Kforce(KFRC)
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Kforce(KFRC) - 2021 Q3 - Earnings Call Transcript
2021-11-01 23:48
Financial Data and Key Metrics Changes - The company reported Q3 revenues of $402.7 million, exceeding the high end of guidance, with earnings per share of $0.96, also above guidance [30][41]. - Gross profit percentage increased to 29.6%, up 120 basis points year-over-year, driven by a greater mix of direct hire revenues and improved gross profit margins [30][31]. - Operating margin for Q3 was 7.3%, exceeding guidance by 30 basis points, with expectations to return to a margin trajectory of at least 7.8% by Q2 2022 [35][37]. Business Line Data and Key Metrics Changes - The technology business grew over 30% year-over-year, with a sequential growth of over 8%, indicating strong demand and performance [16][21]. - FA Flex revenues declined 41.3% year-over-year, primarily due to a decrease in COVID-related projects, while non-COVID FA business grew 4% year-over-year [21][23]. - Direct hire revenues increased nearly 11% sequentially and approximately 55% year-over-year, reflecting improved economic conditions [24]. Market Data and Key Metrics Changes - The company noted a significant increase in consultants on assignment, up 7% from Q2 and nearly 28% year-over-year [17]. - Average bill rates increased by 1.2% sequentially and 2.4% year-over-year, reaching approximately $82 per hour [17]. - The company expects technology revenues to grow approximately 29% year-over-year in Q4, indicating continued market share capture [21][44]. Company Strategy and Development Direction - The company is focused on providing high-end domestic technology services, with 85% of revenues concentrated in technology [9][44]. - There is a strategic shift towards higher-skilled assignments in the FA business, which are more synergistic with technology offerings [23]. - The company is investing in technology and strategic initiatives to enhance productivity and drive long-term sustainable growth [25][28]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment for technology services, driven by the need for companies to digitize and transform their business models [15][70]. - The company is navigating supply constraints effectively and believes wage pressures will serve as a tailwind through future bill rate increases [19][70]. - Management anticipates continued strong performance and market share growth, supported by a robust customer base and strategic investments [71][72]. Other Important Information - The company signed a lease for a new corporate headquarters, expected to occupy in Q4 2022, which will support a flexible work environment [26][27]. - The effective tax rate for Q3 was 27.5%, consistent with expectations, and the company returned $20.2 million in capital to shareholders through share repurchases and dividends [40][42]. Q&A Session Summary Question: Growth of Managed Teams Offering - The managed teams offering is becoming a larger percentage of the overall tech business, outpacing overall tech growth [50]. Question: Sustainability of Higher Margins - The managed teams offering has historically been about 400 basis points higher margin than staffing, with potential for further margin improvement [51]. Question: Impact of Remote Work on Operating Margins - The company is reshaping how physical offices are used, reducing footprint and leveraging technology to improve productivity [64][67]. Question: Changes in IT Procurement and Market Share Gains - The primary driver for market share gains is the urgent need for digitization across industries, with the company executing effectively [70][71]. Question: Consultant Behavior and Job Market Dynamics - There has been no significant shift in consultant behavior regarding contract versus permanent roles, with a high percentage still converting to full-time positions [76]. Question: Geographic Agnostic Behavior of Consultants - The technology sector has proven to be highly productive in remote environments, with a significant portion of the workforce being remote capable [80].
Kforce(KFRC) - 2021 Q2 - Quarterly Report
2021-08-04 20:58
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Kforce Inc. Exact name of registrant as specified in its charter _______________________________________________________________ Florida 59-3264661 State or other jurisdiction of incorporation or organization IRS Employe ...
Kforce(KFRC) - 2021 Q2 - Earnings Call Transcript
2021-08-04 03:22
Kforce Inc. (NYSE:KFRC) Q2 2021 Earnings Conference Call August 3, 2021 5:00 PM ET Company Participants David Dunkel - Chairman & Chief Executive Officer Joe Liberatore - President Dave Kelly - Executive Vice President, Chief Financial & Administrative Officer, Secretary Conference Call Participants Josh Vogel - Sidoti Mark Marcon - Baird Operator Good day and thanks for standing by. Welcome to the Kforce Second Quarter 2021 Earnings Conference Call. At this time, all participants are in listen-only mode. A ...
