TrueBlue Inc (TBI) 2023 Q3 法說會逐字稿

Greetings, and welcome to TrueBlue Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 TrueBlue 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Derrek Gafford, Chief Financial Officer. Thank you, Derrek. You may begin.

現在我很高興向您介紹主持人，財務長德里克·加福德 (Derrek Gafford)。謝謝你，德里克。你可以開始了。

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

大家下午好，感謝您參加今天的電話會議。我們的總裁兼執行長 Taryn Owen 也出席了會議。

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.

在開始之前，我想提醒大家，今天的電話會議和幻燈片演示包含前瞻性陳述，所有這些陳述都存在風險和不確定性，我們不承擔更新或修改任何前瞻性陳述的義務。這些風險和不確定性（其中一些在我們的新聞稿和美國證券交易委員會文件中進行了描述）可能會導致實際結果與我們的前瞻性聲明中的結果有重大差異。

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 trueblue.com under the Investor Relations section for a complete understanding of these terms and their purpose.

我們在公佈財務績效時使用非公認會計準則衡量標準。我們鼓勵您查看今天的收益報告中或 trueblue.com 投資者關係部分中的非 GAAP 調節表，以全面了解這些條款及其目的。

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.

在計算調整後的淨利潤指標時，我確實想強調一項涉及調整的稅收影響的變化。我們現在將使用 26% 的法定稅率對所有應稅和可扣除調整進行稅收影響，而先前的稅收影響調整方法則使用混合有效所得稅率，因為我們相信這為投資者提供了更有用的見解。

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.

為了您的方便，我們在投資者關係部分下的財務業績頁面上提供了截至2021 年之前所有季度和年度的美國公認會計準則淨利潤與調整後淨利潤的調節表，以及使用此方法的稀釋後每股淨利潤的調節表。網站。除非另有說明，否則今天進行的任何比較都是基於與去年同期的比較。

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.

最後，我們將在今天的電話會議結束時在我們的網站上提供準備好的講話副本，並且在電話會議後不久也將提供完整的文字記錄和音頻重播。

Okay. Let's now turn the call over to Taryn.

好的。現在讓我們將電話轉給 Taryn。

Thank you, Derrek, and welcome, everyone, to today's call. We appreciate you being with us.

謝謝德里克，歡迎大家參加今天的電話會議。我們感謝您與我們同在。

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 TrueBlue 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.

該季度營收為 4.73 億美元，比去年同期下降 18%。我們的結果反映了人員配置和招募方面充滿挑戰的環境。在大多數 TrueBlue 垂直行業和地區，我們的客戶始終具有成本意識，並且對他們選擇填補的臨時和全職職位有選擇性。我們的團隊保持高度參與，幫助我們的客戶應對這種不確定性，並確保我們準備好在他們的人員需求擴大時為他們提供支援。

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.

我們正在積極主動地採用我們的銷售方法，利用我們的策略和集中團隊來利用每一個機會，並且我們特別關注全國範圍內高增長的垂直市場和滲透率較低的地區。此外，我們正在尋求短期專案並為客戶提供靈活的解決方案，以滿足當前需求，同時為我們未來的擴張機會做好準備。

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 JobStack and Affinix platforms to drive greater efficiency and improve the client, associate and candidate experience.

除了目前的重點外，我們仍然高度致力於我們的長期策略重點，包括提高我們的數位能力，以使我們獲得市場份額。例如，我們正在增強 JobStack 和 Affiix 平台，以提高效率並改善客戶、員工和候選人的體驗。

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.

我們也致力於擴大我們的範圍和足跡。例如，在人員配置方面，我們專注於再生能源和熟練勞動力安置等高成長產業。在 RPO 中，我們專注於醫療保健等高成長垂直產業，以及多元化發展更高技能的職位和更專業的產品。

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.

在滲透率較低的地區獲得市場份額也是我們司機、熟練工和 RPO 業務的重點。儘管目前產業需求低迷，但人員配置的長期前景仍然樂觀，我們已做好充分利用的準備。我們在人員配備和 RPO 方面擁有深厚的專業知識、強大的影響力、領先的技術和重要的資源。我們的團隊非常有才華並且忠誠。我們的價值觀是堅定的，我們有一個令人信服的使命。

TrueBlue provides a vital service, and we remain ready to serve our clients' immediate and future needs. Before I turn it over to Derrek 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 2 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.

TrueBlue 提供至關重要的服務，我們隨時準備滿足客戶當前和未來的需求。在我將其轉交給 Derrek 進一步討論我們的結果之前，我想花點時間感謝他在我們公司工作 20 多年期間的領導能力和對 TrueBlue 的眾多貢獻。他建立了一個數位化和以人為本的金融組織，擁有深厚的人才庫，將繼續為我們提供良好服務，我們整個組織感謝他的貢獻。

Thank you, Derrek. I'll pass the call over to you now.

謝謝你，德里克。我現在就把電話轉給你。

Thank you, Taryn. Demand for our services continues to be soft as businesses of all sorts face a tough balancing act. On one hand, labor pools remain tight and businesses recognize how critical retaining talent is in today's environment.

謝謝你，塔林。由於各種企業都面臨艱難的平衡行為，對我們服務的需求持續疲軟。一方面，勞動力資源仍然緊張，企業意識到在當今環境下留住人才的重要性。

On the other hand, businesses have seen significant increases in pay rates, particularly with positions at the lower end of the pay scale. In an attempt to further manage labor costs, businesses are taking action. They are asking their existing employees to do more. They're also being more selective on the roles they choose to fill and more judicious in their use of human capital providers.

另一方面，企業的薪資水準顯著提高，尤其是薪資較低的職位。為了進一步管理勞動成本，企業正在採取行動。他們要求現有員工做得更多。他們對自己選擇的職位也更加挑剔，並且在使用人力資本提供者方面更加明智。

These factors, coupled with uncertainty about the trajectory of their future workforce needs or some of the underlying factors impacting our demand, as well as the demand for the broader staffing market in the U.S.

這些因素，加上未來勞動力需求軌跡的不確定性或影響我們需求的一些潛在因素，以及對美國更廣泛的人才市場的需求。

Total revenue for the quarter was down 18%. Revenue growth for the quarter came in 4 points short of our midpoint expectation driven by softer-than-expected trends in August and the first half of September.

