TrueBlue Inc (TBI) 2025 Q1 法說會逐字稿

Greetings, and welcome to the TrueBlue first quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. At this time, 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 management assumes no obligations to update or revise any forward-looking statements.

大家好，歡迎參加 TrueBlue 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。此時，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，所有這些陳述都受風險和不確定性的影響，管理層不承擔更新或修改任何前瞻性陳述的義務。

These risks and uncertainties, some of which are described in today's press release and SEC filings, could cause actual results to differ materially from those in the forward-looking statements. Management uses non-GAAP measures when presenting financial results.

這些風險和不確定性（其中一些已在今天的新聞稿和美國證券交易委員會的文件中描述）可能導致實際結果與前瞻性陳述中的結果有重大差異。管理階層在呈現財務結果時使用非公認會計準則 (non-GAAP) 指標。

You are encouraged 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. Any comparisons made today are based on a comparison to the same period in the prior year, unless otherwise stated.

我們鼓勵您查看今天的收益報告中的非 GAAP 對帳表或訪問 trueblue.com 的「投資者關係」部分，以全面了解這些術語及其用途。除非另有說明，今天進行的任何比較都是基於與去年同期的比較。

Lastly, a copy of the company's prepared remarks will be provided on TrueBlue's investor website at the conclusion of today's call, and a full transcript and audio replay will be available soon after the call. It is now my pleasure to turn the call over to Taryn Owen, President and Chief Executive Officer.

最後，今天電話會議結束後，公司準備好的演講稿副本將在 TrueBlue 投資者網站上提供，完整的文字記錄和音訊回放將在電話會議結束後不久提供。現在我很高興將電話轉給總裁兼執行長 Taryn Owen。

Thank you, operator, and welcome, everyone, to today's call. I am joined by our Chief Financial Officer, Carl Schweihs. As expected, the subdued market demand we discussed on our last call continued in the first quarter. Revenue for the quarter was $370 million and near the high end of our outlook range due to encouraging trends in our on-demand and on-site staffing businesses.

謝謝接線員，歡迎大家參加今天的電話會議。與我一同出席的還有我們的財務長 Carl Schweihs。正如預期的那樣，我們上次電話會議上討論的低迷市場需求在第一季仍在繼續。本季營收為 3.7 億美元，由於我們的按需和現場人員配備業務呈現令人鼓舞的趨勢，接近我們預期範圍的高端。

I am incredibly proud of the resilience and dedication shown by the TrueBlue team as we help our customers navigate an increasingly complex and unpredictable business landscape, all while persistently controlling costs.

我為 TrueBlue 團隊所展現的韌性和奉獻精神感到無比自豪，我們幫助客戶應對日益複雜和難以預測的商業環境，同時持續控製成本。

Evolving governmental policies have hindered business confidence and thereby continue to suppress the staffing industry. Despite these challenges, we remain diligent in driving value for our customers with innovative and flexible workforce solutions. For example, our on-site business recently secured a new engagement with a global logistics company, helping them to drive enhanced efficiencies and replacing over 35 vendors across the client's network.

不斷變化的政府政策阻礙了商業信心，從而繼續抑制人力資源產業的發展。儘管面臨這些挑戰，我們仍努力透過創新且靈活的勞動力解決方案為客戶創造價值。例如，我們的現場業務最近與一家全球物流公司達成了新的合作，幫助他們提高效率並更換客戶網路中的 35 多家供應商。

Another example comes from our PeopleReady on-demand business, where a large national retail customer needed increased support as they worked through large-scale store liquidations and our team was there tapping into our extensive branch network to quickly address the heightened demand. Our depth of expertise enables us to understand the unique challenges our clients face, and we continue to support them every step of the way.

另一個例子來自我們的 PeopleReady 按需業務，其中一個大型全國零售客戶在進行大規模商店清算時需要增加支持，而我們的團隊利用我們廣泛的分支網絡快速滿足了日益增長的需求。我們深厚的專業知識使我們能夠了解客戶面臨的獨特挑戰，並且我們將在每一步中繼續為他們提供支援。

As we leverage our inherent strengths and comprehensive service offerings to meet the needs of the market today, we are also paving the path forward with our strategic priorities to capture market share and enhance our long-term profitability. We are expanding our presence in high-growth and underpenetrated end markets as well as high-value roles to capitalize on secular growth opportunities.

在我們利用固有優勢和全面的服務來滿足當今市場的需求的同時，我們也在透過策略重點來鋪平前進的道路，以佔領市場份額並提高我們的長期盈利能力。我們正在擴大在高成長、滲透率較低的終端市場以及高價值角色的影響力，以利用長期成長機會。

We have additional opportunity to drive revenue expansion in the healthcare space, thanks in large part to the recent addition of Healthcare Staffing Professionals to our portfolio. While still new to the TrueBlue team, we are excited to see HSP expanding into new regions and operational synergies forming as we collectively target the secular growth market with significant untapped potential.

我們擁有更多機會推動醫療保健領域的收入成長，這在很大程度上要歸功於我們最近將醫療保健專業人員添加到我們的投資組合中。雖然對於 TrueBlue 團隊來說 HSP 仍是新成員，但我們很高興看到 HSP 擴展到新的地區並形成營運協同效應，因為我們共同瞄準具有巨大未開發潛力的長期成長市場。

Meanwhile, our momentum has continued to build within our PeopleScout business with several new business wins focused on professional roles in a variety of industries, including healthcare, engineering, and technology.

