Financial Performance - Q3 2024 revenue totaled $1.04 billion, a 7.1% decrease year-over-year, primarily due to the sale of European staffing operations[2] - Q3 operating earnings were $2.6 million, compared to $0.1 million in Q3 2023; adjusted earnings were $11.7 million, down 24.5% from $15.5 million in the prior year[3] - Earnings per share in Q3 2024 were $0.02, down from $0.18 in Q3 2023; adjusted earnings per share were $0.21 compared to $0.50 in the same quarter last year[4] - The company reported a gross profit of $221.7 million in Q3 2024, down from $228.5 million in Q3 2023, reflecting a 3.0% decrease[10] - Revenue from services for the 39 weeks ended September 29, 2024, was $3,140.7 million, a decrease of 12.8% compared to $3,603.5 million in the same period of 2023[12] - Gross profit for the same period was $641.1 million, down 11.4% from $723.2 million in 2023[12] - Net earnings increased to $31.2 million, representing a 24.6% increase from $25.0 million in the prior year[12] - Basic earnings per share rose to $0.86, a 26.5% increase compared to $0.68 in the previous year[12] - Net earnings for Q3 2024 were $0.8 million, a decrease from $6.6 million in Q3 2023, while year-to-date earnings increased to $31.2 million from $25.0 million[29] - Adjusted net earnings for Q3 2024 were $7.7 million, compared to $18.1 million in Q3 2023, with year-to-date adjusted earnings rising to $54.1 million from $47.5 million[29] EBITDA and Margins - Adjusted EBITDA margin increased by 20 basis points to 2.5% in Q3 2024[1] - Adjusted EBITDA for the third quarter of 2024 was $100.0 million, up 23.1% from $76.9 million in the same quarter of 2023[13] - Adjusted EBITDA for Q3 2024 was $26.2 million, up from $25.5 million in Q3 2023, with an adjusted EBITDA margin of 2.5% compared to 2.3% in the prior year[32] - The Professional & Industrial business unit reported an adjusted EBITDA of $10.2 million for Q3 2024, with a margin of 2.7%[33] - The Science, Engineering & Technology business unit achieved an adjusted EBITDA of $25.0 million for Q3 2024, with a margin of 6.2%[33] Revenue Segmentation - The acquisition of Motion Recruitment Partners (MRP) contributed 11.2% to reported Q3 year-over-year revenue growth[2] - Revenue from the Science, Engineering & Technology segment increased by 37.1% to $405.2 million, compared to $295.7 million in the prior year[16] - The Professional & Industrial segment reported a revenue decrease of 2.0% to $370.4 million, down from $378.0 million[16] - The Education segment's revenue increased by 10.9% to $142.1 million, compared to $128.1 million in the previous year[16] - Revenue from Professional & Industrial services decreased by 7.3% to $1,086.5 million compared to $1,171.4 million in 2023[18] - Revenue from Science, Engineering & Technology services rose by 13.6% to $1,026.7 million, with a gross profit of $240.8 million[18] - Revenue from Education services increased by 17.0% to $683.1 million, with a gross profit of $98.7 million[18] - Revenue from services in the Americas for Q3 2024 was $1,012.2 million, a 13.6% increase compared to $891.3 million in Q3 2023[21] - The company experienced a 95.3% decline in revenue from the Europe region in Q3 2024, with total revenue of $10.1 million compared to $215.8 million in Q3 2023[21] Costs and Expenses - Cost of services in Q3 2024 was $816.4 million, compared to $889.5 million in the same quarter of 2023, a decrease of 8.2%[10] - Adjusted SG&A expenses for Q3 2024 were $210.0 million, slightly down from $213.0 million in Q3 2023[25] - The company reported a net cash used in investing activities of $355.5 million in 2024, compared to $10.8 million in 2023[7] - Cash, cash equivalents, and restricted cash at the end of the period were $40.4 million, down from $126.5 million in 2023[7] - The total cash from financing activities was $217.3 million in 2024, a significant increase from a cash outflow of $56.6 million in 2023[7] Dividends and Shareholder Returns - The board declared a dividend of $0.075 per share, payable on December 4, 2024[5] Assets and Liabilities - Total assets increased to $2,688.9 million from $2,581.6 million in December 2023[19] - Current assets decreased to $1,357.5 million from $1,626.6 million in December 