TAMPA, Fla., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Kforce Inc. (NYSE: KFRC), a provider of professional staffing services and solutions, today announced that management will participate in the J.P. Morgan Ultimate Services Investor Conference (USIC) in New York on November 14, 2024. The investor presentation can be accessed at http://investor.kforce.com/ under "Events and Presentations". About Kforce Inc. Kforce is a solutions firm specializing in technology, finance and accounting, and professional staffing s ...

Exhibit 99.1 KFORCE REPORTS SECOND QUARTER 2024 REVENUE OF $356.3 MILLION AND EPS OF $0.75 TAMPA, FL, July 29, 2024 — Kforce Inc. (NYSE: KFRC), a solutions firm that specializes in technology and other professional staffing services, today announced results for the second quarter of 2024. Joseph J. Liberatore, President and Chief Executive Officer, said, "We are pleased with our second quarter performance, including the sequential growth in our Technology business. Operating trends over the first half of 20 ...

TAMPA, Fla., July 11, 2024 (GLOBE NEWSWIRE) -- Kforce Inc. (NYSE: KFRC), a provider of professional staffing services and solutions, today announced that management will participate in the 9th Annual Wells Fargo FinTech, Information & Business Services Forum at the Newport Harbor Island Resort in Rhode Island on August 21, 2024. The investor presentation can be accessed at http://investor.kforce.com/ under "Events and Presentations". (813) 552-2927 Kforce is a solutions firm specializing in technology, fina ...

Company Overview - Kforce Inc. is a solutions firm specializing in technology, finance and accounting, and professional staffing services [2] - The company has a 60-year history of deploying highly skilled professionals on a temporary and direct-hire basis [2] - Each year, over 20,000 experts work with a significant majority of the Fortune 500 [2] Upcoming Financial Results - Kforce Inc. is expected to release its second quarter results on July 29, 2024, after market close [1] - A conference call to discuss the results will take place at 5:00 pm ET on the same day [1] - The conference call can be accessed via a dial-in number and will be available for replay on the company's website for one year [1]

About Kforce Inc. Kforce is a solutions firm specializing in technology, finance and accounting, and professional staffing services. Our KNOWLEDGEforce® empowers industry-leading companies to achieve their digital transformation goals. We curate teams of technical experts who build solutions custom-tailored to each client's needs. These scalable, flexible outcomes are shaped by deep market knowledge, thought leadership and our multi-industry expertise. Our integrated approach is rooted in 60 years of proven ...

TAMPA, Fla., May 06, 2024 (GLOBE NEWSWIRE) -- Kforce Inc. (NASDAQ:KFRC) ("Kforce"), a solutions firm that specializes in technology and professional staffing services, announced today that it will transfer the listing and trading of its common stock to the New York Stock Exchange ("NYSE") from the Nasdaq Stock Market LLC ("Nasdaq"). Kforce's common stock is expected to begin trading on the NYSE on May 20, 2024, and will continue to be traded under its current ticker symbol "KFRC." Kforce's common stock is e ...

