Kforce market cap is $925 m, and annual revenue was $1.42 b in FY 2018

Kforce Gross profit (Q3, 2019)102.8 M

Kforce Gross profit margin (Q3, 2019), %29.8%

Kforce Net income (Q3, 2019)14.9 M

Kforce EBIT (Q3, 2019)22.2 M

Kforce Cash, 30-Sept-201941.3 M

Kforce EV948.7 M

Kforce revenue was $1.42 b in FY, 2018

Kforce revenue breakdown by business segment: 66.8% from Technology, 25.5% from Finance and Accounting and 7.7% from Government Solutions

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Revenue | 1.3b | 1.3b | 1.4b | 1.4b |

| 8% | 0% | 3% | |

## Cost of goods sold | 905.1m | 911.2m | 949.9m | 999.7m |

## Gross profit | 414.1m | 408.5m | 408.1m | 418.6m |

| 31% | 31% | 30% | 30% |

## General and administrative expense | 330.0m | 340.7m | 331.2m | 329.1m |

## Operating expense total | 330.0m | 340.7m | 331.2m | 337.0m |

## Depreciation and amortization | 9.8m | 8.7m | 8.3m | 7.8m |

## EBIT | 74.2m | 59.1m | 68.6m | 81.7m |

| 6% | 4% | 5% | 6% |

## Pre tax profit | 71.7m | 56.0m | 64.1m | 77.2m |

## Income tax expense | 28.8m | 23.2m | 30.8m | 19.2m |

## Net Income | 42.8m | 32.8m | 33.3m | 58.0m |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 322.2m | 335.0m | 336.5m | 334.0m | 340.3m | 341.1m | 346.3m | 358.6m | 355.5m | 326.7m | 338.9m | 345.6m |

## Cost of goods sold | 225.0m | 228.8m | 231.1m | 236.9m | 236.4m | 236.7m | 246.1m | 251.1m | 251.1m | 233.6m | 237.8m | 242.7m |

## Gross profit | 97.2m | 106.3m | 105.4m | 97.1m | 103.9m | 104.4m | 100.2m | 107.5m | 104.4m | 93.2m | 101.0m | 102.8m |

| 30% | 32% | 31% | 29% | 31% | 31% | 29% | 30% | 29% | 29% | 30% | 30% |

## General and administrative expense | 85.5m | 85.5m | 87.8m | 84.7m | 82.5m | 81.9m | 84.6m | 82.4m | 79.8m | 79.8m | 78.0m | 79.2m |

## Operating expense total | 85.5m | 85.5m | 87.8m | 84.7m | 82.5m | 81.9m | 84.6m | 82.4m | 79.8m | 81.5m | 79.6m | 80.7m |

