Company: KELYB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000055135-25-000052
Chunk: 92

Company: KELLY SERVICES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 of EMEA staffing operations relates to the January 2024 sale.  In the second quarter of 2025, we have recognized a gain of $4.0 million upon the settlement of working capital and other adjustments and previously recognized a gain of $1.6 million in the first six months of 2024.  The gain on sale of assets represents the sale of the Company's Ayers Group in the second quarter of 2024 for which we recognized a gain of $5.5 million in the first six months of 2024.

Impairment of assets in the first six months of 2024 represents the impairment of certain right-of-use assets related to our leased headquarters facility.

Gain on forward contract of $1.2 million represents the gain recognized in the first quarter of 2024 for the settlement of the foreign currency forward contract in January 2024 that was entered into in 2023 relating to the sale of the EMEA staffing operations.

Income tax expense was $2.7 million for the first six months of 2025 compared to an income tax expense of $5.1 million for the first six months of 2024 with the change primarily due to changes in pretax income, non-deductible transaction costs in 2024 and the impact of the sale of the EMEA staffing operations in both years.

34 

Operating Results By Segment

(Dollars in millions)

Second QuarterJune Year-to-Date 20252024% Change20252024% ChangeRevenue from Services:Enterprise Talent Management$520.2 $541.2 (3.9)%$1,054.2 $1,065.3 (1.0)%Science, Engineering & Technology317.3 265.7 19.4 639.7 497.3 28.6 Education265.3 251.1 5.6 574.3 541.0 6.1 Less: Intersegment revenue(1.0)(0.5)90.2 (1.5)(1.0)41.3 Consolidated Total$1,101.8 $1,057.5 4.2 %$2,266.7 $2,102.6 7.8 %

Second Quarter Results

ETM revenue includes the impact from the addition of the Sevenstep business, which represents the talent solutions business that was acquired as part of the MRP acquisition.  Revenue excluding