (loss) from operations   1.5       (5.2 )   NM      
Earnings (loss) from operations excluding restructuring charges   1.5       (5.3 )   NM      
                     
Gross profit rate   15.8   %   17.1   % (1.3 ) pts.    
                     
Outsourcing & Consulting                    
Revenue from services $ 107.3     $ 83.6     28.2   % 26.1   %
Gross profit   34.8       29.2     19.3     15.7    
SG&A expenses excluding restructuring charges   30.1       25.1     19.8     17.0    
Restructuring charges             NM   NM  
Total SG&A expenses   30.1       25.1     19.7     17.0    
Earnings (loss) from operations   4.7       4.1     16.2        
Earnings (loss) from operations excluding restructuring charges   4.7       4.1     15.9        
                     
Gross profit rate   32.5   %   34.9   % (2.4 ) pts.    
                     
International                    
Revenue from services $ 280.4     $ 213.0     31.6   % 21.6   %
Gross profit   37.7       26.2     43.8     32.9    
SG&A expenses excluding restructuring charges   34.6       28.3     22.3     13.3    
Restructuring charges             NM   NM  
Total SG&A expenses   34.6       28.3     22.3     13.3    
Earnings (loss) from operations   3.1       (2.1 )   NM      
Earnings (loss) from operations excluding restructuring charges   3.1       (2.1 )   NM      
                     
Gross profit rate   13.4   %   12.3   % 1.1   pts.    



KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
                     
    June Year to Date
                     
              %   CC %  
    2021     2020   Change   Change  
Professional & Industrial                    
Revenue from services $ 934.1     $ 900.2     3.8   % 3.2   %
Gross profit   151.1       164.0     (7.9 )   (8.4 )  
SG&A expenses excluding restructuring charges   138.4       140.7     (1.7 )   (2.1 )  
Restructuring charges         4.4     NM   NM  
Total SG&A expenses   138.4       145.1     (4.6 )   (5.0 )  
Earnings (loss) from operations   12.7       18.9     (32.9 )      
Earnings (loss) from operations excluding restructuring charges   12.7       23.3     (45.4 )      
                     
Gross profit rate   16.2   %   18.2   % (2.0 ) pts.    
                     
Science, Engineering & Technology                    
Revenue from services $ 552.9     $ 517.5     6.8   % 6.5   %
Gross profit   119.7       105.3     13.7     13.4    
SG&A expenses excluding restructuring charges   82.6       67.3     22.8     22.5    
Restructuring charges         0.5     NM   NM  
Total SG&A expenses   82.6       67.8     21.8     21.5    
Earnings (loss) from operations   37.1       37.5     (1.1 )      
Earnings (loss) from operations excluding restructuring charges   37.1       38.0     (2.5 )      
                     
Gross profit rate   21.6   %   20.3   % 1.3   pts.    
                     
Education                    
Revenue from services $ 217.5     $ 167.6     29.8   % 29.8   %
Gross profit   34.0       24.7     37.6     37.6    
SG&A expenses excluding restructuring charges   29.5       25.3     16.8     16.8    
Restructuring charges         0.8     NM   NM  
Total SG&A expenses   29.5       26.1     12.9     12.9    
Earnings (loss) from operations   4.5       (1.4 )   NM      
Earnings (loss) from operations excluding restructuring charges   4.5       (0.6 )   NM      
                     
Gross profit rate   15.6   %   14.7   % 0.9   pts.    
                     
Outsourcing & Consulting                    
Revenue from services $ 206.6     $ 173.1     19.3   % 17.5   %
Gross profit   66.1       58.0     14.1     11.0    
Total SG&A expenses   58.5       53.7     8.9     6.6    
Earnings (loss) from operations   7.6       4.3     78.9        
                     
Gross profit rate   32.0   %   33.5   % (1.5 ) pts.    
                     
International                    
Revenue from services $ 553.3     $ 478.2     15.7   % 9.0   %
Gross profit   73.4       60.5     21.3     13.9    
SG&A expenses excluding restructuring charges   67.7       60.4     12.0     5.1    
Restructuring charges         1.1     NM   NM  
Total SG&A expenses   67.7       61.5     10.1     3.3    
Earnings (loss) from operations   5.7       (1.0 )   NM      
Earnings (loss) from operations excluding restructuring charges   5.7       0.1     NM      
                     
Gross profit rate   13.3   %   12.7   % 0.6   pts.    



KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
               
    July 4, 2021   January 3, 2021   June 28, 2020  
Current Assets              
Cash and equivalents $ 64.4   $ 223.0   $ 216.2    
Trade accounts receivable, less allowances of              
 $12.5, $13.3, and $11.2, respectively   1,362.5     1,265.2     1,085.0    
Prepaid expenses and other current assets   82.4     61.4     76.0    
Total current assets   1,509.3     1,549.6     1,377.2    
               
Noncurrent Assets              
Property and equipment, net   37.7     41.0     41.6    
Operating lease right-of-use assets   83.2     83.2     85.8    
Deferred taxes   302.9     282.0     265.9    
Goodwill, net   114.8     3.5        
Investment in Persol Holdings   187.7     164.2     127.2    
Investment in equity affiliate   120.0     118.5     113.6    
Other assets   391.3     319.9     307.4    
Total noncurrent assets   1,237.6     1,012.3     941.5    
               
Total Assets $ 2,746.9   $ 2,561.9   $ 2,318.7    
               
Current Liabilities              
Short-term borrowings $ 0.1   $ 0.3   $ 0.3    
Accounts payable and accrued liabilities   612.6     536.8     463.6    
Operating lease liabilities   19.6     19.6     19.5    
Accrued payroll and related taxes   337.0     293.0     210.7    
Accrued workers' compensation and other claims   22.0     22.7     25.6    
Income and other taxes   62.6     53.2     71.7    
Total current liabilities   1,053.9     925.6     791.4    
               
Noncurrent Liabilities              
Operating lease liabilities   67.1     67.5     69.9    
Accrued payroll and related taxes   58.5     58.5     38.4    
Accrued workers' compensation and other claims   40.8     42.2     45.6    
Accrued retirement benefits   214.6     205.8     180.8    
Other long-term liabilities   68.2     59.3     47.0    
Total noncurrent liabilities   449.2     433.3     381.7    
               
Stockholders' Equity              
Common stock   40.1     40.1     40.1    
Treasury stock   (15.3 )   (17.1 )   (17.3 )  
Paid-in capital   22.3     21.3     20.5    
Earnings invested in the business   1,212.5     1,162.9     1,122.8    
Accumulated other comprehensive income (loss)   (15.8 )   (4.2 )   (20.5 )  
Total stockholders' equity   1,243.8     1,203.0     1,145.6    
               
Total Liabilities and Stockholders' Equity $ 2,746.9   $ 2,561.9   $ 2,318.7    
               
STATISTICS:              
Working Capital $ 455.4   $ 624.0   $ 585.8    
Current Ratio   1.4     1.7     1.7    
Debt-to-capital %   0.0   % 0.0   % 0.0   %
Global Days Sales Outstanding   60     64     61    
Year-to-Date Free Cash Flow $ 42.7   $ 170.5   $ 170.4    


        

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 26 WEEKS ENDED JULY 4, 2021 AND JUNE 28, 2020
(UNAUDITED)
(In millions of dollars)
    2021   2020
Cash flows from operating activities:        
Net earnings (loss) $ 49.6   $ (112.1 )
Adjustments to reconcile net earnings (loss) to net cash from operating activities:        
Goodwill impairment charge       147.7  
Deferred income taxes on goodwill impairment charge       (23.0 )
Depreciation and amortization   14.1     12.0  
Operating lease asset amortization   10.7     10.5  
Provision for credit losses and sales allowances       0.1  
Stock-based compensation   2.8     2.4  
(Gain) loss on investment in Persol Holdings   (36.3 )   48.2  
Gain on sale of assets       (32.1 )
Equity in net (earnings) loss of PersolKelly Pte. Ltd.   (0.6 )   2.8  
Other, net   2.2     0.8  
Changes in operating assets and liabilities, net of acquisitions   5.1     120.8  
         
Net cash from operating activities   47.6     178.1  
         
Cash flows from investing activities:        
Capital expenditures   (4.9 )   (7.7 )
Proceeds from company-owned life insurance   10.4     2.3  
Proceeds from sale of assets       55.5  
Acquisition of companies, net of cash received   (219.0 )   (36.4 )
Proceeds (payments) related to loans with equity affiliate   5.8      
Proceeds from (investment in) equity securities   5.0      
Other investing activities   1.0     (0.4 )
         
