Kforce (KFRC) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-26058
Entity Registrant Name	Kforce Inc
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-3264661
Entity Address, Address Line One	1150 Assembly Drive, Suite 500
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	813
Local Phone Number	552-5000
Title of 12(b) Security	Common Stock, $0.01 per share
Trading Symbol	KFRC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		19,759
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000930420
Current Fiscal Year End Date	--12-31

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 373,122	$ 437,620	$ 1,168,309	$ 1,291,103
Direct costs	269,661	310,950	840,606	909,475
Gross profit	103,461	126,670	327,703	381,628
Selling, general and administrative expenses	86,226	94,306	258,558	285,502
Depreciation and amortization	1,202	1,045	3,776	3,214
Income from operations	16,033	31,319	65,369	92,912
Other expense (income), net	181	906	1,539	(333)
Income from operations, before income taxes	15,852	30,413	63,830	93,245
Income tax expense	5,277	8,151	18,471	24,886
Net income	10,575	22,262	45,359	68,359
Other comprehensive loss, net of tax:
Change in fair value of interest rate swaps	0	0	0	(615)
Comprehensive income	$ 10,575	$ 22,262	$ 45,359	$ 67,744
Earnings per share – basic (in dollars per share)	$ 0.55	$ 1.11	$ 2.35	$ 3.38
Earnings per share - diluted (in dollars per share)	$ 0.54	$ 1.09	$ 2.31	$ 3.31
Weighted average shares outstanding – basic (in shares)	19,158	20,022	19,317	20,206
Weighted average shares outstanding – diluted (in shares)	19,518	20,450	19,621	20,634

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 122	$ 121
Trade receivables, net of allowances of $1,454 and $1,575, respectively	248,291	269,496
Prepaid expenses and other current assets	9,498	8,143
Total current assets	257,911	277,760
Fixed assets, net	9,489	8,647
Other assets, net	71,779	75,771
Deferred tax assets, net	5,543	4,786
Goodwill	25,040	25,040
Total assets	369,762	392,004
Current liabilities:
Accounts payable and other accrued liabilities	67,253	72,792
Accrued payroll costs	42,740	48,369
Current portion of operating lease liabilities	3,850	4,576
Income taxes payable	5,429	5,696
Total current liabilities	119,272	131,433
Long-term debt – credit facility	21,400	25,600
Other long-term liabilities	50,138	52,773
Total liabilities	190,810	209,806
Commitments and contingencies (Note L)
Stockholders’ equity:
Preferred stock, $0.01 par value; 15,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 250,000 shares authorized, 73,224 and 73,242 issued, respectively	732	732
Additional paid-in capital	523,669	507,734
Accumulated other comprehensive income	0	6
Retained earnings	516,540	492,764
Treasury stock, at cost; 53,464 and 52,744 shares, respectively	(861,989)	(819,038)
Total stockholders’ equity	178,952	182,198
Total liabilities and stockholders’ equity	$ 369,762	$ 392,004

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 1,454	$ 1,575
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	73,224,000	73,242,000
Treasury stock, shares (in shares)	53,464,000	52,744,000

