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Kelly® Reports Third-Quarter 2021 Earnings and Announces Dividend

Kelly® Reports Third-Quarter 2021 Earnings and Announces Dividend

 

Financial Highlights

  • Q3 revenue up 15.1%; 14.5% in constant currency
  • Q3 operating earnings of $9.0 million; up from a loss a year ago and up 25.9% on an adjusted basis
  • Q3 earnings per share of $0.87 up from $0.42 a year ago; adjusted EPS of $0.25 compared to $0.29

TROY, Mich., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Kelly® (Nasdaq: KELYAKELYB), a leading specialty talent solutions provider, today announced results for the third quarter of 2021.

Peter Quigley, president and chief executive officer, announced revenue for the third quarter of 2021 totaled $1.2 billion, a 15.1% 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 third quarter of 2021 totaled $9.0 million, compared to a loss of $2.4 million reported in the third quarter of 2020. Included in the third quarter of 2020 was a $9.5 million charge related to a customer dispute in Mexico. On an adjusted basis, earnings from operations improved 25.9%.

Diluted earnings per share in the third quarter of 2021 were $0.87 compared to $0.42 per share in the third 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 $0.62 in the third quarter of 2021 and $0.29 in the third quarter of 2020. On an adjusted basis, earnings per share were $0.25 in the third quarter of 2021 compared to $0.29 in the corresponding quarter of 2020.

“We’re pleased that all five of our specialty operating segments delivered organic year-over-year gains in the third quarter, contributing to solid revenue and GP dollar growth for the company,” said Quigley, who noted that Kelly has already begun taking actions to better leverage top-line growth heading into 2022. “Demand for our solutions is strong, and we’re finding innovative ways to connect talent and clients in a tight labor market. We’re confident that Kelly’s specialty strategy will continue to deliver top and bottom-line growth throughout the recovery and into the post-COVID environment.”

Kelly also reported that on November 10, its board of directors declared a dividend of $0.05 per share. The dividend is payable on December 8, 2021, to stockholders of record as of the close of business on November 24, 2021.

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 10 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 November 10, 2021, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 2025741#. 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 OCTOBER 3, 2021 AND SEPTEMBER 27, 2020
(UNAUDITED)
(In millions of dollars except per share data)
                %   CC %
    2021   2020   Change   Change   Change
                     
Revenue from services $ 1,195.4     $ 1,038.2     $ 157.2     15.1 %   14.5 %
                     
Cost of services   966.5       847.2       119.3     14.1      
                     
Gross profit   228.9       191.0       37.9     19.8     19.2  
                     
Selling, general and administrative expenses   219.9       193.4       26.5     13.7     13.2  
                     
Earnings (loss) from operations   9.0       (2.4 )     11.4     NM      
                     
Gain (loss) on investment in Persol Holdings   35.5       16.8       18.7     112.0      
                     
Other income (expense), net   (0.3 )     (0.7 )     0.4     50.1      
                     
Earnings (loss) before taxes and equity in net earnings (loss) of affiliate   44.2       13.7       30.5     222.8      
                     
Income tax expense (benefit)   11.1       (1.2 )     12.3     NM      
                     
Net earnings (loss) before equity in net earnings (loss) of affiliate   33.1       14.9       18.2     122.4      
                     
Equity in net earnings (loss) of affiliate   1.7       1.8       (0.1 )   (3.6 )    
                     
Net earnings (loss) $ 34.8     $ 16.7     $ 18.1     108.9      
                     
Basic earnings (loss) per share $ 0.87     $ 0.42     $ 0.45     107.1      
Diluted earnings (loss) per share $ 0.87     $ 0.42     $ 0.45     107.1      
                     
                     
STATISTICS:                    
                     
Permanent placement revenue (included in revenue from services) $ 19.7     $ 9.1     $ 10.6     118.0 %   116.6 %
                     
Gross profit rate   19.2 %     18.4 %     0.8  pts.        
                     
Conversion rate   3.9 %     (1.3 )%     5.2  pts.        
                     
Adjusted EBITDA $ 17.3     $ 13.2     $ 4.1          
Adjusted EBITDA margin   1.4 %     1.3 %     0.1  pts.        
                     
