Kforce Inc. (NASDAQ:KFRC) Q1 2022 Earnings Conference Call May 2, 2022 5:00 PM ET
Company Participants
Joe Liberatore – President and Chief Executive Officer
Kye Mitchell – Executive Vice President and Chief Operations Officer
Dave Kelly – Executive Vice President, Chief Financial and Administrative Officer
Conference Call Participants
Mark Marcon – Baird
Marc Riddick – Sidoti
Tobey Sommer – Truist Securities
Kartik Mehta – Northcoast Research
Operator
Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today. At this time, I would like to welcome everyone to the Kforce Q1 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]
It is now my pleasure to turn today’s call over to Mr. Joe Liberatore, President and CEO. Sir, please go ahead.
Joe Liberatore
Good afternoon. This call may contain 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. We delivered another quarter of exceptional performance in the first quarter as both revenue and earnings per share meaningfully exceeded the top end of our guidance. It has been widely publicized that the COVID pandemic accelerated many years of technology adoption and advancements. This has resulted in a corresponding acceleration in demand for highly skilled talent to assist companies across every industry to rapidly digitize business models. The strength in our financial performance continues to be led by strong growth in our Technology business.
As our business continues to become more highly concentrated in technology, it is also driving significant increases in profitability levels, which meaningfully accelerated and were at Firm record levels in the first quarter. Kye Mitchell and Dave Kelly will speak to our results in greater detail.
Since growth resumed shortly after the onset of the pandemic, we have quarter-after-quarter, improved our performance and raised our own internal expectations of what is possible. The improvement in our performance starts with our strategic positioning over the past 10 years. My thanks go out to our leadership team and associates for continuing to stay true to our strategic vision and for their relentless execution. Strategy without execution matters very little and I’m proud of our team’s consistent execution and unwavering commitment to serving our clients and candidates. We are clearly capturing market share and are growing at over triple the market rate in our Technology business in the strongest demand environment I have ever experienced in my 34 years at Kforce.