Q1 2025 TrueBlue Inc Earnings Call
Greetings and welcome to the True Blue first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.
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.
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 you are encouraged to review the non-GAAP reconciliations in today's earnings release or a true blue Dot 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 lastly, a copy of the company's prepared remarks will be provided on true blues 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 turn our President and Chief Executive Officer.
Speaker Change: You, operator, and welcome everyone to today's call.
Speaker Change: I am joined by our Chief Financial Officer, Carl Schweiss.
Speaker Change: As expected the subdued market demands we discussed on our last call continued in the first quarter.
Speaker Change: 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.
Speaker Change: I'm incredibly proud of their resilience and dedication shown by the Trillium team as we help our customers navigate an increasingly complex and unpredictable business landscape all wall persistently controlling costs.
Speaker Change: Evolving governmental policies have hindered business confidence and thereby continue to suppress the staffing industry.
Speaker Change: Despite these challenges we remain diligent in driving value for our customers with innovative and flexible workforce solutions for.
Speaker Change: For example, our onsite 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.
Speaker Change: Another example comes from our people ready on demand business, where a large national retail customer needed increased support as they work through large scale store liquidations and our team was there tapping into our extensive branch network to quickly address the heightened demand.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: We are expanding our presence in high growth and under penetrated and markets as well as high value rolls to capitalize on secular growth opportunities.
Speaker Change: We have additional opportunity to drive revenue expansion in the healthcare space. Thanks in large part to the recent additions of health care staffing professionals to our portfolio.
Speaker Change: While still new to the true Blue 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.
Speaker Change: Meanwhile, our momentum has continued to build within our people scout business with several new business wins focused on professional roles and a variety of industries, including healthcare engineering and technology.
Speaker Change: We also continue to expand our strong position in skilled trades with our center line commercial drivers business delivering its third consecutive quarter of double digit revenue growth and a solid pipeline paired with our successful track record and the energy and construction verticals.
Speaker Change: Advancing the significant progress we have already achieved over the past year and expanding our presence in under penetrated markets sets us up for a strong rebound and accelerated growth.
Speaker Change: We also continue to advance our digital transformation with a focus on handling the user experience and creating efficiencies.
Speaker Change: Our proprietary technologies allow us to control, our roadmap and accelerate innovation.
Speaker Change: For example people Scout recently launched to outflank index, our proprietary benchmarking tool that empowers organizations with actionable and competitive insights to strengthen their brand performance.
Speaker Change: We also continue to strategically invest in our job stack staff track and FX platforms with robust roadmaps focused on elevating the user experience improving operational efficiencies and advancing AI utilization.
Speaker Change: AI is embedded across our proprietary platforms, helping us to enhance every stage of the staffing lifecycle and deliver superior workforce solutions.
Speaker Change: For example, we are expanding the use of generative and conversational AI and the recruitment process to make applying for roll simple and seamless for the candidates.
Speaker Change: 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.
Speaker Change: Building on our successful efforts to streamline and create efficiencies. We are also advancing our strategic priorities to optimize our business model in ways that drive enhanced sales focus and accelerate our growth and improved profitability.
Speaker Change: As I mentioned last quarter, we are aligning our people ready 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.
Speaker Change: And supported by our newly formed sales leadership team with deep expertise.
Speaker Change: We expect the addition of dedicated sales representatives combined with focus responsibilities between operations and sales to improve results across our on demand feels network and we're already seeing signs of success with stronger performance in the sales enabled territories rolled out thus far.
Speaker Change: Another way, we are looking to optimize our business model is through strategic partnerships that will help us expand and accelerate growth.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: Across the organization, we are committed to finding new and differentiated ways to capture demand and better leverage our strengths and assets to deliver long term profitable growth.
Speaker Change: While economic uncertainty persists, creating a challenging market environment. The long term staffing outlook remains positive and we are enthusiastic about the opportunities ahead.
Speaker Change: 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.
Speaker Change: I will now pass the call over to Carl who will share further details around our financial results and outlook.
Carl Schweiss: Thank you Karen.
Carl Schweiss: Total revenue for the quarter was $370 million.
Line of 8% and at the high end of our outlook range.
Carl Schweiss: Included in these results is three percentage points of growth driven by our recent acquisition of HST.
Carl Schweiss: As expected overall market demand remains soft as uncertainty in client caution continued to weigh on the staffing industry.