Effective income tax rate   25.2 %     (8.5 )%     33.7  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 39 WEEKS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020
(UNAUDITED)
(In millions of dollars except per share data)
                %   CC %
    2021   2020   Change   Change   Change
                     
Revenue from services $ 3,659.4     $ 3,274.6     $ 384.8     11.8 %   10.3 %
                     
Cost of services   2,986.2       2,671.1       315.1     11.8      
                     
Gross profit   673.2       603.5       69.7     11.5     10.1  
                     
Selling, general and administrative expenses   639.9       591.0       48.9     8.3     7.0  
                     
Goodwill impairment charge         147.7       (147.7 )   NM      
                       
Gain on sale of assets         (32.1 )     32.1     NM      
                       
Earnings (loss) from operations   33.3       (103.1 )     136.4     NM      
                       
Gain (loss) on investment in Persol Holdings   71.8       (31.4 )     103.2     NM      
                     
Other income (expense), net   (4.0 )     3.6       (7.6 )   (211.5 )    
                     
Earnings (loss) before taxes and equity in net earnings (loss) of affiliate   101.1       (130.9 )     232.0     NM      
                       
Income tax expense (benefit)   19.0       (36.5 )     55.5     152.0      
                       
Net earnings (loss) before equity in net earnings (loss) of affiliate   82.1       (94.4 )     176.5     NM      
                       
Equity in net earnings (loss) of affiliate   2.3       (1.0 )     3.3     NM      
                       
Net earnings (loss) $ 84.4     $ (95.4 )   $ 179.8     NM      
                       
Basic earnings (loss) per share $ 2.12     $ (2.43 )   $ 4.55     NM      
Diluted earnings (loss) per share $ 2.12     $ (2.43 )   $ 4.55     NM      
                     
                     
STATISTICS:                    
                     
Permanent placement revenue (included in revenue from services) $ 54.3     $ 28.9     $ 25.4     87.8 %   84.5 %
                     
Gross profit rate   18.4 %     18.4 %      pts.        
                     
Conversion rate   4.9 %     (17.1 )%     22.0  pts.        
                     
Adjusted EBITDA $ 56.4     $ 48.6     $ 7.8          
Adjusted EBITDA margin   1.5 %     1.5 %      pts.        
                     
Effective income tax rate   18.8 %     27.9 %     (9.1 ) pts.        
                     
Average number of shares outstanding (millions):                    
Basic   39.4       39.3                
Diluted   39.5       39.3                

 

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
                   
    Third Quarter
                   
              %   CC %
    2021     2020   Change   Change
Professional & Industrial                  
Revenue from services $ 452.6     $ 446.5     1.4 %   1.0 %
Gross profit   76.6       77.1     (0.5 )   (0.9 )
SG&A expenses excluding restructuring charges   69.4       65.4     6.2     5.9  
Restructuring charges         (0.1 )   NM     NM  
Total SG&A expenses   69.4       65.3     6.2     5.9  
Earnings (loss) from operations   7.2       11.8     (38.1 )      
Earnings (loss) from operations excluding restructuring charges   7.2       11.7     (38.1 )      
                       
Gross profit rate   16.9 %     17.3 %   (0.4 ) pts.      
                       
Science, Engineering & Technology                      
Revenue from services $ 306.2     $ 244.0     25.5 %   25.3 %
Gross profit   68.1       50.7     34.5     34.4  
SG&A expenses excluding restructuring charges   48.4       31.3     54.8     54.6  
Restructuring charges             NM     NM  
Total SG&A expenses   48.4       31.3     54.8     54.6  
Earnings (loss) from operations   19.7       19.4     1.7      
Earnings (loss) from operations excluding restructuring charges   19.7       19.4     1.7      
                   
Gross profit rate   22.3 %     20.8 %   1.5  pts.    
                   
Education                  
Revenue from services $ 66.6     $ 27.5     142.1 %   142.1 %
Gross profit   10.0       4.1     139.7     139.7  
SG&A expenses excluding restructuring charges   17.0       11.6     45.9     45.9  
Restructuring charges             NM     NM  
Total SG&A expenses   17.0       11.6     46.1     46.1  
Earnings (loss) from operations   (7.0 )     (7.5 )   6.6      
Earnings (loss) from operations excluding restructuring charges   (7.0 )     (7.5 )   6.7      
                   
Gross profit rate   15.1 %     15.2 %   (0.1 ) pts.    
                   
