Kelly Services : Q2 2021 Webcast Presentation

SECOND QUARTER 2021

AUGUST 12, 2021

SAFE HARBOR STATEMENT

This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. The principal important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to, changing market and economic conditions, the recent novel coronavirus (COVID-19) outbreak, competitive market

pressures including pricing and technology introductions and disruptions, disruption in the labor market and

weakened demand for human capital resulting from technological advances, competition law risks, the impact of changes in laws and regulations (including federal, state and international tax laws), unexpected changes in claim trends on workers' compensation, unemployment, disability and medical benefit plans, or the risk of additional tax liabilities in excess of our estimates, our ability to achieve our business strategy, our ability to successfully develop new service offerings, material changes in demand from or loss of large corporate customers as well as changes in their buying practices, risks particular to doing business with government or government contractors, the risk of damage to our brand, our exposure to risks associated with services outside traditional staffing, including business process outsourcing, services of licensed professionals and services connecting talent to independent work, our increasing dependency on third parties for the execution of critical functions, our ability to effectively implement and manage our information technology strategy, the risks associated with past and future acquisitions, including risk of related impairment of goodwill and intangible assets, exposure to risks associated with investments in equity affiliates including PersolKelly Pte. Ltd., risks associated with conducting business in foreign countries, including foreign currency fluctuations, the exposure to potential market and currency exchange risks relating to our investment in Persol Holdings, risks associated with violations of anticorruption, trade protection and other laws and regulations, availability of qualified full- time employees, availability of temporary workers with appropriate skills required by customers, liabilities for employment-related claims and losses, including class action lawsuits and collective actions, our ability to sustain critical business applications through our key data centers, risks arising from failure to preserve the privacy of information entrusted to us or to meet our obligations under global privacy laws, the risk of cyberattacks or other breaches of network or information technology security, our ability to realize value from our tax credit and net operating loss carryforwards, our ability to maintain specified financial covenants in our bank facilities to continue to access credit markets, and other risks, uncertainties and factors discussed in this report and in our other filings with the Securities and Exchange Commission. Actual results may differ materially from any forward-looking statements contained herein, and we undertake no duty to update any forward- looking statement to conform the statement to actual results or changes in the Company's expectations.

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NON-GAAP MEASURES

Management believes that the non-GAAP (Generally Accepted Accounting Principles) information excluding the 2021 and 2020 gains and losses on the investment in Persol Holdings and the 2020 restructuring charges, are useful to understand the Company's fiscal 2021 financial performance and increases comparability.

Specifically, Management believes that removing the impact of these items allows for a meaningful

comparison of current period operating performance with the operating results of prior periods.

Management also believes that such measures are used by those analyzing performance of companies in the staffing industry to compare current performance to prior periods and to assess future performance.

Management uses Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA Margin (percent of total GAAP revenue) which Management believes is useful to compare operating performance compared to prior periods and uses it in conjunction with GAAP measures to assess performance. Our calculation of Adjusted EBITDA may not be consistent with similarly titled measures of other companies and should be used in conjunction with GAAP measurements.

These non-GAAP measures may have limitations as analytical tools because they exclude items which can have a material impact on cash flow and earnings per share. As a result, Management considers these measures, along with reported results, when it reviews and evaluates the Company's financial performance. Management believes that these measures provide greater transparency to investors and provide insight into how Management is evaluating the Company's financial performance. Non-GAAP measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

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SECOND QUARTER 2021 TAKEWAYS

Economic recovery from the impact of the COVID-19 pandemic continues and demand increases

• Q2 revenue up 29.0% on a reported basis, up 26.2% in constant currency(1)
• • Includes 310 bps impact from the acquisition of Softworld, Inc. ("Softworld") on April 5, 2021
• All operating segments have returned to year-over-year revenue growth as we anniversary the depth of the COVID-19 impact during the quarter; four out of five segments had sequential improvement in their revenue recovery ratio(2) for the quarter

Near-term steps to capitalize on improving demand

• Continuing robust return to workplace protocols and reopening offices as needed to support our customers, employees and talent
• Addressing talent supply in Education and talent supply and fulfillment challenges in Professional & Industrial to meet customer demand and accelerate revenue growth
• Continuing with strong management of our cost base; focusing on maintaining operating leverage as revenue rebounds and continuing with organic investment in our selected specialties

Continued focus on our future

• Advanced our inorganic growth strategy with the April 2021 acquisition of Softworld, a specialty technology staffing and workforce solutions firm serving customers in a variety of industries in the U.S.
• • Impact on top- and bottom-line growth for the enterprise from a targeted acquisition in a high-value specialty was visible in Q2
• Reinstated quarterly dividend payments to shareholders as economic recovery continues

(1)Constant Currency represents year-over-year changes resulting from translating 2021 financial data into USD using 2020 exchange rates.

(2)Recovery ratio is defined as 2021 organic revenue on a 2019 constant currency basis divided by 2019 revenue.

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SECOND QUARTER 2021 FINANCIAL SUMMARY

				Constant
				Currency
	Actual Results	Change		Change(1)
Revenue	$1.3B	29.0%	26.2%
Gross Profit %	18.4%	(100) bps
Earnings from Operations	$13.7M	24.1%	16.5%
Earnings Per Share	$0.60	($0.44)

• Revenue improved as demand for our services increased from the prior year, which was impacted by the COVID-19 pandemic. In addition, the acquisition of Softworld added 310 bps to the revenue growth rate. Temporary staffing revenue improved 32%, outcome- based services revenue improved 8% and permanent placement revenue more than doubled
• GP rate declined year-over-year due to unfavorable product mix as staffing services grew more quickly than outcome-based services and the impact of government wage subsidies in the prior year. The decline was partially offset by higher perm fees and the acquisition of Softworld, which generates higher gross profit rates
• Earnings from operations improved in all operating segments, except Professional & Industrial. Earnings from operations includes $2.3 million of earnings from Softworld
• The year-over-year change in earnings per share is due primarily to a decline in the non-cash gain from the investment in Persol Holdings common stock, net of tax

(1)Constant Currency represents year-over-year changes resulting from translating 2021 financial data into USD using 2020 exchange rates.

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