Carl Schweiss: 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 for.
Carl Schweiss: For example, our onsite team outperformed the prior year and new business wins, this quarter and our commercial driver business delivered double digit growth for the third consecutive quarter.
Carl Schweiss: Gross margin was 23, 3% for the quarter down 140 basis points.
Carl Schweiss: Lower workers' compensation cost driven by favorable development of prior year reserves contributed a 130 basis points of expansion. This.
Carl Schweiss: This was offset by changes in revenue mix with more favorable trends in our lower margin businesses contributing 210 basis points of decline.
Carl Schweiss: Pricing pressures consistent with current market conditions drove another 30 basis points of decline in certain software depreciation now being recorded in cost of services contributed 30 basis points.
Carl Schweiss: Keep in mind software depreciation is noncash and excluded from our EBITDA and adjusted EBITDA calculations.
We successfully reduced SG&A by 12% outpace.
Carl Schweiss: Outpacing our revenue decline as we remain disciplined and committed to enhancing our profitability.
Carl Schweiss: 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 that we're even better positioned to deliver enhanced profitability as industry demand rebounds.
Carl Schweiss: 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 U S operations due to the valuation allowance and effect on our U S deferred tax assets.
Carl Schweiss: Conversely, we recognized a tax benefit of $12 million on.
Carl Schweiss: On similar pre tax results in Q1 last year.
Carl Schweiss: As a reminder, the valuation allowance has no impact on our operations liquidity or debt covenants adjust.
Carl Schweiss: Adjusted net loss was $12 million, while adjusted EBITDA was minus 4 million.
Carl Schweiss: Now, let's turn to our segments.
Carl Schweiss: First I'd like to call out our new people solutions segment, which includes our previously reported people Scout segment as well as our newly acquired HST 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.
Carl Schweiss: In attractive sectors, such as healthcare.
Carl Schweiss: Revenue for our people solutions segment declined 2%.
Carl Schweiss: With HST performing in line with expectations and contributing 24 percentage points of inorganic growth, partially offsetting the segment's organic decline of 26%.
Carl Schweiss: Also included in these results is eight percentage points of decline from the client loss, we discussed in previous quarters.
Carl Schweiss: Overall clients continue to face cost pressures and uncertainty around their workforce needs leading to reduced hiring volumes.
Carl Schweiss: Despite the challenging market dynamics at play our teams continue to outperform and new business wins, especially in high value professional roles attractive end markets positioning us well to drive further revenue expansion as customers hiring volumes return.
Carl Schweiss: People solutions segment profit margin was down 620 basis points due to the lower operating leverage as revenue declined.
Carl Schweiss: Yeah.
Carl Schweiss: People routing revenue declined 15%, which includes one point of decline from our February 2020 for sale of our on demand business in Canada.
Carl Schweiss: Reduced client volumes continued across most verticals and geographies with the largest being in hospitality and manufacturing.
Carl Schweiss: 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.
Carl Schweiss: People, writing 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.
Carl Schweiss: People management returned to growth this quarter with revenue up 1% driven by strong results from our commercial drivers business <unk>.
Carl Schweiss: This marks the third consecutive quarter of double digit growth in our commercial drivers business and while onsite 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.
Carl Schweiss: People management segment profit margin was flat as our disciplined cost management actions continue to drive improved efficiencies.
Carl Schweiss: Now, let's turn to the balance sheet, 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.
Carl Schweiss: We continue to maintain a very focused capital strategy balancing strategic investments with maintaining a strong liquidity position to pursue additional growth opportunities.
Carl Schweiss: This provides us with great flexibility and ensures we are ready to capitalize as market demand rebounds.
Carl Schweiss: Turning to our outlook for the second quarter, we expect revenue of minus one to plus 5% year over year. This includes five percentage points of inorganic growth from the acquisition of HST.
Carl Schweiss: Our outlook reflects a continuation of current market trends because while there are some signs of improvement the business landscape remains unpredictable.
Carl Schweiss: 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.
Carl Schweiss: Also keep in mind, given the seasonality of our business, we typically see our highest volumes in the second half of the year.
Carl Schweiss: So while we expect improved operating leverage in the second quarter, our lean cost structure, we will drive additional margin improvement as we move through the year.
Carl Schweiss: Additional information on our outlook can be found in our earnings presentation shared on the website today.
