HireRight Holdings Corporation (NYSE:HRT) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET
Company Participants
Guy Abramo - President and Chief Executive Officer
Tom Spaeth - Chief Financial Officer
Conference Call Participants
Manav Patnaik - Barclays
Hans Hoffman - Jefferies
Ashish Sabadra - RBC Capital Markets
Gus Gala - Truist securities
Mark Marcon - Baird
Kevin McVeigh - Credit Suisse
Shlomo Rosenbaum - Stifel
Devin Au - Keybanc Capital Markets
Operator
Good afternoon ladies and gentlemen. And welcome to the HireRight Second Quarter 2022 Conference Call. Joining today's call is the company's President and Chief Executive Officer, Guy Abramo; and Chief Financial Officer, Tom Spaeth. [Operator Instructions]
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 related to HireRight's market opportunities, customer retention, competitive differentiation, growth expectations, operational improvements, strategies to increase revenue and margins, growth prospects for industry sectors and our international business, labor market and economic trends, future cash flows, and financial performance including 2022 guidance. 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 forward-looking statement is contained in Form 10-K filed with the Securities and Exchange Commission, in particular, in the section of the document entitled Risk Factors, Forward-looking Statements, and Management's Discussion and Analysis of Financial Condition and Results of Operations.
Now it is my pleasure to turn the call over to Guy Abramo.
Guy Abramo
Thank you, operator, and good afternoon, everyone. We're pleased to have you with us today to discuss another set of strong quarterly results. I'll hit the highlights and Tom will walk through the details as usual.
Second quarter revenue was up a robust 26% over the corresponding prior year period reaching a record $222 million. This strength reflects our continued high client retention and upsell rates, new logo wins and secular trends resulting in continued strong demand for labor in our targeted end markets. Our strong performance over the last four quarters reflects our full recovery from the pandemic impacted periods of 2020 and early 2021. And we expect solid but more normalized growth over the medium to longer term.