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    TrueBlue Reports Fourth Quarter and Full-year 2022 Results

    2/1/23 4:05:00 PM ET
    $TBI
    Professional Services
    Consumer Discretionary
    Get the next $TBI alert in real time by email

    Strong execution despite macroeconomic conditions

    TrueBlue (NYSE:TBI) today announced its fourth quarter and full-year results for 2022.

    Fourth quarter revenue was $558 million, a decrease of 10 percent compared to revenue of $622 million in the fourth quarter of 2021. Net income per diluted share was $0.21 compared to net income per diluted share of $0.57 in the fourth quarter of 2021. Fourth quarter adjusted net income1 per diluted share was $0.43 compared to adjusted net income per diluted share of $0.69 in the fourth quarter of 2021.

    Full-year revenue was $2.3 billion, an increase of 4 percent compared to revenue of $2.2 billion in 2021. Net income per diluted share was $1.86 compared to net income per diluted share of $1.74 in 2021. Adjusted net income per diluted share was $2.43 compared to adjusted net income per diluted share of $2.00 in 2021.

    "We executed well during the quarter despite macroeconomic conditions," said Steve Cooper, CEO of TrueBlue. "Disciplined pricing, improved worker supply and effective cost management helped offset a decline in revenue.

    "Our services provide appealing solutions for companies in need of operational and strategic flexibility," continued Mr. Cooper. "Our workforce services are well-positioned to assist companies in overcoming secular shortages of blue-collar labor, while our recruitment process outsourcing services address talent challenges across all types of work."

    2023 Outlook

    TrueBlue is providing certain forward-looking information to help investors form their own estimates, which can be found in the quarterly earnings presentation filed today.

    Management will discuss fourth quarter 2022 results on a webcast at 2:30 p.m. PT (5:30 p.m. ET), today, Wednesday, Feb. 1, 2023. The webcast can be accessed on TrueBlue's website: www.trueblue.com.

    About TrueBlue

    TrueBlue (NYSE:TBI) is a leading provider of specialized workforce solutions that help clients achieve business growth and improve productivity. In 2022, TrueBlue connected approximately 611,000 people with work. Its PeopleReady segment offers on-demand, industrial staffing, PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions, and PeopleManagement offers contingent, on-site industrial staffing and commercial driver services. Learn more at www.trueblue.com.

    1 Refer to the financial statements accompanying this release for more information regarding non-GAAP terms.

    Forward-looking statements and non-GAAP financial measures

    This document contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management's expectations and assumptions as of the date of this release and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions which can be negatively impacted by factors such as rising interest rates, inflation, political instability, epidemics and global trade uncertainty, (2) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (3) our ability to attract and retain clients, (4) our ability to maintain profit margins, (5) our ability to successfully execute on business strategies to further digitalize our business model, (6) the timing and amount of common stock repurchases, if any, which will be determined at management's discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities, (7) new laws, regulations, and government incentives that could affect our operations or financial results, (8) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, and (9) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit. Other information regarding factors that could affect our results is included in our Securities Exchange Commission (SEC) filings, including the company's most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC's website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC.

    In addition, we use several non-GAAP financial measures when presenting our financial results in this document. Please refer to the reconciliations between our GAAP and non-GAAP financial measures in the appendix to this document and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.

    TRUEBLUE, INC.

    SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)

     

    13 weeks ended

     

    52 weeks ended

    (in thousands, except per share data)

    Dec 25, 2022

     

    Dec 26, 2021

     

    Dec 25, 2022

     

    Dec 26, 2021

    Revenue from services

    $

    557,695

     

    $

    621,930

     

    $

    2,254,184

     

    $

    2,173,622

    Cost of services

     

    409,846

     

     

    455,154

     

     

    1,652,040

     

     

    1,613,302

    Gross profit

     

    147,849

     

     

    166,776

     

     

    602,144

     

     

    560,320

    Selling, general and administrative expense

     

    133,733

     

     

    137,665

     

     

    500,686

     

     

    464,322

    Depreciation and amortization

     

    7,258

     

     

    7,151

     

     

    29,273

     

     

    27,556

    Income from operations

     

    6,858

     

     

    21,960

     

     

    72,185

     

     

    68,442

    Interest expense and other income, net

     

    133

     

     

    3,528

     

     

    1,231

     

     

    5,408

    Income before tax expense

     

    6,991

     

     

    25,488

     

     

    73,416

     

     

    73,850

    Income tax expense (benefit)

     

    (54)

     

     

    5,278

     

     

    11,143

     

     

    12,216

    Net income

    $

    7,045

     

    $

    20,210

     

    $

    62,273

     

    $

    61,634

     

     

     

     

     

     

     

     

    Net income per common share:

     

     

     

     

     

     

     

    Basic

    $

    0.22

     

    $

    0.58

     

    $

    1.89

     

    $

    1.77

    Diluted

    $

    0.21

     

    $

    0.57

     

    $

    1.86

     

    $

    1.74

     

     

     

     

     

     

     

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    32,486

     

     

    34,809

     

     

    32,889

     

     

    34,798

    Diluted

     

    33,014

     

     

    35,621

     

     

    33,447

     

     

    35,434

    TRUEBLUE, INC.

