HireQuest (HQI) 21 Mar 242023 Q4 Earnings call transcript

Good afternoon, everyone, and thank you for participating in today's conference call to discuss HireQuest's financial results for the fourth quarter and year ended December 31, 2023. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to John Nesbett of IMS Investor Relations. Please go ahead.

Thank you. everybody call. welcome to like to the I'd Hosting Rick Steven Hermanns; today are Crane. Executive Officer, HireQuest's Chief and the call Chief Financial Officer, harbor I'd read a take statement. safe like moment to the to Act as This call Section the amended Securities of contains Section statements Exchange XXXX of conference defined Act as XXXX of forward-looking XXA within of XXE the and Securities as amended. relate other uncertainties statements expect, on will intend, should they or anticipate, and depend terms and may, risks as comparable events such in involve circumstances These occur forward-looking future. terms and in to because will, that the These or performance which results such are not and and well and HireQuest from statements are the statements regarding differ include with those management guarantees the uncertainties, reports forward-looking statements Quest actual involve as Securities those statements higher investors by intent, any of such current forward-looking risks expectations that including as may that periodic its and of future statements. belief are in described of such in filed contemplated materially assumptions Exchange Commission, and based. Prospective members cautioned as forward-looking Except changed to securities by no HireQuest conditions. statements reflect or update required obligation to undertakes federal revise law,

to Rick turn Rick. now over would of call HireQuest, I like CEO Hermanns. to ahead, go Please the

of over a continues industry. year around economic continued Thank strategy XXXX. recruiting year an profitability call. the full and full revenue our turn you, as fourth results and Both characterized our full And XXXX and the everyone, financial and I'll our execution to challenging by for then despite we model our results. joining staffing fourth providing Steve, and of quarter achieved of of call overview share the the and that and growth today's growth business environment to impact will year financial quarter fourth our demonstrated begin strength more were by quarter strategic for I'll who highlights details

increased in $XXX.X XX.X% XX.X% System-wide to fourth franchise to to $X.X in to the increased revenue million, royalties quarter million million. sales XXXX. and compared quarter fourth increased Our $X.X million $XXX.X

increased and in $XX.X were Full million, the year, compared royalties million $XXX.X year revenue XX.X% total For $XX.X full grew XX.X% million. to system-wide XXXX. sales $XXX.X to to million franchise

compare line primarily top full franchisees hampered and were organic geographic and a the and down speaks both and by These only and but MRINetwork results result not franchisees. year in favorably diversification the quarter industry really our The by We who strength down cultivated for resiliency for the franchise the recruitment HireQuest our the model, the only X.X% very the our to direct by to the our of also year While staffing year fourth encouraged our were of our as grew finished X%. acquisition. the state of selling XXXX, public franchisees and growth. who private of competitors demonstrates customer

executive recruiting and either. said historically immune MRI the skilled Tradecore, see headwinds markets in royalty some to really staffing standardized offering, a standardized less gain past, this very base, of wasn't had the excited from as launched the MRINetwork recently its But last year. continue Our XXXX. trades starting traction though less we're to professional model. to into small momentum we've and started to has

sales system-wide in decreases to So royalty don't translate decreases in necessarily revenues.

our line. bottom reported impact SG&A to continued expenses Our

and million ad QX onetime the expenses, our core at workers' SG&A, MRI XXXX. XXXX release services to However, million QX today's press were We expense, charges. provide SG&A expenses with in which in compensation are really corresponding fund details a $X.X which $X.X core compared just on excludes in pass-through effectively flat revenue

plenty increase the absolute or a acquisitions fixed a of current each capacity of quarters. linear for dollars us take decreased X the additional SG&A core percentage of this in believe of organically fact, with without driven increased past revenue either system-wide in expense sales, both to total through costs. We as and level advantage In provides

our Over compensation workers' a Total million couple of the expense expense. XXXX benefit workers' net net in past of compensation $X.X for quarters, $X.X about time a was fair spent net XXXX. million compared I amount to of talking

on X I've calls, mentioned As previous factors that this are number. there impact primary

in bad future prior policy had predict First the year our while loss the policy which Unfortunately, X/X us, would expect to changes for is year. year-to-date experience policy bad for but 'XX for 'XX, experiences. us, of seen comp we to collected 'XX us last year, expected net historically down 'XX, remaining and year. premium repeat our the for a expense was and losses the accounted any expense, accounting rates haven't of X/X losses anything particularly policy we were And for The approximately we the that can't year, up difference to rates, loss loss our is in amounts between the our policy second expected prior this or the lead the for below the expected years.

