HireQuest, Inc. (NASDAQ:HQI) Q2 2020 Earnings Conference Call - Preliminary Transcript
Aug 11, 2020 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the HireQuest Incorporated Second Quarter 2020 Earnings Conference Call. All lines have been placed on a listen-only mode and the floor will be open for your questions and comments following the presentation. [Operator Instructions]
At this time, it is my pleasure to turn the floor over to your host, Mr. Brett Maas of Hayden IR. Sir, the floor is yours.
Thank you, operator. I would like to welcome everybody to the call. Hosting the call today are HireQuest CEO, Rick Hermanns; and CFO, Cory Smith.
Please be aware that some of the comments made during our call may include forward-looking statements within the meaning of federal securities laws. Statements about our beliefs and expectations containing words such as may, could, would, will, should, believe, expect, anticipate and similar expressions constitute forward-looking statements. These statements involve risks and uncertainties regarding our operations and future results that could cause HireQuest results to differ materially from management's current expectations.
We encourage you to review the safe harbor statements and risk factors contained in the company's earnings release and in its filings with the SEC, including, without limitation, the most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q and other periodic reports, which identify specific risk factors that also may cause actual results or events to differ materially from those described in forward-looking statements. Copies of the company's most recent reports on forms 10-K and 10-Q may be obtained on the company's website at hirequest.com or the SEC's website at sec.gov. The company does not undertake to publicly update or revise any forward-looking statements after the call or the date of this call.
I would also like to remind everyone that this call will be available for replay through August 25th. A link to the website replay of the call is also provided in the earnings release and it is available on the company's website at hirequest.com.
I would now turn the call over to CEO of HireQuest, Rick Hermanns. Rick?Thank you for joining us. Since we completed our combination with Command Center and became a public company, we have been speaking about the benefits of our franchising model, which significantly mitigates the risks involved in the staffing industry and positions us for sustainable profitability.
These benefits were clearly on display in the second quarter as our industry experienced severe disruptions due to the COVID impact and the resulting economic shutdowns. Despite these significant challenges, HireQuest remain profitable and we continue to maintain a strong balance sheet.
To be sure, this quarter was particularly challenging for our franchises. One of the benefits of our model is that each unit is independently owned. This enables our franchise owners to move quickly based on local conditions. We provided strong guidance to our franchises as this situation began to unfold, and I'm proud of the way that they moved quickly to mitigate the impact, cutting costs, communicating with key accounts, and taking other actions