    SUMMARY CONSOLIDATED BALANCE SHEETS

    (Unaudited)

    (in thousands)

    Dec 25, 2022

     

    Dec 26, 2021

    ASSETS

     

     

     

    Cash and cash equivalents

    $

    72,054

     

    $

    49,896

    Accounts receivable, net

     

    314,275

     

     

    353,882

    Other current assets

     

    43,883

     

     

    41,295

    Total current assets

     

    430,212

     

     

    445,073

    Property and equipment, net

     

    95,823

     

     

    88,090

    Restricted cash and investments

     

    213,734

     

     

    221,026

    Goodwill and intangible assets, net

     

    109,989

     

     

    116,749

    Other assets, net

     

    169,650

     

     

    162,288

    Total assets

    $

    1,019,408

     

    $

    1,033,226

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

    Accounts payable and other accrued expenses

    $

    76,644

     

    $

    77,172

    Accrued wages and benefits

     

    92,237

     

     

    100,173

    Current portion of workers' compensation claims reserve

     

    50,005

     

     

    61,596

    Other current liabilities

     

    23,989

     

     

    19,605

    Total current liabilities

     

    242,875

     

     

    258,546

    Workers' compensation claims reserve, less current portion

     

    201,005

     

     

    194,598

    Other long-term liabilities

     

    79,213

     

     

    87,015

    Total liabilities

     

    523,093

     

     

    540,159

    Shareholders' equity

     

    496,315

     

     

    493,067

    Total liabilities and shareholders' equity

    $

    1,019,408

     

    $

    1,033,226

    TRUEBLUE, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

    52 weeks ended

    (in thousands)

    Dec 25, 2022

     

    Dec 26, 2021

    Cash flows from operating activities:

     

     

     

    Net income

    $

    62,273

     

    $

    61,634

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    29,273

     

     

    27,556

    Provision for credit losses

     

    4,462

     

     

    6,493

    Stock-based compensation

     

    9,687

     

     

    13,943

    Deferred income taxes

     

    3,933

     

     

    752

    Non-cash lease expense

     

    12,920

     

     

    14,446

    Other operating activities

     

    7,862

     

     

    (1,968)

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    34,765

     

     

    (81,616)

    Income taxes receivable and payable

     

    (2,665)

     

     

    1,602

    Operating lease right-of-use-asset

     

    118

     

     

    8,080

    Other assets

     

    (16,142)

     

     

    (13,715)

    Accounts payable and other accrued expenses

     

    (1,501)

     

     

    16,425

    Accrued wages and benefits

     

    (7,938)

     

     

    34,581

    Deferred employer payroll taxes

     

    —

     

     

    (57,065)

    Workers' compensation claims reserve

     

    (5,184)

     

     

    701

    Operating lease liabilities

     

    (13,052)

     

     

    (13,457)

    Other liabilities

     

    1,692

     

     

    2,048

    Net cash provided by operating activities

     

    120,503

     

     

    20,440

    Cash flows from investing activities:

     

     

     

    Capital expenditures

     

    (30,626)

     

     

    (35,006)

    Payments for company-owned life insurance

     

    —

     

     

    (4,000)

    Proceeds from company-owned life insurance

     

    —

     

     

    832

    Purchases of restricted available-for-sale investments

     

    —

     

     

    (43)

    Sales of restricted available-for-sale investments

     

    —

     

     

    7,333

    Purchases of restricted held-to-maturity investments

     

    (18,031)

     

     

    (9,411)

    Maturities of restricted held-to-maturity investments

     

    27,712

     

     

    23,935

    Other

     

    —

     

     

    140

    Net cash used in investing activities

     

    (20,945)

     

     

    (16,220)

    Cash flows from financing activities:

     

     

     

    Purchases and retirement of common stock

     

    (60,939)

     

     

    (16,678)

    Net proceeds from employee stock purchase plans

     

    980

     

     

    1,135

    Common stock repurchases for taxes upon vesting of restricted stock

     

    (4,480)

     

     

    (3,238)

    Other

     

    (253)

     

     

    (345)

    Net cash used in financing activities

     

    (64,692)

     

     

    (19,126)

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

     

    (2,420)

     

     

    (521)

    Net change in cash, cash equivalents, and restricted cash

     

    32,446

     

     

    (15,427)

    Cash, cash equivalents and restricted cash, beginning of period

     

    103,185

     

     

    118,612

    Cash, cash equivalents and restricted cash, end of period

    $

    135,631

     

    $

    103,185

    TRUEBLUE, INC.