同時，我們的 PeopleScout 業務發展勢頭強勁，贏得了多項新業務，主要集中在醫療保健、工程和技術等多個行業的專業角色。

We also continue to expand our strong position in skilled trades, with our Centerline commercial drivers business delivering its third consecutive quarter of double-digit revenue growth and a solid pipeline paired with our successful track record in the energy and construction verticals.

我們也繼續擴大我們在科技產業的強勢地位，我們的 Centerline 商用駕駛員業務連續第三個季度實現兩位數的收入成長，並擁有穩固的管道以及我們在能源和建築垂直領域的成功業績記錄。

Advancing the significant progress we have already achieved over the past year in expanding our presence in underpenetrated markets sets us up for a strong rebound and accelerated growth. We also continue to advance our digital transformation with a focus on enhancing the user experience and creating efficiencies. Our proprietary technologies allow us to control our roadmap and accelerate innovation.

在過去的一年裡，我們在擴大滲透率較低的市場中的影響力方面已經取得了重大進展，這為我們實現強勁反彈和加速成長奠定了基礎。我們也將持續推動數位轉型，重點提升用戶體驗和提高效率。我們的專有技術使我們能夠控制我們的路線圖並加速創新。

For example, PeopleScout recently launched the Outthink Index, a proprietary benchmarking tool that empowers organizations with actionable and competitive insights to strengthen their brand performance.

例如，PeopleScout 最近推出了 Outthink Index，這是一種專有的基準測試工具，可為組織提供可操作的競爭洞察力，以增強其品牌績效。

We also continue to strategically invest in our JobStack, Stafftrack, and Affinix platforms with robust roadmaps focused on elevating the user experience, improving operational efficiencies, and advancing AI utilization. AI is embedded across our proprietary platforms, helping us to enhance every stage of the staffing lifecycle and deliver superior workforce solutions.

我們也持續對 JobStack、Stafftrack 和 Affinix 平台進行策略性投資，並制定了強大的路線圖，專注於提升用戶體驗、提高營運效率和提高人工智慧利用率。人工智慧嵌入我們的專有平台，幫助我們增強人員配置生命週期的每個階段並提供卓越的勞動力解決方案。

For example, we are expanding the use of generative and conversational AI in the recruitment process to make applying for roles simple and seamless for the candidates. We look forward to continuing these advancements as our proprietary technology combined with our expansive market presence and expertise position us to drive growth and expand our reach with a more customized, differentiated experience.

例如，我們正在擴大生成性和對話式人工智慧在招聘流程中的使用，以使求職者能夠簡單、無縫地申請職位。我們期待繼續取得這些進步，因為我們的專有技術加上我們廣泛的市場影響力和專業知識使我們能夠以更客製化、差異化的體驗來推動成長並擴大我們的影響力。

Building on our successful efforts to streamline and create efficiencies, we are also advancing our strategic priority to optimize our business model in ways that drive enhanced sales focus and accelerate our growth and improved profitability.

在我們成功精簡和提高效率的基礎上，我們也正在推進我們的策略重點，以優化我們的業務模式，從而增強銷售重點，加速我們的成長和提高獲利能力。

As I mentioned last quarter, we are aligning our PeopleReady on-demand organization into territories and adding sales representatives across the country to implement targeted sales strategies in each territory. We are on track to increase our field sales representatives by 50% with the first wave of new hires joining the team in Q1, and supported by a newly formed sales leadership team with deep expertise.

正如我上個季度提到的，我們正在將 PeopleReady 按需組織調整到各個地區，並在全國各地增加銷售代表，以便在每個地區實施有針對性的銷售策略。隨著第一批新員工於第一季加入團隊，並得到新成立的、具有深厚專業知識的銷售領導團隊的支持，我們有望將現場銷售代表的數量增加 50%。

We expect the addition of dedicated sales representatives combined with focused responsibilities between operations and sales to improve results across our on-demand field network, and we are already seeing signs of success with stronger performance in the sales-enabled territories rolled out thus far.

我們期望增加專門的銷售代表，結合營運和銷售之間的重點職責，以改善我們的按需現場網路的業績，並且我們已經看到了成功的跡象，迄今為止在銷售支援地區表現更為強勁。

Another way we are looking to optimize our business model is through strategic partnerships that will help us expand and accelerate growth. For example, we recently announced a strategic partnership with a leading group purchasing organization, OMNIA Partners, to help businesses across the private sector source more tailored and efficient workforce solutions.

我們希望優化業務模式的另一種方式是透過策略合作夥伴關係，這將有助於我們擴大規模並加速成長。例如，我們最近宣布與領先的集團採購組織 OMNIA Partners 建立策略合作夥伴關係，以幫助私部門的企業尋找更量身訂做、更有效率的勞動力解決方案。

Implementation has also begun for the UK Armed Forces engagement that I mentioned last quarter, where we will serve as a delivery partner, providing employer brand and candidate attraction services. Across the organization, we are committed to finding new and differentiating ways to capture demand and better leverage our strengths and assets to deliver long-term, profitable growth.

我上個季度提到的英國武裝部隊合作也已開始實施，我們將作為交付合作夥伴，提供雇主品牌和候選人吸引服務。在整個組織中，我們致力於尋找新的、差異化的方式來滿足需求，並更好地利用我們的優勢和資產來實現長期的獲利成長。

While economic uncertainty persists, creating a challenging market environment, the long-term staffing outlook remains positive, and we are enthusiastic about the opportunities ahead. Evolving workforce needs and structural staffing shortages create compelling opportunities for our business, and we are confident that our strategic priorities, in combination with our many strengths and assets will enable us to advance our mission to connect people and work while delivering long-term shareholder value.