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings	Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		72,997
Beginning of period at Dec. 31, 2021	$ 188,406	$ 730	$ 488,036	$ 621	$ 442,596	$ (743,577)
Beginning of period (in shares) at Dec. 31, 2021						51,492
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,181				19,181
Issuance for stock-based compensation and dividends, net of forfeitures (in shares)		(1)
Issuance for stock-based compensation and dividends, net of forfeitures	1		319		(318)
Stock-based compensation expense	4,437		4,437
Employee stock purchase plan (in shares)						(3)
Employee stock purchase plan	242		193			$ 49
Dividends	(6,094)				(6,094)
Change in fair value of interest rate swaps	2,302			2,302
Repurchases of common stock (in shares)						147
Repurchases of common stock	(10,270)					$ (10,270)
Ending balance (in shares) at Mar. 31, 2022		72,996
End of period at Mar. 31, 2022	$ 198,205	$ 730	492,985	2,923	455,365	$ (753,798)
End of period (in shares) at Mar. 31, 2022						51,636
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (in dollars per share)	$ 0.30
Beginning of period at Dec. 31, 2021	$ 188,406	$ 730	488,036	621	442,596	$ (743,577)
Beginning of period (in shares) at Dec. 31, 2021						51,492
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,359
Employee stock purchase plan	831
Change in fair value of interest rate swaps	(615)
Ending balance (in shares) at Sep. 30, 2022		73,006
End of period at Sep. 30, 2022	208,976	$ 730	502,909	6	491,856	$ (786,525)
End of period (in shares) at Sep. 30, 2022						52,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		72,996
Beginning of period at Mar. 31, 2022	198,205	$ 730	492,985	2,923	455,365	$ (753,798)
Beginning of period (in shares) at Mar. 31, 2022						51,636
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,916				26,916
Issuance for stock-based compensation and dividends, net of forfeitures (in shares)		(11)
Issuance for stock-based compensation and dividends, net of forfeitures	0		298		(298)
Stock-based compensation expense	4,410		4,410
Employee stock purchase plan (in shares)						(4)
Employee stock purchase plan	295		234			$ 61
Dividends	(6,093)				(6,093)
Change in fair value of interest rate swaps	(2,917)			(2,917)
Repurchases of common stock (in shares)						162
Repurchases of common stock	(10,283)					$ (10,283)
Ending balance (in shares) at Jun. 30, 2022		73,007
End of period at Jun. 30, 2022	$ 210,533	$ 730	497,927	6	475,890	$ (764,020)
End of period (in shares) at Jun. 30, 2022						51,794
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (in dollars per share)	$ 0.30
Beginning balance (in shares)		73,007
Net income	$ 22,262				22,262
Issuance for stock-based compensation and dividends, net of forfeitures (in shares)		(1)
Issuance for stock-based compensation and dividends, net of forfeitures	(1)		318		(319)
Stock-based compensation expense	4,445		4,445
Employee stock purchase plan (in shares)						(5)
Employee stock purchase plan	294		219			$ 75
Dividends	(5,977)				(5,977)
Change in fair value of interest rate swaps	0
Repurchases of common stock (in shares)						383
Repurchases of common stock	(22,580)					$ (22,580)
Ending balance (in shares) at Sep. 30, 2022		73,006
End of period at Sep. 30, 2022	$ 208,976	$ 730	502,909	6	491,856	$ (786,525)
End of period (in shares) at Sep. 30, 2022						52,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (in dollars per share)	$ 0.30
Beginning balance (in shares)		73,006
Beginning balance (in shares)		73,242
Beginning of period at Dec. 31, 2022	$ 182,198	$ 732	507,734	6	492,764	$ (819,038)
Beginning of period (in shares) at Dec. 31, 2022	52,744					52,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 16,210				16,210
Issuance for stock-based compensation and dividends, net of forfeitures (in shares)		(5)
Issuance for stock-based compensation and dividends, net of forfeitures	(1)		340		(341)
Stock-based compensation expense	4,326		4,326
Employee stock purchase plan (in shares)						(5)
Employee stock purchase plan	245		172			$ 73
Dividends	(7,003)				(7,003)
Repurchases of common stock (in shares)						181
Repurchases of common stock	(10,244)					$ (10,244)
Other	(6)			(6)
Ending balance (in shares) at Mar. 31, 2023		73,247
End of period at Mar. 31, 2023	$ 185,725	$ 732	512,572	0	501,630	$ (829,209)
End of period (in shares) at Mar. 31, 2023						52,920
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (in dollars per share)	$ 0.36
Beginning of period at Dec. 31, 2022	$ 182,198	$ 732	507,734	6	492,764	$ (819,038)
Beginning of period (in shares) at Dec. 31, 2022	52,744					52,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 45,359
Employee stock purchase plan	817
Change in fair value of interest rate swaps	0
Ending balance (in shares) at Sep. 30, 2023		73,224
End of period at Sep. 30, 2023	$ 178,952	$ 732	523,669	0	516,540	$ (861,989)
End of period (in shares) at Sep. 30, 2023	53,464					53,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		73,247
Beginning of period at Mar. 31, 2023	$ 185,725	$ 732	512,572	0	501,630	$ (829,209)
Beginning of period (in shares) at Mar. 31, 2023						52,920
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,574				18,574
Issuance for stock-based compensation and dividends, net of forfeitures (in shares)		(32)
Issuance for stock-based compensation and dividends, net of forfeitures	0		322		(322)
Stock-based compensation expense	4,309		4,309
Employee stock purchase plan (in shares)						(5)
Employee stock purchase plan	296		219			$ 77
Dividends	(6,945)				(6,945)
Repurchases of common stock (in shares)						248
Repurchases of common stock	(14,341)					$ (14,341)
Ending balance (in shares) at Jun. 30, 2023		73,279
End of period at Jun. 30, 2023	$ 187,618	$ 732	517,422	0	512,937	$ (843,473)
End of period (in shares) at Jun. 30, 2023						53,163
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (in dollars per share)	$ 0.36
Beginning balance (in shares)		73,279
Net income	$ 10,575				10,575
Issuance for stock-based compensation and dividends, net of forfeitures (in shares)		(55)
Issuance for stock-based compensation and dividends, net of forfeitures	0		78		(78)
Stock-based compensation expense	5,967		5,967
Employee stock purchase plan (in shares)						(4)
Employee stock purchase plan	276		202			$ 74
Dividends	(6,894)				(6,894)
Change in fair value of interest rate swaps	0
Repurchases of common stock (in shares)						305
Repurchases of common stock	(18,590)					$ (18,590)
Ending balance (in shares) at Sep. 30, 2023		73,224
End of period at Sep. 30, 2023	$ 178,952	$ 732	$ 523,669	$ 0	$ 516,540	$ (861,989)
End of period (in shares) at Sep. 30, 2023	53,464					53,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (in dollars per share)	$ 0.36
Beginning balance (in shares)		73,224

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividend (in dollars per share)	$ 0.30	$ 0.30
Interest rate swap, tax expense (benefit)	$ (989)	$ 780

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 45,359	$ 68,359
Adjustments to reconcile net income to cash provided by operating activities:
Deferred income tax provision, net	(757)	4,386
Provision for credit losses	325	(231)
Depreciation and amortization	3,776	3,214
Stock-based compensation expense	14,602	13,293
Noncash lease expense	3,111	4,313
Loss on equity method investment	750	2,737
Other	675	(167)
(Increase) decrease in operating assets
Trade receivables, net	20,880	(15,571)
Other assets	(289)	(1,989)
Increase (decrease) in operating liabilities
Accrued payroll costs	(4,812)	11,025
Payment of benefit under terminated pension plan	0	(19,965)
Other liabilities	(14,564)	8,659
Cash provided by operating activities	69,056	78,063
Cash flows from investing activities:
Capital expenditures	(6,076)	(4,656)
Proceeds from the sale of our joint venture interest	5,059	0
Premiums paid for company-owned life insurance policies	(765)	0
Equity method investment	(750)	(500)
Note receivable issued to our joint venture	0	(4,500)
Cash used in investing activities	(2,532)	(9,656)
Cash flows from financing activities:
Proceeds from credit facility	426,400	0
Payments on credit facility	(430,600)	(100,000)
Repurchases of common stock	(41,470)	(42,103)
Cash dividends	(20,842)	(18,164)
Other	(11)	(40)
Cash used in financing activities	(66,523)	(160,307)
Change in cash and cash equivalents	1	(91,900)
Cash and cash equivalents, beginning of period	121	96,989
Cash and cash equivalents, end of period	122	5,089
Supplemental Disclosure of Cash Flow Information
Income taxes	19,323	14,348
Operating lease liabilities	3,937	5,413
Interest, net	623	918
Non-Cash Investing and Financing Transactions:
ROU assets obtained from operating leases	3,692	274
Employee stock purchase plan	817	831
Unsettled repurchases of common stock	$ 2,292	$ 1,030

