$KFRC
KFORCE INC

2023 Q3 Form 10-Q Financial Statement

#000093042023000177 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $373.1M $389.2M
YoY Change -14.74% -10.84%
Cost Of Revenue $269.7M $278.9M
YoY Change -13.28% -8.68%
Gross Profit $103.5M $110.3M
YoY Change -18.32% -15.87%
Gross Profit Margin 27.73% 28.33%
Selling, General & Admin $86.23M $82.99M
YoY Change -8.57% -13.68%
% of Gross Profit 83.34% 75.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $1.340M
YoY Change 14.83% 24.54%
% of Gross Profit 1.16% 1.22%
Operating Expenses $87.61M $84.33M
YoY Change -8.98% -10.81%
Operating Profit $16.03M $25.93M
YoY Change -48.81% -23.39%
Interest Expense -$200.0K -$313.0K
YoY Change 2122.22% -15.63%
% of Operating Profit -1.25% -1.21%
Other Income/Expense, Net -$181.0K -$313.0K
YoY Change -80.02% -111.71%
Pretax Income $15.85M $25.62M
YoY Change -47.88% -29.85%
Income Tax $5.277M $7.046M
% Of Pretax Income 33.29% 27.5%
Net Earnings $10.58M $18.57M
YoY Change -52.5% -30.99%
Net Earnings / Revenue 2.83% 4.77%
Basic Earnings Per Share $0.55 $0.96
Diluted Earnings Per Share $0.54 $0.95
COMMON SHARES
Basic Shares Outstanding 20.12M shares 20.34M shares
Diluted Shares Outstanding 19.52M shares 19.61M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $147.0K
YoY Change -98.03% -99.51%
Cash & Equivalents $122.0K $147.0K
Short-Term Investments
Other Short-Term Assets $9.500M $8.743M
YoY Change -5.18% -17.46%
Inventory
Prepaid Expenses
Receivables $248.3M $249.9M
Other Receivables $0.00 $669.0K
Total Short-Term Assets $257.9M $259.5M
YoY Change -12.95% -20.48%
LONG-TERM ASSETS
Property, Plant & Equipment $9.489M $23.16M
YoY Change 45.98% 252.7%
Goodwill $25.04M $25.04M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $35.90M $36.66M
YoY Change 143.03% 134.01%
Other Assets $71.78M $8.339M
YoY Change -12.21% -89.91%
Total Long-Term Assets $111.9M $108.6M
YoY Change -4.05% -6.17%
TOTAL ASSETS
Total Short-Term Assets $257.9M $259.5M
Total Long-Term Assets $111.9M $108.6M
Total Assets $369.8M $368.1M
YoY Change -10.43% -16.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.07M $46.30M
YoY Change -9.53% -18.11%
Accrued Expenses $20.18M $56.95M
YoY Change -3.9% 49.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $119.3M $104.2M
YoY Change -26.82% -45.0%
LONG-TERM LIABILITIES
Long-Term Debt $21.40M $24.60M
YoY Change
Other Long-Term Liabilities $50.14M $51.61M
YoY Change 22.66% 22.87%
Total Long-Term Liabilities $50.14M $76.21M
YoY Change 22.66% 81.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $119.3M $104.2M
Total Long-Term Liabilities $50.14M $76.21M
Total Liabilities $190.8M $180.5M
YoY Change -6.4% -22.06%
SHAREHOLDERS EQUITY
Retained Earnings $516.5M $512.9M
YoY Change 5.02% 7.78%
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 $179.0M $187.6M
YoY Change
Total Liabilities & Shareholders Equity $369.8M $368.1M
YoY Change -10.43% -16.74%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $10.58M $18.57M
YoY Change -52.5% -30.99%
Depreciation, Depletion And Amortization $1.200M $1.340M
YoY Change 14.83% 24.54%
Cash From Operating Activities $28.70M $21.37M
YoY Change 292.99% -33.24%
INVESTING ACTIVITIES
Capital Expenditures $1.100M $3.078M
YoY Change -191.82% -348.83%
Acquisitions
YoY Change
Other Investing Activities -$600.0K -$193.0K
YoY Change -76.0% -90.35%
Cash From Investing Activities -$1.700M -$3.271M
YoY Change -54.03% 1.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.90M -18.13M
YoY Change -5.58% -84.3%
NET CHANGE
Cash From Operating Activities 28.70M 21.37M
Cash From Investing Activities -1.700M -3.271M
Cash From Financing Activities -26.90M -18.13M
Net Change In Cash 100.0K -24.00K
YoY Change -100.4% -99.97%
FREE CASH FLOW
Cash From Operating Activities $28.70M $21.37M
Capital Expenditures $1.100M $3.078M
Free Cash Flow $27.60M $18.30M
YoY Change 224.67% -44.98%

Facts In Submission

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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>
kfrc Health Insurance Stop Loss Maximum Per Claim
HealthInsuranceStopLossMaximumPerClaim
600000 usd
kfrc Health Insurance Stop Loss Maximum Per Claim
HealthInsuranceStopLossMaximumPerClaim
600000 usd
kfrc Health Insurance Aggregate Risk Of Loss Liability Amount In Excess Of The Stop Loss Maximum
HealthInsuranceAggregateRiskOfLossLiabilityAmountInExcessOfTheStopLossMaximum
280000 usd
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
270000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
240000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
435000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
425000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
201000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
235000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
168000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
304000 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
CY2023Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
100000 usd
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
200000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
389190000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
110266000 usd
CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
84646000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
25620000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
436516000 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
131072000 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
94551000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36521000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
795187000 usd
us-gaap Gross Profit
GrossProfit
224242000 usd
us-gaap Operating Expenses
OperatingExpenses
176264000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
47978000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
853483000 usd
us-gaap Gross Profit
GrossProfit
254958000 usd
us-gaap Operating Expenses
OperatingExpenses
192126000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
62832000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
389190000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
436516000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
795187000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
853483000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1006000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
454000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
402000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1058000 usd
CY2023Q2 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
CY2023Q2 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
36664000 usd
CY2022Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
31976000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
12998000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17102000 usd
CY2023Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
15415000 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
16149000 usd
CY2023Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
769000 usd
CY2022Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
881000 usd
CY2023Q2 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
0 usd
CY2022Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
4825000 usd
CY2023Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
4790000 usd
CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
4838000 usd
CY2023Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
70636000 usd
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
75771000 usd
CY2023Q2 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
37400000 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
36600000 usd
CY2023Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
46296000 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
49600000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13951000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
23192000 usd
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
60247000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
72792000 usd
CY2023Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
32940000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
41506000 usd
CY2023Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
2175000 usd
CY2022Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
2633000 usd
CY2023Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
3835000 usd
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
3481000 usd
CY2023Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
464000 usd
CY2022Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
749000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
39414000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
48369000 usd
CY2023Q2 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
40493000 usd
CY2022Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
36390000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11089000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16380000 usd
CY2023Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
29000 usd
CY2022Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
3000 usd
CY2023Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
51611000 usd
CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
52773000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4300000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8600000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4400000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8800000 usd
CY2023Q2 kfrc Supplemental Unemployment Benefits On Change In Control
SupplementalUnemploymentBenefitsOnChangeInControl
40300000 usd
CY2023Q2 kfrc Supplemental Unemployment Benefits On No Change In Control
SupplementalUnemploymentBenefitsOnNoChangeInControl
17400000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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exhibit101-firstamendmentt.htm Edgar Link pending
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kfrc-20230630_htm.xml Edgar Link completed
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kfrc-20230630_cal.xml Edgar Link unprocessable