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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kforce Inc | NASDAQ:KFRC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.13 | 0.20% | 64.13 | 55.00 | 84.18 | 64.33 | 63.0549 | 63.82 | 97,921 | 22:30:00 |
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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FLORIDA
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59-3264661
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State or other jurisdiction of incorporation or organization
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IRS Employer Identification No.
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1001 EAST PALM AVENUE, TAMPA, FLORIDA
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33605 | |||||||
Address of principal executive offices
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Zip Code
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 per share | KFRC | NASDAQ |
Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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Item 1.
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Item 4.
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Item 1A.
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Three Months Ended March 31, | |||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||
Revenue | $ | 326,738 | $ | 317,441 | |||||||||||||||||||||||||
Direct costs | 233,562 | 224,904 | |||||||||||||||||||||||||||
Gross profit | 93,176 | 92,537 | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 79,813 | 78,797 | |||||||||||||||||||||||||||
Depreciation and amortization | 1,650 | 1,751 | |||||||||||||||||||||||||||
Income from operations | 11,713 | 11,989 | |||||||||||||||||||||||||||
Other expense, net | 923 | 1,344 | |||||||||||||||||||||||||||
Income from continuing operations, before income taxes | 10,790 | 10,645 | |||||||||||||||||||||||||||
Income tax expense | 2,816 | 2,660 | |||||||||||||||||||||||||||
Income from continuing operations | 7,974 | 7,985 | |||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 18,881 | 1,190 | |||||||||||||||||||||||||||
Net income | 26,855 | 9,175 | |||||||||||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||||||
Change in fair value of interest rate swap, net of tax | (280) | 517 | |||||||||||||||||||||||||||
Comprehensive income | $ | 26,575 | $ | 9,692 | |||||||||||||||||||||||||
Earnings per share – basic: | |||||||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | 0.32 | |||||||||||||||||||||||||
Discontinued operations | 0.77 | 0.05 | |||||||||||||||||||||||||||
Earnings per share – basic | $ | 1.10 | $ | 0.37 | |||||||||||||||||||||||||
Earnings per share – diluted: | |||||||||||||||||||||||||||||
Continuing operations | $ | 0.32 | $ | 0.32 | |||||||||||||||||||||||||
Discontinued operations | 0.75 | 0.05 | |||||||||||||||||||||||||||
Earnings per share – diluted | $ | 1.07 | $ | 0.37 | |||||||||||||||||||||||||
Weighted average shares outstanding – basic | 24,516 | 24,804 | |||||||||||||||||||||||||||
Weighted average shares outstanding – diluted | 25,019 | 25,094 |
March 31, 2019 | December 31, 2018 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 259 | $ | 112 | |||||||
Trade receivables, net of allowances of $2,915 and $2,800, respectively | 220,520 | 210,559 | |||||||||
Income tax refund receivable | 113 | 319 | |||||||||
Prepaid expenses and other current assets | 7,956 | 7,699 | |||||||||
Current assets held for sale | 26,688 | 29,773 | |||||||||
Total current assets | 255,536 | 248,462 | |||||||||
Fixed assets, net | 28,940 | 34,322 | |||||||||
Other assets, net | 56,429 | 36,664 | |||||||||