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note A - Summary of Significant Accounting Policies Unless otherwise noted below, there have been no material changes to the accounting policies presented in Note 1 - “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements, included in Item 8. Financial Statements and Supplementary Data of the 2022 Annual Report on Form 10-K. Basis of Presentation The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, certain information and footnotes normally required by GAAP for complete financial statements have been condensed or omitted pursuant to those rules and regulations, although management believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 10-K. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments considered necessary for a fair presentation. The Unaudited Condensed Consolidated Balance Sheet as of December 31, 2022, was derived from our audited Consolidated Balance Sheet as of December 31, 2022, as presented in our 2022 Annual Report on Form 10-K. Our quarterly operating results are affected by the number of billing days in a particular quarter, the seasonality of our clients’ businesses and changes in holiday and vacation days taken. In addition, we typically experience higher costs in the first quarter of each fiscal year as a result of certain U.S. state and federal employment tax resets, which adversely affects our gross profit and overall profitability relative to the remainder of the fiscal year. As such, the results of operations for any interim period may be impacted by these factors, among others, and are not necessarily indicative of, nor comparable to, the results of operations for a full year. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Kforce Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. References in this document to “Kforce,” the “Company,” “we,” the “Firm,” “management,” “our” or “us” refer to Kforce Inc. and its subsidiaries, except where the context indicates otherwise. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most critical of these estimates and assumptions relate to the following: allowance for credit losses; income taxes; self-insured liabilities for health insurance; and the impairment of goodwill and other long-lived assets. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Therefore, our accounting estimates and assumptions might change materially in future periods. Health Insurance Except for certain fully insured health insurance lines of coverage, Kforce retains the risk of loss per participant for each health insurance claim up to $600 thousand in claims annually. Additionally, for all claim amounts exceeding $600 thousand, Kforce retains the risk of loss up to an aggregate annual loss of those claims of $280 thousand. For its partially self-insured lines of coverage, health insurance costs are accrued using estimates to approximate the liability for reported claims, and incurred but not reported claims, which are primarily based upon an evaluation of historical claims experience, completion factors determined by an actuary, and a qualitative review of our health insurance exposure, including the extent of outstanding claims and expected changes in health insurance costs. Earnings per Share Basic earnings per share is computed as net income divided by the weighted average number of common shares outstanding (“WASO”) during the period. WASO excludes unvested shares of restricted stock. Diluted earnings per share is computed by dividing net income by diluted WASO. Diluted WASO includes the dilutive effect of potentially dilutive securities, such as unvested shares of restricted stock using the treasury stock method, except where the effect of including potential common shares would be anti-dilutive. For the three and nine months ended September 30, 2023, 360 thousand and 304 thousand common stock equivalents were included in the diluted WASO, respectively. For each of the three and nine months ended September 30, 2022, 428 thousand common stock equivalents were included in the diluted WASO. For the three and nine months ended September 30, 2023, there were 95 thousand and 186 thousand anti-dilutive common stock equivalents, respectively. For the three and nine months ended September 30, 2022, there were 304 thousand and 301 thousand anti-dilutive common stock equivalents, respectively. Equity Method Investment and Note Receivable In June 2019, we entered into a joint venture whereby Kforce obtained a 50% noncontrolling interest in WorkLLama, LLC (“WorkLlama”), which was accounted for as an equity method investment. As of December 31, 2022, the equity method investment was fully impaired. During the three months ended September 30, 2023 and 2022, we recorded a loss related to our equity method investment of nil and $0.9 million, respectively. We recorded a loss related to our equity method investment of $0.8 million and $2.7 million during the nine months ended September 30, 2023 and 2022, respectively. During the year ended December 31, 2022, Kforce executed a series of promissory notes (the “Note Receivable”) to our joint venture for a total of $6.8 million and recorded a credit loss of $1.9 million, resulting in a balance of $4.8 million at December 31, 2022. There were no payments received on the Note Receivable during the year ended December 31, 2022. On February 23, 2023, Kforce received $6.0 million in exchange for the sale of our 50% noncontrolling interest in WorkLLama to an unaffiliated third party and in full settlement of the outstanding balance of the Note Receivable. These proceeds, net of customary transaction costs, amounted to $5.1 million and is presented in the investing section of the Unaudited Condensed Consolidated Statements of Cash Flows. Excise Tax On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into Federal law. The IRA provides for, among other things, a new U.S. Federal 1% nondeductible excise tax on certain repurchases of stock by publicly-traded U.S. domestic corporations occurring after December 31, 2022. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased. For purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain stock issuances against the fair market value of stock repurchases during the same taxable year, with certain exceptions. For the three and nine months ended September 30, 2023, we recorded $0.2 million and $0.4 million, respectively, in excise tax related to the IRA, which was included in Treasury stock in the unaudited condensed consolidated financial statements. New Accounting Standards Recently Adopted Accounting Standards In March 2020, the FASB issued guidance for reference rate reform, which provided temporary optional guidance to ease the potential burden in accounting for reference rate reform in contracts and other transactions that reference LIBOR, or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The FASB has since issued subsequent updates to the initial guidance in December 2022, which extends the final sunset date for reference rate reform from December 31, 2022 to December 31, 2024. We adopted this standard as of January 1, 2023, and it did not have a material impact on our consolidated financial statements . Accounting Standards Not Yet Adopted In October 2023, the FASB issued guidance for disclosure improvements in accordance with the SEC’s simplification initiative. These amendments are intended to align FASB’s accounting standards and eliminate disclosures that are “redundant, duplicative, overlapping, outdated, or superseded.”. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. We are evaluating this new guidance, which may modify our disclosures, but we do not expect this standard to have a material effect on our consolidated financial statements.