    SEGMENT DATA

    (Unaudited)

     

    13 weeks ended

     

    52 weeks ended

    (in thousands)

    Dec 25, 2022

     

    Dec 26, 2021

     

    Dec 25, 2022

     

    Dec 26, 2021

    Revenue from services:

     

     

     

     

     

     

     

    PeopleReady

    $

    314,580

     

    $

    362,164

     

    $

    1,272,852

     

    $

    1,270,928

    PeopleScout

     

    68,676

     

     

    81,924

     

     

    317,518

     

     

    262,953

    PeopleManagement

     

    174,439

     

     

    177,842

     

     

    663,814

     

     

    639,741

    Total company

    $

    557,695

     

    $

    621,930

     

    $

    2,254,184

     

    $

    2,173,622

     

     

     

     

     

     

     

     

    Segment profit (1):

     

     

     

     

     

     

     

    PeopleReady

    $

    22,467

     

    $

    27,411

     

    $

    87,743

     

    $

    82,398

    PeopleScout

     

    2,499

     

     

    11,491

     

     

    44,771

     

     

    36,163

    PeopleManagement

     

    4,141

     

     

    4,499

     

     

    15,811

     

     

    13,196

    Total segment profit

     

    29,107

     

     

    43,401

     

     

    148,325

     

     

    131,757

    Corporate unallocated expense

     

    (8,101)

     

     

    (7,344)

     

     

    (31,326)

     

     

    (27,937)

    Total company Adjusted EBITDA (2)

     

    21,006

     

     

    36,057

     

     

    116,999

     

     

    103,820

    Third-party processing fees for hiring tax credits (3)

     

    (108)

     

     

    (150)

     

     

    (594)

     

     

    (734)

    Amortization of software as a service assets (4)

     

    (810)

     

     

    (720)

     

     

    (2,985)

     

     

    (2,709)

    Gain on deferred compensation assets (5)

     

    —

     

     

    (2,897)

     

     

    —

     

     

    (2,897)

    PeopleReady technology upgrade costs (6)

     

    (1,779)

     

     

    (1,300)

     

     

    (7,935)

     

     

    (1,300)

    COVID-19 government subsidies

     

    —

     

     

    91

     

     

    —

     

     

    4,222

    Other adjustments, net (7)

     

    (4,193)

     

     

    (1,970)

     

     

    (4,027)

     

     

    (4,404)

    EBITDA (2)

     

    14,116

     

     

    29,111

     

     

    101,458

     

     

    95,998

    Depreciation and amortization

     

    (7,258)

     

     

    (7,151)

     

     

    (29,273)

     

     

    (27,556)

    Interest expense and other income, net

     

    133

     

     

    3,528

     

     

    1,231

     

     

    5,408

    Income before tax expense

     

    6,991

     

     

    25,488

     

     

    73,416

     

     

    73,850

    Income tax (expense) benefit

     

    54

     

     

    (5,278)

     

     

    (11,143)

     

     

    (12,216)

    Net income

    $

    7,045

     

    $

    20,210

     

    $

    62,273

     

    $

    61,634

    (1)

    We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit excludes depreciation and amortization expense, unallocated corporate general and administrative expense, interest expense, other income, income taxes, and other adjustments not considered to be ongoing.

     

    (2)

    See the Non-GAAP Financial Measures table on the next page for definitions of EBITDA and Adjusted EBITDA.

     

    (3)

    These third-party processing fees are associated with generating hiring tax credits.

     

    (4)

    Amortization of software as a service assets is reported in selling, general and administrative expense.

     

    (5)

    Gain realized on sale of deferred compensation mutual funds to purchase corporate owned life insurance policies.

     

    (6)

    Costs associated with upgrading legacy PeopleReady technology.

