TrueBlue, Inc. (NYSE:TBI) Q3 2022 Earnings Conference Call October 24, 2022 5:30 PM ET
Company Participants
Derrek Gafford - EVP & CFO
Steven Cooper - President & CEO
Conference Call Participants
Jeffrey Silber - BMO Capital Markets
Mark Marcon - Baird
Marc Riddick - Sidoti
Operator
Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the TrueBlue Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
Derrek Gafford, Chief Financial Officer, you may begin your conference.
Derrek Gafford
Good afternoon, everyone, and thank you for joining today's call. I'm joined by our Chief Executive Officer, Steve Cooper. 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 now turn the call over to Steve.
Steven Cooper
Thank you, Derrek, and welcome everyone to today’s call. Overall, revenue was $576 million or roughly flat compared to Q3 2021. At PeopleReady demand softened, yet we filled a higher proportion of jobs as worker supply continued to improve. PeopleScout results were solid as hiring volumes at our clients were strong, while PeopleManagement trends held steady.
Operating income and margin were higher due to historically wide spreads between bill and pay rates as the labor market remained tight. PeopleReady revenue for the quarter was down 4%. While demand slowed, worker supply improved leading to an increase in our job order fill rates. PeopleReady is our largest segment representing 57% of total trailing 12-month revenue and 57% of total segment profit.