Kelly Services, Inc. (NASDAQ:KELYB) Q2 2024 Earnings Conference Call August 8, 2024 9:00 AM ET

Company Participants

Peter Quigley - President and Chief Executive Officer
Olivier Thirot - Chief Financial Officer

Conference Call Participants

Kartik Mehta - Northcoast Research
Kevin Steinke - Barrington Research Associates, Inc.
Josh Zoepfel - Noble Capital Markets, Inc.
Marc Riddick - Sidoti & Company, LLC

Operator

Good morning and welcome to Kelley Services' Second Quarter Earnings Conference Call.

All parties will be on a listen-only mode until the question and answer portion of the presentation. Today's call is being recorded at the request of Kelley Services. [Operator Instructions] A second quarter webcast presentation is also available on Kelley'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 second 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.

With that, I’ll begin with remarks on Kelly’s financial results. In the second quarter, we remained focused on what we can control as we continue to navigate uncertain market conditions. Large enterprises maintained a cautious approach to hiring, though demand began to stabilize with positive signs emerging, in particular among our Technology and Life Sciences customers.

In our P&I business, revenues leveled off on a sequential basis. This trend reflects stabilizing demand and the benefits of our enhanced localized delivery model. The combined strength of our network of physical branch locations and the Kelly Now mobile app continue to generate positive momentum in the quarter with both clients and talent helping grow our pipeline of new industrial and commercial staffing business and drive a meaningful improvement to our fill rate and time to GP.