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Kelly Services (KELYA) investor relations material
Kelly Services 16th Annual Midwest Ideas Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Company overview and transformation
Nearly 80 years in business, with a strong brand and diversified portfolio focused on North America.
Operates in three main segments: Enterprise Talent Management, Science/Engineering/Technology, and Education.
Underwent significant transformation, including portfolio rationalization, margin expansion, and divestitures of over $1B in revenue since 2020.
Largest acquisition ever completed last summer, with ongoing integration to drive synergies.
EBITDA margin more than doubled to over 3% after $150M SG&A reduction; further modest expansion expected.
Business segments and market position
Enterprise Talent Management generates about half of the portfolio, with a 20% gross profit margin and a global footprint.
Science/Engineering/Technology segment focuses on higher-margin, project-based work in five verticals, with heavy recent investment.
Education segment dominates K-12 substitute staffing, holding 46% market share and serving over 8,700 school districts.
Recognized as a leader in multiple staffing categories, including office clerical, industrial, life sciences, and IT.
Education business has grown to a $1B run rate, primarily through organic growth.
Financial strategy and capital allocation
Asset-light model with low CapEx, focusing on IT and software development.
Over $700M in proceeds from divestitures reinvested in the business and acquisitions; $240M in debt for MRP acquisition, now reduced to $74M.
$0.30/share dividend maintained for two years; $50M in share repurchases in 2022–2023, with $40M remaining authorization.
Majority of excess cash flow currently directed to debt repayment.
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