Ken: Before we open the call up for questions I want to turn it back over to Ken for some closing remarks.
Ken: Thank you Carl as you've 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.
Ken: We're confident that we have the right people technology and resources to drive true blue forward and capitalize on the growth opportunities ahead enhance shareholder value and advance our mission to connect people and work.
Ken: This concludes our prepared remarks, operator, please open the call now for questions.
Ken: Thank you we will now be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two to remove your question from the queue for participants using speaker equipment may be necessary to pick up your handset before pressing the star key.
Ken: Please.
Ken: One moment, please while we poll for questions.
Speaker Change: Our first question is from Kartik Mehta with Northcoast research.
Kartik Mehta: Hey, good afternoon term Carl.
Kartik Mehta: Wanted to ask you just about how each month looked in the quarter did you see a difference is maybe.
Business has felt some more uncertainty or was the quarter fairly sure each month of the quarter kind of fairly in line.
Kartik Mehta: Hi car T. Thank you for the question.
Kartik Mehta: So in a challenging environment people management did return to growth in quarter, one and continued their success and the new deals with annualized wins over 30 million $35 million for the quarter.
Kartik Mehta: We discussed last quarter and the momentum in people management has continued as we exited Q1 into April.
Kartik Mehta: We are also encouraged by some positive trends that we're seeing within people ready both in quarter, one and into April as we continue to focus on driving growth by taking market share in the current environment in one significant way that we're doing this is by aligning our people ready on demand organization under territory, then adding sales reps across the.
Kartik Mehta: A country to implement those targeted sales strategies in each territory.
Kartik Mehta: And just to add onto that.
Kartik Mehta: Car T. Because 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 a third of our states returning to growth in March.
Kartik Mehta: This trend improved as we progressed throughout the quarter and continued into April I know you also had just kind of a question on the Monthlies and kind of how they went.
Kartik Mehta: Are people ready business exited the quarter in March at minus 8% in people management exited the quarter.
Speaker Change: Hey March at plus 4% and then April trends really similar to kind of how we've exited the quarter.
Speaker Change: It's a pretty positive news given kind of the uncertainty from all the tariff news.
Speaker Change: Yes, definitely I think Tony you talked about some field sales reps, especially where the people ready business.
Speaker Change: That came in in the first quarter.
Speaker Change: So maybe this is too early but I'm curious if there's any signs of how they are doing any <unk>.
Speaker Change: Maybe any green shoots in that strategy.
Speaker Change: Yes. Thank you for the question the first wave of the new people ready field sales rep joins in quarter, one 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.
Speaker Change: Continue to see those sales in April territories, performing better than the rest of the people already on demand business and I'll, let Carl give more specifics on those growth trends yeah. Thanks Darren.
Carl Schweiss: Yeah. So kartik just those sales enabled territories. They did outperform kind of the rest of the business by several points in Q1 and that trend continued in April where the territory is exceeded the comp group and.
Speaker Change: And that spread actually expanded so we're feeling good about.
Carl Schweiss: Our focus on this.
Carl Schweiss: And then just one last question just on HSBC.
Carl Schweiss: The performance of the first quarter, how it compared to your expectations.
Carl Schweiss: If theres been any change in fundamentals in that business.
Carl Schweiss: This quarter.
Kartik Mehta: Yes, no. Thanks for the question Carty again, yes financial results for <unk> 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.
Kartik Mehta: Right in line with where we had in our margin profile. There was kind of in the mid single digits, where we expected.
Kartik Mehta: For the first quarter as well.
Kartik Mehta: Perfect. Thank you very much I appreciate it.
Marty: Thanks, Marty thanks.
Speaker Change: As a reminder, if you would like to ask a question. Please press star one on your telephone keypad.
Mark Hahn: Our next question is from Mark Mark Hahn with Baird.
Mark Hahn: Hey, good afternoon.
Mark Hahn: Hsp.
Mark Hahn: What sort of growth rate or are they did.
Mark Hahn: Did they achieved during the quarter and what are you kind of projecting as it relates to you said the 5%, but I'm wondering what the organic growth rate is for them that they achieve that 5% of revenue.
Speaker Change: Yeah, the 5% I don't know about that one, but so they delivered about $11 million in the quarter.
Speaker Change: For there and so just as we've talked about kind of HST has historically outperformed the market both in periods of kind of growth and decline and we expect for that to continue in this current environment.
