TrueBlue Reports Fourth Quarter and Full-Year 2024 Results
TrueBlue (NYSE:TBI) reported its Q4 and full-year 2024 results, showing a revenue decline to $386 million in Q4 (down 16% on a comparable 13-week basis) and $1.6 billion for the full year (down 17% on a comparable 52-week basis). The company recorded a Q4 net loss of $12 million, compared to a $3 million loss in the prior year period.
Despite challenging market conditions, TrueBlue achieved an improvement in SG&A expenses, which decreased 18% to $107 million, and increased Adjusted EBITDA to $9 million from $5 million year-over-year. The company ended the period with $23 million in cash, $8 million in debt, and $119 million in borrowing availability.
Notably, TrueBlue acquired Healthcare Staffing Professionals, Inc. (HSP) for $42 million effective January 31, 2025, expanding its presence in the healthcare staffing sector.
TrueBlue (NYSE:TBI) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, mostrando una diminuzione dei ricavi a 386 milioni di dollari nel quarto trimestre (in calo del 16% su base comparabile di 13 settimane) e 1,6 miliardi di dollari per l'intero anno (in calo del 17% su base comparabile di 52 settimane). L'azienda ha registrato una perdita netta nel quarto trimestre di 12 milioni di dollari, rispetto a una perdita di 3 milioni di dollari nello stesso periodo dell'anno precedente.
Nonostante le difficili condizioni di mercato, TrueBlue ha ottenuto un miglioramento nelle spese SG&A, che sono diminuite del 18% a 107 milioni di dollari, e ha incrementato l'EBITDA rettificato a 9 milioni di dollari rispetto ai 5 milioni di dollari dell'anno precedente. L'azienda ha concluso il periodo con 23 milioni di dollari in contante, 8 milioni di dollari di debito e 119 milioni di dollari di disponibilità per prestiti.
È importante notare che TrueBlue ha acquisito Healthcare Staffing Professionals, Inc. (HSP) per 42 milioni di dollari con effetto dal 31 gennaio 2025, ampliando la sua presenza nel settore della fornitura di personale sanitario.
TrueBlue (NYSE:TBI) reportó sus resultados del cuarto trimestre y del año completo 2024, mostrando una disminución en los ingresos a 386 millones de dólares en el cuarto trimestre (una caída del 16% en comparación con una base de 13 semanas) y 1.6 mil millones de dólares para el año completo (una disminución del 17% en comparación con una base de 52 semanas). La compañía registró una pérdida neta en el cuarto trimestre de 12 millones de dólares, en comparación con una pérdida de 3 millones de dólares en el mismo período del año anterior.
A pesar de las difíciles condiciones del mercado, TrueBlue logró una mejora en los gastos SG&A, que disminuyeron un 18% a 107 millones de dólares, y aumentó el EBITDA ajustado a 9 millones de dólares desde 5 millones de dólares en comparación con el año anterior. La compañía terminó el período con 23 millones de dólares en efectivo, 8 millones de dólares en deudas y 119 millones de dólares en disponibilidad de préstamos.
Notablemente, TrueBlue adquirió Healthcare Staffing Professionals, Inc. (HSP) por 42 millones de dólares con efecto a partir del 31 de enero de 2025, ampliando su presencia en el sector de personal de salud.
TrueBlue (NYSE:TBI)는 2024년 4분기 및 연간 실적을 발표했으며, 4분기 수익이 3억 8,600만 달러로 감소했으며 (비교 가능한 13주 기준으로 16% 감소), 전체 연간 수익은 16억 달러로 감소했습니다 (비교 가능한 52주 기준으로 17% 감소). 회사는 4분기에 1천 2백만 달러의 순손실을 기록했으며, 이는 지난해 같은 기간의 3백만 달러 손실과 비교됩니다.
어려운 시장 환경에도 불구하고 TrueBlue는 SG&A 비용을 18% 줄여 1억 7백만 달러로 개선했으며, 연간 기준으로 조정 EBITDA를 5백만 달러에서 9백만 달러로 증가시켰습니다. 회사는 이 기간 동안 2천 3백만 달러의 현금, 8백만 달러의 부채, 그리고 1억 1천 9백만 달러의 차입 가능성을 보유하고 있습니다.
특히, TrueBlue는 2025년 1월 31일부로 Healthcare Staffing Professionals, Inc. (HSP)를 4천 2백만 달러에 인수하여 의료 인력 공급 부문에서의 입지를 확장했습니다.