     

    (7)

    Other adjustments for the 13 and 52 weeks ended December 25, 2022 primarily include $4.2 million in accelerated software costs. The 52 weeks ended December 25, 2022 also includes a benefit of $1.4 million from forfeited stock awards associated with the CEO transition that were expensed in prior years, partially offset by costs of $1.1 million incurred to transition to a new third-party claims administrator for workers' compensation. Other adjustments for the 13 and 52 weeks ended December 26, 2021 primarily include workforce reductions costs of $1.8 million and $2.0 million, respectively, costs incurred while transitioning into our new Chicago office of $0.1 million and $1.8 million, respectively and other technology implementation costs.

    TRUEBLUE, INC.

    NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS

    In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.

    Non-GAAP measure

     

    Definition

     

    Purpose of adjusted measures

    Adjusted net income and

    Adjusted net income per

    diluted share

     

    Net income and net income per diluted share, excluding:

    – amortization of intangibles,

    – amortization of software as a service assets,

    – accelerated depreciation,

    – PeopleReady technology upgrade costs,

    – COVID-19 government subsidies,

    – other adjustments, net, and

    – tax effect of each adjustment to U.S. GAAP.

     

     

    – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.

    – Used by management to assess performance and effectiveness of our business strategies.

    – Provides a measure, among others, used in the determination of incentive compensation for management.

    EBITDA and

    Adjusted EBITDA

     

    EBITDA excludes from net income:

    – income taxes,

    – interest expense and other income, net, and

    – depreciation and amortization.

     

    Adjusted EBITDA, further excludes:

    – third-party processing fees for hiring tax credits,

    – amortization of software as a service assets,

    – gain on deferred compensation assets,

    – PeopleReady technology upgrade costs,

    – COVID-19 government subsidies, and

    – other adjustments, net.

     

    – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.

    – Used by management to assess performance and effectiveness of our business strategies.

    – Provides a measure, among others, used in the determination of incentive compensation for management.

    Adjusted SG&A expense

     

    Selling, general and administrative expense excluding:

    – third-party processing fees for hiring tax credits,

    – amortization of software as a service assets,

    – gain on deferred compensation assets,

    – PeopleReady technology upgrade costs,

    – COVID-19 government subsidies, and

    – other adjustments, net.

     

    – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.

    1. RECONCILIATION OF U.S. GAAP NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE

    (Unaudited)

     

    13 weeks ended

     

    52 weeks ended

    (in thousands, except for per share data)

    Dec 25, 2022

     

    Dec 26, 2021

     

    Dec 25, 2022

     

    Dec 26, 2021

    Net income

    $

    7,045

     

    $

    20,210

     

    $

    62,273

     

    $

    61,634

    Amortization of intangible assets

     

    1,265

     

     

    1,503

     

     

    5,746

     

     

    6,704

    Amortization of software as a service assets (1)

     

    810

     

     

    720

     

     

    2,985

     

     

    2,709

    Accelerated depreciation (2)

     

    —

     

     

    —

     

     

    1,658

     

     

    —

    PeopleReady technology upgrade costs (3)

     

    1,779

     

     

    1,300

     

     

    7,935

     

     

    1,300

    COVID-19 government subsidies

     

    —

     

     

    (91)

     

     

    —

     

     

    (4,222)

    Other adjustments, net (4)

     

    4,193

     

     

    1,970

     

     

    4,027

     

     

    4,404

    Tax effect of adjustments to net income (5)

     

    (981)

     

     

    (1,014)

     

     

    (3,392)

     

     

    (1,802)

    Adjusted net income

    $

    14,111

     

    $

    24,598

     

    $

    81,232

     

    $

    70,727

     

     

     

     

     

     

     

     

    Adjusted net income per diluted share

    $

    0.43

     

    $

    0.69

     

    $

    2.43

     

    $

    2.00

     

     

     

     

     

     

     

     

    Diluted weighted average shares outstanding

     

    33,014

     

     

    35,621

     

     

    33,447

     

     

    35,434

     

     

     

     

     

     

     

     

    Margin / % of revenue:

     

     

     

     

     

     

     

    Net income

     

    1.3 %

     

     

    3.2 %

     

     

    2.8 %

     

     

    2.8 %

    Adjusted net income

     

    2.5 %

     

     

    4.0 %

     

     

    3.6 %

     

     

    3.3 %

    2. RECONCILIATION OF U.S. GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA

    (Unaudited)

     

    13 weeks ended

     

    52 weeks ended

    (in thousands)

    Dec 25, 2022

     

    Dec 26, 2021

     

    Dec 25, 2022

     

    Dec 26, 2021

    Net income

    $

    7,045

     

    $

    20,210

     

    $

    62,273

     

    $

    61,634

    Income tax expense (benefit)

     

