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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)
$23.94
$23.91 (+0.13%)
$942.49M
0
$15.56 - $26.98
Fundamental Analysis
Rating Refer to Research Report
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  Release - electroCore Announces Issuance of New Patent for Migraine Treatment using Smartphones, 07/27/2021
  Release - OSS to Demonstrate Long-Range Visual Observation System at Sea-Air-Space Conference, August 2-4 2021, 07/27/2021
  Release - Comtech Telecommunications Corp. Awarded $1.1 Million Contract for High-Power Amplifiers, 07/27/2021
  Release - Seanergy Announces Delivery and Immediate Period Employment of one Capesize Vessel and New Bank Loan Facility, 07/27/2021
  Release - Palladium One Expands the Tyko Sulphide Nickel-Copper Project to 24500 hectares and Completes VTEM Survey, 07/27/2021
  Publicly Traded Chinese Companies Duty to Shareholders, 07/27/2021
  Release - Chakana Intersects 12m of Massive Sulfide with 27.39 Copper 967.7 gt Silver and 0.38 gt Gold at Soledad Peru, 07/27/2021
  Release - Arizona Gold and Golden Predator File Joint Circular, 07/27/2021
  Are ADRs Riskier than Stocks?, 07/27/2021
  Release - Comtech Telecommunications Corp. Awarded 35.8 Million Contract to Deploy Next Generation 911 Technologies and Services, 07/26/2021
  QuickChek - July 26, 2021, 07/26/2021
  Release - TherapeuticsMD to Report Second Quarter 2021 Results on August 4 2021, 07/26/2021
  Release - enCore Energy Announces Group 11 Technologies Update and Webinar, 07/26/2021
  Release - PDS Biotechnology Announces Conference Call and Webcast to Present Second Quarter 2021 Financial Results, 07/26/2021
  Amazon Suspected to be Accepting Bitcoin Soon, 07/26/2021
  Is the Internet at Risk of Becoming Destabilized?, 07/26/2021
  Robinhood’s IPO and its Place in Stock Market History, 07/24/2021
  Orion Group Holdings (ORN) - Heavy Spring Showers But Positive Outlook Intact, 07/23/2021
  Release - Comtech Telecommunications Corp. Receives Award from Frost Sullivan as Growth Leader in Next Generation 911 Technologies and Services, 07/23/2021
  QuickChek - July 23, 2021, 07/23/2021
  Release - Kratos to Present at the Jefferies Virtual Industrials Conference, 07/23/2021
  Cannabis Sales Growth Put in Perspective, 07/23/2021
  Criteria for Esports Olympic Play, 07/23/2021
  Release - Digerati Technologies Achieves Built for NetSuite Status, 07/23/2021
  Release - Entravisions Colorado News Team Wins 22 Emmy Awards, 07/22/2021
  QuickChek - July 22, 2021, 07/22/2021
  Release - Avivagen Announces Strategic Changes to Support Growth in Asia and South America, 07/22/2021
  Release - CanAlaska Mobilizes for West Athabasca Diamond Project, 07/22/2021
  Release - Comtech Names Judy Chambers to Board of Directors, 07/22/2021
  Bombshells from Musk Dorsey and Wood at Bitcoin Conference, 07/22/2021
  Release - Conrad Shipyard Hosted a Steel Cutting Ceremony for Great Lakes Dredge, 07/22/2021
  Release - Schwazze Closes Acquisition of Southern Colorado Growers, 07/22/2021
  NFT Collectible Marketplace for DRAFTKINGS, 07/22/2021
  Release - Sierra Metals Reports Second Quarter 2021 Production Results Including Record Throughput at Its Yauricocha Mine in Peru, 07/21/2021
  QuickChek - July 21, 2021, 07/21/2021
  Release - Travelzoo Reports Second Quarter 2021 Results, 07/21/2021
  B-Word Conference Launches Offensive on Behalf of Bitcoin, 07/21/2021
  Comtech Telecommunications Corp. Awarded Multi-Million Dollar Contract for WAN Optimization Equipment, 07/21/2021
  Release - Comstocks Linico To Recycle 100000 Tons Of Lithium-Ion Batteries Per Year, 07/21/2021
  Release - Aurania Reports that Drilling at Tsenken N1 Provides Evidence of a Link with the Tiria-Shimpia Target, 07/21/2021
  Todays Drug Policies are Part of a Long History, 07/21/2021
  Release - Endeavour Silver Signs Agreement To Acquire Bruner Gold Project In Nye County Nevada, 07/20/2021
  QuickChek - July 20, 2021, 07/20/2021
  When Was the Shortest Recession in Your Lifetime?, 07/20/2021
  Release - Capstone Green Energy CEO Darren Jamison To Participate In Water Tower Research Fireside Chat Series, 07/20/2021
  Release - enCore Energy Provides South Texas Uranium Operations Update, 07/20/2021
  Release - OpRegen Clinical Data Continues to Demonstrate Functional and Anatomical Improvements in Patients With Dry AMD With Geographic Atrophy, 07/20/2021
  Release - Indonesia Energy Discovers Oil in the First New Well at Kruh Block, 07/20/2021
  Release - Esports Entertainment Group Provides an Update on Crypto Mining Application for LAN Centers, 07/20/2021
  Release - Comtech Telecommunications Corp. Awarded 7.1 Million Emergency Alerts Contract to Enhance Nationwide Public Safety, 07/20/2021
  Robinhood Still Opening Doors with IPO, 07/20/2021