TrueBlue (NYSE:TBI) a publié ses résultats du quatrième trimestre et de l'année 2024, montrant une baisse des revenus à 386 millions de dollars au quatrième trimestre (en baisse de 16% sur une base comparable de 13 semaines) et 1,6 milliard de dollars pour l'année entière (en baisse de 17% sur une base comparable de 52 semaines). L'entreprise a enregistré une perte nette de 12 millions de dollars au quatrième trimestre, contre une perte de 3 millions de dollars au cours de la période de l'année précédente.
Malgré des conditions de marché difficiles, TrueBlue a réussi à améliorer ses dépenses SG&A, qui ont diminué de 18% pour atteindre 107 millions de dollars, et a augmenté l'EBITDA ajusté à 9 millions de dollars contre 5 millions de dollars d'une année sur l'autre. L'entreprise a terminé la période avec 23 millions de dollars en liquidités, 8 millions de dollars de dettes et 119 millions de dollars de disponibilité de crédit.
Il convient de noter que TrueBlue a acquis Healthcare Staffing Professionals, Inc. (HSP) pour 42 millions de dollars, effectif à partir du 31 janvier 2025, élargissant ainsi sa présence dans le secteur du personnel de santé.
TrueBlue (NYSE:TBI) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die einen Rückgang der Einnahmen auf 386 Millionen US-Dollar im vierten Quartal (ein Rückgang von 16% auf vergleichbarer 13-Wochen-Basis) und 1,6 Milliarden US-Dollar für das gesamte Jahr (ein Rückgang von 17% auf vergleichbarer 52-Wochen-Basis) zeigen. Das Unternehmen verzeichnete im vierten Quartal einen Nettoverlust von 12 Millionen US-Dollar, verglichen mit einem Verlust von 3 Millionen US-Dollar im Vorjahreszeitraum.
Trotz schwieriger Marktbedingungen erzielte TrueBlue eine Verbesserung der SG&A-Ausgaben, die um 18% auf 107 Millionen US-Dollar sanken, und steigerte das bereinigte EBITDA von 5 Millionen US-Dollar auf 9 Millionen US-Dollar im Jahresvergleich. Das Unternehmen schloss den Zeitraum mit 23 Millionen US-Dollar in bar, 8 Millionen US-Dollar Schulden und 119 Millionen US-Dollar an verfügbaren Krediten ab.
Bemerkenswert ist, dass TrueBlue Healthcare Staffing Professionals, Inc. (HSP) für 42 Millionen US-Dollar zum 31. Januar 2025 übernommen hat, um seine Präsenz im Gesundheitssektor auszubauen.
- SG&A expenses reduced by 18% to $107 million
- Adjusted EBITDA increased to $9 million from $5 million YoY
- Strategic acquisition of HSP for healthcare market expansion
- Strong liquidity position with $119 million in borrowing availability
- Q4 revenue declined 16% to $386 million
- Full-year revenue decreased 17% to $1.6 billion
- Q4 net loss widened to $12 million from $3 million YoY
- Adjusted net loss per share of $0.02 vs. income of $0.08 in prior year
Insights
TrueBlue's Q4 2024 performance reveals a complex picture of strategic transformation amid challenging market conditions. The 16% revenue decline (on a comparable 13-week basis) to
The company's operational efficiency initiatives are yielding results, with SG&A expenses reduced by
The strategic acquisition of Healthcare Staffing Professionals (HSP) for
The company's financial position remains solid with
The full-year results, showing an
Fourth Quarter 2024 Financial Highlights
-
Revenue of
$386 million $492 million - Fiscal fourth quarter for 2024 consisted of 13 weeks versus 14 weeks in the fiscal fourth quarter of 2023
- Revenue decreased 16 percent on a comparable 13-week basis
-
Net loss of
$12 million $3 million -
SG&A expense improved by 18 percent to
$107 million $130 million -
Adjusted EBITDA1 increased to
$9 million $5 million
-
SG&A expense improved by 18 percent to
-
Cash of
$23 million $8 million $119 million -
TrueBlue acquired Healthcare Staffing Professionals, Inc. (HSP), a long-term temporary and permanent staffing solutions provider in the healthcare end-market, for
$42 million
Commentary
“2024 was a transformative year for TrueBlue as we made significant progress executing on our strategic priorities and positioning the company for strong growth and expanded profitability when customer demand volumes return,” said Taryn Owen, President and CEO of TrueBlue. “Our teams are doing tremendous work as market conditions remain challenging and customers seek improved market confidence before making significant adjustments to their workforce strategies. We are staying highly engaged with clients to address their immediate needs and ensuring we are well-positioned to support future demand.”
