Q2 2022 Staffing 360 Solutions Inc Earnings Call
Speaker 1: Good day and welcome to the Staffing 360 Solutions Q2 results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Terry McInnis, VP of IR at Biblikof and McInnis. Please go ahead.
Good day and welcome to the staffing 360 solutions Q2 results Conference call Today's conference is being recorded.
At this time I would like to turn the conference over to Terri Macinnis VP of IR at Mcguinness. Please go ahead.
Speaker 2: Thank you, operator. Greetings to all, and welcome to the Staffing 360 Solutions Fiscal Q2 Results Conference Call. At this time, all participants are in a listen-only mode.
Thank you operator greetings to all and welcome to the staffing 360 solutions fiscal Q2 results conference call. At this time, all participants are in a listen only mode.
Speaker 2: A brief question and answer session will follow the formal presentation in which management will answer questions previously submitted via email. As a reminder, this call is being recorded.
A brief question and answer session will follow the formal presentation in which management will answer questions previously submitted via email as a reminder, this call is being recorded.
Speaker 2: This conference call will contain forward-looking statements within the meaning of the U.S. federal securities laws concerning Staffing 360 Solutions, Inc.
This conference call will contain forward looking statements within the meaning of the U S. Federal Securities laws concerning staffing 360 solutions Inc.
Speaker 2: The forward-looking statements are subject to a number of significant risks and uncertainties, and actual results may differ materially. Please refer to the company's filings with the SEC, which contain and identify important risks and other factors that may cause the company's actual results to differ from those contained in our forward-looking statement.
The forward looking statements are subject to a number of significant risks and uncertainties and actual results may differ materially. Please refer to the company's filings with the SEC, which contain and identify important risks and other factors that may cause the company's actual results to differ from those contained in our forward.
These statements all forward looking statements are made as of today August 24, 2022, and staffing 360 solutions expressly disclaims any obligation to revise or update any forward looking statements. After the date of this conference call.
Speaker 2: All forward-looking statements are made as of today, August 24, 2022, and Staffing 360 Solutions expressly disclaims any obligation to revise or to update any forward-looking statement after the date of this conference call.
Speaker 2: During these prepared remarks, the company may make reference to certain non-GAAP measures such as adjusted EBITDA. Where applicable, we have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measure. It is now my pleasure to introduce Brendan Flood, Chairman, President, and Chief Executive Officer of Staffing 360 Solutions. Brendan, please begin.
During these prepared remarks, the company may make reference to certain non-GAAP measures.
Adjusted EBITDA.
Where applicable we have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measure.
It is now my pleasure to introduce Brendan flood, Chairman, President and Chief Executive Officer of staffing 360 solutions Brendan Please begin.
Speaker 3: Thank you, Terry. And welcome to everyone who has joined our call.
Thank you Terry.
And welcome to everyone, who has joined our call.
Speaker 3: I'm joined today by Alicia Barker, our Chief Operating Officer, who will give us an update on progress with the acquisition made in mid-May Headway Workforce Solutions.
I'm joined today by Alicia Barker, our Chief operating officer, who will give us an update on progress with the acquisition made in mid May headway workforce solutions, Inc.
Speaker 3: I will begin with a high-level summary overview of our Q2 and year-to-date financial results.
I will begin with a high level summary overview of our Q2 and year to date financial results.
Speaker 3: More details are available in the news release and Form 10Q published yesterday.
More details are available in the news release and Form 10-Q published yesterday.
Speaker 3: Then I will hand the call over to Alicia, after which I will give an update on trading and answer some questions that have arrived by email.
Then I will hand, the call over to Alicia after which I will give an update on trading and answer some questions that have arrived by E mail.
There were various moving parts in these results.
Not least of which are the inclusion of headway for six weeks in the <unk>.
Speaker 3: and the material impact of the movements in the exchange rate between the US dollar and the pound sterling.
The real impact of the movement in the exchange rate between the U S dollar and the pound Sterling.
Speaker 3: which has adversely impacted the translation of the results of our UK business into the group consolidation.
Which has adversely impacted the translation of the results of our UK business into the group consolidation.
Speaker 3: As mentioned from time to time, almost all of our invoicing and our operating expense payments in the UK are in local currency.
As mentioned from time to time, almost all of our invoicing and our operating expense payments in the UK are in local currency.
Speaker 3: So these impacts are non-cash translation impacts rather than transactional in any material way.
