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    TrueBlue Reports Fourth Quarter and Full-Year 2023 Results

    2/21/24 4:05:00 PM ET
    $TBI
    Professional Services
    Consumer Discretionary
    Get the next $TBI alert in real time by email

    Strong performance in renewable energy and disciplined cost management delivered results at high end of company outlook

    TrueBlue (NYSE:TBI) today announced its fourth quarter and full-year results for 2023.

    Fourth Quarter 2023 Financial Highlights

    • Revenue decreased 12 percent to $492 million compared to prior year period
      • Fiscal fourth quarter consisted of 14 weeks versus 13 weeks in the fiscal fourth quarter of 2022
      • Revenue decreased 15 percent on a comparable 13-week basis
    • Net loss of $3 million
      • Adjusted EBITDA1 of $5 million and adjusted net income of $3 million
    • Zero debt, cash of $62 million and $86 million of borrowing availability
      • Renewal of 5-year credit facility effective February 9, 2024 increased borrowing availability to approximately $140 million

    Commentary

    "We are managing through this market cycle with agility and discipline," said Taryn Owen, President and CEO of TrueBlue. "While general market demand remains soft with hiring trends impacted by reduced business spend, we are capitalizing on attractive verticals, such as renewable energy, and maintaining a high level of engagement with clients to ensure we are well positioned as conditions improve."

    "As we enter 2024, we are laser-focused on leveraging our inherent strengths to capture market share and managing our cost structure with discipline to enhance our long-term profitability," continued Ms. Owen. "Key components to this strategy include advancement of our digital transformation, expansion in high-growth and under-penetrated end markets, and enhanced focus through a simplified organizational structure. These priorities position us to drive efficiencies and secure opportunities to deliver long-term, profitable growth."

    Results

    Fourth quarter revenue was $492 million, a decrease of 12 percent compared to revenue of $558 million in the fourth quarter of 2022. Net loss per diluted share was $0.08 compared to net income per diluted share of $0.21 in the prior year period. Adjusted net income1 per diluted share was $0.08 compared to adjusted net income per diluted share of $0.39 in the prior year period.

    Full-year revenue was $1.9 billion, a decrease of 15 percent compared to revenue of $2.3 billion in 2022. Net loss per diluted share was $0.45 compared to net income per diluted share of $1.86 in 2022. Adjusted net income per diluted share was $0.28 compared to adjusted net income per diluted share of $2.36 in 2022.

    2024 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 2023 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Wednesday, Feb. 21, 2024. The webcast can be accessed on the Investor Relations section of the TrueBlue website: investor.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 2023, TrueBlue served approximately 67,000 clients and connected approximately 464,000 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, expectations regarding stabilization in demand, 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 maintain profit margins, (3) our ability to successfully execute on business strategies and further digitalize our business model, (4) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (5) our ability to attract and retain clients, (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) new laws, regulations, and government incentives that could affect our operations or financial results, (8) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, and (9) 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. 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)

     

     

    Q4 2023

     

    Q4 2022

     

    2023

     

    2022

     

    14 weeks ended (1)

     

    13 weeks ended

     

    53 weeks ended (1)

     

    52 weeks ended

    (in thousands, except per share data)

    Dec 31, 2023

     

    Dec 25, 2022

     

    Dec 31, 2023

     

    Dec 25, 2022

    Revenue from services

    $

    492,171

     

     

    $

    557,695

     

     

    $

    1,906,243

     

     

    $

    2,254,184

    Cost of services

     

    363,889

     

     

     

    409,846

     

     

     

    1,400,184

     

     

     

    1,652,040

    Gross profit

     

    128,282

     

     

     

    147,849

     

     

     

    506,059

     

     

     

    602,144

    Selling, general and administrative expense

     

    129,961

     

     

     

    133,733

     

     

     

    494,603

     

     

     

    500,686

    Depreciation and amortization

     

    6,946

     

     

     

    7,258

     

     

     

    25,821

     

     

     

    29,273

    Goodwill and intangible asset impairment charge

     

    —

     

     

     

    —

     

     

     

