Financial Performance - Consolidated revenues for Q2 2024 were $28.0 million, down 28% year-over-year, and $58.7 million for the first half, down 27% compared to the same period in 2023[4] - Professional contract services revenues decreased to $23.1 million for Q2 2024, down $7.6 million from Q2 2023, and $48.2 million for the first half, down $14.3 million year-over-year[4] - Direct hire placement revenues fell to $2.4 million for Q2 2024, down from $4.9 million in Q2 2023, and $5.5 million for the first half, down from $10.6 million in the same period last year[4] - Total net revenues for Q1 2024 were $28,050 thousand, a decline of 28% compared to $38,859 thousand in Q1 2023[25] - Gross profit for Q1 2024 was $8,767 thousand, down 34% from $13,216 thousand in Q1 2023[25] Profitability and Loss - Gross profits for Q2 2024 were $8.7 million with a gross margin of 31.3%, compared to $13.2 million and 34.0% in Q2 2023[4] - Net loss for Q2 2024 was $(1.0) million, or $(0.01) per diluted share, compared to net income of $0.7 million, or $0.01 per diluted share in Q2 2023[6] - Net income for Q1 2024 was $(1,008) thousand, a decrease from $658 thousand in Q1 2023, representing a decline of 253%[21] - Non-GAAP adjusted EBITDA for Q1 2024 was $(630) thousand, down from $1,702 thousand in Q1 2023, a decrease of 137%[21] - Adjusted EBITDA for Q2 2024 was $(0.6) million, down from $1.7 million in Q2 2023, reflecting the impact of fewer job orders and wage inflation[8] Cash Flow and Liquidity - Free cash flow year-to-date for fiscal 2024 was $0.4 million, compared to $1.3 million for the first half of fiscal 2023[8] - Net cash provided by operating activities for the first half of 2024 was $423 thousand, a decrease of 70% from $1,439 thousand in the same period of 2023[24] - Non-GAAP free cash flow for the first half of 2024 was $385 thousand, down 72% from $1,355 thousand in the first half of 2023[24] - As of March 31, 2024, the company had a cash balance of $21.2 million and a current ratio of 3.9, with zero long-term debt[8] Assets and Liabilities - Total assets as of March 31, 2024, were $117,012 thousand, a decrease of 5% from $123,611 thousand as of September 30, 2023[26] - Total liabilities as of March 31, 2024, were $11,539 thousand, down from $14,310 thousand as of September 30, 2023, a reduction of 19%[26] Strategic Focus - The company is implementing strategic recommendations from DC Advisory, focusing on organic and M&A growth while maintaining a cautious approach to share repurchases[9] - The company is focused on expanding its staffing solutions in the healthcare sector, particularly through its Scribe Solutions brand[27] Expenses - Selling, general and administrative expenses (SG&A) were $10.0 million for Q2 2024, down 15% year-over-year, but SG&A as a percentage of revenues increased to 35.7% from 30.1% in Q2 2023[4]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Illinois 36-6097429 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or (I.R.S. Employer Identification Number) 7751 Belfort Parkway, Suite 150, Jacksonville, ...

Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2024 were $30.6 million, down 26% from $41.1 million in Q1 2023 [9][15] - Gross profit was $9.7 million with a gross margin of 31.8%, compared to $14.4 million and 35% in Q1 2023 [9][24] - The company reported a net loss of $1.6 million, or $0.01 per diluted share, down from a net income of $700,000, or $0.01 per diluted share in Q1 2023 [19][15] - Adjusted EBITDA was negative $200,000, a decline of $2.2 million compared to $2 million in Q1 2023 [33] Business Line Data and Key Metrics Changes - Professional and industrial contract staffing services revenues were $27.6 million, down 22% from Q1 2023 [21] - Professional contract services revenue, which constitutes 91% of all contract services revenue, decreased by $6.7 million, or 21% [21] - Direct hire revenues were $3.1 million, down 47% compared to Q1 2023 [23] Market Data and Key Metrics Changes - The staffing industry faced significant challenges due to economic and labor market instability, with expectations of continued difficulties through at least the first half of 2024 [10][8] - The company noted that its performance aligns with industry peers facing similar challenges [10] Company Strategy and Development Direction - The company is focused on managing through the current downturn while preparing for an eventual recovery, emphasizing a strong liquidity position with $19.9 million in cash and $9.3 million available under its bank facility [28][4] - An M&A Committee has engaged DC Advisory to explore strategic alternatives, including capital allocation strategies and potential mergers or acquisitions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q1 results but remains optimistic about long-term recovery, citing historical patterns of recovery following downturns [35][93] - The company is preparing for a potential upswing in demand, particularly in the latter part of 2024, while managing costs prudently [76][88] Other Important Information - The company completed a share repurchase program, buying back 6.1 million shares, or over 5% of outstanding shares [11] - The company has no long-term debt, positioning it well for future growth [28][34] Q&A Session Summary Question: Will the company consider reinstating a buyback plan? - Management indicated that they are evaluating options and will wait for the findings from DC Advisory before making decisions [37] Question: What is the expected outcome of the strategic review? - The review will assess the best use of capital, including M&A strategies, but specific details will be discussed after receiving the report [38][40] Question: Does the strategic alternatives review include selling the company? - All pathways will be reviewed, but management prefers to build the business back to its previous levels before considering such options [41][43] Question: How is the company preparing for future growth? - The company is hiring sales and recruiting personnel to meet anticipated demand and is optimistic about the long-term outlook [48][70] Question: What are the current trends in the staffing industry? - The staffing industry is experiencing a downturn, but there are signs of leveling off and potential recovery in the latter part of 2024 [93][90]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) Illinois 36-6097429 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Iden ...

