Trueblue, Inc. · NYSE:TBI
Trueblue — Q4 2020 Earnings Presentation
16 slides from Trueblue's earnings presentation, Feb 3, 2021
Slide 1: Q4 2020 Earnings February 2021
Q4 2020 Earnings February 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: Overview Q4 2020 and FY 2020
www.TrueBlue.c om 3 Overview Q4 2020 FY 2020 1 See 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. 2 Net loss of $142 million i
Slide 4: Financial summary
www.TrueBlue.c om 4 Financial summary 1 See 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 per sha
Slide 5: Monthly revenue trends
www.TrueBlue.c om 5 (27)% (20)% (20)% (15)% (18)% (2)% 1% 3% 9% 5% (40)% (30)% (17)% (23)% (25)% PeopleReady PeopleManagement PeopleScout September October November December January Monthly revenue trends (22)% (15)% (13)% (8)% (12)% Total TrueBlue September October November December January
Slide 6: Gross margin and SG&A bridges
www.TrueBlue.c om 6 Gross margin and SG&A bridges Amounts in millions G ro ss M ar gi n1 SG &A $132 -$28 $104 Q4 2019 Core business Q4 2020 1 We have mad certain reclassifications between cost of services and SG&A expense in the prior year to more accurately reflect the costs of delivering our servi
Slide 7: Q4 2020 results by segment
www.TrueBlue.c om 7 Q4 2020 results by segment Amounts in millions PeopleReady PeopleManagement PeopleScout Revenue $297 $179 $42 % Change -18% 5% -24% Segment Profit1 $16 $6 $4 % Change -10% 104% -18% % Margin 5.4% 3.2% 10.6% Change 50 bps 150 bps 80 bps Notes: ■ Revenue was -18% v. -29% in Q3 ■ Re
Slide 8: Strategy highlights
www.TrueBlue.c om 8 Strategy highlights Lev rage technology and our industry leading position to grow market share and enhance efficiency ▪ Leverage our strong brand; independently ranked as a market leader ▪ Expand technology offering to improve client delivery and recruiting efficiency ▪ Focus sal
Slide 9: Leveraging our digital strategy: JobStack Q4 2020 Update
www.TrueBlue.c om 9 Leveraging our digital strategy JobStackTM Q4 2020 Update ■ 811,000 shifts filled via JobStack in Q4 2020, representing a digital fill rate of 57%, up 11 percentage points compared to Q4 2019 ■ 26,300 client users, up more than 20% compared to Q4 2019 ■ Heavy users2 have demonstr
Slide 10: Balance sheet remains strong
www.TrueBlue.c om 10 18% 12% 6% —% 2017 2018 2019 2020 $119 $80 $37 $0 $90 $33 $29 $47 $38 $63 Net Debt Cash 2017 2018 2019 2020 $146 $260 $295 $224 $117 $213 $257 $161 $29 $47 $38 $63 Borrowing Availability Cash 2017 2018 2019 2020 Balance sheet remains strong Amounts in millions Note: Figures may
Slide 11: Outlook
Outlook trueblue THE PEOPLE COMPANY?
Slide 12: Selected outlook information
www.TrueBlue.c om 12 Selected outlook information Item Q1 2021 Commentary Gross Margin -290 to -250 bps v. prior year Gross margin headwinds primarily due to bill and pay rate pressure which we expect to moderate over the course of 2021. Note Q1 2020 had a 130 bps tailwind from health care benefits
Slide 13: Appendix
Appendix trueblue THE PEOPLE COMPANY?
Slide 14: Non-GAAP financial measures and non-GAAP reconciliations
www.TrueBlue.c om 14 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 15: Reconciliation of U.S. GAAP net income (loss) to adjusted net income
www.TrueBlue.c om 15 1. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE (Unaudited) Q4 2020 Q4 2019 2020 2019 13 weeks ended 52 weeks ended (in thousands, except for per share data) Dec 27, 2020 Dec 29, 2019 Dec 27, 2020 Dec 29, 2019 Net
Slide 16: Footnotes
www.TrueBlue.c om 16 Footnotes: 1. Workforce reduction costs for the 13 and 52 weeks ended December 27, 2020 were primarily due to employee reductions as part of our cost management actions in response to COVID-19. For the 13 and 52 weeks ended December 29, 2019, the workforce reductions costs were