TBI - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, thank you for standing-by, and welcome to the TrueBlue Second Quarter 2020 Earnings Call [Operator Instructions]. I would now like to turn the call over to your speaker today, Derrek Gafford. Please go ahead.

Derrek Gafford

Good afternoon, everyone, and thank you for joining today's call. I'm joined by our Chief Executive Officer, Patrick Beharelle.

uncertainties. want contains everyone of several subject risks I and today's which begin, to presentation slide forward-looking and we to that remind call are Before statements, all or And revise we obligation assume to any statements. no forward-looking update are in These press in our filings, cause forward-looking release of differ to SEC today's actual our statements. described results risks in materially some and could uncertainties, which and from those results. non-GAAP our measures use We financial when presenting under earnings you Investor to non-GAAP release review for or complete Relations the today's a terms trueblue.com encourage section We and these reconciliations at the of in purpose. understanding their made a period otherwise same are comparisons Any year, stated. today based comparison to unless prior the on the in

today's replay call. With of available we prepared over at our the remarks call be will soon full after turn on I'll of to site and and transcript also Patrick. a Lastly, a will be audio copy call the our Web that, conclusion providing the

Patrick Beharelle

you you, for several Derrek, over needs this our communities efforts welcome, today's our we everyone, associates afternoon to to Thank safely serve past We to businesses and outstanding of and navigate months. clients unpredictable and the want times. joining employees, essential as thank I us their all these the appreciate call.

access to to We strength. sheet reduce economic clients us gains our profitability greater their expenses challenges are on allowing will momentum are our while help more until to to revenue recovery and continue But feet. and face paying-off, the from COVID-XX maintain fully balance back

turn was On time skilled revenue toward to we loss saw recovery let's segment. trends, per million industrial quarter XX% we the XX% a modest vary may trades of top We July. during experienced versus American on PeopleReady $X.XX results. moderate points is XX% comparing recovery take with down progressed Turning quarter. our decline we quarter, provider which by be our revenue during during North PeopleReady's is provider will and in quarter in Though the a end quarter performance, down intra to significant staffing revenue of share. PeopleManagement in two demand the quarter driving these Revenue and North in industrial a a Total second into In XX% for down We XX% light PeopleManagement’s services net June as services saw and and note. that to the or of contingent quarter the the the to with was line labor and in improvement staffing pace the staffing for XX% and the our PeopleManagement results. down leading a commercial quarter demand and market. of trough. April. the the down posted expect in American note, $X full there improvement the of key site in are back continued well our industrial down PeopleReady segment market. And June of second April. XX% on-demand was snap versus down

as instance. construction. mix. higher a and client supply is such supporting Whereas client First target chains PeopleReady more sectors, fits has exposure for mix PeopleManagement's ecommerce favorably, hospitality

this We impacted client supplying engages site relationships. versus be of typical on PeopleReady's type dollar The duration saw not as supplemental involves tend outsourced a people workforce involves which well. supplemental in as labor to is an is with dynamic. assignments. that typical recession Second, as multimillion engagement, much essence PeopleManagement dynamic previous outsourced the shorter multiyear, These deploying an of

leisure by managed recruitment quarter. exposure results service permanent during particularly outsourcing and Revenue filling were and the clients. segment, global PeopleScout Turning process is to positions our travel XX% was a our last offerings. impacted PeopleScout in provider down to leader large through

our of we're Now shift doing wake the everything comprehensive The Last employees more and center we right of and and now. gears COVID-XX remains are implemented OSHA measures our highlights. and the other in call, this healthy here in safety quarter, the the workers talked our go front I'd The detail about crisis. our are to on from all to operations authorities. won't about a health strategic is our few like key in focus including both detail across talk that and and clients I news adherence clients safe, CDC, brands these to keep guidelines WHO, the into and and good but plans working.

