KFORCE INC. EXECUTIVE SUMMARY
The following is an executive summary of what Kforce believes are highlights as of and for the three months endedMarch 31, 2022 , which should be considered in the context of the additional discussions herein and in conjunction with the unaudited condensed consolidated financial statements and notes thereto. •Revenue for the three months endedMarch 31, 2022 , increased 13.0%, on a billing day basis, to$417.0 million from$363.2 million in the comparable period in 2021. Revenue increased 26.7% for Technology and decreased 32.9% for FA, on a billing day basis primarily as a result of the planned decrease in the COVID-19 related business. There was a nominal amount of COVID-19 related business in the first quarter of 2022 and was$24m in the first quarter of 2021. •Flex revenue, year-over-year, for the three months endedMarch 31, 2022 , increased 11.8% on a billing day basis, to$401.9 million from$353.8 million in the comparable period in 2021. Flex revenue increased 26.0% and decreased 37.6%, on a billing day basis for Technology and FA, respectively.
•Direct Hire revenue for the three months ended
•Gross profit margin for the three months endedMarch 31, 2022 , increased 250 basis points to 29.7%, compared to the same period in 2021 primarily as a result of a higher mix of Direct Hire business and improved Flex gross profit margins. •Flex gross profit margin for the three months endedMarch 31, 2022 , increased 190 basis points to 27.1%, compared toMarch 31, 2021 . Technology Flex margins increased 150 basis points due primarily to lower payroll taxes and lower healthcare costs. FA Flex gross profit margin increased 400 basis points for the three months endedMarch 31, 2022 , as compared to the same period in 2021, primarily due to a decrease in the amount of lower margin COVID-19 related business, the repositioning of the business towards higher skilled areas (that also have higher average spreads), lower payroll taxes and lower healthcare costs. •SG&A as a percentage of revenue for the three months endedMarch 31, 2022 , increased to 22.8% from 21.5% in the comparable period in 2021, primarily due to higher performance-based compensation given the strength in our revenue growth and profitability improvements and an increase in our credit expense resulting from a reduction in our reserves in the first quarter of 2021. •Income from operations for the three months endedMarch 31, 2022 , increased 44.6% to$19.2 million , or$0.93 per share, from$13.3 million , or$0.62 per share, in the comparable period in 2021. •The Firm returned$16.2 million of capital to our shareholders in the form of open market repurchases totaling$10.1 million and quarterly dividends totaling$6.1 million during the three months endingMarch 31, 2022 . •Cash provided by operating activities was$38.7 million during the three months endedMarch 31, 2022 , as compared to$22.4 million for the three months endedMarch 31, 2021 .
•Cash and cash equivalents, net of outstanding borrowings under our credit
facility, was
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Table of Contents RESULTS OF OPERATIONS Business Overview Kforce is a leading domestic provider of technology and finance and accounting talent solutions to innovative and industry-leading clients. Our Technology and FA businesses represent our two operating segments. Our corporate headquarters is inTampa, Florida and we have field offices located throughoutthe United States (U.S. ). As ofMarch 31, 2022 , Kforce employed approximately 2,000 associates, including approximately 1,300 supporting the revenue-generating aspects of our business and approximately 700 supporting the revenue-enabling aspects. We also had approximately 10,500 consultants on assignment providing flexible staffing services and solutions to our clients, the vast majority of which are also employees of Kforce. Kforce serves clients across many industries and geographies as well as organizations of all sizes, with a particular focus on Fortune 1000 and other large companies. We believe that our 100% domesticU.S. focus, concentration on technology talent solutions (representing nearly 86% of overall revenues) and client portfolio comprised of world-class companies have been key contributors to our continued strong performance and will be key drivers to our future success. From an economic standpoint, total and temporary employment figures and trends have historically been important indicators of staffing demand. Based on information published by theBureau of Labor Statistics and Staffing Industry Analysts ("SIA"), these figures and trends have been trending positively since the end of the third quarter of 2020. In addition, the penetration rate (the percentage of temporary staffing to total employment) remained stable at 2.09%, the new all-time high and the unemployment rate reached 3.6% inMarch 2022 , down from 3.9% inDecember 2021 . Further, we believe that the unemployment rate in the specialties we serve, especially in certain technology skill sets, is significantly lower than the published averages. We believe this speaks to the overall secular drivers of demand in technology, the critical nature of the technology initiatives being driven by our clients, and the challenges of finding an adequate supply of qualified talent. 17
