TrueBlue, Inc. (NYSE:TBI) Q3 2024 Earnings Conference Call November 4, 2024 5:00 PM ET
Company Participants
Taryn Owen - President and CEO
Carl Schweihs - CFO
Conference Call Participants
Ryan Griffin - BMO Capital Markets
Mark Marcon - Baird
Kartik Mehta - Northcoast Research
Marc Riddick - Sidoti & Company
Operator
Greetings and welcome to the TrueBlue Third 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 expected, market conditions remain challenging. Revenue for the quarter was $382 million, down 19% compared to the prior year as uncertainty and client caution continued to weigh on the staffing industry, leading to reduced business spend and curbed hiring trends.
Customers are looking for market confidence to grow before making significant adjustments to their workforce strategies. This hesitancy is apparent in both current client volumes as well as new business trends with engagements starting at subdued levels following an elongated decision process.
Given the labor dynamics at play, we are focused on the areas we can control to meet the needs of the current market and ensure we are well-positioned to support demand as workforce needs expand.