2023[19] - Total current liabilities decreased to $841.0 million from $1,019.9 million in December 2023[19] - Debt-to-capital ratio stands at 15.1%, indicating a stable financial position[19] Cash Flow - Year-to-Date Free Cash Flow was $2.8 million, a significant decrease from $61.4 million in 2023[19] - Total cash from operating activities decreased to $11.9 million in 2024 from $33.4 million in 2023, a decline of 64.4%[7] - Free cash flow for the year-to-date 2024 was $21.0 million, with net cash from operating activities at $33.4 million and capital expenditures of $12.4 million[37] Strategic Initiatives - The company is focusing on growth and efficiency initiatives to capitalize on future staffing demand rebounds[5] - The company anticipates continued focus on market expansion and integration of recent acquisitions to drive future growth[39] - Management emphasizes the importance of non-GAAP measures for assessing financial performance and comparability with prior periods[40] Transaction and Restructuring Costs - Transaction costs in Q3 2024 included $1.8 million for employee termination and transition costs related to the sale of EMEA staffing operations, and $1.4 million for the acquisition of MRP[43] - Year-to-date transaction costs for the sale of EMEA staffing operations reached $8.9 million, while acquisition costs for MRP totaled $9.3 million[43] - Restructuring charges in the first six months of 2024 included $3.3 million for severance and $3.1 million for transformation execution costs[45] - Adjustments to restructuring charges in Q3 2024 amounted to $0.2 million, continuing the comprehensive transformation initiative started in Q2 2023[45] - Restructuring charges in Q3 2023 included $10.4 million for severance and $4.5 million for transformation execution costs[45] - Integration costs in Q3 2024 were incurred for initiatives aimed at integrating the MRP acquisition and aligning processes and technology across the company[46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-1088 KELLY SERVICES, INC. --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) (State or other jurisdic ...

Exhibit 99.1 Kelly Reports First-Quarter 2024 Earnings TROY, Mich. (May 9, 2024) – Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the first quarter of 2024. Peter Quigley, president and chief executive officer, announced revenue for the first quarter of 2024 totaled $1.05 billion, a 17.6% decrease, compared to the corresponding quarter of 2023 resulting primarily from the sale of the company's European staffing operations on January 2, 2024. Excludin ...

Revenue Performance - Revenue from services decreased by 2.6% to $4,835.7 million in 2023 compared to $4,965.4 million in 2022[130]. - The Education segment saw a significant revenue increase of 32.3% to $841.9 million, driven by improved fill rates and new customer wins[145][148]. - The Professional & Industrial segment experienced an 11.0% revenue decline to $1,483.1 million, primarily due to a 16.2% drop in staffing services[145][146]. - Permanent placement revenue decreased by 33.6% from 2022, impacting overall revenue performance[131]. Gross Profit and Margins - Gross profit declined by 5.0% to $961.4 million, with a gross profit rate of 19.9%, down 0.5 percentage points from 2022[130][132]. - Consolidated total gross profit decreased by 5.0% to $961.4 million in 2023 from $1,011.8 million in 2022[153]. - The gross profit rate for the consolidated total declined by 0.5 percentage points to 19.9% in 2023 from 20.4% in 2022[153]. - Professional & Industrial segment gross profit decreased by 12.7% to $263.9 million, with a gross profit rate decline of 0.4 percentage points to 17.8%[153][154]. - Science, Engineering & Technology segment gross profit decreased by 8.4% to $272.0 million, with a gross profit rate decline of 0.7 percentage points to 22.8%[153][155]. - Education segment gross profit increased by 28.4% to $128.7 million, despite a gross profit rate decrease of 0.5 percentage points to 15.3%[153][155]. Operating Expenses - Total SG&A expenses decreased by 0.9% to $934.7 million, with restructuring charges and transaction costs amounting to $42.4 million[130][133]. - Corporate expenses increased by 29.8% to $121.9 million, primarily due