Kforce inc (KFRC)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

9,106

14,208

14,940

74,859

26,855

16,356

16,177

16,272

9,175

6,140

10,099

11,144

5,902

9,239

9,020

10,864

3,650

11,901

13,545

11,593

5,785

8,945

65,018

10,703

6,249

-8,234

8,979

6,948

3,094

6,120

9,268

-33,167

4,076

7,085

8,446

6,785

4,840

Adjustments to reconcile net income to cash provided by operating activities:
Loss on disposal or impairment of property and equipment

-

-

-

-

-

-

-

-27

5

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

214

-157

22

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit attributable to stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

56

23

25

-608

0

5

1,804

-11

37

28

1,162

Excess tax benefit attributable to stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

97

75

236

-128

95

0

33

68

17

15

10

-659

0

0

1,789

16

36

0

826

Gain on sale of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-115

-91

0

36,624

-

-

-

-

Deferred income tax provision, net

-126

-1,071

-713

20,049

-18,314

2,014

-527

-539

41

8,265

1,240

980

1,758

654

-846

-1,144

3,343

1,506

-396

584

686

-937

-324

-224

1,976

-285

-870

1,818

503

-558

771

-21,842

4,493

-

-

-

-

Provision for credit losses

2,229

273

139

448

349

316

543

593

368

135

540

-36

392

401

-199

418

356

-308

458

356

1,047

-255

159

452

469

-423

434

241

294

-310

46

1,060

1,064

11

253

-278

-911

Depreciation and amortization

1,393

1,430

1,428

1,651

1,972

2,019

2,074

2,057

2,115

2,135

2,165

2,105

2,103

2,094

2,102

2,263

2,337

2,438

2,583

2,428

2,400

2,517

2,778

2,400

2,363

2,451

2,536

2,462

2,397

2,371

2,659

2,877

2,955

3,075

3,072

3,211

3,336

Stock-based compensation expense

2,896

2,443

2,419

2,430

2,620

2,239

2,006

2,292

2,260

1,933

1,798

1,805

2,064

1,663

1,336

1,762

1,944

1,558

1,348

1,622

1,291

944

680

605

799

1,633

336

327

274

53

38

0

25,649

3,230

3,088

2,837

2,821

Defined benefit pension plan expense

211

215

216

215

216

455

456

455

455

245

213

240

239

335

444

457

497

451

427

476

492

434

58

554

378

393

966

908

970

1,116

1,123

1,134

1,132

1,089

1,086

1,095

1,099

Loss on deferred compensation plan investments, net

-39

-165

-90

99

-89

-179

-136

-138

-110

-171

-133

-102

-104

-186

-108

-132

-171

115

-57

-61

-74

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal or impairment of assets

-15

-

-

-

-801

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash lease expense

1,521

1,452

1,643

1,525

1,662

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on equity method investment

-595

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred compensation liability increase, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

638

330

-

1,109

255

1,190

187

798

-603

1,729

1,239

-2,657

-54

838

Gain on cash surrender value of Company-owned life insurance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