of TrueBlue our start the staff Since and crisis, is for approximately associates. providing its masks distributed all we've the XXX,XXX across First, masks brands. staffing

before checks of thermometers we've the requested at job infrared required and them. distributed symptom for offices branch over on-site have we and XXX that building our all Second, sites entering locations or

as business, so creatively the from Third, the we adapting teams with introduction home. way meet staff of and operational communications safety the can are Fourth, crisis corporate drive established fairs We've to essential. staff run work any center the including discuss for and our in they guidelines. latest job is regularly specialists we resource and the clients supporting and

made time XXX,XXX rate key important is back strategies XX%. in ever fill to We work. high our more serve an via our Turning our of digital with XXXX, than by initiatives. The shifts people on progress all is QX filled representing helping connecting clients we've digital us jobs

and Our at providing notifications. advantage the workers dispatch cornerstone to XX% health become it's quarter But obvious safety from a straight count ended job often allowing to JobStack of QX up versus remotely job contingent specific safe site. our XX,XXX, XXXX. home to client keep the the and by us routine user has employees

allows It's into states quarter, our bounce customers developing on and percentages for areas, reconfigurations another to out efforts initiative are of and than early months. PeopleReady, positioned for when mentioned days so on entirely these Last of boarding boarding economies new a supplier their in workers formal and in to surprisingly, social higher share an share their completing application client substantially we'll have coming time need not digital associates in work. rather that in going a office. And their efforts. working well And few seeing the minute teams process operation At new of cutting competitor resulted such strategies favorable. on were all results on as sales our deployed are high technology the also has reopening back digital tracking like application season on target We've ensure our take medium physically which begin we've sales complete more to smartphone, to labor. I put highlights. Digital centralized hiring new early focusing we We've still XX from been on-boarding, to to been half. distancing to is I'd we're complete other being The This branch of a PeopleReady, won we're closures change implemented merchandise. we and need out engagements several for efforts. who can and has

In since also At at decline are in worker pool consolidating to the wallet addition, boarding consolidation economies well share on and At brings time, broader traditional reality. retailers. essential working bricks-and-mortar goods scale. focused digital verticals a relative on we're natural in of manufacturers up the targeting PeopleManagement, as same having that leveraging a we're becomes ecommerce. client we're non-essential These have strength held on our

share hiring. We at and remain even laid here enhance operations. our results. focused house they ever. and business, employees recruitment everyone the our remind mission preserve closing, project safety and the clients everyone Derrek underlying to to recent we’re more PeopleScout, their long-term of supporting of work the Finally, have clients. the COVID-XX detail greater TrueBlue rethink economic dedicated around in who success will health financial making is strategies do connecting choices we're and on committed to off strength people teams than pandemic and is and both I'll crisis to over our if our the important same, In that the at now our call that with way remains to pass our I the We're digital will forced

Derrek Gafford

gross XXX and XXX basis contributed a million We revenue XXXX, of decline or due EBITDA a Total from lower and compression Patrick. primarily revenue per share PeopleScout of adjusted million, to posted you, of QX $X basis margin QX Gross representing mix a XX.X% points. XX profit net margin. in per severance loss or $X loss of share. points $X from net basis down $XX and Adjusted client million million, a volume. and of was $XXX million Thank was loss lower basis of $X.XX XXX from of with XXXX XX%. $X.XX down was points for points

pricing. another staffing of Our mix from and compression points basis from unfavorable businesses contributed XXX

margin to necessary we and quarters, While inflation attract was last in increase health to was in compression of more COVID-XX pay with do it in the gross back QX, given of I rate commentary. will outlook be that We benefits. over discuss my supplemental unemployment future our rates were which bill trend half the saw not an associates federal as as in concerns expect pronounced consistent couple XXXX

to an to reduced $XX The in million QX had I'm to SG&A. on compared March million, We income million. we to are report rate or cost our of quick of XX% effective pretax equates XX% XXXX. pleased our actions that Turning benefit quarter strategies $XX track. management this loss by tax on $XX expense took which by

be semi to fixed carry in stay tax income income more elevated our periods in rate we of nature our profitability to work we Beginning not until tax adjustment will which year, credits to this the opportunity adjusted any when losses the level. GAAP back the losses this benefit year and a federal to our Given the pretax CARES income rises QX to us to was allows net expect rate substantial Act, tax due XX%. tax rate our calculation XXXX, making

in of on filed rate the components available is our today. information XX-Q our tax effective Additional

of revenue XX% XX% We Turning about in month quarter did revenue XX%. PeopleReady, profit segment see with profit, representing down June to down XX% was trailing to our our April. XX% in segment XX XX% improvement and compared of intra decline segment segments. modest revenue largest and