carrier to progress the on year steps side and of the that our taken some of take the the starting equation see will the actions through changes help normalize with margins We our as shortfall QX these expense effect. relief to component we've believe in address Additionally, we and XXXX. expect

leader a our competency core with We to are and competitive staffing manage regards to be we expense to ability believe in industry a continues it advantage. and that workers' to the continue compensation

solid balance This maintaining strategy, a acquisition recently, quarter Tech an is the to growth in XXXX. of a our acquisition be on and fourth we executing the Arkansas, the accretive sheet. we continues while our it excellent M&A lost XXXX services we a Most in staffing be in low the to of keeping of continued and while announced environment. expanded that strong component key leverage and due it for has proven economic the opportunities market Central operations as us we've acquisition selling example some for leverage as in of look well. Northwest that of operating MRINetwork restoring to challenging in the our

have revenues down a industry past healthy headwinds, as MRI result demonstrated of has been profitability this year. While

that point been sales all maintain million over and increased transactions. XXXX, M&A, out positioned for million highlight of end increased finished that believe XXXX. $XX.X diluted at fully solutions only as system-wide from we've healthy flow million financed our have and exclusively in acquisitions operations, like search our We've executive we Additionally, cash just improve that staffing demand can these invested debt will million. drive that throughout to it beginning is, be also $XX.X shy line sheet we've to leverage We to leverage Since well $XX over with with and balance we with low from the time $XX.X relates that to by I'll able I'd of bottom a capabilities of net XXXX $XXX increased of about almost HireQuest enhance million. That for our operations. shareholders. growth our to premier and value shares the recovers, offerings staffing as and

over pass Chief now look Crane, quarter Steve a the I'll Officer, Steve? provide year closer who our Financial to call results. will to fourth and full our

good Thank everyone. afternoon, you, Rick, and

total the of million an XX.X% to revenue quarter million for year last $X.X the in XXXX. revenue $X compared full mentioned increase same earlier, year, fourth XXXX for was Rick $XX.X $XX the to increased quarter XXXX to of XX.X%. million As for of million Total compared

revenue components: service pass-through primary of quarter, made royalties, Our franchise services franchisees, which also is and includes certain from revenue, is other advertising fund. which from charge is it up X our source the and starting total to of miscellaneous past revenue revenue, interest and our revenue generated this MRINetworks

million the Franchise fourth XX.X%. year, quarter royalties million an same for compared quarter last $X.X for the were increase to of $X.X

reflect same the in the million royalties are fund of XXXX. of $XXX,XXX a advertising $XX.X receivable, same million Service revenue not $XXX.X which including quarter other are fourth increase to franchisees those composed classified the XXXX, of revenue. revenue, XX.X%. is on MRINetworks sales quarter our miscellaneous at ago. offices, quarter as fourth to performance compared System-wide all growth indicator. an our XXXX, For XX.X% full increased helpful $XXX.X system-wide franchise revenue sales, service for were year the to Underlying overdue compared discontinued. System-wide fees, part year our to interest period is compared million for to charge $XX.X the for $XXX,XXX contextual of the but Service and in in sales royalties which was for revenue million accounts sales

million accounts period. expenses the for system-wide factors, The expense corresponding including revenue quarter receivable, XXXX to and QX of contributed general were of million in compared prior growth changes SG&A. similar in administrative fluctuate from a ad in can in fund sales, insurance Selling, offset the dynamics. $XXX,XXX on and number a by revenue quarter-to-quarter and $X.X based in fourth year $X.X Service is renewals

year expense, SG&A drivers: were expenses The SG&A year, million support X attributable is compared $XX.X the and primary MRINetwork we to growth in to increased in expenses full million and of fourth the quarter our the increase in during and acquisition compensation workers' XXXX. to fund For $XX.X in for system-wide integration expense, full are the and SG&A. sales the advertising $XXX,XXX incurred included quarters second first expense increased year which

compared quarter workers' For in was the the of to XXXX, fourth approximately $XXX,XXX $X.X in compensation fourth million quarter XXXX. expense

$X.X year For of benefit expense year, XXXX. to million full the full million in was compared approximately the workers' compensation net $X.X a

