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    TrueBlue Reports Second Quarter 2023 Results

    7/24/23 4:05:00 PM ET
    $TBI
    Professional Services
    Consumer Discretionary
    Get the next $TBI alert in real time by email

    TrueBlue (NYSE:TBI) today announced its second quarter results for 2023.

    Second quarter revenue was $476 million, a decrease of 16 percent compared to revenue of $569 million in the second quarter of 2022. Net loss per diluted share was $0.24 compared to net income per diluted share of $0.72 in the second quarter of 2022. Second quarter adjusted net income1 per diluted share was $0.17 compared to adjusted net income per diluted share of $0.82 in the second quarter of 2022.

    Included in the net loss for the second quarter is a non-cash goodwill and intangible asset impairment charge of $9 million after tax or $0.30 per diluted share.

    "Our results reflect an environment of softening demand," said Steve Cooper, CEO of TrueBlue. "Given the tight labor market, clients continue to focus on retaining employees, but they are also increasingly focused on reducing costs. As a result, clients are becoming more selective on which jobs they choose to fill."

    "We maintained pricing discipline in our staffing segments and took additional actions to reduce costs," said Taryn Owen, President & COO of TrueBlue. "We remain highly engaged with our clients and are well positioned to support their current and future workforce needs."

    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 second quarter 2023 results on a webcast at 2:30 p.m. PT (5:30 p.m. ET), today, Monday, Jul. 24, 2023. 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 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

     

    26 weeks ended

    (in thousands, except per share data)

    Jun 25, 2023

     

    Jun 26, 2022

     

    Jun 25, 2023

     

    Jun 26, 2022

    Revenue from services

    $

    475,588

     

     

    $

    569,253

     

     

    $

    940,876

     

     

    $

    1,120,768

    Cost of services

     

    345,097

     

     

     

    410,722

     

     

     

    687,272

     

     

     

    822,392

    Gross profit

     

    130,491

     

     

     

    158,531

     

     

     

    253,604

     

     

     

    298,376

    Selling, general and administrative expense

     

    121,282

     

     

     

    122,034

     

     

     

    243,927

     

     

     

    242,602

    Depreciation and amortization

     

    6,280

     

     

     

    7,245

     

     

     

    12,691

     

     

     

    14,532

    Goodwill and intangible asset impairment charge

     

    9,485

     

     

     

    —

     

     

     

    9,485

     

     

     

    —

    Income (loss) from operations

     

    (6,556

    )

     

     

    29,252

     

     

     

    (12,499

    )

     

     

    41,242

    Interest and other income (expense), net

     

    578

     

     

     

    (110

    )

     

     

    1,592

     

     

     

    395

    Income (loss) before tax expense

     

    (5,978

    )

     

     

    29,142

     

     

     

    (10,907

    )

     

     

    41,637

    Income tax expense

     

    1,345

     

     

     

    5,129

     

     

     

    705

     

     

     

    7,105

    Net income (loss)

    $

    (7,323

    )

     

    $

    24,013

     

     

    $

    (11,612

    )

     

    $

    34,532

     

     

     

     

     

     

     

     

    Net (loss) income per common share:

     

     

     

     

     

     

     

    Basic

    $

    (0.24

    )

     

    $

    0.73

     

     

    $

    (0.37

    )

     

    $

    1.04

    Diluted

    $

    (0.24

    )

     

    $

    0.72

     

     

    $

    (0.37

    )

     

    $

    1.02

     

     

     

     

     

     

     

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    30,966

     

     

     

    32,707

     

     

     

    31,629

     

     

     

    33,318

    Diluted

     

    30,966

     

     

     

    33,149

     

     

     

    31,629

     

     

     

    33,832

    TRUEBLUE, INC.

    SUMMARY CONSOLIDATED BALANCE SHEETS

    (Unaudited)

     

    (in thousands)

    Jun 25, 2023

     

    Dec 25, 2022

    ASSETS

     

     

     

    Cash and cash equivalents

    $

    49,653

     

    $

    72,054

    Accounts receivable, net

     

    267,949

     

     

    314,275

    Other current assets

     

    36,232

     

     

    43,883

    Total current assets

     

    353,834

     

     

    430,212

    Property and equipment, net

     

    100,277

     

     

    95,823

    Restricted cash and investments

     

    206,106

     

     

    213,734

    Goodwill and intangible assets, net

     

    98,210

     

     

    109,989

    Other assets, net

     

    166,430

     

     

    169,650

    Total assets

    $

    924,857

     

    $

    1,019,408

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

    Accounts payable and other accrued expenses

    $

    48,555

     

    $

    76,644

    Accrued wages and benefits

     

    82,961

     

     

    92,237

    Current portion of workers' compensation claims reserve

     

    44,840

     

     

    50,005

    Other current liabilities

     

    22,847

     

     

    23,989

    Total current liabilities

     

    199,203

     

     

    242,875

    Workers' compensation claims reserve, less current portion

     