    9,485

     

     

     

    —

    Income (loss) from operations

     

    (8,625

    )

     

     

    6,858

     

     

     

    (23,850

    )

     

     

    72,185

    Interest and other income (expense), net

     

    1,223

     

     

     

    133

     

     

     

    3,205

     

     

     

    1,231

    Income (loss) before tax expense (benefit)

     

    (7,402

    )

     

     

    6,991

     

     

     

    (20,645

    )

     

     

    73,416

    Income tax expense (benefit)

     

    (4,851

    )

     

     

    (54

    )

     

     

    (6,472

    )

     

     

    11,143

    Net income (loss)

    $

    (2,551

    )

     

    $

    7,045

     

     

    $

    (14,173

    )

     

    $

    62,273

     

     

     

     

     

     

     

     

    Net (loss) income per common share:

     

     

     

     

     

     

     

    Basic

    $

    (0.08

    )

     

    $

    0.22

     

     

    $

    (0.45

    )

     

    $

    1.89

    Diluted

    $

    (0.08

    )

     

    $

    0.21

     

     

    $

    (0.45

    )

     

    $

    1.86

     

     

     

     

     

     

     

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    31,079

     

     

     

    32,486

     

     

     

    31,317

     

     

     

    32,889

    Diluted

     

    31,079

     

     

     

    33,014

     

     

     

    31,317

     

     

     

    33,447

    (1)

    Our fiscal period ends on the Sunday closest to the last day of Dec. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks.

    TRUEBLUE, INC.

    SUMMARY CONSOLIDATED BALANCE SHEETS

    (Unaudited)

     

    (in thousands)

    Dec 31, 2023

     

    Dec 25, 2022

    ASSETS

     

     

     

    Cash and cash equivalents

    $

    61,885

     

    $

    72,054

    Accounts receivable, net

     

    252,538

     

     

    314,275

    Other current assets

     

    40,570

     

     

    43,883

    Total current assets

     

    354,993

     

     

    430,212

    Property and equipment, net

     

    104,906

     

     

    95,823

    Restricted cash and investments

     

    192,985

     

     

    213,734

    Goodwill and intangible assets, net

     

    94,639

     

     

    109,989

    Other assets, net

     

    151,860

     

     

    169,650

    Total assets

    $

    899,383

     

    $

    1,019,408

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

    Accounts payable and other accrued expenses

    $

    56,401

     

    $

    76,644

    Accrued wages and benefits

     

    80,120

     

     

    92,237

    Current portion of workers' compensation claims reserve

     

    44,866

     

     

    50,005

    Other current liabilities

     

    22,712

     

     

    23,989

    Total current liabilities

     

    204,099

     

     

    242,875

    Workers' compensation claims reserve, less current portion

     

    151,649

     

     

    201,005

    Other long-term liabilities

     

    85,762

     

     

    79,213

    Total liabilities

     

    441,510

     

     

    523,093

    Shareholders' equity

     

    457,873

     

     

    496,315

    Total liabilities and shareholders' equity

    $

    899,383

     

    $

    1,019,408

    TRUEBLUE, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

     

    53 weeks ended

    (in thousands)

    Dec 31, 2023

     

    Dec 25, 2022

    Cash flows from operating activities:

     

     

     

    Net income (loss)

    $

    (14,173

    )

     

    $

    62,273

     

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    25,821

     

     

     

    29,273

     

    Goodwill and intangible asset impairment charge

     

    9,485

     

     

     

    —

     

    Provision for credit losses

     

    4,972

     

     

     

    4,462

     

    Stock-based compensation

     

    13,907

     

     

     

    9,687

     

    Deferred income taxes

     

    (9,902

    )

     

     

    3,933

     

    Non-cash lease expense

     

    12,591

     

     

     

    12,920

     

    Other operating activities

     

    (3,831

    )

     

     

    7,862

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    56,761

     

     

     

    34,765

     

    Income taxes receivable and payable

     

    (1,317

    )

     

     

    (2,665

    )

    Operating lease right-of-use-asset

     

    —

     

     

     

