Company: KELYB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000055135-25-000052
Chunk: 118

Company: KELLY SERVICES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 118
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 by the use of cash to pay down long-term debt.  The current ratio (total current assets divided by total current liabilities) was 1.5 at the end of the second quarter of 2025 and 1.7 at year-end 2024.

Investing Activities

In the first six months of 2025, we generated $24.7 million of cash from investing activities, as compared to using $353.1 million in the first six months of 2024.  Included in cash from investing activities in the first six months of 2025 is $21.8 million of cash from the sale of EMEA staffing operations and $6.4 million of cash from the sale of the PersolKelly investment, partially offset by $4.5 million of cash used for capital expenditures.  Included in the cash used for investing activities in the first six months of 2024 is $427.4 million used for the acquisition of MRP, $6.7 million of cash used for capital expenditures and a $2.4 million payment for the settlement of forward contracts. These outflows were partially offset by $77.1 million of proceeds from sale of EMEA staffing operations, net of cash disposed, and $4.4 million of proceeds from the sale of assets.

Financing Activities

We used $172.7 million of cash for financing activities in the first six months of 2025, as compared to generating $201.6 million in the first six months of 2024.  The change in cash used for financing activities was driven by net repayments of $165.1 million on our credit facilities in the first six months of 2025 compared to net proceeds of $210.4 million on our credit facilities in the first six months of 2024.  Dividends paid per common share were $0.075 in each of the first two quarters of 2025 and 2024.

Debt-to-total capital (total debt reported in the consolidated balance sheet divided by total debt plus stockholders’ equity) is a common ratio to measure the relative capital structure and leverage of the Company.  Our ratio of debt-to-total capital was 5.5% at the end of the second quarter of 2025 and 16.2% at year-end 2024.

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Critical Accounting Estimates

For a discussion of our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Form 10