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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kelly Services Inc | NASDAQ:KELYB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.51 | 9.41 | 25.62 | 10 | 21:06:50 |
Delaware
|
|
38-1510762
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Title of each
class |
Trading
Symbols |
Name of each exchange
on which registered |
Class A Common
|
KELYA
|
NASDAQ Global Market
|
Class B Common
|
KELYB
|
NASDAQ Global Market
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer (Do not check if a smaller reporting company)
|
☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
Page Number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||||||
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
|
September 30,
2018 |
||||||||
Revenue from services
|
$
|
1,267.7
|
|
|
$
|
1,342.4
|
|
|
$
|
4,017.8
|
|
|
$
|
4,099.2
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of services
|
1,040.0
|
|
|
1,103.3
|
|
|
3,294.5
|
|
|
3,381.4
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
227.7
|
|
|
239.1
|
|
|
723.3
|
|
|
717.8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
210.6
|
|
|
217.2
|
|
|
666.9
|
|
|
663.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gain on sale of assets
|
—
|
|
|
—
|
|
|
12.3
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings from operations
|
17.1
|
|
|
21.9
|
|
|
68.7
|
|
|
54.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on investment in Persol Holdings
|
(39.3
|
)
|
|
15.8
|
|
|
35.1
|
|
|
(13.0
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
(0.2
|
)
|
|
(0.7
|
)
|
|
(1.1
|
)
|
|
(1.8
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) before taxes and equity in net earnings (loss) of affiliate
|
(22.4
|
)
|
|
37.0
|
|
|
102.7
|
|
|
39.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit)
|
(12.8
|
)
|
|
5.9
|
|
|
6.3
|
|
|
(3.3
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) before equity in net earnings (loss) of affiliate
|
(9.6
|
)
|
|
31.1
|
|
|
96.4
|
|
|
42.8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Equity in net earnings (loss) of affiliate
|
(0.9
|
)
|
|
2.0
|
|
|
(1.0
|
)
|
|
4.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss)
|
$
|
(10.5
|
)
|
|
$
|
33.1
|
|
|
$
|
95.4
|
|
|
$
|
46.8
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share
|
$
|
(0.27
|
)
|
|
$
|
0.84
|
|
|
$
|
2.42
|
|
|
$
|
1.20
|
|
Diluted earnings (loss) per share
|
$
|
(0.27
|
)
|
|
$
|
0.84
|
|
|
$
|
2.41
|
|
|
$
|
1.19
|
|
|
|
|
|
|
|
|
|
||||||||
Average shares outstanding (millions):
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
39.1
|
|
|
38.8
|
|
|
39.0
|
|
|
38.7
|
|
||||
Diluted
|
39.1
|
|
|
38.9
|
|
|
39.2
|
|
|
38.8
|
|
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||||||
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
|
September 30,
2018 |
||||||||
Net earnings (loss)
|
$
|
(10.5
|
)
|
|
$
|
33.1
|
|
|
$
|
95.4
|
|
|
$
|
46.8
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, net of tax benefit of $0.2, $0.9, $0.1 and $0.3, respectively
|
(6.2
|
)
|
|
(7.0
|
)
|
|
(0.8
|
)
|
|
(7.8
|
)
|
||||
Less: Reclassification adjustments included in net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency translation adjustments
|
(6.2
|
)
|
|
(7.0
|
)
|
|
(0.8
|
)
|
|
(7.8
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
(6.2
|
)
|
|
(7.0
|
)
|
|
(0.8
|
)
|
|
(7.8
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income (loss)
|
$
|
(16.7
|
)
|
|
$
|
26.1
|
|
|
$
|
94.6
|
|
|
$
|
39.0
|
|
|
September 29,
2019 |
|
December 30,
2018 |
||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and equivalents
|
$
|
22.8
|
|
|
$
|
35.3
|
|
Trade accounts receivable, less allowances of $12.2 and $13.2, respectively
|
1,262.3
|
|
|
1,293.3
|
|
||
Prepaid expenses and other current assets
|
80.7
|
|
|
71.9
|
|
||
Total current assets
|
1,365.8
|
|
|
1,400.5
|
|
||
|
|
|
|
||||
Noncurrent Assets
|
|
|
|
||||
Property and equipment:
|
|
|
|
||||
Property and equipment
|
297.3
|
|
|
294.7
|
|
||
Accumulated depreciation
|
(214.6
|
)
|
|
(208.4
|
)
|
||
Net property and equipment
|
82.7
|
|
|
86.3
|
|
||
Operating lease right-of-use assets
|
62.2
|
|
|
—
|
|
||
Deferred taxes
|
221.0
|
|
|
198.7
|
|
||
Goodwill
|
127.8
|
|
|
107.3
|
|
||
Investment in Persol Holdings
|
174.9
|
|
|
135.1
|
|
||
Investment in equity affiliate
|
120.4
|
|
|
121.3
|
|
||
Other assets
|
321.5
|
|
|
265.2
|
|
||
Total noncurrent assets
|
1,110.5
|
|
|
913.9
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
2,476.3
|
|
|
$
|
2,314.4
|
|
|
September 29,
2019 |
|
December 30,
2018 |
||||
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Short-term borrowings
|
$
|
17.5
|
|
|
$
|
2.2
|
|
Accounts payable and accrued liabilities
|
484.6
|
|
|
540.6
|
|
||
Operating lease liabilities
|
19.8
|
|
|
—
|
|
||
Accrued payroll and related taxes
|
285.3
|
|
|
266.0
|
|
||
Accrued workers’ compensation and other claims
|
25.1
|
|
|
26.0
|
|
||
Income and other taxes
|
67.7
|
|
|
62.7
|
|
||
Total current liabilities
|
900.0
|
|