該季度總收入下降 18%。由於 8 月和 9 月上半月的趨勢弱於預期，該季度的營收成長比我們的中點預期低 4 個百分點。

Looking at the second half of September and into October, we are encouraged to see that the weekly sequential revenue trends for the staffing side of our business are in line with historical patterns. From a net income and loss perspective, our results were roughly breakeven this quarter, down from net income of $21 million in Q3 last year. Included in our results for the quarter are $2 million of costs associated with our CEO transition.

展望 9 月下半月和 10 月，我們欣喜地發現我們業務的人員配備方面的每週連續收入趨勢與歷史模式相符。從淨收入和虧損的角度來看，本季我們的業績大致實現損益平衡，低於去年第三季 2,100 萬美元的淨收入。我們本季的業績中包括與執行長換屆相關的 200 萬美元成本。

Adjusted net income was $5 million, down from $24 million last year, while adjusted EBITDA declined to $10 million versus $35 million last year. Gross margin of 26.2% was down 90 basis points, this was driven by a revenue mix increase in PeopleReady's renewable energy business, which carries a lower gross margin than the blended business due to the pass-through travel costs associated with the business, as well as a decline in the revenue mix of our highest margin business, PeopleScout.

調整後淨利為 500 萬美元，低於去年的 2,400 萬美元，調整後 EBITDA 降至 1,000 萬美元，低於去年的 3,500 萬美元。毛利率為 26.2%，下降了 90 個基點，這是由於 PeopleReady 再生能源業務的收入組合增加所致，由於與該業務相關的轉嫁差旅成本，該業務的毛利率低於混合業務。我們利潤率最高的業務PeopleScout 的營收組合有所下降。

Workers' compensation as a percentage of revenue was higher due to less favorable development and prior period reserves than we received last year. These factors were partially offset by disciplined pricing in our PeopleReady business, which delivered its tenth consecutive quarter of positive spread between bill rate and pay rate inflation.

由於發展和前期準備金不如去年，工人報酬佔收入的百分比較高。這些因素被我們 PeopleReady 業務嚴格的定價所部分抵消，該業務連續第十個季度實現賬單利率與工資通膨之間的正利差。

SG&A decreased 3% for the quarter. Adjusted SG&A decreased 5%, which we believe will also be the case for Q4 this year, excluding the impact of the extra week associated with our 53-week fiscal year. We remain focused on managing costs to enhance our profitability, while maintaining our operational strengths and readiness to increase our market share when demand rebounds. We recognized an income tax benefit of $2 million this quarter due to the favorable impact of job tax credits.

本季 SG&A 下降 3%。調整後的 SG&A 下降 5%，我們認為今年第四季也會出現這種情況，不包括與我們為期 53 週的財政年度相關的額外一周的影響。我們仍然專注於管理成本以提高獲利能力，同時保持我們的營運優勢並做好在需求反彈時增加市場份額的準備。由於工作稅收抵免的有利影響，本季我們確認了 200 萬美元的所得稅優惠。

Now let's turn to the specific results of our segments. PeopleReady revenue decreased 15%, while segment profit decreased 66% and segment profit margin was down 520 basis points. The retail, transportation and service industries continue to be our most challenging verticals, while our renewable energy business continues to have solid growth.

現在讓我們來看看我們細分市場的具體結果。 PeopleReady 營收下降 15%，部門利潤下降 66%，部門利潤率下降 520 個基點。零售、運輸和服務業仍然是我們最具挑戰性的垂直產業，而我們的再生能源業務持續穩定成長。

We are also seeing greater resilience in our small to medium-sized customers compared to larger national accounts. Being disciplined with our pricing is an important priority to help cover the inflationary pressures in our SG&A expense. The business produced another quarter of positive spread between bill and pay rate inflation, with bill rates up 6.9% and pay rates up 6.1%.

與大型國民帳戶相比，我們也發現中小型客戶的彈性更大。嚴格定價是幫助我們應對 SG&A 費用通膨壓力的重要優先事項。該業務在帳單和薪資通膨之間又產生了一個季度的正利差，帳單利率上漲 6.9%，薪資上漲 6.1%。

PeopleScout revenue decreased 32% while segment profit decreased 41%, and segment profit margin was down 200 basis points. We would characterize the RPO demand environment as soft, with clients continuing to be selective with the roles they choose to fill, some initiating or continuing hiring freezes and others attempting to use internal resources to fill jobs.

PeopleScout 營收下降 32%，部門利潤下降 41%，部門利潤率下降 200 個基點。我們將 RPO 需求環境描述為軟性，客戶繼續對他們選擇填補的職位進行選擇性，有些開始或繼續凍結招聘，有些則試圖使用內部資源來填補職缺。

Also playing into this are employee quit rates in the United States. Quit rates have consistently drifted lower throughout 2023, as more employees choose to remain in their current jobs resulting in less employee churn for our customers. Despite the margin contraction, the PeopleScout business produced a healthy segment profit margin of 12%. PeopleManagement revenue decreased 16%, while segment profit decreased 52% and segment profit margin was down 110 basis points.

美國的員工離職率也對此產生了影響。 2023 年，離職率持續走低，因為越來越多的員工選擇留在目前的工作崗位，減少了客戶的員工流失。儘管利潤率下降，PeopleScout 業務仍實現了 12% 的健康利潤率。 People Management 營收下降 16%，部門利潤下降 52%，部門利潤率下降 110 個基點。

Now let's turn to the balance sheet. Our balance sheet is in good shape. We finished the quarter with no debt, $47 million in cash and over $120 million of borrowing availability.

現在讓我們轉向資產負債表。我們的資產負債表狀況良好。本季結束時，我們沒有任何債務，現金為 4,700 萬美元，可用借款超過 1.2 億美元。

Before we wrap up, I'd like to take a moment to provide additional color on a couple of forward-looking items. First, similar to 2016, I want to remind everyone that our fiscal fourth quarter this year will include a 14th week, which is expected to add incremental revenue of $17 million to $22 million and a slight headwind on profit due to the low seasonal volume.

在結束之前，我想花點時間為一些前瞻性的專案提供更多的資訊。首先，與2016 年類似，我想提醒大家，我們今年第四財季將包括第14 週，預計將增加1700 萬至2200 萬美元的增量收入，並且由於季節性銷量較低，利潤將略有阻力。

Second, we expect a revenue decline of 19% to 15% on a comparable 13-week basis. While we are encouraged by the fact that the most recent weekly revenue trends on the staffing side of our business have followed historical expectations, it's too soon to tell whether the trend has staying power. For additional details on our outlook, please see our earnings presentation posted to our website today.

