TrueBlue Inc (TBI)

Temporary Workers Prioritize Transparency and Human ConnectionMay 27, 2026 4:05 PM
Business Wire TrueBlue’s PeopleReady survey of 1,200+ temporary workers also highlights openness to AI in job search TrueBlue (NYSE: TBI), a leading provider of specialized workforce solutions, today announced new survey findings from its flagship PeopleReady brand, revealing that temporary workers continue to value transparency, human guidance, and fast pay, while being open to technology-enabled tools that speed up and improve job matching. The findings, from People Pulse – Spring 2026, a nationwide survey of more than 1,200 temporary workers, explore how today’s workforce balances emerging technology with traditional staffing support. Results show temporary workers recognize AI’s potential for faster, more effective job matching, while trust, human interaction, and fast pay remain central to the experience. “As AI continues to reshape how work gets done, it’s encouraging to see these findings reinforce what matters most to workers — speed, transparency, and human connection,” said Taryn Owen, President and CEO of TrueBlue. “Our approach has been to use technology to enhance — not replace — the human experience. By combining digital innovation with deep local expertise, we’re delivering faster, more transparent connections between people and work while maintaining the trust workers and businesses expect.” “Temporary workers value technology that helps them connect with jobs more quickly, but human connection remains imperative to the experience,” said Mike Kruszewski, President of PeopleReady On-Demand. “Our local teams play a key role in understanding the needs of both workers and customers — providing guidance, support, and trusted relationships in every market we serve. By combining our JobStack technology with the expertise of our local teams, we’re able to create more meaningful opportunities for workers while helping customers maintain a reliable workforce and achieve lasting results.” Key Findings Human Communication Matters: Just 3% of workers prefer AI-only communication about jobs, with the vast majority favoring either human interaction or a blend of human and AI engagement. Transparency is Key: Nearly four in five temporary workers are receptive to AI-supported job matching, but most still want visibility into all available jobs — not just algorithmic recommendations. Trust in AI is Mixed: While 53% of workers say they are at least somewhat comfortable chatting with an AI assistant during their job search, only 14% say they fully trust AI in that process. Speed and Fairness Drive Value: The top perceived benefit of AI is faster job matching (cited by 36% of respondents), followed by its potential to reduce bias. The PeopleReady Advantage With its nationwide branch network and award-winning AI-enabled JobStack app, PeopleReady is uniquely positioned to meet the evolving needs of both businesses and today’s temporary workforce. JobStack delivers a smarter, faster, and more reliable staffing experience, connecting employers with talent when and where they need it most. About People Pulse People Pulse – Spring 2026 is based on a nationwide survey of more than 1,200 PeopleReady temporary workers across generations and industries. The survey explores evolving workforce attitudes toward technology, job priorities and how AI is shaping temporary staffing. Full survey findings are available here. About TrueBlue TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first—advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands—PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals—provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed, and scale to the changing world of work. Learn more at www.trueblue.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527811780/en/ Press Contact
Taylor Winchell

TrueBlue Confirms Receipt of Unsolicited Acquisition Proposal from HireQuest for On-Demand BusinessMay 12, 2026 7:25 PM
Business Wire TrueBlue, Inc. (NYSE: TBI), a leading provider of specialized workforce solutions, today issued the following statement in response to recent public comments made by HireQuest, Inc. regarding a potential transaction between the companies. Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, TrueBlue’s Board of Directors is carefully reviewing and evaluating the latest unsolicited proposal to determine the course of action that it believes is in the best interests of its shareholders. There is no action for shareholders to take at this time. Barclays is serving as financial advisor and Sidley Austin LLP is serving as legal counsel to TrueBlue. About TrueBlue TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first–advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands–PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals–provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed and scale to the changing world of work. Learn more at www.trueblue.com. Forward-Looking Statements This press release 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, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer on the Company’s business, or other developments involving such an Offer; (3) actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy contest for the election of directors at our annual meeting of shareholders; (4) our ability to maintain profit margins, (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) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) 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 and Exchange Commission (the “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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512019688/en/ TrueBlue Investor Relations
InvestorRelations@trueblue.com TrueBlue Media
Dan Moore / Jack Kelleher
TBI-CS@collectedstrategies.com Original: TrueBlue Confirms Receipt of Unsolicited Acquisition Proposal from HireQuest for On-Demand Business