Net cash (used in) from investing activities   (201.7 )   13.3  
         
Cash flows from financing activities:        
Net change in short-term borrowings   (0.1 )   (1.4 )
Financing lease payments   (0.3 )   (0.6 )
Payments of tax withholding for stock awards   (0.6 )   (1.1 )
Dividend payments       (3.0 )
Other financing activities       (0.1 )
         
Net cash used in financing activities   (1.0 )   (6.2 )
         
Effect of exchange rates on cash, cash equivalents and restricted cash   (2.3 )   5.7  
         
Net change in cash, cash equivalents and restricted cash   (157.4 )   190.9  
Cash, cash equivalents and restricted cash at beginning of period   228.1     31.0  
         
Cash, cash equivalents and restricted cash at end of period $ 70.7   $ 221.9  



KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES BY GEOGRAPHY
(UNAUDITED)
(In millions of dollars)
                   
    Second Quarter  
                   
            %   CC %  
    2021   2020   Change   Change  
                   
Americas                  
United States $ 894.6   $ 700.1     27.8   % 27.8   %
Canada   39.5     25.6     54.4     36.8    
Mexico   33.1     22.5     47.2     26.2    
Puerto Rico   26.9     20.0     34.3     34.3    
Brazil       6.1     NM   NM  
Total Americas Region   994.1     774.3            
                   
Europe                  
France   57.5     39.9     44.2     31.7    
Switzerland   54.0     47.4     13.8     7.5    
Portugal   40.6     23.8     70.7     55.9    
Russia   33.7     29.3     15.2     17.9    
Italy   19.4     13.3     46.1     33.6    
United Kingdom   17.7     17.8     (0.6 )   (11.8 )  
Germany   8.5     7.1     20.6     10.3    
Ireland   6.3     4.1     53.5     40.2    
Other   17.0     11.5     47.7     32.9    
Total Europe Region   254.7     194.2     31.2     22.3    
                   
Total Asia-Pacific Region   9.3     6.8     34.5     20.9    
                   
Total Kelly Services, Inc. $ 1,258.1   $ 975.3     29.0   % 26.2   %
                   



KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES BY GEOGRAPHY
(UNAUDITED)
(In millions of dollars)
                   
    June Year to Date  
                   
            %   CC %  
    2021   2020   Change   Change  
                   
Americas                  
United States $ 1,753.1   $ 1,628.6     7.6   % 7.6   %
Canada   73.6     58.4     26.0     15.1    
Mexico   67.7     51.2     32.3     25.3    
Puerto Rico   51.1     37.7     35.3     35.3    
Brazil       15.2     NM   NM  
Total Americas Region   1,945.5     1,791.1     8.6     8.1    
                   
Europe                  
France   111.8     92.4     21.0     10.7    
Switzerland   106.7     91.6     16.4     9.6    
Portugal   84.3     67.4     25.1     14.5    
Russia   66.3     61.4     8.1     15.9    
Italy   37.5     28.0     33.9     22.6    
United Kingdom   34.7     40.1     (13.4 )   (21.4 )  
Germany   15.6     15.1     3.6     (5.2 )  
Ireland   11.4     9.1     25.6     14.9    
Other   32.6     26.7     22.1     11.9    
Total Europe Region   500.9     431.8     16.0     9.2    
                   
Total Asia-Pacific Region   17.6     13.5     29.8     16.9    
                   
Total Kelly Services, Inc. $ 2,464.0   $ 2,236.4     10.2   % 8.3   %



KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
SECOND QUARTER
(UNAUDITED)
(In millions of dollars)
       
  2021   2020
SG&A Expenses: As Reported   Adjusted
Professional & Industrial $ 69.0     $ 64.6  
Science, Engineering & Technology 46.9     31.3  
Education 15.3     9.6  
Outsourcing & Consulting 30.1     25.1  
International 34.6     28.3  
Corporate 21.4     19.4  
Total Company $ 217.3     $ 178.3  


  2021   2020
Earnings (loss) from Operations: As Reported   Adjusted
Professional & Industrial $ 6.2     $ 14.3  
Science, Engineering & Technology 19.6     19.3  
Education 1.5     (5.3 )
Outsourcing & Consulting 4.7     4.1  
International 3.1     (2.1 )
Corporate (21.4 )   (19.4 )
Total Company $ 13.7     $ 10.9  



KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
SECOND QUARTER
(UNAUDITED)
(In millions of dollars)
           
  2020
SG&A Expenses: As Reported   Restructuring(4)   Adjusted
Professional & Industrial $ 64.6     $     $ 64.6  
Science, Engineering & Technology 31.3         31.3  
Education 9.5     0.1     9.6  
Outsourcing & Consulting 25.1         25.1  
International 28.3         28.3  
Corporate 19.3     0.1     19.4  
Total Company $ 178.1     $ 0.2     $ 178.3  


  2020
Earnings (loss) from Operations: As Reported   Restructuring(4)   Adjusted
Professional & Industrial $ 14.3     $     $ 14.3  
Science, Engineering & Technology 19.3         19.3  
Education (5.2 )   (0.1 )   (5.3 )
Outsourcing & Consulting 4.1         4.1  
International (2.1 )       (2.1 )
Corporate (19.3 )   (0.1 )   (19.4 )
Total Company $ 11.1     $ (0.2 )   $ 10.9  



KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
JUNE YEAR TO DATE
(UNAUDITED)
(In millions of dollars)
       
  2021   2020
SG&A Expenses: As Reported   Adjusted
Professional & Industrial $ 138.4     $ 140.7  
Science, Engineering & Technology 82.6     67.3  
Education 29.5     25.3  
Outsourcing & Consulting 58.5     53.7  
International 67.7     60.4  
Corporate 43.3     41.7  
Total Company $ 420.0     $ 389.1  


  2021   2020
Earnings (loss) from Operations: As Reported   Adjusted
Professional & Industrial $ 12.7     $ 23.3  
Science, Engineering & Technology 37.1     38.0  
Education 4.5     (0.6 )
Outsourcing & Consulting 7.6     4.3  
International 5.7     0.1  
Corporate (43.3 )   (41.7 )
Total Company $ 24.3     $ 23.4  



KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
JUNE YEAR TO DATE
(UNAUDITED)
(In millions of dollars)
           
  2020
SG&A Expenses: As Reported   Restructuring(4)   Adjusted
Professional & Industrial $ 145.1     $ (4.4 )   $ 140.7  
Science, Engineering & Technology 67.8     (0.5 )   67.3  
Education 26.1     (0.8 )   25.3  
Outsourcing & Consulting 53.7         53.7  
International 61.5     (1.1 )   60.4  
Corporate 43.4     (1.7 )   41.7  
Total Company $ 397.6     $ (8.5 )   $ 389.1  


  2020
Earnings (loss) from Operations: As Reported   Goodwill
impairment
(1)
  Gain on sale
of assets(3)
  Restructuring(4)   Adjusted
Professional & Industrial $ 18.9     $     $     $ 4.4     $ 23.3  
Science, Engineering & Technology 37.5             0.5     38.0  
Education (1.4 )           0.8     (0.6 )
Outsourcing & Consulting 4.3                 4.3  
International (1.0 )           1.1     0.1  
Corporate (159.0 )   147.7     (32.1 )   1.7     (41.7 )
Total Company $ (100.7 )   $ 147.7     $ (32.1 )   $ 8.5     $ 23.4  



KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES (continued)
(UNAUDITED)
(In millions of dollars except per share data)
                 
                 
    Second Quarter   June Year to Date
    2021   2020   2021   2020
Income tax expense (benefit)   $ (2.6 )   $ 0.9     $ 7.9     $ (35.3 )
Taxes on goodwill impairment charge(1)               23.0  
Taxes on investment in Persol Holdings(2)   (1.9 )   (9.0 )   (11.1 )   14.8  
Taxes on gain on sale of assets(3)               (8.1 )
Taxes on restructuring charges(4)               2.2  
Adjusted income tax expense (benefit)   $ (4.5 )   $ (8.1 )   $ (3.2 )   $ (3.4 )
                 
    Second Quarter   June Year to Date
    2021   2020   2021   2020
Net earnings (loss)   $ 24.0     $ 41.1     $ 49.6     $ (112.1 )
Goodwill impairment charge, net of taxes(1)               124.7  
(Gain) loss on investment in Persol Holdings, net of taxes(2)   (4.4 )   (20.6 )   (25.2 )   33.4  
Gain on sale of assets, net of taxes(3)               (24.0 )
Restructuring charges, net of taxes(4)       (0.2 )       6.3  
Adjusted net earnings   $ 19.6     $ 20.3     $ 24.4     $ 28.3  
                 