$X.X and benefits. quarter for of were of employee benefits the Beyond million salaries versus prior component XXXX fourth period. million in year the compensation, workers' $X largest SG&A is Salaries the and

full For XXXX. of the XXXX, $XX.X million year million versus in were and benefits $XX salaries

current period. prior discontinued was salaries personnel MRI, recruiting from most increased services. we by income fees We completed year looking adjusted million quarter includes need from Also costs. expected based as our for We largely quarter integration included SG&A had taxes additional expenses for to full similar in MRI's MRINetwork for in XXXX. don't an interest, to quarter, marketing, IT, income Net operations. benefits $XX,XXX anticipate the income upon this reflects level the compared Net integrated costs and for third miscellaneous revenue SG&A related $X.X were operations insurance, as items, professional well expenses recent the year and as income and including and volumes increased to ahead executive

fourth from offices operations by diluted compared per of the income or was the share the $X.XX related income million quarter of Net franchisees. per impacted $X.X $X.XX for in SG&A, tech diluted income to fourth to share or $XXX,XXX continuing resale last $X.X net quarter million quarter net increased the negatively continuing in Besides the from was charge year. operations to

million of $X.X diluted income full share the compared XXXX, period. Net the in year continuing income million For per $X.X was for share with the full $XX to or million operations XXXX. year was in $X.XX million per diluted $XX.X net combined year $X.XX from prior or XXXX

of last the compared Adjusted to fourth EBITDA million in the was quarter year. XXXX million $X.X quarter fourth $X.X in of

$XX.X detailed We full was the $XX our believe million noncash EBITDA is is shortly. operating due us adjusted the will of year, running XX-K, income be in provided a For reconciliation in filed through adjusted P&L. for EBITDA A XXXX. compared million expenses size to our to EBITDA net which metric adjusted of to relevant

sheet. now Moving to on the balance

of current of cash of and at XX, December $XX.X net million capital of Our XX, XXXX. XXXX, XX.X% year-end December of XXXX, by receivable. million liabilities to million while December $XX.X at as assets assets XX, included receivable was $X versus December accounts Current of cash exceeded Current compared $XX.X $XX.X and assets of December included million working liabilities $XX.X XX, at accounts $XX.X versus XXXX, current current at XX.X% million XX, assets were XXXX, at net XXXX. current million. current XXXX, million when December assets were XX, XX, December Current $X.X XXXX assets at million

credit working as believe needs flexibility assuming million our had on on for we potential in capacity acquisitions. well the compliance. short-term At room million our availability, XXXX, credit provides December covenant and us another as capitalized $XX.X We facility facility XX, $XX.X drawn and continued with capital

dividend XX, share We have March XXXX, record paid common XXXX. shareholders paid X. Continuing dividend March regular $X.XX third of as to a of the that since a per quarterly of on we quarter pattern,

call paid we pay to dividend $X.XX to XXXX, in back continue the For discretion. With for over per common amount share, I will to of the year that, comments. Board's expect Rick and subject quarter, some we the the dividends full turn closing to each a

Thank you, Steve.

and despite full our the profitability XXXX environment that fourth Our to both staffing growth is recruiting quarter ability the of economic currently and and year in drive demonstrates the industry. challenging impacting overall performance

right we on focus bottom control now can Our expenses and reducing is improve controlling line. to what our

to company and term, manage growth best the its per a with of allocating and long substantial maximizing of insiders Looking members own view on and share. board earnings a capital the use percentage and we will company, highest

that like and all to for and of dedication would franchises, long-term our past thank for excited value are our quarter believe shareholders. XXXX. I for franchisees well to this hard their We're employees driving and continue to our XXXX we always, work As throughout and positioned and

With that, line to we can now questions. open the

from comes question First Instructions] Steinke Kevin Barrington [Operator with Research.

off how you that to of start think would much March about renewal going insurance accomplish to mean in want by like I -- policy with the terms maybe I accomplished you workers' relative compensation. you X to do asking forward?

