Slide 1: Q4 2021 Earnings February 2022
Q4 2021 Earnings February 2022
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 including, without limitation, statements regarding the future performance and operations of our business, expected growth from our digital investments, and the exp
Slide 3: Overview
www.TrueBlue.c om 3 Overview 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. Q4 2021 FY 2021 Results exceed pre-pand
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 $104 $2 $32 $138 Q4 2020 Core business Q4 2021 23.3% 1.1% 2.0% 0.4% 26.8% Q4 2020 Workers' compensation Staffing RPO Q4 2021 Adjusted EBITDA exclusions1 1 $2 million represents the year-over-year change in
Slide 6: Q4 2021 Results by segment
www.TrueBlue.c om 6 Q4 2021 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleScout Revenue $362 $178 $82 % Change +22% -1% +96% Segment profit1 $27 $4 $11 % Change 69% -20% 158% % Margin 7.6% 2.5% 14.0% Change +210 bps -60 bps +340 bps Notes: ■ Revenue +22% • 99% of 2019 rev
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 trend towards outsourcing ▪ Leverage our strong brand; independently ranked as a market leader ▪ Expand
Slide 8: PeopleReady's digital and enhanced delivery model strategies
www.TrueBlue.c om 8 PeopleReady's digital and enhanced delivery model strategies Industry leading mobile app that connects our associates with jobs and simplifies ordering Market pilots utilizing centralized service centers to manage recruiting, onboarding and delivery Increasing client usage • 29,7
Slide 9: Balance sheet remains strong
www.TrueBlue.c om 9 12% 6% 0% 0% 2018 2019 2020 2021 $80 $37 $0 $0 $33 $47 $38 $63 $50 Net debt Cash 2018 2019 2020 2021 $260 $295 $224 $344 $213 $257 $161 $294 $47 $38 $63 $50 Borrowing availability Cash 2018 2019 2020 2021 Balance sheet remains strong Amounts in millions Note: Figures may not sum
Slide 10: Outlook
Outlook trueblue THE PEOPLE COMPANY?
Slide 11: Select outlook information for Q1 2022
www.TrueBlue.c om 11 Select outlook information for Q1 2022 Item Q1 2022 Commentary Revenue We are not providing customary revenue guidance. However, our prior four-year historical average for sequential revenue change from Q4 to Q1 was a decline of roughly 15% as Q1 is typically our lowest volume q
Slide 12: Select outlook information for FY 2022
www.TrueBlue.c om 12 Select outlook information for FY 2022 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 of non-GAAP financial measures. 2 Includes planned investments in software as a service (S
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 GAAP net income 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) Refer to the last slide of the appendix for footnotes. Q4 2021 Q4 2020 Q4 2019 2021 2020 2019 13 weeks ended 52 weeks ended (in thousands, except for per
Slide 16: Reconciliation of GAAP net income to EBITDA and Adjusted EBITDA
www.TrueBlue.c om 16 Refer to the last slide of the appendix for footnotes. 2. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (Unaudited) Q4 2021 Q4 2020 Q4 2019 2021 2020 2019 13 weeks ended 52 weeks ended (in thousands) Dec 26, 2021 Dec 27, 2020 Dec 29, 2019 Dec 26, 20
Slide 17: Footnotes
www.TrueBlue.c om 17 Footnotes: (1) Amortization of software as a service assets is reported in selling, general and administrative expense. (2) Workforce reduction costs for the 13 and 52 weeks ended December 26, 2021 in selling, general and administrative expense primarily include costs to streaml