儘管經濟不確定性持續存在，導致市場環境充滿挑戰，但長期人員配置前景仍樂觀，我們對未來的機會充滿熱情。不斷變化的勞動力需求和結構性人員短缺為我們的業務創造了極具吸引力的機會，我們相信，我們的策略重點加上我們的眾多優勢和資產將使我們能夠推進我們的使命，即連接人與工作，同時實現長期股東價值。

I will now pass the call over to Carl, who will share further details around our financial results and outlook.

我現在將電話轉給卡爾，他將分享有關我們的財務表現和前景的更多細節。

Thank you, Taryn. Total revenue for the quarter was $370 million, a decline of 8%, and at the high-end of our outlook range. Included in these results is 3-percentage-points of growth driven by our recent acquisition of HSP. As expected, overall market demand remained soft as uncertainty and client caution continued to weigh on the staffing industry. While these factors led to subdued volumes across most verticals, our teams are doing a fantastic job capitalizing on growing markets and creating opportunities for additional growth.

謝謝你，塔琳。本季總營收為 3.7 億美元，下降 8%，處於我們預期範圍的高端。這些結果包括我們最近收購 HSP 所推動的 3 個百分點的成長。正如預期的那樣，由於不確定性和客戶謹慎情緒繼續給人力資源行業帶來壓力，整體市場需求仍然疲軟。雖然這些因素導致大多數垂直行業的銷售低迷，但我們的團隊在利用不斷增長的市場和創造額外成長機會方面做得非常出色。

For example, our on-site team outperformed the prior year in new business wins this quarter and our commercial driver business delivered double-digit growth for the third consecutive quarter. Gross margin was 23.3% for the quarter, down 140 basis points. Lower workers' compensation costs driven by favorable development of prior year reserves contributed 130 basis points of expansion.

例如，本季我們的現場團隊在贏得新業務方面表現優於去年，我們的商業司機業務連續第三個季度實現兩位數成長。本季毛利率為23.3%，下降140個基點。由於去年儲備金的良好發展，工人賠償成本降低，為擴張貢獻了 130 個基點。

This was offset by changes in revenue mix, with more favorable trends in our lower margin businesses contributing 210 basis points of decline. Pricing pressures consistent with current market conditions drove another 30 basis points of decline, and certain software depreciation now being reported in cost of services contributed 30 basis points.

這被收入結構的變化所抵消，我們的低利潤業務的更有利趨勢導致了 210 個基點的下降。與當前市場狀況一致的定價壓力導致成本再下降 30 個基點，而目前在服務成本中報告的某些軟體折舊也導致了 30 個基點的下降。

Keep in mind, software depreciation is noncash and excluded from our EBITDA and adjusted EBITDA calculations. We successfully reduced SG&A by 12%, outpacing our revenue decline, as we remain disciplined and committed to enhancing our profitability. We have made significant progress creating greater flexibility to scale, so while our profitability traditionally expands quickly as revenue grows, our lean cost structure and improved efficiencies mean that we're even better positioned to deliver enhanced profitability as industry demand rebounds.

請記住，軟體折舊是非現金的，不包含在我們的 EBITDA 和調整後的 EBITDA 計算中。由於我們保持紀律並致力於提高盈利能力，我們成功地將銷售、一般及行政費用降低了 12%，超過了收入的下降幅度。我們在創造更大的擴展靈活性方面取得了重大進展，因此，雖然我們的盈利能力傳統上隨著收入的增長而快速擴大，但我們精益的成本結構和提高的效率意味著，隨著行業需求反彈，我們更有能力提供更高的盈利能力。

We reported a net loss of $14 million this quarter, which included a small amount of income tax expense, primarily associated with our foreign operations and essentially zero income tax benefit on US operations due to the valuation allowance in effect on our US.

我們本季報告的淨虧損為 1,400 萬美元，其中包括少量所得稅費用，主要與我們的海外業務有關，而由於美國實行的估值準備金，美國業務的所得稅優惠基本上為零。

deferred tax assets. Conversely, we recognized a tax benefit of $12 million on similar pretax results in Q1 last year. As a reminder, the valuation allowance has no impact on our operations, liquidity, or debt covenants. Adjusted net loss was $12 million, while adjusted EBITDA was minus $4 million. Now, let's turn to our segments.

遞延稅項資產。相反，我們在去年第一季類似的稅前業績中確認了 1,200 萬美元的稅收優惠。提醒一下，估值準備金對我們的營運、流動性或債務契約沒有影響。調整後的淨虧損為 1,200 萬美元，調整後的 EBITDA 為負 400 萬美元。現在，讓我們轉向我們的部分。

First, I'd like to call out our new PeopleSolutions, which includes our previously reported PeopleScout segment, as well as our newly acquired HSP business. This reporting structure combines our more professional and specialized service offerings into a single view, aligning with our commitment to expand in high-growth end-markets and high-value roles as we target significant growth opportunities in attractive sectors, such as healthcare.

首先，我想介紹我們的新 PeopleSolutions，其中包括我們先前報告的 PeopleScout 部門，以及我們新收購的 HSP 業務。這種報告結構將我們更專業、更專業的服務產品整合到一個視圖中，符合我們在高成長終端市場和高價值角色中擴張的承諾，因為我們瞄準醫療保健等有吸引力的行業中的重大成長機會。

Revenue for our PeopleSolutions segment declined 2%, with HSP performing in line with expectations and contributing 24-percentage-points of inorganic growth, partially offsetting the segment's organic decline of 26%. Also included in these results is 8-percentage-points of decline from the client loss we discussed in previous quarters. Overall, clients continued to face cost pressures and uncertainty around their workforce needs, leading to reduced hiring volumes.

