Summary of Kelly Services FY Conference Call Company Overview - **Company**: Kelly Services (NasdaqGS: KELY.A) - **Industry**: Staffing Solutions - **Segments**: Enterprise Talent Management, Science, Engineering and Technology (SET), Education - **Market Position**: Second largest temporary staffing provider in the U.S. with a 2% market share [4][18] Key Financial Metrics - **Trailing 12-Month Revenue**: $4.4 billion [4] - **Adjusted EBITDA Margin**: 3% [4] - **Capital Deployment**: $500 million in non-core asset monetization; $900 million redeployed for scale in specialties [2] - **SG&A Cost Reduction**: Over $100 million [2] Strategic Initiatives - **Transformation**: Significant transformation ongoing, including a streamlined operating model and a focus on higher-value solutions [5][20] - **Leadership Changes**: New CEO Chris Laden, an industry veteran, joined in September; first outside CEO in company history [6][7] - **Acquisitions**: $900 million invested in acquisitions, including a $450 million IT services company [13] Segment Performance Enterprise Talent Management (ETM) - Accounts for nearly half of the business with a gross margin of around 20% and EBITDA margin over 2% [8] - Offers a range of solutions including temp staffing, perm staffing, and managed services [9] Science, Engineering, and Technology (SET) - Focused on higher-value positions and solutions, with a gross margin of 26% and EBITDA margin of nearly 6% [14] - Significant growth in project-based work, particularly in telecom and life sciences [12][13] Education - Largest provider of K-12 substitute teachers in the U.S., supporting 8,000 school districts [14] - Business has tripled over the last five years, with a significant growth opportunity as only 30% of school districts currently outsource [15] Market Dynamics - The staffing industry is fragmented, with Kelly Services maintaining a flat revenue despite a declining overall market [19][20] - Shift from staffing to outcome-based solutions, with revenue from staffing decreasing from 70% to 44% [21] Financial Outlook - Anticipated EBITDA margin to remain around 3% amid near-term headwinds [24] - Free cash flow generation of approximately $100 million [26] - Active M&A pipeline with a focus on education and SET areas [27] Additional Insights - The company is focusing on optimizing its finance, HR, and technology functions to drive efficiency [29] - Emphasis on expanding wallet share with existing clients and enhancing service offerings [28] - The company has a dual-class share structure, with B shares having voting rights [42] Conclusion - Kelly Services is undergoing a significant transformation aimed at enhancing shareholder value through strategic acquisitions, operational efficiencies, and a focus on higher-margin segments. The company is well-positioned to capitalize on growth opportunities in the staffing industry, particularly in education and specialized sectors.

Group 1: Chevron - Chevron has a long history of increasing dividends, having raised them for 38 consecutive years [3] - The latest dividend hike on January 31 increased the quarterly payout by 5% to $1.71 per share, resulting in an annual figure of $6.84 per share [3] - The current dividend yield for Chevron is 4.37% [3] - As of June 30, Chevron's annual revenue was $187.74 billion, with Q2 2025 revenues reported at $44.82 billion, which was below the consensus estimate of $45.88 billion [4] - Chevron's EPS for Q2 2025 was $1.77, surpassing the consensus estimate of $1.70 [4] Group 2: Robert Half - Robert Half has consistently raised its dividends for the last 20 years [6] - The most recent dividend increase on February 12 raised the quarterly payout from $0.53 to $0.59 per share, equating to an annual figure of $2.36 per share [6] - The current dividend yield for Robert Half stands at 8.06% [6] - As of June 30, Robert Half's annual revenue was $5.57 billion, with Q3 2025 revenues reported at $1.35 billion, meeting Street estimates [7] Group 3: Horace Mann Educators - Horace Mann Educators provides various insurance products and financial services specifically designed for educators and their families [7]

Core Insights - Hudson Global, Inc. reported financial results for the second quarter ended June 30, 2025, highlighting a modest increase in adjusted net revenue driven by improved business activity, particularly in the Asia Pacific region [1][3] - The company made strategic hires and completed two acquisitions, enhancing its capabilities and marking its entry into the Japanese market [3][4] - A merger agreement with Star Equity Holdings is expected to create significant value for shareholders through increased size and diversification of revenue streams [4] Financial Performance - For Q2 2025, total revenue was $35.5 million, a decrease of 0.5% from Q2 2024, while adjusted net revenue was $18.6 million, an increase of 5.8% [7][40] - The net loss for Q2 2025 was $0.7 million, or $0.23 per diluted share, compared to a net loss of $0.4 million, or $0.15 per diluted share, in Q2 2024 [7][43] - Adjusted EBITDA for Q2 2025 was $1.3 million, up from $0.7 million in the same period last year [7][34] Regional Highlights - In the Americas, revenue was $7.1 million, a 2% increase, while adjusted net revenue decreased by 1% to $6.3 million [5] - Asia Pacific revenue was $21.6 million, a 3% decrease, but adjusted net revenue increased by 17% to $8.8 million [8] - EMEA revenue increased by 6% to $6.8 million, while adjusted net revenue decreased by 9% to $3.5 million [9] Corporate Strategy - The company invested approximately $1.4 million in sales, marketing, and technology in the first half of 2025 to support future growth [3] - The growth strategy focuses on organic expansion, targeted acquisitions, and cross-regional service integration [3] - The company has a $5 million share repurchase program, with $2.1 million remaining [12] Liquidity and Capital Resources - As of June 30, 2025, the company had $17.5 million in cash, including $0.7 million in restricted cash [11] - Cash flow from operations was $0.1 million in Q2 2025, a significant improvement from an outflow of $4.3 million in Q2 2024 [11] NOL Carryforward - As of December 31, 2024, Hudson Global had $240 million of usable net operating losses (NOL) in the U.S., which the company considers a valuable asset [13]