Trueblue, Inc. · NYSE:TBI
Trueblue — Q3 2021 Earnings Presentation
15 slides from Trueblue's earnings presentation, Oct 25, 2021
Slide 1: Q3 2021 Earnings
Q3 2021 Earnings October 2021
Slide 2: Forward-looking statements
www.TrueBlue.c om 2 Forward-looking statements This document contains forward-looking statements relating to our plans and expectations, all of which are subject to risks and uncertainties. Such statements are based on management’s expectations and assumptions as of the date of this release and invo
Slide 3: Q3 2021 Overview
www.TrueBlue.c om 3 Q3 2021 Overview Total revenue +22% - second consecutive quarter of double-digit growth ▪ Customer wins at multi-year high ▪ PeopleScout surpassed pre-pandemic Q3 2019 revenue ▪ Increased demand offsetting current worker supply challenges Net income was $19 million v. $9 million
Slide 4: Financial summary
www.TrueBlue.c om 4 Financial summary 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 and full reconciliation of non-GAAP financial measures to GAAP financial results. Amounts in millions, except pe
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 $90 $4 $25 $119 Q3 2020 Core business Q3 2021 23.3% 1.1% 1.0% 25.4% Q3 2020 Staffing RPO Q3 2021 Adjusted EBITDA exclusions1 1 $4 million represents the year-over-year change in Adjusted EBITDA exclusions i
Slide 6: Q3 2021 Results by segment
www.TrueBlue.c om 6 Q3 2021 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleScout Revenue $349 $158 $70 % Change 19% 7% 108% Segment profit1 $25 $2 $10 % Change 32% -48% 2,702% % Margin 7.1% 1.5% 13.9% Change 70 bps -160 bps 1290 bps Notes: ■ Revenue was +19% – 84% of Q3 20
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 dynamics (i.e. outsourcing) and hard-hit sectors entering recovery (i.e. travel & leisure) ▪ Leverage ou
Slide 8: JobStack
www.TrueBlue.c om 8 JobStackTM Industry-leading mobile app that connects our associates with jobs and simplifies client ordering Digital strategy targeting market share gains and efficiencies Increasing client usage • 29,100 client users, up 11% v. Q3 2020 • 940,000 shifts filled in Q3 2021 • Heavy
Slide 9: Balance sheet remains strong
www.TrueBlue.c om 9 12% 6% 0% 0% 2018 2019 2020 Q3 2021 $80 $37 $0 $0 $33 $47 $38 $63 $49 Net debt Cash 2018 2019 2020 Q3 2021 $260 $295 $224 $343 $213 $257 $161 $294 $47 $38 $63 $49 Borrowing availability Cash 2018 2019 2020 Q3 2021 Balance sheet remains strong Amounts in millions Note: Figures may
Slide 10: Outlook
Outlook trueblue THE PEOPLE COMPANY?
Slide 11: Select outlook information
www.TrueBlue.c om 11 Select outlook information Item Q4 2021 Commentary Revenue We are not providing customary guidance. However, we note that excluding 2020, the four-year historical average for sequential revenue growth from Q3 to Q4 was roughly flat. Listed below is the year-over-year growth for
Slide 12: Appendix
Appendix trueblue THE PEOPLE COMPANY?
Slide 13: Non-GAAP financial measures and non-GAAP reconciliations
www.TrueBlue.c om 13 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 14: Reconciliation of U.S. GAAP net income to adjusted net income and EBITDA
www.TrueBlue.c om 14 1. RECONCILIATION OF U.S. GAAP NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Sep 26, 2021 Sep 27, 2020 Net income $ 18,642 $ 8,795 Amortization of intangible assets of acquired bus
Slide 15: Footnotes
www.TrueBlue.c om 15 Footnotes: (1) Amortization of software as a service assets is reported in selling, general and administrative expense. (2) Workforce reduction costs for the 13 weeks ended September 27, 2020 were primarily due to employee reductions as part of our cost management actions in res