to restructuring and transformation charges[165]. Earnings and Cash Flow - The net earnings for 2023 were $36.4 million, a significant recovery from a net loss of $62.5 million in 2022[143]. - Earnings from Operations for the consolidated total increased by 65.0% to $24.3 million in 2023 from $14.8 million in 2022[168]. - Education segment earnings increased by 96.6% to $36.3 million, driven by higher revenue and gross profit[170]. - Free cash flow is a key measure indicating changes in cash balances from operating activities, net of capital expenditures[127]. Cash and Liquidity - Cash, cash equivalents, and restricted cash totaled $167.6 million at year-end 2023, an increase from $162.4 million at year-end 2022[177]. - The company expects to meet cash requirements through operations, cash equivalents, and a $200.0 million revolving credit facility, which had full available capacity at year-end 2023[193]. - The company repurchased $42.2 million of Class A common stock in fiscal 2023, completing a $50.0 million share repurchase program[195]. - The company had $100.6 million of available capacity on its $150.0 million securitization facility at year-end 2023[193]. Obligations and Commitments - At year-end 2023, the company had total contractual obligations of $445.9 million, with $97.9 million due within one year[188]. - The company has no material unrecorded commitments or guarantees associated with related parties or unconsolidated entities[188]. Goodwill and Impairment - The annual impairment test for goodwill was completed, determining that the estimated fair value of the Softworld and PTS reporting units exceeded their carrying values, with the PTS reporting unit exceeding by more than 10%[213][214]. - The estimated fair value of the Softworld reporting unit exceeded its carrying value by less than 10%, indicating potential future impairment risks if revenue and profit margin expectations are not met[214]. - Total goodwill remained constant at $151.1 million for both year-end 2023 and 2022[218]. - A total goodwill impairment charge of $41.0 million was recorded for RocketPower as of year-end 2022, including $30.7 million in Q3 and $10.3 million in Q4[217]. Risk Management - A foreign currency forward contract with a notional amount of €90 million was entered into to manage foreign currency risk, resulting in a total loss of $2.4 million upon settlement[227]. - An unrealized loss of $3.6 million associated with the forward contract was recorded as of December 31, 2023, with a projected gain of $1.2 million expected in Q1 2024[227]. - Interest rate risks are present due to the use of a multi-currency line of credit, but a hypothetical 10% fluctuation in market interest rates would not materially impact 2023 earnings[228]. - The company is exposed to market risk from obligations under its nonqualified deferred compensation plan, which fluctuate based on equity and debt market movements[229]. Strategic Focus - The company is focused on a refreshed go-to-market strategy to enhance service delivery to large enterprise customers in 2024[121]. - EBITDA margin improvements are expected as the company streamlines operations following the sale of its European staffing operations[122]. - The company expects working capital requirements to increase if demand for services rises[192]. - The company utilizes a global cash pooling arrangement to optimize capital resources among subsidiaries[191]. - The company has $33.5 million of international cash classified as held for sale related to the EMEA operations[191].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-1088 KELLY SERVICES, INC. --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) (State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 2, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-1088 KELLY SERVICES, INC. --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 2, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-1088 KELLY SERVICES, INC. --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) (State or other jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 2, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-1088 KELLY SERVICES, INC. --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) (State or other jurisdi ...