Deferred tax assets, net | 7,642 | 7,147 | |||||||||
Goodwill | 25,040 | 25,040 | |||||||||
Noncurrent assets held for sale | 51,025 | 28,273 | |||||||||
Total assets | $ | 424,612 | $ | 379,908 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and other accrued liabilities | $ | 32,151 | $ | 32,542 | |||||||
Accrued payroll costs | 40,311 | 39,384 | |||||||||
Current portion of operating lease liabilities | 5,861 | — | |||||||||
Other current liabilities | 1,398 | 1,616 | |||||||||
Income taxes payable | 7,809 | 4,553 | |||||||||
Current liabilities held for sale | 17,609 | 12,263 | |||||||||
Total current liabilities | 105,139 | 90,358 | |||||||||
Long-term debt – credit facility | 82,500 | 71,800 | |||||||||
Long-term debt – other | 1,092 | 1,359 | |||||||||
Other long-term liabilities | 55,339 | 43,509 | |||||||||
Noncurrent liabilities held for sale | 1,970 | 4,551 | |||||||||
Total liabilities | 246,040 | 211,577 | |||||||||
Commitments and contingencies (Note E) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par; 15,000 shares authorized, none issued and outstanding | — | — | |||||||||
Common stock, $0.01 par; 250,000 shares authorized, 71,860 and 71,856 issued and outstanding, respectively | 719 | 719 | |||||||||
Additional paid-in capital | 450,276 | 447,337 | |||||||||
Accumulated other comprehensive income | 1,184 | 1,296 | |||||||||
Retained earnings | 259,356 | 237,308 | |||||||||
Treasury stock, at cost; 46,249 and 45,822 shares, respectively | (532,963) | (518,329) | |||||||||
Total stockholders’ equity | 178,572 | 168,331 | |||||||||
Total liabilities and stockholders’ equity | $ | 424,612 | $ | 379,908 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Retained Earnings | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 71,856 | $ | 719 | $ | 447,337 | $ | 1,296 | $ | 237,308 | 45,822 | $ | (518,329) | $ | 168,331 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 26,855 | — | — | 26,855 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of stranded tax effects (Note A) | — | — | — | 168 | (168) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance for stock-based compensation and dividends, net of forfeitures | 4 | — | 233 | — | (233) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 2,620 | — | — | — | — | 2,620 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | — | — | 86 | — | — | (5) | 54 | 140 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.18 per share) | — | — | — | — | (4,406) | — | — | (4,406) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swap, net of tax benefit of $95 | — | — | — | (280) | — | — | — | (280) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | — | 432 | (14,688) | (14,688) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | 71,860 | $ | 719 | $ | 450,276 | $ | 1,184 | $ | 259,356 | 46,249 | $ | (532,963) | $ | 178,572 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Retained Earnings | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 71,494 | $ | 715 | $ | 437,394 | $ | 100 | $ | 195,143 | 45,167 | $ | (499,075) | $ | 134,277 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 9,175 | — | — | 9,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of revenue recognition accounting standard, net of tax of $63 | — | — | — | — | (179) | — | — | (179) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance for stock-based compensation and dividends, net of forfeitures | 63 | 1 | 166 | — | (167) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 5 | — | 46 | — | — | 1 | (46) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 2,260 | — | — | — | — | 2,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | — | — | 71 | — | — | (6) | 61 | 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.12 per share) | — | — | — | — | (2,973) | — | — | (2,973) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swap, net of tax of $176 | — | — | — | 517 | — | — | — | 517 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | — | 319 | (8,715) | (8,715) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2018 | 71,562 | $ | 716 | $ | 439,937 | $ | 617 | $ | 200,999 | 45,481 | $ | (507,775) | $ | 134,494 |