“Looking forward, we remain committed to capturing market share and enhancing our long-term profitability through clear strategic priorities focused on top line growth and margin expansion,” continued Ms. Owen. “These priorities include advancing our digital transformation through an enhanced user experience, expanding in high-growth end-markets and high-value roles, and optimizing our business model to drive enhanced sales focus and accelerate growth. We are already off to a strong start in 2025 with the accretive acquisition of HSP and we are confident that our strategic priorities, in combination with our many inherent strengths and unique assets, will enable us to advance our mission to connect people and work while delivering long-term shareholder value.”
Results
Fourth quarter revenue was
Full-year revenue was
2025 Outlook
TrueBlue is providing certain forward-looking information to help investors form their estimates, which can be found in the quarterly earnings presentation filed today.
Management will discuss fourth quarter 2024 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Wednesday, Feb. 19, 2025.
The quarterly earnings presentation and webcast can be accessed on the Investor Relations section of the TrueBlue website: investor.trueblue.com.
About TrueBlue
TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions that help clients achieve business growth and improve productivity. Its PeopleReady segment offers on-demand, industrial staffing; PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions to a wide variety of industries; PeopleManagement offers contingent, on-site industrial staffing and commercial driver services; and Healthcare Staffing Professionals offers long-term and permanent staffing solutions primarily focused on healthcare positions. Learn more at www.trueblue.com.
1 |
Refer to the financial statements accompanying this release for more information regarding non-GAAP terms. |
Forward-looking statements and non-GAAP financial measures
This document contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in demand, and expected growth from our digital investments, 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 uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, which can be negatively impacted by factors such as rising interest rates, inflation, political instability, epidemics and global trade uncertainty, (2) our ability to maintain profit margins, (3) our ability to successfully execute on business strategies and further digitalize our business model, (4) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (5) our ability to attract and retain clients, (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) new laws, regulations, and government incentives that could affect our operations or financial results, (8) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (9) our ability to successfully integrate acquired businesses, and (10) the timing and amount of common stock repurchases, if any, which will be determined at management’s discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities and Exchange Commission (SEC) filings, including the company’s most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC’s website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC.
In addition, we use several non-GAAP financial measures when presenting our financial results in this document. Please refer to the reconciliations between our
TRUEBLUE, INC. |
|||||||||||||||
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Q4 2024 |
|
Q4 2023 |
|
|
2024 |
|
|
|
2023 |
|
||||
|
13 weeks ended |
