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HireRight reported strong second quarter 2022 financial results, with revenues of $222.3 million, up 26% from the previous year. Operating income surged to $29.9 million, marking a 73.5% increase, while net income rose to $24.4 million from a net loss of $3.6 million in 2021. Adjusted EBITDA climbed 40% to $53.7 million. For the first half of 2022, revenues reached $421 million, a 29% year-over-year increase. The company updated its full-year 2022 outlook, anticipating revenues between $820,000 and $830,000.
HireRight (NYSE: HRT) released its 15th Annual Global Benchmark Report titled “The Talent Game,” which surveyed over 2,300 HR and risk professionals worldwide. The report highlights trends in background screening, talent acquisition, and remote work. Key findings include a projected increase in challenges related to meeting candidates' benefits expectations, a rise in social media screening, and extended background checks for non-employee workers. Additionally, hiring difficulties persist, with prolonged hiring times and high resignation rates reported across regions.
HireRight (NYSE: HRT) will announce its second quarter 2022 earnings on August 4, 2022, after market close. A conference call for discussion will be held at 5:00 pm ET on the same day, accessible via dial-in number 1-855-327-6837, and streamed live on their website. A recording of the call will remain available until August 18, 2022.
HireRight specializes in technology-driven workforce risk management solutions, screening over 29 million job applicants in 2021.
HireRight Holdings (NYSE: HRT) has successfully amended and upsized its revolving credit facility, raising the committed line to $145 million as of June 3, 2022. This move aims to enhance its growth strategy and extend the facility's maturity to April 1, 2027. Key banking partners, including Goldman Sachs and Bank of America, contributed to this expansion, which now employs interest rates linked to the Secured Overnight Financing Rate (SOFR). This strategic adjustment reflects solid backing from financial institutions and positions HireRight for future growth.
HireRight (NYSE: HRT) announced its participation in several investor conferences. The schedule includes:
- Baird 2022 Global Consumer, Technology and Services Conference on June 6, 2022, at 10:15 A.M ET.
- Stifel 2022 Cross Sector Insight Conference on June 7, 2022, at 8:35 A.M ET, viewable here.
- William Blair 42nd Annual Growth Stock Conference on June 8, 2022, at 10:00 A.M ET, viewable here.
Webcasts will be available on the HireRight investor relations website.
HireRight Holdings Corporation (NYSE: HRT) reported a 33% increase in revenues for Q1 2022, totaling $198.7 million, up from $149.6 million in Q1 2021. Operating income surged to $20.0 million from $5.7 million, while net income improved to $11.6 million compared to a net loss of $12.0 million a year prior. Adjusted diluted EPS rose to $0.37 from $0.12. The company raised its full-year 2022 financial outlook, projecting revenues between $815,000 and $825,000 and adjusted diluted EPS estimates between $1.51 and $1.64, reflecting positive momentum in the labor market.
HireRight (NYSE: HRT) has launched a suite of background screening solutions specifically designed for small and medium-sized motor carriers. These services, accessible via backgroundchecks.com, enable trucking companies to efficiently manage employment risks and comply with U.S. Department of Transportation (DOT) regulations. New offerings include DOT Compliance Employment Verification and Drug & Alcohol Employment Verification. With approximately 1.6 million truck drivers operating in the U.S. under small fleets, this initiative aims to support this vital segment of the transportation industry.
HireRight (NYSE: HRT) will release its first quarter 2022 earnings after market close on May 12, 2022. A conference call to discuss the results is scheduled for 5:00 p.m. ET on the same day, accessible at 1-855-327-6837 or via their website. The earnings call replay will be available until May 26, 2022. HireRight offers background screening and related services to over 40,000 clients globally, screening more than 29 million candidates in 2021.
HireRight Holdings Corporation (NYSE: HRT) reported a significant 32.3% revenue growth in Q4 2021, reaching $198.5 million compared to $150.1 million in Q4 2020. The company also improved its operating income to $7.3 million from a loss of $0.2 million. For the full year 2021, revenues soared to $730.1 million, a 35.1% increase year-over-year. HireRight raised over $390 million from its IPO and provided a full-year 2022 guidance with expected revenues between $805 million and $820 million.
HireRight (NYSE: HRT) has officially established a legally incorporated subsidiary in Mexico, enhancing its regional support for clients in Latin America. This strategic move allows the company to offer more localized services and better cater to its expanding customer base, which includes Fortune 500 companies in various sectors. HireRight has seen growth in Latin America as employers increasingly adopt global background screening processes, further driving demand for their services in light of evolving employment legislation.