|
897.5
|
|
||
|
|
|
|
||||
Noncurrent Liabilities
|
|
|
|
||||
Operating lease liabilities
|
45.3
|
|
|
—
|
|
||
Accrued workers’ compensation and other claims
|
48.7
|
|
|
50.5
|
|
||
Accrued retirement benefits
|
179.0
|
|
|
162.9
|
|
||
Other long-term liabilities
|
55.5
|
|
|
44.0
|
|
||
Total noncurrent liabilities
|
328.5
|
|
|
257.4
|
|
||
|
|
|
|
||||
Commitments and contingencies (see Contingencies footnote)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ Equity
|
|
|
|
||||
Capital stock, $1.00 par value
|
|
|
|
||||
Class A common stock, 100.0 shares authorized; 36.6 shares issued at 2019 and 2018
|
36.6
|
|
|
36.6
|
|
||
Class B common stock, 10.0 shares authorized; 3.5 shares issued at 2019 and 2018
|
3.5
|
|
|
3.5
|
|
||
Treasury stock, at cost
|
|
|
|
||||
Class A common stock, 1.0 shares at 2019 and 1.2 shares at 2018
|
(20.7
|
)
|
|
(25.4
|
)
|
||
Class B common stock
|
(0.6
|
)
|
|
(0.6
|
)
|
||
Paid-in capital
|
22.3
|
|
|
24.4
|
|
||
Earnings invested in the business
|
1,224.6
|
|
|
1,138.1
|
|
||
Accumulated other comprehensive income (loss)
|
(17.9
|
)
|
|
(17.1
|
)
|
||
Total stockholders’ equity
|
1,247.8
|
|
|
1,159.5
|
|
||
|
|
|
|
||||
Total Liabilities and Stockholders’ Equity
|
$
|
2,476.3
|
|
|
$
|
2,314.4
|
|
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||||||
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
|
September 30,
2018 |
||||||||
Capital Stock
|
|
|
|
|
|
|
|
||||||||
Class A common stock
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
36.6
|
|
|
$
|
36.6
|
|
|
$
|
36.6
|
|
|
$
|
36.6
|
|
Conversions from Class B
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at end of period
|
36.6
|
|
|
36.6
|
|
|
36.6
|
|
|
36.6
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Class B common stock
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
3.5
|
|
|
3.5
|
|
|
3.5
|
|
|
3.5
|
|
||||
Conversions to Class A
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at end of period
|
3.5
|
|
|
3.5
|
|
|
3.5
|
|
|
3.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Treasury Stock
|
|
|
|
|
|
|
|
||||||||
Class A common stock
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
(20.9
|
)
|
|
(26.8
|
)
|
|
(25.4
|
)
|
|
(34.6
|
)
|
||||
Net issuance of stock awards
|
0.2
|
|
|
0.1
|
|
|
4.7
|
|
|
7.9
|
|
||||
Balance at end of period
|
(20.7
|
)
|
|
(26.7
|
)
|
|
(20.7
|
)
|
|
(26.7
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Class B common stock
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.6
|
)
|
||||
Net issuance of stock awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at end of period
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.6
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Paid-in Capital
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
23.2
|
|
|
23.4
|
|
|
24.4
|
|
|
32.2
|
|
||||
Net issuance of stock awards
|
(0.9
|
)
|
|
1.6
|
|
|
(2.1
|
)
|
|
(7.2
|
)
|
||||
Balance at end of period
|
22.3
|
|
|
25.0
|
|
|
22.3
|
|
|
25.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings Invested in the Business
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
1,238.1
|
|
|
1,134.8
|
|
|
1,138.1
|
|
|
983.6
|
|
||||
Cumulative-effect adjustment from adoption of ASU 2016-01, Financial Instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
140.0
|
|
||||
Cumulative-effect adjustment from adoption of ASU 2014-09, Revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
3.4
|
|
||||
Net earnings (loss)
|
(10.5
|
)
|
|
33.1
|
|
|
95.4
|
|
|
46.8
|
|
||||
Dividends
|
(3.0
|
)
|
|
(2.9
|
)
|
|
(8.9
|
)
|
|
(8.8
|
)
|
||||
Balance at end of period
|
1,224.6
|
|
|
1,165.0
|
|
|
1,224.6
|
|
|
1,165.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
(11.7
|
)
|
|
(10.0
|
)
|
|
(17.1
|
)
|
|
130.8
|
|
||||
Cumulative-effect adjustment from adoption of ASU 2016-01, Financial Instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
(140.0
|
)
|
||||
Other comprehensive income (loss), net of tax
|
(6.2
|
)
|
|
(7.0
|
)
|
|
(0.8
|
)
|
|
(7.8
|
)
|
||||
Balance at end of period
|
(17.9
|
)
|
|
(17.0
|
)
|
|
(17.9
|
)
|
|
(17.0
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Stockholders’ Equity at end of period
|
$
|
1,247.8
|
|
|
$
|
1,185.8
|
|
|
$
|
1,247.8
|
|
|
$
|
1,185.8
|
|
|
39 Weeks Ended
|
||||||
|
September 29,
2019 |
|
September 30,
2018 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
95.4
|
|
|
$
|
46.8
|
|
Adjustments to reconcile net earnings to net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
23.8
|
|
|
19.5
|
|
||
Operating lease asset amortization
|
16.9
|
|
|
—
|
|
||
Provision for bad debts
|
3.2
|
|
|
1.3
|
|
||
Stock-based compensation
|
4.7
|
|
|
6.7
|
|
||
(Gain) loss on investment in Persol Holdings
|
(35.1
|
)
|
|
13.0
|
|
||
(Gain) loss on sale of assets
|
(12.3
|
)
|
|
—
|
|
||
Equity in net (earnings) loss of PersolKelly Asia Pacific
|
1.0
|
|
|
(4.0
|
)
|
||
Other, net
|
(1.0
|
)
|
|
(1.0
|
)
|
||
Changes in operating assets and liabilities, net of acquisitions
|
(22.4
|
)
|
|
(49.0
|
)
|
||
|
|
|
|
||||