    Second Quarter   June Year to Date
    2021   2020   2021   2020
    Per Share   Per Share
Net earnings (loss)   $ 0.60     $ 1.04     $ 1.25     $ (2.86 )
Goodwill impairment charge, net of taxes(1)               3.18  
(Gain) loss on investment in Persol Holdings, net of taxes(2)   (0.11 )   (0.52 )   (0.63 )   0.85  
Gain on sale of assets, net of taxes(3)               (0.61 )
Restructuring charges, net of taxes(4)               0.16  
Adjusted net earnings   $ 0.49     $ 0.51     $ 0.61     $ 0.72  

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 (continued)
(UNAUDITED)
(In millions of dollars)
               
  Second Quarter   June Year to Date
  2021   2020   2021   2020
Net earnings (loss) $ 24.0       $ 41.1       $ 49.6       $ (112.1 )  
Other (income) expense, net 0.3       (2.6 )     3.7       (4.3 )  
Income tax expense (benefit) (2.6 )     0.9       7.9       (35.3 )  
Depreciation and amortization 8.5       6.0       14.8       12.0    
EBITDA 30.2       45.4       76.0       (139.7 )  
Equity in net (earnings) loss of affiliate (1.7 )     1.3       (0.6 )     2.8    
Goodwill impairment charge(1)                   147.7    
(Gain) loss on investment in Persol Holdings(2) (6.3 )     (29.6 )     (36.3 )     48.2    
Gain on sale of assets(3)                   (32.1 )  
Restructuring(4)       (0.2 )           8.5    
Adjusted EBITDA $ 22.2       $ 16.9       $ 39.1       $ 35.4    
Adjusted EBITDA margin 1.8   %   1.7   %   1.6   %   1.6   %



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 and the 2020 restructuring charges, 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) Restructuring charges in 2020 represent severance costs and lease terminations in preparation for the new operating model adopted in the third quarter of 2020.