我們的 PeopleSolutions 部門收入下降了 2%，其中 HSP 表現符合預期，貢獻了 24 個百分點的無機成長，部分抵消了該部門 26% 的有機下降。這些結果還包括與我們在前幾個季度討論過的客戶流失相比下降了 8 個百分點。總體而言，客戶繼續面臨成本壓力和勞動力需求的不確定性，導致招募量減少。

Despite the challenging market dynamics at play, our teams continue to outperform in new business wins, especially in high-value, professional roles, and attractive end-markets, positioning us well to drive further revenue expansions as customers' hiring volumes return. PeopleSolutions segment profit margin was down 620 basis points due to the lower operating leverage as revenue declined.

儘管市場動態充滿挑戰，我們的團隊在贏得新業務方面仍然表現出色，特別是在高價值、專業角色和有吸引力的終端市場，這使我們能夠在客戶招聘量回升時進一步推動收入成長。由於收入下降導致經營槓桿降低，PeopleSolutions 部門利潤率下降了 620 個基點。

PeopleReady revenue declined 15%, which includes 1 point of decline from our February 2024 sale of our on-demand business in Canada. Reduced client volumes continued across most verticals and geographies, with the largest being in hospitality and manufacturing. While market conditions continue to evolve, we are encouraged to see improved trends in our on-demand business as we exited the quarter and growing momentum in skilled trades with strong new business wins and a healthy pipeline of additional growth opportunities.

PeopleReady 收入下降了 15%，其中包括我們 2024 年 2 月出售加拿大按需業務造成的 1% 的下降。大多數垂直行業和地區的客戶數量持續減少，其中酒店業和製造業的客戶數量減少幅度最大。雖然市場狀況持續變化，但我們很高興看到，隨著本季度的結束，我們的按需業務趨勢有所改善，並且技術行業的勢頭不斷增強，新業務取得了強勁增長，並擁有健康的額外增長機會。

PeopleReady segment profit margin was up 70 basis points, largely driven by favorable workers' compensation reserve adjustments, which were partially offset by lower operating leverage as revenue declined. PeopleManagement returned to growth this quarter, with revenue up 1%, driven by strong results from our commercial drivers' business.

PeopleReady 部門的利潤率上升了 70 個基點，這主要得益於有利的工人賠償儲備調整，但由於收入下降，營運槓桿降低，部分抵消了這一影響。本季度，人力管理業務恢復成長，營收成長 1%，這得益於商業司機業務的強勁業績。

This marks the third consecutive quarter of double-digit growth in our commercial drivers' business, and while on-site client volumes declined for the quarter, trends showed signs of improvement as we exited the quarter, bolstered by continued strength in our new business wins. PeopleManagement's segment profit margin was flat as our disciplined cost management actions continue to drive improved efficiencies. Now, let's turn to the balance sheet.

這是我們的商業司機業務連續第三個季度實現兩位數增長，雖然本季度現場客戶數量有所下降，但在本季度結束時，趨勢顯示出改善的跡象，這得益於我們新業務持續強勁增長的推動。由於我們嚴格的成本管理措施持續提高效率，PeopleManagement 的部門利潤率保持穩定。現在，讓我們來看看資產負債表。

We finished the quarter with $23 million in cash, $58 million of debt, and $71 million of borrowing availability, resulting in total liquidity of $94 million. We continue to maintain a very focused capital strategy, balancing strategic investments with maintaining a strong liquidity position to pursue additional growth opportunities.

本季末，我們擁有 2,300 萬美元現金、5,800 萬美元債務和 7,100 萬美元可用借款，總流動資金為 9,400 萬美元。我們繼續保持高度集中的資本策略，平衡策略投資與維持強大的流動性狀況，以尋求額外的成長機會。

This provides us with great flexibility and ensures we are ready to capitalize as market demand rebounds. Turning to our outlook for the second quarter, we expect revenue of 1%-minus to 5%-plus year-over-year. This includes 5-percentage-points of inorganic growth from the acquisition of HSP.

這為我們提供了極大的靈活性，並確保我們能夠隨時利用市場需求反彈的機會。展望第二季度，我們預計營收將年減 1% 至成長 5% 以上。其中包括收購 HSP 帶來的 5 個百分點的無機成長。

Our outlook reflects a continuation of current market trends because, while there are some signs of improvement, the business landscape remains unpredictable. I also want to call out the roughly $9 million in COVID-19 government subsidy benefit we expect in the second quarter, with $3 million flowing through cost of services and $5 million in SG&A.

我們的展望反映了當前市場趨勢的延續，因為儘管有一些改善的跡象，但商業前景仍然難以預測。我還想提一下，我們預計第二季將獲得約 900 萬美元的 COVID-19 政府補貼，其中 300 萬美元用於服務成本，500 萬美元用於銷售、一般及行政費用 (SG&A)。

Also, keep in mind, given the seasonality of our business, we typically see our highest volumes in the second half of the year. So while we expect improved operating leverage in the second quarter, our lean cost structure will drive additional margin improvement as we move through the year. Additional information on our outlook can be found in our earnings presentation shared on our website today.

另外，請記住，考慮到我們業務的季節性，我們的業務量通常在下半年達到最高水準。因此，雖然我們預計第二季的經營槓桿率會有所提高，但我們精實的成本結構將在全年推動利潤率的進一步提高。有關我們展望的更多信息，請參閱我們今天在網站上分享的收益報告。

Before we open the call up for questions, I want to turn it back over to Taryn for some closing remarks.