So these impacts of noncash translation impacts rather than transactional in any material way.
Further down the P&L account, we look the lesser the effect.
Speaker 3: to the point where, at an adjusted EBITDA level, the impact was a reduction of $54,000 related to this currency translation.
To the point, we're at an adjusted EBITDA level, the impact was a reduction of $54000 related to this currency translation.
Speaker 3: As outlined in our Q2 financial release, our revenue for the quarter was 59.1 million, which was 16.9% up year on year.
As outlined on our Q2 financial release, our revenue for the <unk>.
For the quarter was $59 1 million, which was 16, 9% up year on year.
Speaker 3: On a constant currency basis, the revenue increase was 20.3%.
On a constant currency basis, the revenue increase was 23%.
For the six months, our revenue was $108 9 million up nine 5% year on year.
Speaker 3: For the six months, our revenue was $108.9 million, up 9.5% year on year.
Speaker 3: At the gross profit level, we generated $10.5 million in the quarter, up 16.6% year over year and 19.9% on a constant currency basis.
At the gross profit level, we generated $10 5 million in the quarter up 16, 6% year over year and 19, 9% on a constant currency basis.
Yeah.
Speaker 3: For the six months, gross profit was 19 million, up 11.7% year over year, or 13.9% on a constant currency basis.
For the six months gross profit was $19 million up 11, 7% year over year or 13, 9% on a constant currency basis.
Speaker 3: Headway contributed $11.5 million of revenue and $1.3 million of gross profit in Q2 and the same on a year-to-date basis.
Headway contributed $11 5 million of revenue and $1 3 million of gross profit in Q2, and the same on a year to date basis.
Speaker 3: At an adjusted EBITDA level, we delivered 1.438 million, an increase from 1.372 million last year, of which Headway provided 140,000.
At an adjusted EBITDA level, we delivered $1 43, 8 million, an increase from $1 $372 million last year.
Which headway provided 140000.
Speaker 3: For the six months, our adjusted EBITDA was 2.246 million against 2.5 million last year, including a negative impact of 54,000 for currency fluctuation.
For the six months, our adjusted EBITDA was two point to four 6 million against $2 5 million last year.
<unk> a negative impact of 54000 for currency fluctuations.
Speaker 3: In the second quarter of 2021, we had the benefit of $10.1 million of the PPP loan forgiveness.
In the second quarter of 2021, we had the benefit of $10 1 million of the PPP loan forgiveness.
Speaker 3: Excluding this, our net income loss of $2.264 million was flat against last year.
Excluding this.
Our net income loss of $2 264 million was flat against last year.
Speaker 3: having absorbed a P&L charge of $566,000 for the revaluation of the loan between the parent and the UK subsidiary and non-cash items.
Having absorbed the P&L charge of $566000.
The revaluation of the loan between the parent and the UK subsidiary a noncash item.
Speaker 3: But if six months ended July 2, taking the same view on the forgiveness of the PPP loan...
For the six months ended July 2nd.
Taking the same view on the forgiveness of the PPP loan.
Speaker 3: The net income loss of $4.6 million was $0.6 million unfavorable to 2021, having absorbed a $1.1 million adverse movement for the same revaluation.
The net income loss of $4 6 million was <unk> six of a million unfavorable to 2021, having absorbed $1 1 million adverse movement for the same revaluation.
Speaker 3: Moving to cash flow, our total cash usage for the six months was $2.7 million.
Moving to cash flow.
Our total cash usage for the six months was $2 7 million.
Included within this was a pickup of cash from the acquisition of <unk> 7 million.
Speaker 3: Included within this was a pick-up of cash from the acquisition of $0.7 million and a pay-down of debt of $1.9 million in the UK.
And a paydown of debt of $1 9 million in the UK.
Speaker 3: Excluding these items, our movement in cash was a decrease of 1.475 million for the six months of which 1.435 million occurred in the first quarter.
Excluding these items our movement in cash would have decreased.
One $475 million for the six months of which 143 5 million occurred in the first quarter.
Speaker 3: Our total adjusted cash movement in the second quarter was $40,000.
Our total adjusted cash movement in the second quarter was $40000.
Speaker 3: With that, I will hand the call over to Alicia Barker, Chief Operating Officer, for an overview on the inspiration process and advantages of our May 22 acquisition of Headway Workforce Solutions. Alicia? Thanks, Brendan.
With that I will hand, the call over to Alicia Barker, our chief operating officer for an overview on the integration process and advantages of our May 22 acquisition of headway workforce solutions Alicia.
