Start Time: 17:00 January 1, 0000 5:49 PM ET
Kforce Inc. (NASDAQ:KFRC)
Q1 2024 Earnings Conference Call
April 29, 2024, 17:00 PM ET
Company Participants
Joe Liberatore - President and CEO
David Kelly - COO and Corporate Secretary
Jeffrey Hackman - CFO and Principal Financial Officer
Conference Call Participants
Mark Marcon - Baird
Kartik Mehta - Northcoast Research
Trevor Romeo - William Blair
Marc Riddick - Sidoti
Josh Chan - UBS
Toby Summer - Truist
Operator
Good day, everyone, and welcome to the Kforce First Quarter 2024 Earnings Call. Today's call is being recorded.
I would now like to turn the call over to Joe Liberatore, President and CEO. Please go ahead, sir.
Joe Liberatore
Good afternoon. Thank you for your time today. This call contains certain statements that are forward-looking and 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 SEC. 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 our Investor Relations portion of our website.
Our first quarter performance was generally consistent with our expectations, and we were encouraged by March trends in our Technology business. Operating trends over the past two quarters and discussions with our clients indicate to us that the current operating environment is more stable and constructive than it was throughout most of 2023. There remains uncertainty as to whether or not the U.S. economy will fall into a recession. The dialogue surrounding interest rate cuts has shifted from a discussion referencing the number of anticipated cuts and when we should expect cuts in 2024 to if there will be any cuts at all this year. Geopolitical concerns, including the war in Ukraine, the recent expansion of the war in Israel with Iran's aggression, further complicate forward-looking visibility. Against this backdrop, our clients, broadly speaking, have continued to exercise a degree of caution initiating new technology investments. Importantly, this restraint does not appear to be increasing but rather appears to be fairly stable.
As we look beyond the current uncertainties, we continue to be encouraged by the backlog of strategic imperative investments that we expect to be high priorities for our clients once the macro uncertainties begin to clear. Technology investments are simply not optional in today’s competitive and disruptive business climate. Given the secular underpinnings, there is simply no other market we want to be focused in other than the technology talent solutions space.