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Operating Results - Three Months Ended
The following table presents certain items in our Unaudited Condensed
Consolidated Statements of Operations and Comprehensive Income as a percentage
of revenue:
Three Months Ended
March 31,
2022 2021
Revenue by segment:
Technology 86.3 % 77.0 %
FA 13.7 23.0
Total Revenue 100.0 % 100.0 %
Revenue by type:
Flex 96.4 % 97.4 %
Direct Hire 3.6 2.6
Total Revenue 100.0 % 100.0 %
Gross profit 29.7 % 27.2 %
Selling, general and administrative expenses 22.8 % 21.5 %
Depreciation and amortization 0.3 % 0.3 %
Income from operations 6.7 % 5.4 %
Income from operations, before income taxes 6.3 % 5.0 %
Net income 4.6 % 3.7 %
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Revenue. The following table presents revenue by type for each segment and the percentage change from the prior period (in thousands):
Three Months Ended March 31,
Increase
2022 (Decrease) 2021
Technology
Flex revenue $ 351,716 28.0 % $ 274,784
Direct Hire revenue 8,189 71.5 % 4,776
Total Technology revenue $ 359,905 28.7 % $ 279,560
FA
Flex revenue $ 50,150 (36.6) % $ 79,063
Direct Hire revenue 6,912 50.2 % 4,602
Total FA revenue $ 57,062 (31.8) % $ 83,665
Total Flex revenue $ 401,866 13.6 % $ 353,847
Total Direct Hire revenue 15,101 61.0 % 9,378
Total Revenue $ 416,967 14.8 % $ 363,225
Our quarterly operating results are affected by the number of billing days in a
quarter. The following table presents the year-over-year revenue growth rates,
on a billing day basis, for the last five quarters:
Year-Over-Year Revenue Growth Rates
(Per Billing Day)
Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021
Billing Days 64 61 64 64 63
Technology 26.0 % 31.0 % 28.9 % 20.9 % 6.3 %
FA (37.6) % (28.9) % (41.3) % 2.7 % 26.4 %
Total Flex 11.8 % 16.6 % 9.1 % 16.3 % 10.2 %
Flex Revenue. The key drivers of Flex revenue are the number of consultants on
assignment, billable hours, the bill rate per hour and, to a limited extent, the
amount of billable expenses incurred by Kforce.
Flex revenue for Technology increased 26.0% on a billing day basis, during the
three months ended March 31, 2022 , as compared to the same period in 2021, which
was driven by a combination of significant growth in the number of consultants
on assignment and higher average bill rates. Given the inflationary pressures on
wages and the scarcity and criticality of technology consultants, we experienced
a meaningful acceleration in average bill rates, which increased 3.8%
sequentially and 6.3% year-over-year to approximately $85 per hour. Notable is
that we experienced this acceleration in average bill rates while maintaining
stable Flex gross margin spreads. We believe that the growth in consultants on
assignment continues to be fueled by the strong secular drivers of demand, the
strength of our client portfolio (primarily Fortune 1000 companies), our
concentration in higher-end technology skills, and solid execution. We believe
the secular drivers of demand in technology have only strengthened post-pandemic
as companies continue to invest significantly in technology to improve their
consumer and employee experiences, gain cost efficiencies and stay relevant in
an increasingly competitive environment. Assuming a stable demand and macro
environment, we expect revenue growth in our Technology business in the second
quarter to be in the mid 20% range on a year-over-year basis.
Our FA segment experienced a decrease in Flex revenue of 37.6% on a billing day
basis, during the three months ended March 31, 2022 as compared to the same
period in 2021, primarily driven by the anticipated fall off in our COVID-19
related business. Excluding this decline, FA Flex revenues declined slightly
more than 10% in the first quarter of 2022 compared to the same period in 2021,
which was driven by the repositioning of our FA business towards more
high-skilled roles. We have seen indicators of success in this repositioning as
our average bill rates improved approximately 8% sequentially and 31%
year-over-year in our ongoing FA business. We expect our FA business to decline
in the mid-single digits sequentially in the second quarter.