Net cash from operating activities
|
74.2
|
|
|
33.3
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(13.8
|
)
|
|
(17.9
|
)
|
||
Acquisition of companies, net of cash received
|
(86.4
|
)
|
|
—
|
|
||
Investment in equity securities
|
(1.0
|
)
|
|
(5.0
|
)
|
||
Loans to equity affiliate
|
(4.4
|
)
|
|
(2.9
|
)
|
||
Proceeds from sale of assets
|
13.8
|
|
|
—
|
|
||
Proceeds from company-owned life insurance
|
3.0
|
|
|
—
|
|
||
Other investing activities
|
—
|
|
|
(0.8
|
)
|
||
|
|
|
|
||||
Net cash used in investing activities
|
(88.8
|
)
|
|
(26.6
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Net change in short-term borrowings
|
15.2
|
|
|
(1.9
|
)
|
||
Financing lease payments
|
(0.4
|
)
|
|
—
|
|
||
Dividend payments
|
(8.9
|
)
|
|
(8.8
|
)
|
||
Payments of tax withholding for stock awards
|
(2.3
|
)
|
|
(6.3
|
)
|
||
|
|
|
|
||||
Net cash from (used in) financing activities
|
3.6
|
|
|
(17.0
|
)
|
||
|
|
|
|
||||
Effect of exchange rates on cash, cash equivalents and restricted cash
|
(0.5
|
)
|
|
(0.7
|
)
|
||
|
|
|
|
||||
Net change in cash, cash equivalents and restricted cash
|
(11.5
|
)
|
|
(11.0
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
40.1
|
|
|
36.9
|
|
||
|
|
|
|
||||
Cash, cash equivalents and restricted cash at end of period (1)
|
$
|
28.6
|
|
|
$
|
25.9
|
|
|
39 Weeks Ended
|
||||||
|
September 29,
2019 |
|
September 30,
2018 |
||||
Reconciliation of cash, cash equivalents and restricted cash:
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
22.8
|
|
|
$
|
20.8
|
|
Restricted cash included in prepaid expenses and other current assets
|
0.8
|
|
|
0.5
|
|
||
Noncurrent assets:
|
|
|
|
||||
Restricted cash included in other assets
|
5.0
|
|
|
4.6
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
28.6
|
|
|
$
|
25.9
|
|
|
|
Third Quarter
|
|
September Year to Date
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Branch-Delivered Staffing
|
|
|
|
|
|
|
|
|
||||||||
Americas Staffing
|
|
|
|
|
|
|
|
|
||||||||
Staffing Solutions
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
$
|
366.8
|
|
|
$
|
424.3
|
|
|
$
|
1,143.4
|
|
|
$
|
1,237.2
|
|
Educational Staffing
|
|
57.5
|
|
|
57.7
|
|
|
314.5
|
|
|
297.8
|
|
||||
Professional/Technical
|
|
83.2
|
|
|
68.8
|
|
|
256.0
|
|
|
206.3
|
|
||||
Permanent Placement
|
|
8.5
|
|
|
11.0
|
|
|
26.2
|
|
|
28.8
|
|
||||
Total Americas Staffing
|
|
516.0
|
|
|
561.8
|
|
|
1,740.1
|
|
|
1,770.1
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
International Staffing
|
|
|
|
|
|
|
|
|
||||||||
Staffing Solutions
|
|
246.8
|
|
|
270.4
|
|
|
760.7
|
|
|
826.4
|
|
||||
Permanent Placement
|
|
6.1
|
|
|
6.8
|
|
|
19.2
|
|
|
22.1
|
|
||||
Total International Staffing
|
|
252.9
|
|
|
277.2
|
|
|
779.9
|
|
|
848.5
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Global Talent Solutions
|
|
|
|
|
|
|
|
|
||||||||
Talent Fulfillment
|
|
|
|
|
|
|
|
|
||||||||
Staffing Solutions
|
|
251.2
|
|
|
279.0
|
|
|
765.0
|
|
|
851.5
|
|
||||
Permanent Placement
|
|
0.5
|
|
|
0.6
|
|
|
1.3
|
|
|
1.4
|
|
||||
Talent Solutions
|
|
91.2
|
|
|
94.0
|
|
|
274.2
|
|
|
267.9
|
|
||||
Total Talent Fulfillment
|
|
342.9
|
|
|
373.6
|
|
|
1,040.5
|
|
|
1,120.8
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Outcome-Based Services
|
|
159.6
|
|
|
134.0
|
|
|
468.9
|
|
|
373.3
|
|
||||
Total Global Talent Solutions
|
|
502.5
|
|
|
507.6
|
|
|
1,509.4
|
|
|
1,494.1
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Intersegment
|
|
(3.7
|
)
|
|
(4.2
|
)
|
|
(11.6
|
)
|
|
(13.5
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Revenue from Services
|
|
$
|
1,267.7
|
|
|
$
|
1,342.4
|
|
|
$
|
4,017.8
|
|
|
$
|
4,099.2
|
|
|
|
Third Quarter
|
|
September Year to Date
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Americas
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
903.2
|
|
|
$
|
942.5
|
|
|
$
|
2,913.4
|
|
|
$
|
2,898.4
|
|
Canada
|
|
34.6
|
|
|
37.0
|
|
|
100.8
|
|
|
107.6
|
|
||||
Mexico
|
|
32.4
|
|
|
32.3
|
|
|
89.6
|
|
|
92.7
|
|
||||
Puerto Rico
|
|
18.8
|
|
|
28.2
|
|
|
57.6
|
|
|
74.2
|
|
||||
Brazil
|
|
8.4
|
|
|
8.1
|
|
|
25.1
|
|
|
26.6
|
|
||||
Total Americas
|
|
997.4
|
|
|
1,048.1
|
|
|
3,186.5
|
|
|
3,199.5
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
EMEA
|
|
|
|
|
|
|
|
|
||||||||
France
|
|
59.7
|
|
|
68.8
|
|
|
188.6
|
|
|
212.7
|
|
||||
Switzerland
|
|
50.6
|
|
|
53.8
|
|
|
150.0
|
|
|
156.3
|
|
||||
Portugal
|
|
44.0
|
|
|
48.2
|
|
|
135.5
|
|
|
150.5
|
|
||||
Russia
|
|
29.9
|
|
|
24.0
|
|
|
84.1
|
|
|
75.7
|
|
||||
United Kingdom
|
|
24.9
|
|
|
28.1
|
|
|
81.6
|
|
|
85.6
|
|
||||
Italy
|
|
18.5
|
|
|
18.3
|
|
|
59.8
|
|
|
58.1
|
|
||||
Germany
|
|
11.5
|
|
|
13.8
|
|
|
32.5
|
|
|
45.0
|
|
||||
Ireland
|
|
7.1
|
|
|
11.3
|
|
|
28.1
|
|
|
34.3
|
|
||||
Other
|
|
16.6
|
|
|
21.8
|
|
|
51.5
|
|
|
64.6
|
|
||||
Total EMEA
|
|
262.8
|
|
|
288.1
|
|
|
811.7
|
|
|
882.8
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total APAC
|
|
7.5
|
|
|
6.2
|
|
|
19.6
|
|
|
16.9
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Kelly Services, Inc.
