Slide 1: Q4 2013 Earnings Results
Q4 2013 Earnings Results Feb. 6, 2014 TRUEBLUE
Slide 2: 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 financial performance. These forw
Slide 3: Q4 2013 Highlights
Q4 2013 HIGHLIGHTS Revenue growth of 30 percent* • Mid-single digit organic growth* • Widespread growth across most industries and locations • TWC acquired at the beginning of Q4 adding 7 points of growth Adjusted EBITDA** growth of 80 percent TWC integration completed in Q4 Q4 2013 Earnings Results
Slide 4: Highlights
Q4 2013 HIGHLIGHTS Dollar amounts in millions. Certain amounts may not sum or recalculate due to rounding. Q-4 2013 Q-4 2012 Change Revenue $ 449 $ 345 30% Gross profit $ 120 $ 94 27% % of Revenue 26.8% 27.4% SG&A expense $ 94 $ 79 18% % of Revenue 20.9% 23.0% EBITDA* $ 27 $ 15 75% % of Revenue 5.9%
Slide 5: Revenue Trends
REVENUE TRENDS 0% 10% 20% 30% Q-1 '13** Q-2 '13** Q-3 '13** Q-4 '13** 0% 10% 20% 30% Oct.** Nov.** Dec.** * All calculations based on comparison to same period a year ago. ** Due to various 2013 acquisitions, organic revenue growth cannot be calculated precisely. *** November 2013 and December 2013
Slide 6: Gross Margin Bridge
GROSS MARGIN BRIDGE * Due to various 2013 acquisitions, the acquisition impact cannot be calculated precisely. Amounts listed represent management’s best estimate. Q4 2013 Earnings Results | Feb. 6, 2014 | page 6 25.0% 25.5% 26.0% 26.5% 27.0% 27.5% 28.0% Q4 2012 Acquisition Mix* PY Workers Comp / Ot
Slide 7: SG&A Bridge
$0 $20 $40 $60 $80 $100 Q4 2012 Acquired Operations* Non-Recurring Expenses Variable and Other Costs Q4 2013 +$10M $79M $93.5M +$3.5M +$1M SG&A BRIDGE * Due to various 2013 acquisitions, SG&A costs cannot be segregated and calculated precisely. Amounts listed represent management’s best estimate. Q4
Slide 8: Q1 2014 Expectations
Q1 2014 EXPECTATIONS Total revenue for Q1 2014 of $398 million - $408 million • Q1 2014 expectation is growth of 16 percent* • Q1 2014 expectation is lower than Q4 2013 growth due to anniversary of the MDT acquisition Net income per diluted share for Q1 2014 of $0.00 - $0.05 * Based on comparison to
Slide 9: Appendix
Appendix TRUEBLUE
Slide 10: Net Income to EBITDA and Adjusted EBITDA Reconciliation
Q4 2013 NET INCOME TO EBITDA AND ADJUSTED EBITDA RECONCILIATION Q4 2013 Net income 14.5 $ Q4 2012 7.4 $ Q4 2013 Earnings Results | Feb. 6, 2014 | page 10 In millions. Certain amounts may not sum or recalculate due to rounding. Depreciation & amortization 5.3 $ EBITDA* 26.6 $ Non-recurring acquisitio