其次，我們預計 13 週可比收入將下降 19% 至 15%。儘管我們業務人員配置方面最近的每週收入趨勢符合歷史預期，這一事實令我們感到鼓舞，但現在判斷這一趨勢是否具有持久力還為時過早。有關我們前景的更多詳細信息，請參閱今天發佈在我們網站上的收益演示。

As we think about planning for 2024, it comes down to staying disciplined. We have been focused with our pricing and cost management actions, while preserving our operational strengths and we plan to continue this course in 2024. We're also prepared to take additional cost management actions should the operating environment become more challenging.

當我們思考 2024 年規劃時，歸根究底就是保持紀律。我們一直專注於定價和成本管理行動，同時保持我們的營運優勢，我們計劃在 2024 年繼續這一方針。如果營運環境變得更具挑戰性，我們也準備採取額外的成本管理行動。

Now on a personal note, while this will be my last month as CFO, I will be staying on through the end of this year as an adviser to help ensure a smooth transition. It has been a pleasure to serve our employees, our customers and the investment community over my 20-year tenure here.

現在就我個人而言，雖然這將是我擔任財務長的最後一個月，但我將繼續擔任顧問直到今年年底，以幫助確保順利過渡。我很高興在 20 年的任期內為我們的員工、客戶和投資界提供服務。

Okay. This concludes our prepared remarks. Operator, please open the call now for questions.

好的。我們準備好的演講到此結束。接線員，請立即撥打電話詢問問題。

(Operator Instructions) Our first question comes from Jeffrey Silber with BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO 資本市場的 Jeffrey Silber。

Before I start, Derrek, I just wanted to wish you the best of luck, and thank you for all your help over the past 20-years or so. Wow, it's been a long time.

在開始之前，Derrek，我只想祝您好運，並感謝您在過去 20 年左右的時間裡提供的所有幫助。哇，已經很久了。

I know there's somewhat of a lack of visibility in your space, but the last couple of quarters seem to have been especially tough in terms of the guidance. Is there anything different going on in the business or the competitive environment that's making it more difficult to provide this guidance?

我知道您的空間有些缺乏可見性，但過去幾季的指導似乎特別艱難。業務或競爭環境中是否發生了任何不同的情況，導致提供此指導變得更加困難？

I don't think so, Jeff. The way we take a look at the guidance as you've noted, the visibility in our industry and particularly with some of our staffing brands and our niches are even less visible than many parts of the staffing market.

我不這麼認為，傑夫。正如您所指出的，我們看待指南的方式，我們行業的知名度，特別是我們的一些人力資源品牌和我們的利基市場，甚至比人力資源市場的許多部分更不引人注目。

So the way that we're taking a look at things is, we take a look at the trends that we see coming in to -- setting the guidance into -- right here before the conference call. And we just kind of really call the shot on how things are trending. We don't try to build in something extra that might turn up or something that might turn down unless we've got a reasonable probability of something that's kind of on our mind or we're seeing a little sign tick up.

因此，我們看待事物的方式是，我們在電話會議之前審視我們所看到的趨勢，並為其製定指導。我們只是對事情的發展趨勢做出真正的決定。我們不會嘗試建立一些可能會出現或可能會下降的額外內容，除非我們對某些事情有合理的可能性，或者我們看到了一些跡象。

And so what we really saw this quarter was, July came out just about like we thought. And then as we went into August, things really kind of took a step down, particularly in PeopleReady, also at PeopleScout. PeopleManagement pretty much hung in there. And so what we saw were the retail industry, the transportation industry and to a lesser extent, the manufacturing industry vertical, as we came into August, all 3 of those actually didn't live up to what we would normally see from a sequential step-up perspective. That's really what threw us off the mark, and we didn't see that one coming.

因此，本季我們真正看到的是，7 月的情況與我們想像的差不多。然後，當我們進入 8 月時，情況確實有所下降，特別是在 PeopleReady 和 PeopleScout 中。人員管理幾乎掛在那裡。因此，我們看到的是零售業、運輸業，以及較小程度上的垂直製造業，當我們進入 8 月時，所有這三個行業實際上都沒有達到我們通常從連續步驟中看到的水平向上的視角。這確實讓我們大失所望，而我們並沒有看到那個人的到來。

That continued a bit into September, and then we really saw things kind of rally back at the end of September. A matter of fact, as we went into September, all of those verticals that I talked about that took a step down actually took a step forward above their sequential revenue run rate with the exception of retail. We had a couple of other industries that bounced back nicely as well.

這種情況持續到了九月份，然後我們在九月底確實看到了反彈。事實上，隨著進入 9 月份，我談到的所有垂直行業都下降了一步，實際上除零售業外，它們的連續收入運行率都向前邁進了一步。我們還有其他幾個行業也出現了良好的反彈。

And so going into October, we look back at the last 5 weeks for our staffing businesses, everything has been right on line, with historical sequential trends. And as we set the guidance and the outlook for this quarter that we're going into the fourth quarter, we have made the assumption that, that's going to continue.

因此，進入 10 月，我們回顧過去 5 週的人力資源業務，一切都正常，符合歷史連續趨勢。當我們為進入第四季的本季設定指引和前景時，我們做出了這樣的假設：這種情況將持續下去。

Okay. That's helpful. A few times in the prepared remarks, you talked about cost management. Can we get a little bit more color in terms of where you think that cost management will be coming?

好的。這很有幫助。在準備好的發言中，您多次談到成本管理。我們能否進一步了解您認為成本管理將走向何方？

Well, sure. Well, let's talk about what we've done so far this year. And so I'm going to talk about where our cost actions have been this year in comparison with what our budget was coming into the year, which would have been really our outlook that we first shared with you for the year when we talked to you in February this year.

嗯，當然。好吧，讓我們談談今年到目前為止我們做了什麼。因此，我將討論與今年的預算相比，我們今年的成本行動，這實際上是我們在與您交談時首次與您分享的今年的展望今年二月。

We've cut out about $35 million of costs, not all of those costs are running through SG&A though, a fair amount of those are running through cost of sales. In fact, we're down about 1,200 people this year from where we first started, about 3/4 of those in the PeopleScout brand.

我們削減了大約 3500 萬美元的成本，但並非所有這些成本都透過 SG&A 支出，其中相當一部分成本透過銷售成本支出。事實上，今年我們比剛開始時減少了約 1,200 名員工，其中約 3/4 是 PeopleScout 品牌的員工。

And keep in mind, when I say some of these costs are running through cost of sales because if they are recruiting actions, that's a cost of sale item for us. That's where we book it at PeopleScout, not down the SG&A line. So you're not seeing some of those.