TAMPA, Fla., May 02, 2024 (GLOBE NEWSWIRE) -- Kforce Inc. (NASDAQ:KFRC), a solutions firm that specializes in technology and professional staffing services, today announced that management will participate at Baird's Global Consumer, Technology, and Services Conference on June 5, 2024, in New York City. A link to the webcast and presentation, which is currently scheduled for 4:20pm, can be accessed at www.kforce.com under "Events and Presentations." A replay of the webcast will be available for three months ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Kforce Inc.'s Q1 2024 unaudited condensed consolidated financial statements are presented, showing a year-over-year decline in key financial metrics | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | **Revenue** | $351,889 | $405,997 | | **Gross profit** | $95,250 | $113,976 | | **Income from operations** | $15,727 | $23,403 | | **Net income** | $10,987 | $16,210 | | **Earnings per share – diluted** | $0.58 | $0.82 | | (in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $246,175 | $244,459 | | **Total assets** | $366,333 | $357,979 | | **Total current liabilities** | $106,104 | $102,975 | | **Total liabilities** | $201,828 | $198,899 | | **Total stockholders' equity** | $164,505 | $159,080 | | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | **Cash provided by operating activities** | $13,169 | $19,056 | | **Cash (used in) provided by investing activities** | $(2,404) | $2,437 | | **Cash used in financing activities** | $(10,778) | $(21,443) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, revenue disaggregation, and credit facility compliance, highlighting the Technology segment's primary role - Quarterly operating results are affected by billing days, seasonality, and holiday/vacation schedules, with the first quarter typically experiencing higher costs due to U.S. employment tax resets, adversely affecting profitability[26](index=26&type=chunk) Segment Revenue | Segment Revenue (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Technology | $322,084 | $364,844 | | FA | $29,805 | $41,153 | | **Total** | **$351,889** | **$405,997** | Revenue by Type | Revenue by Type (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Flex revenue | $344,724 | $395,532 | | Direct Hire revenue | $7,165 | $10,465 | | **Total** | **$351,889** | **$405,997** | - As of March 31, 2024, the company had **$40.8 million** outstanding under its Amended and Restated Credit Facility and was in compliance with all financial covenants[37](index=37&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=12&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, attributing revenue decline to macroeconomic uncertainty, covering segment performance, margins, liquidity, and non-GAAP measures [Executive Summary & Business Overview](index=12&type=section&id=Executive%20Summary%20%26%20Business%20Overview) This summary highlights Q1 2024's revenue and net income declines, primarily due to macroeconomic uncertainty, despite capital returns to shareholders - Total revenue for Q1 2024 decreased **13.3%** year-over-year to **$351.9 million**, with Technology revenue down **11.7%** and FA revenue down **27.6%**[45](index=45&type=chunk) - Net income for Q1 2024 decreased **32.2%** year-over-year to **$11.0 million**, or **$0.58 per share**[45](index=45&type=chunk) - The company's results are being negatively impacted by ongoing macroeconomic uncertainty, including inflation, interest rate levels, and geopolitical concerns[47](index=47&type=chunk) [Results of Operations](index=13&type=section&id=Results%20of%20Operations) This section details Q1 2024 operating results, showing revenue decline across Flex and Direct Hire, with gross profit margin contraction and increased SG&A Revenue Change | Revenue Change (Q1 2024 vs Q1 2023) | % Change | | :--- | :--- | | Total Technology revenue | (11.7)% | | Total FA revenue | (27.6)% | | Total Flex revenue | (12.8)% | | Total Direct Hire revenue | (31.5)% | | **Total Revenue** | **(13.3)%** | - The total gross profit percentage decreased by **100 basis points** year-over-year to **27.1%**, mainly due to a decline in the mix of Direct Hire revenue and lower Technology Flex gross profit margins[56](index=56&type=chunk) - Technology Flex gross profit margins decreased **60 basis points** year-over-year due to a tighter pricing environment, with management expecting sequential increases in Q2 2024 due to lower seasonal payroll taxes[59](index=59&type=chunk) - SG&A expenses as a percentage of revenue increased **20 basis points** year-over-year to **22.2%**, reflecting SG&A deleverage as the company retains productive associates despite lower revenue levels[60](index=60&type=chunk) [Non-GAAP Financial Measures](index=17&type=section&id=Non-GAAP%20Financial%20Measures) The company presents non-GAAP measures like Free Cash Flow and Adjusted EBITDA, which both declined in Q1 2024, for insight into performance and core profitability Free Cash Flow | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $13,169 | $19,056 | | Capital expenditures | $(1,875) | $(1,872) | | **Free cash flow** | **$11,294** | **$17,184** | Adjusted EBITDA | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net income | $10,987 | $16,210 | | **Adjusted EBITDA** | **$20,560** | **$28,729** | [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) Kforce's liquidity is supported by operating cash flows and its credit facility, continuing capital returns through dividends and increased stock repurchase authorization - As of March 31, 2024, Kforce had **$40.8 million** outstanding under its credit facility and borrowing availability of **$158.2 million**[70](index=70&type=chunk) - During Q1 2024, the company paid **$7.1 million** in dividends (**$0.38 per share**) and repurchased approximately **29 thousand shares** for **$2.0 million**[74](index=74&type=chunk)[77](index=77&type=chunk) - In February 2024, the Board of Directors increased the stock repurchase authorization to a total of **$100.0 million**, with **$98.0 million** remaining available as of March 31, 2024[77](index=77&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=20&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in the company's quantitative and qualitative disclosures about market risk since the 2023 Annual Report on Form 10-K - There have been no material changes to the information regarding market risk previously disclosed in the company's 2023 Annual Report on Form 10-K[81](index=81&type=chunk) [Item 4. Controls and Procedures](index=20&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - Based on an evaluation as of March 31, 2024, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[82](index=82&type=chunk) - No changes occurred in the company's internal control over financial reporting during the first quarter of 2024 that are likely to materially affect it[83](index=83&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=21&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, which are not expected to materially affect its consolidated financial statements - Kforce is involved in legal proceedings arising in the ordinary course of business, which are not expected to have a material effect on its financial statements[88](index=88&type=chunk) [Item 1A. Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred in the company's risk factors from those previously disclosed in the 2023 Annual Report on Form 10-K - There have been no material changes in the risk factors previously disclosed in the 2023 Annual Report on Form 10-K[89](index=89&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=21&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details Q1 2024 common stock repurchases and the Board's increased stock repurchase authorization, with $98.0 million remaining Stock Repurchases | Period (2024) | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January | — | $— | | February | 1,854 | $69.18 | | March | 28,640 | $69.84 | | **Total** | **30,494** | **$69.80** | - In February 2024, the Board of Directors increased the stock repurchase authorization to **$100.0 million**; as of March 31, 2024, approximately **$98.0 million** remained available under the plan[91](index=91&type=chunk)[90](index=90&type=chunk) [Other Items (3, 4, 5)](index=21&type=section&id=Other%20Items%20(3,%204,%205)) This section confirms no defaults on senior securities, no mine safety disclosures, and no new or terminated insider trading arrangements during the quarter - The company reported no defaults upon senior securities, no mine safety disclosures, and no new or terminated Rule 10b5-1 trading plans by officers or directors during the quarter[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [Item 6. Exhibits](index=22&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and required CEO and CFO certifications - The report includes a list of filed exhibits, notably the CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[95](index=95&type=chunk)