Kevin. Thanks,

rate what So say stated, things. in be that we structured you've of adequate. it won't you months X I -- had a will as the somewhat we've in our March for X accomplished, remaining that really -- and as renewed if that X, rates I that XX policy, be bad. believe -- on is more it's be -- I we've think the would the is way do inadequacy probably as as One Frankly, years, such far that the year, will

So about I'm million a not we're $X.X saying out, -- to expense. that as net there's we going pointed

And want sustain. or to sustain something we can obviously obviously, that's not

And allow half around structure new somewhere so us recover I of that. to think the will that

Now is March some it's the really from was expense some as part control the that on in to for. type X, of That's had well of ended XXXX. what also development my remarks difficult bad XXXX you policy just -- had

them controlling very excellent we've closed our think For quickly. hard. work done job I claims years, We is XX We expenses. what in an

close amount. incentives 'XX our for reasonable make together franchisees completely And control quickly in I what policy seen what have that -- to at I've stated, sure 'XX, thus never nothing we're a expired, it's of just comes happens. close policy in can the the to working you to I the that the to far that that claims at nothing get there and We is But that end was. there's anything as XX-XX day, --

So probably like narrow that again, will we the don't not, 'XX, we that but would that program? achieve if But know or profitability we that's I not. workers' closer. your but breakeven Probably in answers I comp question, think to gap in will certainly much

did That my it. Got question. answer

also need the XXXX. ask I mentioned So for additional wanted in core expenses in I the G&A expenses, $X.X you to no quarter. about million believe

look rate? $X.X So continues a is environment of would be if to the SG&A Or expenses million reduce that soft. to demand core run good you potentially

think number. good I is $X.X million that So the quarter per a -- is good a

taken Now reduced still? end literally already the steps perm by of $XXX,XXX, course, be we'll can have would another month, SG&A. by of about that which it this hit payroll reduced Frankly, we have

will things think we without our more? impair can way already So the saying harder it's the to this we have. Well, can cut point yes, cut that we grow, that is being I important at -- we to -- of already said, That more cutting it looking the at extent I'm future.

started cliff, could to is our had off things question dropped are yes, cut. if the really sales answer a something And that really that if we we so there your

be to. will quarter run of way we We $XXX,XXX development, an is, programs cut could the shut problem say, those we slow stuff could are. we now, X the thing to probably The is a now. The additional from or stop. like, if We a off. -- still $XXX,XXX down let's from and absolutely business impact can it's software years exactly some The year needed

still if is be any with at remarks, in staff. viewpoint acquisition while the is even want alluded of some to And We're economy a point, my even XXXX, the demand. it or and it's that to taking not to the of And to second still additional tech we're will that we're to as stated weak really we're absolutely profitable. in that adding of it's like uptick. the to we alluded sort the positioned able XXXX is weak, position half take in without that extent advantage recover maintain in grow well, whether the environment so absolutely And profitability for to

a -- do. doing Do that. have, point. have at weird what we people we're be slack No, have should we we We never would where let's do X say, don't X do ever we people capacity doing. So

person selling -- if like, something a On we have sale we hand, franchise environment. the have our other franchise you okay, sales, selling level like in franchise isn't we what we're expect not sales good X really only would franchises. But

franchise you were we not viability in absolutely. is, bit little your the I from where was get sales you no literally when opinion, -- you effort, how being point. if my but So you a And it's right? to go your if at to know do question, don't that answer that's But it. a weak? So point effort like it's that things. it's a Then this see of getting answers truly threatened, rid do

the organic things I environment for I'm for either know reason stands? the or just and an full demand -- trying ask, percentage sales Yes, it system-wide the the had to does worsened And or also the know I or direct ask -- about organic stabilized you don't declines gave declines in fourth where I number franchise number, HireQuest of answer quarter. you wanted the royalties kind if year. Snelling for gauge question. to just the I

companies. don't have you with what exact is Steve I recall, the this we more and cover really you and anecdotally, if to saying would I'm back a had of be have number. decent, with reach to say number, out So I'd and a to would I anecdotal. say exact you I happy bunch -- the you

already first last of last actually we XXXX, a were competitors not really while lot our XX% of you But flat should the of first year. actually quarter year our was were like quarter down strong, from it's So this. recall

So were ahead. then right But saw year, drop. way we this that around last XX% we then time XX%,

that was just from would and the down QX pretty the I is about, let's fourth much so the from say quarter as say, so And -- prior prior with XX% overall or QX as far simply consistent being period.

given that certainly was the Now you the that some fourth of X. quarter could were in, there take weakest fourth the approach mixed into the tech the sales quarter,

All right. Understood. Okay.