請記住，當我說其中一些成本計入銷售成本時，因為如果他們正在招募行動，對我們來說就是銷售成本。這是我們在 PeopleScout 上預訂的地方，而不是透過 SG&A 線預訂。所以你沒有看到其中的一些。

And then we've had about $10 million of what we would consider unique costs related to the severance and the workforce restructuring actions that we've taken. We also had some CEO transition costs that have negated those. But once we get past those, those are all built into our run rate. We've also had some things with medical inflation that have worked against us, so you're not seeing all of it. But those are the cost actions that we've taken so far this year.

然後，我們有大約 1000 萬美元的我們認為與遣散費和我們採取的勞動力重組行動相關的獨特成本。我們也面臨一些執行長過渡成本，從而抵消了這些成本。但一旦我們超越了這些，這些都將納入我們的運行率中。我們也遇到了一些對我們不利的醫療通膨問題，所以你看不到全部。但這些是我們今年迄今採取的成本行動。

As we look forward to 2024, as I alluded to in the prepared remarks, the company's really preparing for it to be a really disciplined planning exercise. And what I mean by that is, there's probably a 50% chance that things get better next year for this industry, maybe there's a 50% chance things get worse. Hard to say.

當我們展望 2024 年時，正如我在準備好的發言中提到的那樣，公司正在真正做好準備，使其成為真正嚴格的規劃活動。我的意思是，明年這個行業的情況可能有 50% 的可能性會變得更好，也可能有 50% 的可能性情況會變得更糟。很難說。

With those kind of odds though, it just plans to stay really disciplined and focused on the downside plans that they're harder to pull together, to what the company is doing. We think there can be some more gains made in some of the basics on cost management, like I just recap for you, that we did in 2023. And also some things in lowering the service delivery costs for the company, some through centralization, some through some process and some technology actions.

不過，面對這樣的可能性，它只是計劃保持真正的紀律，並專注於他們更難協調一致的下行計劃，以及公司正在做的事情。我們認為，在成本管理的一些基礎知識方面可以取得更多成果，就像我剛剛為您回顧一下，我們在2023 年所做的那樣。還有一些降低公司服務交付成本的方法，有些是透過集中化，有些是透過集中化透過一些流程和一些技術行動。

The company will be able to give you more color on those specifics though, after we finish our planning for 2024 and come in to talking to you about the fourth quarter results in February.

不過，在我們完成 2024 年的規劃並在 2 月與您討論第四季度業績之後，該公司將能夠為您提供更多關於這些細節的資訊。

All right. Great. If I could just sneak in one more follow-up question. I just want to -- just clarify the guidance. So, the $450 million to $475 million is on a 13-week basis, but since there is a 14th week in the quarter, we need to add $17 million to $22 million on top of that to get to $467 million to $499 million. Is that correct?

好的。偉大的。如果我能再問一個後續問題就好了。我只是想澄清指導意見。因此，4.5 億至 4.75 億美元是以 13 週為基礎的，但由於本季有第 14 週，因此我們需要在此基礎上增加 1,700 萬至 2,200 萬美元，以達到 4.67 億至 4.99 億美元。那是對的嗎？

Yes, that's exactly right. And so we think it's the easiest to -- we don't like these 53-week years any more than all of you do. But we think that with some -- we've had some practice over time, we think the easiest way is to provide things on a 13-week basis, and we'll kind of give it to you both ways so that it's more comparable to our other results.

是的，完全正確。所以我們認為這是最容易的——我們和你們一樣不喜歡這 53 週的歲月。但我們認為，隨著時間的推移，我們已經進行了一些實踐，我們認為最簡單的方法是以 13 週為基礎提供內容，我們會以兩種方式向您提供，以便更具可比性到我們的其他結果。

But from a GAAP perspective, you need to do exactly what you just mentioned. Add in that 14th week to revenue. Don't add anything else on the bottom line. It's a real low seasonal quarter. If anything, it's slightly decretive to the quarter and the year.

但從 GAAP 的角度來看，你需要按照你剛才提到的去做。新增第 14 週的收入。不要在底線上添加任何其他內容。這是一個真正的淡季。如果有什麼不同的話，那就是它對季度和年度略有影響。

Our next question comes from the line of Kartik Mehta with Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。

Derrek, I know you -- maybe you already mentioned this, and if you did, I apologize, but you talked about latter part of September kind of firming up. I'm wondering, the first few weeks of October, if you saw those trends continue? Or if you saw anything different than what you might have anticipated?

德瑞克，我了解你——也許你已經提到過這一點，如果你提到了，我很抱歉，但你談到了九月下旬的情況會變得更加堅定。我想知道，在十月的前幾週，您是否看到這些趨勢仍在繼續？或者如果您看到任何與您預期不同的東西？

Yes. So let's talk about things on from a year-over-year perspective and then talk to you about run rate, how things are looking. So -- and we might as well just talk about what the trends were for the quarter because sometimes that's on people's mind.

是的。因此，讓我們從逐年的角度來討論一些事情，然後與您討論運行率以及事情的情況。因此，我們不妨只討論本季的趨勢，因為有時這是人們的想法。

So, for the quarter, revenue was down 18%. Every month during the quarter was right around 18%. So very steady from a year-over-year decline perspective. As we come through the first 3 weeks of October, the revenue declined. Now this is for our staffing businesses, we only bill RPO, the PeopleScout business monthly and provide those metrics on a monthly basis. But for our staffing businesses, through the first 3 weeks, we were down 14% year-over-year.

因此，該季度的營收下降了 18%。本季每個月的成長率都在 18% 左右。從年比下降的角度來看，非常穩定。十月的前三週，收入有所下降。現在，這是針對我們的人力資源業務，我們每月僅向 RPO（PeopleScout 業務）收取費用，並每月提供這些指標。但對於我們的人力資源業務來說，前 3 週比去年同期下降了 14%。

Now, if we take a look to the middle of September through the third week of October from a sequential perspective, run rate perspective in our staffing businesses. All of those were ramping up as we would expect with historical standards. So you saw in some of our prepared remarks and our press release that we've seen potential signs of stabilization. That's really what we're referring to.