    (54)

     

     

    5,278

     

     

    11,143

     

     

    12,216

    Interest expense and other (income), net

     

    (133)

     

     

    (3,528)

     

     

    (1,231)

     

     

    (5,408)

    Depreciation and amortization

     

    7,258

     

     

    7,151

     

     

    29,273

     

     

    27,556

    EBITDA

     

    14,116

     

     

    29,111

     

     

    101,458

     

     

    95,998

    Third-party processing fees for hiring tax credits (6)

     

    108

     

     

    150

     

     

    594

     

     

    734

    Amortization of software as a service assets (1)

     

    810

     

     

    720

     

     

    2,985

     

     

    2,709

    Gain on deferred compensation assets (7)

     

    —

     

     

    2,897

     

     

    —

     

     

    2,897

    PeopleReady technology upgrade costs (3)

     

    1,779

     

     

    1,300

     

     

    7,935

     

     

    1,300

    COVID-19 government subsidies

     

    —

     

     

    (91)

     

     

    —

     

     

    (4,222)

    Other adjustments, net (4)

     

    4,193

     

     

    1,970

     

     

    4,027

     

     

    4,404

    Adjusted EBITDA

    $

    21,006

     

    $

    36,057

     

    $

    116,999

     

    $

    103,820

     

     

     

     

     

     

     

     

    Margin / % of revenue:

     

     

     

     

     

     

     

    Net income

     

    1.3 %

     

     

    3.2 %

     

     

    2.8 %

     

     

    2.8 %

    Adjusted EBITDA

     

    3.8 %

     

     

    5.8 %

     

     

    5.2 %

     

     

    4.8 %

    3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE

    (Unaudited)

     

    13 weeks ended

     

    52 weeks ended

    (in thousands)

    Dec 25, 2022

     

    Dec 26, 2021

     

    Dec 25, 2022

     

    Dec 26, 2021

    Selling, general and administrative expense

    $

    133,733

     

    $

    137,665

     

    $

    500,686

     

    $

    464,322

    Third-party processing fees for hiring tax credits (6)

     

    (108)

     

     

    (150)

     

     

    (594)

     

     

    (734)

    Amortization of software as a service assets (1)

     

    (810)

     

     

    (720)

     

     

    (2,985)

     

     

    (2,709)

    Gain on deferred compensation assets (7)

     

    —

     

     

    (2,897)

     

     

    —

     

     

    (2,897)

    PeopleReady technology upgrade costs (3)

     

    (1,779)

     

     

    (1,300)

     

     

    (7,935)

     

     

    (1,300)

    COVID-19 government subsidies

     

    —

     

     

    91

     

     

    —

     

     

    4,097

    Other adjustments, net (4)

     

    (4,193)

     

     

    (1,970)

     

     

    (4,027)

     

     

    (4,404)

    Adjusted SG&A expense

    $

    126,843

     

    $

    130,719

     

    $

    485,145

     

    $

    456,375

     

     

     

     

     

     

     

     

    % of revenue:

     

     

     

     

     

     

     

    Selling, general and administrative expense

     

    24.0 %

     

     

    22.1 %

     

     

    22.2 %

     

     

    21.4 %

    Adjusted SG&A expense

     

    22.7 %

     

     

    21.0 %

     

     

    21.5 %

     

     

    21.0 %

    (1)

    Amortization of software as a service assets is reported in selling, general and administrative expense.

     

    (2)

    Accelerated depreciation for the existing systems being replaced by the upgraded PeopleReady technology platform.

     

    (3)

    Costs associated with upgrading legacy PeopleReady technology.

     

    (4)

    Other adjustments for the 13 and 52 weeks ended December 25, 2022 primarily include $4.2 million in accelerated software costs. The 52 weeks ended December 25, 2022 also includes a benefit of $1.4 million from forfeited stock awards associated with the CEO transition that were expensed in prior years, partially offset by costs of $1.1 million incurred to transition to a new third-party claims administrator for workers' compensation. Other adjustments for the 13 and 52 weeks ended December 26, 2021 primarily include workforce reductions costs of $1.8 million and $2.0 million, respectively, costs incurred while transitioning into our new Chicago office of $0.1 million and $1.8 million, respectively and other technology implementation costs.

     

    (5)

    Total tax effect of each of the adjustments to U.S. GAAP net income using the effective income tax rate for the respective periods.

     

    (6)

    These third-party processing fees are associated with generating hiring tax credits.

     

    (7)

    Gain realized on sale of deferred compensation mutual funds to purchase corporate owned life insurance policies.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20230201005143/en/

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