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Mar 31, 2022
Kforce Q1 2022 Earnings Report
Reported first quarter revenues of $417.0 million with earnings per share of $0.93.
Key Takeaways
Kforce Inc. announced strong first-quarter results, with revenue reaching $417.0 million and EPS at $0.93, marking a 50% year-over-year increase. The Technology business was a key driver, experiencing significant growth and contributing to improved profitability.
Revenue for the quarter ended March 31, 2022, was $417.0 million, a 13.0% increase year-over-year.
Technology revenue increased 26.7% year-over-year.
Net income for the quarter was $19.2 million, or $0.93 per share, compared to $13.3 million, or $0.62 per share, in the same quarter last year.
The company returned $16.2 million to shareholders through share repurchases and dividends.
Revenue by Segment
Forward Guidance
Kforce anticipates revenues between $436 million and $444 million and earnings per share between $1.15 and $1.23 for the second quarter of 2022.
Positive Outlook
- Revenue of $436 million to $444 million
- Earnings per share of $1.15 to $1.23
- Gross profit margin of 30.4% to 30.6%
- Flex gross profit margin of 27.6% to 27.8%
- Operating margin of 7.7% to 8.1%
Challenges Ahead
- SG&A expense as a percent of revenue of 22.2% to 22.4%
- WASO of 20.7 million
- Effective tax rate of 26.0%
- There will be 64 billing days, which is the same as the first quarter of 2022 and the second quarter of 2021.
- The tumultuous macro environment continues to be shaped by the highest levels of inflation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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