Company Ticker Price Previous Mkt Cap Volume 52wk Range
Kelly Services Inc. Class A Common Stock
KELYA (NGS)
$18.74
$18.74 (0.00%)
$738.10M
0
$15.56 - $26.98
Fundamental Analysis
Rating Refer to Research Report
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  Release - Endeavour Silver Completes Acquisition Of Bruner Gold Project In Nye County Nevada, 09/01/2021
  Release - Lineage Announces Appointment of General Counsel, 09/01/2021
  Release - Capstone Green Energy Announces the Appointment of Ping Fu Former CEO of Geomagic to the Board of Directors, 09/01/2021
  Release - ProMIS Neurosciences appoints accomplished biotechnology executive Josh Mandel-Brehm to its Board of Directors, 09/01/2021
  The Proposed Ark Index-Based ETF is Appealing to ESG Investors, 09/01/2021
  Afghanistans Riches Put in Perspective in Todays Economy, 09/01/2021
  August Market Recap and September 2021 Outlook, 09/01/2021
  Noble Capital Markets Uranium Power Players Investor Forum, 08/31/2021
  Release - Voyager Digital Completes Historic Token Merger, 08/31/2021
  Release - Item 9 Labs Corp. Secures $19 Million Construction-Financing Loan with Pelorus Equity Group, 08/31/2021
  ESPN Seeks $3 Billion to License Its Name to Sports Betting Operator, 08/31/2021
  Will Free Trades Disappear?, 08/31/2021
  Release - ACCO Brands Strengthens Leadership to Fuel Growth, 08/30/2021
  Release - Comtech Telecommunications Corp. Awarded $3.7 Million in Orders from the U.S. Army for Mobile Satellite Equipment, 08/30/2021
  Release - Kratos OpenSpace Satellite Ground System Platform Now Supports Deployments on Red Hat OpenStack Cloud, 08/30/2021
  Release - CanAlaska Presenting at Uranium Power Players Summit, 08/30/2021
  Infinite Energy Through Nuclear Fusion, 08/30/2021
  QuickChek - August 30, 2021, 08/30/2021
  Release - Esports Entertainment Groups VIE.bet Esports Betting Brand Named Primary Sponsor of Brazils SG esports, 08/30/2021
  Will the Toys all Make it to Port in Time for Christmas?, 08/30/2021
  Will Real Estate Investors Pack up and Leave the Market?, 08/28/2021
  Technologies to Increase Battery Storage 3000 Percent, 08/27/2021
  Fed Chairman Addresses Inflation Tapering and Employment at Jackson Hole Summit, 08/27/2021
  Release - Arizona Gold and Golden Predator Shareholders Approve Business Combination, 08/26/2021
  QuickChek - August 26, 2021, 08/26/2021
  Release - 1-800-FLOWERS.COM Inc. Reports Record Revenues for its Fiscal 2021 Fourth Quarter and Full Year, 08/26/2021
  Release - Gevo Files for Environmental Permits in South Dakota for the Net-Zero 1 Project, 08/26/2021
  Release - Comtech Telecommunications Corp. Awarded $2.1 Million of Funding, 08/26/2021
  Release - Ceapro Inc. Reports 2021 Second Quarter and Six-Month Financial Results and Operational Highlights, 08/26/2021
  Are There Enough ESG Stocks to Go Around?, 08/26/2021
  The Choppy Road to Tomorrows Energy Solutions, 08/26/2021
  Release - Aurania Identifies New Epithermal Gold-Silver Target in Ecuador, 08/25/2021
  QuickChek - August 25, 2021, 08/25/2021
  Release - Kratos Air Wolf Tactical Drone System Completes Successful Flight at Burns Flat Oklahoma Range Facility, 08/25/2021
  Release - Kymeta and Comtech Telecommunications Corp. Announce Technology and Business Development Partnership, 08/25/2021
  Which Autonomous Cars Have the Best Safety Record?, 08/25/2021
  Release - Indonesia Energy Commences Drilling of Second of Three Back-to-Back Wells, 08/25/2021
  Release - Great Bear Adds to LP Fault Gold Zone at Both Ends of Drill Grid, 08/25/2021
  Timeline and Funding for Advanced Nuclear Designs, 08/25/2021
  Release - Schwazze Signs Definitive Agreement to Acquire Colorado Cultivation Grower Brow 2 LLC, 08/24/2021
  QuickChek - August 24, 2021, 08/24/2021
  Release - Comtech Telecommunications Corp. Awarded $6.3 Million in Contracts for High-Power Ka-Band TWTAs, 08/24/2021
  Release - electroCore Announces New Reseller Agreement with Red One Medical Devices LLC, 08/24/2021
  Financial Services Executives Interest in Blockchain and Digital Assets, 08/24/2021
  Blockchain Smart Contract Applications, 08/24/2021
  The Taliban Assumes Stewardship of Afghanistans Rich Strategic Mineral Resources, 08/23/2021
  Release - Capstone Green Energy Expands Rental Fleet to 13.1 MW, 08/23/2021
  QuickChek - August 23, 2021, 08/23/2021
  Release - Ceapro Inc. Enters into Research Collaboration with the Angiogenesis Foundation for Beta Glucan and Avenanthramides, 08/23/2021
  Release - TAAL Announces 2021 Second-Quarter Revenue of $6.7 Million and Adjusted EBITDA of $629000, 08/23/2021
  Release - Voyager Digital Announces Conditional Approval to List on the Toronto Stock Exchange, 08/23/2021
