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Text: I'm joined by our Chief Executive Officer, Patrick Beharelle.
We use non-GAAP measures when presenting our financial results.
Any comparisons made today are based on a comparison to the same period in the prior year, unless otherwise stated.
We will continue to face revenue challenges until the economic recovery from COVID-19 gains greater momentum and clients are more fully back on their feet.
But our actions to reduce expenses are paying off while allowing us to help maintain our profitability and balance sheet strength.
Turning to our second quarter results, we experienced a significant decline in the demand for our services during the quarter.
Total revenue was down 39% and we posted a net loss of $8 million or $0.23 per share.
We saw moderate demand improvement toward the end of the quarter, which continued into July.
In light of these trends, we expect the second quarter to be our trough, though full recovery will take time and the pace of the recovery may vary by segment.
On that note, let's turn to our segment results.
PeopleReady is a leading provider of on-demand labor and skilled trades in the North American industrial staffing market.
PeopleReady's revenue was down 43% during the quarter and we saw modest intra-quarter improvement with revenue down 39% in June versus down 46% in April.
PeopleManagement is a provider of contingent on-site industrial staffing and commercial driving services in the North American industrial staffing market.
Revenue for PeopleManagement was down 23% during the quarter and snapped back well as the quarter progressed with the top line down 16% in June versus down 30% in April.
And comparing PeopleReady and PeopleManagement's performance, there are two key points to note.
First is client mix.
PeopleReady has a higher exposure to hard hit sectors such as hospitality and construction whereas PeopleManagement's client mix sits [Phonetic] more favorably supporting e-commerce supply chains for instance.
Second is an outsourced versus supplemental dynamic.
The essence of a typical PeopleManagement engagement is supplying an outsourced workforce that involves multi-year, multi-million dollar on-site relationships.
These type of client engagements tend not to be impacted as much as PeopleReady's typical engagement which involves supplying supplemental labor with shorter duration assignments.
We saw this dynamic in the previous recession as well.
Turning to our last segment, PeopleScout is a global leader in filling permanent positions through our recruitment process outsourcing and managed service provider offerings.
Revenue was down 53% during the quarter.
PeopleScout results were particularly impacted by exposure to large travel and leisure clients.
Now I'd like to shift gears and talk in more detail about our operations and strategic focus in the wake of the COVID-19 crisis.
The health and safety of both our employees and our clients remains front and center in everything we're doing right now.
Last quarter, we talked about the comprehensive measures implemented across our brands to keep our workers and clients healthy and safe including adherence to guidelines from the CDC, WHO, OSHA and other key authorities.
The good news is that these plans are working.
First, Trueblue's is providing masks for all its staff and associates.
Since the start of the crisis, we've distributed approximately 120,000 masks across our staffing brands.
Second, we have symptom checks before entering the building at all of our on-site locations and we've distributed over 600 infrared thermometers for branch offices and job sites that requested or required them.
Third, as in any crisis, communications is essential.
We've established a resource center for staff and safety specialists regularly meet with operational teams and clients to discuss the latest guidelines.
Fourth, we're creatively adapting the way we run the business, including the introduction of drive-in job fairs and supporting our corporate staff so they can work from home.
Turning to our key initiatives, the progress we've made on our digital strategies is more important than ever in helping us serve our clients by connecting people with work.
We filled 551,000 shifts via JobStack in Q2 2020, representing an all-time high digital fill rate of 53%.
Our client user count ended the quarter at 24,300, up 38% versus Q2 2019.
JobStack has the obvious advantage of allowing us to remotely dispatch workers straight from home to the job site, but it has also become a cornerstone to keep our contingent employees safe by providing routine and job-specific health and safety notifications.
The other initiative we've been working on digital onboarding which allows associates to complete their application entirely on their smartphone rather than physically going into a branch office.
This new technology has been deployed in all 50 states and early results are favorable.
Digital onboarding has resulted in PeopleReady cutting the medium time to complete an application in half and not surprisingly, we're seeing substantially higher percentages of workers completing the hiring process and being put to work.
