Kelly Services Inc.

11/05/2026 | Press release | Distributed by Public on 11/05/2026 13:52

Quarterly Report for Quarter Ending September 27, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.
Executive Overview
In the third quarter, we delivered results that reflect positive trends across much of the portfolio. We achieved a third consecutive quarter of sequential revenue improvement on a year-over-year basis as we capitalized on increasingly constructive demand trends and as the impact of the previously disclosed discrete impacts continued to diminish. Our results reflect improvement in our gross profit margin and continued SG&A discipline.
ETM pivoted to positive reported revenue growth on a year-over-year basis in the quarter. Talent Solutions grew on a year-over-year basis for the third consecutive quarter, driven by strong demand for our MSP and RPO offerings. While reported Staffing revenue declined year-over-year, strong demand for temporary talent across our client base contributed to another quarter of positive revenue growth in Staffing on an underlying basis excluding the discrete impacts.
SET delivered another quarter of sequential revenue improvement driven by double-digit growth in Outcome-Based Solutions and Permanent Placement revenue on a year-over-year basis, although total SET revenue decreased year-over-year. Across SET's specialties, Science delivered another quarter of revenue growth, Engineering pivoted to growth on healthy pipeline conversion, and Technology continued to strengthen driven by demand for Outcome-Based Solutions.
In Education, year-over-year revenue trends reflect continued enrollment pressure in key K-12 public school districts to begin the new school year, and shifts in the mix of roles placed in the quarter. These dynamics offset renewal momentum and net new business wins that Education delivered in the second quarter. In each business, we continued to align resources with demand and maintained a disciplined approach to expense management overall.
Our performance in the quarter reflects growing operational momentum as we continue to execute our growth and efficiency initiatives. We remain well positioned to capitalize on improving demand trends, driving profitable growth and long-term value creation.
Financial Measures
Reported percentage changes are computed based on millions. Prior year percentage changes were computed based on actual amounts in thousands. Prior year percentage changes have been recast to conform to the new presentation, which is calculated based on millions. All dollar amounts are presented in millions, except for per share data.
Days sales outstanding ("DSO") represents the number of days that sales remain unpaid for the period being reported. DSO is calculated by dividing average net sales per day (based on a rolling three-month period) into trade accounts receivable, net of allowances at period end. Where secondary supplier revenues are recorded on a net basis (net of secondary supplier expense), secondary supplier revenue is included in the daily sales calculation in order to properly reflect the gross revenue amounts billed to the customer.
NM (not meaningful) in the following tables is used in place of percentage changes where: the change is in excess of 500%, the change involves a comparison between earnings and loss amounts, or the comparison amount is zero.
Results of Operations
Total Company
(in millions)
Third Quarter September Year-to-Date
2026 2025 % Change 2026 2025 % Change
Revenue from services $ 927.2 $ 935.0 (0.8)% $ 3,006.1 $ 3,201.7 (6.1)%
Gross profit 194.4 194.0 0.2 602.8 656.0 (8.1)
SG&A expenses excluding integration, realignment, restructuring charges, and depreciation and amortization 173.3 178.7 (3.0) 537.4 569.7 (5.7)
Integration, realignment and restructuring charges 5.1 3.1 64.5 12.7 19.8 (35.9)
Total SG&A expenses excluding depreciation and amortization 178.4 181.8 (1.9) 550.1 589.5 (6.7)
Depreciation and amortization 15.2 12.6 20.6 38.7 37.9 2.1
Total SG&A expenses 193.6 194.4 (0.4) 588.8 627.4 (6.2)
Asset impairment charge 0.2 - NM 2.4 - NM
Goodwill impairment charge - 102.0 NM - 102.0 NM
Gain on sale of EMEA staffing operations - (0.3) NM - (4.3) NM
Earnings (loss) from operations 0.6 (102.1) NM 11.6 (69.1) NM
Other income (expense), net (1.1) (1.6) 31.3 (4.4) (7.1) 38.0
Earnings (loss) before taxes (0.5) (103.7) 99.5 7.2 (76.2) NM
Income tax expense 1.2 46.4 (97.4) 3.4 49.1 (93.1)
Net earnings (loss) $ (1.7) $ (150.1) 98.9% $ 3.8 $ (125.3) NM
Gross profit rate 21.0 % 20.8 % 0.2 pts. 20.1 % 20.5 % (0.4) pts.