GEE Group Inc. (NYSE:JOB) Q4 2023 Earnings Conference Call December 19, 2023 11:00 AM ET Company Participants Derek Dewan - Chairman and CEO Kim Thorpe - SVP and CFO Derek Dewan Hello, and welcome to the GEE Group Fiscal Fourth Quarter and Year End September 30, 2023 Earnings and our update for 2024 Webcast Conference Call. I'm Derek Dewan, the Chairman and Chief Executive Officer of GEE Group, and will be hosting today's call. Joining me as a co-presenter is Kim Thorpe, our Senior Vice President and Chief ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended September 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Illinois 36-6097429 (I.R.S. Employer Identifi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Illinois 36-6097429 (I.R.S. Employer Identifi ...

GEE Group Inc. (NYSE:JOB) Q2 2023 Earnings Conference Call May 17, 2023 11:00 AM ET Company Participants Derek Dewan - Chairman and CEO Kim Thorpe - SVP and CFO Conference Call Participants Derek Dewan Hello, and welcome to the GEE Group Fiscal 2023 Second Quarter ended March 31, 2023 Earnings and Update Webcast Conference Call. I'm Derek Dewan, Chairman and Chief Executive Officer of GEE Group. And will be hosting today's call, joining me as a Co-Presenter is Kim Thorpe, our Senior Vice President and Chief ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements for GEE Group Inc. as of March 31, 2023, and for the three and six-month periods then ended, including balance sheets, statements of operations, cash flows, and notes, highlighting a decrease in net income primarily due to a prior-year one-time gain on debt extinguishment [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Balance Sheet Highlights (in thousands) | March 31, 2023 | September 30, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $20,099 | $18,848 | | Accounts receivable, net | $20,431 | $22,770 | | Goodwill | $61,293 | $61,293 | | **Total Assets** | **$118,109** | **$119,554** | | **Liabilities & Equity** | | | | Total current liabilities | $11,359 | $15,579 | | **Total Liabilities** | **$15,294** | **$18,551** | | **Total Shareholders' Equity** | **$102,815** | **$101,003** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) | Statement of Operations (in thousands) | Three Months Ended Mar 31, 2023 | Three Months Ended Mar 31, 2022 | Six Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Revenues | $38,859 | $39,629 | $80,007 | $82,476 | | Gross Profit | $13,216 | $14,514 | $27,607 | $30,096 | | Income from Operations | $694 | $1,177 | $1,456 | $1,150 | | Gain on extinguishment of debt | - | - | - | $16,773 | | **Net Income** | **$658** | **$1,087** | **$1,312** | **$17,755** | | **Diluted EPS** | **$0.01** | **$0.01** | **$0.01** | **$0.15** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Summary (in thousands) | Six Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,439 | $4,456 | | Net cash used in investing activities | ($84) | ($155) | | Net cash used in financing activities | ($104) | ($73) | | **Net change in cash** | **$1,251** | **$4,228** | | Cash at end of period | $20,099 | $14,175 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company performed an interim goodwill impairment assessment as of March 31, 2023, determining no impairment was present, contrasting with a **$2.15 million goodwill impairment charge** recorded in the six months ended March 31, 2022[31](index=31&type=chunk) - As of March 31, 2023, the company had **no outstanding borrowings** on its **$20 million revolving credit facility** and had **$13.3 million available for borrowing**[34](index=34&type=chunk)[35](index=35&type=chunk) - In the six months ended March 31, 2022, the company recognized a **gain of $16.77 million** from the forgiveness of its remaining PPP loans[37](index=37&type=chunk) Segment Performance (in thousands) | Segment Performance (in thousands) | Six Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | **Professional Staffing Services** | | | | Total Revenue | $73,163 | $74,652 | | Income from operations | $4,518 | $4,851 | | **Industrial Staffing Services** | | | | Total Revenue | $6,844 | $7,824 | | Income from operations | $37 | $692 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a slight decline in consolidated revenues for both the three and six-month periods ended March 31, 2023, primarily driven by a cyclical downturn in direct hire placement services and reduced demand in industrial staffing, with gross margins compressing due to wage inflation, and net income decreasing significantly due to a prior-year one-time gain from PPP loan forgiveness, while maintaining a strong liquidity position and initiating a share repurchase program [Results of Operations - Three Months Ended March 31, 2023](index=16&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20March%2031%2C%202023) | Revenue Breakdown (in thousands) | Q2 2023 | Q2 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Professional contract services | $30,751 | $30,009 | $742 | 2% | | Industrial contract services | $3,225 | $3,736 | ($511) | -14% | | Direct hire placement services | $4,883 | $5,884 | ($1,001) | -17% | | **Consolidated net revenues** | **$38,859** | **$39,629** | **($770)** | **-2%** | - Direct hire placement revenue decreased by **17% YoY**, which management attributes to the highly cyclical nature of this service