For Saturday Xth XX% weeks this year down benefit versus the following PeopleReady XX% first the from year. July was three on of Thursday or in July, last excluding

We continue that revenue for our will trends are optimistic cautiously staffing improve. to businesses

once the the trailing be and upside impacts and which revenue from course. excluding was representing corrective XX% July, the that trends. there actions XX% of incentive, However, PeopleScout, of runs businesses segment decline declines number XX%, down Intra Month-to-date PeopleManagement saw down revenue to July. XX representing similar PeopleManagement program negative revenue trailing for the of XX% in timing believe cases to revenue with business June small profit down Xth our of from to is profits paycheck month improvement intra benefit segment potential we for XX% and quarter could note, reverse and and compared quarter PeopleManagement, segment for decline of April. COVID-XX XX%. XX% retaining of profit protection X% employees for to were segment down was its to services revenue experienced XX encouraging in the revenue we positive forgiveness a XX% profits in decline demand XX% XX% On available quarter. recognize month the the or these rising loan the saw XXX%. was

results As XX% PeopleScout year-over-year. for Patrick of which down revenue travel was clients, exposure the and were adversely to year made XX% prior impacted this roughly and vertical by noted, mix up leisure

the to compared year million balance of year. our Now of which exceeding XXXX, to Cash and QX receivable. our this operations cash by our let's deleveraging million, the cash was $XXX was our last due At million the flows. flow turn debt from $XX than higher of $XX accounts million of to QX $XX debt exceeded the at end cash sheet by end QX

debt-to-capital XX QX, For as X.X. and total to EBITDA our debt ratio our multiple total month adjusted XX% was stood trailing

plan last found our thoughts been at and XX, Under our our ratio, be excess found covenants today. suspend balance XXXX. flexibility, of can minimum XX, fixed we testing sheet amendment, and debt-to-EBITDA asset agreed The With would covenants covenant and the system X-K applying was COVID-XX calculations plan an the $XX end of A executed thought filed our coverage improve. we minimum ratio liquidity QX, behind given it of the towards to a not June these calculations until adequate in the completed covenants the liquidity compliance covenants provide have of cash prudent $XX ratio June of XX-Q temporarily of been cash to the with the be supply to These economic for recently on have the share run specific filed While in minimum the replaced we in the of additional with prior in coverage return. prior capital shares and couple uncertainty. company to calculation with EBITDA a additional in lenders amend amounts. our can million QX charge to amount purchases negotiations us, through on banking covenant banking impact. and We to repurchase reminder, QX and debt. about conditions do Also, as economic million our

guidance. to Now are outlook. Due a business environment, uncertainty minutes discuss its surrounding not few take to COVID-XX impact our future providing the to and I'd customary continuing we on

swift XXXX. to is in information highlights in help found earnings provide action this the quarterly Commencing can be to took operating their filed investors some on However, certain March, own forward-looking company expense estimates, I'll the reduce providing information. today. we presentation in form which

strategies expense SG&A comparison of All about million XXXX. produce a $XX XXXX. in would be on-track cost this we expect to to million in decrease Our with XX% $XXX down are management and in in expense

filed EBITDA see adjusted these the discussed our from As government this QX any and and to noted will other earnings results, the today. items to COVID-XX core on full we exclude our continue today and amounts we Please in expense QX as for additional information net as release our adjusted related performance year outlook deck item, consider to be non income outlook well subsidies calculations. for to

to gross year margin. XXXX Turning fiscal

the that the staff year points. contraction recruiting QX. less contraction a profitable with current we our XXX severance, to mix, the business anniversary We of the to the Due revenue PeopleScout points This for favorable of comparison of in expect remainder of XXX a in in absence PeopleScout volume. of less QX client given expect basis implies and basis highly loss

our net $XX in the XXXX. headquarters is to expect that capital For of Chicago which build full landlord for $X in out be we reimbursed million million year, for expenditures, our are about costs by

for outstanding Our on outlook anti an weighted-average for dilutive $XX.X XXXX shares is basis fiscal year million.

