Any comparisons made today are based on a comparison to the same period in the prior year, unless otherwise stated.
For the quarter, our total revenue was down 11% and we posted a net loss of $150 million or $4.04 per share, which included a pre-tax non-cash impairment charge of $175 million.
In response, we have taken decisive and significant actions that will reduce our operating expenses by approximately $100 million this year.
PeopleReady's revenue was down 8% during the quarter, which was lower than our outlook of minus 7% to minus 4% due to the effect of COVID-19 late in the quarter.
Revenue was down 10% during the quarter, which was lower than our outlook of minus 5% to flat, also due to the effect of COVID-19 late in the quarter.
Revenue was down 21% during the quarter, which was within our outlook of minus 26% to minus 18%.
We filled 785,000 shifts via JobStack in Q1 2020, representing an all-time high digital fill rate of 51%.
Our client users also hit all-time high of 23,500, up more than 50% compared to Q1 2019.
How we operate and how we relate to workers and clients matters more than ever in a world where profit, principle and sheer trust are inextricably linked.
Total revenue for Q1 2020 was $494 million or down 11% in comparison with our outlook of $503 million to $528 million.
The first is the story that covers the first two months, with revenue for January down 9% and February down 6%, which was on track with our expectation.
The total company revenue trend during these months was driven by PeopleReady which posted a 7% decline in January and a 3% decline in February with growth of 2% in the last week of February.
For March as a whole, total revenue was down 16%.
For the first three weeks of March, for our staffing businesses, which make up 90% of total company revenue were down approximately 6%.
During the last week of March, revenue was down about 30%.
Turning to April, staffing revenue for the first four weeks was down 41%.
There are possible signs of stabilization with April weekly revenue results falling within a range of minus 43% to minus 38% but it's admittedly hard to make a call on stabilization at this point.
We posted a net loss of $150 million or $4.04 per share in comparison with our outlook of a loss of $0.07 to $0.00.
Included in our results is a non-cash impairment charge of $175 million or $152 million net of tax, which translates to $4.08 per share.
About $120 million of the pre-tax charge was in PeopleScout and $55 million in PeopleManagement.
Adjusted net loss per share was $0.01, which is less than our outlook of net income per share of $0.04 to $0.11 as a result of revenue falling short of the midpoint of our revenue outlook.
Adjusted EBITDA was down 73%, primarily due to lower revenue and gross margin, which in combination with the operating leverage in our business, contributed to a drop in adjusted EBITDA margin of 210 basis points.
Gross margin of 25.5% was down 110 basis points.
About 100 basis points of the decline came from our PeopleScout business due to a previously disclosed client headwind and overall volume declines which outpaced the timing of reductions to our recruiting staff.
Our staffing business contributed 50 basis points of headwind from a change in revenue mix associated with larger declines in our higher margin local accounts in comparison with our lower margin national accounts.
This was offset by 40 basis points of net benefit from lower Affordable Healthcare Act costs which we do not expect to reoccur, which was somewhat offset by a workers compensation benefit in Q1 2019 associated with prior insurance carriers.
SG&A expense improved by $11 million or by 8% compared to Q1 2019.
We had an income tax benefit this quarter of 14% as compared to our expectation of income tax expense of 12% due to the pre-tax loss and permanent differences associated with certain aspects of the impairment charge.
Turning to our segments, PeopleReady, our largest segment representing 63% of trailing 12-month revenue saw an 8% decline in revenue and segment profit was down 33%.
March revenue was down 14%.
Revenue declined significantly during the last two weeks of March due to COVID-19 with revenues dropping 20% for the week ended March 22, 32% for the week ended March 29.
PeopleManagement, representing 27% of trailing 12-month revenue and 8% of segment profit saw a 10% decline in revenue and segment profit was down 114%.
March revenue was down 14%.
Revenue declined significantly during the last two weeks of March due to COVID-19 with revenues dropping 15% for the week ended March 22, and 30% for the week ended March 29.
PeopleScout, representing 10% of trailing 12-month revenue and 25% of segment profit saw a 21% decline in revenue and segment profit was down 76%.
March revenue was down 28%.
As previously discussed, the client headwind created 8 percentage points of drag on revenue and 25 percentage points on segment profit.
In March, we drew substantially all of the remaining availability on our $300 million revolving credit facility to further enhance our liquidity position.
At the end of Q1, we had $265 million of cash on the balance sheet and total debt of $294 million.
Our debt-to-capital ratio was 41% or 4% on a net debt basis and our total debt to adjusted EBITDA multiple stood at 3.0, which is higher than the ratio defined by our lending agreement, which includes some different adjustments, including the add-back of stock-based compensation resulting in a ratio of 2.7.
While we experienced a significant decline in adjusted EBITDA this quarter, cash flow from operations increased by roughly 25% compared to Q1 last year due to the accounts receivable based deleveraging, which will continue to be a source of capital with future revenue declines.
We dedicated $52 million of cash toward the repurchase of common stock in February, $12 million through open market purchases, and $40 million through an Accelerated Share Repurchase program or ASR.
On February 28, we executed the ASR and $40 million of cash was provided to an investment bank.
In return, $32 million of stock was delivered to the company at a price of $14.88 and these shares were removed from our outstanding share count.
The remaining $8 million of stock will be delivered no later than July 2 and the total number of shares repurchased will be trued up based on the volume weighted average price over the four-month term of the agreement, less a discount.
Regression analysis suggests that TrueBlue revenue would be down approximately 9% if GDP was flat and would decline approximately 7 percentage points for every additional point of year-over-year GDP decline.
For example, if the year-over-year decline for GDP was 5% for a particular quarter, this would imply a decline in TrueBlue revenue of roughly 44%.
Based on these actions, we expect SG&A to be about $100 million less in 2020 in comparison with 2019 including a workforce reduction charge of $1 million in Q1 and about $8 million in Q2.
All in, this would produce a SG&A decrease of about 20% in 2020.
Turning to fiscal year 2020 gross margin, we expect a contraction of 180 basis points to 120 basis points.
For capital expenditures, we expect about $22 million for the full year.
Please note that our outlook is net of $8 million in build out costs for our Chicago headquarters that will be reimbursed by our landlord in 2020.
Our outlook for weighted average shares outstanding for fiscal year 2020 is 35.7 million shares.

Summary:
Any comparisons made today are based on a comparison to the same period in the prior year, unless otherwise stated.
For the quarter, our total revenue was down 11% and we posted a net loss of $150 million or $4.04 per share, which included a pre-tax non-cash impairment charge of $175 million.
How we operate and how we relate to workers and clients matters more than ever in a world where profit, principle and sheer trust are inextricably linked.
Total revenue for Q1 2020 was $494 million or down 11% in comparison with our outlook of $503 million to $528 million.
We posted a net loss of $150 million or $4.04 per share in comparison with our outlook of a loss of $0.07 to $0.00.
Included in our results is a non-cash impairment charge of $175 million or $152 million net of tax, which translates to $4.08 per share.
Adjusted net loss per share was $0.01, which is less than our outlook of net income per share of $0.04 to $0.11 as a result of revenue falling short of the midpoint of our revenue outlook.