following a record high in fiscal 2022[65](index=65&type=chunk) - The combined gross profit margin decreased to **34.0%** from **36.6%** in the prior-year quarter, with professional contract services margin compressing to **25.4%** from **26.9%** due to inflation, while industrial services margin improved to **16.5%** from **14.7%** due to price increases[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - SG&A expenses decreased by **$523,000** compared to the prior year, which included a one-time legal settlement of **$975,000**, and the company implemented cost reductions in Q1 2023 with estimated annual savings of approximately **$4.0 million**[71](index=71&type=chunk) [Results of Operations - Six Months Ended March 31, 2023](index=19&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended%20March%2031%2C%202023) | Revenue Breakdown (in thousands) | YTD 2023 | YTD 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Professional contract services | $62,533 | $62,605 | ($72) | 0% | | Industrial contract services | $6,844 | $7,824 | ($980) | -13% | | Direct hire placement services | $10,630 | $12,047 | ($1,417) | -12% | | **Consolidated net revenues** | **$80,007** | **$82,476** | **($2,469)** | **-3%** | - Excluding **$3.16 million** in revenue from non-recurring COVID-19 response projects in the prior year, professional contract services revenue would have increased by **5%** for the six-month period[82](index=82&type=chunk) - Net income was **$1.3 million** compared to **$17.8 million** in the prior-year period, with the significant decrease primarily due to a **$16.8 million gain** from the extinguishment of PPP loans and a **$2.15 million goodwill impairment charge** recorded in the six months ended March 31, 2022[98](index=98&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) | Liquidity Position (in thousands) | March 31, 2023 | September 30, 2022 | | :--- | :--- | :--- | | Cash | $20,099 | $18,848 | | Working Capital | $29,928 | $26,643 | - The company had **no outstanding borrowings** on its CIT credit facility and approximately **$13.3 million in availability** as of March 31, 2023[104](index=104&type=chunk) - On April 27, 2023, the Board of Directors approved a share repurchase program authorizing the purchase of up to **$20 million** of the company's common stock through December 31, 2023[105](index=105&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that this item is not applicable, indicating no material market risk disclosures are required for the period - Not applicable[108](index=108&type=chunk) [Controls and Procedures](index=24&type=section&id=Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the period - Based on an evaluation as of March 31, 2023, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[109](index=109&type=chunk) - No changes in internal control over financial reporting occurred during the six-month period that have materially affected, or are reasonably likely to materially affect, these controls[110](index=110&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no new significant legal proceedings - None[111](index=111&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) The company refers to the risk factors in its 2022 Form 10-K and adds a new risk concerning financial challenges and depositor confidence in the banking industry, disclosing its mitigation strategy of diversifying cash deposits across multiple FDIC-insured institutions through a specialized brokerage program to stay within insurance limits - A new risk factor was added regarding potential instability in the banking industry following recent bank failures[113](index=113&type=chunk) - To mitigate this risk, the company has taken measures to diversify its deposits, including depositing **$13 million** of its excess cash into a specialized brokerage program that allocates funds among multiple FDIC-insured banks to keep balances below the **$250,000 insurance limit** at each institution since March 31, 2023[113](index=113&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company indicates that this item is not required - Not required[114](index=114&type=chunk) [Defaults Upon Senior Securities](index=25&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[115](index=115&type=chunk) [Other Information](index=25&type=section&id=Item%205.%20Other%20Information) The company reports no other information - None[118](index=118&type=chunk) [Exhibits](index=26&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amended by-laws, new employment agreements for executives, a form of indemnity agreement, and required officer certifications - The report includes several filed exhibits, such as new employment agreements for Derek Dewan (CEO), Kim Thorpe (CFO), and Alex Stuckey, all dated April 27, 2023[118](index=118&type=chunk)[120](index=120&type=chunk)

GEE Group Inc. (NYSE:JOB) Q1 2023 Earnings Conference Call February 15, 2023 11:00 AM ET Company Participants Derek Dewan - Chairman and Chief Executive Officer Kim Thorpe - Senior Vice President and Chief Financial Officer Derek Dewan Hello, and welcome to the GEE Group Fiscal 2023 First Quarter ended December 31, 2022 Earnings and Update Webcast Conference Call. I'm Derek Dewan, the Chairman and CEO of GEE Group. I will be hosting today's call and joining me as a co-presenter is Kim Thorpe, our Senior Vic ...