Kelly Services Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kelly Services Inc. has filed its annual report for the fiscal year ended December 31, 2023.</b>

AI Summary

KELLY SERVICES INC (KELYB) filed a Annual Report (10-K) with the SEC on February 20, 2024. Kelly Services Inc. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 999 W Big Beaver Rd, Troy, MI 48084. Kelly Services Inc. is classified under SIC code 7363 for Help Supply Services. The filing includes data related to common stock (Class A and Class B) and treasury stock.

Why It Matters

For investors and stakeholders tracking KELLY SERVICES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kelly Services' financial performance, operational activities, and risk factors for the 2023 fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — KELLY SERVICES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure for public companies, indicating no immediate or unusual red flags but requiring detailed review for specific financial and operational insights.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Kelly Services' performance and outlook for the upcoming year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 151 — Public Document Count (Number of documents in the filing)
• 7363 — SIC Code (Industry classification)

Key Players & Entities

• KELLY SERVICES INC (company) — Filer name
• 2024-02-20 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 999 W BIG BEAVER RD (address) — Business address
• TROY (location) — Business address city
• MI (location) — Business address state
• 48084 (postal_code) — Business address zip
• 7363 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

Kelly Services operates in the staffing and human resources services industry, providing a wide range of workforce solutions to clients.

Regulatory Implications

As a publicly traded company, Kelly Services is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Analyze the company's financial statements for revenue trends, profitability, and cash flow.
2. Examine any disclosed risk factors to understand potential challenges and mitigation strategies.
3. Review management's discussion and analysis (MD&A) for insights into operational performance and future outlook.

Key Dates

• 2024-02-20: 10-K Filing — Official filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing the latest annual data.

Key Financial Figures

• $1 — ,601 of Class B common stock, par value $1.00, outstanding as of February 4, 2024.

Filing Documents

• kelya-20231231.htm (10-K) — 2405KB
• kelya-20231231xexh21a.htm (EX-2.1) — 442KB
• kelya-20231231xexh108.htm (EX-10.8) — 84KB
• kelya-20231231xexh21.htm (EX-21) — 126KB
• kelya-20231231xexh23.htm (EX-23) — 3KB
• kelya-20231231xexh24.htm (EX-24) — 9KB
• kelya-20231231xexh311.htm (EX-31.1) — 11KB
• kelya-20231231xexh312.htm (EX-31.2) — 11KB
• kelya-20231231xexh321.htm (EX-32.1) — 6KB
• kelya-20231231xexh322.htm (EX-32.2) — 6KB
• kelya-20231231xexh97.htm (EX-97) — 45KB
• image_0abaker.jpg (GRAPHIC) — 34KB
• kelya-20231231_g1.jpg (GRAPHIC) — 66KB
• 0000055135-24-000007.txt (&nbsp;) — 16270KB
• kelya-20231231.xsd (EX-101.SCH) — 98KB
• kelya-20231231_cal.xml (EX-101.CAL) — 157KB
• kelya-20231231_def.xml (EX-101.DEF) — 666KB
• kelya-20231231_lab.xml (EX-101.LAB) — 1235KB
• kelya-20231231_pre.xml (EX-101.PRE) — 957KB
• kelya-20231231_htm.xml (XML) — 2687KB

BUSINESS

ITEM 1. BUSINESS. History and Development of Business William Russell Kelly pioneered the staffing industry when he founded Kelly in 1946, and we've been reinventing it ever since. Our inception helped usher in and embolden a workforce of women who kept the economy moving forward during World War II, opening doors and creating completely new opportunities. Over the next 77 years, as work evolved, Kelly continued to equip people with the skills to master new technologies as they emerged and the opportunity to put them to work in ways that enriched their lives. As the world of work evolved so did Kelly's range of solutions, growing over the years to reflect the changing needs of employers and the desires and lifestyles of talent. In 1996, Kelly established the industry's first Managed Service Provider (MSP) program. Three years later we launched specialized offerings in engineering, IT and education. Strategic acquisitions over the years broadened our solution offerings and included the Ayers Group, Teachers on Call, Global Technology Associates (GTA), NextGen, Greenwood/Asher & Associates, Softworld, RocketPower and Pediatric Therapeutic Services (PTS). Since 2020, we operate in five specialty business units – Kelly Education, Kelly Professional & Industrial, Kelly Science, Engineering & Technology, KellyOCG and Kelly International. Business Objectives We strive to empower businesses and talent to access limitless opportunities by enabling companies to recruit and manage skilled workers and help job seekers find great work. As experts in hiring experts, we ensure companies have the people they need when and where they're needed most. We're also using our position in the middle of the talent supply and demand equation to challenge outdated barriers that hold back far too many people from attaining meaningful work, supporting their families and contributing to the economy. Our Equity@Work initiative seeks to upend systemic barriers to employment and make the

RISK FACTORS

ITEM 1A. RISK FACTORS. Risks Related to Macroeconomic Conditions Our business is significantly affected by fluctuations in general economic conditions. Demand for staffing services is significantly affected by the general level of economic activity and employment in the United States and the other countries in which we operate. When economic activity increases, companies often add temporary employees before hiring full-time employees. As economic activity slows, however, many companies reduce their use of temporary employees before laying off full-time employees. Customer responses to real or perceived economic conditions, including perceptions related to market conditions, labor supply and inflation, could negatively impact customer behavior. Significant swings in economic activity historically have had a disproportionate impact on staffing industry volumes. We may not fully benefit from times of increased economic activity should we experience shortages in the supply of temporary employees. We may also experience more competitive pricing pressure and slower customer payments during periods of economic downturn. A substantial portion of our revenues and earnings are generated by our business operations in the United States. Any significant economic downturn in the United States or certain other countries in which we operate could have a material adverse effect on our business, financial condition and results of operations. Our stock price may be subject to significant volatility and could suffer a decline in value. The market price of our common stock may be subject to significant volatility. We believe that many factors, including several which are beyond our control, have a significant effect on the market price of our common stock. These include: actual or anticipated variations in our quarterly operating results; announcements of new services by us or our competitors; announcements relating to strategic relationships, acquisitions or divestitures;

View Full Filing

View this 10-K filing on SEC EDGAR