    118

     

    Other assets

     

    31,366

     

     

     

    (16,142

    )

    Accounts payable and other accrued expenses

     

    (19,210

    )

     

     

    (1,501

    )

    Accrued wages and benefits

     

    (12,113

    )

     

     

    (7,938

    )

    Workers' compensation claims reserve

     

    (54,495

    )

     

     

    (5,184

    )

    Operating lease liabilities

     

    (12,796

    )

     

     

    (13,052

    )

    Other liabilities

     

    7,688

     

     

     

    1,692

     

    Net cash provided by operating activities

     

    34,754

     

     

     

    120,503

     

    Cash flows from investing activities:

     

     

     

    Capital expenditures

     

    (31,276

    )

     

     

    (30,626

    )

    Payments for company-owned life insurance

     

    (2,347

    )

     

     

    —

     

    Proceeds from company-owned life insurance

     

    1,662

     

     

     

    —

     

    Purchases of restricted held-to-maturity investments

     

    (34,110

    )

     

     

    (18,031

    )

    Maturities of restricted held-to-maturity investments

     

    33,749

     

     

     

    27,712

     

    Net cash used in investing activities

     

    (32,322

    )

     

     

    (20,945

    )

    Cash flows from financing activities:

     

     

     

    Purchases and retirement of common stock

     

    (34,178

    )

     

     

    (60,939

    )

    Net proceeds from employee stock purchase plans

     

    856

     

     

     

    980

     

    Common stock repurchases for taxes upon vesting of restricted stock

     

    (4,161

    )

     

     

    (4,480

    )

    Other

     

    (100

    )

     

     

    (253

    )

    Net cash used in financing activities

     

    (37,583

    )

     

     

    (64,692

    )

    Change in cash, cash equivalents and restricted cash reclassified to assets held-for-sale

     

    (300

    )

     

     

    —

     

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

     

    (874

    )

     

     

    (2,420

    )

    Net change in cash, cash equivalents, and restricted cash

     

    (36,325

    )

     

     

    32,446

     

    Cash, cash equivalents and restricted cash, beginning of period

     

    135,631

     

     

     

    103,185

     

    Cash, cash equivalents and restricted cash, end of period

    $

    99,306

     

     

    $

    135,631

     

    TRUEBLUE, INC.

    SEGMENT DATA

    (Unaudited)

     

     

    Q4 2023

     

    Q4 2022

     

    2023

     

    2022

     

    14 weeks ended (1)

     

    13 weeks ended

     

    53 weeks ended (1)

     

    52 weeks ended

    (in thousands)

    Dec 31, 2023

     

    Dec 25, 2022

     

    Dec 31, 2023

     

    Dec 25, 2022

    Revenue from services:

     

     

     

     

     

     

     

    PeopleReady

    $

    285,185

     

     

    $

    314,580

     

     

    $

    1,096,318

     

     

    $

    1,272,852

     

    PeopleScout

     

    47,204

     

     

     

    68,676

     

     

     

    229,334

     

     

     

    317,518

     

    PeopleManagement

     

    159,782

     

     

     

    174,439

     

     

     

    580,591

     

     

     

    663,814

     

    Total company

    $

    492,171

     

     

    $

    557,695

     

     

    $

    1,906,243

     

     

    $

    2,254,184

     

     

     

     

     

     

     

     

     

    Segment profit (2):

     

     

     

     

     

     

     

    PeopleReady

    $

    7,920

     

     

    $

    22,467

     

     

    $

    26,606

     

     

    $

    87,743

     

    PeopleScout

     

    2,910

     

     

     

    2,499

     

     

     

    26,922

     

     

     

    44,771

     

    PeopleManagement

     

    2,781

     

     

     

    4,141

     

     

     

    6,963

     

     

     

    15,811

     

    Total segment profit

     

    13,611

     

     

     

    29,107

     

     

     

    60,491

     

     

     

    148,325

     

    Corporate unallocated expense

     

    (8,462

    )

     

     

    (8,101

    )

     

     

    (31,507

    )

     

     

    (31,326

    )