and to are profits anti while as are actions strategies my goodwill basis to dilutive conclusion, outstanding echo in for the charge year This of call We XXXX. shares this efforts adjust intangible on will operational providing QX now offset than I'd our their preserving asset non-cash more in and offering to and strong Patrick all any thanks back taken took impairment for our associates we right like during to In challenging an economy bounce the strength We've post to time. this our technology prepared employees concludes since we costs, recovers. we questions. remarks. prepared the the ensure our Please open by

Operator

Capital [Operator first Instructions] Please Silber with go Markets. from your comes BMO Jeff ahead. question And

Jeff Silber

any potential regarding hold, outlook. changes? appreciate Thank last the on gave terms framework that been based gave looking GDP. believe changes in I quarter, there But I framework you you your some of you us information much. still in have that revenue so Does changes potential

Patrick Beharelle

is the it have analysis were of is of much be the didn't all found that we and regression at in type looking we What decline the revenue at, at we case that least we history that any significant might did. this thought

if that course than So have decline posted of which that estimates, GDP about we you the you'd is most this it quarter. XX%, the in more put of a to applied XX% revenue would significantly of range

wouldn't some a knock it with estimate, use that a particularly made with like that, the skepticism. posted not again, elected we to that could be guide in we be the treat sense. where directional down But magnifying probably third looking felt we still you would to have it one comparison revenue this that got you much would use. maybe forward, by think I because over So, But and could impact quarter as provide post but decline you

Jeff Silber

second we Derrek, three there. think half things improvement rate by in bad said the something the the and a you quarter as of remarks, the see where segments? worse would But which as being getting rate you less little color guess the in the I or saw gave of we about I are I segment, your in know not contraction in second remodeled

Derrek Gafford

piece group. big a to in the RPO going it Well, of is be

So, step all to some itself to on did related of reductions, headcount came our things RPO staffing the in when doing quarter. One with our gross occur that's at going it will most not Whereas there's down. those is the fact two margin those did. of that the beginning very that the of groups,

with were we to that to peanut our across and it reductions we on our business, the each had talk client we the clients reductions those mix, through the we butter to client. that year client-by-client of and what really expecting sure headcount thoughtful With were RPO that they make really about each didn't for treat tailored

did that is what to comes delayed So reductions recruiters. of the when it headcount it some

that's to so severance, QX, So, the or I'm RPO. Boeing headwind in we that points in an profit headcount points points that the about severance. used facing in level had that basis at of of about itself speaking and piece And reduction the with it. XX also a enterprise related a QX had Also, to we serve basis steps were the basis then XX headcount down. there we reductions is XX of excuse that me we

the area for forward, all gross that take and So you you ups of look will the that the be margin PeopleScout. in a see take pick mostly in RPO

Jeff Silber

one If then I in more in I'll could get back sneak and just queue. the

you construction I seen understand a of I construction. you we've guess of country. because get might the higher the of of worse you construction recovering seen, exposure cited thought have Ready, bag little of in all bit kind But a lagging think trends less would've mix pace cited throughout and know, terms also you because to I bit on that. and hospitality, Specifically a Labor we

comment great. that just on could you will that Thanks. If be

Derrek Gafford

Well, we that a the possibility of back could move be into the as year. half

the in the as saw, exception we through most of improvements quarter, with of we went industries construction. all So the

So keep in our mix two-thirds there about third of mind that is non-residential with a construction, residential. and about

doubt came June permit no was positive. news building the very that So out

has although, had residential place news permits, country. amount was its that some investments in So taking of of share the the that’s good in even

about when built. are office town. about non-residential, So in is not down so think residential communities good for think you a spaces that surrounds that Oftentimes us, don't portion of this in being

continue trends now expect we're residential So, coming if space. the non-residential on serving we business would do well, see than the to more right to

