HireRight Holdings Corporation (NYSE:HRT) Q4 2022 Earnings Conference Call March 9, 2023 5:00 PM ET
Company Participants
Guy Abramo - President and Chief Executive Officer
Tom Spaeth - Chief Financial Officer
Conference Call Participants
Daniel Maxwell - William Blair & Company
Sam Salvas - Needham & Company
Kevin McVeigh - Credit Suisse
George Tong - Goldman Sachs
Hans Hoffman - Jefferies Group LLC
Ronan Kennedy - Barclays
Mark Marcon - Robert W. Baird & Co.
Shlomo Rosenbaum - Stifel Financial Corp.
Ashish Sabadra - RBC Capital Markets
Jason Celino - KeyBanc Capital Markets Inc.
Operator
Good afternoon, ladies and gentlemen, and welcome to HireRight Fourth Quarter 2022 Conference Call. Joining us today is the company’s President and Chief Executive Officer, Guy Abramo; Chief Financial Officer, Tom Spaeth; and Andrew Hay, Vice President of Treasury and Investor Relations. At this time, all participants are in a listen-only mode.
I remind everyone that management will refer to certain non-GAAP financial measures. An explanation and reconciliation of these measures to the most comparable GAAP financial measures is included in the press release issued today, which is available in the Investor Relations section of HireRight’s website.
Also, during this call, management’s remarks will include forward-looking statements, including related to macroeconomic conditions, demand for the company’s services and the company’s technology improvement and cost reduction initiatives. Such statements are predictions and actual results may differ materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Form 10-K filed with the Securities and Exchange Commission. In the sections of that document entitled, Risk Factors, Forward-Looking Statements, and Management’s Discussion and Analysis of Financial Condition and Results of Operations.
It’s now my pleasure to turn the call over to Guy Abramo. Mr. Abramo, please go ahead.
Guy Abramo
Thank you, operator, and good afternoon, everyone. I appreciate everyone taking the time with us today as we share our fourth quarter and full year 2022 results. To begin, I’m very pleased that despite continued macroeconomic headwinds, we achieved strong results in 2022 and exceeded the guidance we provided on our third quarter earnings call.
As we noted, during that call, we observed the slowing trend in hiring volumes, which continued throughout the fourth quarter, with many companies announcing staffing reductions, or the delay in hiring driven primarily by a general nervousness on the economic outlook. Since that third quarter call that apprehension has been confirmed with additional announced workforce reductions, as well as national data which showed an 11% reduction in hires in the fourth quarter versus the prior year.