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The following table presents the key drivers for the change in Flex revenue by segment over the prior period (in thousands):
Three Months Ended
March 31, 2022 vs. March
31, 2021
Technology FA
Key Drivers - Increase (Decrease)
Volume - hours billed $ 55,488 $ (40,789)
Bill rate 20,816 11,852
Billable expenses 628 24
Total change in Flex revenue The following table presents total Flex hours billed by segment and percentage change over the prior period (in thousands):
Three Months Ended March 31,
Increase
2022 (Decrease) 2021
Technology 4,122 20.2 % 3,428
FA 1,150 (51.6) % 2,376
Total Flex hours billed 5,272 (9.2) % 5,804
Direct Hire Revenue. The key drivers of Direct Hire revenue are the number of
placements and the associated placement fee. Direct Hire revenue also includes
conversion revenue, which may occur when a consultant initially assigned to a
client on a temporary basis is later converted to a permanent placement for a
fee.
Direct Hire revenue increased 61.0% during the three months ended March 31,
2022 , as compared to the same period in 2021. The increase during the first
quarter was primarily driven by a significant increase in both the number of
placements and fees, as the economic environment has improved and competition
for talent has increased.
The following table presents the key drivers for the change in Direct Hire revenue by segment over the prior period (in thousands):
Three Months Ended
March 31, 2022 vs. March
31, 2021
Technology FA
Key Drivers - Increase (Decrease)
Volume - number of placements $ 2,818 $ 2,107
Placement fee 595 203
Total change in Direct Hire revenue The following table presents the total number of placements by segment and percentage change over the prior period:
Three Months Ended March 31,
Increase
2022 (Decrease) 2021
Technology 388 59.0 % 244
FA 429 45.9 % 294
Total number of placements 817 51.9 % 538
The following table presents the average placement fee by segment and percentage change over the prior period:
Three Months Ended March 31,
Increase
2022 (Decrease) 2021
Technology $ 21,090 7.8 % $ 19,559
FA $ 16,116 3.0 % $ 15,643
Total average placement fee $ 18,479 6.1 % $ 17,419
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Gross Profit. Gross profit is calculated by deducting direct costs (primarily
consultant compensation, payroll taxes, payroll-related insurance and certain
fringe benefits, as well as third party compliance costs) from total revenue.
There are no consultant payroll costs associated with Direct Hire placements,
accordingly all Direct Hire revenue increases gross profit by the full amount of
the placement fee.
The following table presents the gross profit percentage (gross profit as a
percentage of total revenue) by segment and percentage change over the prior
period:
Three Months Ended March 31,
Increase
2022 (Decrease) 2021
Technology 28.5 % 7.1 % 26.6 %
FA 37.6 % 28.8 % 29.2 %
Total gross profit percentage 29.7 % 9.2 % 27.2 %
The total gross profit percentage for the three months ended March 31, 2022 ,
increased 250 basis points as compared to the same period in 2021, primarily as
a result of an increased mix of Direct Hire revenues and Flex margin increases.
Flex gross profit percentage (Flex gross profit as a percentage of Flex revenue)
provides management with helpful insights into the other drivers of total gross
profit percentage driven by our Flex business, such as changes in the spread
between the consultants' bill rate and pay rate, changes in payroll tax rates or
benefits costs, as well as the impact of billable expenses, which provide no
profit margin.
The following table presents the Flex gross profit percentage by segment and percentage change over the prior period:
Three Months Ended March 31,
Increase
2022 (Decrease) 2021
Technology 26.8 % 5.9 % 25.3 %
FA 29.0 % 16.0 % 25.0 %
Total Flex gross profit percentage 27.1 % 7.5 % 25.2 %
Overall, our Flex gross profit percentage increased 190 basis points for the
three months ended March 31, 2022 , as compared to the same period in 2021. The
notable changes within our segments were as follows:
•Flex margins in our Technology business increased 150 basis points for the
three months ended March 31, 2022 as compared to the same period in 2021. The
increase was primarily due to lower payroll taxes and healthcare costs while our
bill pay spreads were stable year-over-year.
