TrueBlue, Inc. (NYSE:TBI) Q1 2024 Earnings Conference Call May 6, 2024 5:00 PM ET

Company Participants

Taryn Owen - President & Chief Executive Officer
Carl Schweihs - Chief Financial Officer

Conference Call Participants

Jeff Silber - BMO Capital Markets
Kartik Mehta - Northcoast Research
Mark Marcon - Baird
Marc Riddick - Sidoti

Operator

Greetings, and welcome to the TrueBlue First Quarter 2024 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.

At this time, I'd like to remind everyone that today's call and slide presentations contain forward-looking statements, all of which are subject to risks and uncertainties, and management assumes 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 SEC filings could cause the actual results to differ materially from those in these forward-looking statements.

Management uses non-GAAP measures when presented financial results. You are encouraged 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, a copy of the company's prepared remarks will be provided on TrueBlue's Investors website at the conclusion of today's call, and a full transcript and audio replay will be available soon after the call.

It is now my pleasure to turn the call over to Taryn Owen, President and Chief Executive Officer.

Taryn Owen

Thank you, operator, and welcome, everyone, to today's call. I am joined by our Chief Financial Officer, Carl Schweihs. We appreciate you being here with us today.

As we expected, the challenging market conditions we discussed on our last call continued in the first quarter. Revenue for the quarter was $403 million, down 13% compared to the prior year, and right in line with our outlook as economic uncertainty continued to weigh on businesses, leading to reduced spend and curve hiring trends.

While current demand levels are subdued, we continue to manage through this market cycle with agility and discipline. Our teams are staying highly engaged with clients to address their current needs and ensure we are well positioned to support them as their needs change or expand.