Q2 2017 Earnings Call

I'd like to welcome everyone to the true Blue second quarter 2017 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question. During this time simply press Star then the number one on your telephone keypad. If you would like to withdraw your question press the pound key.

Thank you Derek.

Derrek Gafford, Chief Financial Officer, you May begin your conference.

Good afternoon, everyone and welcome to today's call.

Here with our CEO , Steve Cooper.

Before we begin.

I want to remind everyone that today's call and slide presentation will contain several forward looking statements.

All of which are subject to risks and uncertainties.

And we assume no obligation to update or revise any forward looking statements.

These risks and uncertainties.

All of which are described in today's press release and in our SEC filings.

Could cause actual results to differ materially from those in our forward looking statements.

We use several non-GAAP measures when presenting our financial results.

Please refer to the non-GAAP reconciliation in today's earnings release and on our website at <unk> Dot com under the Investor Relations section.

Also any comparisons made today.

Based on a comparison to the same period in the prior year unless otherwise stated.

Due to the reduction in the use of our services by Amazon, which was announced in 2016, we will continue to provide certain year over year comparison, excluding this customer.

We believe these comparisons are helpful in understanding the underlying business trends.

I'll now turn the call over to Steve.

Thank you Derek and good afternoon, everyone.

Our results this quarter were right in line with our expectations.

With all of our segments falling within the growth outlook ranges provided.

As well as in line results for adjusted EBITDA and net income.

Total revenue for the quarter was $610 million.

Down 9%.

Or down 5% excluding Amazon.

People are already revenue declined 9%.

Overall demand for U S based industrial staffing has been challenging for the past year.

And in addition.

We are still experiencing some volume loss due to our disciplined pricing decisions associated with high minimum wage increases the past two quarters.

As well as temporary disruptions from certain operational changes related to moving our specialized staffing brands into one brand people ready.

Over the past two to three quarters.

We've moved our legacy brands onto one operating system and.

Demand has recently stabilized, although we have not returned to growth of people already.