Kelly Services, Inc. (NASDAQ:KELYA) Q1 2024 Results Conference Call May 9, 2024 9:00 AM ET
Company Participants
Peter Quigley - President and CEO
Olivier Thirot - Chief Financial Officer
Conference Call Participants
Joe Gomes - NOBLE Capital
Kevin Steinke - Barrington Research
Kartik Mehta - Northcoast Research
Marc Riddick - Sidoti
Operator
Good morning, and welcome to Kelly Services First Quarter Earnings Conference Call. [Operator Instructions] Today's call is being recorded at the request of Kelly Services. If anyone has any objections, you may disconnect at this time. A webcast presentation is also available on Kelly's website for this morning's call.
I would now like to turn the meeting over to your host, Mr. Peter Quigley, President and CEO. Please go ahead.
Peter Quigley
Thank you, Greg. Hello, everyone, and welcome to Kelly's first quarter conference call. Before we begin, I'll walk you through our safe harbor language. As a reminder, any comments made during this call, including the Q&A, may include forward-looking statements about our expectations for future performance.
Actual results could differ materially from those suggested by our comments, and we have no obligation to update the statements made on this call. Please refer to our SEC filings for a description of the risk factors that could influence the company's actual future performance.
In addition, during the call, certain data will be discussed on a reported and on an adjusted basis. Discussion of items on an adjusted basis are non-GAAP financial measures, designed to give insight into certain trends in our operations.
Finally, a presentation with information about Kelly's financial results in the quarter is available on our website. We have a lot to cover today, so let's get started. Before we turn to Kelly's first quarter results, I'd like to address our recent announcement regarding a transformational step forward on our specialty growth journey.
Last week, Kelly entered into a definitive agreement to acquire Motion Recruitment Partners, a leading specialty talent solutions company. Under the terms of the agreement, Kelly will acquire MRP for $425 million in cash to be paid at close, with additional earnout potential of up to $60 million based on certain performance criteria.
The acquisition of MRP will significantly strengthen both the scale and capabilities of Kelly's already-substantial staffing and consulting solutions across technology, telecommunications and government specialties in North America and RPO solutions globally.
Following the close of the transaction, MRP will deliver services through its existing operating companies and brands with a goal of expanding Kelly's capabilities, enhancing MRP's breadth of solutions and significantly increasing market share across several key areas.