Financial Data and Key Metrics Changes - Total revenues for Q1 2024 were $352 million, down 7.7% sequentially and 13.3% year-over-year [64] - Earnings per share for Q1 2024 were $0.58, at the midpoint of expectations [79] - Operating margin for Q1 was 4.5%, toward the high end of expectations, with an effective tax rate of 27.1% [59][79] - Flex margins in the Technology business declined 10 basis points sequentially and 60 basis points year-over-year to 25.3% [6] Business Line Data and Key Metrics Changes - The Technology business experienced a revenue decline of 6.9% sequentially and 11.4% year-over-year [64] - The FA business, which constitutes 8.5% of total revenues, declined approximately 16% sequentially and 27% year-over-year [58] - Average bill rates in the Technology business remained stable at approximately $90 per hour [70] Market Data and Key Metrics Changes - The client portfolio is primarily composed of large, market-leading companies that continue to prioritize technology investments [65] - Stability was observed in retail, transportation, and manufacturing verticals, while financial services faced headwinds [66] Company Strategy and Development Direction - The company is focused on retaining productive associates and advancing enterprise initiatives to drive long-term growth [8] - There is a commitment to returning capital to shareholders, with over $900 million returned since 2007 [9] - The company aims to achieve double-digit operating margins at slightly over $2 billion in annual revenues [10] Management's Comments on Operating Environment and Future Outlook - The current operating environment is more stable than in 2023, but clients remain cautious about initiating new technology investments [62] - Management remains optimistic about the strategic position and ability to deliver above-market performance despite macro uncertainties [78] - The company is well-prepared to capitalize on market demand when it accelerates, having retained critical resources [72] Other Important Information - The company has returned approximately $9 million to shareholders through dividends and share repurchases in Q1 2024 [59] - The company continues to broaden service offerings beyond traditional staffing to include managed teams and project solutions [57] Q&A Session Summary Question: What areas are seeing strength in leading indicators? - Management noted that leading indicators showed improvement, particularly in client visits and job order flow, which were at pre-pandemic levels [82] Question: How are pay rates and bill rates trending? - Average bill rates have remained stable, with slight declines noted, but overall stability is seen as a positive sign [70] Question: What is the outlook for talent availability? - The company indicated that highly skilled talent remains difficult to find, and there is a consistent demand for such talent [91] Question: How is the competitive landscape evolving? - Management stated that there have been no significant changes in the competitive landscape, with large clients continuing to seek reliable service providers [38] Question: What is the expectation for revenue growth and margin expansion? - Management anticipates a seasonal improvement in profitability and operating margins as revenue increases, with a gradual improvement expected [103]

Kforce (KFRC) came out with quarterly earnings of $0.58 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.82 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this staffing company would post earnings of $0.79 per share when it actually produced earnings of $0.82, delivering a surprise of 3.80%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Kforce, which belongs to the Zac ...