{"id":750452,"date":"2023-04-24T16:08:40","date_gmt":"2023-04-24T20:08:40","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/"},"modified":"2023-04-24T16:08:40","modified_gmt":"2023-04-24T20:08:40","slug":"trueblue-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/","title":{"rendered":"TrueBlue Reports First Quarter 2023 Results"},"content":{"rendered":"

<\/p>\n

TrueBlue Reports First Quarter 2023 Results<\/b><\/p>\n

Operational execution produces results in line with company outlook<\/i><\/b><\/p>\n

TACOMA, Wash.–(BUSINESS WIRE<\/a>)–
\nTrueBlue (NYSE:TBI) today announced its first quarter results for 2023.<\/p>\n

\nFirst quarter revenue was $465 million, a decrease of 16 percent compared to revenue of $552 million in the first quarter of 2022. Net loss per diluted share was $0.13 compared to net income per diluted share of $0.30 in the first quarter of 2022. First quarter adjusted net loss1<\/sup> per diluted share was $0.06 compared to adjusted net income per diluted share of $0.44 in the first quarter of 2022.<\/p>\n

\n\u201cGiven the macroeconomic climate, we are pleased that demand for our services was right in line with our expectation,\u201d said Steve Cooper, CEO of TrueBlue. \u201cOur PeopleReady business is one of the first to feel the impact from a change in macroeconomic conditions given the short duration of job assignments and project-based nature of its services. After experiencing the first signs of slowing demand during the second quarter last year, the underlying revenue trends at PeopleReady have been steady since October. As we expected, our PeopleScout and PeopleManagement businesses followed suit with slower demand trends during the first quarter this year as some clients trimmed their human capital spending due to macroeconomic uncertainty despite many clients having open positions.<\/p>\n

\n\u201cWe have taken actions to reduce costs in our PeopleScout and PeopleManagement businesses and our team continues to be successful in pricing our services in a disciplined manner,\u201d continued Mr. Cooper.<\/p>\n

\n\u201cOur balance sheet is in great shape and our business is producing strong cash flow, which provided us with the opportunity to return capital to shareholders,\u201d said Derrek Gafford, CFO of TrueBlue. \u201cWe repurchased $25 million of common stock during the quarter leaving $64 million remaining under our authorization.\u201d<\/p>\n

2023 Outlook<\/b><\/p>\n

\nTrueBlue is providing certain forward-looking information to help investors form their own estimates, which can be found in the quarterly earnings presentation filed today.<\/p>\n

\nManagement will discuss first quarter 2023 results on a webcast at 2:30 p.m. PT (5:30 p.m. ET), today, Monday, Apr. 24, 2023<\/b>. The webcast can be accessed on TrueBlue\u2019s website: www.trueblue.com<\/a>.<\/p>\n

About TrueBlue<\/b><\/p>\n

\nTrueBlue (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<\/a>.<\/p>\n

1 <\/sup>Refer to the financial statements accompanying this release for more information regarding non-GAAP terms.<\/p>\n

Forward-looking statements and non-GAAP financial measures<\/b><\/p>\n

\nThis 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\u2019s 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\u2019s 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\u2019s most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com<\/a> under the Investor Relations section or the SEC\u2019s website at www.sec.gov<\/a>. 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.<\/p>\n

\nIn 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<\/a> 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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n

TRUEBLUE, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

13 weeks ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in thousands, except per share data)<\/i><\/b><\/p>\n<\/td>\n

\n

Mar 26, 2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Mar 27, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue from services<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

465,288<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n551,515<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of services<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

342,175<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n411,670<\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

123,113<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n139,845<\/p>\n<\/td>\n<\/tr>\n

\n

\nSelling, general and administrative expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

122,645<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n120,568<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,411<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,287<\/p>\n<\/td>\n<\/tr>\n

\n

Income (loss) from operations<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(5,943<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,990<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense and other income, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n505<\/p>\n<\/td>\n<\/tr>\n

\n

Income (loss) before tax expense<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(4,929<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,495<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense (benefit)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(640<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,976<\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss)<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(4,289<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n10,519<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net (loss) income per common share:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(0.13<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.31<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(0.13<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.30<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Weighted average shares outstanding:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

32,292<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33,929<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

32,292<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34,544<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n

TRUEBLUE, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

SUMMARY CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n

\n

Mar 26, 2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Dec 25, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

ASSETS<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

47,223<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n72,054<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts receivable, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

282,014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n314,275<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther current assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

42,062<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43,883<\/p>\n<\/td>\n<\/tr>\n

\n

Total current assets<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

371,299<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n430,212<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty and equipment, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

97,972<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n95,823<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestricted cash and investments<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

212,840<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n213,734<\/p>\n<\/td>\n<\/tr>\n

