10-Q Filing

KFORCE INC CIK: 930420 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000930420-23-000115`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	kfrc-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 32 Cash Flow Statement 70 Stockholders Equity 30

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Trade receivables, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.57M	USD	Point-in-time
Trade receivables, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.44M	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`	$121.00K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$171.00K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Trade receivables, net of allowances of $1,437 and $1,575, respectively	`AccountsReceivableNetCurrent`	$266.52M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Trade receivables, net of allowances of $1,437 and $1,575, respectively	`AccountsReceivableNetCurrent`	$269.50M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.21M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$274.91M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$277.76M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$8.65M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$10.04M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$75.77M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$71.68M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	73.25M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	73.24M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockCommonShares`	52.74M	shares	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$4.79M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockCommonShares`	52.92M	shares	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$3.48M	USD	Point-in-time
Goodwill	`Goodwill`	$25.04M	USD	Point-in-time
Goodwill	`Goodwill`	$25.04M	USD	Point-in-time
Total assets	`Assets`	$385.15M	USD	Point-in-time
Total assets	`Assets`	$392.00M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$69.61M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$72.79M	USD	Point-in-time
Accrued payroll costs	`EmployeeRelatedLiabilitiesCurrent`	$46.89M	USD	Point-in-time
Accrued payroll costs	`EmployeeRelatedLiabilitiesCurrent`	$48.37M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.80M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$4.58M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.70M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$125.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$131.43M	USD	Point-in-time
Long-term debt credit facility	`LineOfCredit`	$22.30M	USD	Point-in-time
Long-term debt credit facility	`LineOfCredit`	$25.60M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$52.77M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$51.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$199.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$209.81M	USD	Point-in-time
Commitments and contingencies (Note L)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note L)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 15,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 15,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 250,000 shares authorized, 73,247 and 73,242 issued, respectively	`CommonStockValue`	$732.00K	USD	Point-in-time
Common stock, $0.01 par value; 250,000 shares authorized, 73,247 and 73,242 issued, respectively	`CommonStockValue`	$732.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$507.73M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$512.57M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$6.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$492.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$501.63M	USD	Point-in-time
Treasury stock, at cost; 52,920 and 52,744 shares, respectively	`TreasuryStockCommonValue`	$819.04M	USD	Point-in-time
Treasury stock, at cost; 52,920 and 52,744 shares, respectively	`TreasuryStockCommonValue`	$829.21M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$188.41M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$198.21M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$182.20M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$185.72M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$392.00M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$385.15M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$416.97M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$406.00M	USD	1 Quarter
Direct costs	`CostOfRevenue`	$293.08M	USD	1 Quarter
Direct costs	`CostOfRevenue`	$292.02M	USD	1 Quarter
Gross profit	`GrossProfit`	$123.89M	USD	1 Quarter
Gross profit	`GrossProfit`	$113.98M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$95.05M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$89.34M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.23M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.09M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$27.74M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$23.40M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.04M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.43M	USD	1 Quarter
Income from operations, before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$26.31M	USD	1 Quarter
Income from operations, before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$22.36M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.15M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.13M	USD	1 Quarter
Net income	`NetIncomeLoss`	$19.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.21M	USD	1 Quarter
Change in fair value of interest rate swaps	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$2.30M	USD	1 Quarter
Change in fair value of interest rate swaps	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	-	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$16.21M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$21.48M	USD	1 Quarter
Earnings per share basic (in dollars per share)	`EarningsPerShareBasic`	$0.94	USD	1 Quarter
Earnings per share basic (in dollars per share)	`EarningsPerShareBasic`	$0.83	USD	1 Quarter
Earnings per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.82	USD	1 Quarter
Earnings per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.93	USD	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.45M	shares	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.32M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.67M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.73M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$19.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.21M	USD	1 Quarter
Deferred income tax provision, net	`DeferredIncomeTaxesAndTaxCredits`	$8.32M	USD	1 Quarter
Deferred income tax provision, net	`DeferredIncomeTaxesAndTaxCredits`	$1.30M	USD	1 Quarter
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$371.00K	USD	1 Quarter
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$172.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.23M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.09M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.44M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.33M	USD	1 Quarter
Noncash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$1.13M	USD	1 Quarter
Noncash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$1.50M	USD	1 Quarter
Loss on equity method investment	`IncomeLossFromEquityMethodInvestments`	$-750.00K	USD	1 Quarter
Loss on equity method investment	`IncomeLossFromEquityMethodInvestments`	$-825.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-358.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-50.00K	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-2.60M	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$12.91M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-243.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.58M	USD	1 Quarter
Accrued payroll costs	`IncreaseDecreaseInAccruedSalaries`	$-1.23M	USD	1 Quarter
Accrued payroll costs	`IncreaseDecreaseInAccruedSalaries`	$15.45M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$2.90M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-7.93M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$38.74M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$19.06M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.87M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.22M	USD	1 Quarter
Proceeds from the sale of our joint venture interest	`ProceedsFromDivestitureOfInterestInJointVenture`	-	USD	1 Quarter
Proceeds from the sale of our joint venture interest	`ProceedsFromDivestitureOfInterestInJointVenture`	$5.06M	USD	1 Quarter
Note receivable issued to our joint venture	`ReceivableIssuedToJointVenture`	$750.00K	USD	1 Quarter
Note receivable issued to our joint venture	`ReceivableIssuedToJointVenture`	-	USD	1 Quarter
Equity method investment	`PaymentsToAcquireEquityMethodInvestments`	-	USD	1 Quarter
Equity method investment	`PaymentsToAcquireEquityMethodInvestments`	$500.00K	USD	1 Quarter
Cash provided by (used) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.44M	USD	1 Quarter
Cash provided by (used) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.72M	USD	1 Quarter
Proceeds from credit facility	`ProceedsFromLinesOfCredit`	$174.20M	USD	1 Quarter
Proceeds from credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Payments on credit facility	`RepaymentsOfLinesOfCredit`	$177.50M	USD	1 Quarter
Payments on credit facility	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$11.13M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$10.27M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$7.00M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$6.09M	USD	1 Quarter
Payments on other financing arrangements	`RepaymentsOfDebtAndCapitalLeaseObligations`	$19.00K	USD	1 Quarter
Payments on other financing arrangements	`RepaymentsOfDebtAndCapitalLeaseObligations`	$14.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-16.38M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.44M	USD	1 Quarter
Change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$50.00K	USD	1 Quarter
Change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$19.64M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$171.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$96.99M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$121.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$116.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$171.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$96.99M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$121.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$116.63M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	$5.11M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$314.00K	USD	1 Quarter
Operating lease liabilities	`OperatingLeasePayments`	$1.81M	USD	1 Quarter
Operating lease liabilities	`OperatingLeasePayments`	$1.30M	USD	1 Quarter
Interest, net	`InterestPaidNet`	$248.00K	USD	1 Quarter
Interest, net	`InterestPaidNet`	$547.00K	USD	1 Quarter
ROU assets obtained from operating leases	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$446.00K	USD	1 Quarter
ROU assets obtained from operating leases	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$566.00K	USD	1 Quarter
Employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$245.00K	USD	1 Quarter
Employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$242.00K	USD	1 Quarter
Equipment and software additions included in accounts payable and other accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	-	USD	1 Quarter
Equipment and software additions included in accounts payable and other accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$957.00K	USD	1 Quarter

