TrueBlue (NYSE:TBI) today announced its first quarter results
for 2024.
First Quarter 2024 Financial Highlights
- Revenue decreased 13 percent to $403 million compared to prior
year period
- Net loss of $2 million compared to net loss of $4 million in
the prior year period
- SG&A improved by 13 percent
- Adjusted EBITDA1 of -$3 million and adjusted net income of $1
million
- Zero debt, cash of $36 million and $140 million of borrowing
availability
- $10 million in share repurchases with $45 million remaining
under authorization
Commentary
“As anticipated, market conditions have remained challenging and
we continue to manage through the current cycle with agility and
discipline,” said Taryn Owen, President and CEO of TrueBlue. “Our
teams are staying highly engaged with clients, leveraging our
flexible and short duration offerings as well as tapping into
opportunities in high-growth and attractive end markets. Our
commitment to growing sales by providing excellent service and
responding to our clients’ immediate and evolving needs ensures we
are well-positioned to support them as their needs change or
expand.”
“We are also progressing our strategic priorities that will
enable us to capture market share and enhance our long-term
profitability,” continued Ms. Owen. “We are advancing our digital
transformation with the continued rollout of our new proprietary
JobStack app, leveraging our expertise and expansive service
offerings to expand in attractive end markets and simplifying our
organizational structure to drive efficiencies and innovation
through increased synergies. We are confident that combining our
strategic priorities with our many strengths and assets will enable
us to advance our mission to connect people and work while
delivering long-term value.”
Results
First quarter revenue was $403 million, a decrease of 13 percent
compared to revenue of $465 million in the first quarter of 2023.
Net loss per diluted share was $0.05 compared to net loss per
diluted share of $0.13 in the prior year period. Adjusted net
income1 per diluted share was $0.03 compared to adjusted net loss
per diluted share of $0.07 in the prior year period.
2024 Outlook
TrueBlue is providing certain forward-looking information to
help investors form their own estimates, which can be found in the
quarterly earnings presentation filed today.
Management will discuss first quarter 2024 results on a webcast
at 2:00 p.m. PT (5:00 p.m. ET), today, Monday, May 6, 2024.
The webcast can be accessed on the Investor Relations section of
the TrueBlue website: investor.trueblue.com.
About TrueBlue
TrueBlue (NYSE: TBI) is a leading provider of specialized
workforce solutions that help clients achieve business growth and
improve productivity. In 2023, TrueBlue served approximately 67,000
clients and connected approximately 464,000 people with work. Its
PeopleReady segment offers on-demand, industrial staffing,
PeopleScout offers recruitment process outsourcing (RPO) and
managed service provider (MSP) solutions, and PeopleManagement
offers contingent, on-site industrial staffing and commercial
driver services. Learn more at www.trueblue.com.
1 Refer to the financial statements accompanying this release
for more information regarding non-GAAP terms.
Forward-looking statements and non-GAAP financial
measures
This document contains forward-looking statements relating to
our plans and expectations including, without limitation,
statements regarding the future performance and operations of our
business, expectations regarding stabilization in demand, and
expected growth from our digital investments, all of which are
subject to risks and uncertainties. Such statements are based on
management’s expectations and assumptions as of the date of this
release and involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in our forward-looking statements including: (1) national and
global economic conditions which can be negatively impacted by
factors such as rising interest rates, inflation, political
instability, epidemics and global trade uncertainty, (2) our
ability to maintain profit margins, (3) our ability to successfully
execute on business strategies and further digitalize our business
model, (4) our ability to attract sufficient qualified candidates
and employees to meet the needs of our clients, (5) our ability to
attract and retain clients, (6) our ability to access sufficient
capital to finance our operations, including our ability to comply
with covenants contained in our revolving credit facility, (7) new
laws, regulations, and government incentives that could affect our
operations or financial results, (8) any reduction or change in tax
credits we utilize, including the Work Opportunity Tax Credit, and
(9) the timing and amount of common stock repurchases, if any,
which will be determined at management’s discretion and depend upon
several factors, including market and business conditions, the
trading price of our common stock and the nature of other
investment opportunities. Other information regarding factors that
could affect our results is included in our Securities Exchange
Commission (SEC) filings, including the company’s most recent
reports on Forms 10-K and 10-Q, copies of which may be obtained by
visiting our website at www.trueblue.com under the Investor
Relations section or the SEC’s website at www.sec.gov. We assume no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events, or
otherwise, except as required by law. Any other references to
future financial estimates are included for informational purposes
only and subject to risk factors discussed in our most recent
filings with the SEC.