Three Months Ended March 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 26,855 | $ | 9,175 | |||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||
Deferred income tax provision, net | (18,314) | 41 | |||||||||||||||
Provision for bad debts | 349 | 368 | |||||||||||||||
Depreciation and amortization | 1,972 | 2,115 | |||||||||||||||
Stock-based compensation expense | 2,620 | 2,260 | |||||||||||||||
Defined benefit pension plan expense | 216 | 455 | |||||||||||||||
Loss on deferred compensation plan investments, net | 89 | 110 | |||||||||||||||
Loss on disposal or impairment of property and equipment | 801 | 5 | |||||||||||||||
Contingent consideration liability remeasurement | 886 | — | |||||||||||||||
Noncash lease expense | 1,662 | — | |||||||||||||||
Other | 87 | 91 | |||||||||||||||
(Increase) decrease in operating assets | |||||||||||||||||
Trade receivables, net | (7,377) | (12,350) | |||||||||||||||
Income tax refund receivable | 206 | 6,341 | |||||||||||||||
Prepaid expenses and other current assets | 894 | 91 | |||||||||||||||
Other assets, net | (1,493) | 69 | |||||||||||||||
Increase (decrease) in operating liabilities | |||||||||||||||||
Accounts payable and other accrued liabilities | 5,841 | (2,096) | |||||||||||||||
Accrued payroll costs | 380 | 317 | |||||||||||||||
Income taxes payable | 2,951 | 3,388 | |||||||||||||||
Other long-term liabilities | (6,836) | (130) | |||||||||||||||
Cash provided by operating activities | 11,789 | 10,250 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (1,496) | (1,469) | |||||||||||||||
Other | (1,000) | — | |||||||||||||||
Cash used in investing activities | (2,496) | (1,469) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from credit facility | 78,300 | 193,400 | |||||||||||||||
Payments on credit facility | (67,600) | (186,723) | |||||||||||||||
Payments on other financing arrangements | (540) | (569) | |||||||||||||||
Repurchases of common stock | (14,875) | (12,038) | |||||||||||||||
Cash dividend | (4,406) | (2,973) | |||||||||||||||
Other | (25) | — | |||||||||||||||
Cash used in financing activities | (9,146) | (8,903) | |||||||||||||||
Change in cash and cash equivalents | 147 | (122) | |||||||||||||||
Cash and cash equivalents at beginning of period | 112 | 379 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 259 | $ | 257 |
Three Months Ended March 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Revenue | $ | 26,426 | $ | 28,852 | |||||||||||||
Direct costs | 19,015 | 21,201 | |||||||||||||||
Gross profit | 7,411 | 7,651 | |||||||||||||||
Selling, general and administrative expenses | 5,432 | 5,810 | |||||||||||||||
Depreciation and amortization | 235 | 242 | |||||||||||||||
Income from discontinued operations | 1,744 | 1,599 | |||||||||||||||
Other expense (income), net | 864 | (4) | |||||||||||||||
Income from discontinued operations, before income taxes | 880 | 1,603 | |||||||||||||||
Income tax (benefit) expense | (18,001) | 413 | |||||||||||||||
Income from discontinued operations, net of tax | $ | 18,881 | $ | 1,190 |
Tech | FA | Total | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
