BGSF, Inc. (NYSE:BGSF) Q2 2023 Earnings Conference Call August 10, 2023 9:00 AM ET

Company Participants

Sandy Martin - Three Part Advisors

Beth Garvey - Chair, President and CEO

John Barnett - CFO

Conference Call Participants

Jeff Martin - ROTH Capital

Howard Halpern - Taglich Brothers

Michael Taglich - Taglich Brothers

Operator

Good morning. Welcome to the BGSF Inc. Fiscal 2023 Second Quarter Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. As a reminder, this conference call is being recorded.

Now, I will turn the conference call over to Sandy Martin, Three Part Advisors. Sandy, please go ahead.

Sandy Martin

Thank you. Good morning and welcome to the BGSF 2023 second quarter earnings conference call. With me on the call today are Beth Garvey, Chair, President and Chief Executive Officer; and John Barnett, Chief Financial Officer.

After our prepared remarks, there will be a question-and-answer session. As noted, today's call is being webcast live. A replay will be available later today and archived on the company's Investor Relations page.

Today's discussion will include forward-looking statements, which are based on certain assumptions made by BGSF under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

Actual results may differ materially from those indicated by the forward-looking statements because of various risks and uncertainties, including those listed in the company's filings with the Securities and Exchange Commission. Management's statements are made as of today and the company assumes no obligation to update these statements publicly even if new information becomes available in the future.

During the call, management will also reference certain non-GAAP financial measures, which can be useful in evaluating the company's operations related to the financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered as a substitute. Reconciliations of GAAP to non-GAAP measures are provided in today's earnings press release.

I'll now turn the call over to Beth Garvey. Beth?

Beth Garvey

Thank you, Sandy, and thank you for joining us today for our second quarter earnings discussion.

Our second quarter 2023 results reflect meaningful progress on our financial and operational initiatives. I want to thank the BGSF team for their tremendous contributions that supported our solid growth and progress, which resulted in higher revenue, profitability, and cash flow generation in the second quarter.

We reported total revenues of $81 million, which reflected increases in both revenue and adjusted EPS of approximately 9% versus the year ago quarter. Adjusted EBITDA increased almost 39% to $7.5 million over last year's quarter, which represented an adjusted EBITDA margin of 9.3%.