Good morning and welcome to Kelly Services Second Quarter Earnings Conference Call. All parties will be in a listen-only until the question-and-answer portion of the presentation. Today's call is being recorded at the request of Kelly Services. If anyone has any objections, you may disconnect at this time. I would now like to turn the meeting over to your host, Mr. Carl Camden, President and CEO. Sir, you may begin.

Thank you, Brad. Good morning, everyone. Welcome to Kelly Services 2016 Q2 Conference Call. With me on the call today is Olivier Thirot, our CFO, and George Corona, our COO. Let me remind you that any comments made during this call, including the Q&A, may include forward-looking statements about our expectations for future performance. Actual results could differ materially from those suggested by our comments and we have no obligation to update the statements made on this call. Please refer to our SEC filings for a description of the risk factors that could influence the Company's actual future performance. Before we look at the second quarter results, I'm pleased to confirm that as of July 4, we have completed the APAC joint venture we told you about last quarter, forming TS Kelly Asia Pacific, one of the largest workforce solutions companies in Asia. Olivier will provide more details around this transaction in his commentary, but let me say that we are extremely pleased with this JV as well as our ongoing growth plans for Kelly OCG which remains wholly owned by Kelly in the region. Now turning to our second quarter 2016 results, let me point out that our year-over-year comparisons are represented in constant currency due to ongoing fluctuations in foreign currency exchange rates, with the exception of our year-over-year earnings from operations and earnings per share comparisons which are represented in nominal currency. And as an additional resource to help you navigate our quarterly results, we've once again published a slide deck on the Investor Relations page of our public Web-site, summarizing our key financial performance indicators. Turning to Kelly's second quarter results, I'm pleased to report we delivered solid GP growth on top of steady revenue and we demonstrated a quick and agile response to what appears…

Thank you, Carl. Revenue totaled $1.4 billion, up 0.6% in constant currency, compared to the second quarter last year. During the second quarter, we saw moderation of the impact of foreign currency translation on our nominal revenue growth at about 130 basis points for the second quarter. Now, consistent with Carl, the remainder of my year-over-year comments are represented in constant currency. Staffing placement fees were up 1% year-over-year as we continued to see solid fee growth in EMEA, partially offset by declines in the Americas and APAC. In constant currency, overall gross profit was up $11 million, nearly 5%. Our gross profit rate was 16.8%, up 70 basis points when compared to the second quarter last year. Our GP rate reflects an improving GP rate in our U.S. staffing business as a result of effective management of Company employee payroll tax and benefit expenses and strong improvement in the GP rate for our OCG business. SG&A expenses were up 5.7% year-over-year. Included in our second quarter expenses are $3.4 million of restructuring costs in our Americas and EMEA staffing businesses. In the Americas, we have taken quick action to react to a slowing in revenue growth we saw during the quarter. The restructuring will allow us to manage operating expenses while ensuring we are prepared for sustainable profitable growth moving forward. In EMEA, we are repositioning our Italy business to capitalize on opportunities in the perm placement and specialty staffing business. Excluding all structuring expenses, SG&A expenses were up 4.1% for the quarter. Expenses were flat to down in all of our staffing businesses. Expenses were up in our global OCG business, reflecting our continued GP growth in that business unit. Growth in our corporate expenses reflect $3 million of additional cost related to certain benefit plans and litigation…

Thank you, Olivier. We entered 2016 with a firm commitment to becoming a more competitive consultative and profitable company, and I believe today's quarterly report demonstrates that we are holding fast to that commitment and are actively reshaping our business to make that vision a reality. If you sort through all of the information that Olivier and I have provided you, I think three key takeaways emerge. First, we are acting with increasing speed and agility. When we saw signs of the softening demand in the U.S., we acted quickly to align our cost structure with demand. And secondly, although quarterly revenue was basically flat, GP dollars grew by 5% and the GP rate increased faster than adjusted expenses. And third, this leverage enabled us to grow operating earnings 16% in the second quarter, excluding restructuring charges. In addition to operating more efficiently, we're making progress strategically. We completed our joint venture in Asia, taking a significant step forward in that region, and we plan to capture the growth opportunities that will result. OCG remains wholly owned by Kelly in APAC and we will accelerate our investments in OCG's capability there to advance its leadership in the outsourcing and consulting space. Around the world, our OCG segment continues to deliver solid performance as more clients adopt the talent supply chain management approach, and we expect to see continued double-digit GP growth in OCG as existing accounts expand and our new customers enter the portfolio. In our staffing business, our U.S. branch network continues to focus on capturing growth in our PT specialties as our sales and recruiting teams connect U.S. customers with specialized talent. Our centrally delivered account portfolio faces headwinds in our current slow growth environment, particularly as more large growth customers transfer their PT business to a competitive source model, but we are responding quickly to the trends and we'll continue to adjust our centralized account structure as needed. And in EMEA, we continue to deliver effective cost control while driving solid revenue growth, which yield strong improvements in operating earnings. Overall, very pleased with Kelly's second quarter performance and our ability to deliver solid leverage and strategic growth. We are keeping a cautious eye on the U.S. market, though it's still unclear whether the current slowdown is a temporary pause or a longer-term trend. But regardless, Kelly is prepared. We are moving with more agility than ever, we have created a more balanced portfolio by growing our GP generating businesses, controlling expenses and delivering leverage across the board. We're responding to the new market trends and we're moving forward with confidence and a relentless commitment to improve profitability. Olivier and I will now be happy to answer your questions along with George Corona, our COO. Brad, the call can now be opened.

[Operator Instructions]

Very good and thank you, Brad.

No problem, sir.

You can end the call.