$KFRC
KFORCE INC

2016 Q4 Form 10-Q Financial Statement

#000093042016000537 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $326.0M $336.5M $341.6M
YoY Change -0.52% -1.5% 8.85%
Cost Of Revenue $226.4M $231.1M $231.8M
YoY Change 0.98% -0.29% 7.53%
Gross Profit $99.65M $105.4M $109.8M
YoY Change -3.74% -4.04% 11.73%
Gross Profit Margin 30.57% 31.32% 32.15%
Selling, General & Admin $82.10M $87.80M $84.17M
YoY Change 1.73% 4.32% 2.53%
% of Gross Profit 82.39% 83.32% 76.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.100M $2.100M $2.600M
YoY Change -12.5% -19.23% -3.7%
% of Gross Profit 2.11% 1.99% 2.37%
Operating Expenses $84.10M $90.66M $87.21M
YoY Change 1.2% 3.95% 2.66%
Operating Profit $15.55M $15.50M $23.08M
YoY Change -23.84% -32.82% 70.18%
Interest Expense $4.500M -$800.0K -$500.0K
YoY Change -1000.0% 60.0% 66.67%
% of Operating Profit 28.94% -5.16% -2.17%
Other Income/Expense, Net -$5.300M -$778.0K -$463.0K
YoY Change -2750.0% 68.03% 112.39%
Pretax Income $14.80M $14.72M $22.61M
YoY Change -26.37% -34.88% 69.49%
Income Tax $5.500M $5.704M $9.067M
% Of Pretax Income 37.16% 38.74% 40.1%
Net Earnings $9.239M $9.020M $13.55M
YoY Change -22.37% -33.41% -79.17%
Net Earnings / Revenue 2.83% 2.68% 3.97%
Basic Earnings Per Share $0.36 $0.35 $0.49
Diluted Earnings Per Share $0.36 $0.34 $0.48
COMMON SHARES
Basic Shares Outstanding 27.12M shares 26.00M shares 27.81M shares
Diluted Shares Outstanding 26.17M shares 28.13M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.500M $900.0K $1.200M
YoY Change 0.0% -25.0% 9.09%
Cash & Equivalents $1.482M $925.0K $1.246M
Short-Term Investments
Other Short-Term Assets $10.70M $16.60M $14.40M
YoY Change -21.32% 15.28% -7.69%
Inventory
Prepaid Expenses
Receivables $206.4M $209.4M $216.1M
Other Receivables $100.0K $800.0K $2.200M
Total Short-Term Assets $218.7M $227.8M $233.9M
YoY Change 1.94% -2.61% 6.71%
LONG-TERM ASSETS
Property, Plant & Equipment $43.15M $42.36M $37.86M
YoY Change 15.13% 11.86% 5.95%
Goodwill $45.97M $45.97M $45.97M
YoY Change 0.0% 0.0% 4.44%
Intangibles $3.642M $3.729M $4.436M
YoY Change -14.0% -15.94% -1.79%
Long-Term Investments
YoY Change
Other Assets $30.51M $29.59M $28.12M
YoY Change 6.42% 5.24% -6.28%
Total Long-Term Assets $146.7M $140.8M $138.7M
YoY Change 6.87% 1.53% 2.38%
TOTAL ASSETS
Total Short-Term Assets $218.7M $227.8M $233.9M
Total Long-Term Assets $146.7M $140.8M $138.7M
Total Assets $365.4M $368.6M $372.6M
YoY Change 3.87% -1.07% 5.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.32M $36.10M $38.90M
YoY Change -13.58% -7.2% 2.1%
Accrued Expenses $16.91M $52.40M $63.80M
YoY Change 7.6% -17.87% 7.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.35M $91.45M $109.0M
YoY Change -5.01% -16.14% -17.26%
LONG-TERM LIABILITIES
Long-Term Debt $115.5M $105.0M $81.40M
YoY Change 37.83% 28.99% 507.46%
Other Long-Term Liabilities $44.80M $43.15M $40.05M
YoY Change 10.28% 7.72% 17.36%
Total Long-Term Liabilities $44.80M $43.15M $40.05M
YoY Change 10.28% 7.72% 17.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.35M $91.45M $109.0M
Total Long-Term Liabilities $44.80M $43.15M $40.05M
Total Liabilities $243.7M $239.6M $230.5M
YoY Change 14.84% 3.95% 28.51%
SHAREHOLDERS EQUITY
Retained Earnings $175.0M $168.9M $146.6M
YoY Change 12.81% 15.19% 22.5%
Common Stock $713.0K $709.0K $705.0K
YoY Change 1.13% 0.57% 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $482.3M $467.3M $423.2M
YoY Change 10.43% 10.4% 18.78%
Treasury Stock Shares 44.47M shares 43.79M shares 41.62M shares
Shareholders Equity $121.7M $129.0M $142.1M
YoY Change
Total Liabilities & Shareholders Equity $365.4M $368.6M $372.6M
YoY Change 3.87% -1.07% 5.06%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $9.239M $9.020M $13.55M
YoY Change -22.37% -33.41% -79.17%
Depreciation, Depletion And Amortization $2.100M $2.100M $2.600M
YoY Change -12.5% -19.23% -3.7%
Cash From Operating Activities $10.10M $13.70M $29.20M
YoY Change -34.84% -53.08% -447.62%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$6.200M -$4.100M
YoY Change 2900.0% 51.22% 1266.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$3.000M -$6.200M -$4.200M
YoY Change 400.0% 47.62% -103.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.600M -7.600M -25.40M
YoY Change -55.1% -70.08% -76.52%
NET CHANGE
Cash From Operating Activities 10.10M 13.70M 29.20M
Cash From Investing Activities -3.000M -6.200M -4.200M
Cash From Financing Activities -6.600M -7.600M -25.40M
Net Change In Cash 500.0K -100.0K -400.0K
YoY Change 150.0% -75.0% 100.0%
FREE CASH FLOW
Cash From Operating Activities $10.10M $13.70M $29.20M
Capital Expenditures -$3.000M -$6.200M -$4.100M
Free Cash Flow $13.10M $19.90M $33.30M
YoY Change -16.03% -40.24% -511.11%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7767000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9409000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
55156000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29335000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
13545000 USD
us-gaap Net Income Loss
NetIncomeLoss
30923000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
9020000 USD
us-gaap Net Income Loss
NetIncomeLoss
23534000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
87209000 USD
us-gaap Operating Expenses
OperatingExpenses
259023000 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
90656000 USD
us-gaap Operating Expenses
OperatingExpenses
267663000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