現在，如果我們從連續的角度和我們的人力資源業務的運作率角度來觀察 9 月中旬到 10 月的第三週。所有這些都按照我們對歷史標準的預期而不斷增加。因此，您在我們準備好的一些言論和新聞稿中看到，我們已經看到了潛在的穩定跡象。這正是我們所指的。

So we're encouraged by that. We're not banking on it, but we're encouraged by it. And that's kind of the latest from the most recent trend perspective that we can share with you.

所以我們對此感到鼓舞。我們並不指望它，但我們對此感到鼓舞。這就是我們可以與您分享的從最新趨勢角度來看的最新情況。

And I know you mentioned some of this already, but curious on demand by end market. I know you already talked about a few things weren't progressing, but then you also said you had a couple of where things were going well. So just thoughts on the end market.

我知道您已經提到了其中的一些內容，但對終端市場的需求感到好奇。我知道你已經談到了一些事情沒有進展，但你也說有一些事情進展順利。所以只是對終端市場的想法。

Well, yes, the question had come up, I believe Jeff had asked it, kind of asking about guidance and kind of what had happened in the quarter. And so that was the explanation of that.

嗯，是的，問題已經出現了，我相信傑夫已經問過這個問題，有點詢問指導和本季發生的事情。這就是對此的解釋。

And so I think the main takeaway is, what we've seen in the stabilization of our trends from a sequential perspective. Really, all of those are looking good with the exception of retail. We've actually got some that are performed a little better than we expected, most kind of at expectation. The one call out if we wanted to go on the negative side would be retail. That one continues to weaken, but we've got some others that are strengthening and enhance overall really the sequential trends are right in line with historical averages.

因此，我認為主要的收穫是，我們從連續的角度看到了趨勢的穩定性。確實，除了零售業外，所有這些看起來都不錯。事實上，我們有一些表現比我們預期的要好一些，大多數都符合預期。如果我們想採取消極的一面，那就是零售業。這一趨勢繼續減弱，但我們還有其他一些趨勢正在增強，並且總體上確實有所增強，連續趨勢與歷史平均水平相符。

Perfect. And then just one last question. As you look at your segments, and you talked a little bit about the staffing business being down about 14%. Just expectations of the other 2 businesses as you look at the segments.

完美的。最後一個問題。當您查看您的細分市場時，您談到了人力資源業務下降了約 14%。當您查看細分市場時，只是對其他兩家企業的期望。

Yes. Well, if we're talking about the fourth quarter, I'm just going to go off midpoint. We've given ranges but to quote less numbers, I'm just going to give you midpoints. So the midpoint of our outlook for the fourth quarter is for the company to be down about 17%. That's 15% for our 2 staffing segments, PeopleManagement, PeopleReady and about 30% for our RPO business at PeopleScout.

是的。好吧，如果我們談論的是第四季度，我只想講到中點。我們已經給出了範圍，但為了減少引用數字，我只給出中點。因此，我們對第四季的預期中位數是該公司下跌約 17%。我們的 2 位人員配置部門（PeopleManagement、PeopleReady）佔 15%，而 PeopleScout 的 RPO 業務則佔 30%。

Our next question comes from the line of Marc Riddick with Sidoti.

我們的下一個問題來自馬克·里迪克和西多蒂的台詞。

Just wanted to first thank you for everything in all of your assistance Derrek over the years, and certainly looking forward to moving forward and hope all goes well -- that you're looking for there.

我首先想感謝您多年來為德里克提供的所有幫助，當然也期待著繼續前進並希望一切順利——這正是您所尋找的。

And I did want to just sort of touch a little bit on revenue mix that you touched on in the prepared remarks. Maybe you could shed a little more light on the renewables commentary and the sort of the pass-through effect and how that sort of plays into the revenue mix impact? And then I have a quick follow-up on cash flow.

我確實想稍微談談您在準備好的評論中提到的收入組合。也許您可以更多地了解再生能源的評論和傳遞效應，以及這種效應如何影響收入組合？然後我對現金流進行快速跟進。

Yes. Well, when we're talking about the renewable space, that has been a bright spot for us. And so if we're talking on a year-over-year basis, renewable energy for us was up about 80%. And so that's continuing to be a really strong dynamic for us, not just on a year-over-year basis, but each quarter sequentially, we've been building some run rate there. So our renewable energy for the third quarter was about $40 million in total.

是的。好吧，當我們談論可再生空間時，這對我們來說是一個亮點。因此，如果我們按年計算，我們的再生能源成長了約 80%。因此，這對我們來說仍然是一個非常強勁的動力，不僅是同比，而且每個季度，我們都在那裡建立了一些運行率。因此，我們第三季的再生能源總額約為 4,000 萬美元。

Okay. Okay. That's definitely helpful. It seemed as though there would have to be a nice gain there to have that -- have the mix impact there.

好的。好的。這絕對有幫助。似乎必須有一個很好的增益才能實現這一點——在那裡產生混合影響。

I was wondering then if we could sort of follow up on cash flow and cash usage prioritization. I know certainly that having a clean balance sheet in challenging demand times is certainly very advantageous. Is there anything that we should be thinking about as far as internal investments that are on the horizon for the digital capabilities? Or is there anything lumpy that we should be thinking about as far as any potential needs in the coming quarters?

然後我想知道我們是否可以跟進現金流和現金使用優先順序。我當然知道，在充滿挑戰的需求時期擁有乾淨的資產負債表肯定是非常有利的。就數位能力即將到來的內部投資而言，我們應該考慮什麼？或者對於未來幾季的潛在需求，我們應該考慮什麼問題？

No, nothing really lumpy out there. From a cash flow perspective, and a use of capital perspective, investing back in the business. That has been our priority, both from an operating expense perspective, use of capital as well as from a CapEx perspective, largely in technology.

不，那裡沒有什麼真正的塊狀。從現金流的角度和資本使用的角度來看，投資回企業。無論是從營運費用、資本使用的角度或是從資本支出的角度（主要是技術面）來看，這都是我們的首要任務。

So the company is still very focused on digitally transforming the business. There's a lot that we have to be excited about there and some improvements that are being made and more to be done in the future there. So we're going to stay true to those. That doesn't mean we might trim some of that back going into next year, depending on what conditions look like.

因此，該公司仍然非常專注於業務的數位轉型。那裡有很多值得我們興奮的地方，並且正在進行一些改進，未來還有更多工作要做。所以我們將忠於這些。這並不意味著我們可能會在明年削減部分資金，具體取決於具體情況。

Outside of that, our next favorite spot is, in returning capital back to shareholders. We think that the prices for the stock have been pretty advantageous this year. We bought about -- we look at this both in total dollars and as a percentage of market cap. And so this year, we bought back about 5% of the market cap. That's pretty much in alignment with where we've been in most years. We still want to keep that balance sheet really strong. As you know, we've got a lot of operating leverage in this business, which is great when revenue is on the way up.

