Trueblue, Inc. · NYSE:TBI
Trueblue — Q4 2024 Earnings Presentation
17 slides from Trueblue's earnings presentation, Feb 19, 2025
Slide 1: Q4 2024 Earnings
Q4 2024 EARNINGS trueblue
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This presentation contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in d
Slide 3: Q4 2024 Overview
Q4 2024 Overview Total revenue down 22% ▪ Prior year period included an extra 14th week - Revenue down 16% on a comparable basis ▪ Uncertainty and caution continued to weigh on customers, driving reduced volumes with the exception of commercial driving services which delivered double-digit growth fo
Slide 4: Financial summary
Financial summary Amounts in millions, except per share data Q4 2024 Change FY 2024 Change Revenue $386 -22% $1,567 -18% 1 -16% comparable -17% comparable Net loss -$11.7 NM -$125.7 NM Net loss per diluted share -$0.40 NM -$4.17 NM Net loss margin -3.0% -3 pp -8.0% -7 pp Adjusted net loss2 -$0.7 NM
Slide 5: Gross margin and SG&A bridges
Gross margin and SG&A bridges 26.1% 1.7% 26.6% Gross margin -0.8% -0.2% -0.2% Q4 2023 Workers’ Mix Bill / Pay Software Q4 2024 Compensation spread depreciation Amounts in millions $130 $6 $107 SG&A -$29 Q4 2023 Core business Adjusted EBITDA Q4 2024 exclusions1 1 Represents the year-over-year change
Slide 6: Q4 2024 Results by segment
Q4 2024 Results by segment Amounts in millions PeopleReady PeopleScout PeopleManagement Revenue $208 $33 $146 % Change -27% -31% -9% Segment profit1 $7 $1 $6 % Change -7% -55% +105% % Margin 3.6% 4.0% 3.9% Change +80 bps -220 bps +220 bps Notes: ▪ Revenue: ▪ Revenue: ▪ Revenue: 2 • -21% on a compara
Slide 7: Solid balance sheet with ample liquidity
Solid balance sheet with ample liquidity Amounts in millions Liquidity Share repurchases 1 2 Debt Borrowing availability Cash Share repurchases Buyback ratio 6% 5% $72 4% $50 2% $61 $294 $293 $62 $23 $34 $21 $86 $119 $17 $0 $0 $0 -$8 2021 2022 2023 2024 2021 2022 2023 2024 Note: Figures may not sum
Slide 8: Outlook
Outlook
Slide 9: Accretive acquisition of Healthcare Staffing Professionals, Inc. (HSP)
Accretive acquisition of Healthcare Staffing Professionals, Inc. (HSP) accelerates diversification into attractive healthcare market Acquisition Jan 31, 2025 Date Purchase Price $42M Transaction Highlights Valuation 6x - 8x Multiple1 Existing Financing Facility Accelerate Diversify Enhance Growth Bu
Slide 10: Decisive cost actions to deliver efficiencies and enhance long-term profitability
Decisive cost actions to deliver efficiencies and enhance long-term profitability Amounts in millions Simplified organizational structure 1 SG&A Adjusted SG&A $123 $120 Enhanced automation $107 $103 $93 - $97 $91 - $95 Greater efficiencies Q1 2023 Q1 2024 Q1 2025 Outlook Increased scalability 1 Refe
Slide 11: Select outlook information
Select outlook information Item Q1 2025 Commentary $347M to $374M Assumes current market conditions continue into Q1 and includes -1 percentage point from Canada Revenue -13% to -7% vs. prior year sale offset by +3 percentage points of inorganic growth from the acquisition of HSP in late January. -7
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP financial measures and non-GAAP reconciliations
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 certain aspects of our
Slide 14: Reconciliation of U.S. GAAP net loss to adjusted net income (loss)
1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE (Unaudited) Q4 2024 Q4 2023 2024 2023 13 weeks 14 weeks 52 weeks 53 weeks ended ended (1) ended ended (1) (in thousands, except for per share data) Dec 29, 2024 Dec 31, 2023 Dec 29,
Slide 15: Reconciliation of U.S. GAAP net loss to EBITDA and adjusted EBITDA
2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) Q4 2024 Q4 2023 2024 2023 13 weeks 14 weeks 52 weeks 53 weeks ended ended (1) ended ended (1) (in thousands) Dec 29, 2024 Dec 31, 2023 Dec 29, 2024 Dec 31, 2023 Net loss $ (11,705) $ (2,551) $ (125,748) $ (14,173) Inco
Slide 16: Reconciliation of U.S. GAAP SG&A expense to adjusted SG&A expense
3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) Q4 2024 Q4 2023 Q1 2025 Outlook 2024 2023 13 weeks 14 weeks 52 weeks 53 weeks 13 weeks ended ended ended (1) ended ended (1) (in thousands) Dec 29, 2024 Dec 31, 2023 Mar 30, 2025 Dec 29, 2
Slide 17: Footnotes
Footnotes: 1. Our fiscal period ends on the Sunday closest to the last day of December. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks. 2. Costs associated with upgrading legacy PeopleRead