Outsourcing & Consulting                  
Revenue from services $ 113.4     $ 87.9     29.1 %   28.6 %
Gross profit   37.3       29.1     27.9     26.9  
SG&A expenses excluding restructuring charges   30.7       25.4     20.5     19.8  
Restructuring charges             NM     NM  
Total SG&A expenses   30.7       25.4     20.5     19.7  
Earnings (loss) from operations   6.6       3.7     79.1        
Earnings (loss) from operations excluding restructuring charges   6.6       3.7     78.7        
                       
Gross profit rate   32.8 %     33.1 %   (0.3 ) pts.      
                       
International                      
Revenue from services $ 256.8     $ 232.4     10.5 %   8.8 %
Gross profit   36.9       30.0     22.7     21.0  
SG&A expenses excluding restructuring charges   34.5       39.9     (13.6 )   (14.8 )
Restructuring charges             NM     NM  
Total SG&A expenses   34.5       39.9     (13.6 )   (14.8 )
Earnings (loss) from operations   2.4       (9.9 )   NM        
Earnings (loss) from operations excluding restructuring charges   2.4       (9.9 )   NM      
                   
Gross profit rate   14.4 %     12.9 %   1.5  pts.    

 

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
                   
    September Year to Date
                   
              %   CC %
    2021     2020   Change   Change
Professional & Industrial                  
Revenue from services $ 1,386.7     $ 1,346.7     3.0 %   2.5 %
Gross profit   227.7       241.1     (5.5 )   (6.0 )
SG&A expenses excluding restructuring charges   207.8       206.1     0.8     0.5  
Restructuring charges         4.3     NM     NM  
Total SG&A expenses   207.8       210.4     (1.2 )   (1.6 )
Earnings (loss) from operations   19.9       30.7     (34.9 )    
Earnings (loss) from operations excluding restructuring charges   19.9       35.0     (43.0 )    
                   
Gross profit rate   16.4 %     17.9 %   (1.5 ) pts.    
                   
Science, Engineering & Technology                  
Revenue from services $ 859.1     $ 761.5     12.8 %   12.6 %
Gross profit   187.8       156.0     20.4     20.2  
SG&A expenses excluding restructuring charges   131.0       98.6     32.9     32.7  
Restructuring charges         0.5     NM     NM  
Total SG&A expenses   131.0       99.1     32.2     32.0  
Earnings (loss) from operations   56.8       56.9     (0.2 )      
Earnings (loss) from operations excluding restructuring charges   56.8       57.4     (1.1 )      
                       
Gross profit rate   21.9 %     20.5 %   1.4  pts.      
                       
Education                      
Revenue from services $ 284.1     $ 195.1     45.6 %   45.6 %
Gross profit   44.0       28.8     52.5     52.5  
SG&A expenses excluding restructuring charges   46.5       36.9     26.0     26.0  
Restructuring charges         0.8     NM     NM  
Total SG&A expenses   46.5       37.7     23.1     23.1  
Earnings (loss) from operations   (2.5 )     (8.9 )   72.1      
Earnings (loss) from operations excluding restructuring charges   (2.5 )     (8.1 )   69.0      
                   
Gross profit rate   15.5 %     14.8 %   0.7  pts.    
                   
Outsourcing & Consulting                  
Revenue from services $ 320.0     $ 261.0     22.6 %   21.2 %
Gross profit   103.4       87.1     18.7     16.3  
SG&A expenses excluding restructuring charges   89.2       79.1     12.7     10.9  
Restructuring charges             NM     NM  
Total SG&A expenses   89.2       79.1     12.6     10.8  
Earnings (loss) from operations   14.2       8.0     79.0        
Earnings (loss) from operations excluding restructuring charges   14.2       8.0     77.5        
                       
Gross profit rate   32.3 %     33.4 %   (1.1 ) pts.      
                       
International                      
Revenue from services $ 810.1     $ 710.6     14.0 %   9.0 %
Gross profit   110.3       90.5     21.8     16.3  
SG&A expenses excluding restructuring charges   102.2       100.3     1.8     (2.8 )
Restructuring charges         1.1     NM     NM  
Total SG&A expenses   102.2       101.4     0.7     (3.9 )
Earnings (loss) from operations   8.1       (10.9 )   NM        
Earnings (loss) from operations excluding restructuring charges   8.1       (9.8 )   NM        
                   
Gross profit rate   13.6 %     12.7 %   0.9  pts.    