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Dividend (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.36	USD	1 Quarter
Dividend (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	1 Quarter
Tax benefit on interest rate swap	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax`	$-780.00K	USD	1 Quarter
Beginning of period	`StockholdersEquity`	$188.41M	USD	Point-in-time
Beginning of period	`StockholdersEquity`	$198.21M	USD	Point-in-time
Beginning of period	`StockholdersEquity`	$182.20M	USD	Point-in-time
Beginning of period	`StockholdersEquity`	$185.72M	USD	Point-in-time
Beginning of period (in shares)	`TreasuryStockCommonShares`	52.74M	shares	Point-in-time
Beginning of period (in shares)	`TreasuryStockCommonShares`	52.92M	shares	Point-in-time
Net income	`NetIncomeLoss`	$19.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.21M	USD	1 Quarter
Issuance for stock-based compensation and dividends, net of forfeitures	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.00K	USD	1 Quarter
Issuance for stock-based compensation and dividends, net of forfeitures	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.44M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.33M	USD	1 Quarter
Employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$245.00K	USD	1 Quarter
Employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$242.00K	USD	1 Quarter
Dividends	`DividendsCommonStock`	$6.09M	USD	1 Quarter
Dividends	`DividendsCommonStock`	$7.00M	USD	1 Quarter
Change in fair value of interest rate swaps	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$2.30M	USD	1 Quarter
Change in fair value of interest rate swaps	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	-	USD	1 Quarter
Repurchases of common stock	`TreasuryStockValueAcquiredCostMethod`	$10.27M	USD	1 Quarter
Repurchases of common stock	`TreasuryStockValueAcquiredCostMethod`	$10.24M	USD	1 Quarter
Other	`StockholdersEquityOther`	$6.00K	USD	1 Quarter
End of period (in shares)	`TreasuryStockCommonShares`	52.74M	shares	Point-in-time
End of period (in shares)	`TreasuryStockCommonShares`	52.92M	shares	Point-in-time
End of period	`StockholdersEquity`	$188.41M	USD	Point-in-time
End of period	`StockholdersEquity`	$198.21M	USD	Point-in-time
End of period	`StockholdersEquity`	$182.20M	USD	Point-in-time
End of period	`StockholdersEquity`	$185.72M	USD	Point-in-time

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