TrueBlue Inc (TBI) 2025 Q2 法說會逐字稿

Greetings, and welcome to the TrueBlue second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 TrueBlue 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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 obligation to update or revise any forward-looking statements. 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.

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。這些風險和不確定性（其中一些在今天的新聞稿和美國證券交易委員會的文件中有所描述）可能導致實際結果與前瞻性陳述中的結果有重大差異。

Management uses non-GAAP measures when presenting financial results. 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.

管理階層在呈現財務結果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.

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 的投資者網站上提供，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。

It is now my pleasure to turn the call over to Taryn Owen, President and Chief Executive Officer.

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.

謝謝接線員，歡迎大家參加今天的電話會議。我們的財務長 Carl Schweihs 也和我一起出席。

Before we turn to the financials, I'd like to take a few minutes to discuss TrueBlue's current market position and the actions we've taken to strengthen the company during this prolonged industry downturn. We have viewed this as a period of opportunity to create long-term competitive advantage and drive market share gains early by leaning into our core differentiators.

在我們討論財務狀況之前，我想花幾分鐘時間討論一下 TrueBlue 目前的市場地位以及我們為在長期行業低迷時期加強公司實力而採取的行動。我們將此視為一個機會期，透過發揮我們的核心差異化優勢，儘早創造長期競爭優勢並推動市場份額的成長。

We've been deliberate in streamlining operations and positioning TrueBlue to lead as the labor market evolves, expanding into high-growth, underpenetrated end markets with secular tailwinds, increasing our mix of skilled and professional roles, accelerating our digital transformation, diversifying revenue streams, and eliminating nonessential costs.

我們一直在刻意精簡運營，並將 TrueBlue 定位為引領勞動力市場的發展，擴展到高成長、滲透率低的終端市場，利用長期順風，增加我們的技術和專業角色組合，加速我們的數位轉型，實現收入來源多元化，並消除不必要的成本。

So who is TrueBlue today? We're a leading provider of digitally enabled specialized workforce solutions that seamlessly connect employers and talent with precision and scale. Backed by decades of experience, we deliver total workforce solutions across recruitment, attraction, assessment, and workforce management. We help clients improve workforce quality, streamline operations, and meet evolving talent demands.

那麼，今天 TrueBlue 是誰？我們是數位化專業勞動力解決方案的領先供應商，能夠以精確度和規模無縫連接雇主和人才。憑藉數十年的經驗，我們提供涵蓋招募、吸引、評估和勞動力管理的全方位勞動力解決方案。我們幫助客戶提高勞動力素質、簡化營運並滿足不斷變化的人才需求。

We partner with over 55,000 customers and more than 300,000 workers annually. As an extension of our clients, we bring operational insight, local market expertise, and disciplined execution to help solve complex workforce challenges.

我們每年與超過 55,000 名客戶和超過 300,000 名員工合作。作為客戶的延伸，我們提供營運洞察力、本地市場專業知識和嚴格的執行力，以協助解決複雜的勞動力挑戰。

Our extensive national footprint includes approximately 500 branches, hundreds of on-site locations, and tens of thousands of client work sites, enabled by a digital reach that spans every corner of the US from major cities to small and rural communities. We tailor our solution to each client's footprint and operating model with extensive end-market presence and delivery flexibility supported by a full spectrum offering and an expansive talent network.

我們遍布全國，包括約 500 個分店、數百個現場辦公地點和數萬個客戶工作地點，數位化覆蓋範圍涵蓋美國從大城市到小型和農村社區的各個角落。我們根據每位客戶的足跡和營運模式客製化解決方案，透過全方位產品和廣泛的人才網路支援廣泛的終端市場影響力和交付靈活性。

Our award-winning RPO capabilities further extend our reach across the globe, and we've strategically expanded our total addressable market from roughly $45 billion to $90 billion and growing, with our recent acquisition of healthcare staffing professionals.

我們屢獲殊榮的 RPO 能力進一步擴大了我們的全球影響力，並且隨著我們最近收購醫療保健人員配備專業人員，我們已將總目標市場從約 450 億美元戰略性地擴大到 900 億美元，並且還在不斷增長。

While the market itself is highly fragmented, TrueBlue stands out in its ability to serve both large national accounts and local businesses and is trusted by clients to deliver consistent high-quality results. We've proven ourselves as industry innovators, developing a suite of proprietary digital platforms that lead the industry in user experience, engagement, and operational efficiency.

儘管市場本身高度分散，但 TrueBlue 憑藉其服務大型全國客戶和本地企業的能力脫穎而出，並深受客戶信賴，能夠提供始終如一的高品質成果。我們已經證明自己是行業創新者，開發了一套專有的數位平台，在用戶體驗、參與度和營運效率方面引領業界。

Our digital ecosystem powered by data and intelligent agent frameworks creates a durable competitive advantage that extends the reach of our digital-first staffing and recruitment solutions, supporting scalable growth, cost efficiency, and margin expansion. We've advanced a robust innovation pipeline focused on integrating responsible AI into our platform strategies to transform how we attract, engage, and deploy talent.

我們由數據和智慧代理框架驅動的數位生態系統創造了持久的競爭優勢，擴大了我們數位優先的人員配備和招聘解決方案的覆蓋範圍，支持可擴展的成長、成本效率和利潤率的擴大。我們推動了強大的創新管道，專注於將負責任的人工智慧融入我們的平台策略，以改變我們吸引、聘用和部署人才的方式。

Our ability to deliver digitally enabled total workforce solutions spanning staffing, RPO, talent advisory, and more uniquely positions us to serve as a single strategic partner across the entire workforce life cycle. And by aligning talent, technology, and data-driven engagement across our portfolio, we unlock cross-selling opportunities, better meet evolving client needs and drive profitable growth. The high free cash flow nature of our business, paired with a limited CapEx profile further enables us to pursue future growth opportunities. Our competitive offering and positioning are clear and well differentiated.

