Kelly Services (Nasdaq: KELYA) (Nasdaq: KELYB), a global leader in
providing workforce solutions, today announced results for the
fourth quarter and full year of 2019.
Peter Quigley, president and chief executive officer, announced
revenue for the fourth quarter of 2019 totaled $1.3 billion, a 5.4%
decrease, or 5.2% in constant currency, compared to the
corresponding quarter of 2018.
Earnings from operations for the fourth quarter of 2019 totaled
$13.1 million, compared to the $33.1 million reported for the
fourth quarter of 2018. The 2019 fourth quarter results include a
$15.8 million impairment charge related to a technology development
project.
Diluted earnings per share in the fourth quarter of 2019 were
$0.43 compared to a loss per share of $0.62 in the fourth quarter
of 2018. Included in the earnings per share in the fourth quarter
of 2019 was a $0.30 impairment charge, net of tax and a $0.01 gain,
net of tax on Persol Holdings common stock. Included in the loss
per share in the fourth quarter of 2018 is the unfavorable impact
of $1.49 due to the non-cash after-tax loss on Kelly’s investment
in Persol Holdings common stock.
Diluted earnings per share for the full year 2019 were $2.84
compared to $0.58 for 2018. Full-year earnings per share for 2019
were unfavorably impacted $0.40 by the after-tax impact of asset
impairments and restructuring charges, and were favorably impacted
$1.08 by the after-tax gain on Persol common stock, the gain on
sale of assets, and the impact of recent acquisitions. Full-year
earnings per share for 2018 were unfavorably impacted by the $1.69
non-cash after-tax loss on Persol Holdings common stock. On an
adjusted basis, diluted earnings per share were $2.16 in 2019
compared to $2.27 in 2018. The impacts of these adjustments are
more fully described in the included reconciliation of non-GAAP
measures.
“Q4 continued the underlying dynamics we saw in Q3, including a
weaker manufacturing sector, economic headwinds in Europe, and
disruption from the 2019 restructuring of our U.S. operations,”
noted Quigley. “The efficiencies we’ve gained are already bringing
us increased agility and we have delivered good GP rate
improvement, however, we have not yet delivered on top-line
growth.” Quigley has made returning to growth a top priority since
becoming CEO, while also taking other significant steps in his
first 120 days: the sale and lease-back of the company’s HQ
building to free up capital; the acquisition of Insight to further
strengthen Kelly Education’s leading U.S. market position; the
appointment of Kelly’s first-ever Chief Growth Officer; deployment
of new front-office technology in the U.S. and Europe; and other
actions designed to accelerate Kelly’s shift toward a more
responsive, tech-enabled delivery model.
Today, Quigley announced three additional changes designed to
accelerate growth and intensify Kelly’s specialty focus:
- The company will be managed by specialty: Professional &
Industrial (formerly Commercial); Education; STEM (including
Science, Engineering, and IT); OCG; and International. Each
specialty will be led by a president, reporting directly to
Quigley, who will work to accelerate each specialty’s top- and
bottom-line results.
- Kelly will accelerate its M&A initiatives as part of an
ambitious program to drive financial performance through growth in
higher-margin businesses, focusing its capital allocations on
investments and acquisitions that align with the company’s
specialty solutions strategy.
- Kelly will share growth targets via its growth map, providing
regular updates on progress against key financial goals the company
intends to achieve.
“There’s no question there are a lot of positive changes
underway at Kelly,” stated Quigley. “Although they’re at different
stages of progress, they are necessary to address market challenges
head-on, modernize our delivery models, leverage more agile
operations, open new doors for organic and inorganic growth, and
put us on a path to becoming a specialty talent company that
delivers results for clients, talent, and shareholders.”
Kelly also reported that on February 12, its board of directors
declared a dividend of $0.075 per share. The dividend is payable
March 9, 2020 to shareholders of record as of the close of business
on February 24, 2020.
In conjunction with its fourth quarter and full year earnings
release, Kelly Services has published a financial presentation on
the Investor Relations page of its public website and will host a
conference call at 9:00 a.m. (ET) on February 13 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 (new process)(877) 692-8955
(toll free) or (234) 720-6979 (caller paid)Enter access
code 5728672After the prompt, please enter
“#”
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, competitive market
pressures including pricing and technology introductions and
disruptions, changing market and economic conditions, our ability
to achieve our business strategy, the risk of damage to our brand,
the risk our intellectual property assets could be infringed upon
or compromised, our ability to successfully develop new service
offerings, our exposure to risks associated with services outside
traditional staffing, including business process outsourcing and
services connecting talent to independent work, our increasing
dependency on third parties for the execution of critical
functions, the risks associated with past and future acquisitions,
exposure to risks associated with investments in equity affiliates
including PersolKelly Asia Pacific, 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, 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, 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 sustain critical business applications through our key
data centers, our ability to effectively implement and manage our
information technology projects, our ability to maintain adequate
financial and management processes and controls, risk of potential
impairment charges triggered by adverse industry developments or
operational circumstances, unexpected changes in claim trends on
workers’ compensation, unemployment, disability and medical benefit
plans, the impact of changes in laws and regulations (including
federal, state and international tax laws), competition law risks,
the risk of additional tax or unclaimed property liabilities in
excess of our estimates, 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 have no intention to update these statements.
About Kelly Services®
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 approximately 440,000 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 2019 was $5.4 billion. Visit
kellyservices.com and let us help with what’s next for you.
