Financial PerformanceWorkers’ compensation costs, which were a significant headwind to profitability throughout 2023, decreased sequentially to approximately $0.6 million in Q1/24 from $1.3 million in Q4/23.
Geographic AdvantageHireQuest has generally fared better than its competitors in the slower demand environment due to its concentration in the southern U.S., which has been more resilient to economic headwinds than other regions thus far.
Growth OpportunitiesSubstantial opportunity for additional acquisitions: Management discussed HireQuest’s long-term opportunity to continue expanding in the large and fragmented U.S. staffing and recruiting market.