|
|
$
|
1,267.7
|
|
|
$
|
1,342.4
|
|
|
$
|
4,017.8
|
|
|
$
|
4,099.2
|
|
Cash
|
$
|
3.5
|
|
Trade accounts receivable
|
19.7
|
|
|
Other current assets
|
0.3
|
|
|
Goodwill
|
13.7
|
|
|
Intangibles
|
21.5
|
|
|
Other noncurrent assets
|
0.5
|
|
|
Current liabilities
|
(4.9
|
)
|
|
Purchase price paid, including working capital adjustments
|
$
|
54.3
|
|
Cash
|
$
|
0.1
|
|
Trade accounts receivable
|
13.9
|
|
|
Other current assets
|
0.1
|
|
|
Goodwill
|
6.8
|
|
|
Intangibles
|
17.3
|
|
|
Other noncurrent assets
|
0.4
|
|
|
Current liabilities
|
(2.9
|
)
|
|
Purchase price paid, including working capital adjustments
|
$
|
35.7
|
|
|
Third Quarter
|
|
September Year to Date
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Pro forma revenues
|
$
|
1,267.7
|
|
|
$
|
1,373.6
|
|
|
$
|
4,017.8
|
|
|
$
|
4,174.9
|
|
Pro forma net earnings (loss)
|
(10.5
|
)
|
|
35.6
|
|
|
95.4
|
|
|
50.6
|
|
||||
Pro forma basic earnings (loss) per share
|
(0.27
|
)
|
|
0.91
|
|
|
2.42
|
|
|
1.29
|
|
||||
Pro forma diluted earnings (loss) per share
|
(0.27
|
)
|
|
0.90
|
|
|
2.41
|
|
|
1.29
|
|
|
|
Fair Value Measurements on a Recurring Basis
As of Third Quarter-End 2019 |
||||||||||||||
Description
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
|
(In millions of dollars)
|
||||||||||||||
Money market funds
|
|
$
|
4.9
|
|
|
$
|
4.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investment in Persol Holdings
|
|
174.9
|
|
|
174.9
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total assets at fair value
|
|
$
|
179.8
|
|
|
$
|
179.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements on a Recurring Basis
As of Year-End 2018 |
||||||||||||||
Description
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
|
(In millions of dollars)
|
||||||||||||||
Money market funds
|
|
$
|
4.6
|
|
|
$
|
4.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investment in Persol Holdings
|
|
135.1
|
|
|
135.1
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total assets at fair value
|
|
$
|
139.7
|
|
|
$
|
139.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Balance as of year-end 2018
|
$
|
—
|
|
Additions charged to Americas Staffing
|
6.3
|
|
|
Reductions for cash payments
|
(0.2
|
)
|
|
Balance as of first quarter-end 2019
|
6.1
|
|
|
Reductions for cash payments
|
(3.1
|
)
|
|
Accrual adjustments
|
(0.6
|
)
|
|
Balance as of second quarter-end 2019
|
2.4
|
|
|
Reductions for cash payments
|
(1.4
|
)
|
|
Accrual adjustments
|
(0.1
|
)
|
|
Balance as of third quarter-end 2019
|
$
|
0.9
|
|
|
As of Year-End 2018
|
|
Additions to Goodwill
|
|
As of Third Quarter-End 2019
|
||||||
|
(In millions of dollars)
|
||||||||||
Americas Staffing
|
$
|
44.8
|
|
|
$
|
13.7
|
|
|
$
|
58.5
|
|
Global Talent Solutions
|
62.5
|
|
|
6.8
|
|
|
69.3
|
|
|||
|
$
|
107.3
|
|
|
$
|
20.5
|
|
|
$
|
127.8
|
|
|
Third Quarter
|
|
September Year to Date
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In millions of dollars)
|
||||||||||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
(10.3
|
)
|
|
$
|
(7.7
|
)
|
|
$
|
(15.7
|
)
|
|
$
|
(6.9
|
)
|
Other comprehensive income (loss) before reclassifications
|
(6.2
|
)
|
|
(7.0
|
)
|
|
(0.8
|
)
|
|
(7.8
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net current-period other comprehensive income (loss)
|
(6.2
|
)
|
|
(7.0
|
)
|
|
(0.8
|
)
|
|
(7.8
|
)
|
||||
Ending balance
|
(16.5
|
)
|
|
(14.7
|
)
|
|
(16.5
|
)
|
|
(14.7
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Unrealized gains and losses on investment:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
—
|
|
|
—
|
|
|
—
|
|
|
140.0
|
|
||||
Cumulative-effect adjustment from adoption of ASU 2016-01, Financial Instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
(140.0
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net current-period other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(140.0
|
)
|
||||
Ending balance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Pension liability adjustments:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
(1.4
|
)
|
|
(2.3
|
)
|
|
(1.4
|
)
|
|
(2.3
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net current-period other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Ending balance
|
(1.4
|
)
|
|
(2.3
|
)
|
|
(1.4
|
)
|
|
(2.3
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Total accumulated other comprehensive income (loss)
|
$
|
(17.9
|
)
|
|
$
|
(17.0
|
)
|
|
$
|
(17.9
|
)
|
|
$
|
(17.0
|
)
|