除此之外，我們下一個最喜歡的地方是向股東回饋資本。我們認為今年該股的價格相當有利。我們購買了大約 - 我們以總美元和占市值的百分比來看待這一點。因此，今年我們回購了約 5% 的市值。這與我們多年來的情況非常一致。我們仍然希望保持資產負債表的強勁。如您所知，我們在這項業務中擁有很大的營運槓桿，這在收入不斷增長時非常有用。

In more challenging times, that operating leverage works against us. And it's important for us to not have financial leverage on top of negative operating leverage. So we're going to stay disciplined on that part. That's -- we're not ruling out any more share repurchases, just kind of giving you some thoughts about it.

在更具挑戰性的時期，這種經營槓桿對我們不利。對我們來說，除了負經營槓桿之外，不要再有財務槓桿，這一點很重要。所以我們將在這方面保持紀律。也就是說，我們不排除更多的股票回購，只是給你一些想法。

From an acquisition perspective, that is something we're taking a look at in the future. We've talked about tuck-ins in the RPO space. Really the main priority right now, though, is just running the business, recovering the business, business development from a staffing perspective and RPO perspective, less focus on acquisitions at the current moment.

從收購的角度來看，這是我們未來正在考慮的事情。我們已經討論過 RPO 領域的折騰。不過，目前真正的首要任務只是營運業務、復原業務、從人員配置和 RPO 角度進行業務發展，目前較不重視收購。

Okay. Great. And then the last thing I'd be remiss if I didn't sort of ask about the announcement that came out after the close on the addition of the Chief People Officer. So I was wondering if you could maybe shed a little light on that and talk a little bit about that.

好的。偉大的。如果我沒有詢問首席人事官任命結束後發布的公告，那我就失職了。所以我想知道你是否可以稍微解釋一下並談談這一點。

Sure. Thank you, Marc. This is Taryn speaking. I would just say, overall, I'm incredibly impressed with the support and strength of our leadership team overall. And certainly glad that you saw the announcement regarding our new Chief People Officer, Greg Netolicky, joined us today, actually, it's his first day. He brings to us outstanding experience in all aspects of HR, so really looking forward to the contribution he'll make to us as we move forward here.

當然。謝謝你，馬克。這是塔林在講話。我只想說，總的來說，我們領導團隊的整體支持和力量給我留下了令人難以置信的印象。當然很高興您看到關於我們新任首席人力官 Greg Netolicky 今天加入我們的公告，實際上，這是他的第一天。他為我們帶來了人力資源各個方面的傑出經驗，因此非常期待他在我們前進的過程中為我們做出的貢獻。

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

我們的下一個問題來自馬克·馬爾孔和貝爾德的對話。

And let me extend my thanks to Derrek. It's been great working with you over the last 20 years, Derrek. So really appreciate everything that you've done.

讓我向德瑞克表示感謝。德里克，過去 20 年與你一起工作真是太棒了。所以真的很感激你所做的一切。

Can you talk a little bit about the PeopleScout business? There's commentary with regards to -- some clients have been pulling back, some are pulling resources in-house. Can you talk a little bit about like -- what percentage of the clients are just pulling back their volumes versus what percentage are bringing things in-house?

您能談談 PeopleScout 業務嗎？有評論稱，一些客戶已經撤回，一些客戶正在內部撤回資源。你能談談－有多少比例的客戶只是減少了他們的數量，有多少比例的客戶將產品轉移到了內部？

And -- can you also describe what are you seeing in terms of new RFPs and any line of sight in terms of decisions that could be coming up? And how you're thinking about win rates and your competitive position in that particular space?

而且 - 您能否描述一下您在新的 RFP 方面看到的內容以及可能出現的決策方面的任何視線？您如何考慮勝率和您在該特定領域的競爭地位？

Sure. So Mark, the -- in the PeopleScout business, the primary driver here is reduced volumes within our existing customers and where our customers have relied more on internal resources, it's really around the focus on keeping them busy and retaining that internal talent acquisition team during a time of a hiring slowdown.

當然。因此，馬克，在 PeopleScout 業務中，主要驅動力是我們現有客戶數量的減少，而我們的客戶更多地依賴內部資源，這實際上是圍繞讓他們忙碌並保留內部人才招聘團隊的重點招聘放緩的時期。

So, we're certainly still engaged with those customers and ready to support them as their needs increase, but they're really focused on ensuring that they're able to keep their internal recruiters retained and busy during this slower time. So we're seeing across the board, lower hiring volumes. Some of our customers are on hiring freezes or have initiated additional approval requirements in the hiring process to just slow that overall process down, as they look to gain more insight on what their future needs may be.

因此，我們當然仍在與這些客戶接觸，並準備在他們的需求增加時為他們提供支持，但他們真正專注於確保能夠在這段緩慢的時期保留內部招聘人員並保持忙碌。因此，我們看到招募量全面下降。我們的一些客戶正在凍結招聘，或者在招聘過程中提出了額外的批准要求，以減慢整個流程，因為他們希望更深入地了解他們未來的需求。

From a sales perspective, the pipeline, I would say, just from an average deal size perspective, is just down, in terms of what we are accustomed to seeing. Last year, our average deal size was about $3 million in the pipeline. It's $1 million now, and the deals are just taking longer to close.

從銷售的角度來看，我想說，僅從平均交易規模的角度來看，就我們習慣看到的情況而言，管道正在下降。去年，我們的平均交易規模約為 300 萬美元。現在是 100 萬美元，而且交易需要更長的時間才能完成。

We are seeing some activity in our shorter-term solutions with PeopleScout. We offer a service called Recruiter On-Demand, where we're offering recruiters to supplement in-house recruiting teams and project RPO solutions. So we will provide those kind of solutions to stay engaged with customers and can expand upon those relationships and opportunities when the rebound -- when their needs rebound.

我們在 PeopleScout 的短期解決方案中看到了一些活動。我們提供一項名為 Recruiter On-Demand 的服務，為招募人員提供補充內部招募團隊和專案 RPO 解決方案的服務。因此，我們將提供此類解決方案來與客戶保持聯繫，並在客戶需求反彈時擴大這些關係和機會。

And then, Taryn, what percentage of your current clients are just going through that lower volume versus what percentage of the clients have gotten down to the point where they're just -- they don't have needs beyond their internal resources, but they're still keeping you, and as a vendor, should the needs come up and -- so to what extent, if any, did you lose any clients completely?

