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Form 8-K 2015 First Quarter



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
 
Date of Report (Date of earliest event reported): May 6, 2015
 
 
KELLY SERVICES, INC.
---------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
 
DELAWARE
0-1088
38-1510762
(State or other 
(Commission
(IRS Employer
jurisdiction of 
File Number)
Identification
incorporation) 
 
Number)


                                     
999 WEST BIG BEAVER ROAD, TROY, MICHIGAN 48084
-------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
 
(248) 362-4444
----------------------------------------------------------------------
(Registrant's telephone number, including area code)
 
 
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
 
[ ] Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)
 
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)
 
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
     the Exchange Act (17 CFR 240.14d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
     the Exchange Act (17 CFR 240.13e-4(c))








1


Item 2.02. Results of Operations and Financial Condition
 
Kelly Services, Inc. (the “Company”) today released financial information containing highlighted financial data for the three months ended March 29, 2015. A copy of the press release is attached as exhibit 99.1 herein.
 
Item 9.01. Financial Statements and Exhibits
 
(d) Exhibits
 
99.1      Press Release dated May 6, 2015.          
















































2



SIGNATURES
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
 
KELLY SERVICES, INC.
 
May 6, 2015
 
 
 
 
 
 
 
 
 
/s/ Olivier G. Thirot
Olivier G. Thirot

Senior Vice President and Acting Chief Financial Officer
(Principal Financial Officer)
 
 
 
 
May 6, 2015
 
 
 
 
 
 
 
 
 
/s/ Laura S. Lockhart
Laura S. Lockhart 

Vice President, Corporate Controller and
Chief Accounting Officer
(Principal Accounting Officer)
 






















3




EXHIBIT INDEX
  
Exhibit No.
                   Description
 
 
99.1
Press release dated May 6, 2015


4
2015 1Q Earnings Release Form 8-K

Exhibit 99.1
KELLY SERVICES® REPORTS 1st QUARTER 2015 RESULTS

TROY, MI (May 6, 2015) -- Kelly Services, Inc. (Nasdaq: KELYA) (Nasdaq: KELYB), a leader in providing workforce solutions, today announced results for the first quarter of 2015.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the first quarter of 2015 totaled $1.3 billion, a 1% decrease (a 4% increase on a constant currency basis) compared to the corresponding quarter of 2014.

Earnings from operations for the first quarter of 2015 totaled $12.1 million, compared to $6.3 million reported for the first quarter of 2014.

Diluted earnings per share in the first quarter of 2015 were $0.10 compared to $0.07 per share in the first quarter of 2014.

Commenting on the first quarter, Camden stated, “We’re pleased with Kelly’s overall performance and our ability to double operating earnings over the same period last year. Our U.S. local markets are off to a strong start in 2015, and our expanded PT sales and recruiting teams are showing the solid growth we expected from our 2014 investments. In addition, our continued success in our OCG segment reflects our ability to help some of the world’s largest companies design and deliver more holistic solutions for acquiring and managing their talent.”

Kelly also reported that on May 5, its board of directors declared a dividend of $0.05 per share. The dividend is payable June 2 to shareholders of record as of the close of business on May 18.

In conjunction with its first quarter earnings release, Kelly Services, Inc. will host a conference call at 9:00 a.m. (ET) on May 6, to review the results and answer questions. The call may be accessed in one of the following ways:

Via the Telephone:

U.S.
1 800 288-9626
International
1 651 291-5254

The pass code is Kelly Services

Via the Internet:

The call is also available via the internet through the Kelly Services website:
www.kellyservices.com













1




This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties.  These factors include, but are not limited to, competitive market pressures including pricing and technology introductions, changing market and economic conditions, our ability to achieve our business strategy, the risk of damage to our brand, our ability to successfully develop new service offerings, our exposure to risks associated with services outside traditional staffing, including business process outsourcing, our increasing dependency on third parties for the execution of critical functions, the risks associated with past and future acquisitions, exposure to risks associated with investments in equity affiliates, material changes in demand from or loss of large corporate customers, risks associated with conducting business in foreign countries, including foreign currency fluctuations, availability of full-time employees to lead complex talent supply chain sales and operations, availability of temporary workers with appropriate skills required by customers, liabilities for employment-related claims and losses, including class action lawsuits and collective actions, the risk of cyber attacks or other breaches of network or information technology security as well as risks associated with compliance on data privacy, our ability to sustain critical business applications through our key data centers, our ability to effectively implement and manage our information technology programs, our ability to maintain adequate financial and management processes and controls, impairment charges triggered by adverse industry or market developments, unexpected changes in claim trends on workers’ compensation, disability and medical benefit plans, the impact of the Patient Protection and Affordable Care Act on our business, the impact of changes in laws and regulations (including federal, state and international tax laws and the expiration and/or reinstatement of the U.S. work opportunity credit program), the risk of additional tax or unclaimed property liabilities in excess of our estimates, our ability to maintain specified financial covenants in our bank facilities to continue to access credit markets, and other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission.  Actual results may differ materially from any forward looking statements contained herein, and we have no intention to update these statements.