Thanks, Brendan good morning, everyone.
Speaker 1: We closed the headway workforce solutions acquisition on May 22nd.
We closed the headway workforce solutions acquisition that makes for a second.
Speaker 1: And as we've said previously, the acquisition of Headway is a game changer for us on several levels.
And as we've said previously the acquisition of headway is a game changer for us on several levels.
Speaker 1: As of today, we've realized $1.8 million of integration savings, and that will flow through the second half of the year and beyond.
As of today, we have realized $1.8 million of integration savings and that will flow through the second half of the year and beyond.
Speaker 1: These savings are a result of very breadth of efforts to consolidate our insurance policies and integrate support functions, which has reduced the need for personnel in the Department of Human Resources.
These savings are a result, with very aggressive effort to consolidate our insurance policies and integrate support function, which has reduced the need for personnel and the department of human resources.
Speaker 1: compliance, finance and accounting, payroll and billing, compliance and IT.
Compliance finance and accounting.
Payroll and billing compliance and IP.
Speaker 1: While the savings to date are 1.8 million, we fully expect we'll see even more savings after a full quarter of working together and integrating more systems and vendors.
While the savings to date are $1 8 million, we fully expect we will see even more savings after a full quarter of working together and integrating more systems and vendors.
The addition of headway strengthens our final departments in several areas.
Speaker 1: The addition of headway strengthens our internal departments in several areas, including project management, process quality control, and technical ICT.
<unk> project management.
Process quality control.
And technical expertise.
Speaker 1: We fundamentally understand where we are in our digital journey and the time of transformation that needs to occur to enable the kind of digital innovation that is going to be fundamental to our success.
We fundamentally understand where we are in our digital journey and the transformation that needs to occur to enable the kind of digital innovation that is going to be fundamental to our success.
Speaker 1: Our organizational cultures and agile teams are remarkably similar, and the integrations process is progressing nicely on schedule.
Our organizational culture and agile teams they are remarkably similar and.
The integration process is progressing nicely on schedule.
Speaker 1: We're looking at our technology and architecture and trying to ensure that every aspect of our business is operating at an optimal level.
We're looking at our technology and architecture and trying to ensure that every aspect of our business is operating at an optimal level.
Speaker 1: The Headway Acquisition provides a catalyst to incorporate data and technology to improve and enhance our ability to find, track, and onboard candidates for our clients.
The headway acquisition provides a catalyst to incorporate data and technology to improve and enhance our ability to find attract and onboard candidates for our clients.
Speaker 1: So simultaneously for the integration exercise, we are in the process of implementing a single CRM platform in the US. And that will give every employee in our organization access to every individual candidate across all four of our US brands.
So simultaneously for the <unk> integration exercise, where we are in the process of implementing a single CRM platform in the U S.
And that will give every employee in our organization access to every individual can does it across all four of our U S brands.
Speaker 1: This implication alone more than doubles our candidate database within a single click of going live.
This application alone more than doubled our candidate database within a single course of growing lives.
Speaker 1: We've chosen Aviante Bold as our partner, and we're operating under aggressive go live dates for all of our UX brands.
We've chosen <unk> bold as our partner and we're operating under aggressive go live date for all of our U S brands.
Speaker 1: So as an additional cost savings initiative, we're also reducing our brick and mortar presence in favor of central hub locations and remote onboarding tools.
So as an additional cost savings initiatives, we're also reducing our brick and mortar presence in favor of central hub locations and remote onboarding tool.
Speaker 1: wherever we can without interfering with the high level of account management client service that our partners have come to expect.
We can without interfering with the high level of account management and client service that our partners have come to expect.
Speaker 1: Additionally, we're continuing to focus on our cross-selling and we're already working on two multi-brand opportunities with Headway.
Additionally, we're continuing to focus on our cross selling and we're already working on two multi brand opportunities that headway.
Speaker 1: I'm pleased to note that we've recently been asked by our largest UK clients to demonstrate our US capabilities to service a well-known multi-grant portfolio.
I'm pleased to note that we've recently been asked by our largest U K clients to demonstrate our capability to service, a well known multi brand portfolio.
Speaker 1: We continue to look at additional ways to be a value-add service provider to our large clients and to be a resource for staffing, payroll, and benefits in a way that saves them considerable overhead dollars.
We continue to look at additional ways to be a value add service provider to our large clients tend to be a resource for staffing payroll and benefit.