\n

\nGoodwill and intangible assets, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

108,731<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n109,989<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

166,271<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n169,650<\/p>\n<\/td>\n<\/tr>\n

\n

Total assets<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

957,113<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,019,408<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable and other accrued expenses<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

63,967<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n76,644<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued wages and benefits<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

81,095<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n92,237<\/p>\n<\/td>\n<\/tr>\n

\n

\nCurrent portion of workers\u2019 compensation claims reserve<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

46,543<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n50,005<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther current liabilities<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

23,291<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23,989<\/p>\n<\/td>\n<\/tr>\n

\n

Total current liabilities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

214,896<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n242,875<\/p>\n<\/td>\n<\/tr>\n

\n

\nWorkers\u2019 compensation claims reserve, less current portion<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

192,884<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n201,005<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther long-term liabilities<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

81,710<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n79,213<\/p>\n<\/td>\n<\/tr>\n

\n

Total liabilities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

489,490<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n523,093<\/p>\n<\/td>\n<\/tr>\n

\n

\nShareholders\u2019 equity<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

467,623<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n496,315<\/p>\n<\/td>\n<\/tr>\n

\n

Total liabilities and shareholders\u2019 equity<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

957,113<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,019,408<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n

TRUEBLUE, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

13 weeks ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n

\n

Mar 26, 2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Mar 27, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Cash flows from operating activities:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss)<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(4,289<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n10,519<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Adjustments to reconcile net income (loss) to net cash provided by operating activities:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,411<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,287<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for credit losses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,382<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n989<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,630<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,812<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred income taxes<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(47<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,258<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-cash lease expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

3,140<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,281<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther operating activities<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

20<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,608<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Changes in operating assets and liabilities:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts receivable<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

31,025<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27,702<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome taxes receivable and payable<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(2,512<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,252<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,462<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,267<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable and other accrued expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(11,937<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(13,257<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued wages and benefits<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(11,143<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(19,031<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nWorkers\u2019 compensation claims reserve<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(11,583<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n168<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating lease liabilities<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(3,316<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3,319<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther liabilities<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,908<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,410<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash provided by operating activities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9,151<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26,442<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Cash flows from investing activities:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCapital expenditures<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(8,081<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(5,779<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nPurchases of restricted held-to-maturity investments<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(2,305<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nMaturities of restricted held-to-maturity investments<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,010<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,034<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash (used in) provided by investing activities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(8,376<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n255<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Cash flows from financing activities:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPurchases and retirement of common stock<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(24,718<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(36,326<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet proceeds from employee stock purchase plans<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

315<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n319<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommon stock repurchases for taxes upon vesting of restricted stock<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(2,377<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3,970<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet change in revolving credit facility<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\u2014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(45<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(72<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash used in financing activities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(26,825<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(36,049<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nEffect of exchange rate changes on cash, cash equivalents and restricted cash<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(57<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net change in cash, cash equivalents, and restricted cash<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(26,041<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(9,409<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Cash, cash equivalents and restricted cash, beginning of period<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

135,631<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n103,185<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Cash, cash equivalents and restricted cash, end of period<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

109,590<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n93,776<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n

TRUEBLUE, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

SEGMENT DATA<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

13 weeks ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n

\n

Mar 26, 2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Mar 27, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue from services:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleReady<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

252,628<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n305,690<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleScout<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

69,476<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n82,006<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleManagement<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

143,184<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n163,819<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total company<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

465,288<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n551,515<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Segment profit (loss)<\/b> (1):<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleReady<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

872<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n16,219<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleScout<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

8,923<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10,972<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleManagement<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(202<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,979<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total segment profit<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9,593<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n30,170<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate unallocated expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(6,708<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(7,298<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Total company Adjusted EBITDA<\/b> (2)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,885<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22,872<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nThird-party processing fees for hiring tax credits (3)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(120<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(162<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of software as a service assets (4)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(868<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(747<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleReady technology upgrade costs (5)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(32<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2,550<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther adjustments, net (6)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(1,397<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(136<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA <\/b>(2)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

468<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19,277<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(6,411<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(7,287<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense and other income, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n505<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome (loss) before tax expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(4,929<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,495<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax benefit (expense)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

640<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,976<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss)<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(4,289<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n10,519<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n(1)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nWe evaluate performance based on segment revenue and segment profit (loss). Segment profit (loss) includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit (loss) 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.<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n(2)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nSee the Non-GAAP Financial Measures table on the next page for definitions of EBITDA and Adjusted EBITDA.<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n(3)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nThese third-party processing fees are associated with generating hiring tax credits.<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n(4)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nAmortization of software as a service assets is reported in selling, general and administrative expense.<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n(5)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nCosts associated with upgrading legacy PeopleReady technology.<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n(6)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nOther adjustments for the 13 weeks ended March 26, 2023 primarily include workforce reduction costs of $1.2 million ($0.2 million in cost of services and $1.0 million in selling, general and administrative expense). Other adjustments for the 13 weeks ended March 27, 2022 primarily include costs of $0.1 million incurred while transitioning to a new third party administrator for workers\u2019 compensation.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

