Company: KELYB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000055135-25-000016
Chunk: 33

Company: KELLY SERVICES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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Operating Activities

In the first three months of 2025, we generated $23.9 million of net cash from operating activities, as compared to using $25.5 million in the first three months of 2024, primarily due to decreased working capital requirements as compared to the same period of the prior year.  

Trade accounts receivable totaled $1.3 billion at the end of the first quarter of 2025.  Global DSO was 61 days at the end of the first quarter of 2025 and 59 days at year-end 2024.

Our working capital position (total current assets less total current liabilities) was $528.1 million at the end of the first quarter of 2025 including the impact of our acquisition of MRP, a decrease of $10.9 million from year-end 2024.  Excluding the decrease in cash, working capital decreased $0.1 million from year-end 2024.  The current ratio (total current assets divided by total current liabilities) was 1.6 at the end of the first quarter of 2025 and 1.7 at year-end 2024.

Investing Activities

In the first three months of 2025, we generated $3.2 million of cash from investing activities, as compared to generating $72.1 million in the first three months of 2024.  Included in cash from investing activities in the first three months of 2025 is $6.4 million of cash from the sale of the PersolKelly investment, partially offset by $2.5 million of cash used for capital expenditures.  Included in the cash from investing activities in the first three months of 2024 is $77.1 million of proceeds from sale of EMEA staffing operations, net of cash disposed, partially offset by $3.7 million of cash used for capital expenditures and a $2.4 million payment for the settlement of forward contracts.

Financing Activities

We used $39.5 million of cash for financing activities in the first three months of 2025, as compared to using $4.7 million in the first three months of 2024.  The change in cash used for financing activities is driven by net repayments of $34.8 million on our credit facilities in the first three months of 2025.  Dividends paid per common share were $0.075 in each of the first three months of 2025 and 2024.

Debt-to-total