KLYA-FIN
MEDIA
CONTACT: |
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ANALYST
CONTACT: |
Jane Stehney |
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James Polehna |
(248) 574-9800 |
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(248) 244-4586 |
stehnja@kellyservices.com |
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james.polehna@kellyservices.com |
KELLY SERVICES, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF EARNINGS |
FOR THE 13 WEEKS ENDED DECEMBER 29, 2019 AND DECEMBER 30,
2018 |
(UNAUDITED) |
(In millions of dollars except per share data) |
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% |
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CC % |
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2019 |
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2018 |
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Change |
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Change |
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Change |
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Revenue from services |
$ |
1,337.8 |
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$ |
1,414.7 |
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$ |
(76.9 |
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(5.4 |
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% |
(5.2 |
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% |
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Cost of services |
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1,092.7 |
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1,160.3 |
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(67.6 |
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(5.8 |
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Gross
profit |
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245.1 |
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254.4 |
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(9.3 |
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(3.7 |
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(3.4 |
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Selling, general and
administrative expenses |
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216.2 |
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221.3 |
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(5.1 |
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(2.3 |
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(2.1 |
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Asset impairment charge |
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15.8 |
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— |
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15.8 |
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NM |
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Earnings from
operations |
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13.1 |
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33.1 |
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(20.0 |
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(60.5 |
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Gain (loss) on investment in
Persol Holdings |
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0.7 |
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(83.2 |
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83.9 |
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NM |
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Other income (expense),
net |
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(0.1 |
) |
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1.2 |
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(1.3 |
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(110.6 |
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Earnings (loss) before
taxes and equity in net earnings (loss) of affiliate |
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13.7 |
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(48.9 |
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62.6 |
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NM |
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Income tax (benefit)
expense |
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(5.9 |
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(23.8 |
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17.9 |
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75.2 |
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Net earnings (loss)
before equity in net earnings (loss) of affiliate |
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19.6 |
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(25.1 |
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44.7 |
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NM |
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Equity in net earnings (loss)
of affiliate |
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(2.6 |
) |
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1.2 |
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(3.8 |
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NM |
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Net earnings
(loss) |
$ |
17.0 |
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$ |
(23.9 |
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$ |
40.9 |
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NM |
% |
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Basic earnings (loss)
per share |
$ |
0.43 |
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$ |
(0.62 |
) |
$ |
1.05 |
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NM |
% |
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Diluted earnings
(loss) per share |
$ |
0.43 |
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$ |
(0.62 |
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$ |
1.05 |
