2020 Q3 Form 10-Q Financial Statement

#000005513520000025 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q3
Revenue $1.038B $975.3M $1.268B
YoY Change -18.1% -28.68% -5.56%
Cost Of Revenue $847.2M $786.1M $1.040B
YoY Change -18.54% -30.03% -5.74%
Gross Profit $191.0M $189.2M $227.7M
YoY Change -16.12% -22.46% -4.77%
Gross Profit Margin 18.4% 19.4% 17.96%
Selling, General & Admin $193.4M $178.1M $210.6M
YoY Change -8.17% -19.59% -3.04%
% of Gross Profit 101.26% 94.13% 92.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.000M $6.000M $8.200M
YoY Change -26.83% -25.0% 24.24%
% of Gross Profit 3.14% 3.17% 3.6%
Operating Expenses $193.4M $178.1M $210.6M
YoY Change -8.17% -19.59% -3.04%
Operating Profit -$2.400M $11.10M $17.10M
YoY Change -114.04% -68.1% -21.92%
Interest Expense $500.0K $800.0K $900.0K
YoY Change -44.44% -33.33% 28.57%
% of Operating Profit 7.21% 5.26%
Other Income/Expense, Net -$700.0K $2.600M -$200.0K
YoY Change 250.0% 1200.0% -71.43%
Pretax Income $13.70M $43.30M -$22.40M
YoY Change -161.16% -54.99% -160.54%
Income Tax -$1.200M $900.0K -$12.80M
% Of Pretax Income -8.76% 2.08%
Net Earnings $16.70M $41.10M -$10.50M
YoY Change -259.05% -50.95% -131.72%
Net Earnings / Revenue 1.61% 4.21% -0.83%
Basic Earnings Per Share $0.42 $1.04 -$0.27
Diluted Earnings Per Share $0.42 $1.04 -$0.27
COMMON SHARES
Basic Shares Outstanding 39.30M shares 39.30M shares 39.10M shares
Diluted Shares Outstanding 39.40M shares 39.40M shares 39.10M shares

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.2M $216.2M $22.80M
YoY Change 988.6% 481.18% -32.74%
Cash & Equivalents $248.2M $216.2M $22.80M
Short-Term Investments
Other Short-Term Assets $71.40M $76.00M $80.70M
YoY Change -11.52% -7.43% 25.12%
Inventory
Prepaid Expenses
Receivables $1.111B $1.085B $1.262B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.431B $1.377B $1.366B
YoY Change 4.77% -1.13% -1.23%
LONG-TERM ASSETS
Property, Plant & Equipment $40.80M $41.60M $82.70M
YoY Change -50.67% -50.12% -2.71%
Goodwill $0.00 $0.00 $127.8M
YoY Change -100.0% -100.0% 19.11%
Intangibles
YoY Change
Long-Term Investments $115.6M $113.6M $120.4M
YoY Change -3.99% -6.89% 0.08%
Other Assets $301.2M $307.4M $321.5M
YoY Change -6.31% -3.36% 11.79%
Total Long-Term Assets $960.7M $941.5M $1.111B
YoY Change -13.49% -18.09% 9.92%
TOTAL ASSETS
Total Short-Term Assets $1.431B $1.377B $1.366B
Total Long-Term Assets $960.7M $941.5M $1.111B
Total Assets $2.392B $2.319B $2.476B
YoY Change -3.42% -8.8% 3.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $458.4M $463.6M $483.7M
YoY Change -5.23% -9.68% -4.31%
Accrued Expenses $285.2M $255.8M $330.2M
YoY Change -13.63% -22.23% 6.52%
Deferred Revenue
YoY Change
Short-Term Debt $500.0K $300.0K $17.50M
YoY Change -97.14% -98.45% 116.05%
Long-Term Debt Due $900.0K
YoY Change
Total Short-Term Liabilities $796.5M $791.4M $900.0M
YoY Change -11.5% -15.0% -0.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.500M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $52.70M $47.00M $55.50M
YoY Change -5.05% -29.75% -18.38%
Total Long-Term Liabilities $429.1M $381.7M $328.5M
YoY Change 30.62% 11.28% 7.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $796.5M $791.4M $900.0M
Total Long-Term Liabilities $429.1M $381.7M $328.5M
Total Liabilities $1.226B $1.173B $1.229B
YoY Change -0.24% -7.93% 1.76%
SHAREHOLDERS EQUITY
Retained Earnings $1.140B $1.123B $1.225B
YoY Change -6.95% -9.31% 5.12%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.166B $1.146B $1.248B
YoY Change
Total Liabilities & Shareholders Equity $2.392B $2.319B $2.476B
YoY Change -3.42% -8.8% 3.48%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q3
OPERATING ACTIVITIES
Net Income $16.70M $41.10M -$10.50M
YoY Change -259.05% -50.95% -131.72%
Depreciation, Depletion And Amortization $6.000M $6.000M $8.200M
YoY Change -26.83% -25.0% 24.24%
Cash From Operating Activities $38.40M $169.7M $700.0K
YoY Change 5385.71% 224.47% -98.12%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M -$4.700M -$5.100M
YoY Change -9.8% 4.44% -10.53%
Acquisitions
YoY Change
Other Investing Activities $1.600M $2.100M -$4.100M
YoY Change -139.02% -86.18% 1266.67%
Cash From Investing Activities -$3.000M -$2.600M -$9.200M
YoY Change -67.39% -124.3% 53.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -600.0K -1.600M -5.000M
YoY Change -88.0% -97.25% -85.55%
NET CHANGE
Cash From Operating Activities 38.40M 169.7M 700.0K
Cash From Investing Activities -3.000M -2.600M -9.200M
Cash From Financing Activities -600.0K -1.600M -5.000M
Net Change In Cash 34.80M 165.5M -13.50M
YoY Change -357.78% 3277.55% 309.09%
FREE CASH FLOW
Cash From Operating Activities $38.40M $169.7M $700.0K
Capital Expenditures -$4.600M -$4.700M -$5.100M
Free Cash Flow $43.00M $174.4M $5.800M
YoY Change 641.38% 207.04% -86.51%

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CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q3 kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
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us-gaap Earnings Per Share Basic
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CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
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kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
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kelya Net Earnings Available To Common Shareholders
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39300000 shares
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us-gaap Earnings Per Share Diluted
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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16900000 USD
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CY2020Q1 kelya Number Of Headquarters Properties
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us-gaap Number Of Reportable Segments
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us-gaap Operating Income Loss
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us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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CY2019Q3 us-gaap Other Nonoperating Income Expense
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CY2020Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Remainder Of Fiscal Year
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MinimumLeasePaymentsSaleLeasebackTransactionsWithinTwoYears
3300000 USD
CY2020Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Three Years
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us-gaap Other Nonoperating Income Expense
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3400000 USD
CY2020Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Five Years
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3400000 USD
CY2020Q3 kelya Minimum Lease Payments Sale Leaseback Transactions Within Six Years
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3400000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Investment Income Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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34000000.0 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
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us-gaap Investment Income Dividend
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us-gaap Investment Income Dividend
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CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2019Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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300000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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3500000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2019Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Accounting Standards Update Extensible List
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us-gaap:AccountingStandardsUpdate201613Member
dei Current Fiscal Year End Date
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dei Amendment Flag
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dei Entity Central Index Key
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dei Document Fiscal Year Focus
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2020
dei Document Type
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10-Q
dei Document Quarterly Report
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true
dei Document Period End Date
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2020-09-27
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dei Entity File Number
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OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
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CY2019Q3 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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12900000 USD
dei Entity Registrant Name
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KELLY SERVICES, INC.
dei Entity Address State Or Province
EntityAddressStateOrProvince
MI
dei Entity Incorporation State Country Code
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DE
dei Entity Address City Or Town
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Troy
dei Entity Address Postal Zip Code
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48084
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
38-1510762
dei Entity Address Address Line1
EntityAddressAddressLine1
999 West Big Beaver Road
dei City Area Code
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248
dei Local Phone Number
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362-4444
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
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Yes
dei Entity Filer Category
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Large Accelerated Filer
dei Entity Small Business
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false
dei Entity Emerging Growth Company
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false
dei Entity Shell Company
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CY2020Q3 us-gaap Cost Of Goods And Services Sold
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us-gaap Cost Of Goods And Services Sold
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us-gaap Gross Profit
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us-gaap Selling General And Administrative Expense
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CY2019Q3 us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Impairment Loss
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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
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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
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CY2019Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
21200000 USD
CY2020Q3 us-gaap Assets Current
AssetsCurrent
1431000000.0 USD
CY2019Q4 us-gaap Assets Current
AssetsCurrent
1405700000 USD
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
220600000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
225800000 USD
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
179800000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
182700000 USD
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40800000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
43100000 USD
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
84000000.0 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
60400000 USD
CY2020Q3 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
273300000 USD
CY2019Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
229100000 USD
CY2020Q3 us-gaap Goodwill
Goodwill
0 USD
CY2019Q4 us-gaap Goodwill
Goodwill
127800000 USD
CY2020Q3 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
145800000 USD
CY2019Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
173200000 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
19500000 USD
CY2020Q3 us-gaap Equity Method Investments
EquityMethodInvestments
115600000 USD
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
117200000 USD
CY2020Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
301200000 USD
CY2020Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
458400000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
324100000 USD
CY2020Q3 us-gaap Assets Noncurrent
AssetsNoncurrent
960700000 USD
CY2019Q4 us-gaap Assets Noncurrent
AssetsNoncurrent
1074900000 USD
CY2020Q3 us-gaap Assets
Assets
2391700000 USD
CY2019Q4 us-gaap Assets
Assets
2480600000 USD
CY2020Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
500000 USD
CY2019Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
1900000 USD

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