688

230

-

1,117

274

1,208

329

778

-669

1,359

827

-2,914

-272

626

Contingent consideration liability remeasurement

-

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-87

-89

-86

796

-973

-85

-87

-87

-91

53

-150

-323

-272

-100

-55

-68

-56

-46

-138

-87

-37

-139

186

0

0

-152

-23

-42

-40

58

-27

-36

-50

56

-157

-105

-45

(Increase) decrease in operating assets
Trade receivables, net

20,176

-9,627

2,158

5,452

7,377

-2,401

-927

1,829

12,350

-17,843

18,975

-2,262

21,665

-2,669

-6,426

5,631

11,867

-17,452

1,252

12,157

-180

2,036

15,522

13,563

9,218

-3,263

17,656

466

13,212

-17,694

-10,408

7,342

16,462

-12,067

20,371

3,295

13,733

Income tax refund receivable

-

-

-

-

-

-

-641

171

-6,341

-

176

820

725

-568

-226

899

-459

-1,688

220

1,271

-2,588

3,272

-4,491

-744

-2,446

3,540

-1,017

3,020

427

1,472

173

-3,251

3,106

206

-2,778

1,224

-4,077

Prepaid expenses and other current assets

-

-

-

-

-

-

631

1,995

-91

-

1,842

209

20

-1,041

-1,022

2,290

1,404

-614

-701

137

68

-464

-1,775

432

1,277

439

-1,050

1,750

2,031

-496

-1,790

3,213

1,319

-1,482

-394

624

1,632

Other assets, net

452

2,654

4,936

1,656

393

-4,801

-839

-32

-69

8,427

428

-11

127

519

59

-178

95

-24

62

170

90

-15

119

-71

-6

196

-53

-17

-69

-116

-79

-36

-13

-2

-36

-31

-6

Increase (decrease) in operating liabilities
Accounts payable and other accrued liabilities

-

-

-

-

-

-

-194

5,937

-2,096

-

2,805

-2,013

-2,113

194

-3,211

3,645

-2,548

-84

-496

2,569

-201

799

2,906

5,400

-3,452

-10,058

305

-1,435

-1,283

2,439

-7,234

-258

15,966

-8,058

2,721

714

47

Accrued payroll costs

2,129

-5,016

8,285

918

380

-3,457

2,404

2,086

317

-6,552

5,934

979

1,593

-8,142

-1,798

4,016

4,604

-17,570

8,213

7,239

-3,385

-6,922

3,490

1,072

2,112

587

4,028

2,356

451

-4,869

2,266

-1,284

3,646

-3,425

1,399

4,496

-1,075

Income taxes payable

-

-

-

-

-

-

1,058

1,999

3,388

-

0

-358

623

-998

-616

326

799

-4,786

2,077

639

413

-30,263

-7,073

-1,396

3,798

-2,918

3,284

-1,157

287

861

-676

-415

1,037

-660

607

-942

980

Other liabilities

3,538

-

-

-

1,956

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other liabilities

-

-

-

-

-

-

-

578

-130

-3,754

-398

-463

-913

674

-297

-1,555

1,039

555

2,129

227

395

-182

-2,206

870

-799

-470

502

-112

163

162

-366

-1,011

-482

985

247

-260

-4,074

Cash provided by operating activities

3,005

20,107

24,180

10,541

11,789

23,048

26,416

28,009

10,250

23,690

110

16,052

-10,513

10,159

13,713

12,610

3,341

15,575

29,153

14,595

11,408

-29,291

-8,430

6,200

5,939

-3,307

5,018

7,168

-8,414

28,135

20,137

5,233

2,473

17,320

3,042

14,504

-3,626

Cash flows from investing activities:
Capital expenditures

1,971

2,631

3,544

2,688

1,496

1,165

889

1,647

1,469

422

1,080

2,072

2,272

3,011

6,227

1,888

1,294

597

4,127

2,215

1,389

1,223

1,688

1,889

1,210

2,102

1,828

2,299

1,916

1,305

1,673

1,909

959

2,159

1,431

1,316

1,589

Proceeds from disposition of business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-115

7,235

0

48,326

-

-

-

-

Proceeds from the disposition of assets held within the Rabbi Trust

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

338

957

367

1,006

1,433

249

547

1,049

-

-

-

-

-

-

-

-

Purchase of assets held within the Rabbi Trust

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

280

756

563

837

1,086

747

661

1,203

-

-

-

-

-

-

-

-

Premiums paid for company-owned life insurance policies, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,069