  Is Interest Paid on Crypto Holdings an SEC Violation?, 07/20/2021
  Release - Capstone Green Energy To Provide Hydrogen Blend Microturbines For Industrial Application In Europe, 07/19/2021
  QuickChek - July 19, 2021, 07/19/2021
  Release - electroCore announces Dr. Peter Staats to receive Lifetime Achievement Award, 07/19/2021
  Release - Comtech Telecommunications Corp. Awarded 3.2 Million Contract to Provide Additional Satellite Systems to Support the Brazilian Military, 07/19/2021
  Antimicrobial Resistance Problems and Investments, 07/19/2021
  Biofuels, Biodiversity and Climate Change, 07/19/2021
  Will Inflation be Transitory or Persistent?, 07/18/2021
  Sports and Esports M&A in High Gear, 07/16/2021
  Squares Decentralized Finance Business, 07/16/2021
  Release - Ocugen, Inc. Announces Initiation of Rolling Submission to Health Canada for COVAXIN, 07/15/2021
  QuickChek - July 15, 2021, 07/15/2021
  Greener Alternatives to Bitcoin Mining, 07/15/2021
  Release - International Consolidated Uranium Enters the U.S. Uranium Sector with Transformational Acquisition and Strategic Alliance with Energy Fuels, 07/15/2021
  Release - CanAlaska Appoints New Vice President Exploration, 07/15/2021
  Release - Motorsport Games Signs Agreement To Bring The Official Indycar Game To Market, 07/15/2021
  NASA Issues Nuclear Propulsion Design Contracts for Artemis Missions, 07/15/2021
  Release - Capstone Green Energy Corporation Secures 5-Year Service Contract on Butane-Fueled C1000S at AGL Energy's LPG Facility in Australia, 07/14/2021
  QuickChek - July 14, 2021, 07/14/2021
  Release - Sierra Metals Provides Update on Strategic Review Process, 07/14/2021
  Release - Salem Media Group Announces Carl Jackson to Replace Larry Elder, 07/14/2021
  Release - CoreCivic Announces Participation in Noble Capital Markets Virtual Road Show Series, 07/14/2021
  Release - Seanergy Announces New Time Charter Agreement and New Financing Agreement of 30.9 million, 07/14/2021
  About the New Cannabis Administration and Opportunity Act, 07/14/2021
  Release - Esports Entertainment Group Completes Acquisition of Bethard Adding Swedish and Spanish Licensed Gaming Business, 07/14/2021
  Release - Gevo to Report Second Quarter 2021 Financial Results on August 12 2021, 07/14/2021
  Release - PsyBio Therapeutics Announces Uplisting to OTCQB Venture Market, 07/14/2021
  Release - Golden Predator Provides Update on Arizona Gold Transaction, 07/14/2021
  Psychedelic Laws and Investments May Follow Cannabis Success, 07/14/2021
  Ad Tech - Back in the Saddle and Riding High - Noble Capital Markets Media Sector Review - July 2021, 07/13/2021
  Release - electroCore Provides Business Update and Select Second Quarter 2021 Financial Guidance, 07/13/2021
  QuickChek - July 13, 2021, 07/13/2021
  Release - OpRegen Data Update to Be Featured at 54th Annual Retina Society Meeting in Podium Presentation by Christopher D. Riemann M.D., 07/13/2021
  Release - Sierra Metals To Release Q2-2021 Consolidated Financial Results On Monday August 9th 2021, 07/13/2021
  Release - Neovasc Announces New Appointments in Regulatory and Clinical Leadership, 07/13/2021
  Christies Art and Tech Summit Will Bring Added Attention to NFTs, 07/13/2021
  CPI Could be Cause for Investors to Worry, 07/13/2021
  Suborbital Flight Explained, 07/13/2021
  The New Space Race, 07/12/2021
  Lithium-Ion Power vs Hydrogen Fuel Cell, 07/12/2021
  Lower Global Demand for Oil Could Mean Weaker Dollars , 07/10/2021
  Stablecoin Cryptocurrency Company in SPAC Merger, 07/09/2021
  Release - Capstone Green Energy Expands its Energy as a Service Business by Securing a 2 MW Long-Term Rental Contract, 07/09/2021
  Release - Kratos Partners with North American Wave Engine Corporation on Contract to Develop Versatile Air-Launched Platform, 07/09/2021
  QuickChek - July 9, 2021, 07/09/2021
  Release - Namaste Technologies Subsidiary CannMart Signs Master Distribution Agreement with Rapid Dose Therapeutics Corp., 07/09/2021
  Release - Playboy Collaborates with SuperRare to Present NFT Art Collection During Decentraland Art Week, 07/09/2021
  Release - Esports Entertainment Group Partners with Hall of Fame Resort and Entertainment Company to Become the Exclusive Esports Provider at the Hall of Fame Village Powered by Johnson Controls, 07/09/2021
  Small Caps are Bigger than Ever, Investors May Need to Adjust, 07/09/2021
  Release - Endeavour Silver Produces 1073724 Oz Silver And 11166 Oz Gold For 2.0 Million Oz Silver Equivalents In Q2 2021, 07/08/2021
  Release - Capstone Green Energy Signs 10-Year Service Contract On Energy Efficiency System At A Large Spirit Distillery In Jamaica, 07/08/2021
  Release - Helius Medical Technologies, Inc. to Participate in the Annual World Congress of the Society for Brain Mapping and Therapeutics, 07/08/2021