In addition, we use several non-GAAP financial measures when
presenting our financial results in this document. Please refer to
the reconciliations between our GAAP and non-GAAP financial
measures in the appendix to this document and on our website at
www.trueblue.com under the Investor Relations section for
additional information on both current and historical periods. The
presentation of these non-GAAP financial measures is used to
enhance the understanding of certain aspects of our financial
performance. It is not meant to be considered in isolation,
superior to, or as a substitute for the directly comparable
financial measures prepared in accordance with U.S. GAAP, and may
not be comparable to similarly titled measures of other
companies.
TRUEBLUE, INC.
SUMMARY CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
13 weeks ended
(in thousands, except per share
data)
Mar 31, 2024
Mar 26, 2023
Revenue from services
$
402,853
$
465,288
Cost of services
303,467
342,175
Gross profit
99,386
123,113
Selling, general and administrative
expense
106,937
122,645
Depreciation and amortization
7,958
6,411
Loss from operations
(15,509
)
(5,943
)
Interest and other income (expense),
net
1,599
1,014
Loss before tax benefit
(13,910
)
(4,929
)
Income tax benefit
(12,212
)
(640
)
Net loss
$
(1,698
)
$
(4,289
)
Net loss per common share:
Basic
$
(0.05
)
$
(0.13
)
Diluted
$
(0.05
)
$
(0.13
)
Weighted average shares
outstanding:
Basic
31,102
32,292
Diluted
31,102
32,292
TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands)
Mar 31, 2024
Dec 31, 2023
ASSETS
Cash and cash equivalents
$
36,184
$
61,885
Accounts receivable, net
244,184
252,538
Other current assets
35,035
40,570
Total current assets
315,403
354,993
Property and equipment, net
104,449
104,906
Restricted cash, cash equivalents and
investments
187,969
192,985
Goodwill and intangible assets, net
92,864
94,639
Other assets, net
167,901
151,860
Total assets
$
868,586
$
899,383
LIABILITIES AND SHAREHOLDERS’
EQUITY
Accounts payable and other accrued
expenses
$
43,623
$
56,401
Accrued wages and benefits
81,008
80,120
Current portion of workers’ compensation
claims reserve
41,303
44,866
Other current liabilities
18,026
22,712
Total current liabilities
183,960
204,099
Workers’ compensation claims reserve, less
current portion
146,544
151,649
Other long-term liabilities
91,718
85,762
Total liabilities
422,222
441,510
Shareholders’ equity
446,364
457,873
Total liabilities and shareholders’
equity
$
868,586
$
899,383
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
13 weeks ended
(in thousands)
Mar 31, 2024
Mar 26, 2023
Cash flows from operating
activities:
Net loss
$
(1,698
)
$
(4,289
)
Adjustments to reconcile net income
(loss) to net cash provided by operating activities:
Depreciation and amortization
7,958
6,411
Provision for credit losses
370
1,382
Stock-based compensation
2,102
2,630
Deferred income taxes
(12,206
)
(47
)
Non-cash lease expense
3,036
3,140
Other operating activities
(2,980
)
20
Changes in operating assets and
liabilities:
Accounts receivable
8,292
31,025
Income taxes receivable and payable
975
(2,512
)
Other assets
1,571
6,462
Accounts payable and other accrued
expenses
(11,515
)
(11,937
)
Accrued wages and benefits
480
(11,143
)
Workers’ compensation claims reserve
(8,669
)
(11,583
)
Operating lease liabilities
(3,204
)
(3,316
)
Other liabilities
1,249
2,908
Net cash (used in) provided by
operating activities
(14,239
)
9,151
Cash flows from investing
activities:
Capital expenditures
(7,375
)
(8,081
)
Proceeds from business divestiture,
net
2,928
—
Purchases of restricted held-to-maturity
investments
(10,180
)
(2,305
)
Maturities of restricted held-to-maturity
investments
15,546
2,010
Net cash provided by (used in)
investing activities
919
(8,376
)
Cash flows from financing
activities:
Purchases and retirement of common
stock
(10,067
)
(24,718
)
Net proceeds from employee stock purchase
plans
220
315
Common stock repurchases for taxes upon
vesting of restricted stock
(2,012
)
(2,377
)
Other
(1,803
)
(45
)
Net cash used in financing
activities
(13,662
)
(26,825
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash and cash equivalents
(604
)
9
Net change in cash, cash equivalents,
and restricted cash and cash equivalents
(27,586
)
(26,041
)
Cash, cash equivalents and restricted
cash and cash equivalents, beginning of period
99,306
135,631
Cash, cash equivalents and restricted
cash and cash equivalents, end of period
$
71,720
$
109,590
TRUEBLUE, INC.
