$KFRC
KFORCE INC

2023 Q2 Form 10-Q Financial Statement

#000093042023000115 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $389.2M $406.0M
YoY Change -10.84% -2.63%
Cost Of Revenue $278.9M $292.0M
YoY Change -8.68% -0.36%
Gross Profit $110.3M $114.0M
YoY Change -15.87% -8.0%
Gross Profit Margin 28.33% 28.07%
Selling, General & Admin $82.99M $89.34M
YoY Change -13.68% -6.01%
% of Gross Profit 75.27% 78.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.340M $1.234M
YoY Change 24.54% 12.9%
% of Gross Profit 1.22% 1.08%
Operating Expenses $84.33M $91.62M
YoY Change -10.81% -6.11%
Operating Profit $25.93M $23.40M
YoY Change -23.39% -15.65%
Interest Expense -$313.0K -$296.0K
YoY Change -15.63% -51.32%
% of Operating Profit -1.21% -1.26%
Other Income/Expense, Net -$313.0K -$1.045M
YoY Change -111.71% -27.08%
Pretax Income $25.62M $22.36M
YoY Change -29.85% -15.02%
Income Tax $7.046M $6.148M
% Of Pretax Income 27.5% 27.5%
Net Earnings $18.57M $16.21M
YoY Change -30.99% -15.49%
Net Earnings / Revenue 4.77% 3.99%
Basic Earnings Per Share $0.96 $0.83
Diluted Earnings Per Share $0.95 $0.82
COMMON SHARES
Basic Shares Outstanding 20.34M shares 20.32M shares
Diluted Shares Outstanding 19.61M shares 19.67M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.0K $171.0K
YoY Change -99.51% -99.85%
Cash & Equivalents $147.0K $171.0K
Short-Term Investments
Other Short-Term Assets $8.743M $8.213M
YoY Change -17.46% 9.22%
Inventory
Prepaid Expenses
Receivables $249.9M $266.5M
Other Receivables $669.0K $0.00
Total Short-Term Assets $259.5M $274.9M
YoY Change -20.48% -32.2%
LONG-TERM ASSETS
Property, Plant & Equipment $23.16M $10.04M
YoY Change 252.7% 52.38%
Goodwill $25.04M $25.04M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $36.66M $34.32M
YoY Change 134.01% 105.74%
Other Assets $8.339M $71.68M
YoY Change -89.91% -22.43%
Total Long-Term Assets $108.6M $110.2M
YoY Change -6.17% -11.12%
TOTAL ASSETS
Total Short-Term Assets $259.5M $274.9M
Total Long-Term Assets $108.6M $110.2M
Total Assets $368.1M $385.2M
YoY Change -16.74% -27.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.30M $47.97M
YoY Change -18.11% -1.82%
Accrued Expenses $56.95M $21.65M
YoY Change 49.55% -47.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $104.2M $125.8M
YoY Change -45.0% -31.35%
LONG-TERM LIABILITIES
Long-Term Debt $24.60M $22.30M
YoY Change -77.7%
Other Long-Term Liabilities $51.61M $51.37M
YoY Change 22.87% 8.32%
Total Long-Term Liabilities $76.21M $51.37M
YoY Change 81.44% 8.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.2M $125.8M
Total Long-Term Liabilities $76.21M $51.37M
Total Liabilities $180.5M $199.4M
YoY Change -22.06% -39.8%
SHAREHOLDERS EQUITY
Retained Earnings $512.9M $501.6M
YoY Change 7.78% 10.16%
Common Stock $732.0K $732.0K
YoY Change 0.27% 0.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.6M $185.7M
YoY Change
Total Liabilities & Shareholders Equity $368.1M $385.2M
YoY Change -16.74% -27.26%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $18.57M $16.21M
YoY Change -30.99% -15.49%
Depreciation, Depletion And Amortization $1.340M $1.234M
YoY Change 24.54% 12.9%
Cash From Operating Activities $21.37M $19.06M
YoY Change -33.24% -50.81%
INVESTING ACTIVITIES
Capital Expenditures $3.078M $1.872M
YoY Change -348.83% -15.71%
Acquisitions
YoY Change
Other Investing Activities -$193.0K $4.309M
YoY Change -90.35% -961.8%
Cash From Investing Activities -$3.271M $2.437M
YoY Change 1.05% -189.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.13M -$21.44M
YoY Change -84.3% 30.89%
NET CHANGE
Cash From Operating Activities 21.37M $19.06M
Cash From Investing Activities -3.271M $2.437M
Cash From Financing Activities -18.13M -$21.44M
Net Change In Cash -24.00K $50.00K
YoY Change -99.97% -99.75%
FREE CASH FLOW
Cash From Operating Activities $21.37M $19.06M
Capital Expenditures $3.078M $1.872M
Free Cash Flow $18.30M $17.18M
YoY Change -44.98% -52.95%