 

 

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
             
    October 3, 2021   January 3, 2021   September 27, 2020
Current Assets            
Cash and equivalents $ 43.5   $ 223.0   $ 248.2  
Trade accounts receivable, less allowances of            
$12.3, $13.3, and $11.4, respectively   1,423.9     1,265.2     1,111.4  
Prepaid expenses and other current assets   71.0     61.4     71.4  
Total current assets   1,538.4     1,549.6     1,431.0  
             
Noncurrent Assets            
Property and equipment, net   36.1     41.0     40.8  
Operating lease right-of-use assets   79.3     83.2     84.0  
Deferred taxes   304.0     282.0     273.3  
Goodwill, net   114.8     3.5      
Investment in Persol Holdings   222.6     164.2     145.8  
Investment in equity affiliate   122.0     118.5     115.6  
Other assets   386.3     319.9     301.2  
Total noncurrent assets   1,265.1     1,012.3     960.7  
             
Total Assets $ 2,803.5   $ 2,561.9   $ 2,391.7  
             
Current Liabilities            
Short-term borrowings $   $ 0.3   $ 0.5  
Accounts payable and accrued liabilities   645.2     536.8     458.4  
Operating lease liabilities   18.4     19.6     19.5  
Accrued payroll and related taxes   334.9     293.0     240.7  
Accrued workers' compensation and other claims   21.1     22.7     25.0  
Income and other taxes   58.4     53.2     52.4  
Total current liabilities   1,078.0     925.6     796.5  
             
Noncurrent Liabilities            
Operating lease liabilities   64.1     67.5     68.1  
Accrued payroll and related taxes   58.2     58.5     75.7  
Accrued workers' compensation and other claims   39.1     42.2     44.4  
Accrued retirement benefits   213.5     205.8     188.2  
Other long-term liabilities   76.5     59.3     52.7  
Total noncurrent liabilities   451.4     433.3     429.1  
             
Stockholders' Equity            
Common stock   40.1     40.1     40.1  
Treasury stock   (15.2 )   (17.1 )   (17.2 )
Paid-in capital   23.2     21.3     20.6  
Earnings invested in the business   1,245.3     1,162.9     1,139.5  
Accumulated other comprehensive income (loss)   (19.3 )   (4.2 )   (16.9 )
Total stockholders' equity   1,274.1     1,203.0     1,166.1  
             
Total Liabilities and Stockholders' Equity $ 2,803.5   $ 2,561.9   $ 2,391.7  
             
STATISTICS:            
Working Capital $ 460.4   $ 624.0   $ 634.5  
Current Ratio   1.4     1.7     1.8  
Debt-to-capital %   0.0 %   0.0 %   0.0 %
Global Days Sales Outstanding   63     64     61  
Year-to-Date Free Cash Flow $ 23.5   $ 170.5   $ 204.2  

        

 

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 39 WEEKS ENDED OCTOBER 3, 2021 AND SEPTEMBER 27, 2020
(UNAUDITED)
(In millions of dollars)
    2021   2020
Cash flows from operating activities:        
Net earnings (loss) $ 84.4   $ (95.4 )
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   22.0     18.0  
Operating lease asset amortization   16.0     15.9  
Provision for credit losses and sales allowances   0.8     10.7  
Stock-based compensation   4.0     2.9  
(Gain) loss on investment in Persol Holdings   (71.8 )   31.4  
Gain on sale of assets       (32.1 )
Equity in net (earnings) loss of PersolKelly Pte. Ltd.   (2.3 )   1.0  
Other, net   4.6     1.8  
Changes in operating assets and liabilities, net of acquisitions   (26.7 )   137.6  
         
Net cash from operating activities   31.0     216.5  
         
Cash flows from investing activities:        
Capital expenditures   (7.5 )   (12.3 )
Proceeds from sale of assets       55.5  
Acquisition of companies, net of cash received   (213.0 )   (36.4 )
Proceeds from company-owned life insurance   10.4     2.3  
Proceeds from sale of Brazil, net of cash disposed       1.2  
Proceeds from loans with equity affiliate   5.8      
Proceeds from (investment in) equity securities   5.0     (0.2 )
Other investing activities   0.9     0.2  
         
Net cash (used in) from investing activities   (198.4 )   10.3  
         
Cash flows from financing activities:        
Net change in short-term borrowings   (0.2 )   (1.5 )
Financing lease payments   (1.3 )   (1.0 )
Dividend payments   (2.0 )   (3.0 )
Payments of tax withholding for stock awards   (0.6 )   (1.2 )
Contingent consideration payments   (1.6 )    
Other financing activities       (0.1 )
         