我們能夠提供涵蓋人員配備、RPO、人才諮詢等在內的數位化全方位勞動力解決方案，這讓我們能夠成為整個勞動力生命週期的單一策略合作夥伴。透過整合我們投資組合中的人才、技術和數據驅動的參與，我們釋放了交叉銷售機會，更好地滿足不斷變化的客戶需求並推動獲利成長。我們業務的高自由現金流性質，加上有限的資本支出狀況，進一步使我們能夠追求未來的成長機會。我們的競爭產品和定位清晰且差異化。

Now, let's turn to our strategic plan for delivering greater shareholder value over time. Our strategy is anchored in our key priorities to accelerate our digital transformation, grow our share in high-growth end markets and attractive skilled trades and professional talent segments and optimize our sales function to accelerate growth and capture demand, all while maintaining operational excellence to deliver efficiencies and long-term profitability. Together, these priorities position TrueBlue well in today's environment and to capitalize on long-term secular trends to deliver sustained growth over time.

現在，讓我們來談談我們的策略計劃，以便隨著時間的推移實現更大的股東價值。我們的策略以我們的關鍵優先事項為基礎，即加速我們的數位轉型，擴大我們在高成長終端市場和有吸引力的技術行業和專業人才領域的份額，並優化我們的銷售職能以加速增長和抓住需求，同時保持卓越的運營以實現效率和長期盈利能力。總之，這些優先事項使 TrueBlue 在當今環境中佔據有利地位，並利用長期趨勢來實現持續成長。

We've also proactively implemented targeted cost reductions to improve efficiency, expand margins, and enhance profitability. We have simplified our organizational structure through the divestiture of our Canadian operations, streamlined global leadership, and removed structural inefficiencies. Altogether, these actions have delivered approximately $90 million in permanent SG&A savings from our 2022 base, creating durable cost leverage and enabling strong incremental margin expansion as revenue recovers.

我們也積極實施有針對性的成本削減措施，以提高效率、擴大利潤率並增強獲利能力。我們透過剝離加拿大業務、精簡全球領導層和消除結構性低效率來簡化組織結構。總而言之，這些措施為我們帶來了約 9,000 萬美元的永久性銷售、一般及行政費用 (SG&A) 節省（以 2022 年為基準），創造了持久的成本槓桿，並在收入恢復時實現了強勁的增量利潤率擴張。

But we haven't simply cut costs and waited for conditions to improve. Drawing on our decades of experience and data-driven insights, we've identified high potential areas for long-term sustainable growth and while maintaining our strong balance sheet, have strategically invested to position TrueBlue ahead of secular tailwinds.

但我們並沒有簡單地削減成本並等待情況改善。憑藉數十年的經驗和數據驅動的洞察力，我們已經確定了長期可持續增長的高潛力領域，並在保持強勁資產負債表的同時，進行了戰略投資，使 TrueBlue 領先於長期順風。

We've made significant progress in optimizing our sales function to accelerate growth and capture demand as the market rebounds. This includes a full reorganization of our sales model, decoupling sales from operations, and transitioning to a territory-based go-to-market structure that empowers integrated local leadership and enhances client focus, disciplined execution, and productivity.

我們在優化銷售職能方面取得了重大進展，以加速成長並滿足市場反彈的需求。這包括全面重組我們的銷售模式，將銷售與營運分離，並過渡到基於區域的行銷結構，以增強綜合的本地領導力並提高客戶關注度、嚴格的執行力和生產力。

We've expanded field sales capacity in high-priority markets and rolled out localized enablement strategies and territory-specific campaigns to improve market relevance and activation. We deployed Salesforce CRM across our field organization, improving pipeline visibility, territory coordination, and proactive sales execution.

我們擴大了高優先市場的現場銷售能力，並推出了本地化的支援策略和針對特定地區的活動，以提高市場相關性和激活度。我們在整個現場組織中部署了 Salesforce CRM，提高了通路可見度、區域協調性和主動銷售執行力。

As part of our broader commercial strategy, we've launched an enterprise-wide strategic partnership program to unlock new client acquisition channels and deepen enterprise client relationships. A key example of this is our recently announced partnership with OMNIA Partners, one of the largest group purchasing organizations in the US. This relationship has opened access to a broad high-value member network and is fueling a growing pipeline of multi-brand opportunities across our portfolio.

作為我們更廣泛的商業策略的一部分，我們啟動了一項企業範圍的策略合作夥伴計劃，以開闢新的客戶獲取管道並深化企業客戶關係。一個重要的例子是我們最近宣布與美國最大的團體採購組織之一 OMNIA Partners 建立合作關係。這種關係為我們打開了進入廣泛高價值會員網絡的大門，並為我們產品組合中不斷增長的多品牌機會提供了動力。

As we continue to diversify and scale our business, we're expanding into high-growth, underpenetrated end markets aligned to secular demand trends. Already a leader in US industrial and skilled trade staffing, we're well positioned to support manufacturing reshoring and help address structural labor shortages.

隨著我們不斷實現業務多元化和規模化，我們正在向符合長期需求趨勢的高成長、滲透不足的終端市場擴張。作為美國工業和技術貿易人員配備領域的領導者，我們有能力支持製造業回流並協助解決結構性勞動力短缺問題。

A strong example is our commercial driver business, which continues to outperform, delivering its fourth consecutive quarter of double-digit revenue growth. We're also expanding our presence in the energy sector, where ongoing infrastructure investment is fueling sustained demand for skilled labor.