在我們開始提問之前，我想先將發言權交還給 Taryn，請她做最後總結。

Thank you, Carl. As you have heard from us today, we remain dedicated to helping businesses adapt as market conditions continue to evolve, and we are committed to growing our business, controlling costs to improve profitability, and advancing our strategic priorities. We are confident that we have the right people, technology, and resources to drive TrueBlue forward and capitalize on the growth opportunities ahead, enhance shareholder value, and advance our mission to connect people and work.

謝謝你，卡爾。正如您今天聽到的，我們仍然致力於幫助企業適應不斷變化的市場條件，我們致力於發展業務，控製成本以提高盈利能力，並推進我們的戰略重點。我們相信，我們擁有合適的人才、技術和資源來推動 TrueBlue 向前發展，並利用未來的成長機會，提升股東價值，並推動我們連結人與工作的使命。

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

我們的準備好的演講到此結束。接線員，請立即打開電話詢問。

(Operator Instructions) Kartik Mehta, Northcoast Research.

（操作員指示）Kartik Mehta，Northcoast Research。

Hey, good afternoon. Taryn and Carl. I wanted to ask you just about how each month looked in the quarter. Did you see a difference as maybe businesses felt some more uncertainty? Or was the quarter fairly -- or was each month of the quarter kind of fairly in line?

嘿，下午好。塔琳和卡爾。我想問您本季每個月的情況如何。您是否看到了差異，因為企業可能會感受到更多的不確定性？或者本季是否公平——或者本季的每個月都公平一致？

Hi Kartik, thank you for the question. So in a challenging environment, PeopleManagement did return to growth in quarter one and continued their success in the new deals with annualized wins over $35 million for the quarter that we discussed last quarter. And the momentum in PeopleManagement has continued as we exited Q1 into April.

你好 Kartik，謝謝你的提問。因此，在充滿挑戰的環境中，PeopleManagement 確實在第一季度恢復了增長，並在新交易中繼續取得成功，我們上個季度討論過的該季度年化盈利超過 3500 萬美元。隨著我們結束第一季並進入四月份，人力管理方面的勢頭依然持續。

We are also encouraged by some positive trends that we're seeing within PeopleReady, both in quarter one and into April, as we continue to focus on driving growth by taking market share in the current environment. And one significant way that we're doing this is by aligning our PeopleReady on-demand organization into territories and adding sales reps across the country to implement those targeted sales strategies in each territory.

我們也對 PeopleReady 在第一季和四月看到的一些積極趨勢感到鼓舞，因為我們將繼續專注於透過在當前環境下佔領市場份額來推動成長。我們實現這一目標的一個重要方法是將我們的 PeopleReady 按需組織調整到各個地區，並在全國各地增加銷售代表，以便在每個地區實施有針對性的銷售策略。

Yes. And just to add on to that, Kartik, is we've also seen some positive trends in the revenue growth by state. So we're seeing more geographies growing than we have in previous quarters, with more than about one-third of our states returning to growth in March. This trend improved as we progressed throughout the quarter and continued into April. I know you also had just the question on the monthlies and how they went.

是的。卡蒂克，還要補充一點，我們也看到各州收入成長呈現一些正面趨勢。因此，我們看到比前幾季更多的地區成長，其中約三分之一以上的州在 3 月恢復了成長。隨著整個季度的進展，這一趨勢有所改善，並持續到四月。我知道您也對月刊及其進展有疑問。

Our PeopleReady business exited the quarter in March at minus 8% and PeopleManagement exited the quarter in March at plus 4%. And then April trends, really similar to how we've exited the quarter, which is pretty positive news given the uncertainty from all the tariff news.

我們的 PeopleReady 業務在 3 月季度結束時虧損 8%，而 PeopleManagement 業務在 3 月季度結束時獲利 4%。四月份的趨勢與本季結束時的趨勢非常相似，考慮到所有關稅新聞的不確定性，這是一個非常積極的消息。

Yes, definitely. I think, Taryn, you talked about some field sales reps, especially for the PeopleReady business that came in, in the first quarter. I know maybe this is too early, but curious if there's any signs of how they're doing, maybe any green shoots in that strategy.

是的，當然。塔琳，我想您談到了一些現場銷售代表，特別是第一季新推出的 PeopleReady 業務的銷售代表。我知道這可能為時過早，但我很好奇是否有任何跡象表明他們做得如何，也許該戰略中有任何復甦的跡象。

Yes. Thank you for the question. The first wave of the new PeopleReady field sales reps joined in quarter 1, and we are on track to have expanded our sales team by 50% by the end of Q2, which will bring our total number of sales reps in the field to approximately 165. We do continue to see those sales-enabled territories performing better than the rest of the PeopleReady on-demand business, and I'll let Carl give more specifics on those growth trends.

是的。謝謝你的提問。第一批新的 PeopleReady 現場銷售代表於第一季加入，我們預計在第二季末將銷售團隊擴大 50%，這將使我們現場銷售代表總數達到約 165 人。我們確實繼續看到那些銷售支援地區的表現優於其他 PeopleReady 按需業務，我將讓卡爾更詳細地介紹這些成長趨勢。

Yes. Thanks, Taryn. Yes. So Kartik, just those sales-enabled territories, they did outperform the rest of the business by several points in Q1, and that trend continued in April, where the territories exceeded the comp group, and that spread actually expanded. So we're feeling good about our focus on this.

是的。謝謝，塔琳。是的。因此，Kartik，僅那些銷售支援地區，在第一季度的表現確實比其他業務高出幾個百分點，並且這種趨勢在 4 月份繼續，這些地區超過了同類集團，而且這種差距實際上擴大了。因此，我們對專注於此感到很高興。

And then just one last question. Just on HSBC, the performance in the first quarter, how it compared to your expectations? And if there's been any change in fundamentals in that business this quarter?