|
Third Quarter
|
|
September Year to Date
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net earnings (loss)
|
$
|
(10.5
|
)
|
|
$
|
33.1
|
|
|
$
|
95.4
|
|
|
$
|
46.8
|
|
Less: earnings allocated to participating securities
|
—
|
|
|
(0.4
|
)
|
|
(1.0
|
)
|
|
(0.5
|
)
|
||||
Net earnings (loss) available to common shareholders
|
$
|
(10.5
|
)
|
|
$
|
32.7
|
|
|
$
|
94.4
|
|
|
$
|
46.3
|
|
|
|
|
|
|
|
|
|
||||||||
Average shares outstanding (millions):
|
|
|
|
|
|
|
|
||||||||
Basic
|
39.1
|
|
|
38.8
|
|
|
39.0
|
|
|
38.7
|
|
||||
Dilutive share awards
|
—
|
|
|
0.1
|
|
|
0.2
|
|
|
0.1
|
|
||||
Diluted
|
39.1
|
|
|
38.9
|
|
|
39.2
|
|
|
38.8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share
|
$
|
(0.27
|
)
|
|
$
|
0.84
|
|
|
$
|
2.42
|
|
|
$
|
1.20
|
|
Diluted earnings (loss) per share
|
$
|
(0.27
|
)
|
|
$
|
0.84
|
|
|
$
|
2.41
|
|
|
$
|
1.19
|
|
|
Financial Measure
Performance Shares |
|
TSR
Performance Shares |
||||||||||
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
||||||
Nonvested at year-end 2018
|
481
|
|
|
$
|
23.58
|
|
|
173
|
|
|
$
|
23.56
|
|
Granted
|
250
|
|
|
25.38
|
|
|
—
|
|
|
—
|
|
||
Vested
|
(188
|
)
|
|
28.05
|
|
|
(55
|
)
|
|
19.73
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Nonvested at third quarter-end 2019
|
543
|
|
|
$
|
24.66
|
|
|
118
|
|
|
$
|
25.35
|
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|||
Nonvested at year-end 2018
|
356
|
|
|
$
|
23.44
|
|
Granted
|
183
|
|
|
24.79
|
|
|
Vested
|
(109
|
)
|
|
22.61
|
|
|
Forfeited
|
(38
|
)
|
|
23.80
|
|
|
Nonvested at third quarter-end 2019
|
392
|
|
|
$
|
24.27
|
|
|
Third Quarter
|
|
September Year to Date
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In millions of dollars)
|
||||||||||||||
Interest income
|
$
|
0.4
|
|
|
$
|
0.2
|
|
|
$
|
0.8
|
|
|
$
|
0.6
|
|
Interest expense
|
(0.9
|
)
|
|
(0.7
|
)
|
|
(3.2
|
)
|
|
(2.3
|
)
|
||||
Dividend income
|
—
|
|
|
—
|
|
|
1.3
|
|
|
0.8
|
|
||||
Foreign exchange gain (loss)
|
0.3
|
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
(0.9
|
)
|
||||
Other
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
$
|
(0.2
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(1.8
|
)
|
|
|
|
|
Third Quarter
|
|
September Year to Date
|
||||
Description
|
|
Statements of Earnings Location
|
|
2019
|
|
2019
|
||||
Operating:
|
|
|
|
|
|
|
||||
Operating lease cost
|
|
Selling, general and administrative expenses
|
|
$
|
6.6
|
|
|
$
|
20.3
|
|
Short-term lease cost
|
|
Selling, general and administrative expenses
|
|
0.9
|
|
|
2.5
|
|
||
Variable lease cost
|
|
Selling, general and administrative expenses
|
|
1.7
|
|
|
5.2
|
|
||
Financing:
|
|
|
|
|
|
|
||||
Amortization of ROU assets
|
|
Selling, general and administrative expenses
|
|
0.1
|
|
|
0.1
|
|
||
Interest on lease liabilities
|
|
Other income (expense), net
|
|
0.1
|
|
|
0.1
|
|
||
Total lease cost
|
|
|
|
$
|
9.4
|
|
|
$
|
28.2
|
|
Description
|
|
Balance Sheet Location
|
|
As of Third Quarter-End 2019
|
||
ROU Assets:
|
|
|
|
|
||
Operating
|
|
Operating lease right-of-use assets
|
|
$
|
62.2
|
|
Financing
|
|
Property and equipment
|
|
2.8
|
|
|
Total lease assets
|
|
|
|
$
|
65.0
|
|
|
|
|
|
|
||
ROU Liabilities:
|
|
|
|
|
||
Operating - current
|
|
Operating lease liabilities, current
|
|
$
|
19.8
|
|
Financing - current
|
|
Accounts payable and accrued liabilities
|
|
0.9
|
|
|
Operating - noncurrent
|
|
Operating lease liabilities, noncurrent
|
|
45.3
|
|
|
Financing - noncurrent
|
|
Other long-term liabilities
|
|
1.5
|
|
|
Total lease liabilities
|
|
|
|
$
|
67.5
|
|
|
September Year to Date
|
|
|
2019
|
|
Weighted average remaining lease term (years):
|
|
|
Operating leases
|
3.9
|
|
Financing leases
|
3.7
|
|
Weighted average discount rate:
|
|
|
Operating leases
|
5.8
|
%
|
Financing leases
|
5.1
|
%
|
|
Third Quarter
|
|
September Year to Date
|
||||
|
2019
|
|
2019
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
6.3
|
|
|
$
|
19.8
|
|
Financing cash flows from financing leases
|
0.2
|
|
|
0.4
|
|
||
|
|
|
|
||||
ROU assets obtained in exchange for new lease obligations:
|
|
|
|
||||
Operating leases
|
$
|
2.2
|
|
|
$
|
6.2
|
|
Financing leases
|
1.1
|
|
|
2.8
|
|
|
Operating Leases
|
|
Financing Leases
|
||||
2019, remaining
|
$
|
6.1
|
|
|
$
|
0.3
|
|
2020
|
21.9
|
|
|
0.8
|
|
||
2021
|
17.5
|
|
|
0.8
|
|
||
2022
|
12.3
|
|
|
0.8
|
|
||
2023
|
7.0
|
|
|
—
|
|
||
2024
|
3.9
|
|
|
—
|
|
||
Thereafter
|
4.2
|
|
|
—
|
|
||
