TrueBlue, Inc. (NYSE:TBI) Q2 2024 Earnings Conference Call August 5, 2024 5:00 PM ET
Company Participants
Taryn Owen - President and CEO
Carl Schweihs - CFO
Conference Call Participants
Mark Marcon - Baird
Kartik Mehta - Northcoast Research
Jeff Silber - BMO Capital Markets
Marc Riddick - Sidoti & Company
Operator
Greetings and welcome to the TrueBlue Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
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 Investor 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.
As we discussed on our last call, the current operating environment is challenging with economic uncertainty and client caution continuing to weigh on the temporary staffing industry.
We are managing through the current market cycle with discipline and agility as we advance our strategic priorities to capture market share and enhance our long-term profitability.
Revenue for the quarter was $396 million, down 17% compared to the prior year as uncertainty around interest rates, inflation, and other factors continued to drive reduced business spend and curbed hiring trends. Our revenue trends declined over the quarter as we did not see typical seasonal sequential builds in our on-demand business.