The following is a summary of the TrueBlue, Inc. (TBI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TrueBlue reported a total Q1 2024 revenue of $403 million, a 13% decrease compared to the prior year period.

• The company had a gross margin of 24.7%, a decrease of 180 basis points due to changes in revenue mix.

• SG&A expenses were successfully reduced by 13%, matching the company's revenue decline.

• The company recorded a net loss of $2 million this quarter, an improvement compared to the net loss of $4 million in Q1 2023.

• Adjusted net income was $1 million, turning around from an adjusted net loss of $2 million last year, but adjusted EBITDA declined to negative $3 million from positive $3 million in the prior year period.

• TrueBlue ended the quarter with no debt, $36 million in cash, and has a borrowing availability of $140 million.

Business Progress:

• The company saw its seventh straight quarter of revenue growth in the renewable energy vertical, doubling its revenue in this area once again.

• TrueBlue managed its cost by aligning its cost structure with client demand.

• To increase profitability and focus, the company is simplifying its organizational structure and implementing its strategic priorities such as a digital transformation and expansion into high-growth, under-penetrated markets like skilled trades and healthcare.

• TrueBlue noted that it experienced increasing fill rates, now around 80%, and expects this trend to continue as market demand returns.

• The company also purchased about $10 million worth of shares in Q1, approximately 3% of the overall share count.

More details: TrueBlue IR

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