Kelly Services (KELYA) Announces Share Repurchase Authorization

Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, today announced that on November 26, 2024, the Company’s board of directors approved a share repurchase program authorizing it to purchase up to an aggregate of $50 million of its Class A common stock. The authorization expires on December 2, 2026.

“An active share repurchase authorization is an important mechanism that enables Kelly to opportunistically return capital to our shareholders,” said Peter Quigley, president and chief executive officer. “It reflects our unwavering confidence in Kelly’s strategy through which we have monetized non-core assets, redeployed capital toward organic and inorganic investments in higher-margin, higher-growth specialties, delivered significant EBITDA margin expansion, and achieved above-market growth. With clear capital allocation priorities underpinned by a strong balance sheet, we are well positioned to return capital to and create value for Kelly’s shareholders over time while continuing to deleverage and invest in organic and inorganic growth initiatives.”

Subject to applicable rules and regulations, the shares may be purchased from time to time in the open market, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Such purchases will be at times and in amounts as the Company deems appropriate, based on factors such as market conditions, prevailing stock prices, legal requirements and other business considerations. The authorization may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of Class A common stock. Share repurchases will be funded from available cash and equivalents, working capital, credit facility capacity, or cash flows from operations.

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