    186,271

     

     

    201,005

    Other long-term liabilities

     

    85,338

     

     

    79,213

    Total liabilities

     

    470,812

     

     

    523,093

    Shareholders' equity

     

    454,045

     

     

    496,315

    Total liabilities and shareholders' equity

    $

    924,857

     

    $

    1,019,408

    TRUEBLUE, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

     

    26 weeks ended

    (in thousands)

    Jun 25, 2023

     

    Jun 26, 2022

    Cash flows from operating activities:

     

     

     

    Net income (loss)

    $

    (11,612

    )

     

    $

    34,532

     

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

     

     

     

    Depreciation and amortization

     

    12,691

     

     

     

    14,532

     

    Goodwill and intangible asset impairment charge

     

    9,485

     

     

     

    —

     

    Provision for credit losses

     

    2,408

     

     

     

    2,572

     

    Stock-based compensation

     

    5,294

     

     

     

    4,487

     

    Deferred income taxes

     

    (22

    )

     

     

    2,117

     

    Non-cash lease expense

     

    6,249

     

     

     

    6,518

     

    Other operating activities

     

    (1,099

    )

     

     

    6,752

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    43,915

     

     

     

    12,524

     

    Income taxes receivable and payable

     

    (3,039

    )

     

     

    (3,549

    )

    Other assets

     

    15,053

     

     

     

    (8,486

    )

    Accounts payable and other accrued expenses

     

    (26,968

    )

     

     

    (10,629

    )

    Accrued wages and benefits

     

    (9,277

    )

     

     

    (14,638

    )

    Workers' compensation claims reserve

     

    (19,899

    )

     

     

    11,404

     

    Operating lease liabilities

     

    (6,295

    )

     

     

    (6,441

    )

    Other liabilities

     

    3,980

     

     

     

    1,407

     

    Net cash provided by operating activities

     

    20,864

     

     

     

    53,102

     

    Cash flows from investing activities:

     

     

     

    Capital expenditures

     

    (15,738

    )

     

     

    (13,992

    )

    Payments for company-owned life insurance

     

    (2,347

    )

     

     

    —

     

    Purchases of restricted held-to-maturity investments

     

    (9,955

    )

     

     

    (4,950

    )

    Maturities of restricted held-to-maturity investments

     

    15,613

     

     

     

    17,826

     

    Net cash used in investing activities

     

    (12,427

    )

     

     

    (1,116

    )

    Cash flows from financing activities:

     

     

     

    Purchases and retirement of common stock

     

    (34,200

    )

     

     

    (60,939

    )

    Net proceeds from employee stock purchase plans

     

    509

     

     

     

    536

     

    Common stock repurchases for taxes upon vesting of restricted stock

     

    (2,514

    )

     

     

    (4,132

    )

    Other

     

    (91

    )

     

     

    (147

    )

    Net cash used in financing activities

     

    (36,296

    )

     

     

    (64,682

    )

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

     

    (20

    )

     

     

    (494

    )

    Net change in cash, cash equivalents, and restricted cash

     

    (27,879

    )

     

     

    (13,190

    )

    Cash, cash equivalents and restricted cash, beginning of period

     

    135,631

     

     

     

    103,185

     

    Cash, cash equivalents and restricted cash, end of period

    $

    107,752

     

     

    $

    89,995

     

    TRUEBLUE, INC.

    SEGMENT DATA

    (Unaudited)

     

     

    13 weeks ended

    (in thousands)

    Jun 25, 2023

     

    Jun 26, 2022

    Revenue from services:

     

     

     

    PeopleReady

    $

    275,318

     

     

    $

    317,943

     

    PeopleScout

     

    59,710

     

     

     

    89,372

     

    PeopleManagement

     

    140,560

     

     

     

    161,938

     

    Total company

    $

    475,588

     

     

    $

    569,253

     

     

     

     

     

    Segment profit (1):

     

     

     

    PeopleReady

    $

    8,158

     

     

    $

    20,325

     

    PeopleScout

     

    8,817

     

     

     

    20,593

     

    PeopleManagement

     

    2,250

     

     

     

    4,228

     

    Total segment profit

     

    19,225

     

     

     

    45,146

     

    Corporate unallocated expense

     

    (8,215

    )

     

     

    (6,531

    )

    Total company Adjusted EBITDA (2)

     

    11,010

     

     

     

    38,615

     

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

     

    (110

    )

     

     

    (162

    )

    Amortization of software as a service assets (4)

     

    (952

    )

     

     

    (699

    )

    Goodwill and intangible asset impairment charge

     

    (9,485

    )

     

     

    —

     

    PeopleReady technology upgrade costs (5)

     

    (174

    )

     

     

    (1,748

    )

    Other adjustments, net (6)

     

    (565

    )

     

     

    491

     

    EBITDA (2)

     

    (276

    )

     

     

    36,497

     

    Depreciation and amortization

     

    (6,280

    )

     

     

    (7,245

    )

    Interest and other income (expense), net

     

    578

     

     

     

    (110

    )

    Income (loss) before tax expense

     

    (5,978

    )

     

     

    29,142

     

    Income tax expense

     

    (1,345

    )

     

     

    (5,129

    )

    Net income (loss)

    $

    (7,323

    )

     

    $

    24,013

     

    (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)

    Costs associated with upgrading legacy PeopleReady technology.