Net cash used in financing activities   (5.7 )   (6.8 )
         
Effect of exchange rates on cash, cash equivalents and restricted cash   (3.9 )   3.4  
         
Net change in cash, cash equivalents and restricted cash   (177.0 )   223.4  
Cash, cash equivalents and restricted cash at beginning of period   228.1     31.0  
         
Cash, cash equivalents and restricted cash at end of period $ 51.1   $ 254.4  

 

 

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES BY GEOGRAPHY
(UNAUDITED)
(In millions of dollars)
                 
    Third Quarter
                 
            %   CC %
    2021   2020   Change   Change
                 
Americas                
United States $ 851.7   $ 740.6     15.0 %   15.0 %
Canada   43.3     30.3     42.8     35.1  
Puerto Rico   25.5     18.4     39.2     39.2  
Mexico   14.4     27.4     (47.4 )   (52.7 )
Brazil       1.8     NM     NM  
Total Americas Region   934.9     818.5     14.2     13.8  
                 
Europe                
France   56.3     48.8     15.4     14.3  
Switzerland   54.5     49.6     10.0     9.8  
Portugal   36.6     31.7     15.6     14.6  
Russia   33.0     27.2     21.3     21.1  
Italy   18.5     14.5     27.5     26.4  
United Kingdom   17.2     16.4     4.5     (2.1 )
Germany   9.0     7.0     28.2     27.3  
Ireland   7.4     4.9     49.9     48.8  
Other   17.3     12.0     44.4     43.0  
Total Europe Region   249.8     212.1     17.8     16.6  
                 
Total Asia-Pacific Region   10.7     7.6     41.4     39.3  
                 
Total Kelly Services, Inc. $ 1,195.4   $ 1,038.2     15.1 %   14.5 %
                 

        

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES BY GEOGRAPHY
(UNAUDITED)
(In millions of dollars)
                 
    September Year to Date
                 
            %   CC %
    2021   2020   Change   Change
                 
Americas                
United States $ 2,604.8   $ 2,369.2     9.9 %   9.9 %
Canada   116.9     88.7     31.8     21.9  
Mexico   82.1     78.6     4.5     (1.8 )
Puerto Rico   76.6     56.1     36.6     36.6  
Brazil       17.0     NM     NM  
Total Americas Region   2,880.4     2,609.6     10.4     9.8  
                 
Europe                
France   168.1     141.2     19.0     11.9  
Switzerland   161.2     141.2     14.2     9.6  
Portugal   120.9     99.1     22.0     14.5  
Russia   99.3     88.6     12.1     17.5  
Italy   56.0     42.5     31.7     23.9  
United Kingdom   51.9     56.5     (8.2 )   (15.8 )
Germany   24.6     22.1     11.3     5.1  
Ireland   18.8     14.0     34.1     26.8  
Other   49.9     38.7     29.0     21.6  
Total Europe Region   750.7     643.9     16.6     11.6  
                 
Total Asia-Pacific Region   28.3     21.1     33.9     24.9  
                 
Total Kelly Services, Inc. $ 3,659.4   $ 3,274.6     11.8 %   10.3 %
                 

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
THIRD QUARTER
(UNAUDITED)
(In millions of dollars)
       
  2021   2020
SG&A Expenses: As Reported   Restructuring(5)   Adjusted   Adjusted
Professional & Industrial $ 69.4     $     $ 69.4     $ 65.4  
Science, Engineering & Technology 48.4         48.4     31.3  
Education 17.0         17.0     11.6  
Outsourcing & Consulting 30.7         30.7     25.4  
International 34.5         34.5     30.4  
Corporate 19.9     0.1     20.0     19.9  
Total Company $ 219.9     $ 0.1     $ 220.0     $ 184.0  

 

  2021   2020
Earnings (loss) from Operations: As Reported   Restructuring(5)   Adjusted   Adjusted
Professional & Industrial $ 7.2     $     $ 7.2     $ 11.7  
Science, Engineering & Technology 19.7         19.7     19.4  
Education (7.0 )       (7.0 )   (7.5 )
Outsourcing & Consulting 6.6         6.6     3.7  
International 2.4         2.4     (0.4 )
Corporate (19.9 )   (0.1 )   (20.0 )   (19.9 )
Total Company $ 9.0     $ (0.1 )   $ 8.9     $ 7.0  

