The Hackett Group, Inc. (NASDAQ:HCKT) Q1 2023 Results Conference Call May 9, 2023 5:00 PM ET
Company Participants
Rob Ramirez - Chief Financial Officer
Ted Fernandez - Chairman and Chief Executive Officer
Conference Call Participants
George Sutton - Craig Hallum
Jeff Martin - Roth MKM
Vincent Colicchio - Barrington Research
Operator
Welcome to The Hackett Group First Quarter Earnings Conference Call. Your lines have been placed on a listen-only mode until the question-and-answer session. Please be advised the conference is being recorded. Hosting tonight’s call are Mr. Ted Fernandez, Chairman and CEO; and Mr. Rob Ramirez, Chief Financial Officer.
Mr. Ramirez, you may begin.
Rob Ramirez
Good afternoon, everyone and thank you for joining us to discuss The Hackett Group's first quarter 2023 results. Speaking on the call today and here to answer your questions are Ted Fernandez, Chairman and CEO of The Hackett Group; and myself, Robert Ramirez, Chief Financial Officer.
A press announcement was released over the wires at 4:24 PM Eastern time. For a copy of the release, please visit our website at www.thehackettgroup.com. We will also place any additional financial or statistical data discussed on this call that is not contained in the release on the Investor Relations page of our website.
Before we begin, I would like to remind you that the following comments and in the question-and-answer session, we will be making statements about expected future results, which may be forward-looking statements for the purposes of the federal securities laws. These statements related to our current expectations, estimates and projections and are not a guarantee of future performance. They involve risks, uncertainties and assumptions that are difficult to predict and which may not be accurate. Actual results may vary. These forward-looking statements should be considered only in conjunction with the detailed information, particularly the risk factors contained in our SEC filings.
At this point, I would like to turn it over to Ted.
Ted Fernandez
Thank you, Rob and welcome everyone to our first quarter earnings call. As we normally do, I will open the call with some overview comments on the quarter. I will then turn it back over to Rob to comment on detailed operating results, cash flow as well as comment on outlook. We will then review our market and strategy-related comments, after which, we will open it up to Q&A.
Before I move to our quarterly results, let me start by mentioning our 2022 results and the comps that they will provide to our 2023 performance. In 2022, we had a very strong first half of the year with operating results exceeding our guidance in Q1 and Q2 by $0.03 in each quarter of that prior year. By the middle of the year, the impact of Fed interest rate increases started to disrupt economic growth and resulted in extended client decision making.