Revenue | $ | 255,643 | $ | 71,095 | $ | 326,738 | |||||||||||||||||
Gross profit | $ | 68,822 | $ | 24,354 | $ | 93,176 | |||||||||||||||||
Operating expenses and other expenses | 82,386 | ||||||||||||||||||||||
Income from continuing operations, before income taxes | $ | 10,790 | |||||||||||||||||||||
2018 | |||||||||||||||||||||||
Revenue | $ | 236,497 | $ | 80,944 | $ | 317,441 | |||||||||||||||||
Gross profit | $ | 65,376 | $ | 27,161 | $ | 92,537 | |||||||||||||||||
Operating expenses and other expenses | 81,892 | ||||||||||||||||||||||
Income from continuing operations, before income taxes | $ | 10,645 |
Tech | FA | Total | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
Revenue by type: | |||||||||||||||||||||||
Flex revenue | $ | 250,216 | $ | 64,765 | $ | 314,981 | |||||||||||||||||
Direct Hire revenue | 5,427 | 6,330 | 11,757 | ||||||||||||||||||||
Total Revenue | $ | 255,643 | $ | 71,095 | $ | 326,738 | |||||||||||||||||
2018 | |||||||||||||||||||||||
Revenue by type: | |||||||||||||||||||||||
Flex revenue | $ | 231,496 | $ | 74,550 | $ | 306,046 | |||||||||||||||||
Direct Hire revenue | 5,001 | 6,394 | 11,395 | ||||||||||||||||||||
Total Revenue | $ | 236,497 | $ | 80,944 | $ | 317,441 |
March 31, 2019 | December 31, 2018 | ||||||||||
Assets held in Rabbi Trust | $ | 32,593 | $ | 29,134 | |||||||
Right-of-use assets for operating leases, net | 15,289 | — | |||||||||
Capitalized software, net | 5,477 | 4,828 | |||||||||
Deferred loan costs, net | 1,120 | 1,182 | |||||||||
Interest rate swap derivative instrument | 525 | 900 | |||||||||
Other non-current assets | 1,425 | 620 | |||||||||
Total Other assets, net | $ | 56,429 | $ | 36,664 |
March 31, 2019 | December 31, 2018 | ||||||||||
Accounts payable and other accrued liabilities: | |||||||||||
Accounts payable | $ | 20,571 | $ | 18,793 | |||||||
Accrued liabilities | 11,580 | 13,749 | |||||||||
Total Accounts payable and other accrued liabilities | $ | 32,151 | $ | 32,542 | |||||||
Accrued payroll costs: | |||||||||||
Payroll and benefits | $ | 34,525 | $ | 34,768 | |||||||
Health insurance liabilities | 3,873 | 2,680 | |||||||||
Payroll taxes | 898 | 920 | |||||||||
Workers’ compensation liabilities | 1,015 | 1,016 | |||||||||
Total Accrued payroll costs | $ | 40,311 | $ | 39,384 |
March 31, 2019 | December 31, 2018 | ||||||||||
Deferred compensation plan | $ | 27,343 | $ | 25,672 | |||||||
Supplemental executive retirement plan | 15,250 | 15,035 | |||||||||
Operating lease liabilities | 11,452 | — | |||||||||
Other long-term liabilities | 1,294 | 2,802 | |||||||||
Total Other long-term liabilities | $ | 55,339 | $ | 43,509 |
Three Months Ended | |||||||||||
Lease Cost | March 31, 2019 | ||||||||||
Operating lease expense | $ | 1,768 | |||||||||
Variable lease costs | 382 | ||||||||||
Short term lease expense | 180 | ||||||||||
Sublease income | (106) | ||||||||||
Total operating lease expense | $ | 2,224 |
Remainder of 2019 | $ | 4,725 | ||||||||||||||||||
2020 | 5,855 | |||||||||||||||||||
2021 | 3,431 | |||||||||||||||||||
2022 | 1,832 | |||||||||||||||||||
2023 | 1,590 | |||||||||||||||||||
2024 | 740 | |||||||||||||||||||
Thereafter | 459 | |||||||||||||||||||
Total maturities of operating lease liabilities | 18,632 | |||||||||||||||||||
Less: Interest | 1,319 | |||||||||||||||||||
Total operating lease liabilities | $ | 17,313 |
2019 | $ | 6,994 | ||||||||||||||||||
2020 | 6,177 | |||||||||||||||||||
2021 | 3,731 | |||||||||||||||||||
2022 | 2,142 | |||||||||||||||||||
2023 | 1,745 | |||||||||||||||||||
Thereafter | 1,199 | |||||||||||||||||||
Total future contractual operating lease obligations | $ | 21,988 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||