23075000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
53483000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
15387000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
43124000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
28671000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1861000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9018000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
23527000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
29591000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13546000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
30926000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-3000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
2000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
7000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1287000 USD
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1577000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
40626000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
43147000 USD
CY2015Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
3351000 USD
CY2016Q3 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
3658000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-262000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-179000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-463000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1907000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-663000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1936000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
24883000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
31787000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
158000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9261000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9397000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
481000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7731000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9409000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
1395000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
1398000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9060000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11732000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
443195000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
575000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
956000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
1371000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
856000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
677788000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
445000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
381000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
172000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37476000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
42355000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
455635000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
656930000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
155096000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
168909000 USD
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
341575000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
991539000 USD
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
336460000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
993708000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
84167000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
249714000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
87918000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
259073000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4261000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5042000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
435000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
528000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
139627000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
128990000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
42130000 shares
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
43785000 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
436768000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
467256000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28132000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28318000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26173000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26449000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27811000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28072000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25996000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26287000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most important of these estimates and assumptions relate to the following: allowance for doubtful accounts, fallouts and other accounts receivable reserves; accounting for goodwill and identifiable intangible assets; self-insured liabilities for workers&#8217; compensation and health insurance; stock-based compensation; obligations for pension plans; accounting for income taxes and expected annual commission rates. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.</font></div></div>

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