最後一個問題。就匯豐銀行而言，第一季的業績與您的預期相比如何？本季該業務的基本面是否有任何變化？

Yes. No, thanks for the question, Kartik. Again, yes, financial results for HSP in Q1 were largely in line with our expectation as well as our guide for Q2. So feeling good about that. Still early days with them, but yes, right in line with where we had, and the margin profile there was in the mid-single digits where we expected for the first quarter as well.

是的。不，謝謝你的提問，Kartik。再次，是的，HSP 第一季的財務表現基本上符合我們的預期以及第二季的指導。對此我感覺很好。雖然還處於早期階段，但確實與我們的情況一致，而且利潤率也達到了我們第一季預期的中等個位數。

Perfect, thank you very much. I appreciate it.

非常好，非常感謝。我很感激。

Thanks.

謝謝。

Mark Marcon, Baird.

馬克馬孔，貝爾德。

Hey, good afternoon. On HSP, what sort of growth rate did they achieve during the quarter? And what are you projecting as it relates to -- you said the 5%, but I'm wondering what the organic growth rate is for them if they achieve that 5% of revenue?

嘿，下午好。關於 HSP，他們在本季實現了什麼樣的成長率？您對此有何預測？您說的是 5%，但我想知道，如果他們實現了 5% 的收入，他們的有機成長率是多少？

Yeah, the 5%, I'm a little, I don't know about that one, but so they delivered about $11 million in the quarter for there. And so just as we've talked about kind of HSPs historically outperform the market both in periods of kind of growth and decline, and we expect for that to continue in this current environment.

是的，5%，我有點，我不知道這個，但他們在本季度交付了約 1100 萬美元。正如我們所討論的，HSP 在歷史上無論是在增長期還是衰退期都表現優於市場，我們預計這種情況在當前環境下將繼續下去。

One thing I will just call out, Mark, is that as a reminder, kind of due to the nature of HSP having mostly state and local government clients, their year ends are June 30th. So our Q1 results roughly flat in relation to the revenue results and trends that we saw in Q3 of 24, and that's really how we've been modeling the business.

馬克，我只想說一件事，提醒一下，由於 HSP 的客戶主要是州和地方政府，所以他們的年末是 6 月 30 日。因此，我們的第一季業績與 24 年第三季的營收結果和趨勢大致持平，這也是我們一直以來的商業建模方式。

So for this quarter coming up, you're basically expecting flat year-over-year revenue growth?

那麼對於即將到來的這個季度，您基本上預計營收將與去年同期持平成長？

It was flat to Q3, and then our expectations as it builds are right in line with our Q2 results -- or Q1 results.

與第三季持平，我們對它的預期與第二季或第一季的結果一致。

And Q1 was flat, or did they -- what was their organic growth rate in Q1?

Q1 持平，或者說他們－Q1 的有機成長率是多少？

The organic growth rate was similar. So we didn't own them -- obviously, we own them as of January. What I was talking about is the HSP business has year start as of Q3. So Q3 '24 was flat. So Q1 '21 results were flat to Q3 '24. And that's how we've modeled the business and talked about it so far.

有機增長率相似。所以我們並不擁有它們——顯然，從一月份起我們就擁有它們了。我所說的是 HSP 業務從第三季開始。因此 24 年第三季表現持平。因此，21 年第一季的業績與 24 年第三季的業績持平。這就是我們迄今為止對業務進行建模和討論的方式。

Okay, great. And can you also talk a little bit about their margin profile in terms of gross margins? I'm just trying to -- I'm looking at the Q2 guide in terms of gross margins. I'm just trying to see what is factoring into that.

好的，太好了。您能否從毛利率的角度談談他們的利潤狀況？我只是想——我正在查看第二季的毛利率指南。我只是想看看是什麼因素導致了這個結果。

Yes. Gross margins kind of right around PeopleManagement margins from a gross perspective, and then our expectations for EBITDA margins are high single-digit EBITDA margins for Q2.

是的。從總角度來看，毛利率與 PeopleManagement 的利潤率差不多，我們對第二季 EBITDA 利潤率的預期是高個位數。

Okay. And so the gross -- is part of the reason for the 220 to 180 basis point decline year over year in terms of gross margins, the contribution from -- the mix contribution from HSP?

好的。那麼，毛利率年減 220 至 180 個基點的部分原因是來自 HSP 的貢獻嗎？

That's absolutely right.

完全正確。

And then just -- Kartik asked this question, but just are you -- what are you hearing from companies that you're dealing with? Obviously, Liberation Day was April 2. And so I'm wondering post that, have you seen any sort of change with regards to the cadence in terms of business wins, pauses, things of that nature? And then in general, whether it's both for PeopleReady, PeopleScout, and PeopleManagement. And then also, are you seeing any sort of differences from an industry or vertical perspective?

然後只是——卡蒂克問了這個問題，但你只是——你從與你打交道的公司那裡聽到了什麼？顯然，解放日是4月2日。所以我想知道，在發布這篇文章後，您是否看到過在業務勝利、暫停等性質的事情方面的節奏方面有任何變化？總體來說，它是否適用於 PeopleReady、PeopleScout 和 PeopleManagement。那麼，從行業或垂直角度來看，您是否看到任何差異？

Yes. Thank you for the question, Mark. I would just say that the uncertainty and caution continues with our customers, kind of pre- and post-Liberation Day. The uncertainty is certainly weighing on them, and it is creating some reduced hiring volumes and smaller scope deals as businesses and our customers are navigating this uncertain environment, I would say.

