TBI - Earnings call transcript Q2 2022

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the TrueBlue Second Quarter 2022 Earnings Call. [Operator Instructions] Derrek Gafford, Executive Vice President and Chief Financial Officer, you may begin your conference.

Derrek Gafford

Good afternoon, everyone and thank you for joining today's call. I'm joined by our President and Chief Executive Officer, Steve Cooper. Steve joined the Company in 1999 and served as Chief Financial Officer and later as President before serving as CEO from 2006 to 2018. of serving from Executive as Chairman and until Officer. also now is the was the XXXX Board recently He Company's Chief It's you have good here, to Steve.

Okay.

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

a website our and today's copy be remarks on will prepared also our replay audio will we and a Lastly, after soon at call. the providing of conclusion transcript the of call full be available

over the call Steve. turn to now let's Okay,

Steven Cooper

Derrek, you, today's and call. Thank welcome everyone to

quality of to impressed engagement us and the clients' at solutions see growth. all execution level the long-term brands here We our team in our strategies we teams, I TrueBlue across our right for have talented and with providing across position a management workforce I'm exceptional meet needs. have and of to operating

workplace, and be and to ensuring of be commitment welcoming. and to vibrant true possess the that in to have to to Company our put an clients partners employees work. to our values a part employees that is Our committed It's inclusive gratifying people is our a serve we unwavering and

with turning segment segment XX% strong pleased the quarter. supported margin PeopleReady a XX% North across to results. American PeopleReady by staffing quarter our growth staffing XX-month of mobile grow to and the profit. revenue QX branch clients footprint provider representing demand continued app. to X% overall on-demand second largest leading commercial labor segments. trailing physical ago. industrial of across the Like total skilled locations and in total our market. profit and report revenue segment, But JobStack national revenue our did we year service three our in hours of Now We is I'm is performance others trades during a declined throughout compared the of to slowdown as industry, experience via a all

year clients growth a of revenue of XX% total quarter as and open levels. at process are Our services. trailing XX% profit. drew segment revenue a and in global of is impressive positions positions PeopleScout clients total performance work represents margin XX% project compared Volumes QX XX-month and ago. a highest at to new historical segment our up leader existing outsourcing with recruitment delivered permanent PeopleScout filling PeopleScout through

supplying commercial a Turning typical segment America. the before onsite multi-year commercial that priority. to I'd like ago. strategies. our growth to business was Demand and to with total onsite, about engagement involves like QX there, profit. to of same an was or PeopleManagement multi-million to XX% PeopleManagement, we sales and revenue North trucking workforce, important for of PeopleManagement a staffing X% our another I'd industrial essence of our up total of dollar The year revenue outsourced discussion trailing third most compared site relationships. But up on-site XX-month quarter talk segment, and on provides shift services driver represents PeopleManagement delivered driver is in services strong X% our go year-over-year.

in important United mind, know States, of the lose blue recently. jobs While precisely sight these XX help labor is lower-paid them. a everyone's how temporary economy demand specialize. to are collar are Yes, of it's not we openings filling has we some to job most on of the find the There which state roles, slowed the struggling of are to taken are Businesses and for future people, million it's fact understandable. in where pause businesses

news consuming are businesses them and times uncertain in of hesitate. to causing all are We sorts

is particularly economy it a services, unclear the it's how some to headed, While see talent brands right supply blue-collar With our remain in not positions tight going tight is the for labor of know to to for labor is where time. markets. the of find hard that multitude

of have talented decades strong market and A across presence North experience. technology and solutions. We people America

number to well and our done focus the using Our is one assets for and these talents done job get clients.

required to of Now our highly about supplement mobile use digitalization made app. industrial deploy to The labor PeopleReady our the something and where market let's to key not smaller the is more day the typically competes. strategies, to JobStack gain market of segment the smaller spend up At bulk fragmented to footprint companies able our regional The with staffing improve with the efficiency like type talk of of companies the are in investment is our market nationwide structure. strategy share temporary PeopleReady, starting U.S. PeopleReady.

market, Since any along provider a user years connect JobStack. experience application provides this nearly is adoption allowing of our local is the strategy's to application our the makes staffing industrial XX%. what digital for within leading associate groups a associates ago, clients, five growing our unique time. deploying The over to with the at So on-demand face and presence both us

XX,XXX, And the placement grown XX% our Turning to the are approximately JobStack versus year a through of has of users clients, XX%. total application over app to percentage ago. is filled increase a the

