Kforce Inc. (NASDAQ:KFRC) Q1 2023 Earnings Conference Call May 8, 2023 5:00 PM ET
Company Participants
Joe Liberatore - President and Chief Executive Officer
Kye Mitchell - Chief Operations Officer
Dave Kelly - Chief Financial and Administrative Officer, Secretary
Conference Call Participants
Mark Marcon - Baird
Trevor Romeo - William Blair
Tobey Sommer - Truist Securities
Kartik Mehta - Northcoast Research
Marc Riddick - Sidoti
Operator
Good afternoon, ladies and gentlemen. Welcome to the Kforce First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that this call is being recorded.
And at this time, I would like to turn things over to Mr. Joe Liberatore, President and CEO. Please go ahead.
Joe Liberatore
Good afternoon. This call contains certain statements that are forward-looking. These statements are based upon current assumptions and expectations and are subject to risks and uncertainties. Actual results may vary materially from the factors listed in Kforce's public filings and other reports and filings with the Securities and Exchange Commission. We cannot undertake any duty to update any forward-looking statements. You can find additional information about our results in our earnings release and our SEC filings. In addition, we have published our prepared remarks within the Investor Relations portion of our website.
On this call, we will discuss certain non-GAAP items. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the impact these items and events have on the financial results. Our earnings press release provides the reconciliation of differences between GAAP and non-GAAP financial measures.
Let me start by offering a few comments about the current operating environment, which is informed by our internal metrics, discussions with clients, and other industry data points. There is a heightened degree of uncertainty in the macroeconomic environment as we sit here today versus one quarter ago with two 25 basis point Fed interest rate hikes; the collapse of several financial institutions; a recent rise in unemployment claims and other factors that all point to a higher likelihood that the U.S. economy could fall into a recession. Our clients, broadly speaking, continue to exercise restraint against the backdrop of this uncertainty as it relates to certain technology spend that can be moderated without significant impacts. We have not seen; however, instances of mission critical projects being postponed.