    Total company Adjusted EBITDA (3)

     

    5,149

     

     

     

    21,006

     

     

     

    28,984

     

     

     

    116,999

     

    Third-party processing fees for hiring tax credits (4)

     

    67

     

     

     

    (108

    )

     

     

    (253

    )

     

     

    (594

    )

    Amortization of software as a service assets (5)

     

    (1,233

    )

     

     

    (810

    )

     

     

    (4,117

    )

     

     

    (2,985

    )

    Goodwill and intangible asset impairment charge

     

    —

     

     

     

    —

     

     

     

    (9,485

    )

     

     

    —

     

    PeopleReady technology upgrade costs (6)

     

    (440

    )

     

     

    (1,779

    )

     

     

    (1,342

    )

     

     

    (7,935

    )

    Executive leadership transition (7)

     

    (3,296

    )

     

     

    —

     

     

     

    (5,788

    )

     

     

    1,422

     

    Other adjustments, net (8)

     

    (1,926

    )

     

     

    (4,193

    )

     

     

    (6,028

    )

     

     

    (5,449

    )

    EBITDA (3)

     

    (1,679

    )

     

     

    14,116

     

     

     

    1,971

     

     

     

    101,458

     

    Depreciation and amortization

     

    (6,946

    )

     

     

    (7,258

    )

     

     

    (25,821

    )

     

     

    (29,273

    )

    Interest and other income (expense), net

     

    1,223

     

     

     

    133

     

     

     

    3,205

     

     

     

    1,231

     

    Income (loss) before tax benefit (expense)

     

    (7,402

    )

     

     

    6,991

     

     

     

    (20,645

    )

     

     

    73,416

     

    Income tax benefit (expense)

     

    4,851

     

     

     

    54

     

     

     

    6,472

     

     

     

    (11,143

    )

    Net income (loss)

    $

    (2,551

    )

     

    $

    7,045

     

     

    $

    (14,173

    )

     

    $

    62,273

     

    (1)

    Our fiscal period ends on the Sunday closest to the last day of Dec. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks.

    (2)

    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.

    (3)

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

    (4)

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

    (5)

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

    (6)

    Costs associated with upgrading legacy PeopleReady technology.

    (7)

    Cost associated with our CEO and CFO transitions, including accelerated vesting of stock awards and other separation related payments.

    (8)

    Other adjustments for the 14 and 53 weeks ended December 31, 2023 primarily include workforce reduction costs of $1.8 million and $5.1 million, respectively. The 53 weeks ended December 31, 2023 also includes adjustments to COVID-19 government subsidies of $0.5 million. Other adjustments for the 13 and 52 weeks ended December 25, 2022 primarily include accelerated software costs of $4.2 million. The 52 weeks ended December 25, 2022 also includes costs of $1.1 million incurred while transitioning to a new third party administrator for workers' compensation.

    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 (loss) and net income (loss) per diluted share, excluding:

    – amortization of intangibles,

    – amortization of software as a service assets,

    – goodwill and intangible asset impairment charge,

    – accelerated depreciation,

    – PeopleReady technology upgrade costs,

    – executive leadership transition,

    – other adjustments, net, and

    – tax effect of the adjustments 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 (loss):

    – income tax expense (benefit),

    – interest and other (income) expense, net, and

    – depreciation and amortization.

     

    Adjusted EBITDA, further excludes:

    – third-party processing fees for hiring tax credits,

    – amortization of software as a service assets,

    – goodwill and intangible asset impairment charge,

    – PeopleReady technology upgrade costs,

    – executive leadership transition,

    – 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,

    – PeopleReady technology upgrade costs,

    – executive leadership transition,

    – 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 (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE

    (Unaudited)

     

     

    Q4 2023

     

    Q4 2022

     

     

    2023

     

     

     

    2022

     

     

    14 weeks ended (1)

     

    13 weeks ended

     

    53 weeks ended (1)

     

    52 weeks ended

    (in thousands, except for per share data)

    Dec 31, 2023

     

    Dec 25, 2022

     

    Dec 31, 2023

     