TRUEBLUE, INC.
\n
<\/b>NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS<\/b><\/p>\n

\nIn 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.<\/p>\n\n\n\n\n\n
\n

Non-GAAP measure<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Definition<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Purpose of adjusted measures<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted net income
\n
(loss) and
\n
<\/i><\/b>Adjusted net income
\n
(loss) per diluted share<\/i><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nNet income (loss) and net income (loss) per diluted share, excluding:<\/p>\n

\n\u2013 amortization of intangibles,<\/p>\n

\n\u2013 amortization of software as a service assets,<\/p>\n

\n\u2013 accelerated depreciation,<\/p>\n

\n\u2013 PeopleReady technology upgrade costs,<\/p>\n

\n\u2013 other adjustments, net, and<\/p>\n

\n\u2013 tax effect of each adjustment to U.S. GAAP.<\/p>\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2013 Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.<\/p>\n

\n\u2013 Used by management to assess performance and effectiveness of our business strategies.<\/p>\n

\n\u2013 Provides a measure, among others, used in the determination of incentive compensation for management.<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA and
\n
<\/i><\/b>Adjusted EBITDA<\/i><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nEBITDA excludes from net income (loss):<\/p>\n

\n\u2013 income tax expense (benefit),<\/p>\n

\n\u2013 interest expense and other income, net, and<\/p>\n

\n\u2013 depreciation and amortization.<\/p>\n

\n\u00a0<\/p>\n

\nAdjusted EBITDA, further excludes:<\/p>\n

\n\u2013 third-party processing fees for hiring tax credits,<\/p>\n

\n\u2013 amortization of software as a service assets,<\/p>\n

\n\u2013 PeopleReady technology upgrade costs,<\/p>\n

\n\u2013 other adjustments, net.<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2013 Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.<\/p>\n

\n\u2013 Used by management to assess performance and effectiveness of our business strategies.<\/p>\n

\n\u2013 Provides a measure, among others, used in the determination of incentive compensation for management.<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted SG&A expense<\/i><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nSelling, general and administrative expense excluding:<\/p>\n

\n\u2013 third-party processing fees for hiring tax credits,<\/p>\n

\n\u2013 amortization of software as a service assets,<\/p>\n

\n\u2013 PeopleReady technology upgrade costs,<\/p>\n

\n\u2013 other adjustments, net.<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2013 Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

1. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
\n
(Unaudited<\/i>)<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

13 weeks ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in thousands, except for per share data)<\/i><\/b><\/p>\n<\/td>\n

\n

Mar 26, 2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Mar 27, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss)<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(4,289<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n10,519<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of intangible assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,270<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,502<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of software as a service assets (1)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\u2014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n747<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccelerated depreciation (2)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\u2014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n516<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleReady technology upgrade costs (3)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

32<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,550<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther adjustments, net (4)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,397<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n136<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTax effect of adjustments to net income (loss) (5)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(351<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(862<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted net income (loss)<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(1,941<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n15,108<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted net income (loss) per diluted share<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(0.06<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.44<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Diluted weighted average shares outstanding<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

32,292<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34,544<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Margin \/ % of revenue:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(0.9<\/b><\/p>\n<\/td>\n

\n

)%<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net income (loss)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(0.4<\/b><\/p>\n<\/td>\n

\n

)%<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

2. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
\n
<\/b>(Unaudited<\/i>)<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

13 weeks ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n

\n

Mar 26, 2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Mar 27, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss)<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(4,289<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n10,519<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense (benefit)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(640<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,976<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense and other (income), net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(1,014<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(505<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,411<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,287<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

468<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19,277<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nThird-party processing fees for hiring tax credits (6)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

120<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n162<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of software as a service assets (1)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

868<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n747<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleReady technology upgrade costs (3)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

32<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,550<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther adjustments, net (4)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,397<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n136<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted EBITDA<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

2,885<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n22,872<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Margin \/ % of revenue:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(0.9<\/b><\/p>\n<\/td>\n

\n

)%<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

0.6<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4.1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE
\n
<\/b>(Unaudited)<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

13 weeks ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n

\n

Mar 26, 2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Mar 27, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nSelling, general and administrative expense<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

122,645<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n120,568<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nThird-party processing fees for hiring tax credits (6)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(120<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(162<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of software as a service assets (1)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(868<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(747<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nPeopleReady technology upgrade costs (3)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(32<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2,550<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther adjustments, net (4)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(1,189<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(136<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted SG&A expense<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

