TrueBlue, Inc. (NYSE:TBI) Q1 2022 Earnings Conference Call April 25, 2022 5:30 PM ET
Company Participants
Derrek Gafford - EVP & CFO
Patrick Beharelle - President, CEO & Director
Conference Call Participants
Mark Marcon - Baird
Kartik Mehta - Northcoast Research
Marc Riddick - Sidoti
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the TrueBlue First Quarter 2022 Earnings 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, Executive Vice President and CFO, 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, Patrick Beharelle. 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.
With that, I'll turn the call over to Patrick.
Patrick Beharelle
Thank you, Derrek, and welcome, everyone, for today's call. I am pleased to report our strong performance trends from 2021 continued into the first quarter, with all three segments capitalizing on a widespread demand for our services, led by PeopleScout, which delivered a fourth consecutive quarter of revenue growth. Overall revenue was $552 million, an increase of 20% compared to Q1 2021, marking the fourth consecutive quarter of double-digit growth. PeopleReady revenue trends benefited from historically high bill rates and worker supply improvements, while contributions from new and existing client demand drove PeopleScout results.
We are also pleased with the revenue growth and our PeopleManagement business despite global supply chain challenges. These factors, along with our continued focus on improving operational efficiencies, produce a net income of $11 million, an increase of $4 million compared to Q1 2021.