Speaker Change: One thing I will just call out Mark is that as a reminder, due to the nature of hsp, having mostly state and local government clients. Their year ends on June 30, 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.
Speaker Change: So so for this for this quarter coming up Youre, basically expecting flat year over year revenue growth.
It was flat to Q3, and then our expectation is kind of as it builds are right in line with our Q2 results.
Speaker Change: Our Q1 results.
Speaker Change: Yeah.
Speaker Change: In Q1 was flat or did they.
Speaker Change: What was their organic growth rate in Q1.
Speaker Change: The organic growth rate was.
Speaker Change: So we didn't own them, obviously, we owned as of January when I was talking about is the hsp business has a kind of a year start as of Q3, So Q3 'twenty four.
Speaker Change: So Q1 'twenty one results were flat to Q3 'twenty four.
Speaker Change: That's how we model the business and talked about it so far.
Speaker Change: Alright, great.
Speaker Change: 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.
Speaker Change: The Q2 guide in terms of gross margins and just trying to.
Speaker Change: See what what is factoring into that.
Speaker Change: Yeah gross margins kind of rate right around people management margins from.
Speaker Change: From a gross perspective, and then our expectations for EBITDA margins are kind of high single digit EBIT.
Speaker Change: EBIT margins for Q2.
Speaker Change: Okay, and so the gross as part of the reason for the 220 to 180 basis point decline year over year in terms of gross margins.
Speaker Change: Contribution from the mix contribution from Hsp.
Speaker Change: That's absolutely right.
Okay great.
Speaker Change: And then just.
Speaker Change: Kartik asked this question, but just are you what are you hearing from them.
Speaker Change: From companies that you're dealing with obviously liberation day was April 2nd and so I'm wondering.
Speaker Change: Post that have you seen any sort of <unk>.
Speaker Change: Change with regards to the cadence in terms of business wins pauses things of that nature.
Speaker Change: Then.
Speaker Change: In general whether it's both for people ready.
Speaker Change: People Scout.
Speaker Change: And people management and then also are you seeing any sort of differences from an from an industry or vertical perspective.
Marc: Yeah. Thank you further question Marc I would just say that the uncertainty and caution continues with our customer kind of customers kind of pre and post liberty.
Liberation day.
Marc: The uncertainty is certainly weighing on them, then and it is creating some reduced hiring volumes and smaller scope deal.
Marc: As businesses and our customers are navigating.
Marc: In this uncertain environment I would say.
Marc: From a.
Marc: Pause perspective, we're seeing more of that in our people scout business where customers are.
Marc: We are instituting hiring freezes or slowing down their hiring as they kind.
Marc: Kind of wait this out and determine.
Marc: What their workforce needs will be but but I would just say that the uncertainty has continued.
Marc: And then Mark I think there are 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 exited the quarter at least from a result standpoint in the first four.
Marc: Four weeks of April that we have and that was obviously you know.
Marc: Most that news.
Marc: Also kind of asked just about anything else geography wise I'd say trend.
Marc: Industry vertical wise.
Marc: Our industry vertical yes, the biggest improvement that we saw were really in kind of transportation retail and professional services from an end market perspective in Q1 the.
Marc: The improvement in transportation was really driven by our centerline business, but also other brands saw improvements.
Marc: There are some clients in this vertical that are less cyclical.
Marc: Continue to see softness in as we said in prepared remarks manufacturing southern construction and hospitality as well.
Marc: Thank you very helpful.
Marc: Okay.
Speaker Change: Our next question is from Jeff Silber with BMO capital markets.
Speaker Change: Hey, this is Ryan on for Jeff I know a lot of the tariff stuff is still up in the air.
Speaker Change: Are there any benefits, you're seeing or might expect to see from reassuring 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.
Speaker Change: Yes. Thank you for the question.
Speaker Change: We're carefully monitoring the news and assessing the potential indirect impacts that tariffs will have but.
Speaker Change: Tariffs can certainly lead to more onshore manufacturing, which would be a tailwind for our business and so.
Speaker Change: So we certainly have customers preparing for that on the immigration side many.
Speaker Change: Many customers and prospects are increasingly looking to true blue to ensure that they have a workforce that authorized to work in the United States and our staffing business customers across multiple industries are increasingly performing internal audit to ensure that their workforce complies with.
Speaker Change: Correct current regulations.