About Kelly Services® 

Kelly Services, Inc. (Nasdaq: KELYA, KELYB) is a leader in providing workforce solutions. Kelly® offers a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire and direct-hire basis. Serving clients around the globe, Kelly provided employment to approximately 555,000 employees in 2014. Revenue in 2014 was $5.6 billion. Visit kellyservices.com and connect with us on Facebook, LinkedIn, & Twitter.

KLYA-FIN

# # #


ANALYST CONTACT:
MEDIA CONTACT:
James Polehna
Jane Stehney    
(248) 244-4586
(248) 244-5630
james_polehna@kellyservices.com
jane_stehney@kellyservices.com




2

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED MARCH 29, 2015 AND MARCH 30, 2014
(UNAUDITED)
(In millions of dollars except per share data)
 
 
 
 
 
 
 
 
%
 
CC %
 
 
 
2015
 
2014
 
Change
 
Change
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
1,320.6

$
1,330.8

$
(10.2
)
 
(0.8
)
%
4.4

%
 
 
 
 
 
 
 
 
 
 
 
 
Cost of services
 
1,100.3

 
1,108.5

 
(8.2
)
 
(0.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
 
220.3

 
222.3

 
(2.0
)
 
(0.9
)
 
3.8

 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
208.2

 
216.0

 
(7.8
)
 
(3.6
)
 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from operations
 
12.1

 
6.3

 
5.8

 
94.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other expense, net
 
2.5

 
1.7

 
0.8

 
(51.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before taxes
 
9.6

 
4.6

 
5.0

 
109.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax expense
 
5.9

 
2.1

 
3.8

 
183.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
$
3.7

$
2.5

$
1.2

 
48.3

%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
0.10

$
0.07

$
0.03

 
42.9

%
 
 
Diluted earnings per share
$
0.10

$
0.07

$
0.03

 
42.9

%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATISTICS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit rate
 
16.7

%
16.7

%
—

pts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses:
 
 
 
 
 
 
 
 
 
 
 
    % of revenue
 
15.8

 
16.2

 
(0.4
)
 
 
 
 
 
    % of gross profit
 
94.5

 
97.2

 
(2.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Return:
 
 
 
 
 
 
 
 
 
 
 
Earnings from operations
 
0.9

 
0.5

 
0.4

 
 
 
 
 
Earnings before taxes
 
0.7

 
0.3

 
0.4

 
 
 
 
 
Net earnings
 
0.3

 
0.2

 
0.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective income tax rate
 
61.1

%
45.1

%
16.0

pts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average number of shares outstanding (millions):
 
 
 
 
 
 
 
 
 
 
 
     Basic
 
37.7

 
37.4

 
 
 
 
 
 
 
     Diluted
 
37.8

 
37.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares adjusted for nonvested restricted awards (millions):
 
 
 
 
 
 
 
 
 
 
 
     Basic
 
38.8

 
38.5

 
 
 
 
 
 
 
     Diluted
 
38.8

 
38.5

 
 
 
 
 
 
 


3

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
First Quarter
 
 
 
 
 
 
 
 
 
Constant
 
 
 
 
 
 
 
 
 
 
Currency
 
 
 
2015
 
 
2014
 
Change
 
Change
 
AMERICAS
 
 
 
 
 
 
 
 
 
 
  Commercial
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
641.4

 
$
613.2

 
4.6

%
6.2

%
Staffing fee-based income included in revenue from services
 
3.5

 
 
3.2

 
6.0

 
8.4

 
Gross profit
 
97.8

 
 
91.8

 
6.6

 
7.9

 
Gross profit rate
 
15.3

%
 
15.0

%
0.3

 pts.
 
 
  PT
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
232.8

 
$
236.4

 
(1.5
)
%
(1.1
)
%
Staffing fee-based income included in revenue from services
 
3.5

 
 
3.6

 
(2.6
)
 
(2.0
)
 
Gross profit
 
38.9

 
 
39.8

 
(2.1
)
 
(1.7
)
 
Gross profit rate
 
16.7

%
 
16.8

%
(0.1
)
 pts.
 
