Trueblue, Inc. · NYSE:TBI
Trueblue — Q1 2021 Earnings Presentation
16 slides from Trueblue's earnings presentation, Apr 26, 2021
Slide 1: Q1 2021 Earnings
trueblue THE PEOPLE COMPANY® Q1 2021 Earnings April 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: Q1 2021 Overview
www.TrueBlue.c om 3 Q1 2021 Overview 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 Borrowing Availability is based on
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: Revenue trends
www.TrueBlue.c om 5 Revenue trends Quarter Month ended Apr 2,3 Q1 Jan Feb1 Mar Week 1 Week 2 Week 3 TrueBlue (7)% (12)% (14)% 3% 31% 45% 53% PeopleReady (13)% (18)% (19)% (3)% 31% 45% 57% PeopleManagement 7% 5% 0% 15% 30% 46% 47% PeopleScout (13)% (25)% (18)% 4% NA NA NA 1 February 2021 revenue tren
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 n SG &A $117 -$1 -$19 $97 Q1 2020 Core business Q1 2021 25.5% -1.3% -0.2% 0.1% 24.1% Q1 2020 ACA adjustment Staffing RPO Q1 2021 Adjusted EBITDA exclusions3 1 Q1 2020 includes a $6.3 million benefit from a reductio
Slide 7: Q1 2021 results by segment
www.TrueBlue.c om 7 Q1 2021 results by segment Amounts in millions PeopleReady PeopleManagement PeopleScout Revenue $260 $152 $47 % Change -13% 7% -13% Segment Profit1 $12 $3 $4 % Change 55% NM 61% % Margin 4.6% 2.1% 8.7% Change 200 bps 230 bps 400 bps Notes: ■ Revenue was -13% v. -18% in Q4 2020 ■
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
www.TrueBlue.c om 9 Leveraging our digital strategy JobStackTM Q1 2021 Update ■ 716,000 shifts filled via JobStack in Q1 2021, representing a digital fill rate of 58%, up 7 percentage points compared to Q1 2020 ■ 26,500 client users, up more than 10% compared to Q1 2020 ■ Heavy client users2 have de
Slide 10: Balance sheet remains strong
www.TrueBlue.c om 10 12% 6% 0% 0% 2018 2019 2020 Q1 2021 $80 $37 $0 $0 $33 $47 $38 $63 $88 Net Debt Cash 2018 2019 2020 Q1 2021 $260 $295 $224 $238 $213 $257 $161 $150 $47 $38 $63 $88 Borrowing Availability Cash 2018 2019 2020 Q1 2021 Balance sheet remains strong Amounts in millions Note: Figures ma
Slide 11: Outlook
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Slide 12: Selected outlook information
www.TrueBlue.c om 12 Selected outlook information Item Q2 2021 Commentary Gross Margin +180 to +220 bps v. prior year Gross margin expansion of approximately 120 bps expected from segment revenue mix and operating leverage from higher PeopleScout volumes with the remainder coming from workforce redu
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) 13 weeks ended (in thousands, except for per share data) Mar 28, 2021 Mar 29, 2020 Net income (loss) $ 6,898 $ (150,494) Amortization of intangible asset
Slide 16: Footnotes
www.TrueBlue.c om 16 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 March 31, 2020 were primarily due to employee reductions as part of our cost management actions in respons