 

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
THIRD QUARTER
(UNAUDITED)
(In millions of dollars)
               
  2020
SG&A Expenses: As Reported   Customer Dispute(4)   Restructuring(5)   Adjusted
Professional & Industrial $ 65.3     $     $ 0.1     $ 65.4  
Science, Engineering & Technology 31.3             31.3  
Education 11.6             11.6  
Outsourcing & Consulting 25.4             25.4  
International 39.9     (9.5 )       30.4  
Corporate 19.9             19.9  
Total Company $ 193.4     $ (9.5 )   $ 0.1     $ 184.0  

 

  2020
Earnings (loss) from Operations: As Reported   Customer Dispute(4)   Restructuring(5)   Adjusted
Professional & Industrial $ 11.8     $     $ (0.1 )   $ 11.7  
Science, Engineering & Technology 19.4             19.4  
Education (7.5 )           (7.5 )
Outsourcing & Consulting 3.7             3.7  
International (9.9 )   9.5         (0.4 )
Corporate (19.9 )           (19.9 )
Total Company $ (2.4 )   $ 9.5     $ (0.1 )   $ 7.0  

 

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
SEPTEMBER YEAR TO DATE
(UNAUDITED)
(In millions of dollars)
               
  2021   2020
SG&A Expenses: As Reported   Restructuring(5)   Adjusted   Adjusted
Professional & Industrial $ 207.8     $     $ 207.8     $ 206.1  
Science, Engineering & Technology 131.0         131.0     98.6  
Education 46.5         46.5     36.9  
Outsourcing & Consulting 89.2         89.2     79.1  
International 102.2         102.2     90.8  
Corporate 63.2     0.1     63.3     61.6  
Total Company $ 639.9     $ 0.1     $ 640.0     $ 573.1  

 

 

  2021   2020
Earnings (loss) from Operations: As Reported   Restructuring(5)   Adjusted   Adjusted
Professional & Industrial $ 19.9     $     $ 19.9     $ 35.0  
Science, Engineering & Technology 56.8         56.8     57.4  
Education (2.5 )       (2.5 )   (8.1 )
Outsourcing & Consulting 14.2         14.2     8.0  
International 8.1         8.1     (0.3 )
Corporate (63.2 )   (0.1 )   (63.3 )   (61.6 )
Total Company $ 33.3     $ (0.1 )   $ 33.2     $ 30.4  

 

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
SEPTEMBER YEAR TO DATE
(UNAUDITED)
(In millions of dollars)
 
  2020
SG&A Expenses: As Reported   Customer Dispute(4)   Restructuring(5)   Adjusted
Professional & Industrial $ 210.4     $     $ (4.3 )   $ 206.1  
Science, Engineering & Technology 99.1         (0.5 )   98.6  
Education 37.7         (0.8 )   36.9  
Outsourcing & Consulting 79.1             79.1  
International 101.4     (9.5 )   (1.1 )   90.8  
Corporate 63.3         (1.7 )   61.6  
Total Company $ 591.0     $ (9.5 )   $ (8.4 )   $ 573.1  

 

  2020
Earnings (loss) from Operations: As Reported   Goodwill impairment(1)   Gain on sale
of assets(3)
  Customer Dispute(4)   Restructuring(5)   Adjusted
Professional & Industrial $ 30.7     $     $     $     $ 4.3     $ 35.0  
Science, Engineering & Technology 56.9                 0.5     57.4  
Education (8.9 )               0.8     (8.1 )
Outsourcing & Consulting 8.0                     8.0  
International (10.9 )           9.5     1.1     (0.3 )
Corporate (178.9 )   147.7     (32.1 )       1.7     (61.6 )
Total Company $ (103.1 )   $ 147.7     $ (32.1 )   $ 9.5     $ 8.4     $ 30.4  

 

 

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
    2021   2020   2021   2020
Income tax expense (benefit)   $ 11.1     $ (1.2 )   $ 19.0     $ (36.5 )
Taxes on goodwill impairment charge(1)               23.0  
Taxes on investment in Persol Holdings(2)   (10.9 )   (5.2 )   (22.0 )   9.6  
Taxes on gain on sale of assets(3)               (8.1 )
Taxes on customer dispute(4)       2.8         2.8  
Taxes on restructuring charges(5)               2.2  
Adjusted income tax expense (benefit)   $ 0.2     $ (3.6 )   $ (3.0 )   $ (7.0 )
                 