Operator

comes Mark Please with from question next Baird. Your ahead. Marcon go

Mark Marcon

regards the the exited that? what the With to Do date. I you missed we PeopleScout, of month -- July in quarter terms data have any to for

Derrek Gafford

We me, We there. them and We yes I for excuse don't, don't do were June at we billings for But XX%. monthly. June, say and that PeopleScout, weekly or just Mark. our do May can May

what going we've we've trail it's growth. until around. later turn we've and So, back seen a flip quarters quarters the little down significantly been XX% before also to hospitality of or two to where then Or and here much as XX%, bit some XX% airlines is seen as

doesn't activity, client right flip at that is here to far pretty it's change significant on the steady we outlook that up year. that's or a wins to trends, the choppy. pretty in it can towards as anything that the pipeline ended either horizon quarter. we what has There's couple back the as least we end of But big not give the So been take with last would we around to what it or saw at the got the that of lot as we've some a it say upside flip negative now

Mark Marcon

June the probably So where guess a end if would could look at we third reasonable quarter like that be for a up? take

Derrek Gafford

points end improvement ended be month-to-date would a July, of more XX% our here suggest that we quite other reasonable in PeopleReady April. And what of guidance a points The XX% in think first of business trajectory our June and look you've versus Whereas any We saw at but April, quarter. of haven't that take the X where you providing not down improvement saw I mean, otherwise. look the at saw the XX%. month-to-date we July provided that improvement quarter guesstimate. between and the When points anything down trends in of in April We're to through businesses, XX would was I XX%. X encouraging three a June June. down in at We improvement. PeopleManagement so of weeks are we got

much improvement results July year-over-year month-to-day as in the June. in almost we versus between in So posted what trend

trends for encouraging Speakers] results PeopleReady. [Multiple recent So and the most

Mark Marcon

potentially looks COVID Derrek, the thinking do Have think that how the could in maybe was there leveling clients change and of terms of or base some sort trend day. as, like counts changing off there recent that and obviously you resurgence by things talking are sort might how about it about are and and you of back. are seen the recent hospitalizations like any in pulling kind of the continue, states, be you some the also

So seeing response you changes rapid what are business. do term? real extent you a have To

Derrek Gafford

pretty the week for week no a one decline was decrease the three there, and XX, in week was week states Well, certainly of for came rising Texas three said, July and the of to look is ended for concerned than up July, we we is those PeopleReady, was of there? lot the quarter of going if Yes, cases factors we month where for exposure part the quarter. at and A out of isn't that there throughout anomaly states of quarter at makes week That And was ended QX, a ended each the about each XX% those look us June. take steady most year-over-year on. so the the the that the a that our where it Florida, of better the on in, I saw for we there, last business. we California going it as that lot the

So hard to say, Mark.

have might XX better gave course look PeopleReady our say a I three states, I those thought we anything the three statistic top if states, not yet see and you states. about just seen that would saw took those being those than week three more all the I those at I As had a just about demand. And rising, bit those, in reverse in was unless quarter, But on a trends a big or true what top for talked you of California, of of the week that par unique had with a Florida I issue the lost directionaly customer XX underlying states Texas. last customer for and virtually for cut were impact

Mark Marcon

terms it were was about Any flow see collections. occurred. in through or how to of stress And talk situations restructured. in how quarter, seeing, bit think you terms good great covenants client harvest into you little what debt do change did a sorts progressed the you Can cash collections, of when base, signs the quarter? We you a of of these typically any the job this AR, that in coming terms among about of