Total future lease payments
|
72.9
|
|
|
2.7
|
|
||
Less: Imputed interest
|
7.8
|
|
|
0.3
|
|
||
Total
|
$
|
65.1
|
|
|
$
|
2.4
|
|
Fiscal year:
|
|
||
2019
|
$
|
26.7
|
|
2020
|
20.4
|
|
|
2021
|
15.2
|
|
|
2022
|
9.8
|
|
|
2023
|
4.7
|
|
|
Later years
|
4.9
|
|
|
|
|
||
Total
|
$
|
81.7
|
|
|
Third Quarter
|
|
September Year to Date
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In millions of dollars)
|
||||||||||||||
Revenue from Services:
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Americas Staffing
|
$
|
516.0
|
|
|
$
|
561.8
|
|
|
$
|
1,740.1
|
|
|
$
|
1,770.1
|
|
Global Talent Solutions
|
502.5
|
|
|
507.6
|
|
|
1,509.4
|
|
|
1,494.1
|
|
||||
International Staffing
|
252.9
|
|
|
277.2
|
|
|
779.9
|
|
|
848.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Less: Intersegment revenue
|
(3.7
|
)
|
|
(4.2
|
)
|
|
(11.6
|
)
|
|
(13.5
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Consolidated Total
|
$
|
1,267.7
|
|
|
$
|
1,342.4
|
|
|
$
|
4,017.8
|
|
|
$
|
4,099.2
|
|
|
Third Quarter
|
|
September Year to Date
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In millions of dollars)
|
||||||||||||||
Earnings from Operations:
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Americas Staffing gross profit
|
$
|
93.9
|
|
|
$
|
106.0
|
|
|
$
|
319.9
|
|
|
$
|
322.5
|
|
Americas Staffing SG&A expenses
|
(89.8
|
)
|
|
(91.2
|
)
|
|
(284.2
|
)
|
|
(273.8
|
)
|
||||
Americas Staffing Earnings from Operations
|
4.1
|
|
|
14.8
|
|
|
35.7
|
|
|
48.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Global Talent Solutions gross profit
|
99.6
|
|
|
97.3
|
|
|
299.7
|
|
|
281.8
|
|
||||
Global Talent Solutions SG&A expenses
|
(71.2
|
)
|
|
(73.2
|
)
|
|
(220.2
|
)
|
|
(224.0
|
)
|
||||
Global Talent Solutions Earnings from Operations
|
28.4
|
|
|
24.1
|
|
|
79.5
|
|
|
57.8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
International Staffing gross profit
|
34.7
|
|
|
36.4
|
|
|
105.4
|
|
|
115.4
|
|
||||
International Staffing SG&A expenses
|
(31.2
|
)
|
|
(31.6
|
)
|
|
(95.1
|
)
|
|
(99.2
|
)
|
||||
International Staffing Earnings from Operations
|
3.5
|
|
|
4.8
|
|
|
10.3
|
|
|
16.2
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Less: Intersegment gross profit
|
(0.5
|
)
|
|
(0.6
|
)
|
|
(1.7
|
)
|
|
(1.9
|
)
|
||||
Less: Intersegment SG&A expenses
|
0.5
|
|
|
0.6
|
|
|
1.7
|
|
|
1.9
|
|
||||
Net Intersegment Activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate
|
(18.9
|
)
|
|
(21.8
|
)
|
|
(56.8
|
)
|
|
(68.4
|
)
|
||||
Consolidated Total
|
17.1
|
|
|
21.9
|
|
|
68.7
|
|
|
54.3
|
|
||||
Gain (loss) on investment in Persol Holdings
|
(39.3
|
)
|
|
15.8
|
|
|
35.1
|
|
|
(13.0
|
)
|
||||
Other expense, net
|
(0.2
|
)
|
|
(0.7
|
)
|
|
(1.1
|
)
|
|
(1.8
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) before taxes and equity in net earnings (loss) of affiliate
|
$
|
(22.4
|
)
|
|
$
|
37.0
|
|
|
$
|
102.7
|
|
|
$
|
39.5
|
|
•
|
Leadership position via scale or specialty
|
•
|
Embracing the future of work
|
•
|
Being the destination for top talent
|
•
|
Investing in innovation and efficiency
|
•
|
To grow higher-margin specialty and outsourced solutions, creating a more balanced portfolio that yields benefits from improved mix;
|
•
|
To integrate our investments in specialty solutions with significant growth opportunities, such as our acquisitions of GTA and NextGen;
|
•
|
To deliver structural improvements in costs through investments in technology and process automation; and
|
•
|
To continue to improve our conversion rate.
|
|
2019
|
|
2018
|
|
Change
|
|
CC
Change
|
|||||||
Revenue from services
|
$
|
1,267.7
|
|
|
$
|
1,342.4
|
|
|
(5.6
|
)%
|
|
|
(4.8
|
)%
|
Gross profit
|
227.7
|
|
|
239.1
|
|
|
(4.8
|
)
|
|
|
(4.1
|
)
|
||
SG&A expenses excluding restructuring charges
|
210.7
|
|
|
217.2
|
|
|
(3.0
|
)
|
|
|
(2.3
|
)
|
||
Restructuring charges
|
(0.1
|
)
|
|
—
|
|
|
NM
|
|
|
|
NM
|
|
||
Total SG&A expenses
|
210.6
|
|
|
217.2
|
|
|
(3.0
|
)
|
|
|
(2.4
|
)
|
||
Earnings from operations
|
17.1
|
|
|
21.9
|
|
|
(22.2
|
)
|
|
|
|
|||
Earnings from operations excluding restructuring charges
|
17.0
|
|
|
21.9
|
|
|
(22.5
|
)
|
|
|
|
|||
Diluted earnings (loss) per share
|
(0.27
|
)
|
|
0.84
|
|
|
NM
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Permanent placement income (included in revenue from services)
|
15.1
|
|
|
18.4
|
|
|
(18.3
|
)
|
|
|
(17.3
|
)
|
||
Gross profit rate
|
18.0
|
%
|
|
17.8
|
%
|
|
0.2
|
|
pts.