|
14 weeks ended (1) |
|
52 weeks ended |
|
53 weeks ended (1) |
||||||||
(in thousands, except per share data) |
Dec 29, 2024 |
|
Dec 31, 2023 |
|
Dec 29, 2024 |
|
Dec 31, 2023 |
||||||||
Revenue from services |
$ |
385,953 |
|
|
$ |
492,171 |
|
|
$ |
1,567,393 |
|
|
$ |
1,906,243 |
|
Cost of services |
|
283,406 |
|
|
|
363,889 |
|
|
|
1,161,000 |
|
|
|
1,400,184 |
|
Gross profit |
|
102,547 |
|
|
|
128,282 |
|
|
|
406,393 |
|
|
|
506,059 |
|
Selling, general and administrative expense |
|
106,942 |
|
|
|
129,961 |
|
|
|
410,870 |
|
|
|
494,603 |
|
Depreciation and amortization |
|
6,008 |
|
|
|
6,946 |
|
|
|
28,624 |
|
|
|
25,821 |
|
Goodwill and intangible asset impairment charge |
|
— |
|
|
|
— |
|
|
|
59,674 |
|
|
|
9,485 |
|
Loss from operations |
|
(10,403 |
) |
|
|
(8,625 |
) |
|
|
(92,775 |
) |
|
|
(23,850 |
) |
Interest and other income (expense), net |
|
390 |
|
|
|
1,223 |
|
|
|
4,251 |
|
|
|
3,205 |
|
Loss before tax expense (benefit) |
|
(10,013 |
) |
|
|
(7,402 |
) |
|
|
(88,524 |
) |
|
|
(20,645 |
) |
Income tax expense (benefit) |
|
1,692 |
|
|
|
(4,851 |
) |
|
|
37,224 |
|
|
|
(6,472 |
) |
Net loss |
$ |
(11,705 |
) |
|
$ |
(2,551 |
) |
|
$ |
(125,748 |
) |
|
$ |
(14,173 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.40 |
) |
|
$ |
(0.08 |
) |
|
$ |
(4.17 |
) |
|
$ |
(0.45 |
) |
Diluted |
$ |
(0.40 |
) |
|
$ |
(0.08 |
) |
|
$ |
(4.17 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
29,561 |
|
|
|
31,079 |
|
|
|
30,177 |
|
|
|
31,317 |
|
Diluted |
|
29,561 |
|
|
|
31,079 |
|
|
|
30,177 |
|
|
|
31,317 |
|
| (1) | Our fiscal period ends on the Sunday closest to the last day of December. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks. |
TRUEBLUE, INC. |
|||||
SUMMARY CONSOLIDATED BALANCE SHEETS |
|||||
(Unaudited) |
|||||
(in thousands) |
Dec 29, 2024 |
|
Dec 31, 2023 |
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
22,536 |
|
$ |
61,885 |
Accounts receivable, net |
|
214,704 |
|
|
252,538 |
Other current assets |
|
39,853 |
|
|
40,570 |
Total current assets |
|
277,093 |
|
|
354,993 |
Property and equipment, net |
|
89,602 |
|
|
104,906 |
Restricted cash, cash equivalents and investments |
|
179,916 |
|
|
192,985 |
Goodwill and intangible assets, net |
|
30,406 |
|
|
94,639 |
Other assets, net |
|
98,359 |
|
|
151,860 |
Total assets |
$ |
675,376 |
|
$ |
899,383 |
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||
Accounts payable and other accrued expenses |
$ |
45,599 |
|
$ |
56,401 |
Accrued wages and benefits |
|
61,380 |
|
|
80,120 |
Current portion of workers’ compensation claims reserve |
|
34,729 |
|
|
44,866 |
Other current liabilities |
|
18,417 |
|
|
22,712 |
Total current liabilities |
|
160,125 |
|
|
204,099 |
Workers’ compensation claims reserve, less current portion |
|
105,063 |
|
|
151,649 |
Long-term debt, less current portion |
|
7,600 |
|
|
— |
Other long-term liabilities |
|
87,229 |
|
|
85,762 |
Total liabilities |
|
360,017 |
|
|
441,510 |
Shareholders’ equity |
|
315,359 |
|
|
457,873 |
Total liabilities and shareholders’ equity |
$ |
675,376 |
|
$ |
899,383 |
TRUEBLUE, INC. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Unaudited) |
|||||||
|
52 weeks ended |
|
53 weeks ended (1) |
||||
(in thousands) |
Dec 29, 2024 |
|
Dec 31, 2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(125,748 |
) |
|
$ |
(14,173 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
||||
Depreciation and amortization (inclusive of depreciation included in cost of services) |
|
29,561 |
|
|
|
25,821 |
|
Goodwill and intangible asset impairment charge |
|
59,674 |
|
|
|
9,485 |
