Slide 1: Q1 2025 Earnings
Q1 2025 EARNINGS trueblue
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This presentation 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 d
Slide 3: Q1 2025 Overview
Q1 2025 Overview Total revenue down 8% ▪ Uncertainty continued to weigh on customers, driving reduced volumes with the exception of commercial driving services which delivered double-digit growth for the third consecutive quarter ▪ Organic1 revenue down 11% Net loss was $14 million vs. net loss of $
Slide 4: Financial summary
Financial summary Amounts in millions, except per share data Q1 2025 Q1 2024 Change Revenue $370 $403 -8% -11% organic1 Net loss -$14.3 -$1.7 NM Net loss per diluted share -$0.48 -$0.05 NM Net loss margin -3.9% -0.4% -4 pp Adjusted net income (loss)2 -$11.7 $0.8 NM Adj. net income (loss) per diluted
Slide 5: Gross margin and SG&A bridges
Gross margin and SG&A bridges 24.7% 1.3% 23.3% Gross margin -2.1% -0.3% -0.3% Q1 2024 Workers’ Mix Bill / Pay Software Q1 2025 Compensation spread depreciation Amounts in millions $107 $95 SG&A -$11 -$1 Q1 2024 Core business Adjusted EBITDA Q1 2025 exclusions1 1 Represents the year-over-year change
Slide 6: Q1 2025 Results by segment
Q1 2025 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $189 $136 $45 % Change -15% +1% -2% Segment profit (loss)1 -$3 $3 $2 % Change +41% +5% -60% % Margin -1.6% 2.1% 4.3% Change +70 bps 0 bps -620 bps Notes: ▪ Revenue: ▪ Revenue: ▪ Revenue: • Softness ac
Slide 7: Solid balance sheet with ample liquidity
Solid balance sheet with ample liquidity Amounts in millions Liquidity Share repurchases 1 2 Debt Borrowing availability Cash Share repurchases Buyback ratio 6% 5% 4% $72 —% $61 $293 $34 $62 $23 $23 $21 $119 $86 $71 $0 $0 -$8 -$58 $0 2022 2023 2024 Q1 2025 2022 2023 2024 YTD Q1 2025 Note: Figures ma
Slide 8: Outlook
Outlook
Slide 9: Select outlook information
Select outlook information Item Q2 2025 Commentary $392M to $417M Assumes current market conditions continue into Q2 and includes +5 percentage points of inorganic Revenue -1% to +5% vs. prior year growth from the acquisition of HSP. -220 to -180 Gross margin decline due primarily to changes in busi
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP financial measures and non-GAAP reconciliations
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
Slide 12: Reconciliation of U.S. GAAP net loss to adjusted net income (loss)
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 30, 2025 Mar 31, 2024 Net loss $ (14,348) $ (1,698) Gain on divestiture — (745) Amortization of intangible a
Slide 13: Reconciliation of U.S. GAAP net loss to EBITDA and adjusted EBITDA
2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) 13 weeks ended (in thousands) Mar 30, 2025 Mar 31, 2024 Net loss $ (14,348) $ (1,698) Income tax expense (benefit) 418 (12,212) Interest and other (income) expense, net (193) (1,599) Depreciation and amortization (4) 6
Slide 14: Reconciliation of U.S. GAAP SG&A expense to adjusted SG&A expense
3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) 13 weeks ended (in thousands) Mar 30, 2025 Mar 31, 2024 Selling, general and administrative expense $ 94,621 $ 106,937 Third-party processing fees for hiring tax credits (5) (90) (90) Amor
Slide 15: Footnotes
Footnotes: 1. Costs associated with upgrading legacy PeopleReady technology. 2. Other adjustments for the 13 weeks ended March 30, 2025 and March 31, 2024 primarily include workforce reduction costs of $1.4 million ($0.1 million in cost of services and $1.3 million in selling, general and administra