一個很好的例子就是我們的商用驅動業務，該業務繼續表現出色，連續第四個季度實現兩位數的收入成長。我們也正在擴大我們在能源領域的業務，該領域的持續基礎設施投資正在推動對熟練勞動力的持續需求。

Through our acquisition of HSP, TrueBlue has established a strong foothold in healthcare, one of the fastest-growing and most resilient sectors of the labor market. Healthcare continues to benefit from strong macro drivers, including an aging population, increased patient volumes, and persistent labor shortages. HSP not only expands our client base and revenue streams but also brings deep expertise in compliance and clinician management, capabilities we are well positioned to scale.

透過收購 HSP，TrueBlue 在醫療保健領域站穩了腳跟，醫療保健是勞動力市場成長最快、最具彈性的行業之一。醫療保健繼續受益於強勁的宏觀驅動因素，包括人口老化、患者數量增加以及持續的勞動力短缺。HSP 不僅擴大了我們的客戶群和收入來源，而且還帶來了合規性和臨床醫生管理方面的深厚專業知識，我們有能力擴展這些能力。

With early traction, we believe TrueBlue is ideally equipped to serve the healthcare industry with the same blend of technology, service, and national reach that drives success in our core verticals.

憑藉早期的推動力，我們相信 TrueBlue 能夠以相同的技術、服務和全國影響力為醫療保健行業提供服務，從而推動我們的核心垂直行業取得成功。

We're also expanding our presence in professional roles by broadening our RPO solution to deliver higher skilled, higher value placements. Over the past year, we've grown our mix of RPO services in sectors such as healthcare, engineering, and technology, driven by both new client wins and account expansion.

我們也透過擴展我們的 RPO 解決方案來提供更高技能、更高價值的職位，從而擴大我們在專業角色中的影響力。在過去的一年裡，在贏得新客戶和擴大帳戶的推動下，我們在醫療保健、工程和技術等領域擴大了 RPO 服務組合。

In 2024, we achieved an 8% increase in the number of clients engaging us for professional roles and a 29% increase in the number of IT-related hires, reinforcing our position in this expanding segment. As we look ahead, deepening our footprint across these high-value roles remains a key strategic priority.

2024 年，聘請我們擔任專業職位的客戶數量增加了 8%，IT 相關招募數量增加了 29%，鞏固了我們在這個不斷擴大的領域中的地位。展望未來，深化我們在這些高價值角色中的影響力仍然是一項關鍵的策略重點。

The digital transformation of our business has been essential to delivering faster, more precise, and transparent workforce solutions. We've embedded AI-powered job matching, predictive analytics, and behavioral insights across the talent life cycle to enable journey-based personalization that improves responsiveness while prompting timely action, whether that's placing an order, extending a contract or accepting a role.

我們業務的數位轉型對於提供更快、更精確、更透明的勞動力解決方案至關重要。我們在整個人才生命週期中嵌入了人工智慧驅動的職位匹配、預測分析和行為洞察，以實現基於旅程的個人化，從而提高響應能力，同時促使及時採取行動，無論是下訂單、延長合約還是接受職位。

Combined with our existing market presence and deep industry expertise, these innovations position TrueBlue to deliver smarter, more personalized experience, driving reliability, profitability, and long-term competitive advantage. Our ability to execute on this strategy is underpinned by the strength and experience of our leadership team. With decades of relevant industry knowledge and direct operational expertise, our executive team brings hands-on leadership to every facet of the business.

結合我們現有的市場地位和深厚的行業專業知識，這些創新使 TrueBlue 能夠提供更聰明、更個性化的體驗，提高可靠性、盈利能力和長期競爭優勢。我們執行這項策略的能力得益於我們領導團隊的實力和經驗。我們的執行團隊擁有數十年的相關行業知識和直接營運專業知識，為業務的各個方面提供實際的領導。

Now, turning towards the quarter. We are encouraged to see positive momentum with double-digit growth for our skilled businesses, overall signs of stabilization and a return to company-wide growth expected in the third quarter. We are confident that the cost actions we have taken position us well to drive even stronger profitability as industry demand expands.

現在，轉向本季。我們很高興地看到，我們的技術業務呈現兩位數成長的正面勢頭，整體呈現穩定跡象，預計第三季全公司將恢復成長。我們相信，隨著產業需求的擴大，我們採取的成本行動將使我們能夠實現更高的獲利能力。

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 $396 million, flat to the prior year and near the low end of our outlook range as uncertainty and client caution continue to weigh on the staffing industry. Included in these results is 4 percentage points of growth driven by our recent acquisition of HSP.

謝謝你，塔琳。本季總收入為 3.96 億美元，與上年持平，接近我們預期範圍的低端，因為不確定性和客戶謹慎地繼續對人力資源產業造成壓力。這些結果包括我們最近收購 HSP 所推動的 4 個百分點的成長。

As expected, temporary labor and permanent hiring volumes remain suppressed, with clients navigating an unpredictable business landscape and staying cautious around business spend. While overall market demand was soft, we are capitalizing on growing markets and leveraging our deep expertise to create additional opportunities for growth.

正如預期的那樣，臨時勞動力和永久性招聘數量仍然受到抑制，客戶正在應對不可預測的商業環境並對業務支出保持謹慎。儘管整體市場需求疲軟，但我們正在利用不斷增長的市場並利用我們深厚的專業知識來創造更多的成長機會。

For example, as Taryn mentioned, our skilled businesses delivered double-digit growth for the quarter, and our on-site team recently secured one of its largest single site wins with a multinational e-commerce client.

例如，正如 Taryn 所提到的，我們熟練的業務在本季度實現了兩位數的成長，我們的現場團隊最近與一家跨國電子商務客戶贏得了其最大的單站點勝利之一。

Gross margin was 23.6% for the quarter, down 280 basis points. The primary driver of the decline was changes in revenue mix with more favorable trends in our lower-margin PeopleManagement businesses and PeopleReady renewable energy work. As a reminder, renewable energy work carries a lower gross margin than the general PeopleReady business due to the pass-through travel costs involved.