PeopleScout. to Turning

job reputation high leverages strategy Companies brand confronted in to capture growing openings. Our industry. strong our with opportunities are today historically a

is capture new and workers volumes us long demand existing for of large hire positioned to clients the to has meet short-term engagements. to ability us allowed clients Our and for

As in their onboard, continue helping clients, to expand needs we employees. effectively source, of manage we move forward, our to product offerings them meet growing will our the and

to Turning PeopleManagement.

execution Our centered around strategy operational expansion. and geographic is

Within Meanwhile, business United underserved commercial activities of the onsite are the of and the focused on Eastern into we the States. are targeting western market local in part and markets development part country offering, our with the expansion trucking business. increasing share

we will and our a serve, our digital around areas programs Finally, and associates a combined are leading be investing Derrek, service I we sales that improve in to in will our centered to I'll care we everything capitalizing frictionless of will greater we the Collectively, capability on demands customer with with levels. details demand, mentality call the the do first are enable big to who capabilities. manner. in This meet. believe These associate pass meet over clients to around the financial us the objectives, share results. have now

Derrek Gafford

spreads XX%. you, revenue in was PeopleManagement demand for resulting growth clients QX at all scale see segments all XX% strong across mid-single growth Steve. continued of PeopleReady bottom while pay reported Thank revenue segments grew results. growth was growth Total significant bill three business people PeopleScout existing favorable three revenue $XXX revenue by quarter. growth posted and and strong of this representing higher million, adjusted with of digits. overall increases XXXX net line double-digit This of from grow EBITDA growth, mix We in PeopleReady driven XX%. Revenue in volume a income at to

last expanded EBITDA Our margins gross margin which for Gross growth year, revenue points. net margin income EBITDA to respectively, Adjusted from received and margin basis adjusted and XXX points, excluded a expansion. income XX.X% up and due net adjusted QX XXX more XXXX XXX grew margin driven was subsidies were by government basis EBITDA. than

adjusted remaining XXX business, from XX driven constitutes basis by basis year, basis and the spreads year XX%, it highest positive the bill a XX which expansion, than now or revenue came primarily revenue benefited margin XX points basis contributed total our and of also in subsidies mix. from same GAAP XX QX pay points expense received for last was QX from our points customer growth due government SG&A and trend points an points margin segments staffing were X% basis better leverage. favorable mix which with excluded from as of rate SG&A year, up in percentage quarter inflation from On basis, increased line of between The higher on and PeopleScout, operating last revenue was it basis. a more was last as was than our QX to which results. adjusted Our

Our effective income rate rate nearly and which the QX our year. same to expectation was last was the XX%, as in close tax

and which XX.X% during across with margin mixed. services of exited the boosting margin. segments, and flat steady last and the revenue increased was outpaced were X%, basis Improving five most off quarter in got and XX the of labor we our helped We start segment increased growth while two with growth quarter points. growth June. as current rates X% while geographies in basis margin to demand points. strong fill that April in order by up increased June XX% economic the rate PeopleReady weeks from but profit XX in needs with rates demand, April improving the declining occurring climate. revenue notable revenue increased to the segment segment industries drops Bill profit points their occurred grew in most clients Turning up reassessed decline to job XX% was The profit was offset up pay profit given July. profit Revenue trend a PeopleManagement remains XX% trends Intra-quarter X.X%, hospitality. revenue segment segment X%

margin PeopleScout job basis is driving growth profit driven Demand their Monthly businesses were cost Operating in favorable leverage sales of up as over services in driving mix, digits margin trends increased profit other and revenue volumes. clients the segment revenue XX% volume the commercial profit business, year-over-year points demand our to unit fill contributed higher commercial with provide to primarily and higher for by four changes segment two mid-single of improvement to in XXX the throughout a higher margin. per the contributed openings. onsite from up The look quarter. as client growth. profit strong expansion XX% points our segment was businesses Our margin points. steady our revenue high was contributed segment and

balance the cash sheet to turn let's flows. and Now

Our operations in cash is We is share million strong flow leaving in authorized. and from great million flows repurchases through debt. The $XX shape. cash finished the with returned million of cash with quarter to $XX outstanding and $XX capital year-to-date year, balance million no this totaling sheet producing business $XX we

provide take like a I'd items. forward-looking on additional to of moment to couple color Now a