Service cost | $ | 65 | $ | 338 | |||||||||||||||||||||||||
Interest cost | 151 | 117 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 216 | $ | 455 |
Number of Restricted Stock |
Weighted-Average
Grant Date Fair Value |
Total Intrinsic
Value of Restricted Stock Vested |
|||||||||||||||
Outstanding at December 31, 2018 | 1,320 | $ | 24.94 | ||||||||||||||
Granted | 12 | $ | 30.72 | ||||||||||||||
Forfeited | (8) | $ | 24.63 | ||||||||||||||
Vested | (8) | $ | 20.15 | $ | 308 | ||||||||||||
Outstanding at March 31, 2019 | 1,316 | $ | 25.02 |
Accumulated derivative instrument gain, beginning of period | $ | 900 | |||||||||
Net change associated with current period hedging transactions | (375) | ||||||||||
Accumulated derivative instrument gain, end of period | $ | 525 |
Assets/(Liabilities) Measured at Fair Value: | Asset/(Liability) |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||
At March 31, 2019 | |||||||||||||||||||||||
Recurring basis: | |||||||||||||||||||||||
Interest rate swap derivative instrument | $ | 525 | $ | — | $ | 525 | $ | — | |||||||||||||||
At December 31, 2018 | |||||||||||||||||||||||
Recurring basis: | |||||||||||||||||||||||
Interest rate swap derivative instrument | $ | 900 | $ | — | $ | 900 | $ | — | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Cash Paid During the Period For: | |||||||||||||||||
Income taxes | $ | 184 | $ | 89 | |||||||||||||
Interest, net | 627 | 1,343 | |||||||||||||||
Operating lease liabilities | 1,836 | — | |||||||||||||||
Non-Cash Financing and Investing Transactions: | |||||||||||||||||
ROU assets obtained from new operating leases | $ | 817 | $ | — | |||||||||||||
Unsettled repurchases of common stock | 369 | — | |||||||||||||||
Employee stock purchase plan | 140 | 132 | |||||||||||||||
Shares tendered in payment of exercise price of stock options | — | 46 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||
Revenue by segment: | |||||||||||||||||||||||||||||
Tech | 78.2 | % | 74.5 | % | |||||||||||||||||||||||||
FA | 21.8 | 25.5 | |||||||||||||||||||||||||||
Total Revenue | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||
Revenue by type: | |||||||||||||||||||||||||||||
Flex | 96.4 | % | 96.4 | % | |||||||||||||||||||||||||
Direct Hire | 3.6 | 3.6 | |||||||||||||||||||||||||||
Total Revenue | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||
Gross profit | 28.5 | % | 29.2 | % | |||||||||||||||||||||||||
Selling, general and administrative expenses | 24.4 | % | 24.8 | % | |||||||||||||||||||||||||
Depreciation and amortization | 0.5 | % | 0.6 | % | |||||||||||||||||||||||||
Income from operations | 3.6 | % | 3.8 | % | |||||||||||||||||||||||||
Income from continuing operations, before income taxes | 3.3 | % | 3.4 | % | |||||||||||||||||||||||||
Income from continuing operations | 2.4 | % | 2.5 | % | |||||||||||||||||||||||||
Income from discontinued operations, net of tax | 5.8 | % | 0.4 | % | |||||||||||||||||||||||||
Net income | 8.2 | % | 2.9 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 |
Increase
(Decrease) |
2018 | |||||||||||||||||||||||||||||||||||||||||||||
Tech | |||||||||||||||||||||||||||||||||||||||||||||||
Flex revenue | $ | 250,216 | 8.1 | % | $ | 231,496 | |||||||||||||||||||||||||||||||||||||||||
Direct Hire revenue | 5,427 | 8.5 | % | 5,001 | |||||||||||||||||||||||||||||||||||||||||||
Total Tech revenue | $ | 255,643 | 8.1 | % | $ | 236,497 | |||||||||||||||||||||||||||||||||||||||||
FA | |||||||||||||||||||||||||||||||||||||||||||||||
Flex revenue | $ | 64,765 | (13.1) | % | $ | 74,550 | |||||||||||||||||||||||||||||||||||||||||
Direct Hire revenue | 6,330 | (1.0) | % | 6,394 | |||||||||||||||||||||||||||||||||||||||||||