Way that saves them considerable overhead dollars.
Speaker 1: We know that we have an appealing proposition, and we expect to see the bottom line impact of those initiatives in 2023.
We know that we have an appealing proposition.
And we expect to see the bottom line impact of those initiatives in 2023.
Speaker 1: It's very clear to us that the combined organizations will have a powerful market presence and high value offering. Brendan, I'll now turn the call back over to you.
It's very clear to us that the combined organizations will have a powerful market presence in high value offering.
Brendan I'll now turn the call back over to you.
Thank you.
As we've now moved into the third quarter. We are beginning the period that is seasonally the highest point in the year for both staffing 360 solutions and for the headway workforce solutions acquisition.
Speaker 3: As we've now moved into the third quarter, we are beginning the period that is seasonally the highest point in the year for both Staffing 360 Solutions and for the Headway Workforce Solutions webpage.
Speaker 3: As you heard from Alicia, the integration plan is running at a strong pace. There is a lot to get done, but there is a lot that has already happened.
As you heard from Alicia the integration plan is running at a strong pace. There is a lot to get done but there is a lot that has already happened.
Speaker 3: As we exited Q2, the weekly gross profit run rate in the month of June , the first full month post acquisition, was in excess of 30% year on year and we expect to see this replicated across all of Q3, with Q4 probably even higher still.
As we exited the quarter to the weekly gross profit run rate in the month of June the first full month post acquisition was in excess of 30% up year on year, and we expect to see this replicated across all of Q3 with Q4, probably even higher still.
Speaker 3: The pipeline of activity is very strong and our teams are prepared and committed to delivering on that pipeline.
The pipeline of activity is very strong and our teams are prepared and committed to delivering on that pipeline.
As you know we are concentrated.
Speaker 3: As you know, we have concentrated, as did headway pre-acquisition, on improving our coastal structure and strengthening our balance.
<unk> headway pre acquisition on improving our cost structure and strengthening our balance sheet.
Speaker 3: This will continue as we move through the third quarter and set ourselves in a position to continue with our acquisition program and move towards our stated aim of being a profitable $500 million revenue business.
This will continue as we move through the third quarter and set ourselves in a position to continue with our acquisition program.
Move towards our stated aim of being a profitable $500 million revenue business.
Speaker 3: Beginning next month and across the remainder of the year, JP Saiki, former chairman and CEO of Headway Workforce Solutions.
Beginning next month and across the remainder of the year.
J P seki, former chairman and CEO of headway workforce solutions and <unk>.
Speaker 3: and I will embark on an active investor awareness programme to outline where and how our combined businesses add meaningful strength to our client delivery and ability to generate shareholder returns
We'll embark on an active investor awareness program to.
To outline where and how our combined businesses as meaningful strength to our client delivery and ability to generate shareholder returns.
Speaker 3: Now I would like to answer some of your questions submitted via email, after which I will end our call with a brief closing statement.
Now I would like to add to some of your questions submitted via email after which I will end our call with a brief closing statement.
Speaker 3: Several of your questions were answered in our prepared remarks and others were duplicative or have been combined.
Several of your questions were answered in our prepared remarks, and others were <unk>.
Predicative or have been combined.
Speaker 3: If I just take a moment to put them in order and then I will rejoin you.
If I just take a moment to put them in order and then I will rejoin you.
Yes.
Okay.
Our first question.
Speaker 3: Temp revenue is down over $3 million in the UK from the year ago period.
<unk> revenue was down over $3 million in the U K from the year ago period.
Speaker 3: What's driving that lower number and how and when will it be reversed?
What's driving that lower number and how and when will it be reversed.
Speaker 3: Firstly, we need to recognize that our UK business is transacted in Pound Sterling.
Firstly, we need to recognize that our UK business is transacted in pounds Sterling.
Speaker 3: The exchange rate between the US dollar and the UK pound has created an adverse movement as far as translating the results of our UK operation is concerned.
The exchange rate between the U S dollar and the U K pound has created an adverse movement as far as translating to results of our UK operation is concerned.
Speaker 3: Of the $3 million dollars questioned, $1.7 million of it relates to foreign currency translation and is a non-cash reduction.
Of the $3 million question $1 7 million of it relates to foreign currency translation and is a noncash reduction.
As for the other $1 3 million tender.
Speaker 3: I attended several UK meetings in the past two weeks, both looking at the profitability of the UK business.