    Third Quarter   September Year to Date
    2021   2020   2021   2020
Net earnings (loss)   $ 34.8     $ 16.7     $ 84.4     $ (95.4 )
Goodwill impairment charge, net of taxes(1)               124.7  
(Gain) loss on investment in Persol Holdings, net of taxes(2)   (24.6 )   (11.6 )   (49.8 )   21.8  
(Gain) loss on sale of assets, net of taxes(3)       0.1         (23.9 )
Customer dispute, net of taxes(4)       6.7         6.7  
Restructuring charges, net of taxes(5)   (0.1 )   (0.1 )   (0.1 )   6.2  
Adjusted net earnings   $ 10.1     $ 11.8     $ 34.5     $ 40.1  
                 
    Third Quarter   September Year to Date
    2021   2020   2021   2020
    Per Share   Per Share
Net earnings (loss)   $ 0.87     $ 0.42     $ 2.12     $ (2.43 )
Goodwill impairment charge, net of taxes(1)               3.18  
(Gain) loss on investment in Persol Holdings, net of taxes(2)   (0.62 )   (0.29 )   (1.25 )   0.56  
Gain on sale of assets, net of taxes(3)               (0.61 )
Customer dispute, net of taxes(4)       0.17         0.17  
Restructuring charges, net of taxes(5)               0.16  
Adjusted net earnings   $ 0.25     $ 0.29     $ 0.86     $ 1.02  

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
  2021   2020   2021   2020
Net earnings (loss) $ 34.8     $ 16.7     $ 84.4     $ (95.4 )
Other (income) expense, net 0.3     0.7     4.0     (3.6 )
Income tax expense (benefit) 11.1     (1.2 )   19.0     (36.5 )
Depreciation and amortization 8.4     6.2     23.2     18.2  
EBITDA 54.6     22.4     130.6     (117.3 )
Equity in net (earnings) loss of affiliate (1.7 )   (1.8 )   (2.3 )   1.0  
Goodwill impairment charge(1)             147.7  
(Gain) loss on investment in Persol Holdings(2) (35.5 )   (16.8 )   (71.8 )   31.4  
Gain on sale of assets(3)             (32.1 )
Customer dispute(4)     9.5         9.5  
Restructuring(5) (0.1 )   (0.1 )   (0.1 )   8.4  
Adjusted EBITDA $ 17.3     $ 13.2     $ 56.4     $ 48.6  
Adjusted EBITDA margin 1.4 %   1.3 %   1.5 %   1.5 %

 

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

Management believes that the non-GAAP (Generally Accepted Accounting Principles) information excluding the 2020 goodwill impairment charge, the 2021 and 2020 gains and losses on the investment in Persol Holdings, the 2020 gain on sale of assets, the 2020 customer dispute 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) Customer dispute represents a non-cash charge in Mexico to increase the reserve against a long-term receivable from a former customer based on an updated probability of loss assessment.