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NM |
% |
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STATISTICS: |
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Staffing fee-based income
(included in revenue from services) |
$ |
13.4 |
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$ |
16.3 |
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$ |
(2.9 |
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(17.7 |
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% |
(17.2 |
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% |
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Gross profit rate |
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18.3 |
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% |
18.0 |
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% |
0.3 |
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pts. |
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Conversion rate |
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5.3 |
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13.0 |
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(7.7 |
) |
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% Return: |
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Earnings from operations |
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1.0 |
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2.3 |
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(1.3 |
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Net earnings (loss) |
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1.3 |
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(1.7 |
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3.0 |
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Effective income tax rate |
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(43.2 |
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% |
48.8 |
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% |
(92.0 |
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pts. |
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Average number of
shares outstanding (millions): |
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Basic |
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39.1 |
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38.9 |
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Diluted |
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39.3 |
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38.9 |
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KELLY SERVICES, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF EARNINGS |
FOR THE 52 WEEKS ENDED DECEMBER 29, 2019 AND DECEMBER 30,
2018 |
(UNAUDITED) |
(In millions of dollars except per share data) |
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% |
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CC % |
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2019 |
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2018 |
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Change |
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Change |
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Change |
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Revenue from services |
$ |
5,355.6 |
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$ |
5,513.9 |
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$ |
(158.3 |
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(2.9 |
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% |
(1.9 |
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% |
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Cost of services |
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4,387.2 |
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4,541.7 |
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(154.5 |
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(3.4 |
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Gross
profit |
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968.4 |
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972.2 |
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(3.8 |
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(0.4 |
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0.5 |
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Selling, general and
administrative expenses |
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883.1 |
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884.8 |
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(1.7 |
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(0.2 |
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0.7 |
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Gain on sale of assets |
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(12.3 |
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— |
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(12.3 |
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NM |
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Asset impairment charge |
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15.8 |
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— |
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15.8 |
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NM |
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Earnings from
operations |
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81.8 |
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87.4 |
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(5.6 |
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(6.5 |
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Gain (loss) on investment in
Persol Holdings |
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35.8 |
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(96.2 |
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132.0 |
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NM |