HIREQUEST ISSUES OFFER TO THE BOARD OF DIRECTORS OF TRUEBLUE, INC.May 12, 2026 4:15 PM
PR Newswire (US) Cash offer values the on-demand segment of TrueBlue, Inc. in excess of $100 millionGOOSE CREEK, S.C., May 12, 2026 /PRNewswire/ -- HireQuest, Inc. (Nasdaq: HQI) announced today that it has submitted to the Board of Directors of TrueBlue, Inc. (NYSE: TBI) a proposal to acquire certain assets of TrueBlue's People-Ready segment for $105 million in cash. As previously disclosed, HireQuest ("HQI") made multiple offers to acquire True Blue, Inc. ("TBI") in 2025 at prices ranging from $7.50 to $12.30 per share. Each of those offers, however, was rebuffed by the board of directors of TBI (the "TBI Board"). As a result, and also as previously disclosed, HQI was prepared to initiate a tender offer directly to the TBI shareholders and incurred substantial costs in preparing such offer. However, prior to commencing the tender, HQI postponed further shareholder-facing communication in the hopes of engaging with the TBI Board directly on a friendly basis regarding a potential deal.Now, a year after initially making its interest in a transaction public, no deal between HQI and TBI has materialized. HQI is once again exploring all options with respect to a potential transaction. "We remain interested in acquiring TrueBlue and especially the on-demand portion of the company's People-Ready segment," stated Richard Hermanns, CEO of HQI. "We believe the on-demand business is very complimentary to our HireQuest Direct division, and, as a result, we made an attractive all-cash offer earlier today to the TrueBlue Board for them to engage with us in a transaction to sell the on-demand business of TrueBlue's People-Ready segment to us if they prefer to keep TrueBlue as an independent publicly-traded company.""The all-cash proposal for this portion of People-Ready," Mr. Hermanns continued, "represents a unique opportunity for TrueBlue. This business, which excludes the higher-growth skilled and solar/renewable energy staffing segments, has been an underperformer for TrueBlue for years. As we've said in the past, HireQuest's franchise model is uniquely suited to unlock the value in the on-demand portion of People-Ready. This deal could allow TrueBlue to divest of this underperforming segment and raise a substantial amount of cash that could be used to repay debt, grow and diversify its business strategically, or even make a sizeable special dividend to TrueBlue shareholders. Based on disclosures in their most recent proxy statement, this proposal represents $3.45 per share of TrueBlue stock."In closing, Mr. Hermanns added, "We hope the Board of TrueBlue will view this opportunity for what it is – a clear path to creating incremental shareholder value for TrueBlue shareholders." About HireQuest, Inc.HireQuest is a franchisor of staffing solutions with a footprint across the U.S. and international markets. Through its primary divisions - HireQuest Direct, HireQuest Health, Snelling, TradeCorp and DriverQuest - the company delivers temporary, direct-hire, and contract workforce solutions across a wide range of industries, including construction, light industrial, healthcare, finance, manufacturing, hospitality, logistics and more. From on-demand staffing to direct hire recruiting, HireQuest's divisions work together to provide workforce solutions that help businesses grow and create meaningful opportunities for the communities we serve. For more information, visit www.hirequest.comForward-looking StatementsThis news release includes, and HireQuest's officers and other representatives may sometimes make or provide certain estimates and other forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including statements regarding the proposed transaction, benefits and synergies of the proposed transaction and future opportunities for the combined company, including statements regarding value, profitability or growth prospects of the combined company. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods.While HireQuest believes these statements are accurate, forward-looking statements are not historical facts and are inherently uncertain. They are based only on HireQuest's current beliefs, expectations, and assumptions regarding the future of its and TrueBlue's business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. HireQuest cannot assure you that these expectations will occur, and its actual results may be significantly different. Therefore, you should not place undue reliance on these forward-looking statements. Important factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by HireQuest, include but are not limited to the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those described herein; uncertainties as to whether TrueBlue will cooperate with HireQuest regarding the proposed transaction; HireQuest's ability to consummate the proposed transaction with TrueBlue; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; the possibility that HireQuest may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate TrueBlue's operations with those of HireQuest; that such integration, including any proposed conversion to franchises, may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; that the retention of certain key employees may be difficult; that any or all of such factors could result in lower profitability of the combined businesses than of HireQuest currently; and general economic conditions that are less favorable than expected. Additional risks that may affect HireQuest's operations and other factors discussed in the "Risk Factors" section and elsewhere in HireQuest's most recent Annual Report on Form 10-K and the quarterly reports on Form 10-Q filed thereafter. Any forward-looking statement made by HireQuest or its management in this news release is based only on information currently available to HireQuest and speaks only as of the date on which it is made. HireQuest and its management disclaim any obligation to update or revise any forward-looking statement, whether written or oral, that may be made from time to time, based on the occurrence of future events, the receipt of new information, or otherwise, except as required by law.Important Additional InformationThis communication does not constitute an offer to buy or solicitation of an offer to sell any securities. This communication relates to a proposal that HireQuest has made for a business combination transaction with TrueBlue. In furtherance of this proposal and subject to future developments, HireQuest (and, if applicable, TrueBlue) may file one or more registration statements, consent solicitation or proxy statements, tender offer statements, prospectuses or other documents with the Securities and Exchange Commission (the "SEC"). However, such filings will not be made unless required. This communication is not a substitute for any registration statement, consent solicitation or proxy statement, tender offer statement, prospectus or other document HireQuest and/or TrueBlue may file with the SEC in connection with the proposed transaction.Investors and security holders of TrueBlue and HireQuest are urged to read any registration statement(s), consent solicitation or proxy statement(s), tender offer statement(s), prospectus(es) and/or other documents that may be filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction.Any final prospectus(es) and definitive consent solicitation or proxy statement(s) (if and when available) will be mailed to shareholders of True Blue and/or HireQuest, as applicable. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by HireQuest through the web site maintained by the SEC at www.sec.gov, and by visiting HireQuest's investor relations site at investors.hirequest.com.This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.This communication is neither a solicitation of a consent or proxy nor a substitute for any consent solicitation or proxy statement or other filings that may be made with the SEC. Nonetheless, to the extent a TrueBlue shareholder vote is required, HireQuest and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of consents or proxies in respect of the proposed transactions. You can find information about HireQuest's executive officers and directors in its Proxy Statements on Schedule 14A filed with the SEC on April 30, 2026. Additional information regarding the interests of such potential participants will be included in one or more registration statements, consent solicitation or proxy statements, tender offer statements or other documents if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC's website www.sec.gov, and by visiting HireQuest's investor relations site at investors.hirequest.com.Company Contact:
HireQuest
David Hartley, Chief Financial Officer
(800) 835-6755
Email: cdhartley@hirequest.comInvestor Relations Contact:
IMS Investor Relations
John Nesbett/Jennifer Belodeau
(203) 972-9200
Email: hirequest@imsinvestorrelations.com View original content to download multimedia:https://www.prnewswire.com/news-releases/hirequest-issues-offer-to-the-board-of-directors-of-trueblue-inc-302770048.htmlSOURCE HireQuest Original: HIREQUEST ISSUES OFFER TO THE BOARD OF DIRECTORS OF TRUEBLUE, INC.

TrueBlue to Announce First Quarter 2026 ResultsApril 21, 2026 4:05 PM
Business Wire
TrueBlue (NYSE: TBI) will release first quarter 2026 earnings results after the market close on Tuesday, May 5, 2026.


Management will discuss the results on a webcast at 2:00 p.m. PT (5:00 p.m. ET) on Tuesday, May 5, 2026. The webcast and a presentation of financial information will be available on TrueBlue’s website: www.trueblue.com. An audio replay will be available on the Company's website for a period of six months following the call.


About TrueBlue


TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first–advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands–PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals–provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed and scale to the changing world of work. Learn more at www.trueblue.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421312836/en/
Investor Relations

InvestorRelations@trueblue.com


Original: TrueBlue to Announce First Quarter 2026 Results

TrueBlue to Appoint New Independent DirectorApril 13, 2026 8:05 AM
Business Wire
Enters into Cooperation Agreement with EHS Investments


TrueBlue, Inc. (NYSE: TBI) (“TrueBlue” or the “Company”), a leading provider of specialized workforce solutions, today announced that its Board of Directors (the “Board”) will appoint a new independent director to the Board by no later than September 30, 2026. In accordance with a cooperation agreement (the “Agreement”) TrueBlue has entered into with EHS Investments, the new independent director will be mutually agreed upon by the Company and EHS.


“The Board continues to advance its refreshment efforts and strengthen governance, and we look forward to adding a new independent director in the months ahead in coordination with EHS,” said Jeffrey B. Sakaguchi, Chairman of the Board. “We appreciate our constructive engagement with EHS and will continue to oversee the Company’s strategy with a focus on disciplined execution and long-term value for shareholders.”


