Trueblue, Inc. · NYSE:TBI
Trueblue — Q1 2022 Earnings Presentation
18 slides from Trueblue's earnings presentation, Apr 25, 2022
Slide 1: Q1 2022 Earnings
Q1 2022 Earnings April 2022
Slide 2: Forward-looking statements and non-GAAP financial measures
www.TrueBlue.c om 2 Forward-looking statements and non-GAAP financial measures This document contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, and expected growth from
Slide 3: Q1 2022 Overview
www.TrueBlue.c om 3 Q1 2022 Overview Total revenue +20% - fourth consecutive quarter of double-digit growth ▪ Revenue growth across all three segments ▪ Rising bill rates, improving worker supply and higher same client revenue Net income was $11 million v. $7 million in Q1 2021 ▪ Net income margin +
Slide 4: Financial summary
www.TrueBlue.c om 4 Financial summary 1 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. Amounts in millions, except per share data Q1 2022 Q1 2021 Change Revenue $552 $459 20 % Net income $10.5 $6.9 52 % Ne
Slide 5: Gross margin and SG&A bridges
www.TrueBlue.c om 5 Gross margin and SG&A bridges Amounts in millions Gr os s m ar gi n SG &A $97 $3 $21 $121 Q1 2021 Core business Q1 2022 24.1% 1.1% 0.2% 25.4% Q1 2021 Staffing RPO Q1 2022 Adjusted EBITDA exclusions1 1 $3 million represents the year-over-year change in Adjusted EBITDA exclusions i
Slide 6: Q1 2022 Results by segment
www.TrueBlue.c om 6 Q1 2022 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleScout Revenue $306 $164 $82 % Change 17% 8% 76% Segment profit1 $16 $3 $11 % Change 37% -4% 172% % Margin 5.3% 1.8% 13.4% Change +70 bps -30 bps +470 bps Notes: ■ Revenue +17% • Double-digit bill ra
Slide 7: Strategy highlights
www.TrueBlue.c om 7 Strategy highlights Leverage technology and industry leading position to grow market share and enhance efficiency ▪ Focus sales and marketing efforts to capitalize on industry trend towards outsourcing ▪ Leverage our strong brand; independently ranked as a market leader ▪ Expand
Slide 8: PeopleReady's digital and enhanced delivery model strategies
www.TrueBlue.c om 8 PeopleReady's digital and enhanced delivery model strategies Industry leading mobile app that connects our associates with jobs and simplifies ordering Market pilots utilizing centralized service centers to manage recruiting, onboarding and delivery Increasing client usage (v. Q1
Slide 9: Balance sheet remains strong
www.TrueBlue.c om 9 $1 $63 $50 $33 2019 2020 2021 Q1 2022 6% 0% 0% 1% 2019 2020 2021 Q1 2022 $295 $224 $344 $327 $257 $161 $294 $290 $38 $63 $50 $37 Borrowing availability Cash 2019 2020 2021 Q1 2022 Balance sheet remains strong Amounts in millions Note: Figures may not sum to consolidated totals du
Slide 10: Outlook
Outlook trueblue THE PEOPLE COMPANY?
Slide 11: Select outlook information for Q2 2022
www.TrueBlue.c om 11 Select outlook information for Q2 2022 Item Q2 2022 Commentary Revenue We are not providing customary revenue guidance. However, excluding 2020, our prior five-year historical average for sequential revenue growth from Q1 to Q2 was roughly 8%. Revenue trends over the last four w
Slide 12: Select outlook information for FY 2022
www.TrueBlue.c om 12 Select outlook information for FY 2022 1 Refer to the appendix to this presentation and “Financial Information” in the investors section of our website at www.trueblue.com for a definition of non-GAAP financial measures. 2 Includes planned investments in software as a service (S
Slide 13: Appendix
Appendix trueblue THE PEOPLE COMPANY?
Slide 14: Non-GAAP financial measures and non-GAAP reconciliations
www.TrueBlue.c om 14 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 ce
Slide 15: Reconciliation of U.S. GAAP net income to adjusted net income
www.TrueBlue.c om 15 1. RECONCILIATION OF U.S. GAAP NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands, except for per share data) Mar 27, 2022 Mar 28, 2021 Net income $ 10,519 $
Slide 16: Reconciliation of U.S. GAAP net income to EBITDA and adjusted EBITDA
www.TrueBlue.c om 16 Refer to the last slide of the appendix for footnotes. 2. RECONCILIATION OF U.S. GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA (Unaudited) 13 weeks ended (in thousands) Mar 27, 2022 Mar 28, 2021 Net income $ 10,519 $ 6,898 Income tax expense 1,976 (112) Interest expense and othe
Slide 17: Reconciliation of SG&A expenses to adjusted SG&A expenses
www.TrueBlue.c om 17 Refer to the last slide of the appendix for footnotes. 3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO ADJUSTED SG&A EXPENSES (Unaudited) 13 weeks ended (in thousands) Mar 27, 2022 Mar 28, 2021 Selling, general and administrative expenses $ 120,568
Slide 18: Footnotes
www.TrueBlue.c om 18 Footnotes: (1) Amortization of software as a service assets is reported in selling, general and administrative expense. (2) Accelerated depreciation for the existing systems being replaced by the new PeopleReady technology platform. (3) Implementation costs associated with upgra