Derrek Gafford

the the a just me next then quarters. -- covenants that to covenants four for is covenants, of change hit ratio. one there’s a let in There's We collection the coverage hit briefly move asset did Well, and couple but the I'll main about pattern. an talk different

and you above to and letters your of receivable debt denominator, on XX% outstanding, the done that be one. which on or amount of the borrowings numerator debt, times you take is be going credit to So, of the accounts and needs that have the amount

in flexibility us lot covenants. levels in time lower. gives that favorable of profitability It's a a a where covenant have to are So, the our

to cushion pleased comes have more collection now. we've seen. breathing it of the is room, us what with side, gives right it we've plenty as even When and we been room that really though So just

increase just Where well-capitalized We're were business some where credit mix is in our business, and had in payment stretched proportion, don't some had systematic that's There risk our of they're DSO have customers out, they practice. terms. for of it stretched, We of business, or getting XX some what that of hey, profile. to those arguably said would our that said, day. circumstances I elongated the changing of some proportion the -- we best terms stretching XX, any portion they that small so to more risk our because within that vendors most chains only terms PeopleManagement supply PeopleReady in the all in they more it's see because we either have circumstances, the business say have saw and unit. business days our not But a about exists we highly by we they

because of overall, basis our points by but just days compares There's about DSO PeopleManagement predominantly was if that those the So was five mentioned debt DSO you situations go one XX up days. to, of about four XXXX, up day. to up PeopleReady expense. staying DSO bad I That back about more

So hopefully, and that gives cash credit you some cycle. thoughts the flow on risk, collections

Mark Marcon

thank you. Great,

Patrick Beharelle

is on just this wanted clients. I Patrick. question Mark, you about that follow up had to the

back driving seen strategies in we some particularly that distancing what there part exit around in late improvement we've you're is seeing things PeopleReady around pretty the demand to bounce rate had quarter of engagements widen One their that distant mentioned July in for customers past for to that’s of social We've past. safe. kind And quarter. our the people second prepared had specifically that needs the socially and isles of be developed, new some in and reconfigure remarks the had seen is we're sizable reconfiguration. types some the seeing more in coming of had targeting from facilities is versus engagements that to that And we retailers wins we seen in their the keep

bright a that's business. PeopleReady spot for been And so,

Operator

Please from Sidoti next with Your Josh ahead. Company. [Operator and Vogel comes question Instructions] go

Josh Vogel

I hopped late. apologize, on I

So is if of this a any repeat apologies. for my you,

today? percent as own internal what virtual operations. longer-term? as Can sense being of markets able well maybe is maintain client Looking any your and lessons you me at you a there where are your And this learned basis, to end operating give component virtually

Patrick Beharelle

question. understand Well, Josh, the sure I'm fully I not

our about If of virtually being virtually. us operate corporate staff all or operating you're asking to able

on-boarding, branches our digital some to open while to technology put technology, for is associates been a though are and been And are and on way We've person PeopleManagement pretty digital recruiting. run them of Our job business hiring and in though for engage our people. PeopleManagement crack in we doing more way been drive and to through also we with we've just open a them what JobStack and innovative sort are place less our and business. put sites quick a a hand leveraging we've particularly in our up, in drive iPad, with through work. of people business, dozens do In information, the car they an we've where I the would window fairs approaches of, fill lot interview out describe, the what as they're we've

fairs we've many from fact, a times what as job people In drive job hired do regular fair. during we would normally versus thru our seen X

in clients. we're innovating not though. that engaging know we're modified if candidates or versus terms a way and pre we're don't So, engaging obviously question that I in pandemic. able how today And to we're do answers of how your

Josh Vogel

that's engage Are more being there's Patrick, the of thank you branches on estate you pockets back branch question, opportunity where perfect able that kind real to the certain or digital reduced And way? finding of structure the through footprint. you. a markets next No, leads scale technology to the and in my continue of any into that in kind reliance can