"We invested in TrueBlue due to our belief in its long-term strategic value and competitive position, the recovery potential and long-term prospects of the light industrial staffing industry, and the opportunity to drive growth and value creation," said Eric H. Su, founder of EHS Investments. "We have appreciated the engagement with TrueBlue and believe there are meaningful opportunities ahead to create shareholder value." Mr. Su will provide strategic input to the Board pursuant to the terms of the Agreement, and the Board will evaluate and interview candidates recommended by Mr. Su as part of the process for identifying the new independent director.


Pursuant to the Agreement, EHS has withdrawn its previously announced director nominations, agreed to support the Board's full slate of directors at the 2026 Annual Meeting of Shareholders (the “2026 Annual Meeting”) and agreed to customary standstill, mutual non-disparagement, voting and other provisions. The Company will file the Agreement with the U.S. Securities and Exchange Commission (the "SEC") as an exhibit to a Current Report on Form 8-K.


As previously announced as part of the Company’s ongoing refreshment plans, two TrueBlue directors are expected to step down from the Board at or before the 2026 Annual Meeting. Following the appointment of the new independent director in 2026, the Board will consist of ten directors, nine of whom are independent.


Barclays is acting as financial advisor, and Sidley Austin LLP is serving as legal counsel to TrueBlue. Olshan Frome Wolosky LLP is acting as legal counsel to EHS.


About TrueBlue


TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first — advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands—PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals—provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed, and scale to the changing world of work. Learn more at trueblue.com.


Forward Looking Statements


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, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer on the Company’s business, or other developments involving such an Offer; (3) actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy contest for the election of directors at our annual meeting of shareholders; (4) our ability to maintain profit margins, (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) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) 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 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.


Important Information for Investors and Shareholders


The Company intends to file a proxy statement on Schedule 14A, an accompanying BLUE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company’s shareholders for the Company’s 2026 annual meeting of shareholders. THE COMPANY’S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING BLUE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying BLUE proxy card, any amendments or supplements to the proxy statement, and other documents that the Company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “All SEC Filings” link in the “Investor Relations” section of the Company’s website at https://investor.trueblue.com/sec-filings/all-sec-filings.


Participants in the Solicitation


The Company, its independent directors and certain of its executive officers are deemed to be “participants” (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s shareholders in connection with matters to be considered at the Company’s 2026 annual meeting of shareholders. Information about the names of the Company’s directors and officers, and certain other individuals and their respective interests in the Company by security holdings or otherwise, and their respective compensation, is set forth in the sections entitled “Director Biographies,” “Compensation of Directors,” “Compensation Discussion and Analysis” and “Security Ownership of Certain Beneficial Owners and Management” of the Company’s Proxy Statement on Schedule 14A in connection with the 2025 annual meeting of shareholders, filed with the SEC on April 4, 2025 (available here) and the Company’s Annual Report on Form 10-K filed with the SEC on February 18, 2026 (available here). Supplemental information regarding the participants’ holdings of the Company’s securities can be found at no charge in SEC filings on Statements of Change in Ownership on Forms 3 and 4 filed with the SEC on February 24, 2026 for Colleen B. Brown (available here), on February 24, 2026 for William C. Goings (available here), on January 16, 2026 for William Greenblatt (available here), on February 5, 2026, February 24, 2026, February 25, 2026 and February 26, 2026 for Garrett R. Ferencz (available here, here, here and here), on February 24, 2026 for Kim Harris Jones (available here), on February 24, 2026 for R. Chris Kreidler (available here), on February 24, 2026 for Sonita Lontoh (available here), on October 6, 2025, October 7, 2025, February 5, 2026, February 24, 2026, February 25, 2026 and February 26, 2026 for Taryn R. Owen (available here, here, here, here, here and here), on February 24, 2026 for Paul G. Reitz (available here), on February 24, 2026 for Jeffrey B. Sakaguchi (available here), on February 24, 2026 for Kristi A. Savacool (available here), on November 4, 2025, February 5, 2026, February 24, 2026, February 24, 2026 and February 25, 2026 for Carl R. Schweihs (available here, here, here, here and here), and on January 15, 2026 and February 24, 2026 for William J. Seward (available here and here).


Such filings are also available on the Company’s website at https://investor.trueblue.com/sec-filings/all-sec-filings. Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2026 annual meeting of shareholders, if and when they become available. These documents will be available free of charge as described above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413506150/en/
Investor Relations

InvestorRelations@trueblue.com


Media Relations

Collected Strategies

Dan Moore and Jack Kelleher

TBI-CS@collectedstrategies.com


Original: TrueBlue to Appoint New Independent Director

TrueBlue Responds to Misleading Statements From EHS InvestmentsMarch 3, 2026 4:05 PM
Business Wire
TrueBlue, Inc. (NYSE: TBI) (“TrueBlue” or the “Company”) today issued the following statement in response to the recent statements made by EHS Investments (“EHS”):


On February 18, 2026, TrueBlue reported its second consecutive quarter of organic revenue growth and detailed plans to continue improving profitability, lowering operating costs and building a more focused and agile organization. Those plans are progressing and we are confident they will lead to significant margin improvement and free cash flow generation over time.


Meanwhile, EHS continues to press forward with a proxy contest. Comments from EHS that TrueBlue has refused to engage are categorically untrue. In fact, EHS made a settlement proposal just last week, and after TrueBlue attempted to schedule a meeting with EHS’ legal counsel last night to present a counterproposal, EHS still decided to issue its press release this morning. Unfortunately, this is the second time during the course of our engagement that EHS has issued a press release while TrueBlue either had a meeting scheduled or was in communication with EHS and its representatives to attempt to schedule a constructive discussion.


As a reminder, the Board dedicated months to engaging with shareholders to inform its most recent refreshment process, which resulted in the appointments of William Greenblatt and William Seward. These two highly qualified professionals, both of whom were endorsed by our largest shareholder, have decades of industry experience and proven operational and commercial expertise. TrueBlue also announced that two existing directors will step down from the Board at or before the 2026 Annual Meeting of Shareholders. This refreshment – which included an interview of Eric Su of EHS – reflects TrueBlue’s ongoing commitment to evolving the composition of its Board.


We remain open to working constructively with EHS and will continue to act in the best interests of all TrueBlue shareholders. Additional details about our engagement with EHS will be set forth in the background section of the Company’s proxy statement, which will be filed in the coming weeks.


Barclays is acting as financial advisor, and Sidley Austin LLP is serving as legal counsel to TrueBlue.


About TrueBlue


TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first—advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands—PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals—provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed, and scale to the changing world of work. Learn more at www.trueblue.com.


Forward Looking Statements


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, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer on the Company’s business, or other developments involving such an Offer; (3) actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy contest for the election of directors at our annual meeting of shareholders; (4) our ability to maintain profit margins, (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) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) 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 and 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.


