HireQuest revenue rises 103% in Q3, up 52% on organic basis

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November 12, 2021

HireQuest Inc. (NASDAQ: HQI) revenue rose 103.2% year over year in the third quarter. On an organic basis — excluding the branches acquired from Link and Snelling — revenue rose 52% in the third quarter.

(US$) Q3 2021 Q3 2020 % change
Franchise royalties $6,540,125 $3,218,606 103.2%
Service revenue $341,258 $164,074 108.0%
Total revenue $6,881,383 $3,382,680 103.4%
Net income $3,194,191 $1,971,133 62.0%

“This past quarter was our strongest since the beginning of the pandemic,” HireQuest President and CEO Rick Hermanns said. “Organic growth from our legacy franchisees as well as the addition of the Snelling and Link locations acquired earlier in the year combined to drive systemwide sales to just shy of $100 million for the quarter.”

The Goose Creek, South Carolina-headquartered staffing franchisor reported systemwide sales were $99.6 million in the third quarter, up 79.1% from $55.6 million in the year-ago quarter.

HireQuest has also recently announced other acquisitions as well, including HR tech startup Recruit Media Inc. and a deal to acquire Dental Power Staffing.

Share price and market cap

Shares in HireQuest were up 14.57% to $22.25 as of 12:47 p.m. Eastern time; they hit a new 52-week high today when they reached $24.29, according to FT.com. The company had a market cap of $264.9 million.

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