It's still early days for digital onboarding and we'll have more to share in coming months.
Last quarter, I mentioned that our sales and operation teams we're developing formal bounce back strategies to ensure we are well positioned when our economies begin their reopening efforts and I'd like to take another minute to share a few highlights.
At PeopleReady, we're focusing our sales efforts on high-need areas such as reconfigurations for social distancing and change-outs for out of season merchandise.
We've won several new client engagements from these efforts.
We've also implemented centralized tracking of competitor closures so we can target customers who need a new supplier of labor.
In addition, we're working on having a broader worker pool as digital onboarding becomes a reality.
At PeopleManagement, we're targeting essential manufacturers and leveraging our strength in e-commerce.
These are verticals that have held up well relative to the decline in non-essential goods at traditional bricks-and-mortar retailers.
At the same time, we're also focused on consolidating client wallet share since consolidation brings natural economies of scale.
Finally, at PeopleScout, we're supporting clients that laid off their in-house recuritment teams and have had some recent successes focused on project hiring.
In closing, I'll remind everyone that even as the COVID-19 pandemic and economic crisis have forced everyone to rethink the way they do business, our underlying mission here at TrueBlue remains the same, connecting people with work is more important than ever.
We remain dedicated to the health and safety of both our employees and our clients, we're committed to our digital strategies, and we're making choices to preserve and enhance the long-term strength of our operations.
I'll now pass the call over to Derek, who will share greater detail around our financial results.
Total revenue for Q2 2020 was $359 million representing a decline of 39%.
We posted a net loss of $8 million or $0.23 per share and adjusted net loss of $4 million or $0.12 per share.
Adjusted EBITDA was a loss of $5 million, down from a profit of $34 million in Q2 2019, primarily due to lower revenue and gross margin.
Gross margin of 23.2% was down 340 basis points.
PeopleScout contributed 240 basis points of compression with 80 basis points from severance and 160 basis points from client mix and lower volume.
Our staffing businesses contributed another 100 basis points of compression from unfavorable mix and from pricing.
While bill rate inflation was consistent with our trend over the last couple of quarters, we saw an increase in pay rates that were necessary to attract associates given COVID-19 health concerns and supplemental federal unemployment benefits.
We do not expect gross margin compression in the back half of 2020 to be as pronounced as it was in Q2, which I will discuss more in my future outlook commentary.
Turning to SG&A, I'm pleased to report that our cost management strategies are on track.
The quick actions we took in March reduced expense by $29 million or by 23% compared to Q2 2019.
We had an income tax benefit this quarter of $13 million, which equates to a 62% effective rate on our pre-tax loss of $22 million.
Given our losses this year, we expect our income tax benefit rate to stay elevated this year due to the semi-fixed nature of work opportunity tax credits and the CARES Act, which allows us to carry back pre-tax losses to periods when the federal income tax rate was 35%.
Beginning in Q2 2020, we will not be making any adjustment to the GAAP tax rate in our adjusted net income calculation until our profitability rises to a more substantial level.
Additional information on the components of our effective tax rate is available in our 10-Q filed today.
Turning to our segments.
PeopleReady, our largest segment representing 62% of trailing 12-month revenue and 71% of segment profit saw a 43% decline in revenue and segment profit was down 97%.
We did see modest intra-quarter improvement with June revenue down 39% compared to 46% in April.
For the first three weeks in July, PeopleReady was down 31% or 33% excluding the benefit from fourth of July falling on Saturday this year versus Thursday last year.
We are cautiously optimistic that our revenue trends for our staffing businesses will continue to improve.
However, we recognize the rising number of COVID-19 cases and the potential negative business impacts from corrective actions to reverse these trends.
On a positive note, we believe that there could be upside to the demand for our services once the Paycheck Protection Program loan forgiveness incentive which is available to small businesses for retaining employees runs its course.
PeopleManagement representing 28% of trailing 12-month revenue and 9% of segment profit saw a 23% decline in revenue and segment profit was down 56%.