然後，Taryn，您當前的客戶中有多少百分比剛剛經歷了較低的交易量，而有多少百分比的客戶已經下降到他們只是 - 他們沒有超出內部資源的需求，但他們仍然留住你，作為供應商，如果需求出現，那麼你在多大程度上完全失去了客戶？

Yes. It's a small percentage, just a couple of customers that have taken where we don't have any volume whatsoever with them at this point.

是的。這個比例很小，只有幾個客戶已經採取了我們目前沒有任何數量的客戶。

Okay. Great. And then if the environment -- it doesn't sound like you're saying that things are stabilizing or picking up? Maybe that's just because we typically wait till the end of the month before determining where things are.

好的。偉大的。然後，如果環境——聽起來你並沒有說事情正在穩定或好轉？也許這只是因為我們通常要等到月底才確定東西在哪裡。

But you gave favorable commentary on the PeopleReady side, about a couple of segments like manufacturing and transportation, showing a little bit more stability, but you didn't say anything like that on the RPO side. If things continue to trend down, how should investors think about -- kind of the margin range? And how much room do you have in terms of cost management on that side?

但是您對 PeopleReady 方面給予了積極的評論，涉及製造和運輸等幾個領域，顯示出更多的穩定性，但您在 RPO 方面卻沒有說類似的話。如果情況持續下跌，投資人該如何考慮保證金範圍？你們在這方面的成本管理還有多少空間？

Mark, I'll take that one. Yes, we did talk about seeing some potential signs of stabilization in our staffing businesses. We have not seen that yet with PeopleScout. However, I don't think that we would expect to see it.

馬克，我要那個。是的，我們確實談到了在我們的人力資源業務中看到一些潛在的穩定跡象。我們還沒有在 PeopleScout 中看到這一點。然而，我認為我們不會期望看到它。

One, the stabilization if we want to even call it stable. This has been a short period on the staffing side. So as we said before, we're seeing it now too soon to tell whether it has staying power. However, our experience has been through multiple cycles. This is where we would start to probably see stabilization first, is on the staffing side. Just like we would expect to see staffing kind of go first and then from placement follow, we would expect to see things stabilize and improve on the staffing side and then PeopleScout tend to follow.

第一，穩定（如果我們想稱其為穩定的話）。這對於人員配置來說是一個很短的時期。因此，正如我們之前所說，我們現在判斷它是否具有持久力還為時過早。然而，我們的經驗經歷了多個週期。這就是我們可能首先看到穩定的地方，即人員配備方面。就像我們期望看到人員配置先行，然後再進行安置一樣，我們期望看到人員配置方面的情況穩定並有所改善，然後 PeopleScout 往往會跟進。

When it comes to the margin profile, you can see even with this drop off, we turned in a 12% segment profit margin. And so out of all of our businesses, this is where it's the most variable from the standpoint that we don't have branch locations here that have to be staffed to keep running. We don't have on-site operations. There are minimums there.

在利潤率方面，您可以看到，即使出現這種下降，我們的部門利潤率仍達到 12%。因此，在我們所有的業務中，從我們在這裡沒有需要配備人員來維持營運的分支機構的角度來看，這是變化最大的地方。我們沒有現場操作。那裡有最低限度。

Now there are certain minimums, too, when it comes to RPO clients, but there's more flexibility there. So we still turned in a 12% margin. You've heard some of my statistics earlier about the number of folks that we've had to downsize from to protect those margins. And there's more that we think we can do if we need to, both from a people perspective, a service celebrity perspective and a technology perspective, to try to keep that margin from flowing into single digits, at least on an annual basis, quarters can be lumpy, but on an annual basis, we think we got a good shot at keeping that at 10% plus.

現在，對於 RPO 客戶來說，也有一定的最低限度，但那裡有更多的靈活性。所以我們還是交了 12% 的利潤。你之前聽過我的一些統計數據，關於我們為了保護利潤而不得不裁員的人數。我們認為，如果我們需要的話，我們可以做更多的事情，從人員的角度、服務名人的角度和技術的角度來看，試圖阻止利潤流入個位數，至少在年度基礎上，季度可以是不穩定的，但從每年的角度來看，我們認為我們很有可能將其保持在10% 以上。

Okay. And I mean, even during 2020 with COVID, you were able to, by the fourth quarter, get to like 11% margin. Obviously, there was a huge hit in Q2 and Q3 of 2020. But is that kind of a -- when we think about like the fourth quarter of 2020, when you were running at $41 million, does that seem like -- kind of like -- that's as about as low as the margins would go? Or could we go into the single digits, do you think?

好的。我的意思是，即使在 2020 年受新冠疫情影響，到第四季度，利潤率也能達到 11% 左右。顯然，2020 年第二季和第三季取得了巨大的成功。但是，當我們考慮 2020 年第四季時，當你的收入為 4,100 萬美元時，這看起來像嗎？— 這就是利潤率的最低水準嗎？或者你認為我們可以輸入個位數嗎？

Well, I guess we'll have to see what happens from an operating environment perspective. If things were to get in another bona-fide recession on top of where we're at right now, we could see single digits.

好吧，我想我們必須從操作環境的角度來看會發生什麼。如果情況在我們現在所處的情況之上再次陷入真正的衰退，我們可能會看到個位數。

I think what we're looking at right now, with the run rate that we've got, and with a little slippage in place, we feel like we can make some adjustments with -- still positive GDP out there, to do what we've just talked about, keeping it out of the single-digit realm.

我認為我們現在正在考慮的，根據我們現有的運行率，並且有一點點下滑，我們覺得我們可以做出一些調整——國內生產總值仍然為正值，來做我們的事情剛才談到了，將其排除在個位數範圍之外。

Okay. Great. And then with regards to PeopleReady, in terms of the digitization efforts, can you give us an update in terms of JobStack and some of the statistics?

好的。偉大的。然後，關於 PeopleReady，在數位化工作方面，您能為我們介紹 JobStack 和一些統計數據的最新情況嗎？

Sure. Happy to do that. JobStack certainly has continued to be a critical component of our PeopleReady business. We have about 90% of our associates utilizing the app and 300 -- our 30,000 customers that engage at any given time.