Reportable Segments

Reportable Segments	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Reportable Segments	Note B - Reportable Segments Kforce provides services through our Technology and Finance and Accounting (“FA”) segments. Historically, and for the three and nine months ended September 30, 2023, we have reported sales and gross profit information on a segment basis. Total assets, liabilities and operating expenses are not reported separately by segment as our operations are largely combined. The following table provides information on the operations of our segments (in thousands): Technology FA Total Three Months Ended September 30, 2023 Revenue $ 338,289 $ 34,833 $ 373,122 Gross profit $ 89,401 $ 14,060 $ 103,461 Operating and other expenses $ 87,609 Income from operations, before income taxes $ 15,852 2022 Revenue $ 390,496 $ 47,124 $ 437,620 Gross profit $ 107,793 $ 18,877 $ 126,670 Operating and other expenses $ 96,257 Income from operations, before income taxes $ 30,413 Nine Months Ended September 30, 2023 Revenue $ 1,055,158 $ 113,151 $ 1,168,309 Gross profit $ 283,297 $ 44,406 $ 327,703 Operating and other expenses $ 263,873 Income from operations, before income taxes $ 63,830 2022 Revenue $ 1,134,996 $ 156,107 $ 1,291,103 Gross profit $ 320,160 $ 61,468 $ 381,628 Operating and other expenses $ 288,383 Income from operations, before income taxes $ 93,245

Disaggregation of Revenue

Disaggregation of Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Note C - Disaggregation of Revenue The following table provides the disaggregation of revenue by segment and type (in thousands): Technology FA Total Three Months Ended September 30, 2023 Revenue by type: Flex revenue $ 334,253 $ 29,908 $ 364,161 Direct Hire revenue 4,036 4,925 8,961 Total Revenue $ 338,289 $ 34,833 $ 373,122 2022 Revenue by type: Flex revenue $ 382,072 $ 40,896 $ 422,968 Direct Hire revenue 8,424 6,228 14,652 Total Revenue $ 390,496 $ 47,124 $ 437,620 Nine Months Ended September 30, 2023 Revenue by type: Flex revenue $ 1,040,103 $ 98,060 $ 1,138,163 Direct Hire revenue 15,055 15,091 30,146 Total Revenue $ 1,055,158 $ 113,151 $ 1,168,309 2022 Revenue by type: Flex revenue $ 1,109,294 $ 135,239 $ 1,244,533 Direct Hire revenue 25,702 20,868 46,570 Total Revenue $ 1,134,996 $ 156,107 $ 1,291,103

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Allowance for Credit Losses	Note D - Allowance for Credit Losses The allowance for credit losses on trade receivables is determined by estimating and recognizing lifetime expected losses, rather than incurred losses, which results in the earlier recognition of credit losses even if the expected risk of credit loss is remote. As part of our analysis, we apply credit loss rates to outstanding receivables by aging category. For certain clients, we perform a quarterly credit review, which considers the client’s credit rating and financial position as well as our total credit loss exposure. Trade receivables are written off after all reasonable collection efforts have been exhausted. Recoveries of trade receivables previously written off are recorded when received and are immaterial for the three and nine months ended September 30, 2023. The following table presents the activity within the allowance for credit losses on trade receivables for the nine months ended September 30, 2023 (in thousands): Allowance for credit losses, January 1, 2023 $ 1,006 Current period provision 560 Write-offs charged against the allowance, net of recoveries of amounts previously written off (708) Allowance for credit losses, September 30, 2023 $ 858 The allowances on trade receivables presented in the Unaudited Condensed Consolidated Balance Sheets include $0.6 million at September 30, 2023 and December 31, 2022, for reserves unrelated to credit losses.

Other Assets, Net

Other Assets, Net	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, Net	Note E - Other Assets, Net Other assets, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Assets held in Rabbi Trust $ 35,881 $ 31,976 Right-of-use assets for operating leases, net 14,937 17,102 Capitalized software, net (1) 16,009 16,149 Deferred loan costs, net 718 881 Notes receivable, net (2) — 4,825 Other non-current assets 4,234 4,838 Total Other assets, net $ 71,779 $ 75,771 (1) Accumulated amortization of capitalized software was $37.8 million and $36.6 million as of September 30, 2023 and December 31, 2022, respectively. (2) Refer to Note A - “Summary of Significant Accounting Policies” for more details on the sale of our joint venture and the settlement of the Note Receivable.

Current Liabilities

Current Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Current Liabilities	Note F - Current Liabilities The following table provides information on certain current liabilities (in thousands): September 30, 2023 December 31, 2022 Accounts payable and other accrued liabilities: Accounts payable $ 47,073 $ 49,600 Accrued liabilities 20,180 23,192 Total Accounts payable and other accrued liabilities $ 67,253 $ 72,792 Accrued payroll costs: Payroll and benefits $ 36,698 $ 41,506 Payroll taxes 1,838 2,633 Health insurance liabilities 3,721 3,481 Workers’ compensation liabilities 483 749 Total Accrued payroll costs $ 42,740 $ 48,369 Our accounts payable balance includes vendor and third-party payables. Our accrued liabilities balance includes the current portion of our deferred compensation plans liability, contract liabilities from contracts with customers (such as customer rebates) and other accrued liabilities.

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Credit Facility	Note G - Credit Facility On October 20, 2021, the Firm entered into an amended and restated credit agreement with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, Wells Fargo Securities, LLC, as lead arranger and bookrunner, Bank of America, N.A., as syndication agent, BMO Harris Bank, N.A., as documentation agent, and the lenders referred to therein (the “Amended and Restated Credit Facility”). Under the Amended and Restated Credit Facility, the Firm has a maximum borrowing capacity of $200.0 million, which may, subject to certain conditions and the participation of the lenders, be increased up to an aggregate additional amount of $150.0 million. The maturity date of the Amended and Restated Credit Facility is October 20, 2026. In June 2023, Kforce entered into the First Amendment to the Amended and Restated Credit Facility (the “First Amendment”), by and among Wells Fargo, as administrative agent, and the lenders and financial institutions from time to time party thereto, to replace the LIBOR-based benchmark interest rates with Secured Overnight Financing Rate benchmark interest rates (“SOFR Rate”).

