KELLY SERVICES INC
For the period ended Sep 29, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 29, 2024 · Filed Nov 7, 2024
KELYB$25.88+1.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| 39 Weeks Ended | ||
|---|---|---|
| September 29,2024 | October 1,2023 | |
| Cash flows from operating activities: | ||
| Net earnings | $31.2 | $25.0 |
| Adjustments to reconcile net earnings to net cash from operating activities: | ||
| Asset impairment charge | 5.5 | 2.4 |
| Gain on sale of EMEA staffing operations | (1.6) | — |
| Gain on sale of assets | (5.4) | — |
| Depreciation and amortization | 28.7 | 25.6 |
| Operating lease asset amortization | 7.7 | 12.4 |
| Provision for credit losses and sales allowances | 0.6 | 1.4 |
| Stock-based compensation | 8.5 | 7.9 |
| Gain on sale of equity securities | — | (2.0) |
| Gain on forward contract | (1.2) | — |
| Other, net | — | 0.5 |
| Changes in operating assets and liabilities, net of acquisition | (62.1) | (39.8) |
| Net cash from operating activities | 11.9 | 33.4 |
| Cash flows from investing activities: | ||
| Capital expenditures | (9.1) | (12.4) |
| Proceeds from sale of EMEA staffing operations, net of cash disposed | 77.1 | — |
| Proceeds from sale of assets | 4.3 | — |
| Acquisition of company, net of cash received | (427.4) | — |
| Payment for settlement of forward contract | (2.4) | — |
| Proceeds from company-owned life insurance | 1.7 | — |
| Proceeds from equity securities | — | 2.0 |
| Other investing activities | 0.3 | (0.4) |
| Net cash used in investing activities | (355.5) | (10.8) |
| Cash flows from financing activities: | ||
| Net change in short-term borrowings | 0.6 | (0.7) |
| Proceeds from long-term debt | 849.0 | — |
| Payments on long-term debt | (620.8) | — |
| Financing lease payments | — | (1.0) |
| Dividend payments | (8.2) | (8.3) |
| Payments of tax withholding for stock awards | (2.3) | (1.7) |
| Buyback of common shares | — | (42.2) |
| Contingent consideration payments | — | (2.5) |
| Other financing activities | (1.0) | (0.2) |
| Net cash from (used in) financing activities | 217.3 | (56.6) |
| Effect of exchange rates on cash, cash equivalents and restricted cash | (0.9) | (1.9) |
| Net change in cash, cash equivalents and restricted cash | (127.2) | (35.9) |
| Cash, cash equivalents and restricted cash at beginning of period | 167.6 | 162.4 |
| Cash, cash equivalents and restricted cash at end of period (1) | $40.4 | $126.5 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(1) The following table provides a reconciliation of cash, cash equivalents and restricted cash to the amounts reported in our consolidated balance sheets:
| 39 Weeks Ended | ||
|---|---|---|
| September 29,2024 | October 1,2023 | |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Current assets: | ||
| Cash and cash equivalents | $32.8 | $117.2 |
| Restricted cash included in prepaid expenses and other current assets | 0.7 | 0.9 |
| Noncurrent assets: | ||
| Restricted cash included in other assets | 6.9 | 8.4 |
| Cash, cash equivalents and restricted cash at end of period | $40.4 | $126.5 |
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