Facts In Submission

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CY2023Q1 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
ProceedsFromDivestitureOfInterestInJointVenture
5059000 usd
CY2022Q1 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
ProceedsFromDivestitureOfInterestInJointVenture
0 usd
CY2023Q1 kfrc Receivable Issued To Joint Venture
ReceivableIssuedToJointVenture
750000 usd
CY2022Q1 kfrc Receivable Issued To Joint Venture
ReceivableIssuedToJointVenture
0 usd
CY2023Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 usd
CY2022Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
500000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2437000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2721000 usd
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
174200000 usd
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 usd
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
177500000 usd
CY2022Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 usd
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11126000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10270000 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7003000 usd
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6094000 usd
CY2023Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
14000 usd
CY2022Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
19000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21443000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-16383000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
50000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
19638000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
121000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96989000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
171000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
116627000 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
5108000 usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
314000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1303000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1812000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
248000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
547000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
566000 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
446000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
245000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
242000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
957000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
371000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:5pt"><span style="color:#004b8d;font-family:'Open Sans Light',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Open Sans Light',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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 critical of these estimates and assumptions relate to the following: allowance for credit losses; income taxes; self-insured liabilities for health insurance; and the impairment of goodwill and other long-lived assets. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Therefore, our accounting estimates and assumptions might change materially in future periods.</span></div>
CY2023Q1 kfrc Health Insurance Stop Loss Maximum Per Claim
HealthInsuranceStopLossMaximumPerClaim
600000 usd
CY2023Q1 kfrc Health Insurance Stop Loss Maximum Per Claim
HealthInsuranceStopLossMaximumPerClaim
600000 usd
CY2023Q1 kfrc Health Insurance Aggregate Risk Of Loss Liability Amount In Excess Of The Stop Loss Maximum
HealthInsuranceAggregateRiskOfLossLiabilityAmountInExcessOfTheStopLossMaximum
280000 usd
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
212000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
411000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
264000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
305000 shares
CY2022 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
6800000 usd
CY2022Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
4800000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.01
CY2022Q3 kfrc Effective Income Tax Rate Reconciliation Excise Tax Percent Of Fmv Of Shares Repurchased
EffectiveIncomeTaxRateReconciliationExciseTaxPercentOfFMVOfSharesRepurchased
0.01
CY2023Q1 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
100000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
405997000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
113976000 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
91618000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22358000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
416967000 usd
CY2022Q1 us-gaap Gross Profit
GrossProfit
123886000 usd
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
97575000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26311000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
405997000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
416967000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1006000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
442000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
935000 usd
CY2023Q1 kfrc Accounts Receivable Allowance For Credit Loss Allowance Unrelated To Trade Receivables
AccountsReceivableAllowanceForCreditLossAllowanceUnrelatedToTradeReceivables
500000 usd
CY2022Q4 kfrc Accounts Receivable Allowance For Credit Loss Allowance Unrelated To Trade Receivables
AccountsReceivableAllowanceForCreditLossAllowanceUnrelatedToTradeReceivables
600000 usd
CY2023Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
34323000 usd
CY2022Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
31976000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16538000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17102000 usd
CY2023Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
14845000 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
16149000 usd
CY2023Q1 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
822000 usd
CY2022Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
881000 usd
CY2023Q1 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
0 usd
CY2022Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
4825000 usd
CY2023Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
5154000 usd
CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
4838000 usd
CY2023Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
71682000 usd
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
75771000 usd
CY2023Q1 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
37000000 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
36600000 usd
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
47967000 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
49600000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
21648000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
23192000 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
69615000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
72792000 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
37178000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
41506000 usd
CY2023Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
5138000 usd
CY2022Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
2633000 usd
CY2023Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
3805000 usd
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
3481000 usd
CY2023Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
772000 usd
CY2022Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
749000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
46893000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
48369000 usd
CY2022Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
3000 usd
CY2023Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
51370000 usd
CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
52773000 usd
CY2023Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
36839000 usd
CY2022Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
36390000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14498000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16380000 usd
CY2023Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
33000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4300000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4400000 usd
CY2023Q1 kfrc Supplemental Unemployment Benefits On Change In Control
SupplementalUnemploymentBenefitsOnChangeInControl
40400000 usd
CY2023Q1 kfrc Supplemental Unemployment Benefits On No Change In Control
SupplementalUnemploymentBenefitsOnNoChangeInControl
17400000 usd

Files In Submission

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kfrc-20230331_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0000930420-23-000115-index-headers.html Edgar Link pending
0000930420-23-000115-index.html Edgar Link pending
0000930420-23-000115.txt Edgar Link pending
0000930420-23-000115-xbrl.zip Edgar Link pending
exhibit102kforcerestricted.htm Edgar Link pending
exhibit311q12023.htm Edgar Link pending
exhibit312q12023.htm Edgar Link pending
exhibit321q12023.htm Edgar Link pending
exhibit322q12023.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
image_0.jpg Edgar Link pending
kfrc-20230331.htm Edgar Link pending
kfrc-20230331.xsd Edgar Link pending
kfrc-20230331_g1.jpg Edgar Link pending
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kfrc-20230331_lab.xml Edgar Link unprocessable
kfrc-20230331_pre.xml Edgar Link unprocessable
kfrc-20230331_def.xml Edgar Link unprocessable
kfrc-20230331_htm.xml Edgar Link completed
R7.htm Edgar Link pending
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