<unk> tended several UK meetings in the past two weeks, both looking at the profitability of the UK business.
Speaker 3: And we've taken out approximately £500,000 sterling of annualized costs in the past two months or so.
We've taken out approximately 500000 pounds sterling of annualized cost in the past two months or so.
And the productivity of the business.
Speaker 3: There are two clients in the UK that have slowed, one evaluating the progress of its projects, and the other is dependent upon government contracts which are still pending.
There are two clients in the U K that has slowed.
One evaluating the progress of its projects at the end of it dependent upon government contracts, which are still pending.
Speaker 3: The evaluating client has been reinvigorated and the other client is still waiting.
Evaluating client has been reinvigorated idea of the client is still waiting.
Outside of this there are a number of interesting activities going on.
Okay.
You heard in relation that the account management of our largest clients has changed in a number of new opportunities have open to us.
Speaker 3: You heard from Alicia that the account management of our largest clients has changed and a number of new opportunities have opened to us. And there is a renewed sense of optimism.
There is a renewed sense of optimism among our clients.
Speaker 3: the client base that we have about the future of the UK economy.
Decline base that we have about the future of the U K economy.
Right now I have very few concerns about recovering the shortfall, but it will take a couple of quarters.
Speaker 3: Right now I have very few concerns about recovering this shortfall, but it will take a couple of quarters.
Our next question is.
Speaker 3: Most margins for headway were nearly 12%. What margin range would you expect going forward?
Gross margins per head way with nearly 12% what margin range would you expect going forward.
Speaker 3: As mentioned, there is a level of seasonality to the business of headway. And during the summer months, certain contracts hibernate. For example, teacher roles in Chicago and other places.
As mentioned there is a level of seasonality to the business of headway during the summer months certain contracts hibernate.
For example, teacher rules in Chicago and other places.
Speaker 3: So the employer of record business delivers a smaller relative share of the pie during those months.
So the employer of record business delivers a smaller relative share of the pie during those months.
Speaker 3: These contracts are starting to reawaken, so I'd expect that the long-term average margin will be approximately 10%, which is what we included in our acquisition evaluation.
These contracts are starting to reawaken. So I'd expect that the long term average margin will be approximately 10%, which is what we included in our acquisition evaluation.
Next question.
Speaker 3: You have several debt items maturing in the near term. What is your plan for dealing with debt?
With several debt items maturing in the near term what is your plan for dealing with these.
Yes.
Speaker 3: At the point of the acquisition, the invoice financing of Headway was provided by White Oak and for staffing 360 solutions, it is mid-cap financial in the US and HSBC in the UK. All of these agreements have matured or are mature.
At the point of the acquisition the invoice financing of headway was provided by white Oak and for staffing 360 solutions. It is mid cap financial in the U S and HSBC in the U K.
All of these agreements have matured are maturing.
We are working with all parties.
Speaker 3: But anyone who has ever worked on an asset based lending facility will tell you that there is a lot of due diligence and a lot of paperwork.
But anyone who has ever worked on an asset base lending facility. We will tell you that there was a lot of due diligence and a lot of paperwork.
Speaker 3: In the UK we were required to file our statutory accounts with the UK government in order to move forward with HSBC. These were filed last week.
In the U K, we were required to file our statutory accounts with the UK government in order to move forward with HSBC.
These were filed last week, so progress should be imminent.
In the U S. Due diligence is nearing completion without any material findings.
Speaker 3: In the US, geodiligence is nearing completion without any material findings, so we should see imminent progress there also.
So we should see even in progress there also.
It should be noted that all facilities continue to run as normal.
Speaker 3: However, within a few weeks I would expect to announce greater positive clarity as to how we will move forward.
However, within a few weeks I would expect to announce greater positive clarity as to how we will move forward.
Sure.
The next question.
Will the company consider buying back shares.
Speaker 3: At this point the board believes that the public float is too low and any buyback would not improve liquidity nor would it add any value at this time.
At this point the board believes that the public float is too low and any buyback would not improve liquidity no.
Value at this time.
Speaker 3: Why aren't management and the board of directors buying shares in the open market?
Why arent management and the board of directors buying shares in the open market.
Speaker 3: I did respond to this question on our last call. The response hasn't changed. The response is broadly.
I did respond to this question on our last call. The response hasn't changed and the response is broadly.
Speaker 3: that management and directors are bound by insider trading rules regarding possession of inside information.