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Other income (expense),
net |
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(1.2 |
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(0.6 |
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(0.6 |
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(86.9 |
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Earnings (loss) before
taxes and equity in net earnings (loss) of affiliate |
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116.4 |
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(9.4 |
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125.8 |
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NM |
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Income tax expense
(benefit) |
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0.4 |
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(27.1 |
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27.5 |
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101.3 |
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Net earnings (loss)
before equity in net earnings (loss) of affiliate |
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116.0 |
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17.7 |
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98.3 |
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NM |
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Equity in net earnings (loss)
of affiliate |
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(3.6 |
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5.2 |
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(8.8 |
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NM |
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Net
earnings |
$ |
112.4 |
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$ |
22.9 |
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$ |
89.5 |
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390.2 |
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% |
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Basic earnings per
share |
$ |
2.85 |
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$ |
0.59 |
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$ |
2.26 |
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383.1 |
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% |
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Diluted earnings per
share |
$ |
2.84 |
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$ |
0.58 |
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$ |
2.26 |
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389.7 |
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% |
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STATISTICS: |
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Staffing fee-based income
(included in revenue from services) |
$ |
60.1 |
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$ |
68.6 |
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$ |
(8.5 |
) |
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(12.5 |
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% |
(10.6 |
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% |
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Gross profit rate |
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18.1 |
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% |
17.6 |
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% |
0.5 |
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pts. |
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Conversion rate |
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8.4 |
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9.0 |
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(0.6 |
) |
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% Return: |
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Earnings from operations |
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1.5 |
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1.6 |
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(0.1 |
) |
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Net earnings |
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2.1 |
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0.4 |
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1.7 |
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Effective income tax rate |
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0.3 |
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% |
289.2 |
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% |
(288.9 |
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pts. |
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Average number of shares
outstanding (millions): |
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Basic |
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39.1 |
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38.8 |
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Diluted |
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39.2 |
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39.1 |
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KELLY SERVICES, INC. AND SUBSIDIARIES |
RESULTS OF OPERATIONS BY SEGMENT |
(UNAUDITED) |
(In millions of dollars) |
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Fourth Quarter |
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% |
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CC % |
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2019 |
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2018 |
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Change |
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Change |
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Americas
Staffing |
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Revenue from services |
$ |
580.0 |