|
Provision for credit losses |
|
2,321 |
|
|
|
4,972 |
|
Stock-based compensation |
|
7,591 |
|
|
|
13,907 |
|
Deferred income taxes |
|
34,060 |
|
|
|
(9,902 |
) |
Non-cash lease expense |
|
12,402 |
|
|
|
12,591 |
|
Other operating activities |
|
(5,137 |
) |
|
|
(3,831 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
35,731 |
|
|
|
56,761 |
|
Income taxes receivable and payable |
|
3,196 |
|
|
|
(1,317 |
) |
Other assets |
|
22,766 |
|
|
|
31,366 |
|
Accounts payable and other accrued expenses |
|
(8,908 |
) |
|
|
(19,210 |
) |
Accrued wages and benefits |
|
(19,147 |
) |
|
|
(12,113 |
) |
Workers’ compensation claims reserve |
|
(56,723 |
) |
|
|
(54,495 |
) |
Operating lease liabilities |
|
(12,324 |
) |
|
|
(12,796 |
) |
Other liabilities |
|
3,627 |
|
|
|
7,688 |
|
Net cash (used in) provided by operating activities |
|
(17,058 |
) |
|
|
34,754 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(24,151 |
) |
|
|
(31,276 |
) |
Proceeds from business divestiture, net |
|
3,099 |
|
|
|
— |
|
Payments for company-owned life insurance |
|
(4,000 |
) |
|
|
(2,347 |
) |
Proceeds from company-owned life insurance |
|
— |
|
|
|
1,662 |
|
Purchases of restricted held-to-maturity investments |
|
(11,242 |
) |
|
|
(34,110 |
) |
Maturities of restricted held-to-maturity investments |
|
33,841 |
|
|
|
33,749 |
|
Net cash used in investing activities |
|
(2,453 |
) |
|
|
(32,322 |
) |
Cash flows from financing activities: |
|
|
|
||||
Purchases and retirement of common stock |
|
(21,293 |
) |
|
|
(34,178 |
) |
Net proceeds from employee stock purchase plans |
|
738 |
|
|
|
856 |
|
Common stock repurchases for taxes upon vesting of restricted stock |
|
(2,325 |
) |
|
|
(4,161 |
) |
Net change in revolving credit facility |
|
7,600 |
|
|
|
— |
|
Other |
|
(1,807 |
) |
|
|
(100 |
) |
Net cash used in financing activities |
|
(17,087 |
) |
|
|
(37,583 |
) |
Change in cash, cash equivalents and restricted cash reclassified to assets held-for-sale |
|
— |
|
|
|
(300 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |
|
(1,608 |
) |
|
|
(874 |
) |
Net change in cash, cash equivalents, and restricted cash and cash equivalents |
|
(38,206 |
) |
|
|
(36,325 |
) |
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period |
|
99,306 |
|
|
|
135,631 |
|
Cash, cash equivalents and restricted cash and cash equivalents, end of period |
$ |
61,100 |
|
|
$ |
99,306 |
|
| (1) | Our fiscal period ends on the Sunday closest to the last day of December. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks. |
TRUEBLUE, INC. |
|||||||||||||||
SEGMENT DATA |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Q4 2024 |
|
Q4 2023 |
|
|
2024 |
|
|
|
2023 |
|
||||
|
13 weeks ended |
|
14 weeks ended (1) |
|
52 weeks ended |
|
53 weeks ended (1) |
||||||||
(in thousands) |
Dec 29, 2024 |
|
Dec 31, 2023 |
|
Dec 29, 2024 |
|
Dec 31, 2023 |
||||||||
Revenue from services: |
|
|
|
|
|
|
|
||||||||
PeopleReady |
$ |
207,687 |
|
|
$ |
285,185 |
|
|
$ |
868,549 |
|
|
$ |
1,096,318 |
|
PeopleScout |
|
32,528 |
|
|
|
47,204 |
|
|
|
156,643 |
|
|
|
229,334 |
|
PeopleManagement |
|
145,738 |
|
|
|
159,782 |
|
|
|
542,201 |
|
|
|
580,591 |
|
Total company |
$ |
385,953 |
|
|
$ |
492,171 |
|
|
$ |
1,567,393 |
|
|
$ |
1,906,243 |
|
|
|
|
|
|
|
|
|
||||||||
Segment profit (2): |
|
|
|
|
|
|
|
||||||||
PeopleReady |
$ |
7,404 |
|
|
$ |
7,920 |
|
|
$ |
5,783 |
|
|
$ |
26,606 |
|
PeopleScout |
|
1,301 |
|
|
|
2,910 |
|
|
|
12,152 |
|
|
|
26,922 |
|
PeopleManagement |
|
5,695 |
|
|
|
2,781 |
|
|
|
15,119 |
|
|
|
6,963 |
|
Total segment profit |
|
14,400 |
|
|
|
13,611 |
|
|
|
