Slide 1: Q1 2013 Earnings Results
Q1 2013 Earnings Results April 24, 2013
Slide 2: Forward-Looking Statement
Forward-Looking Statement Certain statements made by us in this presentation that are not historical facts or that relate to future plans, events or performances are forward-looking statements that reflect management’s current outlook for future periods, including statements regarding future financi
Slide 3: Q1 2013 Highlights
Q1 2013 Highlights • Revenue growth of 11 percent* which includes the MDT acquisition • Revenue growth of 19 percent* excluding large aviation customer • Steady growth in demand across most geographies and industries • Improving construction market • Gross margin expansion excluding acquisition impa
Slide 4: Q1 2013 Highlights
Q-1 2013 Q-1 2012 Change Revenue $ 346 $ 311 11% Gross profit $ 87 $ 79 9% % of Revenue 25.0% 25.5% SG&A expense $ 88 $ 72 23% % of Revenue 25.5% 23.2% EBITDA* $ (2) $ 7 -125% % of Revenue -0.5% 2.3% Non-recurring acquisition costs** $ 4 $ 0 % of Revenue 1.2% 0.0% Adjusted EBITDA* $ 2 $ 7 -67% % of
Slide 5: Q1 2013 Operating Income to EBITDA and Adjusted EBITDA Reconciliation
Q1 2013 Operating Income to EBITDA and Adjusted EBITDA Reconciliation TRUEBLUE – Investor Presentation | Q1 2013 Earnings Results | April 24, 2013 | page 5 *Adjusted EBITDA excludes non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to the MDT ac
Slide 6: Revenue Trends
Revenue Trends* graphic, photo, chart -5% 0% 5% 10% 15% 20% Q-2 '12 Q-3 '12 Q-4 '12 Q-1 '13** Quarterly Trends -5% 5% 15% 25% Jan. Feb.** March** Monthly Trends *All calculations based on comparison to same period a year ago. **MDT acquired in the second week of February 2013. Due to the consolidati
Slide 7: Gross Margin Change
Gross Margin Change graphic, photo, chart TRUEBLUE – Investor Presentation | Q1 2013 Earnings Results | April 24, 2013 | page 7 24.0% 24.5% 25.0% 25.5% 26.0% 26.5% Q1 2012 Sales Mix MDT Acquisition* Q1 2013 25.5% 25.0% +0.5% -1.0% * Due to the consolidation of 65 MDT branches into existing branches,
Slide 8: SG&A Bridge
SG&A Bridge graphic, photo, chart TRUEBLUE – Investor Presentation | Q1 2013 Earnings Results | April 24, 2013 | page 8 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 Q1 2012 MDT Operations* Non-Recurring Acquisition Costs** Variable and Other Costs Q1 2013 +$6M $72M $88M +$6M +$4M * Due to the consoli
Slide 9: MDT Acquisition - Integration Update
MDT Acquisition - Integration Update Q1 2013 • Offer positions to all MDT field employees and onboard • Consolidate 65 branches • Blend MDT and TrueBlue sales and service teams • Transition all branches to TrueBlue point-of-sale system Q2 2013 • Complete transition of back office support services •
Slide 10: Q2 2013 Expectations
Q2 2013 Expectations Total revenue of $415 - $425M or growth of about 19 percent* Net income per diluted share of $0.22 – $0.27 • Includes MDT non-recurring acquisition and related costs of $0.05 • Includes MDT intangible asset amortization expense of $0.01 * Based on comparison to same period a yea
Slide 11: 2013 Estimate - Operating Income to EBITDA and Adjusted EBITDA Reconciliation
2013 Estimate - Operating Income to EBITDA and Adjusted EBITDA Reconciliation graphic, photo, chart In millions TRUEBLUE – Investor Presentation | Q1 2013 Earnings Results | April 24, 2013 | page 11 *Adjusted EBITDA excludes costs related to the purchase, integration, reorganization and shutdown act