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$ |
647.6 |
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(10.4 |
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% |
(10.5 |
) |
% |
Gross profit |
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109.6 |
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118.8 |
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(7.8 |
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(7.8 |
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SG&A expenses excluding restructuring charges |
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88.6 |
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90.4 |
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(2.0 |
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(2.0 |
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Restructuring charges |
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(0.1 |
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— |
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NM |
|
NM |
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Total SG&A expenses |
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88.5 |
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90.4 |
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(2.1 |
) |
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(2.1 |
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Earnings from operations |
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21.1 |
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|
28.4 |
|
|
(25.8 |
) |
|
|
|
Earnings from operations excluding restructuring charges |
|
21.0 |
|
|
|
28.4 |
|
|
(26.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
18.9 |
|
% |
|
18.3 |
|
% |
0.6 |
|
pts. |
|
|
Conversion rate |
|
19.3 |
|
|
|
23.9 |
|
|
(4.6 |
) |
|
|
|
Conversion rate excluding restructuring charges |
|
19.1 |
|
|
|
23.9 |
|
|
(4.8 |
) |
|
|
|
Return on sales |
|
3.6 |
|
|
|
4.4 |
|
|
(0.8 |
) |
|
|
|
Return on sales excluding restructuring charges |
|
3.6 |
|
|
|
4.4 |
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Talent
Solutions |
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
515.1 |
|
|
$ |
503.3 |
|
|
2.3 |
|
% |
2.4 |
|
% |
Gross profit |
|
100.8 |
|
|
|
99.3 |
|
|
1.5 |
|
|
1.7 |
|
|
Total SG&A expenses |
|
72.9 |
|
|
|
72.5 |
|
|
0.5 |
|
|
0.6 |
|
|
Earnings from operations |
|
27.9 |
|
|
|
26.8 |
|
|
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
19.6 |
|
% |
|
19.7 |
|
% |
(0.1 |
) |
pts. |
|
|
Conversion rate |
|
27.7 |
|
|
|
27.0 |
|
|
0.7 |
|
|
|
|
Return on sales |
|
5.4 |
|
|
|
5.3 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Staffing |
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
246.0 |
|
|
$ |
268.1 |
|
|
(8.2 |
) |
% |
(7.1 |
) |
% |
Gross profit |
|
35.1 |
|
|
|
36.9 |
|
|
(4.9 |
) |
|
(3.5 |
) |
|
Total SG&A expenses |
|
30.2 |
|
|
|
33.1 |
|
|
(9.0 |
) |
|
(7.8 |
) |
|
Earnings from operations |
|
4.9 |
|
|
|
3.8 |
|
|
30.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
14.3 |
|
% |
|
13.8 |
|
% |
0.5 |
|
pts. |
|
|
Conversion rate |
|
14.1 |
|
|
|
10.2 |
|
|
3.9 |
|
|
|
|
Return on sales |
|
2.0 |
|
|
|
1.4 |
|
|
0.6 |
|
|
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
RESULTS OF OPERATIONS BY SEGMENT |
(UNAUDITED) |
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December Year to Date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
CC % |
|
|
|
2019 |
|
|
2018 |
|
Change |
|
Change |
|
Americas
Staffing |
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
2,320.1 |
|
|
$ |
2,417.7 |
|
|
(4.0 |
) |
% |
(3.8 |
) |
% |
Gross profit |
|
429.5 |
|
|
|
441.3 |
|
|
(2.7 |
) |
|
(2.5 |
) |
|
SG&A expenses excluding restructuring charges |
|
367.2 |
|
|
|
364.2 |
|
|
0.8 |
|
|
1.0 |
|
|
Restructuring charges |
|
5.5 |
|
|
|
— |
|
|
NM |
|
NM |
|
Total SG&A expenses |
|
372.7 |
|
|
|
364.2 |
|
|
2.3 |
|
|
2.6 |
|
|
Earnings from operations |
|
56.8 |
|
|
|
77.1 |
|
|
(26.3 |
) |
|
|
|
Earnings from operations excluding restructuring charges |
|
62.3 |
|
|
|
77.1 |
|
|
(19.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
18.5 |
|
% |
|
18.3 |
|
% |
0.2 |
|
pts. |
|
|
Conversion rate |
|
13.2 |
|
|
|
17.5 |
|
|
(4.3 |
) |
|
|
|
Conversion rate excluding restructuring charges |
|
14.5 |
|
|
|
17.5 |
|
|
(3.0 |
) |
|
|
|
Return on sales |
|
2.4 |
|
|
|
3.2 |
|
|
(0.8 |
) |
|
|
|
Return on sales excluding restructuring charges |
|
2.7 |
|
|
|
3.2 |
|
|
(0.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Talent
Solutions |
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
2,024.5 |
|
|
$ |
1,997.4 |
|
|
1.4 |
|
% |
1.6 |
|
% |
Gross profit |
|
400.5 |
|
|
|
381.1 |
|
|
5.1 |
|
|
5.6 |
|
|
Total SG&A expenses |
|
293.1 |
|
|
|
296.5 |
|
|
(1.2 |
) |
|
(0.6 |
) |
|
Earnings from operations |
|
107.4 |
|
|
|
84.6 |
|
|
26.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
19.8 |
|
% |
|
19.1 |
|
% |
0.7 |
|
pts. |
|
|
Conversion rate |
|
26.8 |
|
|
|
22.2 |
|
|
4.6 |
|
|
|
|
Return on sales |
|
5.3 |
|
|
|
4.2 |
|
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Staffing |
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
1,025.9 |
|
|
$ |
1,116.6 |
|
|
(8.1 |
) |
% |
(4.0 |
) |
% |
Gross profit |
|
140.5 |
|
|
|
152.3 |
|
|
(7.7 |
) |
|
(3.6 |
) |
|
Total SG&A expenses |
|
125.3 |
|
|
|
132.3 |
|
|
(5.3 |
) |
|
(1.2 |
) |
|
Earnings from operations |
|
15.2 |
|
|
|
20.0 |
|
|
(24.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
13.7 |
|
% |
|
13.6 |
|
% |
0.1 |
|
pts. |
|
|
Conversion rate |
|
10.8 |
|
|
|
13.2 |
|
|
(2.4 |
) |
|
|
|
Return on sales |
|
1.5 |
|
|
|
1.8 |
|
|
(0.3 |
) |
|
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(UNAUDITED) |
(In millions of dollars) |
|
|
Dec. 29,
2019 |
|
Dec. 30,
2018 |
|
Current
Assets |
|
|
|
|
|
Cash and equivalents |
$ |
25.8 |
|
$ |
35.3 |
|
|
Trade accounts receivable, less allowances of |
|
|
|
|
|
$12.9 and $13.2, respectively |
|
1,282.2 |
|