|
|
|
|||
Conversion rate
|
7.5
|
|
|
9.2
|
|
|
(1.7
|
)
|
|
|
|
|||
Conversion rate excluding restructuring charges
|
7.5
|
|
|
9.2
|
|
|
(1.7
|
)
|
|
|
|
|||
Return on sales
|
1.3
|
|
|
1.6
|
|
|
(0.3
|
)
|
|
|
|
|||
Return on sales excluding restructuring charges
|
1.3
|
|
|
1.6
|
|
|
(0.3
|
)
|
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
CC
Change
|
|||||||
Revenue from services
|
$
|
516.0
|
|
|
$
|
561.8
|
|
|
(8.1
|
)%
|
|
|
(8.0
|
)%
|
Gross profit
|
93.9
|
|
|
106.0
|
|
|
(11.3
|
)
|
|
|
(11.2
|
)
|
||
SG&A expenses excluding restructuring charges
|
89.9
|
|
|
91.2
|
|
|
(1.3
|
)
|
|
|
(1.2
|
)
|
||
Restructuring charges
|
(0.1
|
)
|
|
—
|
|
|
NM
|
|
|
|
NM
|
|
||
Total SG&A expenses
|
89.8
|
|
|
91.2
|
|
|
(1.4
|
)
|
|
|
(1.3
|
)
|
||
Earnings from operations
|
4.1
|
|
|
14.8
|
|
|
(72.6
|
)
|
|
|
|
|||
Earnings from operations excluding restructuring charges
|
4.0
|
|
|
14.8
|
|
|
(73.1
|
)
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Gross profit rate
|
18.2
|
%
|
|
18.9
|
%
|
|
(0.7
|
)
|
pts.
|
|
|
|||
Conversion rate
|
4.3
|
|
|
14.0
|
|
|
(9.7
|
)
|
|
|
|
|||
Conversion rate excluding restructuring charges
|
4.2
|
|
|
14.0
|
|
|
(9.8
|
)
|
|
|
|
|||
Return on sales
|
0.8
|
|
|
2.6
|
|
|
(1.8
|
)
|
|
|
|
|||
Return on sales excluding restructuring charges
|
0.8
|
|
|
2.6
|
|
|
(1.8
|
)
|
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
CC
Change
|
|||||||
Revenue from services
|
$
|
502.5
|
|
|
$
|
507.6
|
|
|
(1.0
|
)%
|
|
|
(0.8
|
)%
|
Gross profit
|
99.6
|
|
|
97.3
|
|
|
2.3
|
|
|
|
2.8
|
|
||
Total SG&A expenses
|
71.2
|
|
|
73.2
|
|
|
(2.8
|
)
|
|
|
(2.4
|
)
|
||
Earnings from operations
|
28.4
|
|
|
24.1
|
|
|
18.0
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Gross profit rate
|
19.8
|
%
|
|
19.2
|
%
|
|
0.6
|
|
pts.
|
|
|
|
||
Conversion rate
|
28.5
|
|
|
24.7
|
|
|
3.8
|
|
|
|
|
|||
Return on sales
|
5.6
|
|
|
4.7
|
|
|
0.9
|
|
|
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
CC
Change
|
|||||||
Revenue from services
|
$
|
252.9
|
|
|
$
|
277.2
|
|
|
(8.8
|
)%
|
|
|
(5.8
|
)%
|
Gross profit
|
34.7
|
|
|
36.4
|
|
|
(4.8
|
)
|
|
|
(1.8
|
)
|
||
Total SG&A expenses
|
31.2
|
|
|
31.6
|
|
|
(0.9
|
)
|
|
|
2.1
|
|
||
Earnings from operations
|
3.5
|
|
|
4.8
|
|
|
(29.6
|
)
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Gross profit rate
|
13.7
|
%
|
|
13.2
|
%
|
|
0.5
|
|
pts.
|
|
|
|
||
Conversion rate
|
9.9
|
|
|
13.5
|
|
|
(3.6
|
)
|
|
|
|
|||
Return on sales
|
1.4
|
|
|
1.8
|
|
|
(0.4
|
)
|
|
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
CC
Change
|
|||||||
Revenue from services
|
$
|
4,017.8
|
|
|
$
|
4,099.2
|
|
|
(2.0
|
)%
|
|
|
(0.7
|
)%
|
Gross profit
|
723.3
|
|
|
717.8
|
|
|
0.8
|
|
|
|
1.9
|
|
||
SG&A expenses excluding restructuring charges
|
661.3
|
|
|
663.5
|
|
|
(0.3
|
)
|
|
|
0.8
|
|
||
Restructuring charges
|
5.6
|
|
|
—
|
|
|
NM
|
|
|
|
NM
|
|
||
Total SG&A expenses
|
666.9
|
|
|
663.5
|
|
|
0.5
|
|
|
|
1.6
|
|
||
Gain on sale of assets
|
12.3
|
|
|
—
|
|
|
NM
|
|
|
|
|
|||
Earnings from operations
|
68.7
|
|
|
54.3
|
|
|
26.3
|
|
|
|
|
|||
Earnings from operations excluding restructuring charges
|
74.3
|
|
|
54.3
|
|
|
36.7
|
|
|
|
|
|
||
Diluted earnings per share
|
2.41
|
|
|
1.19
|
|
|
102.5
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Permanent placement income (included in revenue from services)
|
46.7
|
|
|
52.3
|
|
|
(10.9
|
)
|
|
|
(8.6
|
)
|
||
Gross profit rate
|
18.0
|
%
|
|
17.5
|
%
|
|
0.5
|
|
pts.
