TrueBlue, Inc. (NYSE:TBI) Q1 2023 Earnings Conference Call April 24, 2023 5:30 PM ET
Company Participants
Derrek Gafford - CFO
Steven Cooper - CEO
Taryn Owen - President & Chief Operating Officer
Conference Call Participants
Kartik Mehta - Northcoast Research
Jeffrey Silber - BMO Capital Markets
Mark Marcon - Baird
Marc Riddick - Sidoti
Operator
Greetings, and welcome to the TrueBlue First 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 your host, Derrek Gafford, Chief Financial Officer. Thank you, Derrek. You may 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 today’s 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.
Steven Cooper
Thank you, Derrek, and welcome, everyone, to today's call. Given the macroeconomic climate, we are pleased that demand for our services was right in line with our expectation. Our PeopleReady business is one of the first to feel the impact from a change in macroeconomic conditions, given the short duration of job assignments, and the project-based nature of its services.
After experiencing the first signs of slowing demand during the second quarter last year, the underlying revenue trends at PeopleReady have been steady since October. As we expected, our PeopleScout and PeopleManagement businesses followed suit, with slower demand trends during the first quarter this year as some clients trimmed their human capital spending due to macroeconomic uncertainty despite many clients having open positions.