 
  Total Americas
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
874.2

 
$
849.6

 
2.9

%
4.2

%
Staffing fee-based income included in revenue from services
 
7.0

 
 
6.8

 
1.5

 
3.0

 
Gross profit
 
136.7

 
 
131.6

 
4.0

 
5.0

 
Total SG&A expenses
 
113.5

 
 
109.5

 
3.7

 
4.7

 
Earnings from operations
 
23.2

 
 
22.1

 
5.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit rate
 
15.6

%
 
15.5

%
0.1

 pts.
 
 
Expense rates:
 
 
 
 
 
 
 
 
 
 
% of revenue
 
13.0

 
 
12.9

 
0.1

 
 
 
% of gross profit
 
83.0

 
 
83.3

 
(0.3
)
 
 
 
Return on sales
 
2.7

 
 
2.6

 
0.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMEA
 
 
 
 
 
 
 
 
 
 
  Commercial
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
178.3

 
$
221.9

 
(19.7
)
%
(1.8
)
%
Staffing fee-based income included in revenue from services
 
3.5

 
 
4.8

 
(26.9
)
 
(7.2
)
 
Gross profit
 
24.6

 
 
32.9

 
(25.2
)
 
(8.9
)
 
Gross profit rate
 
13.8

%
 
14.8

%
(1.0
)
 pts.
 
 
  PT
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
40.3

 
$
47.7

 
(15.4
)
%
2.2

%
Staffing fee-based income included in revenue from services
 
2.6

 
 
3.6

 
(28.8
)
 
(10.9
)
 
Gross profit
 
8.7

 
 
11.1

 
(21.8
)
 
(4.5
)
 
Gross profit rate
 
21.5

%
 
23.3

%
(1.8
)
 pts.
 
 
  Total EMEA
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
218.6

 
$
269.6

 
(18.9
)
%
(1.1
)
%
Staffing fee-based income included in revenue from services
 
6.1

 
 
8.4

 
(27.7
)
 
(8.8
)
 
Gross profit
 
33.3

 
 
44.0

 
(24.4
)
 
(7.8
)
 
Total SG&A expenses
 
33.5

 
 
41.9

 
(20.1
)
 
(3.1
)
 
Earnings from operations
 
(0.2
)
 
 
2.1

 
NM

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit rate
 
15.2

%
 
16.3

%
(1.1
)
 pts.
 
 
Expense rates:
 
 
 
 
 
 
 
 
 
 
% of revenue
 
15.3

 
 
15.5

 
(0.2
)
 
 
 
% of gross profit
 
100.5

 
 
95.1

 
5.4

 
 
 
Return on sales
 
(0.1
)
 
 
0.8

 
(0.9
)
 
 
 

4


KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
First Quarter
 
 
 
 
 
 
 
 
 
Constant
 
 
 
 
 
 
 
 
 
 
Currency
 
 
 
2015
 
 
2014
 
Change
 
Change
 
APAC
 
 
 
 
 
 
 
 
 
  Commercial
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
85.6

 
$
83.0

 
3.2

%
12.5

%
Staffing fee-based income included in revenue from services
 
1.5

 
 
1.9

 
(21.6
)
 
(15.7
)
 
Gross profit
 
13.0

 
 
12.3

 
5.3

 
14.7

 
Gross profit rate
 
15.2

%
 
14.8

%
0.4

 pts.
 
 
  PT
 
 
 
 
 
 
 
 
 
 
Revenue from services
$
10.5

 
$
8.6

 
22.1

%
34.1

%
Staffing fee-based income included in revenue from services
 
1.6

 
 
1.7

 
(4.3
)
 
3.0

 
Gross profit
 
2.9

 
 
2.8

 
4.8

 
13.9

 
Gross profit rate
 
27.5

%
 
32.0

%
(4.5
)
 pts.
 
 
  Total APAC
 
 
 
 
 
 
 
 
Revenue from services
$
96.1

 
$
91.6

 
5.0

%
14.5

%
Staffing fee-based income included in revenue from services
 
3.1

 
 
3.6

 
(13.5
)
 
(6.9
)
 
Gross profit
 
15.9

 
 
15.1

 
5.2

 
14.5

 
Total SG&A expenses
 
12.1

 
 
14.3

 
(15.5
)
 
(8.3
)
 
Earnings from operations
 
3.8

 
 
0.8

 
410.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit rate
 
16.5

%
 
16.5

%
—

 pts.
 
