Slide 1: Q2 2025 Earnings
Q2 2025 EARNINGS trueblue
Slide 2: Forward-looking statements and non-GAAP financial measures
2 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
Slide 3: Q2 2025 Overview
3 Q2 2025 Overview Total revenue was $396 million and flat to prior year ▪ Organic1 revenue down 4% ▪ Uncertainty and caution continued to weigh on customers, driving reduced volumes with the exception of our skilled businesses which delivered double-digit growth for the quarter Net loss was $0 mill
Slide 4: Financial summary
4 Financial summary Amounts in millions, except per share data Q2 2025 Q2 2024 Change Revenue $396 $396 0 % -4% organic1 Net loss -$0.2 -$104.7 NM Net loss per diluted share -$0.01 -$3.45 NM Net loss margin 0.0 % -26.4 % +26 pp Adjusted net loss2 -$2.2 -$10.7 NM Adj. net loss per diluted share -$0.0
Slide 5: Gross margin and SG&A bridges
5 Gross margin and SG&A bridges Gr os s m ar gi n 26.4% -2.5% -0.3% 23.6% Q2 2024 Mix Software depreciation Q2 2025 SG &A $97 -$12 $5 $90 Q2 2024 Core business Q2 2025 Amounts in millions 1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. Refer to the adjusted EBITD
Slide 6: Q2 2025 Results by segment
6 Q2 2025 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $213 $134 $49 % Change -5% +2% +20% Segment profit1 $2 $4 $3 % Change +288% +21% -26% % Margin 0.7% 3.1% 5.2% Change +50 bps +50 bps -320 bps Notes: ▪ Revenue: • Softness across most verticals and g
Slide 7: Solid balance sheet with ample liquidity
7 Solid balance sheet with ample liquidity $0 $0 -$8 -$54 $293 $86 $119 $79 $72 $62 $23 $22 Debt Borrowing availability Cash 2022 2023 2024 Q2 2025 Amounts in millions Note: Figures may not sum to consolidated totals due to rounding. Balances as of fiscal period end. 1 Borrowing availability is base
Slide 8: Outlook
Outlook
Slide 9: Select outlook information
9 Select outlook information Item Q3 2025 Commentary Revenue $400M to $425M +5% to +11% vs. prior year Assumes current market conditions continue into Q3 and includes +4 percentage points of inorganic growth from the acquisition of HSP. Gross margin -280 to -240 bps vs. prior year Gross margin decli
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP financial measures and non-GAAP reconciliations
11 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 o
Slide 12: Reconciliation of U.S. GAAP net loss to adjusted net loss and adjusted net loss per diluted share
12 1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Jun 29, 2025 Jun 30, 2024 Net loss $ (160) $ (104,710) Amortization of intangible assets 885 1,369 Acquisition/integration cost
Slide 13: Reconciliation of U.S. GAAP net loss to EBITDA and adjusted EBITDA
13 2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands) Jun 29, 2025 Jun 30, 2024 Net loss $ (160) $ (104,710) Income tax expense 122 46,491 Interest and other (income) expense, net (2,9
Slide 14: Reconciliation of U.S. GAAP SG&A expense to adjusted SG&A expense
14 3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands) Jun 29, 2025 Jun 30, 2024 Selling, general and administrative expense $ 89,798 $ 97,018 Third-party
Slide 15: Footnotes
15 Footnotes: 1. Workforce reduction costs of $3.4 million for the 13 weeks ended June 29, 2025 were reported as $0.1 million in cost of services and $3.3 million in selling, general and administrative expense. Workforce reduction costs of $1.5 million for the 13 weeks ended June 30, 2024 were repor