$KELYA
KELLY SERVICES INC

2016 Q3 Form 10-Q Financial Statement

#000005513516000106 Filed on August 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q2
Revenue $1.376B $1.385B
YoY Change 1.81% -1.81%
Cost Of Revenue $1.145B $1.163B
YoY Change 1.98% -1.67%
Gross Profit $230.5M $222.3M
YoY Change 1.01% -2.54%
Gross Profit Margin 16.76% 16.05%
Selling, General & Admin $220.6M $210.8M
YoY Change 4.25% -5.13%
% of Gross Profit 95.7% 94.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.300M $5.500M
YoY Change -5.36% 0.0%
% of Gross Profit 2.3% 2.47%
Operating Expenses $220.6M $210.8M
YoY Change 4.25% -5.13%
Operating Profit $9.900M $11.50M
YoY Change -40.36% 94.92%
Interest Expense $900.0K $900.0K
YoY Change 0.0% 28.57%
% of Operating Profit 9.09% 7.83%
Other Income/Expense, Net $0.00 -$1.000M
YoY Change 233.33%
Pretax Income $9.700M $10.50M
YoY Change -41.57% 87.5%
Income Tax $800.0K $3.700M
% Of Pretax Income 8.25% 35.24%
Net Earnings $8.900M $6.800M
YoY Change -2.2% 142.86%
Net Earnings / Revenue 0.65% 0.49%
Basic Earnings Per Share $0.23 $0.18
Diluted Earnings Per Share $0.23 $0.18
COMMON SHARES
Basic Shares Outstanding 38.00M shares 37.70M shares
Diluted Shares Outstanding 38.30M shares 37.80M shares

Balance Sheet

Concept 2016 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.30M $48.70M
YoY Change -25.84% -22.45%
Cash & Equivalents $33.30M $48.70M
Short-Term Investments
Other Short-Term Assets $141.8M $86.40M
YoY Change 68.81% -3.03%
Inventory
Prepaid Expenses
Receivables $1.080B $1.152B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.255B $1.287B
YoY Change -2.66% 0.2%
LONG-TERM ASSETS
Property, Plant & Equipment $81.50M $88.60M
YoY Change -7.7% -3.06%
Goodwill $88.30M $90.30M
YoY Change -2.21% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $368.4M $321.7M
YoY Change 7.94% 8.79%
Total Long-Term Assets $735.2M $645.2M
YoY Change 11.28% 6.08%
TOTAL ASSETS
Total Short-Term Assets $1.255B $1.287B
Total Long-Term Assets $735.2M $645.2M
Total Assets $1.990B $1.933B
YoY Change 2.06% 2.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $403.7M $380.4M
YoY Change 4.8% 15.83%
Accrued Expenses $286.3M $323.6M
YoY Change -15.47% -0.64%
Deferred Revenue
YoY Change
Short-Term Debt $26.90M $89.90M
YoY Change -64.97% 0.45%
Long-Term Debt Due $26.90M $89.90M
YoY Change -64.97% 0.45%
Total Short-Term Liabilities $815.8M $856.7M
YoY Change -5.16% 4.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $50.60M $40.60M
YoY Change 4.55% -3.1%
Total Long-Term Liabilities $240.2M $231.4M
YoY Change 4.39% -1.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $815.8M $856.7M
Total Long-Term Liabilities $240.2M $231.4M
Total Liabilities $1.056B $1.088B
YoY Change -3.15% 3.38%
SHAREHOLDERS EQUITY
Retained Earnings $828.8M $774.1M
YoY Change 6.08% 2.83%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $934.1M $844.5M
YoY Change
Total Liabilities & Shareholders Equity $1.990B $1.933B
YoY Change 2.06% 2.09%