Important Information for Investors and Shareholders


The Company intends to file a proxy statement on Schedule 14A, an accompanying BLUE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company’s shareholders for the Company’s 2026 annual meeting of shareholders. THE COMPANY’S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING BLUE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying BLUE proxy card, any amendments or supplements to the proxy statement, and other documents that the Company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “All SEC Filings” link in the “Investor Relations” section of the Company’s website at https://investor.trueblue.com/sec-filings/all-sec-filings.


Participants in the Solicitation


The Company, its independent directors and certain of its executive officers are deemed to be “participants” (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s shareholders in connection with matters to be considered at the Company’s 2026 annual meeting of shareholders. Information about the names of the Company’s directors and officers, and certain other individuals and their respective interests in the Company by security holdings or otherwise, and their respective compensation, is set forth in the sections entitled “Director Biographies,” “Compensation of Directors,” “Compensation Discussion and Analysis” and “Security Ownership of Certain Beneficial Owners and Management” of the Company’s Proxy Statement on Schedule 14A in connection with the 2025 annual meeting of shareholders, filed with the SEC on April 4, 2025 (available here) and the Company’s Annual Report on Form 10-K filed with the SEC on February 18, 2026 (available here). Supplemental information regarding the participants’ holdings of the Company’s securities can be found at no charge in SEC filings on Statements of Change in Ownership on Forms 3 and 4 filed with the SEC on February 24, 2026 for Colleen B. Brown (available here), on February 24, 2026 for William C. Goings (available here), on January 16, 2026 for William Greenblatt (available here), on February 5, 2026, February 24, 2026, February 25, 2026 and February 26, 2026 for Garrett R. Ferencz (available here, here, here and here), on February 24, 2026 for Kim Harris Jones (available here), on February 24, 2026 for R. Chris Kreidler (available here), on February 24, 2026 for Sonita Lontoh (available here), on October 6, 2025, October 7, 2025, February 5, 2026, February 24, 2026, February 25, 2026 and February 26, 2026 for Taryn R. Owen (available here, here, here, here, here and here), on February 24, 2026 for Paul G. Reitz (available here), on February 24, 2026 for Jeffrey B. Sakaguchi (available here), on February 24, 2026 for Kristi A. Savacool (available here), on November 4, 2025, February 5, 2026, February 24, 2026, February 24, 2026 and February 25, 2026 for Carl R. Schweihs (available here, here, here, here and here), and on January 15, 2026 and February 24, 2026 for William J. Seward (available here and here).


Such filings are also available on the Company’s website at https://investor.trueblue.com/sec-filings/all-sec-filings. Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2026 annual meeting of shareholders, if and when they become available. These documents will be available free of charge as described above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303351092/en/
Investor Relations


InvestorRelations@trueblue.com


Media


Collected Strategies

Dan Moore and Jack Kelleher

TBI-CS@collectedstrategies.com


Original: TrueBlue Responds to Misleading Statements From EHS Investments

EHS Comments on Disappointing TrueBlue Fourth Quarter Earnings ResultsMarch 3, 2026 9:50 AM
PR Newswire (US)

Argues Continued Deterioration of Stock Price and Key Financial Metrics Demonstrate Urgent Need for Meaningful Board ChangeCriticizes Failure of Board to Meaningfully Engage with EHS's Highly Qualified Director Nominees NEW YORK, March 3, 2026 /PRNewswire/ -- EHS Investments ("EHS"), a significant shareholder of TrueBlue Inc. (NYSE: TBI) ("TrueBlue" or the "Company"), today issued the following statement:







We have argued publicly and privately that the minor refreshment to its Board of Directors ("Board") announced by TrueBlue earlier this year does not adequately address what is required to address the Company's serious operational and financial challenges, and that further change at the Board level is necessary to prevent continued and significant destruction of shareholder value. TrueBlue's fourth quarter results and 2026 guidance substantiate the immediate need for such change.Shareholders are once again confronted with another quarter of missed targets(1), deteriorating gross profits and EBITDA, continued negative free cash flows, and mounting signs of financial strain. While the American Staffing Association's real-time Staffing Index has inflected to growth, TrueBlue's forecast for 1Q26 suggests further deterioration, with gross profits now expected to decline ~9% year-over-year in 1Q26(2). While TrueBlue claims that it is "executing on a disciplined and decisive plan leading to improved financial results"(3), the results speak for themselves: far from implementing a turnaround, the Company is rapidly losing ground.Instead of confronting these failures and acknowledging the need for change, management continues to obscure underlying performance with opaque disclosures surrounding cost pass-through revenue accounting while characterizing its underperformance to shareholders as "producing results"(4). Investors, however, are rendering their own verdict, with TrueBlue's stock falling 24% in the days following this latest earnings release(5).With a share price now near all-time lows, urgent and decisive change is required before further shareholder value is destroyed by a management team and Board that seemingly refuses to acknowledge, let alone begin to address, the serious challenges facing the Company. The perspective of industry veterans and shareholder representatives whose interests are aligned with those of TrueBlue's investors is needed now more than ever – and that is exactly what our slate of highly-qualified director nominees offers to bring to the table.Unfortunately, our efforts to engage with the Board on a constructive settlement that delivers these desperately needed changes and avoids a lengthy and distracting proxy contest have been met with flat refusal. We urge the Board to take immediate action and engage in good faith with the director candidates and solutions we have offered before further value is destroyed. The Board should demonstrate alignment with shareholders by addressing the Company's challenges rather than continue in its defense of an unsustainable status quo.We look forward to presenting to our fellow shareholders the detailed strategic value-creation plan developed by our experienced and highly qualified director nominees in the coming weeks.EHS's previously released public materials can be found at www.ehsinvestments.com.(1)$14M of actual revenues from Healthcare Staffing Professionals vs. ~$15M guidance in 3Q25; $90M of actual gross profit vs. ~$93M guidance in 3Q25(2)At the midpoint of 1Q26 guidance (3)TrueBlue 1/8/26 Press Release "TrueBlue Highlights Recent Board Refreshment and Strategic Initiatives Underway to Achieve Long-Term Profitable Growth"(4)CEO Taryn Owen commentary on 4Q25 earnings call (5)TBI share price change from 2/18/26 - 2/24/26CERTAIN INFORMATION CONCERNING THE PARTICIPANTSEHS Management LLC, a Delaware limited liability company ("EHS Management"), together with the other participants named herein, intend to file a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of director nominees at the 2026 annual meeting of stockholders of TrueBlue, Inc., a Delaware corporation (the "Company").EHS MANAGEMENT STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.The participants in the proxy solicitation are anticipated to be EHS Management, EHS Azure Opportunity Fund, LP ("EHS Azure"), Eric H. Su (collectively, "EHS") and the individuals to be nominated by EHS Azure as director candidates at the Company, who have not yet been identified. As of the date hereof, EHS Azure directly beneficially owns 190,131 shares of Common Stock, no par value, of the Company (the "Common Stock"). EHS Management, as the general partner of EHS Azure, may be deemed the beneficial owner of the 190,131 shares of Common Stock directly owned by EHS Azure. As of the date hereof, Eric H. Su directly beneficially owns 840,689 shares of Common Stock. As the sole owner and manager of EHS Management, Mr. Su may be deemed to beneficially own the 190,131 shares of Common Stock directly owned by EHS Azure.Disclaimer
This letter has been prepared by EHS. The views expressed herein reflect the opinions of EHS and are based on publicly available information with respect to TrueBlue, Inc. ("TrueBlue" or the "Company"). EHS recognizes that there may be confidential information in the possession of the Company that could lead it or others to disagree with his conclusions. EHS reserves the right to change or modify any of such views or opinions at any time and for any reason and expressly disclaims any obligation to correct, update, or revise the information contained herein or to otherwise provide any additional materials.For the avoidance of doubt, this press release was not produced by any person that is affiliated with the Company, nor was its content endorsed by the Company. This press release is provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security nor as a recommendation to purchase or sell any security.Some of the materials in this press release contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "potential," "could," "opportunity," "estimate," "plan," "once again," "achieve," and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on EHS's current expectations, speak only as of the date of these materials and involve risks, uncertainties and other factors that may cause actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of EHS.CONTACT:
Investors:
Okapi Partners LLC
Bruce Goldfarb / Chuck Garske / Lisa Patel
(212) 297 – 0720
Email: info@okapipartners.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/ehs-comments-on-disappointing-trueblue-fourth-quarter-earnings-results-302701745.htmlSOURCE EHS Investments