|
1,293.3 |
|
|
Prepaid expenses and other current assets |
|
76.5 |
|
|
71.9 |
|
|
Properties held for sale |
|
21.2 |
|
|
— |
|
|
Total current assets |
|
1,405.7 |
|
|
1,400.5 |
|
|
|
|
|
|
|
|
Noncurrent
Assets |
|
|
|
|
|
Property and equipment, net |
|
43.1 |
|
|
86.3 |
|
|
Operating lease right-of-use assets |
|
60.4 |
|
|
— |
|
|
Deferred taxes |
|
229.1 |
|
|
198.7 |
|
|
Goodwill, net |
|
127.8 |
|
|
107.3 |
|
|
Investment in Persol Holdings |
|
173.2 |
|
|
135.1 |
|
|
Investment in equity affiliate |
|
117.2 |
|
|
121.3 |
|
|
Other assets |
|
324.1 |
|
|
265.2 |
|
|
Total noncurrent assets |
|
1,074.9 |
|
|
913.9 |
|
|
|
|
|
|
|
|
Total
Assets |
$ |
2,480.6 |
|
$ |
2,314.4 |
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
Short-term borrowings |
$ |
1.9 |
|
$ |
2.2 |
|
|
Accounts payable and accrued liabilities |
|
503.6 |
|
|
540.6 |
|
|
Operating lease liabilities |
|
20.1 |
|
|
— |
|
|
Accrued payroll and related taxes |
|
267.6 |
|
|
266.0 |
|
|
Accrued workers' compensation and other claims |
|
25.7 |
|
|
26.0 |
|
|
Income and other taxes |
|
65.2 |
|
|
62.7 |
|
|
Total current liabilities |
|
884.1 |
|
|
897.5 |
|
|
|
|
|
|
|
|
Noncurrent
Liabilities |
|
|
|
|
|
Operating lease liabilities |
|
43.3 |
|
|
— |
|
|
Accrued workers' compensation and other claims |
|
45.8 |
|
|
50.5 |
|
|
Accrued retirement benefits |
|
187.4 |
|
|
162.9 |
|
|
Other long-term liabilities |
|
55.5 |
|
|
44.0 |
|
|
Total noncurrent
liabilities |
|
332.0 |
|
|
257.4 |
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
Common stock |
|
40.1 |
|
|
40.1 |
|
|
Treasury stock |
|
(20.9 |
) |
|
(26.0 |
) |
|
Paid-in capital |
|
22.5 |
|
|
24.4 |
|
|
Earnings invested in the business |
|
1,238.6 |
|
|
1,138.1 |
|
|
Accumulated other comprehensive income (loss) |
|
(15.8 |
) |
|
(17.1 |
) |
|
|
|
|
|
|
|
Total stockholders'
equity |
|
1,264.5 |
|
|
1,159.5 |
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity |
$ |
2,480.6 |
|
$ |
2,314.4 |
|
|
|
|
|
|
|
|
Statistics: |
|
|
|
|
|
Working Capital |
$ |
521.6 |
|
$ |
503.0 |
|
|
Current Ratio |
|
1.6 |
|
|
1.6 |
|
|
Debt-to-capital % |
|
0.1 |
|
% |
0.2 |
|
% |
Global Days Sales Outstanding |
|
58 |
|
|
55 |
|
|
Year-to-Date Free Cash Flow |
$ |
82.2 |
|
$ |
35.8 |
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
FOR THE 52 WEEKS ENDED DECEMBER 29, 2019 AND DECEMBER 30,
2018 |
(UNAUDITED) |
(In millions of dollars) |
|
|
2019 |
|
2018 |
Cash flows from
operating activities: |
|
|
|
|
Net earnings |
$ |
112.4 |
|
$ |
22.9 |
|
Adjustments to reconcile net earnings to net cash from operating
activities: |
|
|
|
|
Depreciation and amortization |
|
31.6 |
|
|
26.2 |
|
Operating lease asset amortization |
|
22.3 |
|
|
— |
|
Provision for bad debts |
|
4.1 |
|
|
3.0 |
|
Stock-based compensation |
|
5.6 |
|
|
8.1 |
|
Deferred income taxes |
|
(18.3 |
) |
|
(47.5 |
) |
(Gain) loss on investment in Persol Holdings |
|
(35.8 |
) |
|
96.2 |
|
(Gain) on sale of assets |
|
(12.3 |
) |
|
— |
|
Asset impairment charge |
|
15.8 |
|
|
— |
|
Equity in net (earnings) loss of PersolKelly Asia Pacific |
|
3.6 |
|
|
(5.2 |
) |
Other, net |
|
(0.4 |
) |
|
(0.8 |
) |
Changes in operating assets and liabilities, net of
acquisitions |
|
(26.4 |
) |
|
(41.5 |
) |
Net cash from operating activities |
|
102.2 |
|
|
61.4 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures |
|
(20.0 |
) |
|
(25.6 |
) |
Acquisition of companies, net of cash received |
|
(86.4 |
) |
|
— |
|
Investment in equity securities |
|
(1.0 |
) |
|
(5.0 |
) |
Loans to equity affiliate |
|
(4.4 |
) |
|
(7.0 |
) |
Proceeds from sale of assets |
|
13.8 |
|
|
— |
|
Proceeds from company-owned life insurance |
|
3.0 |
|
|
7.9 |
|
Other investing activities |
|
0.7 |
|
|
(0.1 |
) |
Net cash used in investing activities |
|
(94.3 |
) |
|
(29.8 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Net change in short-term borrowings |
|
(0.3 |
) |
|
(7.8 |
) |
Financing lease payments |
|
(0.7 |
) |
|
— |
|
Dividend payments |
|
(11.9 |
) |
|
(11.8 |
) |
Payments of tax withholding for restricted shares |
|
(2.5 |
) |
|
(6.9 |
) |
Other financing activities |
|
(0.7 |
) |
|
— |
|
Net cash used in financing activities |
|
(16.1 |
) |
|
(26.5 |
) |
|
|
|
|
|
Effect of exchange
rates on cash, cash equivalents and restricted cash |
|
(0.9 |
) |
|
(1.9 |
) |
|
|
|
|
|
Net change in cash,
cash equivalents and restricted cash |
|
(9.1 |
) |
|
3.2 |
|
Cash, cash equivalents
and restricted cash at beginning of year |
|
40.1 |
|
|
36.9 |
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at end of year |
$ |
31.0 |
|
$ |
40.1 |
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
REVENUE FROM SERVICES |
(UNAUDITED) |
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter (Americas, International and
GTS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
CC % |
|
|
|
2019 |
|
2018 |
|
Change |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
United States |
$ |
979.1 |
|
$ |
1,031.6 |
|
|
(5.1 |
) |
% |
(5.1 |
) |
% |
Canada |
|
35.3 |
|
|
34.8 |
|
|
1.2 |
|
|
1.2 |
|
|
Mexico |
|
34.0 |
|
|
32.3 |
|
|
5.2 |
|
|
2.1 |
|
|
Puerto Rico |
|
17.0 |
|
|
22.4 |
|
|
(24.5 |
) |
|
(24.5 |
) |
|
Brazil |
|
9.0 |
|
|
8.6 |
|
|
6.3 |
|
|
13.1 |
|
|
Total
Americas |
|
1,074.4 |
|
|
1,129.7 |
|
|
(4.9 |
) |
|
(4.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
|
|
|
|
|
|
|
|
France |
|
60.0 |
|
|
66.2 |
|
|
(9.3 |
) |
|
(6.5 |
) |
|
Switzerland |
|
50.7 |
|
|
56.4 |
|
|
(10.0 |
) |
|
(10.5 |
) |
|
Portugal |
|
44.3 |
|
|
46.4 |
|
|
(4.7 |
) |
|
(1.8 |
) |
|
Russia |
|
33.5 |
|
|
24.7 |
|
|
35.7 |
|
|
29.8 |
|
|
United Kingdom |
|
21.5 |
|
|
23.2 |
|
|
(7.5 |
) |
|
(7.4 |
) |
|
Italy |
|
16.1 |
|
|
19.4 |
|
|
(16.9 |
) |
|
(14.4 |
) |
|
Germany |
|
9.1 |
|
|
12.1 |
|
|
(24.7 |
) |
|
(22.4 |
) |
|
Ireland |
|
5.0 |
|
|
10.3 |
|
|
(52.2 |
) |
|
(50.8 |
) |
|
Other |
|
16.0 |
|
|
21.0 |
|
|
(23.7 |
) |
|
(19.8 |
) |
|
Total
EMEA |
|
256.2 |
|
|
279.7 |
|
|
(8.4 |
) |
|