    (6)

    Other adjustments for the 13 weeks ended June 25, 2023 primarily include workforce reduction costs of $0.6 million ($0.2 million in cost of services and $0.4 million in selling, general and administrative expense). Other adjustments for the 13 weeks ended June 26, 2022 primarily include a benefit of $1.4 million from forfeited stock awards associated with the CEO transition that were expensed in prior years, partially offset by $0.8 million of costs 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,

    – 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 (loss):

    – income tax expense,

    – 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,

    – goodwill and intangible asset impairment charge,

    – PeopleReady technology upgrade costs,

    – 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,

    – 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)

     

     

    13 weeks ended

    (in thousands, except for per share data)

    Jun 25, 2023

     

    Jun 26, 2022

    Net income (loss)

    $

    (7,323

    )

     

    $

    24,013

     

    Amortization of intangible assets

     

    1,274

     

     

     

    1,495

     

    Amortization of software as a service assets (1)

     

    —

     

     

     

    699

     

    Goodwill and intangible asset impairment charge

     

    9,485

     

     

     

    —

     

    Accelerated depreciation (2)

     

    —

     

     

     

    540

     

    PeopleReady technology upgrade costs (3)

     

    174

     

     

     

    1,748

     

    Other adjustments, net (4)

     

    565

     

     

     

    (491

    )

    Tax effect of adjustments to net income (loss) (5)

     

    1,203

     

     

     

    (749

    )

    Adjusted net income

    $

    5,378

     

     

    $

    27,255

     

     

     

     

     

    Adjusted net income per diluted share

    $

    0.17

     

     

    $

    0.82

     

     

     

     

     

    Diluted weighted average shares outstanding

     

    31,185

     

     

     

    33,149

     

     

     

     

     

    Margin / % of revenue:

     

     

     

    Net income (loss)

     

    (1.5

    )%

     

     

    4.2

    %

    Adjusted net income

     

    1.1

    %

     

     

    4.8

    %

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

    (Unaudited)

     

     

    13 weeks ended

    (in thousands)

    Jun 25, 2023

     

    Jun 26, 2022

    Net income (loss)

    $

    (7,323

    )

     

    $

    24,013

     

    Income tax expense

     

    1,345

     

     

     

    5,129

     

    Interest and other (income) expense, net

     

    (578

    )

     

     

    110

     

    Depreciation and amortization

     

    6,280

     

     

     

    7,245

     

    EBITDA

     

    (276

    )

     

     

    36,497

     

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

     

    110

     

     

     

    162

     

    Amortization of software as a service assets (1)

     

    952

     

     

     

    699

     

    Goodwill and intangible asset impairment charge

     

    9,485

     

     

     

    —

     

    PeopleReady technology upgrade costs (3)

     

    174

     

     

     

    1,748

     

    Other adjustments, net (4)

     

    565

     

     

     

    (491

    )

    Adjusted EBITDA

    $

    11,010

     

     

    $

    38,615

     

     

     

     

     

    Margin / % of revenue:

     

     

     

    Net income (loss)

     

    (1.5

    )%

     

     

    4.2

    %

    Adjusted EBITDA

     

    2.3

    %

     

     

    6.8

    %

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

    (Unaudited)

     

     

    13 weeks ended

    (in thousands)

    Jun 25, 2023

     

    Jun 26, 2022

    Selling, general and administrative expense

    $

    121,282

     

     

    $

    122,034

     

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

     

    (110

    )

     

     

    (162

    )

    Amortization of software as a service assets (1)

     

    (952

    )

     

     

    (699

    )

    PeopleReady technology upgrade costs (3)

     

    (174

    )

     

     

    (1,748

    )

    Other adjustments, net (4)

     

    (390

    )

     

     

    491

     

    Adjusted SG&A expense

    $

    119,656

     

     

    $

    119,916

     

     

     

     

     

    % of revenue:

     

     

     

    Selling, general and administrative expense

     

    25.5

    %

     

     

    21.4

    %

    Adjusted SG&A expense

     

    25.2

    %

     

     

    21.1

    %

    (1)

     

    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.

    (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 weeks ended June 25, 2023 primarily include workforce reduction costs of $0.6 million ($0.2 million in cost of services and $0.4 million in selling, general and administrative expense). Other adjustments for the 13 weeks ended June 26, 2022 primarily include a benefit of $1.4 million from forfeited stock awards associated with the CEO transition that were expensed in prior years, partially offset by $0.8 million of costs incurred while transitioning to a new third party administrator for workers' compensation.

    (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.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20230724851112/en/

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