in lastly, monitor the continue release mentioned market the you that accretive for M&A to Just opportunities. you earnings

the current looks what the on pipeline like wondering Just environment. of economic opportunities

be that there every say simply say still thinking no would I fairly in there. I I there, just always prices. that and half what of are recruiting opportunities strong there that available by doesn't saying say So That shortage year, I clearly plenty at opportunities. mean probably increase were -- opportunities they there that longer should pretty sell for price. to have at XXXX. there's second would of up will out acquisition It's frame that There's distressed time doesn't looking like and sell this they're ecause always properties what I quarter. the bit is people sell of the almost more what be staffing about will recover they If worth industry a should a for realistic this you But they're suspect a now. I going they said, in believe There

That's Great. Okay. helpful.

question Peter Rabover next comes The from Capital. from Artko Instructions] [Operator

doing. if is year comments Rick, the and how is give economy my on ask you of again. were could I questions maybe some progressing but sort One think I'll is the answered, how

economy. comments capacity it What do revenue, $XXX million think that. give you million. And in touched guys you on system-wide where you in have ask pretty your a about I is You $XXX can you think way, maybe on but do capacity good -- another then good always

So would just us ballpark give you be great. any can

it. appreciate Yes,

answer to what really year our industry, pretty difficult compared to it it And number make as good. a those of -- comparisons one, questions, your and It quarter first makes more great. was to little again, so last was was the

numbers. really And it almost to comparing XXXX making we're so therefore, in comparisons,

the out extended is weakness into so the There of there beginning still And weakness is absolutely there. year. that's

say, yes, I'm am or mean green shoots, I'm a week could say couple seeing X, a I'd easily of as to of be I this. don't seeing a it green couple but shoots, really false I just loath I positive. last

market be the And pandemic But let's admittedly, during -- had I we my like way And XX%, the in incredibly things the when -- anything obviously certain it. recruiting during had more. the XX%, the and So wrong. half industry staffing could years never drop-offs for and XXXX, XX%. view you unbelievable sales say, XXXX, in then way I especially of jurisdictions second the of I've you completely never the was of sensitive the think pandemic. about, seen seen I've industry, but XX staffing most to really

their it's then this I And XXXX companies decent think shoot that just a [indiscernible] It a was what of be, it's company where the part I lot talking Journal. a out other Wall handle how a pandemic [indiscernible], got payroll. a so say, would 'XX, better I I morning. there firm interesting, bad. was had there, right? that a year. and even, they are example was was story I guess, downswing you've Street reading was are Or of just let's ones about pandemic in And called in a upswing

industry for then and feels it's staffing returned what recruiting these have of things normal, overall bit more economy industry as find really more staffing a because like, certainly couldn't in a then more, to not brought things. in now turned 'XX them. a XXXX, the bit in that, people. eased would really, like even 'XX recession. all the was off lot a and pandemic, a huge and what out what though is sudden, recession, 'XX make went And argue amounts a as be normalized is out when all have become could XXXX. And they lot enough of the of I it's cannibalization life a described And the just occurred staffing in couldn't people cannibalization, of happened just recruiting a bought you of a and to maybe it of it of companies would During was sudden, a that's of was

being that large way long what of the all of economy I we'll regardless more back get as then will normal saying, what writ to do things haven't equilibrium. regardless that we said, that's shakes. been quarter far, So happens go so recession, -- find of long a doesn't a so our into -- believe All incredibly far, great their as because position hasn't an no is that really first has

a there in again, Although be might last false or the it positive then might be week green literally shoots really X. or

As -- such a that question. filibustering was far second the part answer your forgot that as the of I

love I No, Great. it.

The second question I'm of just was, kind especially.... curious,

I I sorry, you I remember now. remember to mean cut -- off. don't

know in "well, say, did far sales if would economy if at " sales ] have Well, as I capacity, it million when mean stayed didn't out add the add kind that XXXX, end were what I I'd don't system-wide ours of that that at miss you we'd happen. MRI acquisition I happen. were they normal, what back didn't just of have we just shoot So XXXX. as point -- of system-wide how that of the the clearly, their $XXX obviously, of [ running

type deal argue materially -- But staff they Now levels -- a able certain have might not $XXX were. without probably down million staffing tech could sales to staffing so us staff. we $XX adding let's for add right is we like a of than fairway of would I million to easily that any the IT. us, it's as higher materially I adding our X/X see made had that Realizing could like what long that we it's any kept cuts where happened, being without that say, bit

those and a from like that of with sort where don't because into, of perspective quickly start like you that's really things that's obviously, where getting sales you programmers. us let one go hurts in And you so decline