Third Quarter Results
Revenue from services in the third quarter decreased 0.8% year-over-year with decreases in the SET and Education segments, offset by an increase in the ETM segment. Compared to the third quarter of 2025, the decrease is primarily due to declines in revenue from staffing services of 6.5%, partially offset by increases in revenue from talent solutions of 11.6% from the prior year.
Gross profit increased 0.2% year-over-year, largely driven by higher permanent placement fees. The gross profit rate increased 20 basis points ("bps") to 21.0%, primarily due to higher permanent placement fees and lower employee-related costs, partially offset by changes in business mix. Permanent placement revenue has very low direct costs of services and has a disproportionate impact on gross profit rates. The gross profit rate decreased in the SET and Education segments and increased in the ETM segment.
Total SG&A expenses decreased 0.4% year-over-year, primarily due to expense management actions to reduce volume-related costs, partially offset by an increase in intangible amortization expense. SG&A expenses in the third quarter of 2026 include $5.1 million of integration and realignment costs related to continuation of ongoing initiatives, $0.1 million of executive transition costs, and $0.1 million of transaction costs primarily related to costs incurred in connection with our controlling shareholder change in the first quarter of 2026. Included in SG&A expenses in the third quarter of 2025 were $3.1 million of integration and realignment costs related to initiatives to integrate MRP and align our processes, $0.8 million of executive transition costs, and $0.4 million of transaction costs arising from the sale of our EMEA staffing operations. Excluding integration and realignment, transaction costs, executive transition costs, and depreciation and amortization, SG&A expenses decreased 2.5% from the prior year.
The asset impairment charge of $0.2 million in the third quarter of 2026 relates to certain right-of-use assets and reflects our ongoing realignment of our lease portfolio.
The goodwill impairment charge of $102.0 million in the third quarter of 2025 was primarily driven by reduced demand, integration of MRP and Softworld acquisitions and the realignment of reporting units in the SET segment.
The gain on sale of EMEA staffing operations relates to the January 2024 sale. In the third quarter of 2025, we recognized a gain of $0.3 million upon the settlement of working capital and other adjustments.
Income tax expense was $1.2 million for the third quarter of 2026 compared to income tax expense of $46.4 million for the third quarter of 2025. The decrease was primarily driven by the non-recurring valuation allowance and goodwill impairment charges recorded in the third quarter of 2025, partially offset by the tax effect of changes in pretax income largely attributable to the goodwill impairment in 2025 and lower work opportunity tax credit benefit in 2026 compared to 2025.
September Year-to-Date Results
Revenue from services September year-to-date 2026 decreased 6.1% year-over-year with decreases in the ETM, SET, and Education segments. Compared to September year-to-date 2025, the decrease is primarily due to declines in revenue from staffing services and outcome-based services of 9.9% and 1.0%, respectively, partially offset by growth in revenue from talent solutions of 7.1%.
Gross profit decreased 8.1%, largely driven by lower revenue volume. The gross profit rate decreased 40 bps to 20.1%, primarily due to higher employee-related costs in the beginning part of the year and changes in business mix, partially offset by higher permanent placement fees. Permanent placement revenue has very low direct costs of services and has a disproportionate impact on gross profit rates. The gross profit rate decreased in all segments.
Total SG&A expenses decreased 6.2%, primarily due to expense management actions to reduce volume-related costs and reflects the benefits of the ongoing structural actions including integration and realignment efforts. SG&A expenses in the first nine months of 2026 include $12.7 million of integration and realignment costs related to continuation of ongoing initiatives, $1.9 million of executive transition costs and $0.9 million of transaction costs primarily related to costs incurred in connection with our controlling shareholder change in the first quarter of 2026. Included in SG&A expenses in the first nine months of 2025 were $19.8 million of integration costs related to initiatives to integrate MRP and align our processes, $1.3 million of executive transition costs and $0.8 million of transaction costs related to the sale of our EMEA staffing operations. Excluding integration and realignment, transaction costs, executive transition costs, and depreciation and amortization, SG&A expenses decreased 5.8% from the prior year.