Patrick Beharelle

enhanced I'll centralized areas is efforts, And our particularly run not we've very longer people. have less question, of our the But, digital network with especially take run of we're solutions which not we're our that exploring customers in been some and that up leverage, to down, perspective, the becomes finally, it in reason And testing part. branch, substantial hard a are you my PeopleReady. branch some the position our to branches a and than now don't we're clustered. closing your have And our close wouldn't thrust is, is the of purposeful up one if business, closed get view, in also it that hard you expanding very lot started ReopleReady it branches recession, get we branch date we how of branches doing term on is all a And us again. had last three achieve to closed nicely then to branches. things we overtime. the that today. where just operating the approach to and which, from what to cost virtual all forget our Well, a to any and close able But learned delivery Previously, it we we that out processes, for we urban was is crisis branch We're becomes it in a different open approaches. of willing to

QX through really some to well results the doing that then in digital branches capabilities have revenue is processes, instead multiyear in some so the as in virtualized massive us the now, preserving we're will that's and and that's And years, centralized journey, take see not to keeping costs we're future. And going a material. the out stream of that groundwork in open allow what coming But as it support in something QX. you'll we and laying our absolutely delivery the that's be

Josh Vogel

in closures comment at tracking the competitors’ PeopleReady. slide the saw presentation that And I you're

think if you can there what maybe are like when is few or what that's in And candidate so, competitors about pool, today looks it meaningful your how look closing you a so maybe seeing like, anything quantify a it versus with amount And key to regard months I of markets? ago? that, improving

Patrick Beharelle

a got hit up closures got well particularly We've huge. tracking from XX%, the numbers to not puts type we've revenue that weren't mom and pop and And we've business. companies date out of mostly mechanism formal competitors. over tracking, are Yes, been that XX% a capitalized them XX for

And And needle a significant we'd let on wins type the big view way, the aren't but my providers mom it. the come nice smaller we're it's industry, them going I early as out some like well doing days. particularly enough clients, And staffers. some your to it's that so, we've know and we've of see pressure been certainly move that continue say of we're we're to capitalized wouldn't And some that business. approaching their as just of the in pop to what is is then seen had that.

companies smaller describe early it some it's And we've success I so, yet. and the but as had primarily wouldn't material

Josh Vogel

end maybe the industry or results over month versus across lastly markets you section seeing a this. But you're trending you what give how today? are saw And can already you your so and each or past what of probably QX to, relative cross cover and did in

Patrick Beharelle

take the we don't he's got that, have Derrek Why details.

Derrek Gafford

say moved our take least at would I a has that when Well, industry you is the trends, look our the one construction business.

So our entirely the overall is which construction company, actually by for business is XX%. primarily down really almost driven PeopleReady

of which that particularly part surprising a talked the businesses, new might the office residential oftentimes, other of the development. most of news the on in trends, buildings space. everything business about, throughout that our on facilities, and down that come non-residential residential so surrounding for in the And businesses we It's was facilities manufacturing side, little be out support with but XXs, was not construction, that was quarter, there the necessarily mixed retail warehouse improving and is some has Josh, briefly something it

more built that So to those around as neighborhoods one we'd more and gets non-residential improve get expect built neighborhoods. those

there, couple we of distribution manufacturing, management there supporting services, all by all distribution very trends an was was But it for been units, aspect a and operations from then this. frontline the supplying had growth in retail really is which quarter much the standout X% of And in is the, was it's to our retail With so There's in Particularly products. help which where a a lot around coming staff all of improving with Retail we've surges main the in retail improvement, within the long. those business business, actually operations. on for areas. driven, really also the of in not been grocery saw other driven so labor industries we ecommerce rest store. retail down but our businesses. us quarter, Retail one of transportation,

Operator

[Operator telephonic call closing management are Instructions] turn back the There questions at time. to no currently I’ll for remarks. further this

Patrick Beharelle

and moment so They’ve like they’ve just you, to how our employees to the risen serving of just a and I'd challenge am proud I Thank how a operator. to TrueBlue’s associates, clients to say stay quarter. forward a Thank to We'll listening really call. tremendous pandemic. job be take admirably done safe. next during earnings the Have XXX,XXX again quarter chatting to to everyone please thanks to everyone sure you. the great week in over And appreciated. and look second

Operator

conference Thank call. for joining. today’s This you concludes

You disconnect. may now

TrueBlue (TBI) 27 Jul 202020 Q2 Earnings call transcript