Company: KELYB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000055135-25-000052
Chunk: 85

Company: KELLY SERVICES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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Corporate SG&A$(12.4)Loss on sale of EMEA staffing operations(10.0)Asset impairment charge(5.5)Gain on sale of assets5.5 Depreciation and amortization(4)(12.5)Consolidated earnings from operations12.2 Gain on forward contract— Other income (expense), net(6.5)Earnings before taxes$5.7 

29 

KELLY SERVICES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(UNAUDITED)

June Year-to-Date 2024(In millions of dollars)ETMSETEducationInter-SegmentConsolidatedRevenue from services$1,065.3 $497.3 $541.0 $(1.0)$2,102.6 Cost of services(1)850.1 372.1 462.0 (1.0)1,683.2 Direct salaries(2)127.565.0 30.7 Other segment expenses(3)64.127.1 17.5 SG&A expenses191.692.148.2— 331.9 Business unit profit (loss)$23.6 $33.1 $30.8 $— $87.5 Corporate SG&A$(27.4)Gain on sale of EMEA staffing operations1.6 Asset impairment charge(5.5)Gain on sale of assets5.5 Depreciation and amortization(4)(22.7)Consolidated earnings from operations39.0 Gain on forward contract1.2 Other income (expense), net(4.7)Earnings before taxes$35.5 (1)  Cost of services are those costs directly associated with the earning of revenue.  The primary examples of these types of costs are temporary employee wages, along with other employee related costs, including associated payroll taxes, temporary employee benefits, such as service bonus and holiday pay and health insurance, and workers’ compensation costs.  These costs differ fundamentally from SG&A expenses in that they arise specifically from the action of providing the Company's services to customers whereas SG&A costs are incurred regardless of whether or not the Company places temporary employees with its customers.(2)  Direct salaries refers to the compensation expenses for employees directly related to the Company’s operations and service delivery.  These expenses include salaries, related payroll taxes, sever