Original: EHS Comments on Disappointing TrueBlue Fourth Quarter Earnings Results

TrueBlue to Participate in Truist Securities’ Inaugural Human Capital Virtual ConferenceFebruary 25, 2026 4:05 PM
Business Wire
TrueBlue (NYSE: TBI), a leading provider of specialized workforce solutions, today announced that it will participate in Truist Securities’ inaugural Human Capital Virtual Conference on Thursday, March 12, 2026. Taryn Owen, President and Chief Executive Officer, and Carl Schweihs, Chief Financial Officer, will host virtual investor meetings throughout the day. For additional information or to request a meeting, please contact your Truist sales representative.


About TrueBlue

TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first–advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands–PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals–provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed and scale to the changing world of work. Learn more at www.trueblue.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260225190517/en/
Investor Relations

InvestorRelations@trueblue.com


Original: TrueBlue to Participate in Truist Securities’ Inaugural Human Capital Virtual Conference

TrueBlue Reports Fourth Quarter and Full-Year 2025 ResultsFebruary 18, 2026 4:05 PM
Business Wire
TrueBlue (NYSE:TBI) today announced its fourth quarter and full-year results for 2025.


Fourth Quarter 2025 Financial Highlights



Revenue of $418 million, up 8 percent compared to the prior year period


$14 million of revenue from the January 2025 HSP acquisition






Net loss of $32 million compared to net loss of $12 million in the prior year period


Includes non-cash impairment charge of $18 million on right-of-use and long-lived assets associated with the Chicago support center sublease



SG&A expense improved 11 percent to $95 million compared to $107 million in the prior year period



Adjusted EBITDA1 of $2 million compared to $9 million in the prior year period






Cash of $25 million, debt of $66 million and $68 million of borrowing availability, for total liquidity of $92 million at period end


Reduced debt by $2 million and increased working capital by $2 million during the quarter.



Credit facility amendment effective January 30, 2026 increased our borrowing availability for the remainder of the agreement term.






Commentary


“We delivered our second consecutive quarter of organic revenue growth driven by continued momentum in our skilled businesses and greater stability in broader demand trends,” said Taryn Owen, President and CEO of TrueBlue. “As we continue to drive top-line growth, we remain equally focused on further improving our profitability, lowering operating costs and building a more efficient, agile organization.”


Ms. Owen continued, “Throughout 2025, we executed on our strategic priorities with discipline and focus, building a strong foundation for sustainable, profitable growth. We are executing a clear strategy to improve margins and drive consistent revenue growth, underscoring our commitment to generate long-term, sustainable value for all TrueBlue shareholders.”


Results


Fourth quarter revenue was $418 million, an 8 percent increase compared to the prior year period. Net loss per diluted share was $1.05 compared to net loss per diluted share of $0.40 in the prior year period. Adjusted net loss1 per diluted share was $0.25 compared to adjusted net loss per diluted share of $0.02 in the prior year period.


Full-year revenue was $1.6 billion, a 3 percent increase compared to the prior year period. Net loss per diluted share was $1.61 compared to net loss per diluted share of $4.17 in the prior year period. Adjusted net loss per diluted share was $0.68 compared to adjusted net loss per diluted share of $0.46 in the prior year period.


2026 Outlook


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


Management will discuss fourth quarter 2025 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Wednesday, Feb. 18, 2026.


The quarterly earnings presentation and 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. As The People Company®, we put people first–advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands–PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals–provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed and scale to the changing world of work. 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, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer, on the Company’s business, or other developments involving such an Offer; (3) actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy context for the election of directors at our annual meeting of shareholders; (4) our ability to maintain profit margins, (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) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) 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 and 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. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.


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



 



TRUEBLUE, INC.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)










 





 



 






13 weeks ended






 






52 weeks ended








(in thousands, except per share data)






Dec 28, 2025






 






Dec 29, 2024






 






Dec 28, 2025






 






Dec 29, 2024








Revenue from services






$






418,178






 






 






$






385,953






 






 






$






1,615,997






 






 






$






1,567,393






 








Cost of services






 






328,134






 






 






 






283,406






 






 






 






1,248,155






 






 






 






1,161,000






 








Gross profit






 






90,044






 






 






 






102,547






 






 






 






367,842






 






 






 






406,393






 








Selling, general and administrative expense






 






94,940






 






 






 






106,942






 






 






 






371,087






 






 






 






410,870






 








Depreciation and amortization






 






6,162






 






 






 






6,008






 






 






 






24,823






 






 






 






28,624






 








Goodwill and intangible asset impairment charge






 






—






 






 






 






—






 






 






 






200






 






 






 






59,674






 








Right-of-use and other long-lived asset impairment charge






 






18,366






 






 






 






—






 






 






 






18,366






 






 






 






—






 








Loss from operations






 






(29,424






)






 






 






(10,403






)






 






 






(46,634






)






 






 






(92,775






)








Interest and other income (expense), net






 






(1,034






)






 






 






390






 






 






 






1,003






 






 






 






4,251






 








Loss before tax expense






 






(30,458






)






 






 






(10,013






)






 






 






(45,631






)






 






 






(88,524






)








Income tax expense






 






1,078






 






 






 






1,692






 






 






 






2,329






 






 






 






37,224






 








Net loss






$






(31,536






)






 






$






(11,705






)






 






$






(47,960






)






 






$






(125,748






)








 






 






 






 






 






 






 






 








Net loss per common share:






 






 






 






 






 






 






 








Basic






$






(1.05






)






 






$






(0.40






)






 






$






(1.61






)






 






$






(4.17






)








Diluted






$






(1.05






)






 






$






(0.40






)






 






$






(1.61






)






 






$






(4.17






)








 






 






 






 






 






 






 






 








Weighted average shares outstanding:






 






 






 






 






 






 






 








Basic






 






29,945






 






 






 






29,561






 






 






 






29,849






 






 






 






30,177






 








Diluted






 






29,945






 






 






 






29,561






 






 






 






29,849






 






 






 






30,177






 






















 







TRUEBLUE, INC.