You -- find. it so because don't say to hard just do you they're don't just you

would And that -- and could, without like I we fixed your costs. fighting said, again, $XX $XXX million you're And amount but to obviously, so any anyway, you adding I for argue million future. really significant definitely -- of

Great. That mean color. all appreciate I the

with question Next Baker Davidson. Mike from comes D.A.

the lines, brought shoots cetera? seeing, care by that which if Just of you're comment. positives it what that wondering you be et up, you -- potentially or Since green curious about that any you false business talk you to meant might

first I'm it's because gap the obviously, And quarter. of Well, could or the carefully, a And sales we spoiled that. be it's downside it's that look a the like, saying talking because of -- -- saying could closed where over with -- on funny, and clearly, has being not year. track that false this -- of not up how is kind false it positive last our the but of as up kind has it I'm nearly it's fun this up, last talking I'm gap be got years, the rapidly. -- weeks. also very And XX talking and we now prior -- most obviously, X just X at always I'm not

of different they Wall is with and up what I replaced there thing. staff in down. driving are rubicon. are do staffing and temporary I was, And there's X which staffing come unemployment perm believe and a he versus Street, I household Maybe And really definition, a journal being is. the the I why about the unemployment surveys main them, companies with Historically, Street finally industry's I place. Wall that wrong. rate then for was down of it internal there employment the is XXXX, of industry it the So and different measures in read lot article Because how more XXX% survey is think dynamics. [indiscernible] again, was almost That's that fact, lot we rate. then But there I of take an different an business revenues. government you a think. are, really say, X.X%, X.X% I And could talking accounts by but a again, a recall be that say, what that survey. were well, There's any happened said one it And saying thing people and X its don't maybe crossed historic reaching because norm let's in employees is one the

One were job. at of traditional you kind it a lumps a it say, work, treats work of them more the And SKUs looked but and results it together, differently. lot different gig I'll when permanent like -- temporary

that find things economically, XXXX. to And March level. least it's is said, And And now. to me, I But going once I'm I always their months in in think of I'm really of, not or like XXXX again. again, what manage we're level at that we later, really part just and I experienced in hit X from just think hoping saying sooner to

Understood. Right.

can employment So if number for think of was that strong it the latest unemployment. looks clarify as saying? as X like measures -- I of perhaps the isn't the quite in Was the different it that is employment point you what were situation X.X% what your was

may what X actually looking wish more front is are of overall there up maybe than it But -- I just look I'm ways up. how job employees lot me. in just I'm if think that I if temporary at bit employees you you in less employees than different of it, away. simply the gig numbers, world temporary it just that brought article are the I or happened the a there just there -- absolutely down. the of are Well, about the include they're basically, -- you probably at went like survey. -- And employees define little saying other went had and there saying all can why some really you any like it. are And that but company's staffing it. And It's now the permanent X.X% unemployment permanent rate they more are or that a

find Well, temporary temporary because the why reality, are in of economy simply In been either the in it away way growing. XXXX when employees. we staffing all is still may And shouldn't demand. it of the really effect in part Peloton have year absence just which absence workers, could for or unquestionably, down call would just things shift be or surge a an was which -- again, was again, -- I -- that That happen. nobody incredible from it's

it's just and -- then you like And And but explained be again, fall are go so the could question. I up gone ask a are it that of that's it's within hasn't that said, would unemployment the XX%? down because, possibility. and a in how decrease back off because maybe a you numbers much, world,

Okay.

further I'd for queue. in like the remarks. questions no floor back any management have to turn closing to We

keep I you million balance that I little since $XXX retain today. the I system-wide of a the thank of is we our economy weak isn't first sheet. remains $XX challenge better. done of joining think beginning perspective more 'XX, significantly to which And parts million sales. acquisitions, staffing million as to of of to, of again, was XXXX, a that just on keeping $XX we've industry. that for grown increase million relatively a up than want -- only and Well, remarks we the in each mind in have in debt yet actually And shaping But $XXX year, the into alluded quarter my The for us one important

the pandemic, And many 'XX, so have we're up we flow. generating profitable And the we cash and while remain peers great are in money did during we of the our nice lost for same amounts way set future. of

interest us. with partnership in and appreciate the your your continued we continued so company And

that, to Thanks another And or again so want thank to X you to a you with and forward X in look weeks. I speaking lot.

at and your may conference, you concludes for today's lines this you. participation. your you Thank disconnect Thank This time.