Other Long-Term Liabilities

Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Note H - Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): September 30, 2023 December 31, 2022 Deferred compensation plan $ 37,550 $ 36,390 Operating lease liabilities 12,560 16,380 Other long-term liabilities 28 3 Total Other long-term liabilities $ 50,138 $ 52,773

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Note I - Stock-based Compensation On April 20, 2023, Kforce’s shareholders approved the 2023 Stock Incentive Plan (the “2023 Plan”). The 2023 Plan allows for the issuance of stock options, stock appreciation rights (“SAR”), stock awards (including restricted stock awards (“RSAs”) and restricted stock units (“RSUs”)) and other stock-based awards. The aggregate number of shares reserved under the 2023 Plan is approximately 3.2 million. Grants of an option or SAR reduce the reserve by one share, while a restricted stock award reduces the reserve by 2.72 shares. The 2023 Plan terminates on April 20, 2033. Restricted stock (including RSAs and RSUs) is granted to directors, executives and management either for awards related to Kforce’s annual long-term incentive program or as part of a compensation package for attraction and retention purposes. The following table presents the restricted stock activity for the nine months ended September 30, 2023 (in thousands, except per share amounts): Number of Weighted-Average Total Intrinsic Outstanding at December 31, 2022 911 $ 54.42 Granted 70 $ 57.40 Forfeited (89) $ 53.59 Vested (49) $ 48.41 $ 2,952 Outstanding at September 30, 2023 843 $ 55.11 As of September 30, 2023, total unrecognized stock-based compensation expense related to restricted stock was $29.5 million, which is expected to be recognized over a weighted-average remaining period of 4.5 years. During the three and nine months ended September 30, 2023, stock-based compensation expense was $6.0 million and $14.6 million, respectively. During the three and nine months ended September 30, 2022, stock-based compensation expense was $4.5 million and $13.3 million, respectively. Stock-based compensation expense is included in Selling, general and administrative expenses (“SG&A”) in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

Derivative Instrument and Hedgi

Derivative Instrument and Hedging Activity	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instrument and Hedging Activity	Note J - Derivative Instrument and Hedging Activity The Firm maintained two swap instruments, Swap A and Swap B, which were designated as cash flow hedges and were used as interest rate risk management tools to mitigate the potential impact of rising interest rates on variable rate debt. The fixed interest rate for each Swap, plus the applicable interest margin under our Amended and Restated Credit Facility, was recorded in Other expense (income), net in the accompanying Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. Swap A matured on April 29, 2022 and Swap B was terminated in May 2022. As of September 30, 2023 and 2022, the Firm did not have any outstanding derivative instruments. The following table sets forth the activity in the accumulated derivative instrument activity (in thousands): Nine Months Ended September 30, 2023 2022 Accumulated derivative instrument gain, beginning of period $ — $ 823 Net change associated with current period hedging transactions — (823) Accumulated derivative instrument gain, end of period $ — $ —

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note K - Fair Value Measurements Our interest rate swaps were previously measured at fair value using readily observable inputs, which are considered to be Level 2 inputs. In April 2022, Swap A matured and in May 2022, we terminated Swap B. Refer to Note J - “Derivative Instrument and Hedging Activity” for a complete discussion of the interest rate swap derivative instruments.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note L - Commitments and Contingencies Employment Agreements Kforce has employment agreements with certain executives that provide for certain post-employment benefits under certain circumstances. At September 30, 2023, our liability would be approximately $35.0 million if, following a change in control, all of the executives under contract were terminated without cause by the employer or if the executives resigned for good reason, and $15.7 million if, in the absence of a change in control, all of the executives under contract were terminated by Kforce without cause or if the executives resigned for good reason. Litigation We are involved in legal proceedings, claims, and administrative matters that arise in the ordinary course of business, and we have made accruals with respect to certain of these matters, where appropriate, that are reflected in our consolidated financial statements but are not, individually or in the aggregate, considered material. For other matters for which an accrual has not been made, we have not yet determined that a loss is probable, or the amount of loss cannot be reasonably estimated. The outcome of any litigation is inherently uncertain, but we do not expect that these proceedings and claims, individually or in the aggregate, will have a material effect on our consolidated financial statements; however, if decided adversely to us, or if we determine that settlement of particular litigation is appropriate, we may be subject to additional liabilities that could have a material adverse effect on our financial position, results of operations or cash flows. Kforce maintains liability insurance that insures us against workers’ compensation, personal and bodily injury, property damage, directors’ and officers’ liability, errors and omissions, cyber liability, employment practices liability and fidelity losses. There can be no assurance that Kforce’s liability insurance will cover all events or that the limits of coverage will be sufficient to fully cover all liabilities. As previously reported, on December 17, 2019, Kforce Inc., et al., was served with a complaint brought in Superior Court of the State of California, Alameda County. Kathleen Wahrer, et al. v. Kforce Inc., et al., Case Number: RG19047269. The former employee purports to bring a representative action on her own behalf and on behalf of other allegedly aggrieved employees pursuant to the California Private Attorneys General Act of 2004, California Labor Code Section 2968, et seq. (“PAGA”) alleging violations of the California Labor Code, §201, et seq. (“Labor Code”). The plaintiff seeks civil penalties, interest, attorneys’ fees, and costs under the Labor Code for alleged failure to: provide and pay for work performed during meal and rest periods; properly calculate and pay all earned minimum and overtime wages; provide compliant wage statements; timely pay wages during employment and upon termination; and reimburse business expenses. On September 18, 2023, the parties reached a preliminary agreement to resolve this matter, which is subject to final approval by the Court, and we have set reserves accordingly. We do not believe that this matter has had or will have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. As previously reported, on November 18, 2020, Kforce Inc., et al. was served with a complaint brought in the Superior Court of the State of California, San Diego County, which was subsequently amended on January 21, 2021, to add Kforce Flexible Solutions as a party. Bernardo Buchsbaum, et al. v. Kforce Inc., et al., Case Number: 37-2020-00030994-CU-OE-CTL. The Court entered a written order granting final approval of the parties’ settlement agreement in March 2023, and the case has been dismissed. This matter did not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. As previously reported, on December 24, 2020, a complaint was filed against Kforce Inc., et al. in Superior Court of the State of California, Los Angeles County. Sydney Elliott-Brand, et al. v. Kforce Inc., et al., Case Number: 20STCV49193. On January 7, 2022, the lawsuit was amended to add Bernardo Buchsbaum and Josie Meister as plaintiffs and to add claims under PAGA and the Fair Labor Standards Act, 29 U.S.C. §§ 201, et seq. The Court entered a written order granting final approval of the parties’ settlement agreement in March 2023, and the matter is considered closed. This matter did not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 10,575	$ 18,574	$ 16,210	$ 22,262	$ 26,916	$ 19,181	$ 45,359	$ 68,359