SUMMARY CONSOLIDATED BALANCE SHEETS

(Unaudited)










 





 



(in thousands)






Dec 28, 2025






 






Dec 29, 2024








ASSETS






 






 






 








Cash and cash equivalents






$






24,510






 






$






22,536








Accounts receivable, net






 






241,233






 






 






214,704








Other current assets






 






31,866






 






 






39,853








Total current assets






 






297,609






 






 






277,093








Property and equipment, net






 






73,117






 






 






89,602








Restricted cash, cash equivalents and investments






 






136,588






 






 






179,916








Goodwill and intangible assets, net






 






60,591






 






 






30,406








Other assets, net






 






70,762






 






 






98,359








Total assets






$






638,667






 






$






675,376








 






 






 






 








LIABILITIES AND SHAREHOLDERS’ EQUITY






 






 






 








Accounts payable and other accrued expenses






$






36,111






 






$






45,599








Accrued wages and benefits






 






61,736






 






 






61,380








Current portion of workers’ compensation claims reserve






 






24,193






 






 






34,729








Other current liabilities






 






16,493






 






 






18,417








Total current liabilities






 






138,533






 






 






160,125








Workers’ compensation claims reserve, less current portion






 






72,551






 






 






105,063








Long-term debt, less current portion






 






65,800






 






 






7,600








Other long-term liabilities






 






87,226






 






 






87,229








Total liabilities






 






364,110






 






 






360,017








Shareholders’ equity






 






274,557






 






 






315,359








Total liabilities and shareholders’ equity






$






638,667






 






$






675,376












 







TRUEBLUE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)








 



 



 






52 weeks ended








(in thousands)






Dec 28, 2025






 






Dec 29, 2024








Cash flows from operating activities:






 






 






 








Net loss






$






(47,960






)






 






$






(125,748






)








Adjustments to reconcile net loss to net cash used in operating activities:






 






 






 








Depreciation and amortization (inclusive of depreciation included in cost of services)






 






28,852






 






 






 






29,561






 








Goodwill and intangible asset impairment charge






 






200






 






 






 






59,674






 








Right-of-use and other long-lived asset impairment charge






 






18,366






 






 






 






—






 








Provision for credit losses






 






2,811






 






 






 






2,321






 








Stock-based compensation






 






7,256






 






 






 






7,591






 








Deferred income taxes






 






(552






)






 






 






34,060






 








Non-cash lease expense






 






11,013






 






 






 






12,402






 








Other operating activities






 






(5,038






)






 






 






(5,137






)








Changes in operating assets and liabilities:






 






 






 








Accounts receivable






 






(15,463






)






 






 






35,731






 








Income taxes receivable and payable






 






4,094






 






 






 






3,196






 








Other assets






 






15,767






 






 






 






22,766






 








Accounts payable and other accrued expenses






 






(11,102






)






 






 






(8,908






)








Accrued wages and benefits






 






(10,014






)






 






 






(19,147






)








Workers’ compensation claims reserve






 






(43,049






)






 






 






(56,723






)








Operating lease liabilities






 






(11,651






)






 






 






(12,324






)








Other liabilities






 






(1,572






)






 






 






3,627






 








Net cash used in operating activities






 






(58,042






)






 






 






(17,058






)








Cash flows from investing activities:






 






 






 








Capital expenditures






 






(15,678






)






 






 






(24,151






)








Acquisition of business, net of cash acquired






 






(30,149






)






 






 






—






 








Proceeds from business divestiture, net






 






400






 






 






 






3,099






 








Payments for company-owned life insurance






 






(2






)






 






 






(4,000






)








Proceeds from company-owned life insurance






 






300






 






 






 






—






 








Purchases of restricted held-to-maturity investments






 






(10,877






)






 






 






(11,242






)








Maturities of restricted held-to-maturity investments






 






39,944






 






 






 






33,841






 








Net cash used in investing activities






 






(16,062






)






 






 






(2,453






)








Cash flows from financing activities:






 






 






 








Purchases and retirement of common stock






 






—






 






 






 






(21,293






)








Net proceeds from employee stock purchase plans






 






454






 






 






 






738






 








Common stock repurchases for taxes upon vesting of restricted stock






 






(1,097






)






 






 






(2,325






)








Net change in revolving credit facility






 






58,200






 






 






 






7,600






 








Other






 






(414






)






 






 






(1,807






)








Net cash provided by (used in) financing activities






 






57,143






 






 






 






(17,087






)








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






 






(119






)






 






 






(1,608






)








Net change in cash, cash equivalents, and restricted cash and cash equivalents






 






(17,080






)






 






 






(38,206






)








Cash, cash equivalents and restricted cash and cash equivalents, beginning of period






 






61,100






 






 






 






99,306






 








Cash, cash equivalents and restricted cash and cash equivalents, end of period






$






44,020






 






 






$






61,100






 














 







TRUEBLUE, INC.