本季毛利率為23.6%，下降280個基點。下降的主要原因是收入結構的變化，利潤率較低的 PeopleManagement 業務和 PeopleReady 再生能源業務呈現更有利的趨勢。提醒一下，由於涉及轉嫁差旅成本，再生能源工作的毛利率低於一般 PeopleReady 業務。

Certain software depreciation now being reported in cost of services also contributed to the margin decline. Keep in mind, software depreciation is noncash and excluded from our EBITDA and adjusted EBITDA calculations.

目前在服務成本中報告的某些軟體折舊也導致了利潤率的下降。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。

We successfully reduced SG&A by 7%, largely outpacing the organic revenue decline and demonstrating our continued commitment to maintain cost discipline and enhance our profitability. We recognized the COVID-19 government subsidy benefit during the quarter, but since we reported a similar benefit in the prior year, it had no meaningful impact on the year-over-year decline. The real driver is our continued focus on the areas we can control to not only align with current market dynamics but also create greater flexibility to scale. We have made significant progress simplifying our cost structure and creating efficiencies, which will drive enhanced profitability as industry demand rebounds.

我們成功地將銷售、一般及行政費用降低了 7%，大大超過了有機收入的下降，並表明了我們持續致力於保持成本紀律和提高盈利能力。我們在本季度確認了 COVID-19 政府補貼福利，但由於我們在上一年報告了類似的福利，因此它對同比下降沒有產生重大影響。真正的驅動力是我們持續專注於我們能夠控制的領域，這不僅是為了適應當前的市場動態，也是為了創造更大的擴展靈活性。我們在簡化成本結構和提高效率方面取得了重大進展，這將隨著行業需求的反彈而提高獲利能力。

We reported a net loss of $0.2 million for this quarter, which included a noncash intangible asset impairment charge of $0.2 million as well as 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 deferred tax assets. As a reminder, these charges have no impact on our operations, liquidity, or debt covenants. Adjusted net loss was $2 million (sic - see slide 4, "$2.2 million"), while adjusted EBITDA was $3 million.

我們報告本季淨虧損為 20 萬美元，其中包括 20 萬美元的非現金無形資產減損費用以及主要與我們的海外業務相關的少量所得稅費用，並且由於我們在美國遞延稅項資產上實施了估值準備，美國業務的所得稅優惠基本上為零。提醒一下，這些費用對我們的營運、流動性或債務契約沒有影響。調整後的淨虧損為 200 萬美元（原文如此 - 請參閱投影片 4，「220 萬美元」），而調整後的 EBITDA 為 300 萬美元。

Now, let's turn to our segments. PeopleReady revenue declined 5%, driven by reduced client volumes across most verticals and geographies. While overall market demand remains soft, our skilled businesses grew double digits for the quarter due to the healthy project ramp and minimal schedule disruptions. We are also encouraged to see improved on-demand trends in two of our largest states with results in California and Florida indicating growing momentum as we exited the quarter.

現在，讓我們轉向我們的部分。PeopleReady 的收入下降了 5%，因為大多數垂直行業和地區的客戶數量減少。儘管整體市場需求依然疲軟，但由於專案進展順利且計劃中斷最少，我們的技術業務本季實現了兩位數成長。我們也很高興地看到，我們最大的兩個州的按需趨勢有所改善，加州和佛羅裡達州的結果表明，隨著本季度的結束，需求勢頭正在增強。

PeopleReady segment profit margin was up 50 basis points, largely driven by cost actions to deliver efficiencies and greater scalability.

PeopleReady 部門的利潤率上升了 50 個基點，這主要得益於為提高效率和擴大可擴展性而採取的成本行動。

PeopleManagement grew for the second consecutive quarter, with revenue up 2%. This growth was driven by strong results from our commercial drivers business, which delivered its fourth consecutive quarter of double-digit growth. While on-site client volumes declined for the quarter, continued strength in new business wins and customer expansions is generating solid momentum as we enter the back half of the year. PeopleManagement segment profit margin was up 50 basis points as our disciplined cost management actions continue to drive improved efficiencies.

PeopleManagement 連續第二季成長，營收成長 2%。這一成長得益於我們商用驅動器業務的強勁業績，該業務連續第四個季度實現兩位數增長。雖然本季現場客戶數量有所下降，但隨著我們進入下半年，新業務的持續成長和客戶擴張的持續強勁正在產生強勁的發展勢頭。由於我們嚴格的成本管理措施持續提高效率，人力管理部門的利潤率上升了 50 個基點。

PeopleSolutions revenue grew 20%, with HSP performing in line with expectations and contributing 40 percentage points of inorganic growth, offsetting the segment's organic decline of 20%.

PeopleSolutions 營收成長 20%，其中 HSP 表現符合預期，貢獻了 40 個百分點的無機成長，抵消了該部門 20% 的有機下降。

Also included in these results is 9 percentage points of decline from the client loss we discussed in previous quarters. Overall, hiring volumes remain subdued as clients face evolving market conditions and uncertainty around their workforce needs, but our teams are doing a great job helping existing customers navigate these labor dynamics and adding new clients to our portfolio, especially in high-value professional roles in attractive end markets. Our strong client relationships position us well to drive further revenue expansion as customers' hiring volumes return.

這些結果還包括了我們在前幾個季度討論過的客戶流失率下降了 9 個百分點。總體而言，由於客戶面臨不斷變化的市場條件和勞動力需求的不確定性，招聘量仍然低迷，但我們的團隊正在出色地幫助現有客戶應對這些勞動力動態，並將新客戶添加到我們的投資組合中，特別是在有吸引力的終端市場的高價值專業職位上。隨著客戶招募量的回升，我們與客戶的牢固關係使我們能夠進一步推動營收成長。

PeopleSolutions segment profit margin was down 320 basis points due to the lower operating leverage as revenue declined.