 
Expense rates:
 
 
 
 
 
 
 
 
 
 
% of revenue
 
12.6

 
 
15.7

 
(3.1
)
 
 
 
% of gross profit
 
76.4

 
 
95.1

 
(18.7
)
 
 
 
Return on sales
 
3.9

 
 
0.8

 
3.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCG
 
 
 
 
 
 
 
 
 
Revenue from services
$
149.5

 
$
134.4

 
11.2

%
12.6

%
Gross profit
 
35.5

 
 
32.6

 
8.9

 
10.0

 
Total SG&A expenses
 
32.7

 
 
31.4

 
4.0

 
6.5

 
Earnings from operations
 
2.8

 
 
1.2

 
138.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit rate
 
23.8

%
 
24.3

%
(0.5
)
 pts.
 
 
Expense rates:
 
 
 
 
 
 
 
 
 
 
% of revenue
 
21.9

 
 
23.4

 
(1.5
)
 
 
 
% of gross profit
 
92.0

 
 
96.3

 
(4.3
)
 
 
 
Return on sales
 
1.9

 
 
0.9

 
1.0

 
 
 


5

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
 
 
 
 
 
 
 
 
 
 
March 29, 2015
 
Dec. 28, 2014
 
March 30, 2014
 
Current Assets
 
 
 
 
 
 
 
  Cash and equivalents
$
49.4

$
83.1

$
57.9

 
  Trade accounts receivable, less allowances of
 
 
 
 
 
 
 
    $11.5, $10.7 and $10.2, respectively
 
1,099.3

 
1,122.8

 
1,080.2

 
  Prepaid expenses and other current assets
 
52.0

 
47.9

 
61.6

 
  Deferred taxes
 
32.4

 
34.4

 
29.2

 
Total current assets
 
1,233.1

 
1,288.2

 
1,228.9

 
 
 
 
 
 
 
 
 
Property and Equipment, Net
 
89.8

 
93.0

 
90.8

 
 
 
 
 
 
 
 
 
Noncurrent Deferred Taxes
 
147.9

 
146.3

 
129.3

 
 
 
 
 
 
 
 
 
Goodwill, Net
 
90.3

 
90.3

 
90.3

 
 
 
 
 
 
 
 
 
Other Assets
 
305.2

 
300.1

 
265.1

 
 
 
 
 
 
 
 
 
Total Assets
$
1,866.3

$
1,917.9

$
1,804.4

 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
  Short-term borrowings
$
80.6

$
91.9

$
54.8

 
  Accounts payable and accrued liabilities
 
344.4

 
364.0

 
321.7

 
  Accrued payroll and related taxes
 
292.8

 
308.5

 
291.2

 
  Accrued insurance
 
26.7

 
26.9

 
25.5

 
  Income and other taxes
 
64.6

 
68.8

 
68.4

 
 
 
 
 
 
 
 
 
Total current liabilities
 
809.1

 
860.1

 
761.6

 
 
 
 
 
 
 
 
 
Noncurrent Liabilities
 
 
 
 
 
 
 
  Accrued insurance
 
43.5

 
43.9

 
45.4

 
  Accrued retirement benefits
 
144.9

 
140.8

 
140.4

 
  Other long-term liabilities
 
37.7

 
39.4

 
31.8

 
 
 
 
 
 
 
 
 
Total noncurrent liabilities
 
226.1

 
224.1

 
217.6

 
 
 
 
 
 
 
 
 
Stockholders' Equity
 
 
 
 
 
 
 
  Common stock
 
40.1

 
40.1

 
40.1

 
  Treasury stock
 
(49.7
)
 
(49.8
)
 
(56.0
)
 
  Paid-in capital
 
25.9

 
24.9

 
27.5

 
  Earnings invested in the business
 
769.2

 
767.4

 
751.9

 
  Accumulated other comprehensive income
 
45.6

 
51.1

 
61.7

 
 
 
 
 
 
 
 
 
Total stockholders' equity
 
831.1

 
833.7

 
825.2

 
 
 
 
 
 
 
 
 
Total Liabilities and Stockholders' Equity
$
1,866.3

$
1,917.9

$
1,804.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATISTICS:
 
 
 
 
 
 
 