  Release - EuroDry Ltd. Announces Agreement to Acquire MV Ruby Asia II a 2014- Built Ultramax Bulker, 08/23/2021
  California to Add Five Natural Gas Power Plants, 08/23/2021
  Release - Aurania Receives Approval On Amendment Of Warrant Terms, 08/20/2021
  QuickChek - August 20, 2021, 08/20/2021
  Release - Comtech Telecommunications Corp. to Participate in Midwest IDEAS Investor Conference, 08/20/2021
  Investor Information on Three Segments of the Uranium Energy Sector, 08/20/2021
  What Happens if Your SPAC Doesnt Find its Ideal Acquisition?, 08/20/2021
  High Tech Search for Copper, 08/20/2021
  Release - Energy Services of America Corporation Appoints Brian Pratt to the Companys Board, 08/19/2021
  QuickChek - August 19, 2021, 08/19/2021
  Release - Aurania Provides Update on Drilling at Tsenken and Tiria-Shimpia Targets, 08/19/2021
  Release - Comtech Telecommunications Corp. Awarded 5G Contract with Canadian Wireless Network Operator, 08/19/2021
  Release - Great Bear Begins Phase 2 Drilling at Dixie Project, 08/19/2021
  Dogecoin Group Works to Give Currency Greater Purpose, 08/19/2021
  Release - Schwazze Announces Star Buds Colorado Home Delivery Services, 08/19/2021
  Designing Shape Changing Strong Materials, 08/19/2021
  Release - Kratos Announces Continued Product Growth Supporting Virtualized Satellite Ground Systems, 08/18/2021
  QuickChek - August 18, 2021, 08/18/2021
  Release - Stem Holdings Inc. dba Driven By Stem Announces Record Sales and Gross Margin for the Third Quarter, 08/18/2021
  Release - Comtech Telecommunications Corp. Awarded $4.7 Million Contract with Channel Partner, 08/18/2021
  Will Investors Keep Reducing Leverage?, 08/18/2021
  Release - Schwazze Announces Second Quarter Results, 08/17/2021
  QuickChek - August 17, 2021, 08/17/2021
  Release - Skyborg Vanguard Takes Next Steps Toward Program of Record, 08/17/2021
  Release - Helius Medical Technologies, Inc. Announces FDA Breakthrough Device Designation, 08/17/2021
  Release - Palladium One Corporate Update, 08/17/2021
  Noble Capital Markets Uranium Power Players Investor Forum - Presenting Companies, 08/17/2021
  Why Michael Burry has Better Opportunity Than Cathie Wood, 08/17/2021
  Evaluating Opportunity With the iPhone New Marijuana Policy, 08/17/2021
  Release - Capstone Green Energys United Kingdom Integrated Remanufacturing Facility Expands its Global Remanufacturing Training and Support Capabilities, 08/16/2021
  QuickChek - August 16, 2021, 08/16/2021
  Release - Cocrystal Pharma Reports Second Quarter 2021 Financial Results and Provides Antiviral Program and Milestone Updates, 08/16/2021
  Release - Sierra Metals Announces Update Of 10000 Tonnes Per Day Positive Preliminary Economic Assessment Results, 08/16/2021
  Release - Comtech Telecommunications Corp. Awarded $1.7 Million Contract for COMET Terminals, 08/16/2021
  Will Inflation and Low Growth Kick Off a Gold Bull Market?, 08/16/2021
  Release - Comtech Telecommunications Corp. to Showcase 911 Solutions for States and Local Jurisdictions at APCO 2021, 08/16/2021
  Why Walmart Embracing Cryptocurrency is Important, 08/16/2021
  Release - Gevo Releases IMPACT an Environmental Social and Corporate Governance Report, 08/16/2021
  Release - Salem Media Announces Promotion of Jamie Cohen, 08/16/2021
  COLA Increases for Seniors in 2022 Will Likely Top $68 Billion, 08/15/2021
  Release - Gevo Reports Second Quarter 2021 Financial Results, 08/13/2021
  QuickChek - August 13, 2021, 08/13/2021
  Release - Schwazze to Host Second Quarter 2021 Conference Call Webcast - August 16 2021, 08/13/2021
  Debt Limit Debates Impact on Stocks and U.S. Credit Ratings, 08/13/2021
  Release - Harte Hanks Reports Second Quarter 2021 Financial Results, 08/13/2021
  Release - Onconova Therapeutics Reports Second Quarter 2021 Financial Results And Provides Business Update, 08/13/2021
  Release - OSS Reports Q2 2021 Revenue up 28 to $14.9 Million Delivering Income of $1.7 Million or $0.09 per Share, 08/13/2021
  Release - Helius Medical Technologies, Inc. Reports Second Quarter 2021 Financial Results, 08/13/2021
  Release - Ayala Pharmaceuticals Reports Second Quarter 2021 Financial Results and Provides Business Update, 08/13/2021
  Release - Esports Entertainment Group Signs Exclusive Content Partnership with ESTV EsportsTV, 08/13/2021
  Whats in the Infrastructure Bill for US Battery Production?, 08/13/2021
  Release - Capstone Green Energy (NASDAQ:CGRN) Reports First Quarter Fiscal 2022 Financial Results, 08/12/2021
  QuickChek - August 12, 2021, 08/12/2021
  Release - Euroseas Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30 2021 and Announces Three-year Charter for its Vessel MV Diamantis P., 08/12/2021
  Release - Kelly Reports Second-Quarter 2021 Earnings and Announces Dividend, 08/12/2021