SEGMENT DATA

(Unaudited)










 





 



 






13 weeks ended






 






52 weeks ended








(in thousands)






Dec 28, 2025






 






Dec 29, 2024






 






Dec 28, 2025






 






Dec 29, 2024








Revenue from services:






 






 






 






 






 






 






 








PeopleReady






$






229,920






 






 






$






207,687






 






 






$






883,887






 






 






$






868,549






 








PeopleManagement






 






142,158






 






 






 






145,738






 






 






 






544,448






 






 






 






542,201






 








PeopleSolutions (1)






 






46,100






 






 






 






32,528






 






 






 






187,662






 






 






 






156,643






 








Total company






$






418,178






 






 






$






385,953






 






 






$






1,615,997






 






 






$






1,567,393






 








 






 






 






 






 






 






 






 








Segment profit (loss) (2):






 






 






 






 






 






 






 








PeopleReady






$






(121






)






 






$






7,404






 






 






$






6,534






 






 






$






5,783






 








PeopleManagement






 






6,225






 






 






 






5,695






 






 






 






17,772






 






 






 






15,119






 








PeopleSolutions






 






2,661






 






 






 






1,301






 






 






 






11,332






 






 






 






12,152






 








Total segment profit






 






8,765






 






 






 






14,400






 






 






 






35,638






 






 






 






33,054






 








Corporate unallocated expense






 






(6,376






)






 






 






(5,501






)






 






 






(23,884






)






 






 






(21,887






)








Total company Adjusted EBITDA (3)






 






2,389






 






 






 






8,899






 






 






 






11,754






 






 






 






11,167






 








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






 






(60






)






 






 






(90






)






 






 






(150






)






 






 






(240






)








Amortization of software as a service assets (5)






 






(1,202






)






 






 






(1,752






)






 






 






(4,394






)






 






 






(6,162






)








Acquisition/integration costs






 






(27






)






 






 






—






 






 






 






(932






)






 






 






—






 








Goodwill and intangible asset impairment charge






 






—






 






 






 






—






 






 






 






(200






)






 






 






(59,674






)








Impairment charge on right-of-use and long-lived assets






 






(18,366






)






 






 






—






 






 






 






(18,366






)






 






 






—






 








Workforce reduction costs (6)






 






(3,989






)






 






 






(960






)






 






 






(9,361






)






 






 






(7,329






)








PeopleReady technology upgrade costs (7)






 






—






 






 






 






(8,318






)






 






 






—






 






 






 






(8,807






)








COVID-19 government subsidies, net (8)






 






—






 






 






 






—






 






 






 






8,573






 






 






 






9,652






 








Other adjustments, net (9)






 






(974






)






 






 






(1,237






)






 






 






(4,706






)






 






 






(1,821






)








EBITDA (3)






 






(22,229






)






 






 






(3,458






)






 






 






(17,782






)






 






 






(63,214






)








Depreciation and amortization (10)






 






(7,195






)






 






 






(6,945






)






 






 






(28,852






)






 






 






(29,561






)








Interest and other income (expense), net






 






(1,034






)






 






 






390






 






 






 






1,003






 






 






 






4,251






 








Loss before tax expense






 






(30,458






)






 






 






(10,013






)






 






 






(45,631






)






 






 






(88,524






)








Income tax expense






 






(1,078






)






 






 






(1,692






)






 






 






(2,329






)






 






 






(37,224






)








Net loss






$






(31,536






)






 






$






(11,705






)






 






$






(47,960






)






 






$






(125,748






)









(1)







PeopleSolutions segment includes previously reported PeopleScout segment as well as Healthcare Staffing Professionals Inc. acquired on January 31, 2025.








(2)







We 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.








(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)







Workforce reduction costs were reported as $0.2 million in cost of services and $3.8 million in selling, general and administrative expense for the 13 weeks ended December 28, 2025 and $0.5 million in cost of services and $8.8 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. Workforce reduction costs were reported as $0.1 million in cost of services and $0.9 million in selling, general and administrative expense for the 13 weeks ended December 29, 2024 and $0.5 million in cost of services and $6.8 million in selling, general and administrative expense for the 52 weeks ended December 29, 2024.








(7)







Costs associated with upgrading legacy PeopleReady technology.








(8)







COVID-19 government subsidies net of related fees were reported as $3.2 million in cost of services and $5.4 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. For the 52 weeks ended December 29, 2024, COVID-19 government subsidies net of related fees were reported as $2.9 million in cost of services and $6.8 million in selling, general and administrative expense.








(9)







Other adjustments for the 13 and 52 weeks ended December 28, 2025 include non-routine professional fees and other expenses. Other adjustments for the 13 and 52 weeks ended December 29, 2024 include lease exit costs and other expenses.








(10)







Includes software depreciation reported in cost of services.









 


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 loss and




Adjusted net loss per diluted share






 






Net loss and net loss per diluted share, excluding:

– gain on divestiture,

– non-cash amortization of intangibles,

– acquisition/integration costs,

– non-cash goodwill and intangible asset impairment charge,

– non-cash right-of-use and other long-lived asset impairment charge,

– workforce reduction costs,

– PeopleReady technology upgrade costs,

– COVID-19 government subsidies, net,

– other adjustments, net, and

– tax effect of the adjustments and deferred tax asset valuation allowance.




 






 






– 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 loss:

– income tax expense,

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

– non-cash depreciation and amortization.
Adjusted EBITDA further excludes:

– third-party processing fees for hiring tax credits,

– amortization of software as a service assets,

– acquisition/integration costs,

– non-cash goodwill and intangible asset impairment charge,

– non-cash right-of-use and other long-lived asset impairment charge,

– workforce reduction costs,

– PeopleReady technology upgrade costs,

– COVID-19 government subsidies, net, and

– other adjustments, net.




 






 






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

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

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








Adjusted SG&A expense






 






Selling, general and administrative expense excluding:

– third-party processing fees for hiring tax credits,

– amortization of software as a service assets,

– acquisition/integration costs,

– workforce reduction costs,

– PeopleReady technology upgrade costs,

– COVID-19 government subsidies, net, and

– other adjustments, net.




 






 






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







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

(Unaudited)




 






13 weeks ended






 






52 weeks ended








(in thousands, except for per share data)






Dec 28, 2025






 






Dec 29, 2024






 






Dec 28, 2025






 






Dec 29, 2024








Net loss






$






(31,536






)






 






$






(11,705






)






 






$






(47,960






)






 






$






(125,748






)








Gain on divestiture






 






—






 






 






 






—






 






 






 






—






 






 






 






(716






)








Non-cash amortization of intangible assets






 






650






 






 






 






489






 






 






 






2,586






 






 






 






4,051






 








Acquisition/integration costs






 






27






 






 






 






—






 






 






 






932






 






 






 






—






 








Non-cash goodwill and intangible asset impairment charge






 






—






 






 






 






—






 






 






 






200






 






 






 






59,674






 








Non-cash right-of-use and other long-lived asset impairment charge






 






18,366






 






 






 






—






 






 






 






18,366






 






 






 






—






 








Workforce reduction costs (1)






 






3,989






 






 






 






960






 






 






 






9,361






 






 






 






7,329






 








PeopleReady technology upgrade costs (2)






 






—






 






 






 






8,318






 






 






 






—






 






 






 






8,807






 








COVID-19 government subsidies, net (3)






 






—






 






 






 






—






 






 






 






(8,573






)






 






 






(9,652






)








Other adjustments, net (4)






 






974






 






 






 






1,237






 






 






 






4,706






 






 






 






1,821






 








Tax effect of adjustments and deferred tax asset valuation allowance (5)






 






—






 






 






 






—






 