QX QX, to revenue providing that not X% and is for we year growth over in to headwind from QX did are PeopleReady and than which to but our a want to of trends sequential X% are which XXXX at will retail total XXXX a not growth and Also absence historical The work, benefited guidance, TrueBlue, three-point surges as out implies seasonal recent project X%. of lower run QX sequential in customary a we QX. total create revenue expected We not PeopleReady TrueBlue this rates disclose in our from year reminder for reoccur. call average

remarks. additional call on our please open This full third the quarter XXXX, outlook questions. For earnings for now for details presentation Operator, our filed prepared see our the today. year and concludes please

Operator

first the BMO with Silber Capital line Your Markets. Instructions] comes question of from Jeff [Operator

open. line Your is

Jeffrey Silber

to hear Thanks so much. Good again. you back Steve, calls. welcome these to

of couple I Let these been you've the just there long around do from downturn? of me might et with is been time, a you've that What through recessionary learn a if this you a cetera. early And type virus, really going few of through differently ask you questions the anything we into a company industry know on, are did you this lessons heading fear time beforehand?

Steven Cooper

time visit with few in here all cycle, at a client's of If a own the needed these you've to our And that's you clients over bit economic business. one was us. over focused put cycles client of different at able the well XX Thanks, commonality Yes, works have in have the we to it little And first, way we customer XX for years and particular us, thing, to seen our worst, out Jeff, the again. to pretty stayed we them. the impressive. then every have is between pandemic a and XX-plus our and customer to first can been good look client trying to those and just main the look I year facing on this what trim those costs And situations, facing team need. was for years, that of we're team put on a be got our the needs, stabilize and focused adjusted when keep

we construction didn't a remain the Company states -- particular. basket like in big Obviously, diversifying way serve. So that's period in the felt have of focused foremost California, two-thirds states, good in on recession weren't big Florida of balanced was in those of in construction ensuring one that all right front little is the more a credit-related the we've Jeff, and in energy our keep in where Since back we objectives the that but that first before focused were big eggs we highly We 'XX us, on we there, square organization, the effort, we and time, on did and a we're pandemic Texas a spent today, of was each in industries those lot time. and construction.

don't That's we felt as so then. thing two the deeply back as feel we is. number And it it

So the first stay focused customer. on

that and ensuring we serve is diverse Second, important. are who we most

slightly demand As assessing are a we see stabilize and and is all. labor it's head not their our pandemic. the is from the We're period own strong. own markets of grow pause be their panicking still button to going called of and We out business that remain trying clients are and customers at is we've our time might strong The hitting situation. effects the to tight into

or for current question that different looks talking reflecting you've even know we're back. side this one available the we they're again. all super we team customer button remain recruiting to really management it's years And believe We're ensure pause we their a how about being in, will long. temporary though spent our strong It's for as in that to great other long this associates So needs. pause most two a as the it a full-time for find daily to the don't be and client, asked and not one that we've three years, there we want both different important on important understand XX quarter this. and fill sure smaller hit, our to of upon last or Meaning more a that how is the time days, in were positions about

reflection but little on bit what differences great of Jeff, a So question like. there, that looks

Jeffrey Silber

in we bit more And your that little can helpful. get you was That Okay. a alluded to color. this remarks

the realize demand impacting think On supply slowing labor any supply been labor is how has wage so, obviously getting and I down, everybody that. If that rates? if the looser

Steven Cooper

our But definitely a six But supply is comes why like, going right not the good exist for force, fall continuing the And improving to Well, us fast there. call improvements it best additions we as summer, and marketplace month-by-month, well that's is last the and up to we'd the maybe we tough months, all last heart back labor seen back business. to though, markets customers. in there coming meaning really demand as as what been into is because labor if great thing, back seen back we've we've not I we customer. through our which our when shine as of the and the do it's it really

applicants, So own as personal slightly improving it's flow still. as of our far

Operator

Coast North Kartik comes line with question next Research. from of Your Mehta the

Your line is open.

Kartik Mehta

I'm any We're Maybe thoughts you of you're was and the to continued in a change? if saw question, the end apologize. or for so any on if a the trends of PeopleReady in unfair seeing I trends wondering little bit there almost the But maybe month June July.