由於收入下降導致經營槓桿降低，PeopleSolutions 部門利潤率下降了 320 個基點。

Now, let's turn to the balance sheet. We finished the quarter with $22 million in cash, $54 million of debt, and $79 million of borrowing availability, resulting in total liquidity of $101 million. During the quarter, $15 million of workers' compensation collateral was released, and we reduced our debt position by $4 million while increasing working capital by $14 million as we maintain a very focused and balanced capital strategy. We continue to manage a strong liquidity position, providing us with great flexibility and ensuring we are well positioned as market demand rebounds.

現在，讓我們來看看資產負債表。本季末，我們擁有 2,200 萬美元現金、5,400 萬美元債務和 7,900 萬美元可用借款，總流動資金為 1.01 億美元。在本季度，我們釋放了 1500 萬美元的工人賠償抵押品，並將債務頭寸減少了 400 萬美元，同時增加了 1400 萬美元的營運資本，因為我們保持了非常專注和平衡的資本戰略。我們繼續保持強勁的流動性狀況，這為我們提供極大的靈活性，並確保我們在市場需求反彈時處於有利地位。

Turning to our outlook for the third quarter. We expect revenue growth of 5% to 11% year over year. This includes 4 percentage points of growth from the acquisition of HSP. Our outlook reflects a continuation of current market trends because while there are some green shoots and early signs of improvement, the broader business landscape remains unpredictable.

談談我們對第三季的展望。我們預計營收將年增 5% 至 11%。其中包括收購 HSP 帶來的 4 個百分點的成長。我們的展望反映了當前市場趨勢的延續，因為儘管出現了一些復甦跡象和早期改善跡象，但更廣泛的商業前景仍然難以預測。

Also keep in mind, given the seasonality of our business, we typically see our highest volumes in the second half of the year, corresponding with improved operating leverage and bolstered by our lean cost structure that we expect to 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.

還請記住，考慮到我們業務的季節性，我們通常會在下半年看到最高的銷量，這與提高的營運槓桿相對應，並且得益於我們精益的成本結構，我們預計這將在全年推動利潤率的進一步提高。有關我們前景的更多信息，請參閱我們今天在網站上分享的收益報告。

Before we open up the call 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, our TrueBlue team has a proven track record of increasing market share and revenue through skilled and geographic expansion and a growing opportunity to accelerate impact through cross-portfolio solutions, sales function optimization, and tech-driven innovation. We have a clear strategy that positions us to drive long-term sustainable value well aligned to secular tailwinds and an approximately $90 billion global total addressable market. Our leadership team and talented employees are energized by the opportunities ahead as we position TrueBlue for margin expansion and an outsized share of industry growth.

謝謝你，卡爾。正如您今天聽到的，我們的 TrueBlue 團隊擁有透過技術和地理擴張來增加市場份額和收入的成功記錄，並且擁有透過跨投資組合解決方案、銷售職能優化和技術驅動的創新來加速影響力的機會。我們擁有明確的策略，使我們能夠推動長期永續價值，與長期順風和約 900 億美元的全球總目標市場保持一致。當我們為 TrueBlue 定位於利潤擴張和產業成長的巨大份額時，我們的領導團隊和優秀員工對未來的機會充滿活力。

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) Jeff Silber, BMO Capital Markets.

（操作員指示）Jeff Silber，BMO 資本市場。

I was hoping you can give us a little bit more color on monthly trends in terms of how they tracked over the past few months, including into the current quarter. And I think, Carl, you talked about some green shoots. Maybe we can get a little bit more color there as well.

我希望您能為我們提供更多關於過去幾個月（包括本季）的月度趨勢的詳細資訊。卡爾，我認為你談到了一些復甦的跡象。也許我們也可以在那裡獲得更多的色彩。

Hi, Jeff. Thanks for the question. We're very encouraged by the momentum that we're seeing across the business, three particular areas: one, double-digit growth for our skilled businesses, overall signs of stabilization, and a return to company-wide growth expected in the third quarter. Beyond that, we're confident that the cost actions we've taken during this downturn combined with our strategic focus will position us well to drive even stronger profitability as the industry demand returns.

你好，傑夫。謝謝你的提問。我們對整個業務的勢頭感到非常鼓舞，特別是三個領域：第一，我們的熟練業務實現兩位數增長，總體出現穩定跡象，預計第三季度全公司將恢復增長。除此之外，我們相信，我們在這次經濟低迷時期採取的成本行動，加上我們的策略重點，將使我們在產業需求回升時獲得更強勁的獲利能力。

Yeah. And then, Jeff, I can cover some of those inter-quarter trends there. So PeopleReady saw low-single-digit weekly sequential revenue growth throughout the quarter, which was driven by our skilled businesses. Just to put this in perspective, PeopleReady exited Q1 at minus 8% and exited Q2 at minus 3%. Our monthly trends were kind of minus 8% in April and minus 3% as we work through the month.

是的。然後，傑夫，我可以介紹一些季度間的趨勢。因此，PeopleReady 整個季度的周收入都實現了低個位數的連續成長，這得益於我們熟練的業務。為了更清楚地說明這一點，PeopleReady 在第一季的虧損為負 8%，在第二季的虧損為負 3%。我們的月度趨勢是，4 月下降了 8%，而整個月則下降了 3%。

We're also very encouraged by the trends in July. PeopleReady returned to growth in July, and our weekly trends are in line with our outlook for the quarter.

七月的趨勢也令我們感到非常鼓舞。PeopleReady 在 7 月恢復成長，我們的每週趨勢與我們對本季的展望一致。

I think Taryn covered some of those green shoots in there as well. I'd just add in, as we said in the prepared remarks, too, our commercial driver services continues to do well for us in its fourth consecutive quarter of double-digit revenue growth as well.