That management and directors are bound by insider trading rules regarding possession of inside information there.
Speaker 3: There is regularly a lot going on behind the scenes and very often there are no or few open trading windows.
There is regularly a lot going on behind the scenes and very often there are no or few open trading windows.
Speaker 3: A recent example is the acquisition of Headway. Discussions began many, many months ago.
A recent example is the acquisition of headway discussions began many many months ago.
Speaker 3: All of the senior managers and directors were aware of and involved in this acquisition.
All of the senior managers and directors were aware of and involved in this acquisition.
Speaker 3: While in possession of material non-public information, the purchase of shares is not allowed.
While in possession of material nonpublic information the purchase of shares is not allowed.
Speaker 3: As I've just mentioned also, we are currently working on all of our debt instruments. So again, there is material non-public information that is available to the Board of Directors and Management, which would preclude them from buying any shares in the open market.
As I've just mentioned also we are currently.
Working on all of our debt instruments.
So again there is material nonpublic information that is available to the board of directors and management, which would preclude them from buying any shares in the open market.
Speaker 3: Personally, I have historically gone to the market seven times to require stock and these purchases are a matter of public record. What is your strategy to improve the market capital to company?
Personally I have historically gone to the market seven times that requires stock and these purchases are a matter of public record.
What is your strategy to improve the market capital of the company.
Our strategy to build a profitable company has several elements.
Including to continue to execute on our business plan.
Speaker 3: to find and make accretive acquisitions, and to launch an active investor relations program to both inform existing investors and to broaden our investor base to a new audience.
To find and make accretive acquisitions.
And to launch an active investor relations program to both inform existing investors and to broaden our investor base to a new audience.
Our final question is.
Speaker 3: Is the launch of your new brand Butler Bridge in May going as expected?
Is the launch of your new Brian Butler Bridge in May going as expected.
Speaker 3: In July of Q3, we launched Butler Bridge in May, a new professional brand and the first organic brand launch in the UK.
In July of Q3, we launched Butler bridge in May a new professional brand in the first organic organic brand launch in the U K.
This partnership with our three existing UK brands was formed to respond to ongoing client demand for a broader range of services for professional administrative roles.
Speaker 3: This partnership with our three existing UK brands was formed to respond to ongoing client demand for a broader range of services for professional administrative roles.
Speaker 3: Our new brand is initially focused on the placements of executive assistants, talent acquisition managers and human resource professionals via contract or permanent engagement.
Our new brand is initially focused on the placements of executive assistance talent acquisition managers and human resource professionals.
By a contract or permanent engagement.
Speaker 3: The early results have been significantly better than expected, and Alicia and Allison Drake have provided a huge amount of impetus into this brand.
The early results have been significantly better than expected in.
And Alicia and Alison Drake, who provided a huge amount of visitors into this brand.
Because it is an organic build with existing employees.
Speaker 3: the trust levels between the consultants of Butler Bridge and May.
Trust levels between the consultants, but leverage in may.
Speaker 3: And the existing brands have started out high and are driving success.
And the existing brands has started that high and are driving success.
Speaker 3: That said, it is very early and this brand will show greater promise over the coming couple of years but it is a great addition to our portfolio.
That said it is very early.
This brand will show greater promise over the coming couple of years, but it is a great addition to our portfolio.
Okay.
So that is the end of our question and answer session I would like to commend and closing.
Speaker 3: So that is the end of our question and answer session. I would like to commend in closing
Speaker 3: Our employees and associates for the incredible hard work they've put into making this business what it is.
Our employees and associates for the incredible hard work they've put in to making this business what it is.
Speaker 3: the incredible hard work they will put into making this business what it will be.
The incredible hard work they will put into making this business what it will be.
Speaker 3: and the acquisition of Headway Workforce Solutions, I'd like to formally welcome every employee working in Raleigh, Durham and beyond.
The acquisition of headway workforce solutions I'd like to formally welcome every employee.
Working in Raleigh, Durham and beyond.
Speaker 3: We have a very exciting future ahead of us and I look forward to talking to you all about it in Quarter 3 and beyond. Operator, that is the end of our...
We have a very exciting future ahead of us and I look forward to talking to you all about it in quarter three and beyond.
Operator that is the end of our call. Thank you all for coming.
Speaker 4: Thank you for your participation. You may now disconnect your line.
Thank you for your participation you may now disconnect your lines.
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Okay.
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Speaker 5: Bradley
Yes.
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