Kforce, Inc. (NASDAQ:KFRC) Q3 2022 Earnings Conference Call October 31, 2022 5:00 PM ET
Company Participants
Joseph Liberatore - CEO, President & Director
Kye Mitchell - EVP & COO
David Kelly - EVP, Chief Financial & Administrative Officer and Corporate Secretary
Conference Call Participants
Timothy Mulrooney - William Blair & Company
Marc Riddick - Sidoti & Company
Kartik Mehta - Northcoast Research Partners
Tobey Sommer - Truist Securities
Mark Marcon - Robert W. Baird & Co.
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Kforce Third Quarter 2022 Earnings Conference Call. [Operator Instructions].
Joseph Liberatore, President and CEO, you may begin your conference.
Joseph 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.
I'm pleased with our overall performance in the third quarter as revenues and earnings per share were near the top end of our guidance, again, led by strong sequential and year-over-year growth in our technology business.
The macro environment certainly became cloudier in the third quarter with persistently elevated levels of inflation, rapidly rising interest rates, which, among other reasons, is impacting prospects for global and domestic economic growth.
We mentioned in our prior earnings call that we experienced a degree of moderation in our KPIs towards the end of the second quarter. While trends in the third quarter were below levels experienced in 2021 and the first half of 2022, they remain above pre-pandemic levels. Though certain of our clients have become increasingly cautious as they prepare for the potential of a U.S. recession, the criticality of the projects we are supporting is continuing to drive demand for highly-skilled technology talent.
The war for technology talent is real with far more open jobs and available skilled talent. The strength of the secular drivers of demand in technology was accelerated coming out of the Great Recession by mobility, big data, the cloud and the rapid expansion of consumer-facing technology initiatives. The pandemic has only accelerated a strategic imperative for all businesses to further digitize their business to enhance consumer and employee experiences. These collective technology drivers give us an increased level of confidence in expecting our business to thrive during strong economic times and to be relatively insulated during adverse economic times.