我認為 Taryn 也涵蓋了其中的一些綠芽。我想補充一點，正如我們在準備好的演講中所說的那樣，我們的商業司機服務繼續表現良好，連續第四個季度實現兩位數的收入增長。

I appreciate the color. If I could switch gears a bit, since you last reported, the company received an unsolicited buyout offer from HireQuest. I know your Board quickly rejected that. But can you talk about the reasons underlying that decision? And have you had any discussions with HireQuest since that time?

我很欣賞這個顏色。如果我可以稍微轉換一下主題，自從您上次報道以來，該公司收到了 HireQuest 主動提出的收購要約。我知道董事會很快就否決了這個決定。但是您能談談做出這項決定的原因嗎？從那時起，您與 HireQuest 進行過任何討論嗎？

Yeah. We'll refer you, Jeff, to our public disclosures regarding HireQuest, but do be assured that our Board is focused on maximizing value for our shareholders and will consider any approach to doing so. The team has done a tremendous amount of work to position TrueBlue to take advantage of the strongest market drivers as the industry recovers, and we will continue to act in the best interest of our shareholders.

是的。傑夫，我們會讓你參考關於 HireQuest 的公開揭露，但請放心，我們的董事會致力於為股東實現價值最大化，並將考慮任何實現這一目標的方法。隨著產業復甦，團隊已做了大量工作，以使 TrueBlue 能夠利用最強大的市場驅動力，並且我們將繼續以股東的最大利益為出發點採取行動。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Taryn, you talked a little bit about third quarter being a positive quarter, seeing growth for the overall company. And I think, Carl, you talked about PeopleReady seeing some positive momentum in July. And I'm wondering, do you finally think we're at a point where now the company can sustain some revenue growth, or is there anything unique happening in the third quarter, which would make you cautious?

塔琳，您剛才談到第三季度是一個積極的季度，整個公司都實現了成長。卡爾，我認為您談到了 PeopleReady 在 7 月看到了一些積極的勢頭。我想知道，您最終是否認為我們現在處於公司可以維持一定收入成長的階段，或者第三季是否發生了一些特殊情況，讓您保持謹慎？

Thank you for the question, Kartik. We're really encouraged with the momentum that we're seeing here coming into the third quarter and the signs of overall stabilization. So I would just say, overall, that stabilization is really encouraging to us. And we're seeing that same momentum and returning to growth among our clients, too.

謝謝你的提問，Kartik。我們對進入第三季的勢頭和整體穩定的跡象感到非常鼓舞。所以我只想說，總的來說，穩定對我們來說確實令人鼓舞。我們也看到了同樣的勢頭，我們的客戶也恢復了成長。

Our teams are focused on securing new wins and expansions, all good signs that customers are beginning to experience this positive momentum as well.

我們的團隊專注於獲得新的勝利和擴張，所有這些都表明客戶也開始體驗到這種積極的勢頭。

As always, we stay very close to our clients and monitor industry trends, which are changing constantly in today's environment.

像往常一樣，我們與客戶保持密切聯繫，並密切關注當今環境下不斷變化的行業趨勢。

I would say as far as an inflection point, customers continue to look for more certainty to feel more confident planning their workforce needs, and our best indicator is when clients say they need our help. So we're staying highly engaged to ensure that we're well positioned for that rebound.

我想說，就轉捩點而言，客戶繼續尋求更多的確定性，以便更有信心地規劃他們的勞動力需求，而我們最好的指標就是當客戶說他們需要我們的幫助時。因此，我們將保持高度參與，以確保我們為反彈做好準備。

And then just any type of pricing competition? I think the last quarter, you talked a little bit about some pricing competition. I'm wondering how that's trended this quarter.

那麼還有任何類型的價格競爭嗎？我認為上個季度您談到了一些價格競爭。我想知道本季的趨勢如何。

Yeah. Thanks for the question, Kartik. Look, we do always kind of see some pricing conversations, especially at this time in the market. But we are really encouraged. From a bill rate, pay rate spread, we saw pay rates up 1.2% in the quarter, bill rates up 1.8%, so returning to growth. That led to about a 10 bps improvement in margin.

是的。謝謝你的提問，Kartik。看，我們確實總是會看到一些定價對話，尤其是在這個市場時期。但我們確實受到了鼓舞。從帳單利率、工資率差額來看，我們看到本季工資率上漲了 1.2%，帳單利率上漲了 1.8%，從而恢復了成長。這使得利潤率提高了約 10 個基點。

So I'd just say while there's still the pricing pressure that we would expect in this environment, we've been really disciplined with our pricing, and we continue to be watchful to ensure we don't, one, price ourselves out of the market and hamper our ability to continue to rebound quickly when the market does rebound. But I think that's an encouraging sign, especially with the growth that we're seeing.

因此，我想說，雖然在這種環境下我們預期的價格壓力仍然存在，但我們對定價一直非常嚴格，並且我們將繼續保持警惕，以確保我們不會在價格上超出市場範圍，並妨礙我們在市場反彈時繼續快速反彈的能力。但我認為這是一個令人鼓舞的跡象，尤其是考慮到我們所看到的成長。

And Kartik, if I could add as it relates to pricing, one of the new features that we enabled in our JobStack platform is where a customer can now receive a quote when placing a new order directly in the tool. And this is early days. We just launched this feature in June.

Kartik，如果我可以補充與定價相關的內容，我們在 JobStack 平台中啟用的新功能之一是，客戶現在可以在工具中直接下新訂單時收到報價。現在還只是初期階段。我們六月剛剛推出了此功能。

But at this point, nearly 100% of the price quotes that have been offered through the tool have been accepted and ultimately resulted in an order since the launch of this feature. So that's encouraging. We're really excited about that new functionality and the fact that customers are buying based on the price that they're being given.