    Dec 25, 2022

    Net income (loss)

    $

    (2,551

    )

     

    $

    7,045

     

     

    $

    (14,173

    )

     

    $

    62,273

     

    Amortization of intangible assets

     

    1,355

     

     

     

    1,265

     

     

     

    5,175

     

     

     

    5,746

     

    Amortization of software as a service assets (2)

     

    —

     

     

     

    810

     

     

     

    —

     

     

     

    2,985

     

    Goodwill and intangible asset impairment charge

     

    —

     

     

     

    —

     

     

     

    9,485

     

     

     

    —

     

    Accelerated depreciation (3)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,658

     

    PeopleReady technology upgrade costs (4)

     

    440

     

     

     

    1,779

     

     

     

    1,342

     

     

     

    7,935

     

    Executive leadership transition costs (5)

     

    3,296

     

     

     

    —

     

     

     

    5,788

     

     

     

    (1,422

    )

    Other adjustments, net (6)

     

    1,926

     

     

     

    4,193

     

     

     

    6,028

     

     

     

    5,449

     

    Tax effect of adjustments to net income (loss) (7)

     

    (1,824

    )

     

     

    (2,092

    )

     

     

    (4,920

    )

     

     

    (5,811

    )

    Adjusted net income

    $

    2,642

     

     

    $

    13,000

     

     

    $

    8,725

     

     

    $

    78,813

     

     

     

     

     

     

     

     

     

    Adjusted net income per diluted share

    $

    0.08

     

     

    $

    0.39

     

     

    $

    0.28

     

     

    $

    2.36

     

     

     

     

     

     

     

     

     

    Diluted weighted average shares outstanding

     

    31,450

     

     

     

    33,014

     

     

     

    31,590

     

     

     

    33,447

     

     

     

     

     

     

     

     

     

    Margin / % of revenue:

     

     

     

     

     

     

     

    Net income (loss)

    (0.5

    ) %

     

     

    1.3

    %

     

     

    (0.7

    ) %

     

     

    2.8

    %

    Adjusted net income

     

    0.5

    %

     

     

    2.3

    %

     

     

    0.5

    %

     

     

    3.5

    %

    2.

    RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA

    (Unaudited)

     

     

    Q4 2023

     

    Q4 2022

     

     

    2023

     

     

     

    2022

     

     

    14 weeks ended (1)

     

    13 weeks ended

     

    53 weeks ended (1)

     

    52 weeks ended

    (in thousands)

    Dec 31, 2023

     

    Dec 25, 2022

     

    Dec 31, 2023

     

    Dec 25, 2022

    Net income (loss)

    $

    (2,551

    )

     

    $

    7,045

     

     

    $

    (14,173

    )

     

    $

    62,273

     

    Income tax expense (benefit)

     

    (4,851

    )

     

     

    (54

    )

     

     

    (6,472

    )

     

     

    11,143

     

    Interest and other (income) expense, net

     

    (1,223

    )

     

     

    (133

    )

     

     

    (3,205

    )

     

     

    (1,231

    )

    Depreciation and amortization

     

    6,946

     

     

     

    7,258

     

     

     

    25,821

     

     

     

    29,273

     

    EBITDA

     

    (1,679

    )

     

     

    14,116

     

     

     

    1,971

     

     

     

    101,458

     

    Third-party processing fees for hiring tax credits (8)

     

    (67

    )

     

     

    108

     

     

     

    253

     

     

     

    594

     

    Amortization of software as a service assets (2)

     

    1,233

     

     

     

    810

     

     

     

    4,117

     

     

     

    2,985

     

    Goodwill and intangible asset impairment charge

     

    —

     

     

     

    —

     

     

     

    9,485

     

     

     

    —

     

    PeopleReady technology upgrade costs (4)

     

    440

     

     

     

    1,779

     

     

     

    1,342

     

     

     

    7,935

     

    Executive leadership transition costs (5)

     

    3,296

     

     

     

    —

     

     

     

    5,788

     

     

     

    (1,422

    )

    Other adjustments, net (6)

     

    1,926

     