Derrek Gafford

We that were question last the of at for has we've finished growth I flat June as so at steady I'll take weeks then the two is and July. through Derrek, that The June X% flat PeopleReady. -- of month one. this think held moved trend

Kartik Mehta

aren't out you seeing area that seeing And call slowing you're being as maybe would that and were previously? mentioned categories where you an you services growth seeing services the what some --

Derrek Gafford

of all point across you really of seen about it but as talked just groups. know couple been industry industries, that a softening, we've different have a has Well, focus some

give compare saw really there you year-over-year just dropping I'll way of I slowdown, XX% about services a basis, know But that saw if bit in yes, some to grew QX QX with we down that a PeopleReady. So asking you same services, a at on retail we are little the still level. is while perspective, by by retail, we slowed

up That's we at in and slowing. also our that QX We were rate XXX% growth dropped mid-XXs. to hospitality called exceptional down the over an

this are So downs a one is, I I step seen and but could the each industries, main through geographic widespread think that here is the of from perspective. the industry point go fairly we've

want impacted I industry it make to the has about demand So one don't that that trends. it's

Operator

Baird. Your next line from the Marcon question with of Mark comes

Your line is open.

Mark Marcon

you in PeopleReady, of about the do pilot year I'm of strategic mentioning and half the the up this and that terms does again, some a afternoon great impacting think of business, around Good towards continued the part of we going end Steve. next pause of that offices to the plans How in strategic hit. particularly programs some back. Welcome kind of hear the centralizing year? wondering the from in button into JobStack? shift perspective, How being you're back

Steven Cooper

good, for talk to the Thanks you. Mark, question.

now, number find focused of and people. we're the because You on execution teams we clients ongoing know out daily really to helping doing what is and backed don't on challenge our want our the

of in that client easy, our are in platform we've branch these pulling look our of that that with that that on so we the ideas program payroll network, year change that to the are various we some like brand, of out. in much. do more had the of digital that functions -- the we matter because July out underway been branch, So on of programs these pulling for committed underway a what pretty the The is it program and stickiness PeopleReady that working we've or on last programs duties XX operations which JobStack, exist remaining to in answer years can The balance versus finding the the between good of strategic been to what builds of is actually. relationship centralize we've committed going aspects brand's

that the time, are which stop how not been those some bring light the that's a because views have reduces been for it's so service it and into customer improves operating wherever good quite time, customer it's over in only ratings centralized And journey, happening costs a or chance to It us, that's client. the we going not for of to location, consolidated a we good duties business, journey. for

down to So path. we're going continue that

definitely programs as far three a don't you've branches, replacement I in know, that's bit, the to four longer to centers maybe little slow of -- the bit opening As going last heard market Mark. a of quarters, over

you've supply And important like of about support even Our asset. to it's it's locally JobStack we've being network. pull that to remains time hit around strength asked does of button local no what us. mentioned strength really and the that a time behaving around with these no back labor the branch customers And local And to on is the strength asset. to And back pull on pause those of branches. and the that

and I'm of that about strength. making between customer digital the presence a it and goal platform, of And the that that really really sticky. brings local relationship combination it's talking with ourselves So the

tough for to to where anything to on-demand we're very need need they that adds with. is customer high, difficult Because environment going to fill we in idea, So too there need they're the a fill in needs are in be when turning of be so and associate job. an our that PeopleReady really turnover a to our things top in We to customers, when to and key us. mind Mark, an time positions there strength just that continue and

to upon we're day-out day-in while we that and to feel to execution. that, going going watch operating feel we're the our continue So expenses

Mark Marcon

of the Great. you to country last relative and in quarter, how terms last the PeopleReady? would trends. say, of are Chicago Like the recent for And rest Steve, Dallas performing

Derrek Gafford

we've that one. the the take importantly, P&L a it and more so that Derrek those of four level doing better markets half about of I having of and underlying population. of more talk performing some performance -- But It revenue service Mark, centralized have serve. have, got offering of that. than got worse drivers pricing. Well, I'll performing here, clients the to this and we've experimentation behind is we that is are about that what's half We've we what mixed where and we the those are the And rest when mean does been

we about field-based sending a turnover about you So think our that take of we're we workers of rating our look is, satisfaction the look our client there, satisfaction if at employees. out employee at the scores,

So it's split two. between the really

right of I as so it network. collection of And would market now, contribution rest service centers those those the -- branch call that neutral the to the and their

this about this earlier, asked a going highlight You two just to I'm bit.

