TrueBlue, Inc. (NYSE:TBI) Q2 2023 Results Conference Call July 24, 2023 5:30 PM ET
Company Participants
Steve Cooper - CEO
Derrek Gafford - EVP and CFO
Taryn Owen - President and COO
Conference Call Participants
Jeff Silber - BMO Capital Markets
Marc Riddick - Sidoti
Kartik Mehta - Northcoast Research
Mark Marcon - Baird
Operator
Greetings, and welcome to the TrueBlue Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce you to your host, Derrek Gafford, EVP. Thank you, Derrek. You can begin.
Derrek Gafford
Good afternoon, everyone, and thank you for joining today’s call. I’m joined by our Chief Executive Officer, Steve Cooper, and our President and Chief Operating Officer, Taryn Owen.
Before we begin, I want to remind everyone that today’s call and slide presentation contain forward-looking statements, all of which are subject to risks and uncertainties, and we assume no obligation to update or revise any forward-looking statements. These risks and uncertainties, some of which are described in our press release and in our SEC filings, could cause actual results to differ materially from those in our forward-looking statements.
We use non-GAAP measures when presenting our financial results. We encourage you to review the non-GAAP reconciliations in today’s earnings release, or at trueblue.com under the Investor Relations section, for a complete understanding of these terms, and their purpose.
Any comparisons made today are based on a comparison to the same period in the prior year, unless otherwise stated. Lastly, we will be providing a copy of our prepared remarks on our website at the conclusion of today’s call, and a full transcript and audio replay will also be available soon after the call.
Okay. Let’s turn the call over to Steve.
Steve Cooper
Thank you, Derrek, and welcome everyone to today’s call.
Revenue for the quarter was $476 million, down 16% compared to the prior year. Our results reflect an environment of softening demand. While the broader economy remains mixed with some traditional indicators showing resilience and others highlighting caution, when it comes to the staffing industry, the recessionary sentiment is already taking effect.
Economic uncertainty is weighing on our customers and we’re seeing that manifest in the demand trends across all three of our segments. Given the tight labor market, clients continue to focus on retaining employees, but they are also increasingly focused on reducing costs. As a result, clients are becoming more selective on which jobs they choose to fill.