The asset impairment charge of $2.4 million for the first nine months of 2026 relates to certain right-of-use assets and reflects our ongoing realignment of our lease portfolio.
The goodwill impairment charge of $102.0 million for the first nine months of 2025 was primarily driven by reduced demand, integration of MRP and Softworld acquisitions and the realignment of reporting units in the SET segment.
The gain on sale of EMEA staffing operations relates to the January 2024 sale. In the first nine months of 2025, we recognized a gain of $4.3 million upon the settlement of working capital and other adjustments.
Income tax expense was $3.4 million for the first nine months of 2026 compared to income tax expense of $49.1 million for the first nine months of 2025. The decrease was primarily driven by the non-recurring valuation allowance and goodwill impairment charges recorded in the third quarter of 2025, partially offset by the tax effect of changes in pretax income largely attributable to the goodwill impairment in 2025 and lower work opportunity tax credit benefit in 2026 compared to 2025.
Operating Results By Segment
(in millions)
Third Quarter September Year-to-Date
2026 2025 % Change 2026 2025 % Change
Revenue from Services:
Enterprise Talent Management $ 496.1 $ 484.5 2.4% $ 1,440.8 $ 1,530.0 (5.8)%
Science, Engineering & Technology 302.1 308.3 (2.0) 892.9 956.7 (6.7)
Education 134.2 143.3 (6.4) 681.8 717.6 (5.0)
Less: Intersegment revenue (5.2) (1.1) 372.7 (9.4) (2.6) 261.5
Consolidated Total $ 927.2 $ 935.0 (0.8)% $ 3,006.1 $ 3,201.7 (6.1)%
Third Quarter Results
The increase in ETM revenue from services of 2.4% was primarily driven by an increase of 11.6% in talent solutions driven by new customer wins and volume increases and an increase of 19.0% in permanent placement fees. These increases were partially offset by a decrease of 1.2% in staffing services resulting from lower hours volume primarily at certain large customers and a decrease of 0.6% from outcome-based services primarily due to the relationship exit of a large contact-center customer that ended as of the third quarter of 2025.
The decrease in SET revenue from services of 2.0% was primarily driven by declines in hours volume in our staffing specialties, largely from changes in demand related to IT services, partially offset by an increase in permanent placement fees.
The decrease in Education revenue from services of 6.4% was driven primarily by a reduction in demand in key markets.
September Year-to-Date Results
The decrease in ETM revenue from services of 5.8% was primarily driven by a decrease of 9.6% in staffing services resulting from lower hours volume primarily at certain large customers and a decrease of 10.6% from outcome-based services primarily due to the relationship exit of a large contact-center customer that ended as of the third quarter of 2025. Permanent placement fees decreased 17.8%, reflecting lower market demand. These decreases were partially offset by an increase of 7.1% in talent solutions driven by new customer wins and volume increases.
The decrease in SET revenue from services of 6.7% was primarily driven by declines in hours volume in our staffing specialties, largely from changes in demand related to U.S. federal government contractors and IT services, partially offset by an increase in permanent placement fees.
The decrease in Education revenue from services of 5.0% was driven primarily by the impact of prior year delayed contract decisions, weather-related school closures and a reduction in demand in key markets due to declines in student enrollment.
Operating Results By Segment (continued)
(in millions)
Third Quarter September Year-to-Date
2026 2025 Change 2026 2025 Change
Gross Profit:
Enterprise Talent Management $ 100.1 $ 96.1 4.2% $ 285.2 $ 306.8 (7.0)%
Science, Engineering & Technology 75.8 77.8 (2.6) 224.1 243.8 (8.1)
Education 18.5 20.1 (8.0) 93.5 105.4 (11.3)
Consolidated Total $ 194.4 $ 194.0 0.2% $ 602.8 $ 656.0 (8.1)%
Gross Profit Rate:
Enterprise Talent Management 20.2 % 19.8 % 0.4 pts. 19.8 % 20.1 % (0.3) pts.