|
|
|
|
||
Conversion rate
|
9.5
|
|
|
7.6
|
|
|
1.9
|
|
|
|
|
|
||
Conversion rate excluding restructuring charges
|
10.3
|
|
|
7.6
|
|
|
2.7
|
|
|
|
|
|
||
Return on sales
|
1.7
|
|
|
1.3
|
|
|
0.4
|
|
|
|
|
|
||
Return on sales excluding restructuring charges
|
1.8
|
|
|
1.3
|
|
|
0.5
|
|
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
CC
Change
|
|||||||
Revenue from services
|
$
|
1,740.1
|
|
|
$
|
1,770.1
|
|
|
(1.7
|
)%
|
|
|
(1.4
|
)%
|
Gross profit
|
319.9
|
|
|
322.5
|
|
|
(0.8
|
)
|
|
|
(0.6
|
)
|
||
SG&A expenses excluding restructuring charges
|
278.6
|
|
|
273.8
|
|
|
1.7
|
|
|
|
2.0
|
|
||
Restructuring charges
|
5.6
|
|
|
—
|
|
|
NM
|
|
|
|
NM
|
|
||
Total SG&A expenses
|
284.2
|
|
|
273.8
|
|
|
3.8
|
|
|
|
4.1
|
|
||
Earnings from operations
|
35.7
|
|
|
48.7
|
|
|
(26.7
|
)
|
|
|
|
|
||
Earnings from operations excluding restructuring charges
|
41.3
|
|
|
48.7
|
|
|
(15.1
|
)
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Gross profit rate
|
18.4
|
%
|
|
18.2
|
%
|
|
0.2
|
|
pts.
|
|
|
|
||
Conversion rate
|
11.2
|
|
|
15.1
|
|
|
(3.9
|
)
|
|
|
|
|
||
Conversion rate excluding restructuring charges
|
12.9
|
|
|
15.1
|
|
|
(2.2
|
)
|
|
|
|
|
||
Return on sales
|
2.1
|
|
|
2.8
|
|
|
(0.7
|
)
|
|
|
|
|
||
Return on sales excluding restructuring charges
|
2.4
|
|
|
2.8
|
|
|
(0.4
|
)
|
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
CC
Change
|
|||||||
Revenue from services
|
$
|
1,509.4
|
|
|
$
|
1,494.1
|
|
|
1.0
|
%
|
|
|
1.4
|
%
|
Gross profit
|
299.7
|
|
|
281.8
|
|
|
6.3
|
|
|
|
7.0
|
|
||
Total SG&A expenses
|
220.2
|
|
|
224.0
|
|
|
(1.7
|
)
|
|
|
(1.0
|
)
|
||
Earnings from operations
|
79.5
|
|
|
57.8
|
|
|
37.5
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Gross profit rate
|
19.9
|
%
|
|
18.9
|
%
|
|
1.0
|
|
pts.
|
|
|
|
||
Conversion rate
|
26.5
|
|
|
20.5
|
|
|
6.0
|
|
|
|
|
|
||
Return on sales
|
5.3
|
|
|
3.9
|
|
|
1.4
|
|
|
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
CC
Change
|
|||||||
Revenue from services
|
$
|
779.9
|
|
|
$
|
848.5
|
|
|
(8.1
|
)%
|
|
|
(3.0
|
)%
|
Gross profit
|
105.4
|
|
|
115.4
|
|
|
(8.7
|
)
|
|
|
(3.6
|
)
|
||
Total SG&A expenses
|
95.1
|
|
|
99.2
|
|
|
(4.0
|
)
|
|
|
1.0
|
|
||
Earnings from operations
|
10.3
|
|
|
16.2
|
|
|
(36.9
|
)
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Gross profit rate
|
13.5
|
%
|
|
13.6
|
%
|
|
(0.1
|
)
|
pts.
|
|
|
|
||
Conversion rate
|
9.7
|
|
|
14.1
|
|
|
(4.4
|
)
|
|
|
|
|||
Return on sales
|
1.3
|
|
|
1.9
|
|
|
(0.6
|
)
|
|
|
|
|
Period
|
|
Total Number
of Shares
(or Units)
Purchased
|
|
Average
Price Paid
per Share
(or Unit)
|
|
Total Number
of Shares (or
Units) Purchased
as Part of Publicly
Announced Plans
or Programs
|
|
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
That May Yet Be
Purchased Under the
Plans or Programs
(in millions of dollars)
|
||||||
July 1, 2019 through August 4, 2019
|
|
306
|
|
|
$
|
26.21
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||
August 5, 2019 through September 1, 2019
|
|
2,052
|
|
|
27.19
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||
September 2, 2019 through September 29, 2019
|
|
61
|
|
|
24.58
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
|
2,419
|
|
|
$
|
27.00
|
|
|
—
|
|
|
|
|
|
KELLY SERVICES, INC.
|
|
|
Date: November 6, 2019
|
|
|
|
|
/s/ Olivier G. Thirot
|
|
Olivier G. Thirot
|
|
|
|
Executive Vice President and
|
|
Chief Financial Officer
|
|
(Principal Financial Officer)
|
Date: November 6, 2019
|
|
|
|
|
/s/ Laura S. Lockhart
|
|
Laura S. Lockhart
|
|
|
|
Vice President, Corporate Controller
|
|
and Chief Accounting Officer
|
|
(Principal Accounting Officer)
|
Exhibit No.
|
|
Description
|
|
Code of Business Conduct and Ethics, revised August 2019.
|
|
|
|
|
|
Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act, as amended.
|
|
|
|
|
|
Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act, as amended.
|
|
|
|
|
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101.INS
|
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
1 Year Kelly Services Chart |
1 Month Kelly Services Chart |
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