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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)
$18.33
$18.02 (+1.72%)
$722.01M
0
$17.26 - $26.98
Fundamental Analysis
Rating Refer to Research Report
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  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
  QuickChek - October 27, 2021, 10/27/2021
  Release - Ocugen, Inc. Announces Submission of Investigational New Drug Application with U.S. FDA to Initiate a Phase 3 Clinical Trial Evaluating COVID-19 Vaccine Candidate COVAXIN BBV152, 10/27/2021
  Release - Harte Hanks Hires Elliott Peterson As Chief Technology Officer, 10/27/2021
  Release - Digerati Technologies Reports 142 Revenue Growth to $3.787 Million for Fourth Quarter FY2021, 10/27/2021
  Opportunities and Challenges With Yield Farming, 10/27/2021
  Release - Voyager Digital Becomes the Official Cryptocurrency Brokerage Partner of the Dallas Mavericks, 10/27/2021
  Elon Musk Weighs in on Unrealized Capital Gains Tax Idea, 10/27/2021
  Release - OpRegen Data Update to Be Featured at 2021 American Academy of Ophthalmology Annual Meeting in Presentation by Michael S. Ip, M.D., 10/26/2021
  Release - Kratos Awarded New U.S. Air Force Program of $17.6 Million to Develop and Test Jet UAS for Manned-Unmanned Teaming, 10/26/2021
  QuickChek - October 26, 2021, 10/26/2021
  Release - Seanergy Maritime Announces New Sustainability-Linked Loan Facility and Signs the Call to Action for Shipping Decarbonization, 10/26/2021
  Release - Salem Media Group Schedules Third Quarter 2021 Earnings Release and Teleconference, 10/26/2021
  Tesla’s Strange Influence on the Markets, 10/26/2021
  Is Uranium Going to Keep Going Up?, 10/26/2021
  Release - Great Bear Reports 95.2% to 99.2% Gold Recoveries in Preliminary LP Fault Metallurgical Tests, 10/25/2021
  Release - Gray Announces Private Offering of Senior Notes, 10/25/2021
  QuickChek - October 25, 2021, 10/25/2021
  Release - ADM, Gevo Sign MoU to Produce up to 500M Gallons of Sustainable Aviation Fuel, 10/25/2021
  Release - Palladium One Recognized with the "Bernie Schnieders Discovery of the Year Award" Presented by NWOPA, 10/25/2021
  Release - Schwazze Announces Participation at Noble Capital Markets Virtual Road Show Series – October 25, 2021, 10/25/2021
  Will the ETF Carry Bitcoin Even Higher?, 10/25/2021
  More Power to the Individual Investor, 10/25/2021
  Cannabis Vape Distribution Limited Under New Law, 10/22/2021
  Release - Voyager Digital Schedules Fiscal Year and FY4Q 2021 Results and Business Update Conference Call, 10/22/2021
  Release - Esports Entertainment Group Partners with NetEase to Become Official Tournament and Broadcast Provider of Naraka: Bladepoint, 10/22/2021
  New Uses for Smart Glasses, 10/22/2021
  Inflation is No Baloney, 10/22/2021
  Release - Engine Media Announces Upcoming Name Change to Engine Gaming and Media, Inc., 10/21/2021
  Release - enCore Energy and Azarga Uranium Provide Update on Proposed Transaction and Shareholder Vote, 10/21/2021
  Release - PDS Biotech Provides Update on National Cancer Institute-Led Phase 2 Clinical Trial of PDS0101-Based Combination, 10/21/2021
  QuickChek - October 21, 2021, 10/21/2021
  Release - Cocrystal Pharma to Present Data from its Oral and Intranasal COVID-19 Therapeutics Programs at the World Antiviral Congress 2021, 10/21/2021
  Release - CoreCivic Announces 2021 Third Quarter Earnings Release and Conference Call Dates, 10/21/2021
  Release - Esports Entertainment Group Announces Fan-Centered EGL ClubClash Program with Professional Sports Teams, 10/21/2021
  Trump Media SPAC Merger Details , 10/21/2021
  Possible Cancer Therapies Based on the Appetite of Tumors, 10/21/2021
  Release - Capstone Green Energy Continues Market Penetration In Latin America With First District Cooling Application For Llanogas, 10/20/2021
  QuickChek - October 20, 2021, 10/20/2021
  Release - Palladium One Obtains Both OTCQB Market Listing and DTC Eligibility, 10/20/2021
  Release - FenixOro CEO John Carlesso Featured in Noble Capital Markets CSuite Interview, 10/20/2021
  Release - electroCore Announces Publication Reviewing the Prescribing of gammaCore for the Treatment of Cluster Headache in England, 10/20/2021
  Cannabis Related Businesses (CRB) New Access to Banking Services, 10/20/2021
  Release - Gray Announces Proposed $1.5 Billion Incremental Term Loan and $500 Million Revolving Credit Facility Updates Guidance for Third Quarter 2021, 10/20/2021
  Flying Electric Cars That Fit in Your Garage, 10/20/2021
  Release - Kratos Breaks Gigabit Barrier with OpenSpace Virtualized Wideband Receivers for Earth Observation Missions, 10/19/2021
  QuickChek - October 19, 2021, 10/19/2021
  Release - Ocugen Inc. to present pre-clinical data for OCU410 at 2nd Annual Dry AMD Therapeutic Development Conference, 10/19/2021
  Release - Seanergy Maritime Announces Acquisition of its 17th Capesize Vessel, 10/19/2021
  Release - 1-800-FLOWERS.COM Inc. to Release Results for its Fiscal 2022 First Quarter on Thursday October 28 2021, 10/19/2021
  Release - Comtech Telecommunications Corp. Announces New Cybersecurity Solution, 10/19/2021
  The SEC’s Final Report on Short Squeeze Activity, 10/19/2021
  Michael Burry Adjusts Tesla Position, 10/19/2021
  Release - Comtech Announces $100 Million Strategic Growth Investment, 10/18/2021
  QuickChek - October 18, 2021, 10/18/2021
  Release - Avivagen Secures Large OxC-beta Livestock Order in Asia, 10/18/2021
  Release - Sierra Metals Reports Third-Quarter 2021 Production Results, 10/18/2021
  Release - Dr. Patrick Gruber to Participate in a Water Tower Research Fireside Chat, 10/18/2021
  WallStreetBets Founder May Create Controversial ETP, 10/18/2021
  Marijuana Dispensaries and the Impact on Use, 10/18/2021
  Release - Sierra Metals to Release Q3-2021 Consolidated Financial Results on Monday, November 8th, 2021, 10/15/2021
  QuickChek - October 15, 2021, 10/15/2021
  What Does a Bitcoin ETF Do for Investors?, 10/15/2021
  Corruption at the World Bank?, 10/15/2021
  Inflation and the Reflation Trade, 10/15/2021
  Release - Cocrystal Pharma to Present at the Dawson James 2021 Small Cap Growth Conference on October 21 2021, 10/14/2021
  QuickChek - October 14, 2021, 10/14/2021
  Release - Gevo to Report Third Quarter 2021 Financial Results on November 10 2021, 10/14/2021
  Release - Voyager Digital Secures Final Approval to Begin Operations in Europe, 10/14/2021
  Exploration and Production Review and Outlook - Noble Capital Markets Energy Sector Review - Q3 2021, 10/14/2021
  Release - electroCore Announces Regulatory Approval in Canada to Treat Adolescent Migraine, 10/14/2021
  What a $75.6 Billion COLA Could Mean to Investors, 10/14/2021