Science, Engineering & Technology 25.1 25.2 (0.1) 25.1 25.5 (0.4)
Education 13.8 14.1 (0.3) 13.7 14.7 (1.0)
Consolidated Total 21.0 % 20.8 % 0.2 pts. 20.1 % 20.5 % (0.4) pts.
Third Quarter Results
Gross profit for ETM increased on higher revenue volume. The gross profit rate increased by 40 bps primarily due to lower employee-related costs.
The SET gross profit decreased on lower revenue volume. The gross profit rate decreased by 10 bps primarily due to changes in business mix, partially offset by higher permanent placement fees.
Gross profit for the Education segment decreased on lower revenue volume. The gross profit rate decreased by 30 bps primarily due to changes in business mix and higher employee-related costs, partially offset by higher permanent placement fees.
September Year-to-Date Results
Gross profit for the ETM segment decreased on lower revenue volume. The gross profit rate decreased by 30 bps primarily due to higher employee-related costs and lower permanent placement fees.
The SET gross profit decreased on lower revenue volume. The gross profit rate decreased by 40 bps primarily due to changes in business mix and higher employee-related costs, partially offset by higher permanent placement fees.
Gross profit for the Education segment decreased on lower revenue volume. The gross profit rate decreased by 100 bps primarily due to higher employee-related costs and changes in business mix.
Operating Results By Segment (continued)
(in millions)
Third Quarter September Year-to-Date
2026 2025 % Change 2026 2025 % Change
SG&A Expenses (excluding depreciation and amortization):
Enterprise Talent Management $ 85.1 $ 87.4 (2.6)% $ 260.7 $ 281.2 (7.3)%
Science, Engineering & Technology 56.6 57.8 (2.1) 172.5 190.1 (9.3)
Education 24.5 24.5 - 76.5 76.9 (0.5)
Corporate 12.2 12.1 0.8 40.4 41.3 (2.2)
Consolidated Total $ 178.4 $ 181.8 (1.9)% $ 550.1 $ 589.5 (6.7)%
Third Quarter Results
The 2.6% decrease in ETM SG&A expenses excluding depreciation and amortization was primarily due to lower salary-related costs and performance-based incentive compensation as a result of operating efficiencies and expense management actions.
The 2.1% decrease in SET SG&A expenses excluding depreciation and amortization was primarily due to lower salary-related costs and performance-based incentive compensation as a result of operating efficiencies and expense management actions in response to lower revenue volume compared to the prior year.
Education SG&A expenses excluding depreciation and amortization were flat in the third quarter of 2026 as compared to the prior year primarily due to expense management actions.
Corporate expenses were flat in the third quarter of 2026 as compared to the prior year primarily due to expense management actions.
September Year-to-Date Results
The 7.3% decrease in ETM SG&A expenses excluding depreciation and amortization was primarily due to lower salary-related costs and lower shared service costs as a result of operating efficiencies and expense management actions in response to lower revenue volume compared to the prior year.
The 9.3% decrease in SET SG&A expenses excluding depreciation and amortization was primarily due to lower salary-related costs and performance-based incentive compensation as a result of operating efficiencies and expense management actions in response to lower revenue volume compared to the prior year.
The 0.5% decrease in Education SG&A expenses excluding depreciation and amortization primarily related to lower performance-based incentive compensation.
The 2.2% decrease in Corporate expenses was primarily driven by lower integration, realignment, and restructuring charges, partially offset by investment in the Growth Office and other corporate initiatives in the first nine months of 2026 as compared to the prior year.
Operating Results By Segment (continued)
(in millions)
Third Quarter September Year-to-Date
2026 2025 % Change 2026 2025 % Change
Business Unit Profit (Loss)
Enterprise Talent Management $ 15.0 $ 8.7 72.4% $ 24.5 $ 25.6 (4.3)%
Science, Engineering & Technology 19.0 (82.0) NM 49.2 (48.3) NM
Education (6.0) (4.4) (36.4) 17.0 28.5 (40.4)
Business unit profit (loss) 28.0 (77.7) NM 90.7 5.8 NM
Corporate (12.2) (12.1) 0.8 (40.4) (41.3) (2.2)
Gain on sale of EMEA staffing operations - 0.3 NM - 4.3 NM
Depreciation and amortization (15.2) (12.6) 20.6 (38.7) (37.9) 2.1
Consolidated total earnings (loss) from operations $ 0.6 $ (102.1) NM $ 11.6 $ (69.1) NM
Third Quarter Results
ETM business unit profit increased compared to the prior year due to higher revenue and gross profit along with lower SG&A expenses. SET business unit profit increased primarily due to a non-recurring goodwill impairment charge recorded in the prior year. Excluding the goodwill impairment charge, SET decreased compared to the prior year due to lower revenue and gross profit, partially offset by lower SG&A expenses. Education business unit profit decreased compared to the prior year primarily due to lower revenue and gross profit.
