APPENDIX

Full year 2022 outlook.

Revenue

Up 6.0% to 7.0% YOY, up 4.5% to 5.5% organically
- In nominal currency
- Reflects our decision to transition our Russian operations (-200 bps), as well as improving organic revenue trends (+200 bps)
- 2022 acquisitions add 150 bps of revenue growth

GP Rate

20.0% - up approximately 100 bps organically; 2022 acquisitions add 20 bps
- Expect continued structural improvement from higher fee-based business, a continued shift to higher margin specialties and a more gradual pace of growth of lower margin specialties

SG&A

Up 8% to 9%, up 6% to 7% organically
- Includes costs savings from 2021 restructuring actions and ongoing expense calibration
- Reflects increasing compensation expenses to attract and retain the workforce necessary to deliver future growth and impact of 2022 acquisitions

EBITDA Margin

Up 70 to 90 bps
- Reflects expected structural GP rate and SG&A productivity improvements and 2022 acquisitions

Tax Rate

Effective rate in the mid-teens
- Includes impact of Work Opportunity Credit which has been extended through 2025

Ways our industry makes money.

Staffing

Mostly bill rate or markup contracts where we charge on a time and material basis for talent on assignment.

Direct Hire

Charge a fee, normally a percent of annual salary to place individuals who meet specific job requirements for our customers.

Outcome Based

Typically charge a monthly management fee to outsource a customer's department, group, or function. Some engagements command a fee for an outcome or deliverable, such as a laboratory test or handling a call within a call center environment.

Contingent Workforce Outsourcing

Fee based on percent of spend running through an entire managed service program where a supply chain is used to leverage cost and readily access available talent.

Recruitment Process Outsourcing

Fees are charged for outsourcing the hiring function of an organization to find specific talent. Fees can be in a variety of forms, such as per placement fee, sourcing fee, or monthly management fee.

Our financial journey: Revenue.

CAGR: (3.8%)⁽²⁾

⁽¹⁾Trailing 12 months includes Q2 though Q4 2021 and Q1 2022; ⁽²⁾CAGR is for 2018-2021.

Our financial journey: Gross Profit.

CAGR: (1.9%)⁽²⁾

⁽¹⁾Trailing 12 months includes Q2 though Q4 2021 and Q1 2022; ⁽²⁾CAGR is for 2018-2021.

Our financial journey: Adjusted EBITDA⁽¹⁾.

CAGR: (15.2%)⁽³⁾

⁽¹⁾Adjusted EBITDA excludes from Net Income: (1) equity in earnings of affiliate, (2) income taxes, (3) other income or expenses net, (4) Persol related gains or losses, (5) gains or losses on asset sales, (6) asset impairment charges, (7) gains on insurance settlement, (8) gains or losses on foreign currency matters, (9) restructuring expenses and (10) depreciation & amortization; ⁽²⁾Trailing 12 months includes Q2 2021 through Q1 2022; ⁽³⁾CAGR is for 2018-2021.

Our financial journey: Free Cash Flow⁽¹⁾.

⁽¹⁾Free Cash Flow is defined as net cash from operating activities minus capital expenditures; ⁽²⁾FCF includes the cash outflows of $30M in 2021 and $59M in the trailing 12 months used to repay payroll taxes previously deferred under the CARES Act; ⁽³⁾Trailing 12 months includes Q2 2021 though Q1 2022.

First quarter 2022 financial summary.

Change Increase/(Decrease)

	Actual Results	As Reported	As Adjusted⁽¹⁾
Revenue	$1.3B	7.5% 9.0% CC⁽²⁾	7.5% 9.0% CC⁽²⁾
Gross Profit Rate	19.9%	220 bps	220 bps
Earning from Operations	$23.4M	120.5% 126.3% CC⁽²⁾	120.5% 126.3% CC⁽²⁾
Adjusted EBITDA	$31.6M		87.1%
Adjusted EBITDA Margin	2.4%		100 bps

⁽¹⁾See reconciliation of Non-GAAP Measures included in Form 8-K dated May 12, 2022; ⁽²⁾Constant Currency ("CC") represents year-over-year changes resulting from translating 2022 financial data into USD using 2021 exchange rates.

First quarter 2022 revenue trends.

	Reported⁽¹⁾	Constant Currency^(1),(2)	Organic^(2),(3)
Total	7.5%	9.0%	5.9%
Professional & Industrial	(5.0%)	(5.0%)	(5.0%)
Science, Engineering & Technology	24.5%	24.6%	9.7%
Education	55.4%	55.4%	55.4%
Outsourcing & Consulting	9.8%	10.5%	10.5%
International	(7.4%)	(1.0%)	(1.0%)

⁽¹⁾Reported and Constant Currency revenue includes the 2022 results of Softworld, which was acquired as of April 5, 2021, and was included in the reported results of operations in Science, Engineering & Technology, from the date of acquisition; ⁽²⁾Constant Currency represents year-over-year changes resulting from translating 2022 financial data into USD using 2021 exchange rates; ⁽³⁾Organic revenue excludes the 2022 results of Softworld, which was acquired as of April 5, 2021, and was included in the reported results of operations in Science, Engineering & Technology, from the date of acquisition.

First Quarter 2022 Gross Profit Rate Growth.

