Slide 1: Q2 2013 Earnings Results
Q2 2013 Earnings Results July 24, 2013 TRUEBLUE
Slide 2: Forward-Looking Statement
Certain statements made by us in this presentation that are not historical facts or that relate to future plans, events or performances are forward-looking statements that reflect management’s current outlook for future periods, including statements regarding future financial performance. These forw
Slide 3: Q2 2013 Highlights
Q2 2013 HIGHLIGHTS • Revenue growth of 19 percent* including MDT • Revenue growth of 25 percent excluding large aviation customer • Growth across most industries and locations • Continued growth in construction • Favorable gross margin impact from disciplined management • MDT integration complete as
Slide 4: Highlights
Q2 2013 HIGHLIGHTS Dollar amounts in millions. Certain amounts may not sum or recalculate due to rounding. Q-2 2013 Q-2 2012 Change Revenue $ 422 $ 354 19% Gross profit $ 112 $ 94 20% % of Revenue 26.5% 26.4% SG&A expense** $ 89 $ 72 25% % of Revenue 21.2% 20.2% EBITDA* $ 23 $ 22 2% % of Revenue 5.3
Slide 5: EBITDA Bridge
EBITDA BRIDGE* $0 $5 $10 $15 $20 $25 Q2 2012 Non-recurring Acquisition Costs** Large Aviation Customer Impact Growth from Ongoing Operations Q2 2013 ($2M) $22M $23M ($3M) +$6M * EBITDA is a non-GAAP term. See the Q2 2013 Operating Income to EBITDA and Adjusted EBITDA Reconciliation slide. ** Include
Slide 6: Revenue Trends
REVENUE TRENDS* Q2 2013 Earnings Results | July 24, 2013 | page 6 -5% 5% 15% 25% Q-3 '12 Q-4 '12 Q-1 '13** Q-2 '13** Quarterly Trends 0% 10% 20% 30% April** May** June** * All calculations based on comparison to same period a year ago. **MDT was acquired in the second week of February 2013. Due to t
Slide 7: Gross Margin Bridge
GROSS MARGIN BRIDGE Q2 2013 Earnings Results | July 24, 2013 | page 7 25.0% 25.5% 26.0% 26.5% 27.0% Q2 2012 MDT Acquisition* Sales Mix Payroll Taxes / Other Operational Management Q2 2013 26.4% 26.5% +0.5% (1.0%) +0.4% +0.2% * Due to the consolidation of MDT branches into existing branches, and merg
Slide 8: SG&A Bridge
SG&A BRIDGE $0 $20 $40 $60 $80 $100 Q2 2012 MDT Operations* Non-Recurring Acquisition Costs** Variable and Other Costs Q2 2013 +$10M $72M $89M +$5M +$2M * Due to the consolidation of MDT branches into existing branches, and merging customers and workforces, SG&A costs cannot be segregated and accura
Slide 9: Q3 2013 Expectations
Q2 2013 Earnings Results | July 24, 2013 | page 9 Q3 2013 EXPECTATIONS Total revenue of $450M - $460M or growth of about 20 percent* Net income per diluted share of $0.44 - $0.49 • Includes MDT intangible asset amortization expense of $0.01 * Based on comparison to same period a year ago.
Slide 10: Appendix
Appendix TRUEBLUE
Slide 11: Operating Income to EBITDA and Adjusted EBITDA Reconciliation
Q2 2013 OPERATING INCOME TO EBITDA AND ADJUSTED EBITDA RECONCILIATION Q2 2013 Earnings Results | July 24, 2013 | page 11 * Adjusted EBITDA excludes non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to the MDT acquisition from EBITDA. EBITDA and