10-Q Filing

KFORCE INC CIK: 930420 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000930420-18-000116`
Period End Date	20180331
Filing Date	20180502
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	kfrc-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 20

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Trade receivables, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.11M	USD	Point-in-time
Trade receivables, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.33M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$379.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$257.00K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.74M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Trade receivables, net of allowances of $2,109 and $2,333, respectively	`AccountsReceivableNetCurrent`	$237.85M	USD	Point-in-time
Trade receivables, net of allowances of $2,109 and $2,333, respectively	`AccountsReceivableNetCurrent`	$225.87M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Income tax refund receivable	`IncomeTaxesReceivable`	$774.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Income tax refund receivable	`IncomeTaxesReceivable`	$7.12M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.99M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.09M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$245.44M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$250.87M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.49M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$39.68M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$38.85M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.56M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	45.48M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	45.17M	shares	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$38.60M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$39.27M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$11.32M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$11.10M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.30M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.21M	USD	Point-in-time
Goodwill	`Goodwill`	$45.97M	USD	Point-in-time
Goodwill	`Goodwill`	$45.97M	USD	Point-in-time
Total assets	`Assets`	$389.26M	USD	Point-in-time
Total assets	`Assets`	$384.30M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$34.87M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$32.02M	USD	Point-in-time
Accrued payroll costs	`EmployeeRelatedLiabilitiesCurrent`	$44.65M	USD	Point-in-time
Accrued payroll costs	`EmployeeRelatedLiabilitiesCurrent`	$46.89M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.80M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.96M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.39M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$81.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$83.72M	USD	Point-in-time
Long-term debt credit facility	`LongTermLineOfCredit`	$123.20M	USD	Point-in-time
Long-term debt credit facility	`LongTermLineOfCredit`	$116.52M	USD	Point-in-time
Long-term debt other	`OtherLongTermDebtNoncurrent`	$2.60M	USD	Point-in-time
Long-term debt other	`OtherLongTermDebtNoncurrent`	$2.20M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$47.19M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$47.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$250.03M	USD	Point-in-time
Total liabilities	`Liabilities`	$254.77M	USD	Point-in-time
Commitments and contingencies (Note D)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note D)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par; 15,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par; 15,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par; 250,000 shares authorized, 71,562 and 71,494 issued, respectively	`CommonStockValue`	$716.00K	USD	Point-in-time
Common stock, $0.01 par; 250,000 shares authorized, 71,562 and 71,494 issued, respectively	`CommonStockValue`	$715.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$439.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$437.39M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$100.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$617.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$195.14M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$201.00M	USD	Point-in-time
Treasury stock, at cost; 45,481 and 45,167 shares, respectively	`TreasuryStockValue`	$499.07M	USD	Point-in-time
Treasury stock, at cost; 45,481 and 45,167 shares, respectively	`TreasuryStockValue`	$507.77M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$134.49M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$134.28M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$389.26M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$384.30M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$333.99M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$346.29M	USD	1 Quarter
Direct costs	`CostOfRevenue`	$246.10M	USD	1 Quarter
Direct costs	`CostOfRevenue`	$236.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$97.14M	USD	1 Quarter
Gross profit	`GrossProfit`	$100.19M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$84.68M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$84.59M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.01M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.41M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.59M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.19M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.34M	USD	1 Quarter
Income before income taxes	`IncomeLossAttributableToParent`	$9.22M	USD	1 Quarter
Income before income taxes	`IncomeLossAttributableToParent`	$12.25M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.32M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.07M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.18M	USD	1 Quarter
Change in fair value of interest rate swap, net of tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Change in fair value of interest rate swap, net of tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$517.00K	USD	1 Quarter
Defined benefit pension plans, net of tax	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Defined benefit pension plans, net of tax	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$5.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.90M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$9.69M	USD	1 Quarter
Earnings per share basic (in dollars per share)	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Earnings per share basic (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Earnings per share diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Earnings per share diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.37	USD	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	24.80M	shares	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.22M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.51M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.09M	shares	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.18M	USD	1 Quarter
Deferred income tax provision, net	`DeferredIncomeTaxesAndTaxCredits`	$41.00K	USD	1 Quarter
Deferred income tax provision, net	`DeferredIncomeTaxesAndTaxCredits`	$1.76M	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$392.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$368.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.12M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.06M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.26M	USD	1 Quarter
Defined benefit pension plans expense	`PensionAndOtherPostretirementBenefitExpense`	$239.00K	USD	1 Quarter
Defined benefit pension plans expense	`PensionAndOtherPostretirementBenefitExpense`	$455.00K	USD	1 Quarter
Loss on deferred compensation plan investments, net	`GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments`	$-110.00K	USD	1 Quarter
Loss on deferred compensation plan investments, net	`GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments`	$-104.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-272.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-96.00K	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$12.35M	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$21.66M	USD	1 Quarter
Income tax refund receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-6.34M	USD	1 Quarter
Income tax refund receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$725.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$20.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-91.00K	USD	1 Quarter
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$127.00K	USD	1 Quarter
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$-69.00K	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.10M	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.11M	USD	1 Quarter
Accrued payroll costs	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$1.59M	USD	1 Quarter
Accrued payroll costs	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$317.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$623.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$3.39M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-130.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-913.00K	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.51M	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.25M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.47M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.27M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.27M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.47M	USD	1 Quarter
Proceeds from credit facility	`ProceedsFromLinesOfCredit`	$274.55M	USD	1 Quarter
Proceeds from credit facility	`ProceedsFromLinesOfCredit`	$193.40M	USD	1 Quarter
Payments on credit facility	`RepaymentsOfLinesOfCredit`	$186.72M	USD	1 Quarter
Payments on credit facility	`RepaymentsOfLinesOfCredit`	$254.13M	USD	1 Quarter
Payments on other financing arrangements	`RepaymentsOfDebtAndCapitalLeaseObligations`	$526.00K	USD	1 Quarter
Payments on other financing arrangements	`RepaymentsOfDebtAndCapitalLeaseObligations`	$569.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$72.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.89M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$12.04M	USD	1 Quarter
Cash dividend	`PaymentsOfDividendsCommonStock`	$2.97M	USD	1 Quarter
Cash dividend	`PaymentsOfDividendsCommonStock`	$3.04M	USD	1 Quarter
Cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.90M	USD	1 Quarter
Cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.04M	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-122.00K	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.26M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$379.00K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$257.00K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.74M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$379.00K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$257.00K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.74M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Tax effect of new accounting standard	`IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple`	$63.00K	USD	Point-in-time
Interest rate swap tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	$176.00K	USD	1 Quarter
Dividend (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter
Dividend (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter
Balance at beginning of period	`StockholdersEquity`	$134.49M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$134.28M	USD	Point-in-time
Net income	`NetIncomeLoss`	$5.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.18M	USD	1 Quarter
Cumulative effect of new accounting standard (Note C), net of tax of $63	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$-179.00K	USD	Point-in-time
Issuance for stock-based compensation and dividends, net of forfeitures	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.26M	USD	1 Quarter
Employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$132.00K	USD	1 Quarter
Employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$127.00K	USD	1 Quarter
Dividends ($0.12 per share)	`DividendsCommonStock`	$2.97M	USD	1 Quarter
Change in fair value of interest rate swap, net of tax of $176	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Change in fair value of interest rate swap, net of tax of $176	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$517.00K	USD	1 Quarter
Repurchases of common stock	`TreasuryStockValueAcquiredCostMethod`	$8.71M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$134.49M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$134.28M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.