當然。很高興這樣做。 JobStack 當然仍然是我們 PeopleReady 業務的關鍵組成部分。我們大約 90% 的員工使用該應用程序，還有 300 名（即 30,000 名客戶）隨時參與其中。

As Derrek mentioned, we are focusing -- continuing to focus investment in JobStack with all of the development really centered around improving the usability and experience for our customers, our associates and our internal staff.

正如 Derrek 所提到的，我們正在關注——繼續集中對 JobStack 的投資，所有的開發都真正圍繞著提高我們的客戶、我們的同事和我們的內部員工的可用性和體驗。

So I'll give you a couple of examples. On the client side, our clients are now able to approve time directly in the app, which has saved them time and allows our associates to be paid more quickly once their assignment ends.

所以我會給你幾個例子。在客戶端，我們的客戶現在可以直接在應用程式中批准時間，這節省了他們的時間，並允許我們的員工在任務結束後更快地獲得報酬。

On the associate side, we've been improving upon the job searching capabilities, including -- kind of filtering for location proximity, which was a desire by our associates. And for our internal staff, they now have improved visibility through the platform into orders and available associates that can be matched to jobs, increasing their efficiency level. So we continue to make those improvements, again, really focused on improving upon the usability.

在員工方面，我們一直在改進求職能力，包括對位置鄰近性進行過濾，這是我們員工的願望。對於我們的內部員工來說，他們現在透過該平台提高了對訂單和可與工作匹配的可用員工的可見性，從而提高了效率水平。因此，我們繼續進行這些改進，再次真正專注於提高可用性。

Okay. Great. And then on the gross margins, you mentioned that the workers' comp -- we basically -- the accruals weren't quite as favorable. Anything to point out there in terms of anything unusual?

好的。偉大的。然後在毛利率方面，您提到工人的補償——我們基本上——應計費用並不那麼有利。有什麼不尋常的地方需要指出嗎？

No, I don't think so, Mark. When -- as you know, that's a big cost for us. It's a big item on our balance sheet, and it's a really long-tail liability. And just like you would have with any other insurance company, there's adjustments that can kind of go back and forth, and that could be a little lumpy at times. And so -- that's really it. There were just -- there were less favorable adjustments to prior year reserves this quarter than what we saw the same quarter last year.

不，我不這麼認為，馬克。如您所知，這對我們來說是一筆巨大的成本。這是我們資產負債表上的一個大項目，也是一項真正的長尾負債。就像您對任何其他保險公司所做的那樣，調整可能會來回進行，有時可能會有點不穩定。所以——確實如此。只是本季對上一年準備金的調整不如去年同期。

However, when you take a look at the expense, there's a lot of consistency in it. I mean, workers' comp as a percentage of revenue came in about 1.7% this quarter. It was 1.7% last quarter. It was 1.7% in Q2 of last year. Just in Q3 of last year, it was lower than that because there were -- there was a nice lumpy benefit -- larger benefit hitting the work comp line.

然而，當你看一下費用時，你會發現其中有許多一致性。我的意思是，本季工人薪酬佔收入的比例約為 1.7%。上季為 1.7%。去年第二季為1.7%。就在去年第三季度，這個數字還低於這個數字，因為有一個很好的塊狀福利——更大的福利影響了工作補償線。

Okay. Great. And then on the balance sheet and cash flows, when we take a look at the accounts receivables, how are DSOs trending? Because it looked like receivables were a use of funds of cash, we didn't get the normal harvest that we typically get on revenue declines. What's occurring there?

好的。偉大的。然後在資產負債表和現金流量上，當我們查看應收帳款時，DSO 的趨勢如何？因為應收帳款看起來像是現金資金的使用，所以我們沒有獲得通常在收入下降時獲得的正常收穫。那裡發生了什麼事？

Well, when it comes to accounts receivable, at least for the year, you may be doing your own math on the quarter for the year, it's $35 million to the positive.

好吧，說到應收帳款，至少今年的應收帳款，你可能會自己算今年季度的應收帳款，正面是 3,500 萬美元。

Right. But I wasn't talking about -- for the quarter sequentially.

正確的。但我並不是說本季的情況。

Yes. Well, for the year-over-year, if we just kind of get to your question, DSO is up about 1 day, year-over-year. So we're not really seeing a big slide on the accounts receivable side.

是的。好吧，就同比而言，如果我們只是回答你的問題，DSO 年比上漲了大約 1 天。因此，我們並沒有真正看到應收帳款方面大幅下滑。

We just saw -- if you take a look from Q2 to Q3, our revenue dollars were about the same this year. And so we didn't have anything where we went from Q2 to Q3 seeing any kind of decline. They were just stable. So -- but we had 1 day of DSO increase year-over-year. Sequentially, it was up a bit more than that, but Q2 of this year was unseasonably low as well.

我們剛剛看到，如果你看看第二季到第三季度，我們今年的營收大致相同。因此，從第二季度到第三季度，我們沒有看到任何下降。他們只是穩定。所以，我們的 DSO 年比增加了 1 天。隨後，該數字有所上升，但今年第二季也出現了異常低的水平。

Okay. But I mean, we should end up having some harvesting here in the fourth quarter. I mean, free cash flow should -- there's just a timing difference and -- free cash flow should rebound pretty nicely in the fourth quarter, no?

好的。但我的意思是，我們最終應該在第四季有所收穫。我的意思是，自由現金流應該——只是時間上的差異——自由現金流應該在第四季度反彈得很好，不是嗎？

That's right. That's exactly right.

這是正確的。完全正確。

Okay. Great. Look forward to talking to you on -- post call. Thanks.

好的。偉大的。期待在電話後與您交談。謝謝。

There are no further questions at this time. I'd like to turn the floor back over to Taryn for closing comments.

目前沒有其他問題。我想把發言權交還給 Taryn 來發表最後評論。

Thank you, operator, and thank you, everyone, for joining us today. I look forward to meeting many of you at investor events over the coming year and keeping you updated on our progress.

謝謝運營商，也謝謝大家今天加入我們。我期待在來年的投資者活動中與你們見面，並向你們通報我們的最新進展。

I also want to thank the entire TrueBlue team for their tremendous efforts and continued focus on fulfilling our mission to connect people and work. If you have any questions, please don't hesitate to reach out. Have a great evening.

我還要感謝整個 TrueBlue 團隊付出的巨大努力，以及他們持續專注於履行我們連結人與工作的使命。如果您有任何疑問，請隨時與我們聯繫。祝您有個美好的夜晚。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。