120,436<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n116,973<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

% of revenue:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSelling, general and administrative expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

26.4<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted SG&A expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

25.9<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n(1)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nAmortization 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.<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nAccelerated depreciation for the existing systems being replaced by the upgraded PeopleReady technology platform.<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(3)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nCosts associated with upgrading legacy PeopleReady technology.<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(4)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nOther adjustments for the 13 weeks ended March 26, 2023 primarily include workforce reduction costs of $1.2 million ($0.2 million in cost of services and $1.0 million in selling, general and administrative expense). Other adjustments for the 13 weeks ended March 27, 2022 primarily include costs of $0.1 million incurred while transitioning to a new third party administrator for workers\u2019 compensation.<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(5)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nTotal tax effect of each of the adjustments to U.S. GAAP net income using the effective income tax rate for the respective periods.<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(6)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nThese third-party processing fees are associated with generating hiring tax credits.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230424005205\/en\/<\/a><\/span><\/p>\n

\nDerrek Gafford, Executive Vice President and CFO
\n
253-680-8214<\/p>\n

KEYWORDS:<\/b> Washington United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Human Resources<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

TrueBlue Reports First Quarter 2023 Results Operational execution produces results in line with company outlook TACOMA, Wash.–(BUSINESS WIRE)– TrueBlue (NYSE:TBI) today announced its first quarter results for 2023. First quarter revenue was $465 million, a decrease of 16 percent compared to revenue of $552 million in the first quarter of 2022. Net loss per diluted share was $0.13 compared to net income per diluted share of $0.30 in the first quarter of 2022. First quarter adjusted net loss1 per diluted share was $0.06 compared to adjusted net income per diluted share of $0.44 in the first quarter of 2022. \u201cGiven the macroeconomic climate, we are pleased that demand for our services was right in line with our expectation,\u201d said Steve … <\/p>\n

Continue reading “TrueBlue Reports First Quarter 2023 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-750452","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTrueBlue Reports First Quarter 2023 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TrueBlue Reports First Quarter 2023 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"TrueBlue Reports First Quarter 2023 Results Operational execution produces results in line with company outlook TACOMA, Wash.–(BUSINESS WIRE)– TrueBlue (NYSE:TBI) today announced its first quarter results for 2023. First quarter revenue was $465 million, a decrease of 16 percent compared to revenue of $552 million in the first quarter of 2022. Net loss per diluted share was $0.13 compared to net income per diluted share of $0.30 in the first quarter of 2022. First quarter adjusted net loss1 per diluted share was $0.06 compared to adjusted net income per diluted share of $0.44 in the first quarter of 2022. \u201cGiven the macroeconomic climate, we are pleased that demand for our services was right in line with our expectation,\u201d said Steve … Continue reading "TrueBlue Reports First Quarter 2023 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-24T20:08:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230424005205r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/trueblue-reports-first-quarter-2023-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/trueblue-reports-first-quarter-2023-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"TrueBlue Reports First Quarter 2023 Results\",\"datePublished\":\"2023-04-24T20:08:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/trueblue-reports-first-quarter-2023-results\\\/\"},\"wordCount\":2260,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/trueblue-reports-first-quarter-2023-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230424005205r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/trueblue-reports-first-quarter-2023-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/trueblue-reports-first-quarter-2023-results\\\/\",\"name\":\"TrueBlue Reports First Quarter 2023 Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/","og_locale":"en_US","og_type":"article","og_title":"TrueBlue Reports First Quarter 2023 Results - Market Newsdesk","og_description":"TrueBlue Reports First Quarter 2023 Results Operational execution produces results in line with company outlook TACOMA, Wash.–(BUSINESS WIRE)– TrueBlue (NYSE:TBI) today announced its first quarter results for 2023. First quarter revenue was $465 million, a decrease of 16 percent compared to revenue of $552 million in the first quarter of 2022. Net loss per diluted share was $0.13 compared to net income per diluted share of $0.30 in the first quarter of 2022. First quarter adjusted net loss1 per diluted share was $0.06 compared to adjusted net income per diluted share of $0.44 in the first quarter of 2022. \u201cGiven the macroeconomic climate, we are pleased that demand for our services was right in line with our expectation,\u201d said Steve … Continue reading \"TrueBlue Reports First Quarter 2023 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/","og_site_name":"Market Newsdesk","article_published_time":"2023-04-24T20:08:40+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230424005205r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"TrueBlue Reports First Quarter 2023 Results","datePublished":"2023-04-24T20:08:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/"},"wordCount":2260,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230424005205r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/trueblue-reports-first-quarter-2023-results\/","name":"TrueBlue Reports First Quarter 2023 Results - 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