是的。謝謝你的提問，馬克。我只想說，無論是解放日前後，我們的客戶仍然保持不確定性和謹慎的態度。我想說，這種不確定性無疑給他們帶來了壓力，當企業和我們的客戶應對這種不確定的環境時，它導致招聘量減少，交易範圍縮小。

From a pause perspective, we're seeing more of that in our PeopleScout business, where customers are instituting hiring freezes or slowing down their hiring as they kind of wait this out and determine what their workforce needs will be. But I would just say that the uncertainty has continued.

從暫停的角度來看，我們在 PeopleScout 業務中看到更多這樣的情況，客戶正在凍結招聘或放慢招聘速度，因為他們在等待這種情況並確定他們的勞動力需求。但我只想說，不確定性仍然存在。

And then, Mark, I think there were a couple of questions in there, so I'll try to -- I think I said earlier, just April trends have been really similar to how we've exited the quarter, at least from a results' standpoint, in the first four weeks of April that we have. And that was obviously post that news. You also asked just about anything else geography-wise. I'd say trends...

然後，馬克，我想這裡面有幾個問題，所以我會嘗試——我想我之前說過，四月份的趨勢與我們在本季度結束時的趨勢非常相似，至少從結果的角度來看，四月份的前四周的趨勢是如此。這顯然是在該新聞之後發生的。您還詢問了有關地理方面的任何其他問題。我想說的是趨勢…

Or industry vertical-wise.

或從行業垂直角度來看。

Or industry vertical. Yes, the biggest improvement that we saw were really in transportation, retail, and professional services from an end market perspective in Q1. The improvement in transportation was really driven by our Centerline business, but also other brands saw improvement, as they have some clients in this vertical that are less cyclical. We continue to see softness in, as we said in prepared remarks, manufacturing, some in construction and hospitality as well.

或垂直行業。是的，從終端市場角度來看，第一季我們看到的最大改善確實出現在運輸、零售和專業服務領域。運輸業務的改善實際上是由我們的 Centerline 業務推動的，但其他品牌也看到了改善，因為他們在這個垂直領域擁有一些不太受週期影響的客戶。正如我們在準備好的演講中所說，我們繼續看到製造業、建築業和酒店業的一些疲軟現象。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

It is Ryan on for Jeff. I know a lot of the tariff stuff is still up in the air, but are there any benefits you're seeing, or you might expect to see from reshoring American manufacturing? And then on a prior call, you called out heightened activity on the southern border. I was wondering if you have any updates there.

瑞恩 (Ryan) 代替傑夫 (Jeff)。我知道許多關稅問題仍懸而未決，但您是否看到了或期望從美國製造業回流中看到任何好處？然後在之前的通話中，您呼籲加強南部邊境的活動。我想知道您是否有任何更新。

Yes. Thank you for the question. We're carefully monitoring the news and assessing the potential indirect impacts that tariffs will have. But tariffs could certainly lead to more onshore manufacturing, which would be a tailwind for our business. And so, we certainly have customers preparing for that.

是的。謝謝你的提問。我們正在密切關注新聞並評估關稅可能產生的間接影響。但關稅肯定會導致更多的國內製造業，這將對我們的業務產生推動作用。因此，我們當然有客戶為此做準備。

On the immigration side, many customers and prospects are increasingly looking to TrueBlue to ensure that they have a workforce that's authorized to work in the United States. In our staffing business, customers across multiple industries are increasingly performing internal audits to ensure that their workforce complies with current regulations. On the question regarding the Southern border states, we did see positive trends in those Southern border states continue through the quarter, specifically in Texas, Arizona, and Nevada.

在移民方面，許多客戶和潛在客戶越來越依賴 TrueBlue 來確保他們擁有一支獲准在美國工作的勞動力。在我們的人員配備業務中，多個行業的客戶越來越多地進行內部審計，以確保其員工符合現行法規。關於南部邊境各州的問題，我們確實看到這些南部邊境各州的積極趨勢在本季度持續下去，特別是德克薩斯州、亞利桑那州和內華達州。

And then, just for the follow-up, I was wondering if you could break down the revenue guidance between your three segments.

然後，為了後續問題，我想知道您是否可以將收入預期細分為三個部分。

Yes, absolutely. Thanks for the question. So I'll just -- in total, right, minus 1% to 5% growth, which is a midpoint of 2%. And just a reminder, that includes a 5 point impact due to the acquisition of HSP. I'm going to just hit the midpoints for the rest of the segments.

是的，絕對是。謝謝你的提問。所以我只是 - 總的來說，對，增長 -1% 到 5%，即 2% 的中點。需要提醒的是，這包括因收購 HSP 而產生的 5 點影響。我將只針對其餘部分找到中點。

The midpoint for PeopleReady is minus 3%. The midpoint for PeopleManagement is plus 3%. The midpoint for PeopleSolutions is plus 29%. If you exclude HSP from that, that would have PeopleSolutions on an organic basis at minus 17%. And then, just another reminder is just, look, the hospitality client loss we discussed in previous quarters creates about 1 point of headwind for TrueBlue and 10 points for PeopleSolutions, and we'll lapse those comps as we exit Q2.

PeopleReady 的中點是-3%。PeopleManagement 的中點為正 3%。PeopleSolutions 的中點為正 29%。如果將 HSP 排除在外，PeopleSolutions 的有機成長率將為 -17%。然後，再提醒一下，我們在前幾個季度討論過的飯店客戶流失給 TrueBlue 帶來了大約 1 個點的不利因素，為 PeopleSolutions 帶來了 10 個點的不利因素，我們將在第二季度結束時失去這些可比較客戶。

Thank you very much.

