Good morning, and welcome to Kelly Services first quarter earnings conference call. [Operator Instructions] 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. George Corona, President and CEO. You may now begin.

Thank you, Cynthia, and good morning. Welcome to Kelly Services 2018 First Quarter Conference Call. With me on today's call is Olivier Thirot, our CFO. 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. As we walk through our results this morning, let me point out that my year-over-year comparisons are represented in nominal currency with the exception of our international segment, which is in constant currency. Turning to Kelly's first quarter results. Revenue was $1.4 billion, up 6.2% compared to the first quarter last year and in line with our expectations. Reported earnings from operations were $12 million in the first quarter compared to $16.4 million last year, and diluted earnings per share were $0.74 compared to the $0.31 per share last year. As we indicated on our fourth quarter call, while we continued to grow in Q1, it was at a slower pace. Our first quarter revenue growth rate and our results were mixed as slowing growth in our commercial staffing product was partially offset by professional and technical products in the U.S., along with growth in our outcome-based services. Now let's take a look at how Kelly's 3 operating segments performed in the first quarter, starting with Americas Staffing. Americas Staffing revenue increased 5% in the first quarter compared to the same period last year. Commercial staffing revenue increased 2% over prior year, a slower growth rate compared with the previous quarters, due mainly to slowing growth…

Thank you, George. Revenue totaled $1.4 billion, up 6.2% compared to the first quarter last year. Our total company reported results were favorably impacted by 270 basis points due to foreign exchange. So on a constant currency basis, our revenue growth for the first quarter was 3.5%. Our Q1 performance also includes the results of Teachers On Call, which added 150 basis points to our total revenue growth rate. Overall, the Q1 revenue growth rate reflects continued, although slowing, growth in Americas Staffing and continued strong performance in International Staffing. Permanent placement fees were up 23% year-over-year from continued positive momentum in both Americas and International Staffing. Excluding the impact of currency, fees were up 17%. Overall gross profit was up $7 million or $1 million excluding currency impact. Our gross profit rate was 17.4%, down 60 basis points when compared to the first quarter last year. As George mentioned in his discussions on International Staffing, our GP rate decline was driven in part by last year's onetime benefit, which was related to French payroll taxes. In addition, we have experienced declines in our Americas Staffing GP rate due to business mix and in our International Staffing business due to customer mix. SG&A expenses were up 5.1% year-over-year or 2.9% excluding the impact of currency fluctuations. Included in SG&A in the first quarter of 2017 were restructuring expenses of $2.4 million related primarily to optimizing our GTS service delivery model. Excluding the restructuring costs and currency impacts, expenses were up 4.1%. The increase in expense relates primarily to the investments in Americas Staffing that were made beginning in Q2 2017 as well as additional resources for new customer wins in GTS. We are committed to generating returns from our investments in our service delivery infrastructure and will continue to manage…

Thank you, Olivier. While the first quarter presented some challenges, we remain confident and committed to our strategy for growth. We will continue to channel our efforts to grow where we know we can win, and we will take decisive action to protect and accelerate that growth. Our Americas International Staffing operations are executing with energy and focus. While we experienced a slowing growth rate in the commercial products in the Americas segment, we are pleased with the continued upward trend in our Professional and Technical specialties, where we entered the second quarter with good momentum. We will keep a close eye on market dynamics in the Americas, and we will adjust our resources accordingly. In Global Talent Solutions, we continue to manage our business in line with market demand, and we are committed to investing in higher-margin products and adding resources as we win new business. We fully expect GTS will improve its GP growth rate throughout the year as companies continue to adopt a more holistic approach to talent fulfillment and outsource their noncore functions through outcome-based solutions. As we proactively manage the company's short-term performance, we are also strategically leading Kelly's long-term future. We are focusing on our strengths, making strategic investments and leveraging technology to connect with talent like never before as we move forward with confidence, committed to our pursuit of profitable growth. Olivier and I will now be happy to answer your questions.

[Operator Instructions] And allowing a few moments, I'm showing no questions in queue at this time.

Okay, Cynthia. Thank you, and thank everyone on the call.

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