•FA Flex gross profit margin increased 400 basis points for the three months
ended March 31, 2022 , as compared to the same period in 2021. The increase for
the period was primarily due to a lower mix of lower margin COVID-19 related
business, spread improvements due to the strategic repositioning of this
business into higher skilled areas, lower payroll taxes and lower healthcare
costs.
The following table presents the key drivers for the change in Flex gross profit by segment over the prior period (in thousands):
Three Months Ended
March 31, 2022 vs. March
31, 2021
Technology FA
Key Drivers - Increase (Decrease)
Revenue impact $ 19,459 $ (7,241)
Profitability impact 5,298 1,965
Total change in Flex gross profit SG&A Expenses. Total compensation, commissions, payroll taxes and benefit costs as a percentage of SG&A represented 84.4% for the three months endedMarch 31, 2022 , compared to 85.7% for the comparable period in 2021. Commissions and bonus incentives are variable costs driven primarily by revenue and gross profit levels. Therefore, as those levels change, these expenses would also generally be anticipated to change. 21
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The following table presents components of SG&A as a percentage of revenue (in
thousands):
2022 % of Revenue 2021 % of Revenue
Three Months Ended March 31 ,
Compensation, commissions, payroll taxes and
benefits costs $ 80,224 19.2 % $ 66,874 18.4 %
Other (1) 14,825 3.6 % 11,155 3.1 %
Total SG&A $ 95,049 22.8 % $ 78,029 21.5 %
(1) Includes credit expense, lease expense, professional fees, travel, telephone, computer, and certain other expenses.
SG&A as a percentage of revenue increased 130 basis points for the three months endedMarch 31, 2022 , compared to the same period in 2021. The increase for the three month period endedMarch 31, 2022 , was primarily related to higher performance-based compensation given the strength in our revenue growth and profitability improvements and an increase in our credit expense driven by a reduction in our accounts receivable reserves in the prior year.
The Firm continues to focus on generating increased operating leverage through solid revenue growth, improved productivity of our associates, structural reductions in operating costs and continuing to exercise solid expense discipline.
Depreciation and Amortization. The following table presents depreciation and
amortization expense and percentage change over the prior period by major
category (in thousands):
Three Months Ended March
31,
Increase
2022 (Decrease) 2021
Fixed asset depreciation (includes finance leases) $ 677 (16.4) % $ 810
Capitalized software amortization 416 6.1 % 392
Total Depreciation and amortization $ 1,093 (9.1) % $ 1,202
Other Expense, Net. Other expense, net for the three months ended March 31, 2022
and 2021, was $1.4 million and $1.3 million , respectively. Other expense, net
includes interest expense related to outstanding borrowings under our credit
facility, which is partially offset by the interest income on cash held in
government money market funds.
During the three months ended March 31, 2022 and 2021, Other expense, net also
includes our proportionate share of the loss from WorkLLama, our equity method
investment, of $0.8 million and $0.5 million , respectively.
Income Tax Expense. Income tax expense as a percentage of income from continuing
operations, before income taxes (our "effective tax rate" from continuing
operations) for the three months ended March 31, 2022 and 2021 was 27.1% and
27.0%, respectively.
Non-GAAP Financial Measures
Free Cash Flow. "Free Cash Flow," a non-GAAP financial measure, is defined by
Kforce as net cash provided by operating activities determined in accordance
with GAAP, less capital expenditures. Management believes this provides an
additional way of viewing our liquidity that, when viewed with our GAAP results,
provides a more complete understanding of factors and trends affecting our cash
flows and is useful information to investors as it provides a measure of the
amount of cash generated from the business that can be used for strategic
opportunities including investing in our business, making acquisitions,
repurchasing common stock or paying dividends. Free Cash Flow is limited,
however, because it does not represent the residual cash flow available for
discretionary expenditures. Therefore, we believe it is important to view Free
Cash Flow as a complement to (but not a replacement of) our Unaudited Condensed
Consolidated Statements of Cash Flows.