## Depreciation and amortization | 2.3m | 2.3m | 2.1m | 2.1m | 2.1m | 2.1m | 2.0m | 1.9m | 1.9m | 1.7m | 1.5m | 1.4m |

## EBIT | 9.4m | 18.6m | 15.5m | 10.4m | 19.4m | 20.3m | 13.6m | 23.1m | 22.7m | 11.7m | 21.5m | 22.2m |

| 3% | 6% | 5% | 3% | 6% | 6% | 4% | 6% | 6% | 4% | 6% | 6% |

## Interest expense | 627.0k | |||||||||||

## Pre tax profit | 8.7m | 17.7m | 14.7m | 9.2m | 18.0m | 19.0m | 12.2m | 21.8m | 21.6m | 10.8m | 21.1m | 21.3m |

## Income tax expense | 5.1m | 6.9m | 5.7m | 3.3m | 6.9m | 8.9m | 3.1m | 5.6m | 5.4m | 2.8m | 5.0m | 5.4m |

## Net Income | 3.7m | 10.9m | 9.0m | 5.9m | 11.1m | 10.1m | 9.2m | 16.3m | 16.2m | 26.9m | 74.9m | 14.9m |

USD | FY, 2015 | FY, 2016 | FY, 2018 | FY, 2018 |
---|---|---|---|---|

## Cash | 1.5m | 1.5m | 379.0k | 112.0k |

## Accounts Receivable | 198.9m | 206.4m | 225.9m | 234.9m |

## Prepaid Expenses | 9.1m | 10.7m | 12.1m | 13.1m |

## Current Assets | 214.5m | 218.7m | 245.4m | 248.5m |

## PP&E | 37.5m | 43.1m | 39.7m | 35.8m |

## Goodwill | 46.0m | 46.0m | 46.0m | 46.0m |

## Total Assets | 351.8m | 365.4m | 384.3m | 379.9m |

## Accounts Payable | 39.2m | 37.2m | 34.9m | 22.9m |

## Current Liabilities | 87.7m | 83.4m | 83.7m | 90.4m |

## Long-term debt | 83.8m | 115.5m | 119.1m | 73.2m |

## Total Debt | 83.8m | 115.5m | 119.1m | 73.2m |

## Total Liabilities | 212.2m | 243.7m | 250.0m | 211.6m |

## Common Stock | 705.0k | 713.0k | 715.0k | 719.0k |

## Preferred Stock | ||||

## Additional Paid-in Capital | 420.3m | 428.2m | 437.4m | 447.3m |

## Retained Earnings | 155.1m | 175.0m | 195.1m | 237.3m |

## Total Equity | 139.6m | 121.7m | 134.3m | 168.3m |

## Debt to Equity Ratio | 0.6 x | 0.9 x | 0.9 x | |

## Debt to Assets Ratio | 0.2 x | 0.3 x | 0.3 x | |

## Financial Leverage | 2.5 x | 3 x | 2.9 x | 2.3 x |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 920.0k | 1.0m | 925.0k | 2.7m | 3.5m | 703.0k | 257.0k | 473.0k | 466.0k | 259.0k | 65.0m | 41.3m |

## Accounts Receivable | 210.4m | 215.7m | 209.4m | 227.6m | 225.4m | 243.8m | 237.8m | 239.1m | 237.6m | 220.5m | 225.8m | 227.8m |

## Prepaid Expenses | 10.5m | 12.8m | 11.7m | 10.7m | 10.9m | 12.7m | 12.0m | 14.0m | 13.6m | 8.0m | 8.7m | 8.0m |

## Current Assets | 225.7m | 234.4m | 227.8m | 242.0m | 241.6m | 259.1m | 250.9m | 254.5m | 252.0m | 255.5m | 299.8m | 277.3m |

## PP&E | 37.6m | 37.7m | 42.4m | 42.7m | 41.9m | 40.7m | 38.8m | 38.6m | 37.0m | 28.9m | 29.1m | 30.1m |

## Goodwill | 46.0m | 46.0m | 46.0m | 46.0m | 46.0m | 46.0m | 46.0m | 46.0m | 46.0m | 25.0m | 25.0m | 25.0m |

## Total Assets | 360.1m | 369.8m | 368.6m | 389.0m | 389.9m | 406.2m | 389.3m | 394.2m | 391.7m | 424.6m | 426.2m | 409.3m |

## Accounts Payable | 35.7m | 39.3m | 36.1m | 34.2m | 32.2m | 34.5m | 32.0m | 38.0m | 37.8m | 20.6m | 20.5m | 21.5m |

## Current Liabilities | 89.2m | 97.2m | 91.4m | 82.6m | 81.0m | 88.0m | 81.9m | 91.8m | 94.8m | 105.1m | 89.8m | 96.7m |

## Long-term debt | 107.0m | 99.7m | 105.0m | 135.7m | 127.4m | 128.9m | 125.4m | 102.7m | 81.1m | 82.5m | 65.0m | 65.0m |

## Total Debt | 107.0m | 99.7m | 105.0m | 135.7m | 127.4m | 128.9m | 125.4m | 102.7m | 81.1m | 82.5m | 65.0m | 65.0m |

## Total Liabilities | 238.5m | 238.7m | 239.6m | 263.8m | 254.8m | 263.9m | 254.8m | 243.9m | 227.7m | 246.0m | 211.3m | 221.4m |

## Common Stock | 710.0k | 710.0k | 709.0k | 713.0k | 713.0k | 712.0k | 716.0k | 716.0k | 716.0k | 719.0k | 719.0k | 719.0k |

## Preferred Stock | ||||||||||||

## Additional Paid-in Capital | 422.9m | 424.9m | 426.3m | 431.3m | 433.3m | 435.3m | 439.9m | 442.5m | 444.8m | 450.3m | 454.1m | 456.8m |

## Retained Earnings | 155.5m | 163.0m | 168.9m | 177.2m | 185.2m | 192.2m | 201.0m | 214.1m | 225.7m | 259.4m | 329.8m | 340.4m |

## Total Equity | 121.6m | 131.2m | 129.0m | 125.2m | 135.1m | 142.3m | 134.5m | 150.3m | 163.9m | 178.6m | 214.9m | 187.9m |

