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Dec 31, 2022
Kforce Q4 2022 Earnings Report
Reported fourth quarter revenue of $419.7 million, up 2.3% year-over-year.
Key Takeaways
Kforce reported Q4 2022 revenue of $419.7 million, a 2.3% increase year-over-year. Technology revenue increased by 7.6% year-over-year, while FA revenue decreased by 26.4%. The Board of Directors approved a 20% increase in the dividend and increased the share buyback authorization to $100 million.
Revenue for the quarter ended December 31, 2022 was $419.7 million, a 2.3% increase year-over-year.
Technology revenue increased 7.6% year-over-year.
FA revenue decreased 26.4% year-over-year.
As adjusted, operating margins were 6.2% for the quarter ended December 31, 2022, which increased 20 basis points year-over-year.
Revenue by Segment
Forward Guidance
Kforce provided guidance for the first quarter of 2023.
Positive Outlook
- Revenue of $406 million to $414 million
- Earnings per share of $0.78 to $0.86
- Gross profit margin of 28.1% to 28.3%
- Flex gross profit margin of 26.4% to 26.6%
- Effective tax rate of 27.3%
Challenges Ahead
- SG&A expense as a percent of revenue of 22.2% to 22.4%
- Operating margin of 5.4% to 5.8%
- Weighted-average shares outstanding (“WASO”) of 19.7 million
- There will be 64 billing days compared to 61 billing days in the fourth quarter of 2022
- There will be 64 billing days compared to 64 billing days in the first quarter of 2022
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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