但到目前為止，自該功能推出以來，透過該工具提供的報價幾乎 100% 都被接受並最終達成訂單。這令人鼓舞。我們對這項新功能以及客戶根據給出的價格進行購買的事實感到非常興奮。

(Operator Instructions) Mark Marcon, Baird.

（操作員指示）馬克·馬孔，貝爾德。

First one is just the monthly trends, could we get that for PeopleManagement and for PeopleSolutions exclusive of the acquisition?

第一個只是每月趨勢，我們能否獲得 PeopleManagement 和 PeopleSolutions 的月度趨勢（不包括收購）？

Yeah. Let me get through that. So I gave you kind of -- let me just go back to PeopleReady was kind of minus 8%, minus 3%, and 3%. When we look at our PeopleScout, that was pretty similar to what we reported for the quarter. And then PeopleManagement, also kind of continued trends, so kind of plus 3%, plus 4%, flattish in June, and then returning to growth here in July as well.

是的。讓我度過這個難關。所以我給了你 - 讓我回到 PeopleReady 是負 8%、負 3% 和 3%。當我們查看 PeopleScout 時，發現它與我們本季報告的結果非常相似。然後，人力資源管理也延續了先前的趨勢，6 月成長了 3%，4%，持平，7 月也恢復成長。

Great. And are there any regional differences that you're seeing? Any differences between Cali versus Texas versus Florida?

偉大的。您是否發現有任何地區差異？加州、德州和佛羅裡達州之間有什麼區別嗎？

Yeah. As I said in kind of prepared remarks, Mark, I mean, look, if you just think about our largest geographic opportunities, it's going to be California, Florida, Texas. We did see improved trends in Florida and California during the quarter, which is encouraging. And we've also -- we've been seeing Texas do better than kind of what we've reported at a segment level as well.

是的。正如我在準備好的演講中所說的那樣，馬克，我的意思是，如果你只考慮我們最大的地理機會，那將是加利福尼亞州、佛羅裡達州和德克薩斯州。我們確實看到佛羅裡達州和加利福尼亞州在本季度的趨勢有所改善，這是令人鼓舞的。而且我們也看到德州的表現比我們在細分層級報告的要好。

The only other thing maybe just to call out is even in a tight kind of manufacturing and construction market, we saw those kind of industries from an end market see a small improvement from Q1 to Q2 as well. But nothing else to call out from an end market other than just the general kind of improving trends as we move through the quarter.

唯一需要指出的是，即使在緊張的製造業和建築業市場中，我們也看到這些終端市場的產業從第一季到第二季也出現了小幅改善。但隨著本季的推進，除了整體改善趨勢之外，終端市場沒有什麼值得關注的。

Great. And then can you talk a little bit about what you're seeing in the renewable business and energy broadly speaking, so clean energy versus energy in general? And then any sort of changes passed -- since the Big Beautiful Bill passed?

偉大的。然後，您能否從廣義上談談您對再生能源業務和能源的看法，即清潔能源與一般能源的差異？那麼自從《美麗大法案》通過以來，有什麼改變發生嗎？

Yeah. Hi, Mark. Thank you for the question. In regards to the Big Beautiful Bill as it relates to energy, it does officially roll back or sunset the key IRA incentives by 2027, reducing policy support for clean energy. With that being said, our renewable pipeline remains very, very strong. In the second quarter, we signed multiple new deals encompassing multiyear projects, and so we've continued to see really strong performance there and a strong pipeline.

是的。你好，馬克。謝謝你的提問。就《美麗大法案》中與能源相關的部分而言，該法案將在 2027 年之前正式取消或終止 IRA 的主要激勵措施，從而減少對清潔能源的政策支持。話雖如此，我們的再生能源管道仍然非常強勁。在第二季度，我們簽署了多項涵蓋多年期專案的新協議，因此我們繼續看到強勁的業績和強大的管道。

Beyond that, you may recall that one area of focus for us is to grow in the energy sector beyond renewable. Particularly we're very focused on solar and large kind of utility scale projects. And we do have some nice potential for expansion across all TrueBlue brands into additional energy end markets such as commercial solar, full-scale energy, and then nonrenewable sources like oil and gas. And I'm happy to report that we had wins in energy across all of our segments in Q2, so we are gaining some nice momentum there.

除此之外，您可能還記得，我們​​關注的一個領域是在再生能源以外的能源領域成長。我們尤其關注太陽能和大型公用事業規模的專案。我們確實擁有良好的潛力，可以將所有 TrueBlue 品牌擴展到其他能源終端市場，例如商業太陽能、全規模能源以及石油和天然氣等不可再生能源。我很高興地報告，我們在第二季度的所有能源領域都取得了勝利，因此我們在那裡獲得了一些良好的發展勢頭。

Yeah. And Mark, just to add on to that, look, I mean, we've got a decade of experience here on energy as an end market, not just renewables, and it continues to be about 10% of our portfolio and feel really good. We don't think the energy usage here in the US is going down anytime soon. So feel good about that opportunity as we move forward.

是的。馬克，補充一下，我們在能源終端市場（不僅僅是再生能源）方面擁有十年的經驗，而且它仍然占我們投資組合的 10% 左右，感覺非常好。我們認為美國的能源使用量不會很快下降。因此，當我們繼續前進時，請對這個機會感到高興。

Marc Riddick, Sidoti & Company.

馬克·里迪克，西多蒂公司。

Hi, good evening. So you actually touched on a couple of things already, but I wanted to circle back. You made mention kind of about the -- some new features being introduced. And maybe you could talk a little bit about some of the opportunities that you see there, either new features on JobStack that have just been rolled out or that you're planning to roll out and client receptivity and how that's -- and how much that fuels the optimism of organic growth expectations.

