TrueBlue, Inc.

Greetings and welcome to True Blue Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Derek Gafford, Chief Financial Officer. Thank you, Derek. You may begin.

Good afternoon, everyone, and thank you for joining today's call. I'm joined by our President and Chief Executive Officer, Taryn Owen. Before we begin, I want to remind everyone that today's call and slide presentation contain forward-looking statements, all of which are subject to risks and uncertainties, and we assume no obligation to update or revise any forward-looking statements. These risks and uncertainties, some of which are described in our press release and in our SEC filings, could cause actual results to differ materially from those in our forward-looking statements. We use non-GAAP measures when presenting our financial results. We encourage you to review the non-GAAP reconciliations in today's earnings release or at TRULVU.com under the investor relations section for a complete understanding of these terms and their purpose. I do want to highlight one change involving the tax impact of our adjustments when calculating our adjusted net income measure. We will now be tax affecting all taxable and deductible adjustments using our statutory rate of 26% versus our prior method of tax affecting adjustments using our blended effective income tax rate. As we believe this provides investors with more useful insight. For your convenience, we have provided a reconciliation of U.S. GAAP net income to adjusted net income and adjusted net income per diluted share using this approach for all prior quarters and years back to 2021 on the financial results page under the investor relations section of our website. Any comparisons made today are based on a comparison to the same period in the prior year unless otherwise stated. Lastly, we will be providing a copy of our prepared remarks on our website at the conclusion of today's call, and a full transcript and audio replay will also be available soon after the call. Okay, let's now turn the call over to Taryn.

Thank you, Derek, and welcome everyone to today's call. We appreciate you being with us. Revenue for the quarter was $473 million, down 18% compared to the prior year. Our results are reflective of a challenging environment in staffing and recruiting. Across most True Blue verticals and geographies, our clients remain cost-conscious and selective about the temporary and full-time positions they choose to fill. Our teams are staying highly engaged to help our clients navigate this uncertainty and to ensure we are poised to support them when their staffing needs expand. We are being proactive with our sales approach by leveraging our playbooks and centralized teams to capitalize on every opportunity. And we have a particular focus on high growth verticals and under penetrated geographies nationwide. Additionally, we are pursuing shorter term projects and offering flexible solutions to clients in order to meet immediate needs while positioning us for future expansion opportunities. Along with our current focus, we remain highly committed to our longer term strategic priorities, including advancing our digital capabilities to position us to gain market share. For instance, we are enhancing our job stack and Affinix platforms to drive greater efficiency and improve the client, associate, and candidate experience. We are also committed to expanding both our scope and our footprint. For example, within staffing, we're focused on high growth sectors such as renewables, and skilled labor placements. Within RPO, we're focused on high-growth verticals such as healthcare, as well as diversifying into higher skill placements and more specialized product offerings. Gaining market share in under-penetrated geographies is also a focus across our driver, skilled trades, and RPO businesses. While industry demand is currently subdued, the long-term outlook for staffing remains positive, and we are well-positioned to capitalize. We have deep expertise in staffing and RPO, a strong footprint, leading technology, and significant resources. Our team is incredibly talented and committed. Our values are strong and we have a compelling mission. TrueBlue provides a vital service and we remain ready to serve our clients' immediate and future needs. Before I turn it over to Derek for further discussion on our results, I want to take a moment to thank him for his leadership and numerous contributions to TrueBlue during his more than two decades with our company. He has built a digital and people-first finance organization with a deep talent bench that will continue to serve us well, and our entire organization is grateful for his contribution. Thank you, Derek. I'll pass the call over to you now.