 Working Capital
$
424.0

$
428.1

$
467.3

 
 Current Ratio
 
1.5

 
1.5

 
1.6

 
 Debt-to-capital %
 
8.8

%
9.9

%
6.2

%
 Global Days Sales Outstanding
 
57

 
54

 
57

 


6

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 13 WEEKS ENDED MARCH 29, 2015 AND MARCH 30, 2014
(UNAUDITED)
(In millions of dollars)
 
 
 
 
 
2015
 
2014
Cash flows from operating activities:
 
 
 
 
Net earnings
$
3.7

$
2.5

Noncash adjustments:
 
 
 
 
Depreciation and amortization
 
5.5

 
5.3

Provision for bad debts
 
1.2

 
1.6

Stock-based compensation
 
1.2

 
1.7

Other, net
 
(0.6
)
 
0.3

Changes in operating assets and liabilities
 
(27.4
)
 
(102.2
)
 
 
 
 
 
Net cash used in operating activities
 
(16.4
)
 
(90.8
)
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
(2.6
)
 
(3.3
)
Investment in equity affiliate
 
—

 
(0.6
)
Other investing activities
 
(0.2
)
 
0.1

 
 
 
 
 
Net cash used in investing activities
 
(2.8
)
 
(3.8
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Net change in short-term borrowings
 
(11.0
)
 
26.5

Dividend payments
 
(1.9
)
 
(1.9
)
 
 
 
 
 
Net cash (used in) from financing activities
 
(12.9
)
 
24.6

 
 
 
 
 
Effect of exchange rates on cash and equivalents
 
(1.6
)
 
2.2

 
 
 
 
 
Net change in cash and equivalents
 
(33.7
)
 
(67.8
)
Cash and equivalents at beginning of period
 
83.1

 
125.7

 
 
 
 
 
 
 
 
 
 
Cash and equivalents at end of period
$
49.4

$
57.9

 
 
 
 
 


7

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
 
 
 
 
 
 
 
 
 
 
 
 
First Quarter (Commercial, PT and OCG)
 
 
 
 
 
 
 
% Change
 
 
 
 
 
 
 
 
 
Constant
 
 
 
2015
 
2014
 
US$
 
Currency
 
 
 
 
 
 
 
 
 
 
 
Americas
 
 
 
 
 
 
 
 
 
United States
$
883.0

$
839.9

 
5.1

%
5.1

%
Canada
 
42.7

 
46.7

 
(8.6
)
 
2.3

 
Mexico
 
31.9

 
30.7

 
4.1

 
17.6

 
Puerto Rico
 
24.8

 
25.1

 
(0.8
)
 
(0.8
)
 
Brazil
 
13.9

 
15.9

 
(12.5
)
 
(1.0
)
 
Total Americas
 
996.3

 
958.3

 
4.0

 
5.1

 
 
 
 
 
 
 
 
 
 
 
EMEA
 
 
 
 
 
 
 
 
 
France
 
56.4

 
62.8

 
(10.3
)
 
8.7

 
Switzerland
 
48.1

 
62.3

 
(22.7
)
 
(17.4
)
 
Portugal
 
31.3

 
26.6

 
17.8

 
43.2

 
United Kingdom
 
23.6

 
27.8

 
(15.2
)
 
(7.5
)
 
Russia
 
18.2

 
34.9

 
(47.9
)
 
(6.6
)
 
Germany
 
13.4

 
16.7

 
(19.7
)
 
(3.0
)
 
Italy
 
12.5

 
14.9

 
(15.7
)
 
2.4

 
Norway
 
9.4

 
14.4

 
(34.8
)
 
(17.1
)
 
Other
 
11.0

 
17.1

 
(35.6
)
 
(21.8
)
 
Total EMEA
 
223.9

 
277.5

 
(19.3
)
 
(1.7
)
 
 
 
 
 
 
 
 
 
 
 
APAC
 
 
 
 
 
 
 
 
 
Singapore
 
31.3

 
30.3

 
3.2

 
10.2

 
Australia
 
30.4

 
26.5

 
14.9

 
31.0

 
Malaysia
 
15.5

 
16.5

 
(6.7
)
 
2.3

 
New Zealand
 
10.5

 
12.3

 
(14.7
)
 
(5.2
)
 
Other
 
12.7

 
9.4

 
35.0

 
36.7

 
Total APAC
 
100.4

 
95.0

 
5.5

 
15.2

 
 
 
 
 
 
 
 
 
 
 
Total Kelly Services, Inc.
$
1,320.6

$
1,330.8

 
(0.8
)
%
4.4

%
 
 
 
 
 
 
 
 
 
 


8