(5) Restructuring charges in 2020 and subsequent adjustments in 2021 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)
$18.33
$18.02 (+1.72%)
$722.01M
0
$17.26 - $26.98
Fundamental Analysis
Rating Refer to Research Report
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  Release - QuoteMedia Q3 2021 Financial Results and Investors Conference Call November 10 2021, 11/05/2021
  Release - Eagle Bulk Shipping Reports Record Results for the Third Quarter of 2021, 11/05/2021
  Release - Salem Media Group Announces Third Quarter 2021 Total Revenue of $66.0 Million, 11/05/2021
  Release - Information Services Group Announces Third-Quarter 2021 Results, 11/05/2021
  Tradestation and Trump Media arent the Only Hot SPAC Stories, 11/05/2021
  Bill Ackman Says ESG Investing Contributes to Inflation, 11/05/2021
  Economy Getting Back to Prepandemic Normal?, 11/05/2021
  Release - Helius Medical Technologies Receives PoNS Market Authorization in Australia, 11/04/2021
  Is Ethereum More Useful Than Bitcoin?, 11/04/2021
  Attacking Tumors by Returning Cancer Cells to the Body, 11/04/2021
  Release - Kratos Reports Third Quarter 2021 Financial Results, 11/04/2021
  QuickChek - November 4, 2021, 11/04/2021
  Release - Esports Entertainment Group Announces Launch of Public Offering of 1500000 Shares of Preferred Stock, 11/04/2021
  Release - Genco Shipping Trading Limited Announces Third Quarter Financial Results, 11/04/2021
  Release - Gray Reports Third Quarter 2021 Operating Results, 11/04/2021
  Release - Gray Announces Quarterly Cash Dividend Of $0.08 Per Share 12 2021, 11/04/2021
  Release - Sierra Metals Reports Q3-2021 Financial Results for Its Sociedad Minera Corona Subsidiary in Peru, 11/03/2021
  QuickChek - November 3, 2021, 11/03/2021
  Release - Comstock Mining Announces Notice of Third Quarter 2021 Results Business Update Webcast Via Zoom, 11/03/2021
  Release - Ocugen to Host Conference Call on Tuesday November 9, 11/03/2021
  Release - Lineage Cell Therapeutics To Report Third Quarter 2021 Financial Results And Provide Business Update On November 10 2021, 11/03/2021
  Release - Voyager Digital to Integrate Avalanche Staking NFTs and DeFi Applications, 11/03/2021
  Small Cap vs Large Cap After Fed Tightens, 11/03/2021
  The Fed is Clear that they Intend to Hold Rates Down, 11/03/2021
  Release - Seanergy Maritime Holdings Corp. Reports Record Financial Results for the Third Quarter and Nine-Month Period Ended September 30 2021, 11/02/2021
  QuickChek - November 2, 2021, 11/02/2021
  Study Says Investors Would Benefit if Weren’t so Confident, 11/02/2021
  Is the FOMC Walking a Tightrope, 11/02/2021
  Release - Capstone Green Energy To Power Groundbreaking Tire Recycling Plant in Scotland, 11/01/2021
  QuickChek - November 1, 2021, 11/01/2021
  Release - Energy Fuels Announces Q3-2021 Results, 11/01/2021
  Release - Cocrystal Pharma Submits Pre-Investigational New Drug Briefing Package to the FDA, 11/01/2021
  Release - Comtech Confirms Receipt of Unsolicited Proposal, 11/01/2021
  Release - Helius Medical Technologies Inc. to Release Third Quarter 2021 Financial Results on November 10 2021, 11/01/2021
  Will Washington Policy Doom Tesla?, 11/01/2021
  Release - PDS Biotech Announces Agreement with University of Georgia to License Novel Proteins for Versamune-based Universal Flu Vaccine, 11/01/2021
  Why the Metaverse Matters, 11/01/2021
  Release - Chakana Reports 113m of 0.90 gt Gold 0.92 Copper and 72.8 gt Silver (2.13 Cu-Eq) in Huancarama at Soledad Peru, 11/01/2021
  The Recent Halloween Investment Strategy Results, 10/31/2021
  Release - Capstone Green Energy to Announce Its Second Quarter Fiscal Year 2022 Financial Results on Wednesday November 10 2021, 10/29/2021
  QuickChek - October 29, 2021, 10/29/2021
  Release - Voyager Digital Reports Revenue of US$175 Million for Fiscal 2021 and Provides Business Update, 10/29/2021
  Release - Travelzoo Reports Third Quarter 2021 Results, 10/29/2021
  The FDAs CBD and CDP Data Acceleration Program, 10/29/2021
  Structure-based Subgroups Could Provide More Effective Cancer Therapies, 10/29/2021
  Release - Capstone Green Energy To Power Cutting Edge Microgrid With Integrated Electric Vehicle Charging Stations In Italy, 10/28/2021
  QuickChek - October 28, 2021, 10/28/2021
  Release - Voyager Digital Secures $75 Million Strategic Investment from Alameda Research, 10/28/2021
  Release - Esports Entertainment Group Submits Transactional Waiver to New Jersey Division of Gaming Enforcement, 10/28/2021
  Release - 1-800-FLOWERS.COM Inc. Reports 9.0 Percent Revenue Growth for Its Fiscal 2022 First Quarter, 10/28/2021
  Release - Palladium One Reports Four New EM Targets at the Tyko Sulphide Copper- Nickel Project Ontario, Canada, 10/28/2021
  Has Bitcoin Lived Up to the Original Vision?, 10/28/2021
  Investors in their Education to Get a New Tool from Congress, 10/28/2021
  Release - Capstone Green Energy Extends Channel Partnership With Baker Hughes Expanding Territories, 10/27/2021