Slide 1: 2011 Q1 Investor Presentation
2011 Q1 Investor Presentation Exhibit 99.1
Slide 2: Cautionary Note About Forward-Looking Statements
Cautionary Note About Forward-Looking Statements: 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
Slide 3: Company and Industry Overview
Company and Industry Overview
Slide 4: Investment Highlights
4 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Investment Highlights Specialized approach in serving the market Attractive industry growth prospects Unique industry- related upside Strong operating leverage Multiple opportunities to increase market share Solid balance sheet
Slide 5: We're the people making a positive difference. Our vision
We’re the people making a positive difference. Our vision: TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Every day, we use our specialized brands to find new opportunities to better serve customers and workers at all skill levels. Be the Leading Provider of Blue-Collar Staffing
Slide 6: The Leading Provider of Blue-Collar Staffing
6 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation The Leading Provider of Blue-Collar Staffing Market size/share ($) Labor Ready $4 billion (20%) Spartan Staffing $7 billion (1%) CLP $1 billion (10%) PlaneTechs $500 million (35%) Centerline $800
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Slide 8: Sales by Industry
8 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Sales by Industry Construction 37% 22% Manufacturing 17% 20% Transportation 9% 12% Wholesale Trade 10% 9% Retail 8% 7% Services & Other 19% 16% Aviation 0% 14% 2006 2010
Slide 9: Temporary Staffing
9 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Temporary Staffing $75 billion Staffing Industry Analysts 2010 forecast, rounded
Slide 10: Blue-collar Staffing – Strong Future Growth
10 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation 2010 Market $20B 2015 Market Forecast $30B Blue-collar Staffing – Strong Future Growth Source: Staffing Industry Analysts, Moody’s economic forecasts, TrueBlue estimates
Slide 11: Industry Growth Drivers
11 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Industry Growth Drivers
Slide 12: Strategic Priorities
12 Geographic Expansion + Increase Market Share On-site Locations Multi-Brand Locations Acquisitions TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Strategic Priorities Focus Why How Organic Growth – Existing Geographies +++ Operating Leverage Brand Specialization Brand Leadership Intra-brand In
Slide 13: Operating Leverage of Organic Growth
13 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Operating Leverage of Organic Growth Organic growth from existing geographies = 15% - 18% incremental operating margins * Example calculation of incremental operating margins: Incremental Revenue $ Gross Profit Generated $ Operating Expense Assoc
Slide 14: Geographic Expansion Opportunities
14 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Geographic Expansion Opportunities Existing markets
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Slide 16: Financial Review
Financial Review
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Slide 19: Financial Targets
17 Revenue Growth Market > EBITDA % 7% > TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Financial Targets *See disclosure and reconciliation of EBITDA on slide 25.
Slide 20: Financial Summary
18 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Financial Summary ** 2010 included a 53 rd week which contributed 1% to revenue growth. 2010** 2009 Growth % Revenue $1,149 $1,018 13% Gross profit $ 303 $ 291 4% % of Revenue 26.4% 28.6% SG&A expense $ 259 $ 262 -1% % of Revenue 22.5% 25.8% EBIT
Slide 21: Recent Revenue Trends
19 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Recent Revenue Trends -5% 0% 5% 10% 15% 20% 25% 30% Q2 '10 Q3 '10 Q4 '10 * Q1 '11 Forecast Revenue Growth -5% 0% 5% 10% 15% 20% 25% 30% Q2 '10 Q3 '10 Q4 '10 * Q1 '11 Forecast Revenue Growth excluding Largest Customer * Q4 2010 Revenue Growth excl
Slide 22: Strong Balance Sheet
20 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Strong Balance Sheet Cash and investments $163 $124 Current ratio 3.4 2.9 Restricted cash $120 $124 Workers’ comp reserve $187 $190 Debt $ 0 $ 1 Shareholders’ equity $313 $285 Q-4 2010 Q-4 2009 $ in millions.
Slide 23: Investment Highlights
21 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Investment Highlights Specialized approach in serving the market Attractive industry growth prospects Unique industry-related upside Strong operating leverage Multiple opportunities to increase market share Solid balance sheet
Slide 24: Appendix
Appendix
Slide 25: Blue-Collar Specialties
23 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Blue-Collar Specialties General Labor Postions filled on-demand Numerous workers available Convenient community branches Logistics & Manufacturing Specialized skills for manufacturing & logistics Longer term assignments and temp to perm On-site m
Slide 26: Historical Summary: Annual Revenue and EBITDA
24 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation 1,000 1,200 1,400 1,600 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Historical Summary Annual Revenue and EBITDA* in $M in $M No. of Branches 200 316 486 687 816 756 748 779 815 887 912 894 850 754 721 2008 excludes
Slide 27: Reconciliation of EBITDA to Net Income
25 TrueBlue™ (NYSE:TBI) 2011 Q1 Investor Presentation Reconciliation of EBITDA to Net Income *EBITDA is non-GAAP financial measure which excludes interest, taxes, depreciation and amortization from net income. EBITDA is a key measure used by management in evaluating performance. EBITDA should not be