Company: KELYB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000055135-25-000016
Chunk: 91

Company: KELLY SERVICES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 91
---
ables from the insurance company for the excess amount, which are included in prepaid expenses and other current assets and other assets in the consolidated balance sheet.

While the outcome of these matters currently pending cannot be predicted with certainty, we believe that the resolution of any such proceedings will not have a material adverse effect on our financial condition, results of operations or cash flows.

In January 2018, the Hungarian Competition Authority (the “Authority”) initiated proceedings against a local industry trade association and its members, due to alleged infringement of national competition regulations.  The Authority announced its decision on December 18, 2020, levying a fine against the trade association with joint and several secondary liability placed on the 20 member companies.  The Authority apportioned secondary liability against us as a member company to be approximately $300,000.  Certain member companies exercised their right to challenge the decision in Court. On or about October 3, 2023, the Court issued its decision which repealed the Authority's decision and ordered a repeated procedure to determine the amount of the imposed fine as well as the allocation between the parties.  Although Kelly's staffing operations in Hungary were sold to Gi Group Holdings S.P.A. (“Gi”) in January 2024, we have agreed to indemnify Gi for any liability resulting from this matter.  We do not believe that resolution of this matter will have a material adverse effect upon our competitive position, results of operations, cash flows or financial position.

Item 1A.  Risk Factors. 

There have been no material changes in our risk factors previously disclosed in Part I, Item 1A of our Annual Report filed on Form 10-K for the year ended December 29, 2024.

39 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

(a) Sales of Equity Securities Not Registered Under the Securities Exchange Act of 1933

None.

(c) Issuer Repurchases of Equity Securities

During the first quarter of 2025, we reacquired shares of our common stock as follows:PeriodTotal Numberof Shares(or Units)PurchasedAveragePrice Paidper Share(or Unit)Total Numberof Shares (orUnits) Purchasedas Part of PubliclyAnnounced Plansor ProgramsMaximum Number(or ApproximateDollar Value) ofShares (or Units)That May Yet BePurchased Under thePlans or Programs(in millions of dollars)December 30, 2024 through February 2, 20254,421 $14.19