SEGMENT DATA
(Unaudited)
13 weeks ended
(in thousands)
Mar 31, 2024
Mar 26, 2023
Revenue from services:
PeopleReady
$
222,661
$
252,628
PeopleScout
46,332
69,476
PeopleManagement
133,860
143,184
Total company
$
402,853
$
465,288
Segment profit (loss) (1):
PeopleReady
$
(5,058
)
$
872
PeopleScout
4,879
8,923
PeopleManagement
2,751
(202
)
Total segment profit
2,572
9,593
Corporate unallocated expense
(6,052
)
(6,708
)
Total company Adjusted EBITDA
(2)
(3,480
)
2,885
Third-party processing fees for hiring tax
credits (3)
(90
)
(120
)
Amortization of software as a service
assets (4)
(1,343
)
(868
)
PeopleReady technology upgrade costs
(5)
(385
)
(32
)
Other adjustments, net (6)
(2,253
)
(1,397
)
EBITDA (2)
(7,551
)
468
Depreciation and amortization
(7,958
)
(6,411
)
Interest and other income (expense),
net
1,599
1,014
Loss before tax benefit
(13,910
)
(4,929
)
Income tax benefit
12,212
640
Net loss
$
(1,698
)
$
(4,289
)
(1)
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.
(2)
See the Non-GAAP Financial Measures table on the next page for
definitions of EBITDA and Adjusted EBITDA.
(3)
These third-party processing fees are associated with generating
hiring tax credits.
(4)
Amortization of software as a service assets is reported in
selling, general and administrative expense.
(5)
Costs associated with upgrading legacy PeopleReady technology.
(6)
Other adjustments for the 13 weeks ended March 31, 2024 and March
26, 2023 primarily include workforce reduction costs of $1.9
million ($0.1 million in cost of services and $1.8 million in
selling, general and administrative expense) and $1.2 million ($0.2
million in cost of services and $1.0 million in selling, general
and administrative expense), respectively.
TRUEBLUE, INC.
NON-GAAP FINANCIAL MEASURES
AND NON-GAAP RECONCILIATIONS
In addition to financial measures presented in accordance with
U.S. GAAP, we monitor certain non-GAAP key financial measures. The
presentation of these non-GAAP financial measures is used to
enhance the understanding of certain aspects of our financial
performance. It is not meant to be considered in isolation,
superior to, or as a substitute for the directly comparable
financial measures prepared in accordance with U.S. GAAP, and may
not be comparable to similarly titled measures of other
companies.
Non-GAAP measure
Definition
Purpose of adjusted
measures
Adjusted net income (loss) and
Adjusted net income (loss) per diluted
share
Net loss and net loss per diluted share,
excluding:
– gain on divestiture,
– amortization of intangibles,
– PeopleReady technology upgrade
costs,
– other adjustments, net, and
– tax effect of the adjustments to U.S.
GAAP.
– Enhances comparability on a consistent
basis and provides investors with useful insight into the
underlying trends of the business.
– Used by management to assess performance
and effectiveness of our business strategies.
– Provides a measure, among others, used
in the determination of incentive compensation for management.
EBITDA and
Adjusted EBITDA
EBITDA excludes from net loss:
– income tax benefit,
– interest and other (income) expense,
net, and
– depreciation and amortization.
Adjusted EBITDA, further excludes:
– third-party processing fees for hiring
tax credits,
– amortization of software as a service
assets,
– PeopleReady technology upgrade
costs,
– other adjustments, net.
– Enhances comparability on a consistent
basis and provides investors with useful insight into the
underlying trends of the business.
– Used by management to assess performance
and effectiveness of our business strategies.