非常感謝。

Of course, thanks for the questions.

當然，感謝您的提問。

Marc Riddick, Sidoti.

馬克·里迪克、西多蒂。

So I was wondering if you could talk a little bit about what you're seeing as far as flow of potential candidates. I mean, are we seeing -- have the headlines or the economic sways have much in the way of -- are you seeing any changes in candidate availability? And if so, are there any particular areas where that may have picked up, and I guess, maybe vice versa, potentially gone the other way?

所以我想知道您是否可以談談您所看到的潛在候選人流動。我的意思是，我們是否看到——新聞頭條或經濟波動是否對——候選人的可用性有任何變化？如果是這樣，那麼在哪些特定領域這種情況可能會有所改善？或者，我想，反之亦然，有可能出現另一種情況？

Yes. So Marc, at least from a fill perspective, we're continuing to see expansions in our fill rates. So not having trouble fill the orders that we have. We've seen our fill rates get in the 90% in Q1 here. So continue to be able to fill the orders that we're getting.

是的。因此，馬克，至少從填充角度來看，我們的填充率正在持續擴大。因此，我們完成訂單不會遇到任何問題。我們已經看到我們的填充率在第一季達到了 90%。因此我們能夠繼續完成收到的訂單。

And can you talk a little bit about the -- is there much in the way of year-over-year pricing change that's not necessarily revenue mix, but as far as just general pricing trend-wise, how we should be thinking about -- are there any areas that are specifically challenges or any particular areas where you're seeing any meaningful pushback there?

您能否稍微談一下——同比定價變化是否很大，不一定是收入組合，但就總體定價趨勢而言，我們應該如何考慮——是否存在具體的挑戰領域，或者是否存在您看到任何有意義的阻力的特定領域？

Yes. Thanks for the question, Marc. We're seeing the type of pricing pressure we would expect in this type of environment, as our clients certainly remain cost conscious. But overall, we've maintained our pricing discipline and continue to look for ways to drive enhanced efficiencies to offset that.

是的。謝謝你的提問，馬克。我們看到了在這種環境下我們預期的定價壓力，因為我們的客戶肯定仍然注重成本。但總體而言，我們保持了定價紀律，並繼續尋找提高效率的方法來抵消這種影響。

And then maybe could you share a little bit as far as the -- as JobStack continues to be a bigger piece and maybe what you're seeing there as far as those benefits, are there any particular areas that are specifically helpful as far as market share gains? And is that along -- and as a tangent from that, is that along the lines of your expectations or better or worse? How should we think about that?

然後，您能否分享一下——隨著 JobStack 繼續成為一個更大的組成部分，也許您看到了這些好處，是否有任何特定領域對市場份額的成長特別有幫助？這是否符合您的預期，或者說，這是否比您預期的更好或更差？我們該如何看待這個問題？

Yes. Thanks for the question. As you know, having our own proprietary version of JobStack allows us to control our roadmap and quickly ensure that we're meeting the needs of our customers and our associates. And so our roadmap is delivering as expected. One thing that I'll call out is that our App Store rating continues to outperform competition in this space and feedback indicates from those ratings that our users are highly appreciative of the app's convenience, ease of use and its ability to really quickly help them find work.

是的。謝謝你的提問。如您所知，擁有我們自己的專有版本的 JobStack 使我們能夠控制我們的路線圖並快速確保滿足我們的客戶和同事的需求。因此我們的路線圖正在按預期實現。我要指出的一件事是，我們的 App Store 評級繼續優於該領域的競爭對手，並且從這些評級中獲得的反饋表明，我們的用戶高度讚賞該應用程式的便利性、易用性以及它能夠快速幫助他們找到工作的能力。

And they're also highlighting that they value the flexibility to choose work based on their schedules. A number of enhancements have been made in the tool. One is our ReadyMatch technology, which helps instantly match job requirements with a pool of qualified workers and makes it easy to invite the best fit workers to the job. Our digital onboarding experience is working as we would expect, where associates are able to onboard in as little as 30 minutes and immediately begin self-dispatching to available jobs. So I would say working as expected.

他們也強調，他們重視根據自己的日程安排靈活地選擇工作。該工具已進行了許多改進。一是我們的 ReadyMatch 技術，它可以幫助立即將工作要求與一群合格的工人進行匹配，並輕鬆邀請最合適的工人來完成工作。我們的數位入職體驗正如我們預期的那樣，員工只需 30 分鐘即可入職並立即開始自行調度到可用的工作。所以我想說工作如預期一樣。

Sounds encouraging. Thank you very much.

聽起來令人鼓舞。非常感謝。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Taryn Owen for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給 Taryn Owen，請他發表最後評論。

Thank you, operator, and thank you, everyone, for joining us today. I also want to take this opportunity to thank the entire TrueBlue team for their tremendous efforts, providing our customers and associates with exceptional service and their commitment to advancing our mission to connect people and work. We look forward to speaking with all of you at upcoming investor events and on our next quarterly call. If you have any questions, please don't hesitate to reach out. Have a great evening.

謝謝接線生，也謝謝大家今天加入我們。我也想藉此機會感謝整個 TrueBlue 團隊的巨大努力，為我們的客戶和同事提供卓越的服務，並致力於推動我們連結人與工作的使命。我們期待在即將舉行的投資者活動和下一次季度電話會議上與大家交談。如果您有任何疑問，請隨時與我們聯繫。祝您有個愉快的夜晚。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。