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, certain information and footnotes normally required by GAAP for complete financial statements have been condensed or omitted pursuant to those rules and regulations, although management believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 10-K. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments considered necessary for a fair presentation. The Unaudited Condensed Consolidated Balance Sheet as of December 31, 2022, was derived from our audited Consolidated Balance Sheet as of December 31, 2022, as presented in our 2022 Annual Report on Form 10-K.
Principles of Consolidation	Principles of ConsolidationThe unaudited condensed consolidated financial statements include the accounts of Kforce Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. References in this document to “Kforce,” the “Company,” “we,” the “Firm,” “management,” “our” or “us” refer to Kforce Inc. and its subsidiaries, except where the context indicates otherwise.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most critical of these estimates and assumptions relate to the following: allowance for credit losses; income taxes; self-insured liabilities for health insurance; and the impairment of goodwill and other long-lived assets. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Therefore, our accounting estimates and assumptions might change materially in future periods.
Health Insurance	Health Insurance Except for certain fully insured health insurance lines of coverage, Kforce retains the risk of loss per participant for each health insurance claim up to $600 thousand in claims annually. Additionally, for all claim amounts exceeding $600 thousand, Kforce retains the risk of loss up to an aggregate annual loss of those claims of $280 thousand. For its partially self-insured lines of coverage, health insurance costs are accrued using estimates to approximate the liability for reported claims, and incurred but not reported claims, which are primarily based upon an evaluation of historical claims experience, completion factors determined by an actuary, and a qualitative review of our health insurance exposure, including the extent of outstanding claims and expected changes in health insurance costs.
Earnings per Share	Earnings per ShareBasic earnings per share is computed as net income divided by the weighted average number of common shares outstanding (“WASO”) during the period. WASO excludes unvested shares of restricted stock. Diluted earnings per share is computed by dividing net income by diluted WASO. Diluted WASO includes the dilutive effect of potentially dilutive securities, such as unvested shares of restricted stock using the treasury stock method, except where the effect of including potential common shares would be anti-dilutive.
Equity Method Investment	Equity Method Investment and Note Receivable In June 2019, we entered into a joint venture whereby Kforce obtained a 50% noncontrolling interest in WorkLLama, LLC (“WorkLlama”), which was accounted for as an equity method investment. As of December 31, 2022, the equity method investment was fully impaired. During the three months ended September 30, 2023 and 2022, we recorded a loss related to our equity method investment of nil and $0.9 million, respectively. We recorded a loss related to our equity method investment of $0.8 million and $2.7 million during the nine months ended September 30, 2023 and 2022, respectively. During the year ended December 31, 2022, Kforce executed a series of promissory notes (the “Note Receivable”) to our joint venture for a total of $6.8 million and recorded a credit loss of $1.9 million, resulting in a balance of $4.8 million at December 31, 2022. There were no payments received on the Note Receivable during the year ended December 31, 2022.
Note Receivable	Equity Method Investment and Note Receivable In June 2019, we entered into a joint venture whereby Kforce obtained a 50% noncontrolling interest in WorkLLama, LLC (“WorkLlama”), which was accounted for as an equity method investment. As of December 31, 2022, the equity method investment was fully impaired. During the three months ended September 30, 2023 and 2022, we recorded a loss related to our equity method investment of nil and $0.9 million, respectively. We recorded a loss related to our equity method investment of $0.8 million and $2.7 million during the nine months ended September 30, 2023 and 2022, respectively. During the year ended December 31, 2022, Kforce executed a series of promissory notes (the “Note Receivable”) to our joint venture for a total of $6.8 million and recorded a credit loss of $1.9 million, resulting in a balance of $4.8 million at December 31, 2022. There were no payments received on the Note Receivable during the year ended December 31, 2022.
Excise Tax	Excise Tax On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into Federal law. The IRA provides for, among other things, a new U.S. Federal 1% nondeductible excise tax on certain repurchases of stock by publicly-traded U.S. domestic corporations occurring after December 31, 2022. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased. For purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain stock issuances against the fair market value of stock repurchases during the same taxable year, with certain exceptions. For the three and nine months ended September 30, 2023, we recorded $0.2 million and $0.4 million, respectively, in excise tax related to the IRA, which was included in Treasury stock in the unaudited condensed consolidated financial statements.
New Accounting Standards	New Accounting Standards Recently Adopted Accounting Standards In March 2020, the FASB issued guidance for reference rate reform, which provided temporary optional guidance to ease the potential burden in accounting for reference rate reform in contracts and other transactions that reference LIBOR, or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The FASB has since issued subsequent updates to the initial guidance in December 2022, which extends the final sunset date for reference rate reform from December 31, 2022 to December 31, 2024. We adopted this standard as of January 1, 2023, and it did not have a material impact on our consolidated financial statements . Accounting Standards Not Yet Adopted In October 2023, the FASB issued guidance for disclosure improvements in accordance with the SEC’s simplification initiative. These amendments are intended to align FASB’s accounting standards and eliminate disclosures that are “redundant, duplicative, overlapping, outdated, or superseded.”. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. We are evaluating this new guidance, which may modify our disclosures, but we do not expect this standard to have a material effect on our consolidated financial statements.