## Debt to Equity Ratio | 0.9 x | 0.8 x | 0.8 x | 1.1 x | 0.9 x | 0.9 x | 0.9 x | 0.7 x | 0.5 x | |||

## Debt to Assets Ratio | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.2 x | |||

## Financial Leverage | 3 x | 2.8 x | 2.9 x | 3.1 x | 2.9 x | 2.9 x | 2.9 x | 2.6 x | 2.4 x | 2.4 x | 2 x | 2.2 x |

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Net Income | 42.8m | 32.8m | 33.3m | 58.0m |

## Depreciation and Amortization | 9.8m | 8.8m | 8.5m | 8.3m |

## Accounts Receivable | 4.2m | (8.4m) | (20.5m) | (10.9m) |

## Accounts Payable | 1.8m | (1.9m) | (1.5m) | 3.9m |

## Cash From Operating Activities | 70.7m | 39.8m | 29.3m | 87.7m |

## Purchases of PP&E | (5.2m) | |||

## Cash From Investing Activities | (8.4m) | (12.4m) | (4.8m) | (4.2m) |

## Short-term Borrowings | (495.1m) | |||

## Long-term Borrowings | (618.8m) | (907.8m) | (1.0b) | (2.0m) |

## Dividends Paid | (12.5m) | (12.4m) | (12.1m) | (14.9m) |

## Cash From Financing Activities | (62.1m) | (27.4m) | (25.6m) | (83.8m) |

## Net Change in Cash | 259.0k | (15.0k) | (1.1m) | (267.0k) |

## Free Cash Flow | 62.4m | 27.4m | 23.5m |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 3.7m | 14.5m | 23.5m | 5.9m | 17.0m | 27.1m | 9.2m | 25.4m | 41.6m | 26.9m | 101.7m | 116.7m |

## Depreciation and Amortization | 2.3m | 4.6m | 6.7m | 2.1m | 4.2m | 6.4m | 2.1m | 4.2m | 6.2m | 2.0m | 3.6m | 5.1m |

## Accounts Receivable | (11.9m) | (17.5m) | (11.1m) | (21.7m) | (19.4m) | (38.4m) | (12.3m) | (14.2m) | (13.3m) | (7.4m) | (12.8m) | (15.0m) |

## Accounts Payable | (2.5m) | 1.1m | (2.1m) | (2.1m) | (4.1m) | (1.3m) | (2.1m) | 3.8m | 3.6m | 5.8m | 2.3m | 2.6m |

## Cash From Operating Activities | 3.3m | 16.0m | 29.7m | (10.5m) | 5.5m | 5.6m | 10.3m | 38.3m | 64.7m | 11.8m | 22.3m | 46.5m |

## Purchases of PP&E | (1.5m) | (4.2m) | (7.7m) | |||||||||

## Cash From Investing Activities | (1.3m) | (3.2m) | (9.4m) | (2.3m) | (4.3m) | (4.4m) | (1.5m) | (3.1m) | (3.0m) | (2.5m) | 111.0m | 108.0m |

## Short-term Borrowings | (67.6m) | (86.9m) | (86.9m) | |||||||||

## Long-term Borrowings | (228.6m) | (440.7m) | (658.3m) | (254.7m) | (599.7m) | (874.3m) | (187.3m) | (351.6m) | (466.3m) | (540.0k) | (875.0k) | (1.4m) |

## Dividends Paid | (3.1m) | (6.3m) | (9.4m) | (3.0m) | (6.1m) | (9.1m) | (3.0m) | (5.9m) | (10.4m) | (4.4m) | (8.7m) | (12.7m) |

## Cash From Financing Activities | (2.6m) | (13.2m) | (20.8m) | 14.0m | 855.0k | (2.0m) | (8.9m) | (35.0m) | (61.6m) | (9.1m) | (68.4m) | (113.3m) |

## Net Change in Cash | (577.0k) | (454.0k) | (572.0k) | 1.3m | 2.1m | (779.0k) | (122.0k) | 94.0k | 87.0k | 147.0k | 64.9m | 41.2m |

## Interest Paid | 627.0k | 788.0k | 1.1m | |||||||||

## Income Taxes Paid | 184.0k | 8.4m | 16.7m | |||||||||

## Free Cash Flow | 2.0m | 12.8m | 20.3m | (12.8m) | 1.2m | 225.0k | 8.8m | 35.1m | 60.7m |

USD | Y, 2019 |
---|---|

## EV/EBIT | 42.8 x |

## EV/CFO | 20.4 x |

## Financial Leverage | 2.2 x |

Kforce's Customers was reported to be 4 k in Feb, 2019. Kforce's Subscribers was reported to be 3 m in Feb, 2018.