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The following table presents Free Cash Flow (in thousands):
Three Months Ended
2022 2021
Net cash provided by operating activities$ 38,742 $ 22,426 Capital expenditures (2,221) (1,350) Free cash flow 36,521 21,076 Repurchases of common stock (10,270) (16,313) Cash dividends (6,094) (4,786) Contributions to equity method investment (500)
(2,000)
Other (19)
(122)
Change in cash and cash equivalents$ 19,638
Adjusted EBITDA. "Adjusted EBITDA", a non-GAAP financial measure, is defined by Kforce as net income before depreciation and amortization, stock-based compensation expense, interest expense, net, income tax expense and loss from equity method investment. Adjusted EBITDA should not be considered a measure of financial performance under GAAP. Items excluded from Adjusted EBITDA are significant components in understanding and assessing our past and future financial performance, and this presentation should not be construed as an inference by us that our future results will be unaffected by those items excluded from Adjusted EBITDA. Adjusted EBITDA is a key measure used by management to assess our operations including our ability to generate cash flows and our ability to repay our debt obligations and management believes it provides a good metric of our core profitability in comparing our performance to our competitors, as well as our performance over different time periods. Consequently, management believes it is useful information to investors. The measure should not be considered in isolation or as an alternative to net income, cash flows or other financial statement information presented in the consolidated financial statements as indicators of financial performance or liquidity. The measure is not determined in accordance with GAAP and is thus susceptible to varying calculations. Also, Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies. In addition, although we excluded amortization of stock-based compensation expense because it is a non-cash expense, we expect to continue to incur stock-based compensation in the future and the associated stock issued may result in an increase in our outstanding shares of stock, which may result in the dilution of our shareholder ownership interest. We suggest that you evaluate these items and the potential risks of excluding such items when analyzing our financial position.
The following table presents a reconciliation of Adjusted EBITDA to net income (in thousands):
2022 2021
Three Months Ended March 31 ,
Net income $ 19,181 $ 13,261
Depreciation and amortization 1,093 1,202
Stock-based compensation expense 4,437 3,403 Interest expense, net
608 797
Income tax expense 7,130 4,905
Loss from equity method investment 825 491
Adjusted EBITDA $ 33,274 $ 24,059
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LIQUIDITY AND CAPITAL RESOURCES
To meet our capital and liquidity requirements, we primarily rely on our operating cash flows and, if necessary, borrowings under our credit facility. AtMarch 31, 2022 andDecember 31, 2021 , we had$116.6 million and$97.0 million in cash and cash equivalents, respectively, which consisted primarily of government money market funds. At bothMarch 31, 2022 andDecember 31, 2021 , we had$100.0 million outstanding under our credit facility, and$98.6 million available under our credit facility. The amounts outstanding under our credit facility were hedged by interest rate swaps, as discussed below. EffectiveApril 30, 2021 , Kforce's Board of Directors irrevocably terminated the Supplemental Executive Retirement Plan (the "SERP"). The benefits owed to the two participants under the SERP as ofMarch 31, 2022 , amount to$20.0 million in the aggregate, which represented the fair value at the date of termination, and is recorded in Note F - Current Liabilities of Notes to Unaudited Condensed Consolidated Financial Statements, included in Item 1. Financial Statements of this report. Cash Flows
We are principally focused on generating positive cash flow from operating activities, investing in our business to sustain our growth and meet our profitability objectives, returning capital to our shareholders through our quarterly dividends and common stock repurchase program, and selectively pursuing acquisition opportunities.
