FINANCIAL APPENDIX

Full Year 2022 Outlook.

Revenue

Up 3.5% to 4.0% YOY, up 20.0% to 2.5% organically
- In nominal currency and includes unfavorable FX impact (-150 bps)
- Reflects our decision to transition our business in Russia and the impact of Mexican legislative changes (-250 bps)
- 2022 acquisitions add 150 bps of revenue growth

GP Rate and GP

20.7% GP rage - up YOY approximately 180 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
- GP up 15% YOY based on a combination of revenue growth and GP rate improvement

Adjusted SG&A

Up 10% to 11%, up 8% to 9% organically
- Reflects increasing inflationary pressure including compensation expenses to attract and retain the workforce necessary to deliver future growth and impact of 2022 acquisitions

Adjusted EBITDA Margin

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

Adjusted Tax Rate

Effective rate in the low- to mid-20% range
- Includes impact of Work Opportunity Credit, which has been extended through 2025

Our financial journey: Revenue.

CAGR: (3.8%)⁽²⁾

⁽¹⁾Trailing 12 months includes Q3 2021 though Q2 2022; ⁽²⁾CAGR is for 2018-2021.

Our financial journey: Gross Profit.

CAGR: (1.9%)⁽²⁾

⁽¹⁾Trailing 12 months includes Q3 2021 though Q2 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 Q3 2021 though Q2 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 Q3 2021 though Q2 2022.

Second Quarter 2022 Financial Summary.

		Change Increase/(Decrease)
	Actual Results	As Reported	As Adjusted⁽¹⁾
Revenue	$1.3B	0.7% 2.7% CC⁽²⁾	0.7% 2.7% CC⁽²⁾
Gross Profit Rate	20.7%	230 bps	230 bps
Earning from Operations	$8.2M	(40.6%) (33.9%) CC⁽²⁾	62.8% 69.4% CC⁽²⁾
Adjusted EBITDA	$31.7M		42.7%
Adjusted EBITDA Margin	2.5%		70 bps

⁽¹⁾See reconciliation of Non-GAAP Measures included in Form 8-K dated August 11, 2022; ⁽²⁾Constant Currency ("CC") represents year-over-year changes resulting from translating 2022 financial data into USD using 2021 exchange rates.

Second Quarter 2022 Revenue Trends.

	Reported⁽¹⁾	Constant Currency^(1),(2)	Organic^(2),(3)
Total	0.7%	2.7%	1.2%
Professional & Industrial	(10.9%)	(10.6%)	(10.6%)
Science, Engineering & Technology	8.7%	9.0%	9.0%
Education	46.8%	46.8%	40.0%
Outsourcing & Consulting	16.0%	17.3%	6.6%
International	(11.7%)	(4.3%)	(4.3%)

⁽¹⁾Reported and Constant Currency revenue includes the 2022 results of RocketPower and PTS, which were acquired as of March 7, 2022 and May 2, 2022, respectively. RocketPower was included in the reported results of operations in Outsourcing & Consulting and PTS was included in the reported results of operations in Education, 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 RocketPower and PTS, which were acquired as of March 7, 2022 and May 2, 2022, respectively.

Second Quarter 2022 Gross Profit Rate Growth.

Overall GP rate improved as a result of favorable business mix and the acquisition of higher margin specialty businesses combined with higher permanent placement fees and lower employee-related costs
RocketPower and PTS added 30 bps to the total company GP rate as they deliver higher margins from specialty services
Permanent placement fees increased as customers continued with increased permanent hiring activity
Operating Segments GP rate improved organically in all segments driven by favorable specialty mix and lower employee-related costs

⁽¹⁾Excludes 2022 results of RocketPower and PTS, which were acquired as of March 7, 2022 and May 2, 2022, respectively. RocketPower was included in the reported results of operations in Outsourcing & Consulting and PTS was included in the reported results of operations in Education, from the date of acquisition.

Second Quarter 2022 SG&A.

$ in millions

Expenses in the Operating Segments, excluding recent acquisitions of RocketPower and PTS, 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
Expenses from our recent acquisitions of RocketPower and PTS include amortization expense related to acquired intangible assets
Corporate expenses increased due primarily to higher performance-based incentive compensation expenses

Second Quarter 2022 Liquidity.

$ in millions

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

During 2022, we concluded the Persol Holdings cross-shareholding arrangement and sold most of our interest in the PersolKelly joint venture, generating additional capital that we strategically reallocated with the Q1 2022 acquisition of RocketPower for $58 million cash paid, net of cash received and the Q2 2022 acquisition of PTS for $85 million cash paid, net of cash received
As of the end of Q2 2022, we continue to have more than $400 million available liquidity

Adjusted EBIDTA Non-gaap reconciliation.

$ in millions

	2018	2019	2020	2021	Trailing 12 Months⁽¹⁰⁾
Net Earnings (loss)	$22.9	$112.4	($72.0)	$156.1	$61.1
Other (income) expense, net	0.6	1.2	(3.4)	3.6	(1.8)
Income tax expense (benefit)	(27.1)	0.4	(34.0)	35.1	19.1
Depreciation & amortization	$25.9	$31.2	$24.7	$31.5	$34.3
EBITDA	$22.3	$145.2	($84.7)	$226.3	$112.7
Equity in net (earnings) loss of affiliate	(5.2)	3.6	(0.8)	(5.4)	(5.6)
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)	(18.3)
Loss of foreign currency matters⁽⁴⁾	-	-	-	-	20.4
Gain on sale of assets⁽⁵⁾	-	(12.3)	(32.1)	-	(5.3)
Held for sale of impairment charge⁽⁶⁾	-	-	-	-	18.5
Customer Dispute⁽⁷⁾	-	-	9.5	-	-
Gain on insurance settlement⁽⁸⁾	-	-	-	(19.0)	(19.0)
Restructuring⁽⁹⁾	-	5.5	12.8	4.0	4.0
Adjusted EBITDA	$113.3	$122.0	$69.0	$84.1	$107.4
Adjusted EBITDA Margin	2.1%	2.3%	1.5%	1.7%	2.1%

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 $33.1 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⁾Trailing 12 months gain on sale of assets represents $0.9 million in Q1 2022 for the sale of real property and $4.4 million in Q2 2022 for the sale of under-utilized real property. 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⁾Trailing 12 months held for sale impairment charge represents the write-down of the net assets of the Russian operations that are classified as held for sale as of Q2 2022; ⁽⁷⁾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; ⁽⁸⁾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; ⁽⁹⁾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; ⁽¹⁰⁾Trailing 12 months includes Q3 2021 through Q2 2022.