way we're a need manage setting not Because it we of things customer, how accelerate around to the customers movement centers. the the the a workflow well, in do hitting that the to virtual we that the market more that pause We think we some experience in think when legs branch. button, remote know it, to looking idea. well place, it's versus we do still as service people the idea We need and into with management that different also we got got technology has as it lot their we really in do that It the like it. have in the a reason at associates. and You as

where need able to to serve, to people add we're track When we broader that there to stuff management market a we somewhat within workflow to of current three be are branch. for a Our got some person talk keep systems set-up is. everybody trying

keep lot end place, middle won't have move So of in year. for until see we're in we've getting next to centers in that the moving those got you more customers a technology towards versus a we but the now, for suspect, in two. with filled to plan Steve I And us that like quarter these going really fashion forward that. next to service earnest market forward jobs do focused said on or place, those

Mark Marcon

some then regards clients. Got or with elaborate you just the those why much exactly renewing it. Can is? to retail and that like on mentioned quarter clients you of PeopleReady, And the the fourth wouldn't same doing retail some programs? impact how And be

Derrek Gafford

look quarter XXX% Sure. back Well, to this. I'm by you some almost this going take fourth it if business you and to you XX%. when of our first to the In perspective to in a go to XXXX by fourth the post retail going comes to grew retail, -- I'm in give just quarter quarter, the

with for called out were really periods were more some So grew relationships with Those at peak nice It's and labor to peak or that quarter. a surge clients at better, first us, the come -- projects. still a quarter, is got just model in spots, periods, that's that Yes, desperate. we business we using strong They're there retail the bad somewhat -- those an just kind fourth be special of our are. and this periods used folks. service? able those us. ongoing to should quarter they Maybe doesn't were market one still this were they in and with some of basis. hate for up the on word. surge I XX% just I but clients Are fit Back use retail in their really were we great They that they

constitutes the or quarter. probably into points go that about So fourth four of five as headwind we

it's and current that that is comparison fourth the our in facing go by about we're creating rate a the that dropping headwind, because we Now prior-year amount run much as quarter. more

want make of everybody that. sure Just to aware was

Mark Marcon

headwind appreciate really TrueBlue to and overall Derrek, for just for X% for And of that X% or PeopleReady? is that that Yes.

Derrek Gafford

Yes. That's overall.

Mark Marcon

and engagement the and on then bit talk obviously beginning PeopleScout, business And the new and we PeopleScout? the filtering to in demand quarter. middle well, what Can pause this the little to new you're trends quarter lots like about great as relative great. what ends trends of about is seeing the there. it to of a Okay, there end Like doing Overall? phenomenally because should wondering of quarter, you quarter, out excess up PeopleScout, still think just the how to extent over But July. obviously you're relates

Steven Cooper

it annual business compare three as to pause at year. slightly we've averages, any PeopleScout, year that it haven't year what will those take by and year. new the really still we this business. to the strong Well, we of about we we're a we're we've for back of this were not much. down even From really When But versus then business amount we looking even up with talk off last look We talking perspective, full a a is we last about PeopleScout wins, revenue business. really that up but had five-year as count year-to-date it's new new a It's a deal landed, seen that come or where got at nice. year, from start engagement our once averages far

haven't just much employed -- these churn their customers bases. customer in so in they Our

lot business So getting of there. we're a still

of. haven't any really I We that back if And seen immediate the any of we'll of don't know see future. that in itself really

are to so be these placing open are You jobs that jobs you there require and were of person. by most right now the know that way, the in jobs them many that

makes labor population home available, labor many customers, of have for which So the of to just even tight a a work a tight supply which clients. it's it's tighter our virtual market, of work market labor our labor a to compared that's from want for not experience. And

of of way lot driving really No, right PeopleScout on strong. looks wind what's now, any that's for no is that a now that signs it right the So in sales down. its

Operator

the comes line from Marc Instructions] of next Sidoti. with [Operator question Your Riddick

open. is Your line

Marc Riddick

wanted been the fronts. touch at to about that seems little relative couple sort of is a interaction to answered, maybe of And wondering on little gain -- certainly you maybe the a if seeing landscape are already One, competitive and of sort of maybe a of -- clicking so. sense certainly things could I I it some a bit get So, just my peers. you've or talk on some acquisition you're viewing wanted questions was I maybe I where clients, have months -- peers -- some then the If around stand what as expectation not but maybe than seems to to competitively of bit some your touch opportunities. market. more. or maybe And to you so maybe that though Because future six your versus maybe ago of sort I maybe you're the some follow-up now how more with of a in least want