September Year-to-Date Results
ETM and Education business unit profit decreased compared to the prior year primarily due to lower revenue and gross profit, partially offset by lower SG&A expenses. SET business unit profit increased primarily due to a non-recurring goodwill impairment charge recorded in the prior year. Excluding the goodwill impairment charge, SET decreased compared to the prior year due to lower revenue and gross profit, partially offset by lower SG&A expenses.
Financial Condition
Historically, we have financed our operations through cash generated by operating activities and access to credit markets. Our working capital requirements are primarily generated from temporary employee payroll, which is generally paid weekly, and customer accounts receivable, which is generally outstanding for longer periods. Since receipts from customers lag payroll to temporary employees, working capital requirements increase substantially in periods of growth. Conversely, when economic activity slows, working capital requirements may substantially decrease. This may result in an increase in our operating cash flows; however, any such increase would not be sustainable in the event that an economic downturn continued for an extended period. We also experience material seasonal fluctuations in working capital in our Education segment due to schools being mostly out of session during the summer.
As highlighted in the consolidated statements of cash flows, our liquidity and available capital resources are impacted by four key components: cash, cash equivalents and restricted cash, operating activities, investing activities and financing activities.
Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash totaled $26.3 million at the end of the third quarter of 2026 and $37.7 million at year-end 2025. As further described below, we used $30.7 million of cash for operating activities, generated $9.2 million of cash from investing activities and generated $10.0 million of cash from financing activities.
Operating Activities
In the first nine months of 2026, we used $30.7 million of net cash for operating activities, as compared to generating $94.0 million in the first nine months of 2025. The decrease was primarily due to higher working capital requirements as compared to the same period of the prior year.
Trade accounts receivable totaled $1.3 billion at the end of the third quarter of 2026. Global DSO was 68 days at the end of the third quarter of 2026 and 61 days at year-end 2025.
Our working capital position (total current assets less total current liabilities) was $486.3 million at the end of the third quarter of 2026, an increase of $39.8 million from year-end 2025. The current ratio (total current assets divided by total current liabilities) was 1.5 at the end of the third quarter of 2026 and at year-end 2025.
Investing Activities
In the first nine months of 2026, we generated $9.2 million of cash from investing activities, as compared to generating $21.9 million in the first nine months of 2025. Cash generated by investing activities in the first nine months of 2026 is primarily driven by $13.7 million of proceeds from company-owned life insurance, partially offset by $4.3 million of cash used for capital expenditures. Included in the cash generated by investing activities in the first nine months of 2025 is $21.8 million of proceeds from the sale of our EMEA staffing operations, $6.4 million of cash from the sale of the PersolKelly investment and $1.6 million of proceeds from company-owned life insurance, partially offset by $6.8 million of cash used for capital expenditures.
Financing Activities
We generated $10.0 million of cash from financing activities in the first nine months of 2026, as compared to using $131.4 million in the first nine months of 2025. The change in cash generated from financing activities was primarily driven by net proceeds of $20.6 million on our credit facilities in 2026 compared to net payments of $121.0 million on our credit facilities in 2025. Dividends paid per common share were $0.075 in each of the first three quarters of 2026 and 2025.
Debt-to-total capital (total debt reported in the consolidated balance sheets divided by total debt plus stockholders' equity) is a common ratio to measure the relative capital structure and leverage of the Company. Our ratio of debt-to-total capital was 11.1% at the end of the third quarter of 2026 and 9.4% at year-end 2025.
Critical Accounting Estimates
For a discussion of our critical accounting estimates, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Form 10-K.