(7.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
APAC |
|
7.2 |
|
|
5.3 |
|
|
35.5 |
|
|
39.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Kelly Services,
Inc. |
$ |
1,337.8 |
|
$ |
1,414.7 |
|
|
(5.4 |
) |
% |
(5.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
REVENUE FROM SERVICES |
(UNAUDITED) |
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
December Year to Date (Americas, International and
GTS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
CC % |
|
|
|
2019 |
|
2018 |
|
Change |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
United States |
$ |
3,892.5 |
|
$ |
3,930.0 |
|
|
(1.0 |
) |
% |
(1.0 |
) |
% |
Canada |
|
136.1 |
|
|
142.4 |
|
|
(4.5 |
) |
|
(2.2 |
) |
|
Mexico |
|
123.6 |
|
|
125.0 |
|
|
(1.1 |
) |
|
(1.1 |
) |
|
Puerto Rico |
|
74.6 |
|
|
96.6 |
|
|
(22.8 |
) |
|
(22.8 |
) |
|
Brazil |
|
34.1 |
|
|
35.2 |
|
|
(2.9 |
) |
|
6.1 |
|
|
Total
Americas |
|
4,260.9 |
|
|
4,329.2 |
|
|
(1.6 |
) |
|
(1.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
|
|
|
|
|
|
|
|
France |
|
248.6 |
|
|
278.9 |
|
|
(10.9 |
) |
|
(5.9 |
) |
|
Switzerland |
|
200.7 |
|
|
212.7 |
|
|
(5.6 |
) |
|
(4.1 |
) |
|
Portugal |
|
179.8 |
|
|
196.9 |
|
|
(8.7 |
) |
|
(3.7 |
) |
|
Russia |
|
117.6 |
|
|
100.4 |
|
|
17.2 |
|
|
20.4 |
|
|
United Kingdom |
|
103.1 |
|
|
108.8 |
|
|
(5.3 |
) |
|
(0.6 |
) |
|
Italy |
|
75.9 |
|
|
77.5 |
|
|
(2.0 |
) |
|
3.5 |
|
|
Germany |
|
41.6 |
|
|
57.1 |
|
|
(27.1 |
) |
|
(23.1 |
) |
|
Ireland |
|
33.1 |
|
|
44.6 |
|
|
(25.9 |
) |
|
(21.5 |
) |
|
Other |
|
67.5 |
|
|
85.6 |
|
|
(21.1 |
) |
|
(15.8 |
) |
|
Total
EMEA |
|
1,067.9 |
|
|
1,162.5 |
|
|
(8.1 |
) |
|
(4.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
APAC |
|
26.8 |
|
|
22.2 |
|
|
20.6 |
|
|
27.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Kelly Services,
Inc. |
$ |
5,355.6 |
|
$ |
5,513.9 |
|
|
(2.9 |
) |
% |
(1.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
RECONCILIATION OF NON-GAAP MEASURES |
FOURTH QUARTER |
(UNAUDITED) |
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
Revenue from
Services: |
As Reported |
|
Restructuring(2) |
|
Acquisitions(3) |
|
Adjusted |
|
As Reported |
Americas Staffing |
$ |
580.0 |
|
|
|
$ |
— |
|
|
$ |
(15.4 |
) |
|
|
$ |
564.6 |
|
|
|
$ |
647.6 |
|
Global Talent Solutions |
515.1 |
|
|
|
— |
|
|
(14.6 |
) |
|
|
500.5 |
|
|
|
503.3 |
|
International Staffing |
246.0 |
|
|
|
— |
|
|
— |
|
|
|
246.0 |
|
|
|
268.1 |
|
Intersegment |
(3.3 |
) |
|
|
— |
|
|
— |
|
|
|
(3.3 |
) |
|
|
(4.3 |
) |
Total Company |
$ |
1,337.8 |
|
|
|
$ |
— |
|
|
$ |
(30.0 |
) |
|
|
$ |
1,307.8 |
|
|
|
$ |
1,414.7 |
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
Gross
Profit: |
As Reported |
|
Restructuring(2) |
|
Acquisitions(3) |
|
Adjusted |
|
As Reported |
Americas Staffing |
$ |
109.6 |
|
|
|
$ |
— |
|
|
$ |
(5.0 |
) |
|
|
$ |
104.6 |
|
|
|
$ |
118.8 |
|
Global Talent Solutions |
100.8 |
|
|
|
— |
|
|
(3.3 |
) |
|
|
97.5 |
|
|
|
99.3 |
|
International Staffing |
35.1 |
|
|
|
— |
|
|
— |
|
|
|
35.1 |
|
|
|
36.9 |
|
Intersegment |
(0.4 |
) |
|
|
— |
|
|
— |
|
|
|
(0.4 |
) |
|
|
(0.6 |
) |
Total Company |
$ |
245.1 |
|
|
|
$ |
— |
|
|
$ |
(8.3 |
) |
|
|
$ |
236.8 |
|
|
|
$ |
254.4 |
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
SG&A
Expenses: |
As Reported |
|
Restructuring(2) |
|
Acquisitions(3) |
|
Adjusted |
|
As Reported |
Americas Staffing |
$ |
88.5 |
|
|
|
$ |
0.1 |
|
|
$ |
(4.0 |
) |
|
|
$ |
84.6 |
|
|
|
$ |
90.4 |
|
Global Talent Solutions |
72.9 |
|
|
|
— |
|
|
(1.9 |
) |
|
|
71.0 |
|
|
|
72.5 |
|
International Staffing |
30.2 |
|
|
|
— |
|
|
— |
|
|
|
30.2 |
|
|
|
33.1 |
|
Corporate |
25.0 |
|
|
|
— |
|
|
— |
|
|
|
25.0 |
|
|
|
25.9 |
|
Intersegment |
(0.4 |
) |
|
|
— |
|
|
— |
|
|
|
(0.4 |
) |
|
|
(0.6 |
) |
Total Company |
$ |
216.2 |
|
|
|
$ |
0.1 |
|
|
$ |
(5.9 |
) |
|
|
$ |
210.4 |
|
|
|
$ |
221.3 |
|
|
2019 |
|
2018 |
Earnings from
Operations: |
As Reported |
|
Restructuring(2) |
|
Acquisitions(3) |
|
Asset Impairment Charge(5) |
|
Adjusted |
|
As Reported |
Americas Staffing |
$ |
21.1 |
|
|
|
$ |
(0.1 |
) |
|
|
$ |
(1.0 |
) |
|
|
$ |
— |
|
|
$ |
20.0 |
|
|
|
$ |
28.4 |
|
Global Talent Solutions |
27.9 |
|
|
|
— |
|
|
|
(1.4 |
) |
|
|
— |
|
|
26.5 |
|
|
|
26.8 |
|
International Staffing |
4.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
4.9 |
|
|
|
3.8 |
|
Corporate |
(40.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
15.8 |
|
|
(25.0 |
) |
|
|
(25.9 |
) |
Total Company |
$ |
13.1 |
|
|
|
$ |
(0.1 |
) |
|
|
$ |
(2.4 |
) |
|
|
$ |
15.8 |
|
|
$ |
26.4 |
|
|
|
$ |
33.1 |
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
RECONCILIATION OF NON-GAAP MEASURES
(continued) |
DECEMBER YEAR TO DATE |
(UNAUDITED) |
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
Revenue from
Services: |
As Reported |
|
Restructuring(2) |
|
Acquisitions(3) |
|
Adjusted |
|
As Reported |
Americas Staffing |
$ |
2,320.1 |
|
|
|
$ |
— |
|
|
|
$ |
(78.3 |
) |
|
|
$ |
2,241.8 |
|
|
|
$ |
2,417.7 |
|
Global Talent Solutions |
2,024.5 |
|
|
|
— |
|
|
|
(62.8 |
) |
|
|
1,961.7 |
|
|
|
1,997.4 |
|
International Staffing |
1,025.9 |
|
|
|
— |
|
|
|
— |
|
|
|
1,025.9 |
|
|
|
1,116.6 |
|
Intersegment |
(14.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
(14.9 |
) |
|
|
(17.8 |
) |
Total Company |
$ |
5,355.6 |
|
|
|
$ |
— |
|
|
|
$ |
(141.1 |
) |
|
|
$ |
5,214.5 |
|
|
|
$ |
5,513.9 |
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
Gross
Profit: |
As Reported |
|
Restructuring(2) |
|
Acquisitions(3) |
|
Adjusted |
|
As Reported |
Americas Staffing |
$ |
429.5 |
|
|
|
$ |
— |
|
|
|
$ |
(24.8 |
) |
|
|
$ |
404.7 |
|
|
|
$ |
441.3 |
|
Global Talent Solutions |
400.5 |
|
|
|
— |
|
|
|
(13.6 |
) |
|
|
386.9 |
|
|
|
381.1 |
|
International Staffing |
140.5 |
|
|
|
— |
|
|
|
— |
|
|
|
140.5 |
|
|
|
152.3 |
|
Intersegment |
(2.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2.1 |
) |
|
|
(2.5 |
) |
Total Company |
$ |
968.4 |
|
|
|
$ |
— |
|
|
|
$ |
(38.4 |
) |
|
|
$ |
930.0 |
|
|
|
$ |
