Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 17

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 17
---
Pro forma revenues$4,552.2 $5,389.8 Pro forma net earnings (loss)$(4.9)$30.8 The pro forma results for the periods above include adjustments to amortization expense for the intangible assets, reversal of MRP's interest expense on credit facilities that were settled upon completion of the acquisition, interest expense and associated amortization of debt issuance costs for financing the acquisition, reclassification of transaction expenses to the appropriate period, and applicable taxes.  The unaudited pro forma information presented has been prepared for comparative purposes only and is not necessarily indicative of the results of operations as they would have been had the acquisition occurred on the assumed date, nor is it necessarily an indication of future operating results.  

69

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

Pediatric Therapeutic ServicesIn the second quarter of 2022, KSU, a wholly owned subsidiary of the Company, acquired 100% of the membership interests of Pediatric Therapeutic Services ("PTS") for a purchase price of $82.1 million.  PTS is a specialty firm that provides and manages various state and federally mandated in-school therapy services.  This acquisition expanded Education's K-12 solution offering in the education staffing market and served as an entry point into the therapeutic services market. Under terms of the purchase agreement, the purchase price was adjusted for cash held by PTS at the closing date and estimated working capital adjustments resulting in the Company paying cash of $85.7 million.  PTS's results of operations are included in the Education segment.  RocketPowerIn the first quarter of 2022, the Company acquired Rocket Power Holdings LLC and Rocket Power Ops LLC (collectively, "RocketPower") and acquired 100% of the issued and outstanding membership interests of RocketPower for a purchase price of $59.3 million.  RocketPower is a provider of RPO solutions to U.S. high-tech companies.  This acquisition expanded OCG's RPO solution and delivery offering and enhanced the specialty RPO strategy and expertise within the high-tech industry.  Under terms of the purchase agreement, the purchase price was adjusted for cash held by RocketPower at the closing date and estimated working capital adjustments resulting in the Company paying cash of $61.8 million.  RocketPower's results of operations are included in the OCG segment.Goodwill generated from the acquisition was primarily attributable to expected synergies from