Cashflow Statement

Concept 2016 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $8.900M $6.800M
YoY Change -2.2% 142.86%
Depreciation, Depletion And Amortization $5.300M $5.500M
YoY Change -5.36% 0.0%
Cash From Operating Activities $21.00M -$10.10M
YoY Change -16.0% -39.52%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$4.100M
YoY Change -50.0% -26.79%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$400.0K
YoY Change -66.67% -91.11%
Cash From Investing Activities -$2.900M -$4.500M
YoY Change -50.85% -55.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.40M 7.700M
YoY Change 9.22% -76.52%
NET CHANGE
Cash From Operating Activities 21.00M -10.10M
Cash From Investing Activities -2.900M -4.500M
Cash From Financing Activities -15.40M 7.700M
Net Change In Cash 2.700M -6.900M
YoY Change -46.0% -215.0%
FREE CASH FLOW
Cash From Operating Activities $21.00M -$10.10M
Capital Expenditures -$2.800M -$4.100M
Free Cash Flow $23.80M -$6.000M
YoY Change -22.22% -45.95%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-09 amending several aspects of share-based payment accounting. This guidance requires all excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled, with prospective application required. The guidance also changes the classification of such tax benefits or tax deficiencies on the statement of cash flows from a financing activity to an operating activity, with retrospective or prospective application allowed. Additionally, the guidance requires the classification of employee taxes paid when an employer withholds shares for tax-withholding purposes as a financing activity on the statement of cash flows, with retrospective application required. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02 amending the existing accounting standards for lease accounting and requiring lessees to recognize lease assets and lease liabilities for all leases with lease terms of more than 12 months, including those classified as operating leases. Both the asset and liability will initially be measured at the present value of the future minimum lease payments, with the asset being subject to adjustments such as initial direct costs. Consistent with current U.S. Generally Accepted Accounting Principles (&#8220;GAAP&#8221;), the presentation of expenses and cash flows will depend primarily on the classification of the lease as either a finance or an operating lease. The new standard also requires additional quantitative and qualitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases in order to provide additional information about the nature of an organization&#8217;s leasing activities. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 and requires modified retrospective application. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01 amending the current guidance for how entities measure certain equity investments, the accounting for financial liabilities under the fair value option, and the presentation and disclosure requirements relating to financial instruments. The new guidance requires entities to use fair value measurement for equity investments in unconsolidated entities, excluding equity method investments, and to recognize the changes in fair value in net income at the end of each reporting period. Under the new standard, for any financial liabilities in which the fair value option has been elected, the changes in fair value due to instrument-specific credit risk must be recognized separately in other comprehensive income. Presentation and disclosure requirements under the new guidance require public business entities to use the exit price when measuring the fair value of financial instruments measured at amortized cost. In addition, financial assets and liabilities must now be presented separately in the notes to the financial statements and grouped by measurement category and form of financial asset. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is only permitted for the financial liability provision. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014, the FASB issued ASU 2014-15 requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&#8217;s ability to continue as a going concern, which is currently performed by the external auditors. Management will be required to perform this assessment for both interim and annual reporting periods and must make certain disclosures if it concludes that substantial doubt exists. This ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2016. The adoption of this guidance is not expected to have a material effect on our financial statements. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued new revenue recognition guidance under ASU 2014-09 that will supersede the existing revenue recognition guidance under U.S. GAAP. The new standard focuses on creating a single source of revenue guidance for revenue arising from contracts with customers for all industries. The objective of the new standard is for companies to recognize revenue when it transfers the promised goods or services to its customers at an amount that represents what the company expects to be entitled to in exchange for those goods or services. In July 2015, the FASB deferred the effective date by one year (ASU 2015-14). This ASU will now be effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017. Early adoption is permitted, but not before the original effective date of December 15, 2016. Since the issuance of the original standard, the FASB has issued several other subsequent updates including the following: 1) clarification of the implementation guidance on principal versus agent considerations (ASU 2016-08); 2) further guidance on identifying performance obligations in a contract as well as clarifications on the licensing implementation guidance (ASU 2016-10); 3) rescission of several SEC Staff Announcements that are codified in Topic 605 (ASU 2016-11); and 4) additional guidance and practical expedients in response to identified implementation issues (ASU 2016-12). The new standard will be effective for us beginning January 1, 2018 and we expect to implement the standard with the modified retrospective approach, which recognizes the cumulative effect of application recognized on that date. We are evaluating the impact of adoption on our consolidated results of operations, consolidated financial position and cash flows. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</font></div></div>
kelya Net Earnings Available To Common Shareholders
NetEarningsAvailableToCommonShareholders
19600000 USD
dei Document Fiscal Year Focus
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2016
dei Document Period End Date
DocumentPeriodEndDate
2016-07-03
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
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kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
300000 USD
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kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
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1
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CY2016Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
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dei Entity Filer Category
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dei Entity Registrant Name
EntityRegistrantName
KELLY SERVICES INC
CY2016Q3 kelya Disposal Group Including Discontinued Operation Allowancefor Doubtful Accounts Receivable
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dei Amendment Flag
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false
kelya Disposal Group Including Discontinued Operation Numberof Segments
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CY2015Q2 kelya Net Earnings Available To Common Shareholders
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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us-gaap Comprehensive Income Net Of Tax
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23900000 USD
CY2016Q3 us-gaap Earnings Per Share Diluted
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us-gaap Comprehensive Income Net Of Tax
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CY2015Q2 us-gaap Cost Of Services
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us-gaap Cost Of Services
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Cost Of Services
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us-gaap Depreciation Depletion And Amortization
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CY2016Q1 us-gaap Goodwill
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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23600000 USD
us-gaap Gross Profit
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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ForeignCurrencyTransactionGainLossBeforeTax
300000 USD
CY2016Q3 us-gaap Gross Profit
GrossProfit
230500000 USD

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0000055135-16-000106-xbrl.zip Edgar Link pending
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