Steven Cooper

this Marc, thanks Steve. Hey, is

As been the is that last doing coming competing in understand in and the there against how is market, be this who I've studying might the we where heavily us obviously since out days, XX marketplace. demand back

we're full those Let over if bulk in me these million demand -- the areas positions, talk XX -- about finished, the for categories we'll just of in open in. United And with States all open talk about what for two probably hiring. there alone positions is first time accrued Derrek which in different just exists the the the out that

never So been stronger. demand has

it's the tighter, bit, getting getting As we mentioned looser. little supply a not slightly is

a here we're come And in stable figure lot business is end they to up clients marketplace there operating our been you environment. great better, not to when company our the in has start environment, out process where or doing there out our a in at demand they of States in. mentioned supply a referred back what the that end even a outsourcing clients, getting think global in a basis pretty slightly we core being this in surge. type employees are want RPO PeopleScout. that of to Being I with pretty with that and and leader earlier the well PeopleScout where trying So in That's the demand just United Derrek being to might surge Kingdom good want up And huge to recruitment on and feel Australia. United and of

the really we're the win on be lot where a preferred deal Within more If America win When a like that North than on And there provider here the we lose, we competitive at don't. America I global the But look I North lot. And in front, United that a States, U.S. to you than think situation ability we -- more we deals. often not. need to deals, on we work a compete global is loan stronger we well. said win is

And But pause button commercial growth very, all believe this we strong, it's and And shrinking, term we're And both and amazing was QX commercial our marketplace. I be that a there at over here, our based, come discussed. America looking in it's and a the just demand that category, better this here to that's fill in staffing the it's to end slightly. very happening we strategies staffing little front decide If just not lot front figure it's out fragmented. commercial up And so we've of space of out on been has look longer QX players global very shift is slight. a Again so might North there. the the that's is and all business, it's competitive staffing with bit slowed there in that's basis. the on-demand competitive at to as a and of

still focus customer, the speed. national about Even So local the show branch place if win, in provider, we placed And we that we and we win with have it talent need competition to on marketplace to category. our when we careful to. needs. the is local locally, to we who network, I need referring national and strengthen local a need on-demand on if up our locally to we're be it's branch we to we through we the who and have have we're fast, network, because believe talk

when a well pretty especially platform. founded easy a that goodness the and local on of and JobStack digital strength of shift that's in throw working we're years. for With revenue years, lot whole not that You momentum that XX% through and company of that presence, it's is three we've had our workers a your going basis, your over platform move great the on XX% our been in almost doing of a to we've last On in progress. XX for digital made real world, to bricks-and-mortar,

as well anybody we as I are think fundamentally space. in that competing

is look our because they look our Now, and that digital the in there of we don't space. add when local us need you clean that presence local up But branch. new our better in strength overall to network commerce on than better

it's to XX% the -- contacting have up local contact clean company. daily got our we've globally two to the everyday grow XX% those that's sticky, in probably in our digital out if sport hidden XX% more it's there, gyms. two RPO and for XX% of to and gems So that we market, XX% or expand win. to which where in is are our big be believe If other for do both the going call selling even what in customers. days, That and is we workers a tackling spaces, blocking that XX% and make I And become clients we salesforce to the in experience into

us these in And in commercial so making sure category, going we're keep very that -- business. in is competitive strong staffing to our

Marc Riddick

then -- guess little it And as follow-up I as suppose. quick can't as But be guess I of with certainly that argued a comment wanted. Great. just question I much a when you're willingness far as you've and valuation to do of to attractive looking at to shown certainly And your repurchase cash the ability that. advantage some using shares of. take an

it's And may maybe to forward? as in -- just compelling we pretty certainly, thoughts good there there return as Just going sort you if of well. see update proposition what a

Derrek Gafford

you're on don't nothing sit the to it we've at everybody. do kind making emphasis recessions, consistently to pretty we've not about with prediction when for got a the And And we I'm Marc. want most to during back. absolutely that's some a want right. opportunity. Yes. We the back are strategy way shareholders. it but capital, level. has allocating Yes, our capital it leverage, think Thanks turn do for Fundamentally recession. the to priced last attractive we there changed We cards that efficient in question, somewhat shown about of our

we So that we we back do our that or what economic want because the to we that's on we over continue has sure make sure want how make over that. price can at about to to -- is that cycle better return times average cycle. certain And opportunistic complete something that of share that could capital talk the we

does being into well. opportunistic So as weigh this

Operator

This There does are no today's further conclude conference questions. much for call. Thank joining. you very

disconnect. now may You

TrueBlue (TBI) 26 Jul 222022 Q2 Earnings call transcript