Slide 1: Q1 2015 Earnings Results
Q1 2015 Earnings Results April 23, 2015
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 2015 Highlights
Q1 2015 HIGHLIGHTS • Record Q1 revenue and Adjusted EBITDA 1 • Strong Adjusted EBITDA margin expansion • Acquired Recruitment Process Outsourcing (RPO) and on-premise staffing businesses delivered strong results 2 • Adjusted EBITDA growth of over 50% in legacy TrueBlue 3 1 See Appendix for the defin
Slide 4: Highlights: Revenue, Adjusted EBITDA, Adjusted EPS
Q1 2015 HIGHLIGHTS Revenue Adjusted EBITDA Adjusted EBITDA Margin Adjusted Earnings Per Share 1 $ 573 $ 19 3.4% $ 0.20 Q1 2015 CHANGE 4 1 See Appendix for the definition of this non-GAAP financial term. 45% 156% 150 bps 211% Q1 2015 Earnings Results | April 23, 2015 Amounts in millions, except for e
Slide 5: Gross Margin and Adjusted EBITDA Margin Bridges
Q1 2015 GROSS MARGIN AND ADJUSTED EBITDA MARGIN BRIDGES GROSS MARGIN ADJUSTED EBITDA MARGIN 5 Q1 2015 Earnings Results | April 23, 2015 25.1% 22.6% (2.9%) +0.4% Q1 2014 Seaton Impact Legacy TrueBlue Improvement Q1 2015 1.9% 3.4% +0.5% +1.0% Q1 2014 Seaton Impact Legacy TrueBlue Improvement Q1 2015
Slide 6: SG&A Bridge
Q1 2015 SG&A BRIDGE 6 Q1 2015 Earnings Results | April 23, 2015 Amounts in millions. Note: Figures on this page do not sum due to rounding. $92 $112 +$20 +$1 ($2 ) Q1 2014 Seaton Impact Integration Costs Legacy TrueBlue Improvement Q1 2015
Slide 7: Highlights – Legacy TrueBlue
Q1 2015 HIGHLIGHTS – Legacy TrueBlue Amounts in millions. • Revenue growth of 3% excluding green energy headwind • Adjusted EBITDA margin expansion of 100 bps driven by higher gross margin and lower operating costs o Gross margin = 40 bps o Lower operating costs = 60 bps Revenue Adjusted EBITDA Adju
Slide 8: Highlights – Seaton
Q1 2015 HIGHLIGHTS – Seaton Amounts in millions. • Revenue and Adjusted EBITDA exceeded expectation • Record Q1 results for on-premise staffing • Record new customer pipeline for RPO • Integration substantially complete Revenue Adjusted EBITDA Adjusted EBITDA Margin $ 176 $ 8 4.5% Q1 2015 8 Q1 2015
Slide 9: Debt and Liquidity Highlights
- $130 - $105 $180 $95 No Debt $32 $202 $113 2012 2013 2014 Q1 2015 Total Debt Net Debt 1 0% 8% 30% 19% 2012 2013 2014 Q1 2015 DEBT AND LIQUIDITY HIGHLIGHTS Total Debt Liquidity Debt to Total Capital In millions. In millions. Q1 2015 Earnings Results | April 23, 2015 9 1 Total debt less cash and mar
Slide 10: Expectations
Expectations TRUEBLUF
Slide 11: Q2 2015 Expectations
Amounts in millions except per share data. Q2 2015 EXPECTATIONS 11 Q1 2015 Earnings Results | April 23, 2015 Total Revenue Adjusted EBITDA Adjusted EPS Non-recurring Integration Costs Intangible Asset Amortization Legacy TrueBlue $ 462 - $472 $ 26.5 - $28.5 Seaton $ 165 - $170 $ 5.5 - $6.5 Consolida
Slide 12: Appendix
Appendix TRUEBLUF
Slide 13: Non-GAAP Financial Measures Definitions
EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA excludes interest, taxes, depreciation and amortization from net income. Adjusted EBITDA further excludes from EBITDA non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisi