2023 Q1 Form 10-K Financial Statement

#000005513523000005 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2023 2022
Revenue $1.234B $4.965B $4.910B
YoY Change -1.32% 1.13% 8.72%
Cost Of Revenue $983.6M $3.954B $3.991B
YoY Change -2.06% -0.92% 8.19%
Gross Profit $250.2M $1.012B $919.2M
YoY Change 1.71% 10.07% 11.07%
Gross Profit Margin 20.28% 20.38% 18.72%
Selling, General & Admin $236.2M $943.5M $870.6M
YoY Change 4.24% 8.37% 8.07%
% of Gross Profit 94.4% 93.25% 94.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.700M $33.40M $29.80M
YoY Change 11.54% 12.08% 23.14%
% of Gross Profit 3.48% 3.3% 3.24%
Operating Expenses $236.2M $943.5M $870.6M
YoY Change 4.24% 8.37% 8.07%
Operating Profit $14.00M $14.80M $48.60M
YoY Change -27.84% -69.55% -151.92%
Interest Expense -$300.0K $2.100M $2.500M
YoY Change -100.59% -16.0% -16.67%
% of Operating Profit -2.14% 14.19% 5.14%
Other Income/Expense, Net $0.00 $1.600M -$3.600M
YoY Change -100.0% -144.44% -205.88%
Pretax Income $4.300M -$39.40M $30.50M
YoY Change -94.92% -229.18% -136.01%
Income Tax $5.200M -$7.900M $35.10M
% Of Pretax Income 120.93% 115.08%
Net Earnings -$900.0K -$62.50M $156.1M
YoY Change -101.26% -140.04% -316.81%
Net Earnings / Revenue -0.07% -1.26% 3.18%
Basic Earnings Per Share -$1.64 $3.93
Diluted Earnings Per Share -$0.02 -$1.64 $3.91
COMMON SHARES
Basic Shares Outstanding 38.10M shares 39.40M shares
Diluted Shares Outstanding 38.10M shares 39.50M shares

Balance Sheet

Concept 2023 Q1 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.7M $153.7M $112.7M
YoY Change 36.38% 36.38% -49.46%
Cash & Equivalents $153.7M $153.7M $112.7M
Short-Term Investments
Other Short-Term Assets $69.90M $69.90M $52.80M
YoY Change 32.39% 32.39% -14.01%
Inventory
Prepaid Expenses
Receivables $1.492B $1.492B $1.423B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.715B $1.715B $1.589B
YoY Change 7.96% 7.96% 2.52%
LONG-TERM ASSETS
Property, Plant & Equipment $27.80M $94.60M $111.1M
YoY Change -21.25% -14.85% -10.55%
Goodwill $151.1M
YoY Change 31.62%
Intangibles $158.7M
YoY Change 30.08%
Long-Term Investments $0.00 $0.00 $387.7M
YoY Change -100.0% -100.0% 37.14%
Other Assets $403.2M $518.4M $550.5M
YoY Change 3.62% -5.83% 2.36%
Total Long-Term Assets $948.6M $948.6M $1.306B
YoY Change -27.34% -27.34% 28.96%
TOTAL ASSETS
Total Short-Term Assets $1.715B $1.715B $1.589B
Total Long-Term Assets $948.6M $948.6M $1.306B
Total Assets $2.664B $2.664B $2.894B
YoY Change -7.96% -7.96% 12.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $722.1M $722.1M $685.3M
YoY Change 5.08% 5.37% 28.09%
Accrued Expenses $353.4M $353.4M $356.7M
YoY Change -0.93% -0.93% 6.38%
Deferred Revenue
YoY Change
Short-Term Debt $700.0K $700.0K $0.00
YoY Change -100.0%
Long-Term Debt Due $1.200M $1.200M $1.900M
YoY Change -36.84% 5.56%
Total Short-Term Liabilities $1.129B $1.129B $1.095B
YoY Change 3.07% 3.07% 18.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.200M
YoY Change -100.0% -57.14%
Other Long-Term Liabilities $11.00M $280.8M $461.6M
YoY Change -87.33% -39.17% 7.22%
Total Long-Term Liabilities $280.8M $280.8M $462.8M
YoY Change -39.33% -39.33% 6.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.129B $1.129B $1.095B
Total Long-Term Liabilities $280.8M $280.8M $462.8M
Total Liabilities $1.410B $1.410B $1.558B
YoY Change -9.53% -9.53% 14.65%
SHAREHOLDERS EQUITY
Retained Earnings $1.216B
YoY Change -7.51%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.254B $1.254B $1.336B
YoY Change
Total Liabilities & Shareholders Equity $2.664B $2.664B $2.894B
YoY Change -7.96% -7.96% 12.97%

Cashflow Statement

Concept 2023 Q1 2023 2022
OPERATING ACTIVITIES
Net Income -$900.0K -$62.50M $156.1M
YoY Change -101.26% -140.04% -316.81%
Depreciation, Depletion And Amortization $8.700M $33.40M $29.80M
YoY Change 11.54% 12.08% 23.14%
Cash From Operating Activities $35.40M -$76.30M $85.00M
YoY Change -34.44% -189.76% -54.3%
INVESTING ACTIVITIES
Capital Expenditures $6.400M $12.00M -$11.20M
YoY Change -272.97% -207.14% -27.74%
Acquisitions $143.1M $213.0M
YoY Change -32.82% 443.37%
Other Investing Activities $6.200M -$600.0K -$1.400M
YoY Change -71.03% -57.14% 1300.0%
Cash From Investing Activities -$200.0K $167.5M -$180.7M
YoY Change -101.13% -192.7% -1943.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.20M -$50.60M -$8.100M
YoY Change 450.0% 524.69% 0.0%
NET CHANGE
Cash From Operating Activities 35.40M -$76.30M $85.00M
Cash From Investing Activities -200.0K $167.5M -$180.7M
Cash From Financing Activities -13.20M -$50.60M -$8.100M
Net Change In Cash 22.00M $42.90M -$108.6M
YoY Change -68.25% -139.5% -155.1%
FREE CASH FLOW
Cash From Operating Activities $35.40M -$76.30M $85.00M
Capital Expenditures $6.400M $12.00M -$11.20M
Free Cash Flow $29.00M -$88.30M $96.20M
YoY Change -49.74% -191.79% -52.26%

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CY2023 us-gaap Fiscal Period
FiscalPeriod
Fiscal Year The Company’s fiscal year ends on the Sunday nearest to December 31. The three most recent years ended on January 1, 2023 (2022, which contained 52 weeks), January 2, 2022 (2021, which contained 52 weeks) and January 3, 2021 (2020, which contained 53 weeks). Period costs included in selling, general and administrative (“SG&A”) expenses are recorded on a calendar-year basis. The Company’s operations in Brazil were accounted for on a one-month lag, until the Company sold the Brazil operations in the third quarter of 2020. The Company’s equity method investment in PersolKelly Pte. Ltd. was accounted for on a one-quarter lag prior to the sale of the majority of the investment in the first quarter of 2022 (see Investment in PersolKelly Pte. Ltd. footnote). Any material transactions in the intervening period are disclosed or accounted for in the current reporting period.
CY2023 us-gaap Advertising Expense
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CY2023 us-gaap Use Of Estimates
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, the accounting for the allowance for uncollectible accounts receivable and credit losses, workers’ compensation, goodwill and long-lived asset impairment, valuation of acquired intangibles, litigation costs and income taxes. Actual results could differ materially from those estimates.</span>
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CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Increase Decrease In Employee Related Liabilities
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71900000 usd
CY2023 us-gaap Increase Decrease In Workers Compensation Liabilities
IncreaseDecreaseInWorkersCompensationLiabilities
-5200000 usd
CY2022 us-gaap Increase Decrease In Workers Compensation Liabilities
IncreaseDecreaseInWorkersCompensationLiabilities
-6200000 usd
CY2021 us-gaap Increase Decrease In Workers Compensation Liabilities
IncreaseDecreaseInWorkersCompensationLiabilities
-4900000 usd
CY2023 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
21900000 usd
CY2022 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-4600000 usd
CY2021 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-14000000.0 usd
CY2023 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
141000000.0 usd
CY2022 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
10200000 usd
CY2021 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-120300000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
1300000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
1700000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1600000 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
61200000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
14100000 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
26400000 usd
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1200000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1000000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1400000 usd
CY2023Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
53000000 usd
CY2023Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
2300000 usd
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1400000 usd
CY2022Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
19000000 usd
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 numberofsegments
CY2023 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-18700000 usd
CY2022 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 usd
CY2021 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 usd
CY2023 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
6200000 usd
CY2022 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
0 usd
CY2021 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
0 usd
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
14800000 usd
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
48600000 usd
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
-93600000 usd
CY2023 us-gaap Gain Loss On Investments
GainLossOnInvestments
-67200000 usd
CY2022 us-gaap Gain Loss On Investments
GainLossOnInvestments
121800000 usd
CY2021 us-gaap Gain Loss On Investments
GainLossOnInvestments
-16600000 usd
CY2023 kelya Loss On Currency Translation From Liquidation Of Subsidiary
LossOnCurrencyTranslationFromLiquidationOfSubsidiary
-20400000 usd
CY2022 kelya Loss On Currency Translation From Liquidation Of Subsidiary
LossOnCurrencyTranslationFromLiquidationOfSubsidiary
0 usd
CY2021 kelya Loss On Currency Translation From Liquidation Of Subsidiary
LossOnCurrencyTranslationFromLiquidationOfSubsidiary
0 usd
CY2023 kelya Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
1600000 usd
CY2022 kelya Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
15400000 usd
CY2021 kelya Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
3400000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-71200000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
185800000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-106800000 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
94600000 usd
CY2022Q1 us-gaap Noncurrent Assets
NoncurrentAssets
111100000 usd

Files In Submission

Name View Source Status
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kelya-20230101_cal.xml Edgar Link unprocessable
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