嗨，晚上好。所以你實際上已經談到了幾件事，但我想回到正題。您提到了一些即將推出的新功能。也許您可以稍微談談您在那裡看到的一些機會，無論是 JobStack 上剛推出的新功能，還是您計劃推出的新功能，以及客戶的接受度以及這如何 - 以及這在多大程度上激發了對有機增長預期的樂觀情緒。

Absolutely. Thanks for the question, Marc. We are really excited to have our own proprietary JobStack app that allows us to control the road map and really quickly address the feedback that we hear from our customers. And our road map is really focused on delivering a better experience for our customers.

絕對地。謝謝你的提問，馬克。我們非常高興擁有自己的專有 JobStack 應用程序，它使我們能夠控制路線圖並快速解決我們從客戶那裡聽到的反饋。我們的路線圖真正專注於為客戶提供更好的體驗。

I talked about that ability for them to receive a quote and place an order in the app. That has been very well received, also helping us to improve our sales effectiveness and increasing operational efficiency. So those are the three areas of, I would say, focus in our road map.

我談到了他們在應用程式中接收報價和下訂單的能力。這受到了熱烈歡迎，也幫助我們提高了銷售效率並提高了營運效率。所以我想說，這些就是我們路線圖的重點領域。

In addition to the pricing estimate, we've talked a little bit about the PeopleReady matching technology, which helps match the job requirements with a pool of reliable candidates, qualified workers, and really makes it easy for our customers to invite the best workers to the jobs. Our fill rates at PeopleReady are at an all-time high. And part of that is that matching technology that we have in JobStack.

除了定價估算之外，我們還討論了一些 PeopleReady 匹配技術，該技術有助於將工作要求與一批可靠的候選人、合格的工人進行匹配，並使我們的客戶能夠輕鬆地邀請最優秀的工人來擔任工作。PeopleReady 的填充率達到了歷史最高水準。其中一部分是我們在 JobStack 中擁有的配對技術。

I will point though, to a nice example where we recently secured a win with a project in a remote location with a large food services customer that's over three hours from our nearest branch. And so our JobStack platform has really allowed us to be able to deliver that far away from a branch and help us meet our customer needs in that way. So I would just say all of those road map features are continuing to enhance our ability to serve customers like that.

不過，我要指出一個很好的例子，我們最近在一個偏遠地區的計畫中獲得了勝利，該計畫的合作方是一家大型食品服務客戶，距離我們最近的分店有三個多小時的路程。因此，我們的 JobStack 平台確實使我們能夠在遠離分公司的地方提供服務，並以這種方式幫助我們滿足客戶的需求。所以我只想說，所有這些路線圖功能都在不斷增強我們為客戶提供服務的能力。

Great. And then I was wondering if we could talk a little bit about maybe your thoughts and views on candidate availability and the skill availability out there and that's changed much since the beginning of the year or if you're seeing any pockets that might be worth calling out there.

偉大的。然後我想知道我們是否可以稍微談談您對候選人可用性和技能可用性的想法和看法，以及自今年年初以來這些情況發生了很大變化，或者您是否看到任何值得關注的領域。

Yeah. I would say that there hasn't been a significant change in terms of the candidate availability. Our fill rates still remain high. One area that I'll point to that the team has done a really nice job, we've talked about the expansion of our skilled businesses, and that is where there is, I would say, tighter candidate availability.

是的。我想說的是，候選人的可用性方面並沒有重大變化。我們的填充率仍然很高。我想指出的是，團隊做得非常好的一個領域是，我們討論了技術業務的擴展，而我認為，在這方面，候選人的可用性更加緊張。

There are a couple of things that we're doing in the organization to help that. First, we have a workup program that provides skill development opportunities for workers that allow them to build careers and skilled trades and also it helps us expand our talent pool.

我們在組織內做了一些事情來幫助實現這一點。首先，我們有一個工作計劃，為工人提供技能發展機會，使他們能夠建立職業生涯和熟練的行業，同時也幫助我們擴大人才庫。

And then secondly, our apprenticeship program provides opportunities for people with minimal experience to build careers, particularly in energy that helps add to that talent pool and ensure that we're able to meet our clients' needs.

其次，我們的學徒計畫為經驗較少的人們提供了職業發展的機會，特別是在能源領域，這有助於擴大人才庫並確保我們能夠滿足客戶的需求。

Okay. And do you get a sense that the amount of folks that are taking these opportunities, these apprenticeship type opportunities, has that changed much during the year? Or are you seeing an influx of new folks, or is it similar to maybe what you've seen historically?

好的。您是否感覺到，在這一年中，抓住這些機會、這些學徒機會的人數發生了很大變化？或者您看到了新人的湧入，或者這與您過去所見的情況類似？

I would say it's similar.

我想說的是，它們很相似。

And ladies and gentlemen, there are no further questions at this time, so I'll hand the floor back to Taryn Owen for closing remarks.

女士們、先生們，現在沒有其他問題了，因此我將把發言權交還給塔琳歐文 (Taryn Owen) 做結束語。

Thank you, operator, and thank you, everyone, for joining us today. I do want to take an opportunity to thank the entire TrueBlue team for their resilience and dedication to providing our customers and associates with exceptional service as well as their commitment to advancing our mission to connect people and work.

謝謝接線生，也謝謝大家今天加入我們。我確實想藉此機會感謝整個 TrueBlue 團隊的堅韌和奉獻精神，為我們的客戶和同事提供卓越的服務，以及他們致力於推進我們連結人與工作的使命。

We do look forward to speaking with you all at upcoming investor events and on our next quarterly call. If you have questions, please don't hesitate to reach out. Thank you.

我們確實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。謝謝。

This concludes today's conference. All parties may disconnect. Have a good day.

今天的會議到此結束。各方均可斷開連線。祝你有美好的一天。