Slide 1: Q1 2014 Earnings Results
Q1 2014 Earnings Results April 22, 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: Q1 2014 Highlights
Q1 2014 HIGHLIGHTS Revenue growth of 14 percent* • Mid-single digit organic growth* • Growth moderated by weather • MDT acquisition anniversary in February 2014 Strong profitability and operating leverage • Adjusted EBITDA** $7.6M vs. $2.4M Q1 2013 • 120 basis points of Adjusted EBITDA margin expans
Slide 4: Highlights
Q1 2014 HIGHLIGHTS Dollar amounts in millions. Certain amounts may not sum or recalculate due to rounding. Q-1 2014 Q-1 2013 Change Revenue $ 396 $ 346 14% Gross profit $ 100 $ 87 15% % of Revenue 25.1% 25.0% SG&A expense $ 92 $ 88 4% % of Revenue 23.2% 25.5% EBITDA* $ 8 $ (2) % of Revenue 1.9% -0.5
Slide 5: Revenue Trends
REVENUE TRENDS 0% 10% 20% 30% Q2 '13** Q3 '13** Q4 '13** Q1 '14**0% 10% 20% 30% Jan.** Feb.** Mar.** * All calculations based on comparison to same period a year ago. ** Due to 2013 acquisitions, organic revenue growth cannot be calculated precisely. Monthly Trends* Revenue Growth Quarterly Trends*
Slide 6: Gross Margin Bridge
GROSS MARGIN BRIDGE * Due to 2013 acquisitions, the gross margin impact cannot be segregated and calculated precisely. Amounts listed represent management’s best estimate. 23.0% 23.5% 24.0% 24.5% 25.0% 25.5% 26.0% Q1 2013 Acquisition Mix* Organic Mix Operational Management Q1 2014 25.1% (1.0%) +0.9%
Slide 7: SG&A Bridge
SG&A BRIDGE * Due to 2013 acquisitions, SG&A costs cannot be segregated and calculated precisely. Amounts listed represent management’s best estimate. $0 $20 $40 $60 $80 $100 Q1 2013 Non-Recurring Acquisition Expenses Acquired Operations* Variable and Other Costs Q1 2014 $88M $92M ($4M) +$3M +$5M Q1
Slide 8: Expectations
EXPECTATIONS Total revenue for Q2 2014 of $458 million - $468 million • Q2 2014 expectation is growth of 10 percent* • Q2 2014* growth lower than Q1 2014* due to anniversary of MDT acquisition Net income per diluted share for Q2 2014 of $0.33 - $0.38 Continued focus on innovation, centralization and
Slide 9: Appendix
Appendix TRUEBLUE
Slide 10: Net Income (Loss) to EBITDA and Adjusted EBITDA Reconciliation
Q1 2014 NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA RECONCILIATION Q1 2014 Net income (loss) 1.7 $ Q1 2013 (1.1) $ In millions. Certain amounts may not sum or recalculate due to rounding. Depreciation & amortization 5.2 $ EBITDA* 7.6 $ Non-recurring acquisition costs 0.0 $ Adjusted EBITDA* 7.6 $