33,054 |
|
|
|
60,491 |
|
Corporate unallocated expense |
|
(5,501 |
) |
|
|
(8,462 |
) |
|
|
(21,887 |
) |
|
|
(31,507 |
) |
Total company Adjusted EBITDA (3) |
|
8,899 |
|
|
|
5,149 |
|
|
|
11,167 |
|
|
|
28,984 |
|
Third-party processing fees for hiring tax credits (4) |
|
(90 |
) |
|
|
67 |
|
|
|
(240 |
) |
|
|
(253 |
) |
Amortization of software as a service assets (5) |
|
(1,752 |
) |
|
|
(1,233 |
) |
|
|
(6,162 |
) |
|
|
(4,117 |
) |
Goodwill and intangible asset impairment charge |
|
— |
|
|
|
— |
|
|
|
(59,674 |
) |
|
|
(9,485 |
) |
PeopleReady technology upgrade costs (6) |
|
(8,318 |
) |
|
|
(440 |
) |
|
|
(8,807 |
) |
|
|
(1,342 |
) |
COVID-19 government subsidies, net |
|
— |
|
|
|
— |
|
|
|
9,652 |
|
|
|
(525 |
) |
Executive leadership transition costs |
|
— |
|
|
|
(3,296 |
) |
|
|
— |
|
|
|
(5,788 |
) |
Other adjustments, net (7) |
|
(2,197 |
) |
|
|
(1,926 |
) |
|
|
(9,150 |
) |
|
|
(5,503 |
) |
EBITDA (3) |
|
(3,458 |
) |
|
|
(1,679 |
) |
|
|
(63,214 |
) |
|
|
1,971 |
|
Depreciation and amortization (8) |
|
(6,945 |
) |
|
|
(6,946 |
) |
|
|
(29,561 |
) |
|
|
(25,821 |
) |
Interest and other income (expense), net |
|
390 |
|
|
|
1,223 |
|
|
|
4,251 |
|
|
|
3,205 |
|
Loss before tax (expense) benefit |
|
(10,013 |
) |
|
|
(7,402 |
) |
|
|
(88,524 |
) |
|
|
(20,645 |
) |
Income tax (expense) benefit |
|
(1,692 |
) |
|
|
4,851 |
|
|
|
(37,224 |
) |
|
|
6,472 |
|
Net loss |
$ |
(11,705 |
) |
|
$ |
(2,551 |
) |
|
$ |
(125,748 |
) |
|
$ |
(14,173 |
) |
| (1) | Our fiscal period ends on the Sunday closest to the last day of December. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks. |
|
| (2) | We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit excludes depreciation and amortization expense, unallocated corporate general and administrative expense, interest expense, other income, income taxes, and other adjustments not considered to be ongoing. |
|
| (3) | See the Non-GAAP Financial Measures table on the next page for definitions of EBITDA and Adjusted EBITDA. |
|
| (4) | These third-party processing fees are associated with generating hiring tax credits. |
|
| (5) | Amortization of software as a service assets is reported in selling, general and administrative expense. |
|
| (6) | Costs associated with upgrading legacy PeopleReady technology. |
|
| (7) |
Other adjustments for the 13 and 52 weeks ended December 29, 2024 primarily include workforce reduction costs of |
|
| (8) | Includes software depreciation reported in cost of services. |
|
TRUEBLUE, INC.
NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS
In addition to financial measures presented in accordance with
Non-GAAP measure |
|
Definition |
Purpose of adjusted measures |
|
Adjusted net income (loss) and Adjusted net income (loss) per diluted share |
|
Net loss and net loss per diluted share, excluding: – gain on divestiture, – amortization of intangibles, – goodwill and intangible asset impairment charge, – PeopleReady technology upgrade costs, – COVID-19 government subsidies, net, – executive leadership transition costs, – other adjustments, net, and – tax effect of the adjustments and deferred tax asset valuation allowance. |
– Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. – Used by management to assess performance and effectiveness of our business strategies. – Provides a measure, among others, used in the determination of incentive compensation for management.
|
|
EBITDA and Adjusted EBITDA |
|
EBITDA excludes from net loss: – income tax expense (benefit), – interest and other (income) expense, net, and – depreciation and amortization.