Total FA revenue | $ | 71,095 | (12.2) | % | $ | 80,944 | |||||||||||||||||||||||||||||||||||||||||
Total Flex revenue | $ | 314,981 | 2.9 | % | $ | 306,046 | |||||||||||||||||||||||||||||||||||||||||
Total Direct Hire revenue | 11,757 | 3.2 | % | 11,395 | |||||||||||||||||||||||||||||||||||||||||||
Total Revenue | $ | 326,738 | 2.9 | % | $ | 317,441 |
Year-Over-Year Revenue Growth Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Per Billing Day) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q1 2019 | Q4 2018 | Q3 2018 | Q2 2018 | Q1 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Billing Days | 63 | 62 | 63 | 64 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tech Flex | 9.8 | % | 9.0 | % | 10.3 | % | 9.8 | % | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
FA Flex | (11.7) | % | (11.7) | % | (11.8) | % | (9.4) | % | (7.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Flex
|
4.6 | % | 3.6 | % | 4.5 | % | 4.7 | % | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2019 vs. March 31, 2018 | |||||||||||||||||||||||||||||
Tech | FA | ||||||||||||||||||||||||||||
Key Drivers - Increase (Decrease) | |||||||||||||||||||||||||||||
Volume - hours billed | $ | 11,260 | $ | (14,380) | |||||||||||||||||||||||||
Bill rate | 8,382 | 4,470 | |||||||||||||||||||||||||||
Billable expenses | (922) | 125 | |||||||||||||||||||||||||||
Total change in Flex revenue | $ | 18,720 | $ | (9,785) |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 |
Increase
(Decrease) |
2018 | |||||||||||||||||||||||||||||||||||||||||||||
Tech | 3,335 | 4.9 | % | 3,178 | |||||||||||||||||||||||||||||||||||||||||||
FA | 1,772 | (19.3) | % | 2,196 | |||||||||||||||||||||||||||||||||||||||||||
Total Flex hours billed | 5,107 | (5.0) | % | 5,374 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2019 vs. March 31, 2018 | |||||||||||||||||||||||||||||
Tech | FA | ||||||||||||||||||||||||||||
Key Drivers - Increase (Decrease) | |||||||||||||||||||||||||||||
Volume - number of placements | $ | 401 | $ | (1,162) | |||||||||||||||||||||||||
Placement fee | 25 | 1,098 | |||||||||||||||||||||||||||
Total change in Direct Hire revenue | $ | 426 | $ | (64) |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 |
Increase
(Decrease) |
2018 | |||||||||||||||||||||||||||||||||||||||||||||
Tech | 300 | 7.9 | % | 278 | |||||||||||||||||||||||||||||||||||||||||||
FA | 470 | (18.3) | % | 575 | |||||||||||||||||||||||||||||||||||||||||||
Total number of placements | 770 | (9.7) | % | 853 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 |
Increase
(Decrease) |
2018 | |||||||||||||||||||||||||||||||||||||||||||||
Tech | $ | 18,106 | 0.5 | % | $ | 18,021 | |||||||||||||||||||||||||||||||||||||||||
FA | $ | 13,447 | 21.0 | % | $ | 11,115 | |||||||||||||||||||||||||||||||||||||||||
Total average placement fee | $ | 15,260 | 14.2 | % | $ | 13,362 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 |
Increase
(Decrease) |
2018 | |||||||||||||||||||||||||||||||||||||||||||||
Tech | 26.9 | % | (2.5) | % | 27.6 | % | |||||||||||||||||||||||||||||||||||||||||
FA | 34.3 | % | 2.1 | % | 33.6 | % | |||||||||||||||||||||||||||||||||||||||||
Total gross profit percentage | 28.5 | % | (2.4) | % | 29.2 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 |
Increase
(Decrease) |
2018 | |||||||||||||||||||||||||||||||||||||||||||||
Tech | 25.3 | % | (3.1) | % | 26.1 | % | |||||||||||||||||||||||||||||||||||||||||
FA | 27.8 | % | (0.4) | % | 27.9 | % | |||||||||||||||||||||||||||||||||||||||||
Total Flex gross profit percentage | 25.8 | % | (2.6) | % | 26.5 | % |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2019 vs. March 31, 2018 | |||||||||||||||||||||||||||||