PeopleManagement experienced encouraging intra-quarter improvement with June revenue down 15% compared to 30% in April.
Month-to-date or July, PeopleManagement was down 11% or 12% excluding the timing benefit from the fourth of July.
PeopleScout representing 10% of trailing 12-month revenue and 20% of segment profit saw a 53% decline in revenue and segment profit was down 125%.
Intra-quarter revenue declines were similar to the decline for the quarter.
As Patrick noted, PeopleScout results were adversely impacted by exposure to travel and leisure clients, which made up roughly 30% of the prior year mix and revenue for this vertical was down 80% year-over-year.
Now let's turn to the balance sheet and cash flows.
Cash flow from operations was $103 million, which was higher than Q2 last year of $37 million due to the deleveraging of accounts receivable.
At the end of Q2 2020, our cash exceeded our debt by $47 million compared to our debt exceeding our cash by $29 million at the end of Q1 this year.
For Q2, our total debt-to-capital ratio was 10% and our total debt to trailing 12-month adjusted EBITDA multiple stood at 0.8.
While we would have been in compliance with our prior banking covenants at the end of Q2, we thought it was prudent to amend the covenants to provide additional flexibility given the amount of economic uncertainty.
Under our recently completed amendment, our lenders agreed to suspend testing of our debt to EBITDA ratio and fixed charge coverage ratio through June 27th, 2021.
These covenants have been temporarily replaced with a minimum asset coverage ratio, minimum liquidity calculation, and minimum EBITDA amounts.
The specific calculations for these covenants can be found in the 8-K filed on June 26th and our Q2 covenant calculations can be found in the 10-Q filed today.
A couple of last thoughts on the balance sheet and capital return.
With an adequate supply of liquidity in the banking system and our covenant negotiations behind us, we plan to run the company with about $30 million of cash and apply any excess cash toward debt.
Also, as a reminder, we executed $52 million of share repurchases in Q1 prior to the COVID-19 impact.
We do not plan to repurchase additional shares until economic conditions improve.
Now I'd like to take a few minutes to discuss our future outlook.
Due to the continuing uncertainty surrounding COVID-19 and its impact on the business environment, we are not providing customary guidance.
I'll provide some highlights on this information.
Commencing in March, we took swift action to reduce operating expense in 2020.
Our cost management strategies are on track and we expect expense to be down $90 million to $100 million in comparison with 2019.
All-in, this would produce a decrease in SG&A expense of about 20% in 2020.
As noted in our Q2 results, we consider any government expense subsidies related to COVID-19 to be non-core to our performance and we will continue to exclude these amounts from our adjusted net income and adjusted EBITDA calculations.
Turning to fiscal year 2020 gross margin, we expect a contraction of 200 basis points to 140 basis points.
This implies that we expect less contraction for the remainder of the year in comparison with Q2 due to favorable mix, the absence of severance, the anniversary in Q3 of the loss of a highly profitable PeopleScout client, and less recruiting staff in our PeopleScout business given current revenue volume.
For capital expenditures, we expect about $22 million for the full year, which is net of $4 million in build-out costs for our Chicago headquarters that are to be reimbursed by our landlord in 2020.
Our outlook for weighted average shares outstanding for fiscal year 2020 on an anti-dilutive basis is 35.3 million.
We are providing shares on an anti-dilutive basis since the non-cash goodwill and intangible asset impairment charge we took in Q1 this year will more than offset any profits we posted in 2020.
We've taken the right actions to adjust our costs while preserving our operational strength and technology strategies to ensure we are prepared to bounce back strong as the economy recovers.

user
trueblue q2 loss per share $0.23.
q2 adjusted loss per share $0.12.
q2 loss per share $0.23.
q2 revenue $359 million versus refinitiv ibes estimate of $347.2 million.
will continue to face revenue challenges until economic recovery from covid-19 gains greater momentum.
experienced a significant decline in demand for our services during quarter.
saw moderate demand improvement toward end of quarter which continued into july.
not providing quarterly guidance.

assistant