Contractual Obligations and Commercial Commitments
There were no significant changes to our contractual obligations and commercial commitments from those disclosed in the section "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Form 10-K. We have no material unrecorded commitments, losses, contingencies or guarantees associated with any related parties or unconsolidated entities.
Liquidity
We expect to meet our ongoing short-term and long-term cash requirements principally through cash generated from operations, available cash and equivalents and our credit facilities. Additional funding sources could include additional bank facilities or sale of non-core assets. To meet significant cash requirements related to our nonqualified retirement plan, we may utilize proceeds from Company-owned life insurance policies.
We have historically managed our cash and debt closely to optimize our capital structure. As our cash balances build, we tend to pay down debt as appropriate, unless it is needed for organic or inorganic investments that align with our overall growth strategy. Conversely, when working capital needs grow, we tend to use corporate cash and cash available in the global cash pooling arrangement (the "Cash Pool") first, and then access our borrowing facilities. We expect our working capital requirements to increase if demand for our services increases.
We assess and monitor our liquidity and capital resources globally. We use the Cash Pool, intercompany loans, dividends, capital contributions, and local lines of credit to meet funding needs and allocate our capital resources among our various subsidiaries. We periodically review our foreign subsidiaries' cash balances and projected cash needs. As part of those reviews, we may identify cash that we feel should be repatriated to optimize our overall capital structure. We expect our international cash will be needed to fund working capital growth in our local operations as working capital needs, primarily trade accounts receivable, increase during periods of growth.
As of third quarter-end 2026, we had $150.0 million of available capacity on our $150.0 million revolving credit facility and $84.9 million of available capacity on our $250.0 million securitization facility. The revolving credit facility carried no long-term borrowings on the floating or term benchmark lines of credit. The securitization facility carried $122.5 million of long-term borrowings and $42.6 million of standby letters of credit related to workers' compensation. The credit facilities also include provisions that would allow for expansion of our combined borrowing capacity by $250.0 million.
Together, the revolving credit and securitization facilities provide us with committed funding capacity that may be used for general corporate purposes subject to financial covenants and restrictions. We believe our cash flow from operations, the availability of liquidity under our credit facilities, including the expansion provisions which allow us to increase our borrowing capacity and our ability to access capital from financial markets will be sufficient to meet our anticipated cash requirements, while maintaining sufficient liquidity for normal operating purposes. As of third quarter-end 2026, we met the debt covenants related to our revolving credit facility and securitization facility.
As of third quarter-end 2026, we had additional unsecured, uncommitted short-term local credit facilities totaling $3.0 million, under which we had no borrowings. Details of our debt facilities are contained in the Debt footnote in the notes to our consolidated financial statements.
We monitor the credit ratings of our banking partners on a regular basis and have regular discussions with them. Based on our reviews and communications, we believe the risk of one or more of our banks not being able to honor commitments is insignificant. We also review the ratings and holdings of our money market funds and other investment vehicles regularly to ensure high credit quality and access to our invested cash.
Forward-Looking Statements
Certain statements contained in this report and in our investor conference call related to these results are "forward-looking" statements within the meaning of the applicable securities laws and regulations. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, or which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or variations or negatives thereof or by similar or comparable words or phrases. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions by us that may be provided by management, including oral statements or other written materials released to the public, are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and assumptions about our Company and economic and market factors in the countries in which we do business, among other things. These statements are not guarantees of future performance, and we undertake no obligation to update them, except as required by law.
Actual events and results may differ materially from those expressed or implied by forward-looking statements due to a number of factors. The principal 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, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, competitive pressures and pricing, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers' compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business's anticipated growth strategies, (vii) our future business development, results of operations and financial condition, (viii) damage to our brands, (ix) dependence on third parties for the execution of critical functions, (x) conducting business in foreign countries, including foreign currency fluctuations, (xi) availability of temporary workers with appropriate skills required by customers, (xii) cyberattacks or other breaches of network or information technology security, and (xiii) other risks, uncertainties and factors discussed in this report and in our other filings with the Securities and Exchange Commission, including those discussed under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 28, 2025. Actual results may differ materially from any forward-looking statements contained herein, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
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