Tech | FA | ||||||||||||||||||||||||||||
Key Drivers - Increase (Decrease) | |||||||||||||||||||||||||||||
Revenue impact | $ | 4,882 | $ | (2,725) | |||||||||||||||||||||||||
Profitability impact | (1,862) | (18) | |||||||||||||||||||||||||||
Total change in Flex gross profit | $ | 3,020 | $ | (2,743) |
2019 | % of Revenue | 2018 | % of Revenue | ||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
Compensation, commissions, payroll taxes and benefits costs | $ | 66,635 | 20.4 | % | $ | 66,090 | 20.8 | % | |||||||||||||||
Other (1) | 13,178 | 4.0 | % | 12,707 | 4.0 | % | |||||||||||||||||
Total SG&A | $ | 79,813 | 24.4 | % | $ | 78,797 | 24.8 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 |
Increase
(Decrease) |
2018 | |||||||||||||||||||||||||||||||||||||||||||||
Fixed asset depreciation (includes finance leases) | $ | 1,323 | (12.4) | % | $ | 1,510 | |||||||||||||||||||||||||||||||||||||||||
Capitalized software amortization | 327 | 35.7 | % | 241 | |||||||||||||||||||||||||||||||||||||||||||
Total Depreciation and amortization | $ | 1,650 | (5.8) | % | $ | 1,751 |
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Net income | $ | 26,855 | $ | 9,175 | ||||||||||||||||
Non-cash provisions and other | (9,632) | 5,445 | ||||||||||||||||||
Changes in operating assets/liabilities | (5,434) | (4,370) | ||||||||||||||||||
Net cash provided by operating activities | 11,789 | 10,250 | ||||||||||||||||||
Capital expenditures | (1,496) | (1,469) | ||||||||||||||||||
Free cash flow | 10293 | 8781 | ||||||||||||||||||
Change in debt | 10,700 | 6,677 | ||||||||||||||||||
Repurchases of common stock | (14,875) | (12,038) | ||||||||||||||||||
Cash dividend | (4,406) | (2,973) | ||||||||||||||||||
Other | (1,565) | (569) | ||||||||||||||||||
Change in cash and cash equivalents | $ | 147 | $ | (122) |
2019 | 2018 | ||||||||||
Three Months Ended March 31, | |||||||||||
Net income | $ | 26,855 | $ | 9,175 | |||||||
Income from discontinued operations, net of tax | 18,881 | 1,190 | |||||||||
Income from continuing operations | 7,974 | 7,985 | |||||||||
Depreciation and amortization | 1,650 | 1,751 | |||||||||
Stock-based compensation expense | 2,534 | 2,184 | |||||||||
Interest expense, net | 923 | 1,297 | |||||||||
Income tax expense | 2,816 | 2,660 | |||||||||
Adjusted EBITDA from continuing operations | $ | 15,897 | $ | 15,877 |
Three Months Ended March 31, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Open market repurchases | $ | 14,775 | $ | 9,565 | ||||||||||||||||
Repurchase of shares related to tax withholding requirements for vesting of restricted stock | 100 | 2,473 | ||||||||||||||||||
Total cash flow impact of common stock repurchases | $ | 14,875 | $ | 12,038 | ||||||||||||||||
Cash paid in current period for settlement of prior year repurchases | $ | 556 | $ | 3,323 |
Period |
Total Number of
Shares Purchased (1) |
Average Price Paid
per Share |
Total Number of Shares
Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar Value
of Shares that May Yet Be Purchased Under the Plans or Programs |
|||||||||||||||||||
January 1, 2019 to January 31, 2019 | 181,832 | $ | 32.09 | 181,832 | $ | 87,105,640 | |||||||||||||||||
February 1, 2019 to February 28, 2019 | 14,135 | $ | 33.92 | 11,530 | $ | 86,725,802 | |||||||||||||||||
March 1, 2019 to March 31, 2019 | 236,216 | $ | 35.45 | 236,216 | $ | 147,477,881 | |||||||||||||||||
Total | 432,183 | $ | 33.98 | 429,578 | $ | 147,477,881 |
Exhibit Number |
Description
|
||||||||||
3.1 | Amended and Restated Articles of Incorporation, incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 33-91738) filed with the SEC on April 28, 1995. | ||||||||||