Adjusted EBITDA further excludes: – third-party processing fees for hiring tax credits, – amortization of software as a service assets, – goodwill and intangible asset impairment charge, – PeopleReady technology upgrade costs, – COVID-19 government subsidies, net, – executive leadership transition costs, and – other adjustments, net. |
– Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. – Used by management to assess performance and effectiveness of our business strategies. – Provides a measure, among others, used in the determination of incentive compensation for management. |
|
Adjusted SG&A expense |
|
Selling, general and administrative expense excluding: – third-party processing fees for hiring tax credits, – amortization of software as a service assets, – PeopleReady technology upgrade costs, – COVID-19 government subsidies, net, – executive leadership transition costs, and – other adjustments, net. |
– Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. |
| 1. |
RECONCILIATION OF |
||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
|||||||||||||||||
|
Q4 2024 |
|
Q4 2023 |
|
|
2024 |
|
|
|
2023 |
|
||||||
|
13 weeks ended |
|
14 weeks ended (1) |
|
52 weeks ended |
|
53 weeks ended (1) |
||||||||||
(in thousands, except for per share data) |
Dec 29, 2024 |
|
Dec 31, 2023 |
|
Dec 29, 2024 |
|
Dec 31, 2023 |
||||||||||
Net loss |
$ |
(11,705 |
) |
|
$ |
(2,551 |
) |
|
$ |
(125,748 |
) |
|
$ |
(14,173 |
) |
||
Gain on divestiture |
|
— |
|
|
|
— |
|
|
|
(716 |
) |
|
|
— |
|
||
Amortization of intangible assets |
|
489 |
|
|
|
1,355 |
|
|
|
4,051 |
|
|
|
5,175 |
|
||
Goodwill and intangible asset impairment charge |
|
— |
|
|
|
— |
|
|
|
59,674 |
|
|
|
9,485 |
|
||
PeopleReady technology upgrade costs (2) |
|
8,318 |
|
|
|
440 |
|
|
|
8,807 |
|
|
|
1,342 |
|
||
COVID-19 government subsidies, net |
|
— |
|
|
|
— |
|
|
|
(9,652 |
) |
|
|
525 |
|
||
Executive leadership transition costs |
|
— |
|
|
|
3,296 |
|
|
|
— |
|
|
|
5,788 |
|
||
Other adjustments, net (3) |
|
2,197 |
|
|
|
1,926 |
|
|
|
9,150 |
|
|
|
5,503 |
|
||
Tax effect of adjustments and deferred tax asset valuation allowance (4) |
|
— |
|
|
|
(1,824 |
) |
|
|
40,540 |
|
|
|
(4,920 |
) |
||
Adjusted net income (loss) |
$ |
(701 |
) |
|
$ |
2,642 |
|
|
$ |
(13,894 |
) |
|
$ |
8,725 |
|
||
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income (loss) per diluted share |
$ |
(0.02 |
) |
|
$ |
0.08 |
|
|
$ |
(0.46 |
) |
|
$ |
0.28 |
|
||
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted average shares outstanding |
|
29,561 |
|
|
|
31,450 |
|
|
|
30,177 |
|
|
|
31,590 |
|
||
|
|
|
|
|
|
|
|
||||||||||
Margin / % of revenue: |
|
|
|
|
|
|
|
||||||||||
Net loss |
|
(3.0 |
)% |
|
|
(0.5 |
)% |
|
|
(8.0 |
)% |
|
|
(0.7 |
)% |
||
Adjusted net income (loss) |
|
(0.2 |
)% |
|
|
0.5 |
% |
|
|
(0.9 |
)% |
|
|
0.5 |
% |
||
| 2. |
RECONCILIATION OF |
||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
|||||||||||||||||
|
Q4 2024 |
|
Q4 2023 |
|
|
2024 |
|
|
|
2023 |
|
||||||
|
13 weeks ended |
|
14 weeks ended (1) |
|
52 weeks ended |
|
53 weeks ended (1) |
||||||||||
(in thousands) |
Dec 29, 2024 |
|
Dec 31, 2023 |
|
Dec 29, 2024 |
|
Dec 31, 2023 |
||||||||||
Net loss |
$ |
(11,705 |
) |
|
$ |
(2,551 |
) |
|
$ |
(125,748 |
) |
|
$ |
(14,173 |
) |
||
Income tax expense (benefit) |
|
1,692 |
|
|
|
(4,851 |
) |
|
|
37,224 |
|
|
|
(6,472 |
) |
||
Interest and other (income) expense, net |
|
(390 |
) |
|
|
(1,223 |
) |
|
|
(4,251 |
) |
|
|