– Provides a measure, among others, used
in the determination of incentive compensation for management.
Adjusted SG&A expense
Selling, general and administrative
expense excluding:
– third-party processing fees for hiring
tax credits,
– amortization of software as a service
assets,
– PeopleReady technology upgrade
costs,
– other adjustments, net.
– Enhances comparability on a consistent
basis and provides investors with useful insight into the
underlying trends of the business.
1.
RECONCILIATION OF U.S. GAAP
NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME
(LOSS) PER DILUTED SHARE
(Unaudited)
13 weeks ended
(in thousands, except for per share
data)
Mar 31, 2024
Mar 26, 2023
Net loss
$
(1,698
)
$
(4,289
)
Gain on divestiture (1)
(745
)
—
Amortization of intangible assets
1,521
1,270
PeopleReady technology upgrade costs
(2)
385
32
Other adjustments, net (3)
2,253
1,397
Tax effect of adjustments to net income
(loss) (4)
(888
)
(702
)
Adjusted net income (loss)
$
828
$
(2,292
)
Adjusted net income (loss) per diluted
share
$
0.03
$
(0.07
)
Diluted weighted average shares
outstanding
31,380
32,292
Margin / % of revenue:
Net loss
(0.4)
%
(0.9)
%
Adjusted net income (loss)
0.2
%
(0.5)
%
2.
RECONCILIATION OF U.S. GAAP NET LOSS TO
EBITDA AND ADJUSTED EBITDA
(Unaudited)
13 weeks ended
(in thousands)
Mar 31, 2024
Mar 26, 2023
Net loss
$
(1,698
)
$
(4,289
)
Income tax benefit
(12,212
)
(640
)
Interest and other (income) expense,
net
(1,599
)
(1,014
)
Depreciation and amortization
7,958
6,411
EBITDA
(7,551
)
468
Third-party processing fees for hiring tax
credits (5)
90
120
Amortization of software as a service
assets (6)
1,343
868
PeopleReady technology upgrade costs
(2)
385
32
Other adjustments, net (3)
2,253
1,397
Adjusted EBITDA
$
(3,480
)
$
2,885
Margin / % of revenue:
Net loss
(0.4)
%
(0.9)
%
Adjusted EBITDA
(0.9)
%
0.6
%
3.
RECONCILIATION OF U.S. GAAP SELLING,
GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A
EXPENSE
(Unaudited)
13 weeks ended
(in thousands)
Mar 31, 2024
Mar 26, 2023
Selling, general and administrative
expense
$
106,937
$
122,645
Third-party processing fees for hiring tax
credits (5)
(90
)
(120
)
Amortization of software as a service
assets (6)
(1,343
)
(868
)
PeopleReady technology upgrade costs
(2)
(385
)
(32
)
Other adjustments, net (3)
(2,157
)
(1,189
)
Adjusted SG&A expense
$
102,962
$
120,436
% of revenue:
Selling, general and administrative
expense
26.5
%
26.4
%
Adjusted SG&A expense
25.6
%
25.9
%
(1)
Gain on divestiture of PeopleReady’s Canadian staffing business,
sold late February 2024.
(2)
Costs associated with upgrading legacy PeopleReady technology.
(3)
Other adjustments for the 13 weeks ended March 31, 2024 and March
26, 2023 primarily include workforce reduction costs of $1.9
million ($0.1 million in cost of services and $1.8 million in
selling, general and administrative expense) and $1.2 million ($0.2
million in cost of services and $1.0 million in selling, general
and administrative expense), respectively.
(4)
Tax effect of the adjustments to U.S. GAAP net loss. The tax effect
includes the application of our statutory rate of 26% to all
taxable / deductible adjustments. Note, prior periods were reported
using the effective rate for the respective period and have been
recast to conform to the current presentation for comparability.
Please refer to the reconciliations on the financial results page
under the investor relations section of our website for additional
information on comparable historical periods.
(5)
These third-party processing fees are associated with generating
hiring tax credits.
(6)
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/20240506007486/en/
Investor Relations InvestorRelations@trueblue.com
TrueBlue (NYSE:TBI)
過去 株価チャート
から 11 2024 まで 12 2024
TrueBlue (NYSE:TBI)
過去 株価チャート
から 12 2023 まで 12 2024