 






 






—






 






 






 






40,540






 








Adjusted net loss






$






(7,530






)






 






$






(701






)






 






$






(20,382






)






 






$






(13,894






)








 






 






 






 






 






 






 






 








Adjusted net loss per diluted share






$






(0.25






)






 






$






(0.02






)






 






$






(0.68






)






 






$






(0.46






)








 






 






 






 






 






 






 






 








Diluted weighted average shares outstanding






 






29,945






 






 






 






29,561






 






 






 






29,849






 






 






 






30,177






 








 






 






 






 






 






 






 






 








Margin / % of revenue:






 






 






 






 






 






 






 








Net loss






 






(7.5






)%






 






 






(3.0






)%






 






 






(3.0






)%






 






 






(8.0






)%








Adjusted net loss






 






(1.8






)%






 






 






(0.2






)%






 






 






(1.3






)%






 






 






(0.9






)%






















 


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

(Unaudited)




 






13 weeks ended






 






52 weeks ended








(in thousands)






Dec 28, 2025






 






Dec 29, 2024






 






Dec 28, 2025






 






Dec 29, 2024








Net loss






$






(31,536






)






 






$






(11,705






)






 






$






(47,960






)






 






$






(125,748






)








Income tax expense






 






1,078






 






 






 






1,692






 






 






 






2,329






 






 






 






37,224






 








Interest and other (income) expense, net






 






1,034






 






 






 






(390






)






 






 






(1,003






)






 






 






(4,251






)








Non-cash depreciation and amortization (6)






 






7,195






 






 






 






6,945






 






 






 






28,852






 






 






 






29,561






 








EBITDA






 






(22,229






)






 






 






(3,458






)






 






 






(17,782






)






 






 






(63,214






)








Third-party processing fees for hiring tax credits (7)






 






60






 






 






 






90






 






 






 






150






 






 






 






240






 








Amortization of software as a service assets (8)






 






1,202






 






 






 






1,752






 






 






 






4,394






 






 






 






6,162






 








Acquisition/integration costs






 






27






 






 






 






—






 






 






 






932






 






 






 






—






 








Non-cash goodwill and intangible asset impairment charge






 






—






 






 






 






—






 






 






 






200






 






 






 






59,674






 








Non-cash right-of-use and other long-lived asset impairment charge






 






18,366






 






 






 






—






 






 






 






18,366






 






 






 






—






 








Workforce reduction costs (1)






 






3,989






 






 






 






960






 






 






 






9,361






 






 






 






7,329






 








PeopleReady technology upgrade costs (2)






 






—






 






 






 






8,318






 






 






 






—






 






 






 






8,807






 








COVID-19 government subsidies, net (3)






 






—






 






 






 






—






 






 






 






(8,573






)






 






 






(9,652






)








Other adjustments, net (4)






 






974






 






 






 






1,237






 






 






 






4,706






 






 






 






1,821






 








Adjusted EBITDA






$






2,389






 






 






$






8,899






 






 






$






11,754






 






 






$






11,167






 








 






 






 






 






 






 






 






 








Margin / % of revenue:






 






 






 






 






 






 






 








Net loss






 






(7.5






)%






 






 






(3.0






)%






 






 






(3.0






)%






 






 






(8.0






)%








Adjusted EBITDA






 






0.6






%






 






 






2.3






%






 






 






0.7






%






 






 






0.7






%






















 


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

(Unaudited)




 






13 weeks ended






 






52 weeks ended








(in thousands)






Dec 28, 2025






 






Dec 29, 2024






 






Dec 28, 2025






 






Dec 29, 2024








Selling, general and administrative expense






$






94,940






 






 






$






106,942






 






 






$






371,087






 






 






$






410,870






 








Third-party processing fees for hiring tax credits (7)






 






(60






)






 






 






(90






)






 






 






(150






)






 






 






(240






)








Amortization of software as a service assets (8)






 






(1,202






)






 






 






(1,752






)






 






 






(4,394






)






 






 






(6,162






)








Acquisition/integration costs






 






(27






)






 






 






—






 






 






 






(932






)






 






 






—






 








Workforce reduction costs (1)






 






(3,832






)






 






 






(919






)






 






 






(8,814






)






 






 






(6,813






)








PeopleReady technology upgrade costs (2)






 






—






 






 






 






(8,318






)






 






 






—






 






 






 






(8,807






)








COVID-19 government subsidies, net (3)






 






—






 






 






 






—






 






 






 






5,378






 






 






 






6,759






 








Other adjustments, net (4)






 






(974






)






 






 






(1,237






)






 






 






(4,706






)






 






 






(1,821






)








Adjusted SG&A expense






$






88,845






 






 






$






94,626






 






 






$






357,469






 






 






$






393,786






 








 






 






 






 






 






 






 






 








% of revenue:






 






 






 






 






 






 






 








Selling, general and administrative expense






 






22.7






%






 






 






27.7






%






 






 






23.0






%






 






 






26.2






%








Adjusted SG&A expense






 






21.2






%






 






 






24.5






%






 






 






22.1






%






 






 






25.1






%








(1)


Workforce reduction costs were reported as $0.2 million in cost of services and $3.8 million in selling, general and administrative expense for the 13 weeks ended December 28, 2025 and $0.5 million in cost of services and $8.8 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. Workforce reduction costs were reported as $0.1 million in cost of services and $0.9 million in selling, general and administrative expense for the 13 weeks ended December 29, 2024 and $0.5 million in cost of services and $6.8 million in selling, general and administrative expense for the 52 weeks ended December 29, 2024.







(2)


Costs associated with upgrading legacy PeopleReady technology.







(3)


COVID-19 government subsidies net of related fees were reported as $3.2 million in cost of services and $5.4 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. For the 52 weeks ended December 29, 2024, COVID-19 government subsidies net of related fees were reported as $2.9 million in cost of services and $6.8 million in selling, general and administrative expense.







(4)


Other adjustments for the 13 and 52 weeks ended December 28, 2025 include non-routine professional fees and other expenses. Other adjustments for the 13 and 52 weeks ended December 29, 2024 include lease exit costs and other expenses.







(5)


The tax effect includes the application of our statutory rate of 26% to all taxable / deductible adjustments. For the 13 weeks ended December 28, 2025 and December 29, 2024, there was no tax effect associated with the adjustments due to the valuation allowance recorded against our deferred tax assets. For the 52 weeks ended December 29, 2024, a valuation allowance of $55.3 million was recorded against our U.S. federal, state and foreign deferred tax assets.







(6)


Includes software depreciation reported in cost of services.







(7)


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







(8)


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







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260218291444/en/
Investor Relations

InvestorRelations@trueblue.com


Original: TrueBlue Reports Fourth Quarter and Full-Year 2025 Results