$KELYA
KELLY SERVICES INC

2016 Q4 Form 10-Q Financial Statement

#000005513516000112 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q3
Revenue $1.248B $1.351B
YoY Change -3.25%
Cost Of Revenue $1.033B $1.123B
YoY Change -4.12%
Gross Profit $215.1M $228.2M
YoY Change 1.24%
Gross Profit Margin 17.24% 16.89%
Selling, General & Admin $196.3M $211.6M
YoY Change -3.07%
% of Gross Profit 91.26% 92.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.100M $5.600M
YoY Change 3.7%
% of Gross Profit 2.37% 2.45%
Operating Expenses $196.3M $211.6M
YoY Change -3.07%
Operating Profit $18.80M $16.60M
YoY Change 133.8%
Interest Expense $900.0K $900.0K
YoY Change 28.57%
% of Operating Profit 4.79% 5.42%
Other Income/Expense, Net -$400.0K $0.00
YoY Change -100.0%
Pretax Income $105.6M $16.60M
YoY Change 238.78%
Income Tax $24.70M $7.500M
% Of Pretax Income 23.39% 45.18%
Net Earnings $80.90M $9.100M
YoY Change 550.0%
Net Earnings / Revenue 6.48% 0.67%
Basic Earnings Per Share $2.08 $0.23
Diluted Earnings Per Share $2.06 $0.23
COMMON SHARES
Basic Shares Outstanding 38.10M shares 37.90M shares
Diluted Shares Outstanding 38.40M shares 37.90M shares

Balance Sheet

Concept 2016 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.60M $44.90M
YoY Change -12.98%
Cash & Equivalents $27.60M $44.90M
Short-Term Investments
Other Short-Term Assets $53.00M $84.00M
YoY Change -1.98%
Inventory
Prepaid Expenses
Receivables $1.126B $1.160B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.206B $1.289B
YoY Change -0.48%
LONG-TERM ASSETS
Property, Plant & Equipment $80.50M $88.30M
YoY Change -3.07%
Goodwill $88.40M $90.30M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $113.6M
YoY Change
Other Assets $370.6M $341.3M
YoY Change 17.08%
Total Long-Term Assets $832.9M $660.7M
YoY Change 9.1%
TOTAL ASSETS
Total Short-Term Assets $1.206B $1.289B
Total Long-Term Assets $832.9M $660.7M
Total Assets $2.039B $1.950B
YoY Change 2.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $408.7M $385.2M
YoY Change 13.63%
Accrued Expenses $303.7M $338.7M
YoY Change -1.25%
Deferred Revenue
YoY Change
Short-Term Debt $8.700M $76.80M
YoY Change -13.42%
Long-Term Debt Due $8.700M $76.80M
YoY Change -13.42%
Total Short-Term Liabilities $778.0M $860.2M
YoY Change 1.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $50.70M $48.40M
YoY Change 18.92%
Total Long-Term Liabilities $244.8M $230.1M
YoY Change -0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $778.0M $860.2M
Total Long-Term Liabilities $244.8M $230.1M
Total Liabilities $1.023B $1.090B
YoY Change 1.39%
SHAREHOLDERS EQUITY
Retained Earnings $906.8M $781.3M
YoY Change 3.85%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.017B $859.6M
YoY Change
Total Liabilities & Shareholders Equity $2.039B $1.950B
YoY Change 2.57%

Cashflow Statement

Concept 2016 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $80.90M $9.100M
YoY Change 550.0%
Depreciation, Depletion And Amortization $5.100M $5.600M
YoY Change 3.7%
Cash From Operating Activities -$15.10M $25.00M
YoY Change -1766.67%
INVESTING ACTIVITIES
Capital Expenditures -$3.500M -$5.600M
YoY Change -8.2%
Acquisitions
YoY Change
Other Investing Activities $18.80M -$300.0K
YoY Change 50.0%
Cash From Investing Activities $15.30M -$5.900M
YoY Change -6.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.40M -14.10M
YoY Change 513.04%
NET CHANGE
Cash From Operating Activities -15.10M 25.00M
Cash From Investing Activities 15.30M -5.900M
Cash From Financing Activities -21.40M -14.10M
Net Change In Cash -21.20M 5.000M
YoY Change -149.5%
FREE CASH FLOW
Cash From Operating Activities -$15.10M $25.00M
Capital Expenditures -$3.500M -$5.600M
Free Cash Flow -$11.60M $30.60M
YoY Change 565.22%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
200000 USD
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1351000000 USD
us-gaap Sales Revenue Services Net
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4056600000 USD
CY2016Q4 us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
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CY2015Q3 us-gaap Selling General And Administrative Expense
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211600000 USD
us-gaap Selling General And Administrative Expense
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630600000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
196300000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
634900000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4600000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5500000 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
55500000 USD
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
8700000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
859600000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
895400000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1016500000 USD
CY2016Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
60000000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37800000 shares
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38400000 shares
CY2016Q4 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
40200000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-15 clarifying how entities should classify certain cash receipts and payments on the statement of cash flows. The new guidance addresses classification of cash flows related to the following transactions: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies; 6) distributions received from equity method investees; and 7) beneficial interests in securitization transaction. ASU 2016-15 also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and requires 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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></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 June 2016, the FASB issued ASU 2016-13 amending how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance requires the application of a current expected credit loss model which is a new impairment model based on expected losses. Under this model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable a loss has been incurred. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019 with early adoption permitted for annual reporting periods beginning after December 15, 2018. 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 March 2016, the FASB issued ASU 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 ending after December 15, 2016 and for interim periods thereafter. 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>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38300000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37800000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38000000 shares
CY2016Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
26700000 USD
CY2016Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
26800000 USD
CY2016Q1 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
40000000 USD
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-01
CY2016Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
25400000 USD
CY2016Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
26200000 USD
kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
2300000 USD
CY2016Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
405500000 USD
CY2016Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
408700000 USD
dei Document Period End Date
DocumentPeriodEndDate
2016-10-02
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000055135
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
10500000 USD
CY2015Q3 kelya Net Earnings Available To Common Shareholders
NetEarningsAvailableToCommonShareholders
8900000 USD
kelya Net Earnings Available To Common Shareholders
NetEarningsAvailableToCommonShareholders
19100000 USD
CY2016Q4 kelya Net Earnings Available To Common Shareholders
NetEarningsAvailableToCommonShareholders
79100000 USD
kelya Net Earnings Available To Common Shareholders
NetEarningsAvailableToCommonShareholders
98700000 USD
dei Entity Registrant Name
EntityRegistrantName
KELLY SERVICES INC
CY2015Q3 kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
200000 USD
kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
500000 USD
CY2016Q4 kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
1800000 USD
CY2016Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1125800000 USD
CY2016Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1139100000 USD
CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
272900000 USD
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
191100000 USD

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