Speaker Change: 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.
Speaker Change: Thank you very much and then just for the follow up I was wondering if you could break down the revenue guidance between your three segments.
Speaker Change: Absolutely. Thanks for the question. So I'll just in total right minus 1% to 5% growth, which is a midpoint of 2%.
Speaker Change: And just a reminder that includes five point impact due to the acquisition of Hsp I'm going to just hit the mid points for the rest of the segments. The midpoint for people ready is minus 3%.
Speaker Change: The midpoint for people management is plus 3%.
Speaker Change: To your point for people solutions is plus 29%.
Speaker Change: If you exclude hsp from that that would have people solutions on an organic basis at minus 17%.
Speaker Change: And then just another reminder, is just like the hospitality client loss, we discussed in previous.
Speaker Change: Quarters creates about a point of headwind for true blue.
Speaker Change: 10 points for people solutions, and we'll lap those comps as we exit Q2.
Speaker Change: Thank you very much.
Speaker Change: Of course, thanks for your questions.
Speaker Change: Yeah.
Speaker Change: Our next question is from Marc Riddick with Sidoti.
Marc Riddick: Hey, good evening.
Speaker Change: Hey, Mark Hey, Mark.
Speaker Change: So I was wondering if you can talk a little bit about.
Speaker Change: What youre seeing is as far as flow of potential candidates I mean are we seeing.
Speaker Change: The headlines or the economic swings without much in the way of.
Speaker Change: Are you seeing any changes in candidate availability or 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.
Speaker Change: Yes, so mark at least from a fill perspective, we're continuing to see expansion in our fill rates so not not having trouble fill the orders that we have we've seen our fill rates getting.
Speaker Change: 90%.
Speaker Change: In Q1 here, so continue to be able to fill the orders that we're getting.
Speaker Change: And can you talk a little bit about.
Speaker Change: The is there much in the way of.
Speaker Change: Year over year pricing.
Speaker Change: Change, that's not necessarily revenue mix, but but as far as just general general pricing trend wise, we should be thinking about.
Speaker Change: Are there any areas that are specifically.
Speaker Change: Challenges or any particular areas, where you're seeing any meaningful pushback there.
Speaker Change: Yeah. Thanks for the question Mark we're seeing the type of pricing pressure, we would expect in this type of environment. Our clients certainly remain cost conscious, but overall, we've maintained our pricing discipline and continue to look for ways to drive and.
Speaker Change: Enhanced.
Speaker Change: Efficiencies to offset that.
Speaker Change: Okay, Great and then maybe if you could you share a little bit as far as the.
Speaker Change: His job stack continues to be a bigger piece and maybe what youre seeing there as far as those benefits.
Speaker Change: Are there any particular areas.
Speaker Change: Or better.
Speaker Change: Specifically helpful as far as market share gains.
Speaker Change: And is that a long time and thats a tangent from that is that along the lines of your expectations or better or worse, how should we think about that.
Speaker Change: Yeah. Thanks for the question.
Speaker Change: As you know, having our own proprietary version of job stack allows us to control our roadmap in and quickly ensure that we're meeting the needs of our customers and our associates and so our roadmap is delivering as expected one one thing that I'll call out is that our app store ratings.
Speaker Change: <unk> continues to outperform competition in this space and feedback indicates from those ratings that our users are highly appreciative of apps convenience ease of use.
Speaker Change: The ability to really quickly help them find.
Speaker Change: Work and Theyre also highlighting that they value the flexibility to choose work based on their schedule.
Speaker Change: A number of enhancements have been made in the tool one has already met ready match technology, which helped instantly match job requirements with a pool of qualified workers and and makes it easy to invite the best fit workers to.
Speaker Change: 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.
Two available jobs, so I would say working as expected.
Speaker Change: Sounds encouraging thank you very much.
Speaker Change: Thank you Ms sacks.
Speaker Change: 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.
Taryn Owen: Thank you operator, and thank you everyone for joining us today I also wanted to take this opportunity to thank the entire <unk> team for their tremendous effort, providing our customers and associates with exceptional service and their commitment to advancing our mission to connect people and work.
Taryn Owen: I look forward to speaking with all of you in upcoming Investor events and on our next quarterly call. If you have any questions. Please don't hesitate to reach out and have a great evening.
Taryn Owen: Okay.
Speaker Change: This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.