Overall GP rate improved as a result of higher permanent placement fees and the acquisition of Softworld, which generates higher gross profit rates, lower employee-related costs, and favorable business mix
Softworld added 40 bps to the total company GP rate as it delivers higher margins from specialty services
Permanent placement fees increased as customers accelerated permanent hiring activity and a one-time fee related to the conversion of temporary talent to full-time hires of a large customer
Operating Segment GP rates improved organically in Professional & Industrial, International, and Outsourcing & Consulting

⁽¹⁾Excludes 2022 results of Softworld, which was acquired as of April 5, 2021, and was included in the reported results of operations in Science, Engineering & Technology, from the date of acquisition.

First Quarter 2022 SG&A.

$ in millions

Expenses in the Operating Segments, excluding Softworld, increased primarily as a result of the higher compensation related expenses for our full-time talent. We have added headcount in line with revenue growth and provided meaningful increases in performance-based incentive compensation expenses for client-facing teams, as well as smaller adjustments to base pay
Softworld expenses include amortization expense related to acquired intangible assets
Corporate expenses increased due primarily to higher performance-based incentive compensation expenses

First Quarter 2022 Liquidity.

$ in millions

Q1 2021 balances do not reflect the April 5, 2021 acquisition of Softworld for $213 million
Q1 2022 balances reflect the liquidity created as a result of ending the Persol Holdings cross-shareholding arrangement and selling most of our interest in the PersolKelly joint venture, as well as the strategic reallocation of capital with the Q1 2022 acquisition of RocketPower for $58 million cash paid, net of cash received
- Payment of income taxes due as a result of the sale of the Persol Holdings shares ($50 million) and payment for the acquisition of Pediatric Therapeutic Services ($82 million), both expected in Q2 2022, will be made from available cash

⁽¹⁾U.S. credit facilities, net of standby letters of credit related to workers’ compensation.

Adjusted EBIDTA Non-gaap reconciliation.

$ in millions

	2018	2019	2020	2021	Trailing 12 Months⁽⁹⁾
Net Earnings (loss)	$22.9	$112.4	($72.0)	$156.1	$82.9
Other (income) expense, net	0.6	1.2	(3.4)	3.6	(2.6)
Income tax expense (benefit)	(27.1)	0.4	(34.0)	35.1	11.6
Depreciation & amortization	$25.9	$31.2	$24.7	$31.5	$33.4
EBITDA	$22.3	$145.2	($84.7)	$226.3	$125.3
Equity in net (earnings) loss of affiliate	(5.2)	3.6	(0.8)	(5.4)	(7.3)
Goodwill impairment charge⁽¹⁾	-	-	147.7	-	-
Asset impairment charge⁽²⁾	-	15.8	-	-	-
(Gain)/Loss on investment in Persol Holdings⁽³⁾	96.2	(35.8)	16.6	(121.8)	(24.6)
Loss of foreign currency matters⁽⁴⁾	-	-	-	-	20.4
Gain on sale of assets⁽⁵⁾	-	(12.3)	(32.1)	-	-
Cutomer Dispute⁽⁶⁾	-	-	9.5	-	-
Gain on insurance settlement⁽⁷⁾	-	-	-	(19.0)	(19.0)
Restructuring⁽⁸⁾	-	5.5	12.8	4.0	4.0
Adjusted EBITDA	$113.3	$122.0	$69.0	$84.1	$98.8
Adjusted EBITDA Margin	2.1%	2.3%	1.5%	1.7%	2.0%

Management uses Adjusted EBITDA and Adjusted EBITDA margin 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.

⁽¹⁾The goodwill impairment charge in Q1 2020 was caused by a decline in the Company’s common stock price; ⁽²⁾2019 asset impairment charge of $15.8 million represents the write-off related to a technology development project; ⁽³⁾Trailing 12 months gain on investment in Persol Holdings includes gains of $39.4 million representing changes in the fair value of the investment and a loss of $14.8 million on the sale of the investment in Q1 2022. Gain on investment in Persol Holdings of $121.8 million in 2021, loss on investment in Persol Holdings of $16.6 million in 2020, gain on investment in Persol Holdings of $35.8 million in 2019 and loss on investment in Persol Holdings of $96.2 million in 2018 represents the changes in fair value of the investment; ⁽⁴⁾Loss on foreign currency matters represents a $20.4 million loss on currency translation resulting from the substantially complete liquidation of the Company's Japan entity in Q1 2022; ⁽⁵⁾2020 gain on sale of assets represents $32.1 million for the sale of three of the four headquarters buildings. 2019 gain on sale of assets of $12.3 million primarily represents the gain on sale of land. 2016 gain on sale of assets of $87.2 million represents the fair value of the Company’s retained investment in the JV, less the carrying value of net assets transferred to the JV; ⁽⁶⁾Customer dispute represents a non-cash charge in Mexico to increase the reserve against a long-term receivable from a former customer based on an updated probability of loss assessment; ⁽⁷⁾Gain on insurance settlement represents a payment received in the fourth quarter of 2021 related to the settlement of claims under a representations and warranties insurance policy purchased by the Company in connection with the acquisition of Softworld; ⁽⁸⁾2021 restructuring charges of $4.0 million represent severance costs as part of cost management actions designed to increase operational efficiencies within enterprise functions that provide centralized support to operating units. 2020 restructuring charges of $12.8 million represent severance costs and lease terminations in the first quarter of 2020 in preparation for the new operating model adopted in the third quarter of 2020 and additional severance costs in the fourth quarter of 2020 to provide sustainable cost reductions as a result of the continuing COVID-19 demand disruption. 2019 restructuring charges of $5.5 million related to U.S. branch-based staffing operations, $2.4 million in 2017 related to GTS service delivery models and $3.4 million in 2016 related to Americas and International staffing operations; ⁽⁹⁾Trailing 12 months includes Q2 2021 through Q1 2022.