972.2 |
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
SG&A
Expenses: |
As Reported |
|
Restructuring(2) |
|
Acquisitions(3) |
|
Adjusted |
|
As Reported |
Americas Staffing |
$ |
372.7 |
|
|
|
$ |
(5.5 |
) |
|
|
$ |
(18.9 |
) |
|
|
$ |
348.3 |
|
|
|
$ |
364.2 |
|
Global Talent Solutions |
293.1 |
|
|
|
— |
|
|
|
(7.6 |
) |
|
|
285.5 |
|
|
|
|
296.5 |
|
International Staffing |
125.3 |
|
|
|
— |
|
|
|
— |
|
|
|
125.3 |
|
|
|
|
132.3 |
|
Corporate |
94.1 |
|
|
|
— |
|
|
|
— |
|
|
|
94.1 |
|
|
|
|
94.3 |
|
Intersegment |
(2.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2.1 |
) |
|
|
(2.5 |
) |
Total Company |
$ |
883.1 |
|
|
|
$ |
(5.5 |
) |
|
|
$ |
(26.5 |
) |
|
|
$ |
851.1 |
|
|
|
$ |
884.8 |
|
|
2019 |
|
2018 |
Earnings from
Operations: |
As Reported |
|
Restructuring(2) |
|
Acquisitions(3) |
|
Gain on sale of assets(4) |
|
Asset Impairment Charge(5) |
|
Adjusted |
|
As Reported |
Americas Staffing |
$ |
56.8 |
|
|
|
$ |
5.5 |
|
|
$ |
(5.9 |
) |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
$ |
56.4 |
|
|
|
$ |
77.1 |
|
Global Talent Solutions |
107.4 |
|
|
|
— |
|
|
(6.0 |
) |
|
|
— |
|
|
|
— |
|
|
101.4 |
|
|
|
84.6 |
|
International Staffing |
15.2 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
15.2 |
|
|
|
20.0 |
|
Corporate |
(97.6 |
) |
|
|
— |
|
|
— |
|
|
|
(12.3 |
) |
|
|
15.8 |
|
|
(94.1 |
) |
|
|
(94.3 |
) |
Total Company |
$ |
81.8 |
|
|
|
$ |
5.5 |
|
|
$ |
(11.9 |
) |
|
|
$ |
(12.3 |
) |
|
|
$ |
15.8 |
|
|
$ |
78.9 |
|
|
|
$ |
87.4 |
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
RECONCILIATION OF NON-GAAP MEASURES
(continued) |
(UNAUDITED) |
(In millions of dollars except per share data) |
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
December Year to Date |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
$ |
(5.9 |
) |
|
$ |
(23.8 |
) |
|
$ |
0.4 |
|
|
$ |
(27.1 |
) |
Taxes on investment in Persol
Holdings(1) |
(0.3 |
) |
|
25.4 |
|
|
(11.0 |
) |
|
29.4 |
|
Taxes on restructuring
charges(2) |
(0.1 |
) |
|
— |
|
|
1.4 |
|
|
— |
|
Taxes on acquisitions(3) |
(0.6 |
) |
|
— |
|
|
(3.0 |
) |
|
— |
|
Taxes on gain on sale of
assets(4) |
— |
|
|
— |
|
|
(3.3 |
) |
|
— |
|
Taxes on asset impairment
charge(5) |
4.0 |
|
|
— |
|
|
4.0 |
|
|
— |
|
Adjusted income tax expense
(benefit) |
$ |
(2.9 |
) |
|
$ |
1.6 |
|
|
$ |
(11.5 |
) |
|
$ |
2.3 |
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
December Year to Date |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net earnings (loss) |
$ |
17.0 |
|
|
$ |
(23.9 |
) |
|
$ |
112.4 |
|
|
$ |
22.9 |
|
(Gain) loss on investment in
Persol Holdings, net of taxes(1) |
(0.4 |
) |
|
57.8 |
|
|
(24.8 |
) |
|
66.8 |
|
Restructuring charges, net of
taxes(2) |
— |
|
|
— |
|
|
4.1 |
|
|
— |
|
Net earnings from
acquisitions(3) |
(1.9 |
) |
|
— |
|
|
(9.0 |
) |
|
— |
|
Gain on sale of assets, net of
taxes(4) |
— |
|
|
— |
|
|
(9.0 |
) |
|
— |
|
Asset impairment charge, net
of taxes(5) |
11.8 |
|
|
— |
|
|
11.8 |
|
|
— |
|
Adjusted net earnings |
$ |
26.5 |
|
|
$ |
33.9 |
|
|
$ |
85.5 |
|
|
$ |
89.7 |
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
December Year to Date |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Per Share |
|
Per Share |
Net earnings (loss) |
$ |
0.43 |
|
|
$ |
(0.62 |
) |
|
$ |
2.84 |
|
|
$ |
0.58 |
|
(Gain) loss on investment in
Persol Holdings, net of taxes(1) |
(0.01 |
) |
|
1.49 |
|
|
(0.63 |
) |
|
1.69 |
|
Restructuring charges, net of
taxes(2) |
— |
|
|
— |
|
|
0.10 |
|
|
— |
|
Acquisitions, net of
taxes(3) |
(0.04 |
) |
|
— |
|
|
(0.22 |
) |
|
— |
|
Gain on sale of assets, net of
taxes(4) |
— |
|
|
— |
|
|
(0.23 |
) |
|
— |
|
Asset impairment charge, net
of taxes(5) |
0.30 |
|
|
— |
|
|
0.30 |
|
|
— |
|
Adjusted net earnings |
$ |
0.67 |
|
|
$ |
0.87 |
|
|
$ |
2.16 |
|
|
$ |
2.27 |
|
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
SUBSIDIARIESRECONCILIATION OF NON-GAAP
MEASURES(UNAUDITED)
Management believes that the non-GAAP (Generally Accepted
Accounting Principles) information excluding the 2019 and 2018
gains and losses on the investment in Persol Holdings, the 2019
restructuring charges, the 2019 acquisitions, the 2019 gain on sale
of assets and the 2019 asset impairment charge are useful to
understand the Company's fiscal 2019 financial performance and
increases comparability. Specifically, Management believes
that removing the impact of these items allows for a more
meaningful comparison of current period operating performance with
the operating results of prior periods. 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 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. |
|
|
|
|
|
|
|
(2) |
|
Restructuring charges in 2019 represent severance costs primarily
related to U.S. branch-based staffing operations. |
|
|
|
|
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(3) |
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NextGen and GTA were acquired on January 2, 2019, and were included
in the reported results of operations of Americas Staffing and GTS
segments, respectively, from the date of acquisition. |
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(4) |
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Gain on sale of assets primarily represents the excess of the
proceeds over the cost of an unused parcel of land located near the
Company headquarters sold during the second quarter of 2019. |
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(5) |
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Asset impairment charge represents the write-off of previously
capitalized costs associated with a U.S. front and middle office
technology development project that we determined we would not
complete in order to enhance and expand a technology platform
already in existence. |
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Grafico Azioni Kelly Services (NASDAQ:KELYA)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Kelly Services (NASDAQ:KELYA)
Storico
Da Lug 2023 a Lug 2024