Trueblue, Inc. · NYSE:TBI
Trueblue — Q1 2020 Earnings Presentation
16 slides from Trueblue's earnings presentation, May 4, 2020
Slide 1: Q1 2020 Earnings May 2020
Q1 2020 Earnings May 2020
Slide 2: Forward-looking statements
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 involve many risks and u
Slide 3: Q1 2020 summary
Q1 2020 summary Q1 results below low-end of company outlook ▪ Underperformance due to COVID-19 disruption that began in March ▪ Total revenue -11% v. outlook of -9% to -4% ▪ Net loss of $150 million, or $(4.04) per share, included a non-cash impairment charge1 of $152 million after tax, or $(4.08) p
Slide 4: Financial summary
Financial summary Amounts in millions, except per share data Q1 2020 Change Revenue $494 -11% Net Loss -$150.5 NM Net Loss Per Diluted Share -$4.04 NM Adjusted Net Loss¹ -$0.3 NM Adj. Net Loss Per Diluted Share -$0.01 NM Adjusted EBITDA¹ $4.6 -73% Adjusted EBITDA Margin 0.9% -210 bps 1 See the appen
Slide 5: Revenue trends
Revenue trends Total TrueBlue PeopleReady PeopleManagement PeopleScout (6)% (3)% (7)% (8)% (9)% (8)% (15)% (14)% (18)% (14)% Monthly (16)% (28)% Jan. Feb. Mar. Jan. Feb. Mar. PeopleReady PeopleManagement (2)% (6)% (7)% (15)% 1 (7)% (8)% (29)% (28)% (29)% (11)% (30)% (34)% (20)% (32)% Weekly (42)% (4
Slide 6: Gross margin and SG&A bridges
Gross margin and SG&A bridges 0.4% 1 26.6% -0.5% 25.5% -1.0% Gross Margin Q1 2019 Workers' comp Staffing RPO Q1 2020 and ACA2 Amounts in millions $128 $117 -$11 SG&A Q1 2019 Core business Q1 2020 1 We have made certain reclassifications between cost of services and SG&A expense in the prior year to
Slide 7: Q1 2020 results by segment
Q1 2020 results by segment Amounts in millions PeopleReady PeopleManagement PeopleScout Revenue $299 $142 $53 % Growth -8% -10% -21% Segment Profit $8 $0 $3 (Loss)1 % Growth -33% -114% -76% % Margin 2.6% -0.2% 4.7% Change -100 bps -170 bps -1080 bps ¬ Revenue was -8% v. -9% last ¬ Revenue was -10% v
Slide 8: Leading our business into a digital future
Leading our business into a digital future JobStack TM Q1 2020 Update ¬ JobStack is helping us safely connect people with work during this time of crisis ¬ 785,000 shifts filled via JobStackTM in Q1 2020, representing an all-time high digital Industry-leading mobile app that connects our fill rate1
Slide 9: Strong balance sheet
Strong balance sheet Liquidity Total Debt Amounts in millions Amounts in millions Borrowing Availability Cash Net Debt Cash $294 $295 $265 $260 $38 $265 $47 $119 $146 $29 $80 $29 $257 $265 $213 $47 $37 $117 $90 $33 $38 $29 2017 2018 2019 Q1 2020 2017 2018 2019 Q1 2020 Total Debt to Capital1 Net Debt
Slide 10: Strategic call-outs for 2020
Strategic call-outs for 2020 Open for business Key provider of services to essential businesses. Created a COVID-19 task force which has implemented extensive health and safety protocols, including a Centralized Branch Support Center to Employee and Client ensure business continuity, and ongoing saf
Slide 11: Outlook
Outlook [5] trueblue
Slide 12: Selected outlook information
Selected outlook information We are not providing customary guidance. However, certain information has been provided help investors as they form their own estimates. ¬ TrueBlue revenue has historically tracked with gross domestic product (GDP) ¬ Regression analysis suggests that TrueBlue revenue wou
Slide 13: Appendix
Appendix [5] trueblue
Slide 14: 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 15: Reconciliation of U.S. GAAP net income (loss) to adjusted net income (loss)
1. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE (Unaudited) Q1 2020 Q1 2019 13 Weeks Ended 13 Weeks Ended (in thousands, except for per share data) Mar 29, 2020 Mar 31, 2019 Net income (loss) $ (150,494) $ 8,276 Amortiza
Slide 16: Footnotes
Footnotes: 1. Amortization of intangible assets of acquired businesses. 2. Acquisition/integration costs for the acquisition of TMP Holding LTD completed on June 12, 2018. 3. The goodwill and intangible asset impairment charge for the 13 weeks ended March 29, 2020 relates to our PeopleManagement and