-

697

537

1,216

Other

0

-

-

-

1,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

195

0

-39

-1

Cash used in investing activities

-1,971

-4,841

-2,986

113,508

-2,496

-1,165

111

-1,647

-1,469

-422

-80

-2,072

-2,272

-3,011

-6,227

-1,888

-1,294

-597

-4,127

-2,251

-1,389

-3,777

116,401

-1,048

-1,041

-1,755

-2,309

-2,413

-2,070

981

6,320

-1,194

46,298

-3,344

-2,128

-1,814

-2,804

Cash flows from financing activities:
Proceeds from credit facility

35,000

0

0

1,800

78,300

22,800

93,000

141,200

193,400

151,300

276,100

336,640

274,553

259,295

222,760

203,933

251,095

161,473

126,714

158,675

157,806

239,581

129,277

216,594

98,975

158,566

150,637

141,364

141,121

21,000

4,109

124,013

92,851

103,208

158,811

110,829

115,620

Payments on credit facility

0

0

0

19,300

67,600

30,300

114,300

163,800

186,723

160,877

274,129

344,477

254,134

249,078

217,215

211,602

228,113

161,894

139,442

159,380

156,813

158,923

198,349

196,063

100,366

149,370

147,339

130,800

122,572

0

15,101

113,021

142,377

113,066

118,361

117,235

101,105

Payments on other financing arrangements

328

367

478

335

540

548

437

485

569

566

503

553

526

459

434

452

485

318

326

306

324

402

232

342

304

323

346

386

397

395

459

446

502

313

254

536

394

Excess tax benefit attributable to stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

97

75

236

-128

95

0

33

68

17

15

10

-659

0

0

1,789

16

36

0

826

Repurchases of common stock

19,470

32,506

40,401

36,671

14,875

9,722

336

91

12,038

10,396

1,274

65

2,887

14,226

9,602

101

22,084

13,588

7,205

9,171

8,507

43,221

36,566

21,691

293

757

5,834

14,771

8,448

18,959

9,116

15,677

623

4,153

40,601

5,620

9,269

Cash dividend

4,293

3,882

4,042

4,278

4,406

4,467

4,461

2,970

2,973

3,019

3,045

3,043

3,037

3,050

3,099

3,152

3,146

3,284

3,060

3,089

3,112

3,169

3,088

3,212

3,307

-

-

-

-

-

-

-

-

-

-

-

-

Payments of loan financing fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

425

0

0

35

-

-

-

-

-

-

-

-

-

-

-

-

Short-term vendor financing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

466

-193

-127

-30

-189

-76

115

629

-1,284

916

-8

-16

156

70

77

Proceeds from exercise of stock options, net of shares tendered in payment of exercise

-

-

-

-

-

-

-

-

-

-

0

0

72

0

0

63

109

0

0

136

245

182

247

235

467

277

84

56

181

427

0

126

22

265

86

39

68

Other

0

0

0

0

-25

0

0

0

0

-

-

-

-

-

-

-

-

378

-2,209

439

1,140

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash provided by (used in) financing activities

10,909

-36,755

-44,921

-59,261

-9,146

-22,237

-26,534

-26,146

-8,903

-23,592

-2,859

-13,186

14,041

-6,591

-7,604

-10,599

-2,624

-14,727

-25,431

-12,621

-9,329

33,189

-108,150

-4,672

-4,957

5,134

-2,970

-4,598

10,010

-33,153

-21,851

-4,089

-48,848

-14,062

-574

-12,453

5,823

Change in cash and cash equivalents

11,943

-21,489

-23,727

64,788

147

-354

-7

216

-122

-324

-2,829

794

1,256

557

-118

123

-577

251

-405

-277

690

121

-179

480

-59

72

-261

157

-474

-4,037

4,606

-50

-77

-86

340

237

-607

Cash Paid During the Period For:
Income taxes

399

8,186

8,302

8,263

184

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease liabilities

1,987

1,930

2,231

2,189

1,836

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,165

1,720

978

-

2,624

4,638

-3,406

Interest, net

541

401

291

161

627

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3

-3

266

-

241

178

181

Non-Cash Investing and Financing Transactions:
ROU assets obtained from new operating leases

924

1,981

5,869

538

817

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unsettled repurchases of common stock

910

-1,060

-123

814

369

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Employee stock purchase plan

142

131

144

143

140

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

124

213

166

-

174

188

138

Equipment acquired under finance leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

683

83

115

Shares tendered in payment of the exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

161

-

0

12

2,389

Unsettled repurchases of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14,883

-

-

-

-