Cash provided by operating activities was$38.7 million during the three months endedMarch 31, 2022 , as compared to$22.4 million provided during the three months endedMarch 31, 2021 . Our largest source of operating cash flows is the collection of trade receivables, and our largest use of operating cash flows is the payment of our associate and consultant compensation. The year-over-year increase was primarily driven by profitable revenue growth and better management of working capital. Cash used in investing activities during the three months endedMarch 31, 2022 andMarch 31, 2021 was$2.7 million and$3.4 million , respectively, and primarily consisted of cash used for capital expenditures and contributions to WorkLLama. We expect to continue investing in our infrastructure, primarily focusing on implementing new and upgrading existing technologies that will provide the most benefit. Cash used in financing activities was$16.4 million during the three months endedMarch 31, 2022 , compared to$21.2 million used during the three months endedMarch 31, 2021 . The change was primarily driven by a decrease in the repurchases of common stock during the three month period of 2022 compared to 2021, offset in part by an increase in dividend payments. The following table presents the cash flow impact of the common stock repurchase activity (in thousands): Three Months EndedMarch 31, 2022 2021 Open market repurchases $
10,088
182 123
Total cash flow impact of common stock repurchases $
10,270
During the three months endedMarch 31, 2022 and 2021, Kforce declared and paid quarterly dividends of$6.1 million ($0.30 per share) and$4.8 million ($0.23 per share), respectively, which represents a 30% increase in the per share payment. While the Board has declared and paid a quarterly dividend since initiation in the fourth quarter of 2013, and intends to in the foreseeable future, dividends will be subject to determination by our Board each quarter following its review of, among other things, the Firm's current and expected financial performance as well as the ability to pay dividends under applicable law. We believe that existing cash and cash equivalents, cash flow from operations and available borrowings under our credit facility will be adequate to meet the capital expenditure and working capital requirements of our operations for at least the next 12 months. However, a material deterioration in the economic environment or market conditions, among other things, could adversely affect operating results and liquidity, as well as the ability of our lenders to fund borrowings. Actual results could also differ materially from these indicated as a result of a number of factors, including the use of currently available resources for capital expenditures, investments, additional common stock repurchases or dividends.
Credit Facility
OnOctober 20, 2021 , the Firm entered into an amended and restated credit agreement withWells Fargo Bank, National Association , as administrative agent,Wells Fargo Securities, LLC , as lead arranger and bookrunner,Bank of America, N.A ., as syndication agent,BMO Harris Bank, N.A ., as documentation agent, and the lenders referred to therein (the "Amended and Restated Credit Facility"). Under the Amended and Restated Credit Facility, the Firm has a maximum borrowing capacity of$200.0 million , which may, subject to certain conditions and the participation of the lenders, be increased up to an aggregate additional amount of$150.0 million . The maturity date of the Amended and Restated Credit Facility isOctober 20, 2026 . As ofMarch 31, 2022 ,$100.0 million was outstanding and$98.6 million , subject to certain covenants, was available. As ofMarch 31, 2022 , we are in compliance with our credit facility covenants as described in the 2021 Annual Report on Form 10-K and currently expect that we will be able to maintain compliance with these covenants. Kforce has two forward-starting interest rate swap agreements, which have been designated as cash flow hedges, to mitigate the risk of rising interest rates. Refer to Note IJ - "Derivative Instruments and Hedging Activity" in the Notes to Unaudited Condensed Consolidated Financial Statements, included in this report on Form 10-Q, for a complete discussion of our interest 24
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rate swaps. At
Stock Repurchases
InFebruary 2022 , the Board approved an increase in our stock repurchase authorization, bringing the total authorization to$100.0 million . During the three months endedMarch 31, 2022 , Kforce repurchased approximately 144,000 shares of common stock on the open market at a total cost of approximately$10.1 million and$98.8 million remained available for further repurchases under the Board-authorized common stock repurchase program atMarch 31, 2022 .
Contractual Obligations and Commitments
Other than the changes described elsewhere in this Quarterly Report, there have been no material changes during the period covered by this report on Form 10-Q to our contractual obligations previously disclosed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our 2021 Annual Report on Form 10-K.
CRITICAL ACCOUNTING ESTIMATES
Our unaudited condensed consolidated financial statements are prepared in accordance with GAAP. In connection with the preparation of our unaudited condensed consolidated financial statements, we are required to make assumptions and estimates about future events and apply judgments that affect the reported amount of assets, liabilities, revenues, expenses and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our unaudited condensed consolidated financial statements are prepared. On a regular basis, management reviews the accounting policies, estimates, assumptions and judgments to ensure that our unaudited condensed consolidated financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. Refer to Note A - "Summary of Significant Accounting Policies" in the Notes to Consolidated Financial Statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates" in our 2021 Annual Report on Form 10-K for a more detailed discussion of our significant accounting policies and critical accounting estimates.
NEW ACCOUNTING STANDARDS
Refer to Note A - "Summary of Significant Accounting Policies" in the Notes to Unaudited Condensed Consolidated Financial Statements, included in Item 1. Financial Statements of this report for a discussion of new accounting standards.
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