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Operations of Reportable Segments	The following table provides information on the operations of our segments (in thousands): Technology FA Total Three Months Ended September 30, 2023 Revenue $ 338,289 $ 34,833 $ 373,122 Gross profit $ 89,401 $ 14,060 $ 103,461 Operating and other expenses $ 87,609 Income from operations, before income taxes $ 15,852 2022 Revenue $ 390,496 $ 47,124 $ 437,620 Gross profit $ 107,793 $ 18,877 $ 126,670 Operating and other expenses $ 96,257 Income from operations, before income taxes $ 30,413 Nine Months Ended September 30, 2023 Revenue $ 1,055,158 $ 113,151 $ 1,168,309 Gross profit $ 283,297 $ 44,406 $ 327,703 Operating and other expenses $ 263,873 Income from operations, before income taxes $ 63,830 2022 Revenue $ 1,134,996 $ 156,107 $ 1,291,103 Gross profit $ 320,160 $ 61,468 $ 381,628 Operating and other expenses $ 288,383 Income from operations, before income taxes $ 93,245

Disaggregation of Revenue (Tabl

Disaggregation of Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenues	The following table provides the disaggregation of revenue by segment and type (in thousands): Technology FA Total Three Months Ended September 30, 2023 Revenue by type: Flex revenue $ 334,253 $ 29,908 $ 364,161 Direct Hire revenue 4,036 4,925 8,961 Total Revenue $ 338,289 $ 34,833 $ 373,122 2022 Revenue by type: Flex revenue $ 382,072 $ 40,896 $ 422,968 Direct Hire revenue 8,424 6,228 14,652 Total Revenue $ 390,496 $ 47,124 $ 437,620 Nine Months Ended September 30, 2023 Revenue by type: Flex revenue $ 1,040,103 $ 98,060 $ 1,138,163 Direct Hire revenue 15,055 15,091 30,146 Total Revenue $ 1,055,158 $ 113,151 $ 1,168,309 2022 Revenue by type: Flex revenue $ 1,109,294 $ 135,239 $ 1,244,533 Direct Hire revenue 25,702 20,868 46,570 Total Revenue $ 1,134,996 $ 156,107 $ 1,291,103

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Allowance for Credit Losses	The following table presents the activity within the allowance for credit losses on trade receivables for the nine months ended September 30, 2023 (in thousands): Allowance for credit losses, January 1, 2023 $ 1,006 Current period provision 560 Write-offs charged against the allowance, net of recoveries of amounts previously written off (708) Allowance for credit losses, September 30, 2023 $ 858

Other Assets, Net (Tables)

Other Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets, Net	Other assets, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Assets held in Rabbi Trust $ 35,881 $ 31,976 Right-of-use assets for operating leases, net 14,937 17,102 Capitalized software, net (1) 16,009 16,149 Deferred loan costs, net 718 881 Notes receivable, net (2) — 4,825 Other non-current assets 4,234 4,838 Total Other assets, net $ 71,779 $ 75,771 (1) Accumulated amortization of capitalized software was $37.8 million and $36.6 million as of September 30, 2023 and December 31, 2022, respectively. (2) Refer to Note A - “Summary of Significant Accounting Policies” for more details on the sale of our joint venture and the settlement of the Note Receivable.

Current Liabilities (Tables)

Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The following table provides information on certain current liabilities (in thousands): September 30, 2023 December 31, 2022 Accounts payable and other accrued liabilities: Accounts payable $ 47,073 $ 49,600 Accrued liabilities 20,180 23,192 Total Accounts payable and other accrued liabilities $ 67,253 $ 72,792 Accrued payroll costs: Payroll and benefits $ 36,698 $ 41,506 Payroll taxes 1,838 2,633 Health insurance liabilities 3,721 3,481 Workers’ compensation liabilities 483 749 Total Accrued payroll costs $ 42,740 $ 48,369

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following (in thousands): September 30, 2023 December 31, 2022 Deferred compensation plan $ 37,550 $ 36,390 Operating lease liabilities 12,560 16,380 Other long-term liabilities 28 3 Total Other long-term liabilities $ 50,138 $ 52,773

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table presents the restricted stock activity for the nine months ended September 30, 2023 (in thousands, except per share amounts): Number of Weighted-Average Total Intrinsic Outstanding at December 31, 2022 911 $ 54.42 Granted 70 $ 57.40 Forfeited (89) $ 53.59 Vested (49) $ 48.41 $ 2,952 Outstanding at September 30, 2023 843 $ 55.11

Derivative Instrument and Hed_2

Derivative Instrument and Hedging Activity (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Activity in the Accumulated Derivative Instrument Gain	The following table sets forth the activity in the accumulated derivative instrument activity (in thousands): Nine Months Ended September 30, 2023 2022 Accumulated derivative instrument gain, beginning of period $ — $ 823 Net change associated with current period hedging transactions — (823) Accumulated derivative instrument gain, end of period $ — $ —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Health Insurance (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Accounting Policies [Abstract]
Health insurance maximum risk of loss liability per employee insurance plan (up to)	$ 600
Health insurance maximum aggregate amount of risk of loss liability for employee insurance plans (up to)	$ 280

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Earnings per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Common stock equivalents (in shares)	360	428	304	428
Anti-dilutive common stock equivalents (in shares)	95	304	186	301

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Equity Method Investment (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 23, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Loss on equity method investment				$ 750	$ 2,737
Notes receivable issued to joint venture						$ 6,800
Notes receivable, net		$ 0		0		4,825
WorkLLama | WorkLLama
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest	50%
WorkLLama
Schedule of Equity Method Investments [Line Items]
Percent ownership of equity method investment							50%
Loss on equity method investment		$ 0	$ 900	$ 800	$ 2,700
Proceeds from sale of equity method investments	$ 6,000
Proceeds from sale of equity method investments, net of transaction costs	$ 5,100
WorkLLama | Notes Receivable
Schedule of Equity Method Investments [Line Items]
Reserve related to note receivable						$ 1,900

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Exercise Tax (Details) $ in Millions		3 Months Ended	9 Months Ended
	Aug. 16, 2022	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
US Federal nondeductible excise tax	1%
Fair market value of shares repurchased	0.01
Excise tax related to IRA		$ 0.2	$ 0.4