     

     

    4,193

     

     

     

    6,028

     

     

     

    5,449

     

    Adjusted EBITDA

    $

    5,149

     

     

    $

    21,006

     

     

    $

    28,984

     

     

    $

    116,999

     

     

     

     

     

     

     

     

     

    Margin / % of revenue:

     

     

     

     

     

     

     

    Net income (loss)

     

    (0.5

    ) %

     

     

    1.3

    %

     

     

    (0.7

    ) %

     

     

    2.8

    %

    Adjusted EBITDA

     

    1.0

    %

     

     

    3.8

    %

     

     

    1.5

    %

     

     

    5.2

    %

    3.

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

    (Unaudited)

     

     

    Q4 2023

     

    Q4 2022

     

     

    2023

     

     

     

    2022

     

     

    14 weeks ended (1)

     

    13 weeks ended

     

    53 weeks ended (1)

     

    52 weeks ended

    (in thousands)

    Dec 31, 2023

     

    Dec 25, 2022

     

    Dec 31, 2023

     

    Dec 25, 2022

    Selling, general and administrative expense

    $

    129,961

     

     

    $

    133,733

     

     

    $

    494,603

     

     

    $

    500,686

     

    Third-party processing fees for hiring tax credits (8)

     

    67

     

     

     

    (108

    )

     

     

    (253

    )

     

     

    (594

    )

    Amortization of software as a service assets (2)

     

    (1,233

    )

     

     

    (810

    )

     

     

    (4,117

    )

     

     

    (2,985

    )

    PeopleReady technology upgrade costs (4)

     

    (440

    )

     

     

    (1,779

    )

     

     

    (1,342

    )

     

     

    (7,935

    )

    Executive leadership transition costs (5)

     

    (3,296

    )

     

     

    —

     

     

     

    (5,788

    )

     

     

    1,422

     

    Other adjustments, net (6)

     

    (1,246

    )

     

     

    (4,193

    )

     

     

    (4,145

    )

     

     

    (5,449

    )

    Adjusted SG&A expense

    $

    123,813

     

     

    $

    126,843

     

     

    $

    478,958

     

     

    $

    485,145

     

     

     

     

     

     

     

     

     

    % of revenue:

     

     

     

     

     

     

     

    Selling, general and administrative expense

     

    26.4

    %

     

     

    24.0

    %

     

     

    25.9

    %

     

     

    22.2

    %

    Adjusted SG&A expense

     

    25.2

    %

     

     

    22.7

    %

     

     

    25.1

    %

     

     

    21.5

    %

    (1)

    Our fiscal period ends on the Sunday closest to the last day of December. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks.

    (2)

    Amortization of software as a service assets is reported in selling, general and administrative expense. Note, amortization of software as a service assets was included as an adjustment to net income during transitory periods ending with fiscal 2022 and is only considered an adjustment to EBITDA going forward to be consistent with the treatment of depreciation and amortization.

    (3)

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

    (4)

    Costs associated with upgrading legacy PeopleReady technology.

    (5)

    Cost associated with our CEO and CFO transitions, including accelerated vesting of stock awards and other separation related payments.

    (6)

    Other adjustments for the 14 and 53 weeks ended December 31, 2023 primarily include workforce reduction costs of $1.8 million and $5.1 million, respectively. The 53 weeks ended December 31, 2023 also includes adjustments to COVID-19 government subsidies of $0.5 million. Other adjustments for the 13 and 52 weeks ended December 25, 2022 primarily include accelerated software costs of $4.2 million. The 52 weeks ended December 25, 2022 also includes costs of $1.1 million incurred while transitioning to a new third party administrator for workers' compensation.

    (7)

    Tax effect of the adjustments to U.S. GAAP net income (loss). The tax effect includes the application of our statutory rate of 26% to all taxable / deductible adjustments. Note, prior periods were reported using the effective rate for the respective period and have been recast to conform to the current presentation for comparability. Please refer to the reconciliations on the financial results page under the investor relations section of our website for additional information on comparable historical periods.

    (8)

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

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240221160802/en/

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