Revenue and Profitability - Revenue from services for Q2 2022 was $1,267.3 million, a 0.7% increase from $1,258.1 million in Q2 2021, with a 4.0% increase year-to-date [147]. - Gross profit for Q2 2022 was $262.4 million, reflecting a 13.6% increase from $231.0 million in Q2 2021, with a gross profit rate of 20.7% [147]. - Earnings from operations for Q2 2022 were $8.2 million, down 40.6% from $13.7 million in Q2 2021, primarily due to asset impairment [147]. - Net earnings for the period were $2.2 million, a significant decrease from $24.0 million in the second quarter of 2021 [156]. - Revenue from services for the first six months of 2022 increased by 4.0% on a reported basis and 5.8% on a constant currency basis, driven by growth in Education, Science, Engineering & Technology, and Outsourcing & Consulting segments [158]. - Gross profit increased by 17.3% on a reported basis and 19.0% on a constant currency basis, with a gross profit rate increase of 230 basis points attributed to favorable product mix and lower employee-related costs [159]. - Earnings from operations for the first six months of 2022 totaled $31.6 million, compared to $24.3 million in the same period of 2021, primarily due to higher gross profit [162]. Expenses and Costs - Total SG&A expenses increased by 10.6% to $240.1 million in Q2 2022, compared to $217.3 million in Q2 2021 [147]. - Total SG&A expenses rose by 13.4% on a reported basis, with approximately 370 basis points of the increase due to expenses from recent acquisitions [160]. - SG&A expenses for the consolidated total increased by 10.6% to $240.1 million in Q2 2022, compared to $217.3 million in Q2 2021 [199]. Segment Performance - Permanent placement revenue increased by 33.2% year-over-year, contributing to overall revenue growth [149]. - Professional & Industrial revenue from services decreased by 10.9% in the second quarter, largely due to a 14.0% decline in staffing services [174]. - Education revenue from services surged by 46.8%, reflecting increased demand and the impact of the acquisition of PTS, which contributed 680 basis points to year-over-year growth [176]. - International revenue from services decreased by 11.7% on a reported basis, primarily due to revenue declines in Mexico and Europe [178]. - Professional & Industrial segment earnings increased by 68.6% to $10.4 million in Q2 2022, driven by improved gross profit and lower SG&A expenses [214]. - Science, Engineering & Technology segment earnings rose by 3.8% to $20.4 million in Q2 2022, supported by revenue increases across specialties [215]. - Education segment earnings surged by 278.6% to $5.6 million in Q2 2022, attributed to increased demand for services and effective cost management [216]. - Outsourcing & Consulting segment earnings increased by 34.5% to $6.4 million in Q2 2022, primarily due to higher revenue volumes [217]. - International segment earnings decreased by 16.3% to $2.6 million in Q2 2022, mainly due to the transition of Russian operations [218]. Cash Flow and Financial Position - Cash, cash equivalents, and restricted cash totaled $154.0 million at the end of Q2 2022, up from $119.5 million at year-end 2021 [230]. - The company used $107.3 million of net cash for operating activities in the first six months of 2022, compared to generating $47.6 million in the same period of 2021 [231]. - Working capital position increased by $82.5 million to $576.0 million at the end of Q2 2022, with a current ratio of 1.5 [233]. - Generated $175.6 million of cash from investing activities in the first six months of 2022, compared to using $201.7 million in the same period of 2021 [234]. - The company expects to meet ongoing cash requirements through operations, available cash, and credit facilities, with $200.0 million available on its revolving credit facility [243]. Market Risks and Investments - The company is exposed to market risk due to obligations under its nonqualified deferred compensation plan [255]. - The obligation to employees fluctuates based on movements in equity and debt markets [255]. - Investments in mutual funds are part of the company-owned variable universal life insurance policies [255]. - The design of these investments aims to mitigate market risk but does not eliminate it [255]. - Offsetting gains and losses are expected from the investments in company-owned variable universal life insurance policies [255]. Acquisitions and Strategic Moves - The company completed the acquisition of RocketPower in March 2022 and PTS in May 2022, enhancing its presence in high-growth, high-margin specialties [138]. - The company completed a transaction to transfer its business in Russia to a local firm, with expected unfavorable impacts on revenues and earnings in the International segment starting in the third quarter of 2022 [157]. - The transition of the Russian operations has resulted in an impairment loss recognized in Q2 2022 [152].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-1088 KELLY SERVICES, INC. --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) (State or other jurisdict ...