Articles of Amendment to Articles of Incorporation, incorporated by reference to the Registrant’s Registration Statement on Form S-4/A (File No. 333-111566) filed with the SEC on February 9, 2004, as amended. | |||||||||||
Articles of Amendment to Articles of Incorporation, incorporated by reference to the Registrant’s Registration Statement on Form S-4/A (File No. 333-111566) filed with the SEC on February 9, 2004, as amended. | |||||||||||
Articles of Amendment to Articles of Incorporation, incorporated by reference to the Registrant’s Registration Statement on Form S-4/A (File No. 333-111566) filed with the SEC on February 9, 2004, as amended. | |||||||||||
Articles of Amendment to Articles of Incorporation, incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26058) filed with the SEC on May 17, 2000. | |||||||||||
Articles of Amendment to Articles of Incorporation, incorporated by reference to the Registrant’s Annual Report on Form 10-K (File No. 000-26058) filed with the SEC on March 29, 2002. | |||||||||||
Amended & Restated Bylaws, incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26058) filed with the SEC on April 29, 2013. | |||||||||||
Stock Purchase Agreement, dated February 28, 2019, by and among ManTech International Corporation, Kforce Government Solutions, Inc., Kforce Government Holdings, Inc., and Kforce, Inc. | |||||||||||
Amendment No. 1 to the Stock Purchase Agreement, dated March 29, 2019, by and among ManTech International Corporation, Kforce Government Solutions, Inc., Kforce Government Holdings, Inc., and Kforce, Inc. | |||||||||||
Kforce Inc. 2019 Stock Incentive Plan, incorporated by reference to the Registrant’s Registration Statement on Form S-8 (File No. 333-231073) filed with the SEC on April 26, 2019. | |||||||||||
Form of Restricted Stock Award Agreement under the 2019 Stock Incentive Plan. | |||||||||||
First Amendment and Consent, dated February 28, 2019, between Kforce Inc. and its subsidiaries, Wells Fargo Bank, National Association, and the other lenders thereto. | |||||||||||
Certification by the Chief Executive Officer of Kforce Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||||||
Certification by the Chief Financial Officer of Kforce Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||||||
Certification by the Chief Executive Officer of Kforce Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||||||
Certification by the Chief Financial Officer of Kforce Inc. pursuant to 18 U.S.C. Section 2350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||||||
101.1 | The following material from this Quarterly Report on Form 10-Q of Kforce Inc. for the period ended March 31, 2019, formatted in XBRL Part I, Item 1 of this Form 10-Q formatted in XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income; (ii) Unaudited Condensed Consolidated Balance Sheets; (iii) Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity; (iv) Unaudited Condensed Consolidated Statements of Cash Flows; and (v) related notes to these financial statements. |
Kforce Inc. | |||||||||||||||||||||||
(Registrant) | |||||||||||||||||||||||
Date: | May 2, 2019 | By: | /s/ DAVID M. KELLY | ||||||||||||||||||||
David M. Kelly | |||||||||||||||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||||||||||||||
(Principal Financial Officer) | |||||||||||||||||||||||
Date: | May 2, 2019 | By: | /s/ JEFFREY B. HACKMAN | ||||||||||||||||||||
Jeffrey B. Hackman | |||||||||||||||||||||||
Senior Vice President, Finance and Accounting | |||||||||||||||||||||||
(Principal Accounting Officer) |
1 Year Kforce Chart |
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