Trueblue, Inc. · NYSE:TBI
Trueblue — Investor Presentation (November 2010)
31 slides from Trueblue's investor presentation, Nov 8, 2010
Slide 1: 2010 Q4 Investor Presentation
2010 Q4 Investor Presentation Exhibit 99.1
Slide 2: Safe Harbor Statement
2 Safe Harbor Statement 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 period
Slide 3: Company and Industry Overview
Company and Industry Overview
Slide 4: Investment Highlights
4 TrueBlue™ (NYSE:TBI) 2010 Q4 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: TrueBlue brands
( SPARTAN, EICLP “a CENTERLINE TRUE BLUE
Slide 6: TrueBlue brands
CENTERLINE TRUE BLUE
Slide 7: TrueBlue brands
CENTERLINE TRUE BLUE
Slide 8: We make a positive difference in the lives of people
We make a positive difference in the lives of people. 5 Our vision: TrueBlue™ (NYSE:TBI) 2010 Q4 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 9: Blue-Collar Specialties
6 TrueBlue™ (NYSE:TBI) 2010 Q4 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 ma
Slide 10: The Leading Provider of Blue-Collar Staffing
7 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation TrueBlue™ (NYSE:TBI) 2010 Q4 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
Slide 11: Awards and recognition
BusinessWeek Hot Growth Company TrueBlue was listed on the 2007 100 Best Small Companies to Watch List . Forbes Platinum 400 Forbes magazine named TrueBlue to its 2005 list of the Best Big Companies . U.S. Dept. of Labor In 2003, TrueBlue become the 1 st company to enter into the DOL’s VIP program t
Slide 12: Sales by Industry
9 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Sales by Industry Construction 37% 22% Manufacturing 17% 19% Transportation 9% 12% Wholesale Trade 10% 9% Retail 8% 7% Services & Other 19% 15% Aviation 0% 16% 2006 2010* * 2010 industry percentages are for the trailing four quarters ended Q3 2010
Slide 13: Temporary Staffing
10 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Temporary Staffing $75 billion Staffing Industry Analysts 2010 forecast, rounded
Slide 14: Blue-collar Staffing – Strong Future Growth
11 TrueBlue™ (NYSE:TBI) 2010 Q4 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 15: Industry Growth Drivers
12 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Industry Growth Drivers
Slide 16: Strategic Priorities
13 Geographic Expansion + Increase Market Share On-site Locations Multi-Brand Locations Acquisitions TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Strategic Priorities Focus Why How Same Branch Growth +++ Operating Leverage Brand Specialization Brand Leadership Intra-brand Industry Specializati
Slide 17: Operating Leverage of Same Branch Growth
14 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Operating Leverage of Same Branch Growth Same branch growth = 20% incremental operating margins * Example calculation of incremental operating margins: Incremental Revenue $ Gross Profit Generated $ Variable Operating Expense Associated with Incr
Slide 18: Geographic Expansion Opportunities
15 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Geographic Expansion Opportunities Existing markets
Slide 19: Slide 19
Slide 20: Financial Review
Financial Review
Slide 21: Slide 21
Slide 22: Slide 22
Slide 23: Financial Targets
18 Revenue Growth Market > EBITDA % 7% > TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Financial Targets 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. EBIT
Slide 24: Financial Summary
19 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Financial Summary ** 2010E includes 53 rd week which is estimated to add approximately 1% to revenue growth. *EBITDA is non-GAAP financial measure which excludes interest, taxes, depreciation and amortization from net income. EBITDA is a key meas
Slide 25: Selling, General & Administrative Costs
20 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Selling, General & Administrative Costs 2008 excludes goodwill and intangible asset impairment charges.
Slide 26: 2010 Revenue Growth Trends
21 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation 2010 Revenue Growth Trends * Q4 2010 Revenue Growth Forecast excludes 14 th week for comparative purposes.
Slide 27: Strong Balance Sheet
22 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Strong Balance Sheet Cash and investments $139 $124 Current ratio 3.3 2.9 Restricted cash $118 $124 Workers’ comp reserve $190 $190 Long-term debt $ 3 $ 3 Shareholders’ equity $306 $285 Q-3 2010 FY 2009 $ in millions.
Slide 28: Investment Highlights
23 TrueBlue™ (NYSE:TBI) 2010 Q4 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 29: Appendix
Appendix
Slide 30: Historical Summary: Annual Revenue and Net Income
25 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation 1,000 1,200 1,400 1,600 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010F Historical Summary Annual Revenue and Net Income in $M in $M No. of Branches 200 316 486 687 816 756 748 779 815 887 912 894 850 754 725 2008 excl
Slide 31: Reconciliation of EBITDA to Net Income
26 TrueBlue™ (NYSE:TBI) 2010 Q4 Investor Presentation Reconciliation of EBITDA to Net Income * EBITDA is non - GAAP financial measure which excludes interest, taxes, depreciat ion and amortization from net income. EBITDA is a key measure used by management in evaluating performance. EBITDA should no