Reportable Segments - Schedule

Reportable Segments - Schedule of Operations of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 373,122	$ 437,620	$ 1,168,309	$ 1,291,103
Gross profit	103,461	126,670	327,703	381,628
Operating and other expenses	87,609	96,257	263,873	288,383
Income from operations, before income taxes	15,852	30,413	63,830	93,245
Technology
Segment Reporting Information [Line Items]
Revenue	338,289	390,496	1,055,158	1,134,996
Gross profit	89,401	107,793	283,297	320,160
FA
Segment Reporting Information [Line Items]
Revenue	34,833	47,124	113,151	156,107
Gross profit	$ 14,060	$ 18,877	$ 44,406	$ 61,468

Disaggregation of Revenue - Sch

Disaggregation of Revenue - Schedule of Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 373,122	$ 437,620	$ 1,168,309	$ 1,291,103
Flex revenue
Disaggregation of Revenue [Line Items]
Total Revenue	364,161	422,968	1,138,163	1,244,533
Direct Hire revenue
Disaggregation of Revenue [Line Items]
Total Revenue	8,961	14,652	30,146	46,570
Technology
Disaggregation of Revenue [Line Items]
Total Revenue	338,289	390,496	1,055,158	1,134,996
Technology | Flex revenue
Disaggregation of Revenue [Line Items]
Total Revenue	334,253	382,072	1,040,103	1,109,294
Technology | Direct Hire revenue
Disaggregation of Revenue [Line Items]
Total Revenue	4,036	8,424	15,055	25,702
FA
Disaggregation of Revenue [Line Items]
Total Revenue	34,833	47,124	113,151	156,107
FA | Flex revenue
Disaggregation of Revenue [Line Items]
Total Revenue	29,908	40,896	98,060	135,239
FA | Direct Hire revenue
Disaggregation of Revenue [Line Items]
Total Revenue	$ 4,925	$ 6,228	$ 15,091	$ 20,868

Allowance for Credit Losses - S

Allowance for Credit Losses - Schedule of Allowance for Credit Losses (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 1,006
Current period provision	560
Write-offs charged against the allowance, net of recoveries of amounts previously written off	(708)
Allowance for credit losses, ending balance	$ 858

Allowance for Credit Losses - N

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Amount unrelated to trade receivables included in allowance	$ 0.6	$ 0.6

Other Assets, Net - Schedule of

Other Assets, Net - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Assets held in Rabbi Trust	$ 35,881	$ 31,976
Right-of-use assets for operating leases, net	$ 14,937	$ 17,102
Operating lease, right-of-use assets, financial statement location	Total Other assets, net	Total Other assets, net
Capitalized software, net	$ 16,009	$ 16,149
Deferred loan costs, net	718	881
Notes receivable, net	0	4,825
Other non-current assets	4,234	4,838
Total Other assets, net	71,779	75,771
Accumulated amortization of capitalized software	$ 37,800	$ 36,600

Current Liabilities - Schedule

Current Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts payable and other accrued liabilities:
Accounts payable	$ 47,073	$ 49,600
Accrued liabilities	20,180	23,192
Total Accounts payable and other accrued liabilities	67,253	72,792
Accrued payroll costs:
Payroll and benefits	36,698	41,506
Payroll taxes	1,838	2,633
Health insurance liabilities	3,721	3,481
Workers’ compensation liabilities	483	749
Total Accrued payroll costs	$ 42,740	$ 48,369

Credit Facility (Details)

Credit Facility (Details) - Revolving Credit Facility - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Oct. 20, 2021
Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt – credit facility	$ 21,400,000	$ 25,600,000
Credit Facility
Line of Credit Facility [Line Items]
Initial maximum borrowing capacity			$ 200,000,000
Accordion feature, increase limit			$ 150,000,000

Other Long-Term Liabilities - S

Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Deferred compensation plan	$ 37,550	$ 36,390
Operating lease liabilities	$ 12,560	$ 16,380
Operating lease liabilities, financial statement location	Total Other long-term liabilities	Total Other long-term liabilities
Other long-term liabilities	$ 28	$ 3
Total Other long-term liabilities	$ 50,138	$ 52,773

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 20, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 6	$ 4.5	$ 14.6	$ 13.3
Option or Stock Appreciation Right
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares reserved for grant (in shares)					1
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares reserved for grant (in shares)					2.72
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expenses	$ 29.5		$ 29.5
Weighted average period expected to be recognized			4 years 6 months
2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)					3,200,000

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Number of  Restricted Stock
Outstanding, at beginning of period (in shares) | shares	911
Granted (in shares) | shares	70
Forfeited (in shares) | shares	(89)
Vested (in shares) | shares	(49)
Outstanding, at end of period (in shares) | shares	843
Weighted-Average Grant Date Fair Value
Outstanding, as of beginning of period (in dollars per share) | $ / shares	$ 54.42
Granted (in dollars per share) | $ / shares	57.40
Forfeited (in dollars per share) | $ / shares	53.59
Vested (in dollars per share) | $ / shares	48.41
Outstanding, as of end of period (in dollars per share) | $ / shares	$ 55.11
Total Intrinsic Value of Restricted Stock Vested
Vested | $	$ 2,952

Derivative Instrument and Hed_3

Derivative Instrument and Hedging Activity - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($) derivative_instrument	Sep. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Number of Instruments Held | derivative_instrument	2
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instruments and hedges, liabilities | $	$ 0	$ 0

Derivative Instrument and Hed_4

Derivative Instrument and Hedging Activity - Schedule of Activity in the Accumulated Derivative Instrument Gain (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	$ 182,198	$ 188,406
End of period	178,952	208,976
Accumulated Derivative Instrument Gain
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	0	823
Net change associated with current period hedging transactions	0	(823)
End of period	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Employees under contract terminated by employer without good cause or in absence of change in control	$ 35
Employees under contract terminated by employer without good cause or change in control	$ 15.7