Kelly Services Files 2024 Annual Report

Ticker: KELYB · Form: 10-K · Filed: Feb 13, 2025 · CIK: 55135

Kelly Services INC 10-K Filing Summary
FieldDetail
CompanyKelly Services INC (KELYB)
Form Type10-K
Filed DateFeb 13, 2025
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$1.00
Sentimentneutral

Sentiment: neutral

Topics: annual-report, sec-filing, company-information

Related Tickers: KELYA, KELYB

TL;DR

KELLY SERVICES (KELYA) FILED ITS 2024 10-K. ALL GOOD.

AI Summary

Kelly Services, Inc. filed its annual report for the fiscal year ended December 29, 2024. The company, incorporated in Delaware with IRS Employer Identification No. 38-1510762, is headquartered at 999 West Big Beaver Road, Troy, Michigan. Its Class A and Class B Common Stock trade on The Nasdaq Stock Market LLC under symbols KELYA and KELYB, respectively.

Why It Matters

This filing provides a comprehensive overview of Kelly Services' financial performance and operational status for the past fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a standard annual report filing, providing factual information without immediate indicators of elevated risk.

Key Players & Entities

FAQ

What is the company's primary business as described in the filing?

The filing indicates Kelly Services, Inc. is a global workforce solutions company, though specific details of its operations are not elaborated in the provided excerpt.

What are the trading symbols for Kelly Services' common stock?

The trading symbols for Kelly Services' Class A Common Stock and Class B Common Stock are KELYA and KELYB, respectively.

On which exchange are Kelly Services' securities registered?

Kelly Services' Class A and Class B Common Stock are registered on The Nasdaq Stock Market LLC.

What is the fiscal year-end date for this 10-K filing?

The fiscal year ended on December 29, 2024.

Where is Kelly Services, Inc. headquartered?

Kelly Services, Inc. is headquartered at 999 West Big Beaver Road, Troy, Michigan 48084.

Filing Stats: 4,406 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2025-02-13 13:51:23

Key Financial Figures

Filing Documents

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 78 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 has evolved, so have our offerings to reflect the changing needs of employers and talent. In 1996, Kelly established the industry's first Managed Service Provider ("MSP") program. Three years later, the Company launched specialized offerings in engineering, IT and education. After successfully establishing industry-leading positions in each of these attractive markets, Kelly initiated a strategic plan to drive greater value creation by refocusing its portfolio on specialties. In 2020, Kelly launched a new operating model comprising five specialty business units: Kelly Professional & Industrial ("P&I"); Kelly Science, Engineering & Technology ("SET"); Kelly Education; KellyOCG ("Outsourcing & Consulting" or "OCG"); and Kelly International. This model optimized Kelly's structure and capabilities based on market opportunity and the unique needs of employers and talent in each specialty to enable organic growth. To enhance specialization in higher margin, higher growth specialties, Kelly also pursued an aggressive approach to driving inorganic growth in SET, Education, and OCG. By monetizing non-core assets and redeploying available capital, Kelly completed several strategic acquisitions over the years, including Teachers On Call; Global Technology Associates ("GTA"); NextGen; Greenwood/Asher & Associates; Softworld; RocketPower; Pediatric Therapeutic Services ("PTS"); Motion Recruitmen

RISK FACTORS

ITEM 1A. RISK FACTORS. Risks Related to Macroeconomic Conditions Our business is significantly affected by fluctuations in general economic conditions. Historically, the general level of economic activity and employment in the United States and the other countries in which we operate has significantly affected the demand for staffing services. In periods of economic growth, employers often add temporary employees before hiring full-time employees. However, when economic activity declines, many employers 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. Historically, significant changes in economic activity have disproportionately impacted staffing industry volumes. We may not fully benefit from times of increased economic activity should we experience shortages in the supply of workers. We may also experience more competitive pricing pressure and slower customer payments during periods of economic decline. 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 divestiture

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