(3,205 |
) |
||
Depreciation and amortization (5) |
|
6,945 |
|
|
|
6,946 |
|
|
|
29,561 |
|
|
|
25,821 |
|
||
EBITDA |
|
(3,458 |
) |
|
|
(1,679 |
) |
|
|
(63,214 |
) |
|
|
1,971 |
|
||
Third-party processing fees for hiring tax credits (6) |
|
90 |
|
|
|
(67 |
) |
|
|
240 |
|
|
|
253 |
|
||
Amortization of software as a service assets (7) |
|
1,752 |
|
|
|
1,233 |
|
|
|
6,162 |
|
|
|
4,117 |
|
||
Goodwill and intangible asset impairment charge |
|
— |
|
|
|
— |
|
|
|
59,674 |
|
|
|
9,485 |
|
||
PeopleReady technology upgrade costs (2) |
|
8,318 |
|
|
|
440 |
|
|
|
8,807 |
|
|
|
1,342 |
|
||
COVID-19 government subsidies, net |
|
— |
|
|
|
— |
|
|
|
(9,652 |
) |
|
|
525 |
|
||
Executive leadership transition costs |
|
— |
|
|
|
3,296 |
|
|
|
— |
|
|
|
5,788 |
|
||
Other adjustments, net (3) |
|
2,197 |
|
|
|
1,926 |
|
|
|
9,150 |
|
|
|
5,503 |
|
||
Adjusted EBITDA |
$ |
8,899 |
|
|
$ |
5,149 |
|
|
$ |
11,167 |
|
|
$ |
28,984 |
|
||
|
|
|
|
|
|
|
|
||||||||||
Margin / % of revenue: |
|
|
|
|
|
|
|
||||||||||
Net loss |
|
(3.0 |
)% |
|
|
(0.5 |
)% |
|
|
(8.0 |
)% |
|
|
(0.7 |
)% |
||
Adjusted EBITDA |
|
2.3 |
% |
|
|
1.0 |
% |
|
|
0.7 |
% |
|
|
1.5 |
% |
||
| 3. |
RECONCILIATION OF |
||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
Q4 2024 |
|
Q4 2023 |
|
|
2024 |
|
|
|
2023 |
|
||||||
|
13 weeks ended |
|
14 weeks ended (1) |
|
52 weeks ended |
|
53 weeks ended (1) |
||||||||||
(in thousands) |
Dec 29, 2024 |
|
Dec 31, 2023 |
|
Dec 29, 2024 |
|
Dec 31, 2023 |
||||||||||
Selling, general and administrative expense |
$ |
106,942 |
|
|
$ |
129,961 |
|
|
$ |
410,870 |
|
|
$ |
494,603 |
|
||
Third-party processing fees for hiring tax credits (6) |
|
(90 |
) |
|
|
67 |
|
|
|
(240 |
) |
|
|
(253 |
) |
||
Amortization of software as a service assets (7) |
|
(1,752 |
) |
|
|
(1,233 |
) |
|
|
(6,162 |
) |
|
|
(4,117 |
) |
||
PeopleReady technology upgrade costs (2) |
|
(8,318 |
) |
|
|
(440 |
) |
|
|
(8,807 |
) |
|
|
(1,342 |
) |
||
COVID-19 government subsidies, net |
|
— |
|
|
|
— |
|
|
|
6,759 |
|
|
|
(525 |
) |
||
Executive leadership transition costs |
|
— |
|
|
|
(3,296 |
) |
|
|
— |
|
|
|
(5,788 |
) |
||
Other adjustments, net (3) |
|
(2,156 |
) |
|
|
(1,246 |
) |
|
|
(8,634 |
) |
|
|
(3,620 |
) |
||
Adjusted SG&A expense |
$ |
94,626 |
|
|
$ |
123,813 |
|
|
$ |
393,786 |
|
|
$ |
478,958 |
|
||
|
|
|
|
|
|
|
|
||||||||||
% of revenue: |
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
27.7 |
% |
|
|
26.4 |
% |
|
|
26.2 |
% |
|
|
25.9 |
% |
||
Adjusted SG&A expense |
|
24.5 |
% |
|
|
25.2 |
% |
|
|
25.1 |
% |
|
|
25.1 |
% |
||
| (1) | Our fiscal period ends on the Sunday closest to the last day of December. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks. |
|
| (2) | Costs associated with upgrading legacy PeopleReady technology. |
|
| (3) |
Other adjustments for the 13 and 52 weeks ended December 29, 2024 primarily include workforce reduction costs of |
|
| (4) |
The tax effect includes the application of our statutory rate of |
|
| (5) | Includes software depreciation reported in cost of services. |
|
| (6) | These third-party processing fees are associated with generating hiring tax credits. |
|
| (7) | Amortization of software as a service assets is reported in selling, general and administrative expense. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219607988/en/
Investor Relations
InvestorRelations@trueblue.com
Source: TrueBlue
FAQ
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