Kforce(KFRC) - 2021 Q1 - Quarterly Report
2021-05-05 20:09
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-26058 Kforce Inc. Exact name of registrant as specified in its charter _______________________________________________________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20 ...
Kforce(KFRC) - 2021 Q1 - Earnings Call Transcript
2021-05-04 02:12
Kforce Inc. (NYSE:KFRC) Q1 2021 Results Earnings Conference Call May 3, 2021 5:00 PM ET Company Participants David Dunkel - Chairman, Chief Executive Officer Joe Liberatore - President Dave Kelly - Executive Vice President, Chief Financial & Administrative Officer, Secretary Conference Call Participants Mark Marcon - Baird Tim Mulrooney - William Blair Josh Vogel - Sidoti Jasper Bibb - Truist Securities Operator Good day and thank you for standing by. Welcome to the Kforce first quarter 2021 earnings confer ...
Kforce (KFRC) Presents At Virtual Spring Investor Conference - Slideshow
2021-03-30 18:01
Company Overview & Strategy - Kforce is a professional staffing and solutions firm with a market capitalization of $1.2 billion[5] - The company focuses on technology, with 75% of its revenue from the tech sector today compared to 50% in 2007[8] - Kforce aims to reposition its Finance & Accounting (FA) business towards higher-skilled positions[24] Financial Performance & Metrics - Kforce's 2020 revenues were $1.40 billion[9], with Tech Flex revenue declining only 0.8% year-over-year on a billing day basis[9] - The company had $3.5 million in net cash as of December 31, 2020[9] - The average bill rate for Tech is approximately $80.00, while for FA it's approximately $37.00[9, 24] - The Tech Flex gross profit percentage (GP%) is 26.1%, and the FA Flex GP% is 27.5%[21, 24] - Kforce returned $46.2 million to shareholders in 2020[33] Market & Growth Opportunities - The tech staffing spend is projected at $32 billion in 2021[17] - The domestic market for F&A staffing is projected at $7.8 billion in 2021[24] - Kforce has a 3% domestic market share in both Technology and FA[20, 50]
Kforce (KFRC) Investor Presentation - Slideshow
2021-03-12 11:41
March 2021 Investor Presentation KFORCE Kforce | 1 This presentation contains proprietary information Forward Looking Statements All of the information presented that is not historical in nature should be considered to be forward-looking statements that are subject to certain risks, uncertainties or assumptions and may be affected by certain other factors, including but not limited to the specific factors discussed in the Firm's periodic filings with the SEC. Should one or more of these risks, uncertainties ...
Kforce(KFRC) - 2020 Q4 - Annual Report
2021-02-26 22:16
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________________________________________________________ FORM 10-K _____________________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ...
Kforce(KFRC) - 2020 Q4 - Earnings Call Transcript
2021-02-09 02:46
Kforce Inc. (NYSE:KFRC) Q4 2020 Earnings Conference Call February 8, 2021 5:00 PM ET Company Participants David Dunkel - Chairman and CEO Joe Liberatore - President Dave Kelly - CFO Conference Call Participants Josh Vogel - Sidoti & Company Jasper Bibb - Truist Securities Mark Marcon - Baird Operator Ladies and gentlemen, thank you for standing by, and welcome to the Kforce Q4 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will ...
Kforce(KFRC) - 2020 Q3 - Earnings Call Presentation
2020-11-06 18:11
KFORCE Q3 2020 CONFERENCE CALL Prepared remarks from: David L. Dunkel, Chairman and CEO Joseph J. Liberatore, President David M. Kelly, CFO THIRD QUARTER 2020 FINANCIAL RESULTS CONFERENCE CALL, NOVEMBER 2, 2020 PREPARED REMARKS | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...