TrueBlue Reports Third Quarter 2024 Results
TrueBlue (NYSE:TBI) reported its Q3 2024 financial results, showing revenue of $382 million, down 19% from $473 million in Q3 2023. The company posted a net loss of $8 million compared to breakeven in the prior year period. SG&A expenses were reduced by 17% to $100 million, and Adjusted EBITDA was $5 million versus $10 million year-over-year. The company maintains zero debt with $15 million in cash and $133 million in borrowing availability. During Q3, TrueBlue repurchased $4 million in shares with $34 million remaining under authorization. Management noted challenging market conditions while focusing on digital transformation, market expansion, and organizational simplification.
TrueBlue (NYSE:TBI) ha riportato i risultati finanziari del Q3 2024, evidenziando ricavi di 382 milioni di dollari, in calo del 19% rispetto ai 473 milioni di dollari del Q3 2023. L'azienda ha registrato una perdita netta di 8 milioni di dollari rispetto al pareggio dell'anno precedente. Le spese SG&A sono state ridotte del 17% a 100 milioni di dollari, mentre l'EBITDA rettificato si è attestato a 5 milioni di dollari rispetto ai 10 milioni dell'anno precedente. L'azienda mantiene zero debito con 15 milioni di dollari in contante e 133 milioni di dollari di disponibilità per prestiti. Durante il Q3, TrueBlue ha riacquistato azioni per 4 milioni di dollari, con 34 milioni di dollari rimanenti sotto autorizzazione. La direzione ha notato condizioni di mercato sfidanti mentre si concentra sulla trasformazione digitale, espansione del mercato e semplificazione organizzativa.
TrueBlue (NYSE:TBI) reportó sus resultados financieros del Q3 2024, mostrando ingresos de 382 millones de dólares, un 19% menos que los 473 millones de dólares en el Q3 2023. La empresa tuvo una pérdida neta de 8 millones de dólares en comparación con el punto de equilibrio en el mismo período del año anterior. Los gastos SG&A se redujeron en un 17% a 100 millones de dólares y el EBITDA ajustado fue de 5 millones de dólares frente a 10 millones de dólares interanuales. La empresa mantiene cero deuda con 15 millones de dólares en efectivo y 133 millones de dólares en disponibilidad de financiamiento. Durante el Q3, TrueBlue recompró acciones por 4 millones de dólares, quedando 34 millones de dólares bajo autorización. La dirección mencionó condiciones de mercado desafiantes mientras se centra en la transformación digital, expansión del mercado y simplificación organizacional.
TrueBlue (NYSE:TBI)는 2024년 3분기 재무 결과를 발표하였으며, 3억 8천2백만 달러의 수익을 보고하였습니다. 이는 2023년 3분기의 4억 7천3백만 달러에 비해 19% 감소한 수치입니다. 회사는 800만 달러의 순손실을 기록했으며, 전년 동기에는 손익 분기점을 유지했습니다. SG&A 비용은 17% 감소하여 1억 달러가 되었고, 조정 EBITDA는 500만 달러로, 전년 동기 대비 1000만 달러에서 감소했습니다. 회사는 1천5백만 달러의 현금과 1억3천3백만 달러의 대출 가능성을 가지고 있으며, 부채는 없습니다. 3분기 동안 TrueBlue는 400만 달러 상당의 자사주를 매입했으며, 3천4백만 달러가 남아 있습니다. 경영진은 디지털 전환, 시장 확장 및 조직 단순화에 집중하면서 도전적인 시장 조건을 언급했습니다.
TrueBlue (NYSE:TBI) a annoncé ses résultats financiers du T3 2024, montrant un chiffre d'affaires de 382 millions de dollars, en baisse de 19% par rapport à 473 millions de dollars au T3 2023. L'entreprise a affiché une perte nette de 8 millions de dollars par rapport à l'équilibre l'année précédente. Les dépenses SG&A ont été réduites de 17% à 100 millions de dollars, et l'EBITDA ajusté était de 5 millions de dollars contre 10 millions de dollars d'une année à l'autre. L'entreprise n'a aucune dette avec 15 millions de dollars en espèces et 133 millions de dollars de disponibilité d'emprunt. Au cours du T3, TrueBlue a racheté pour 4 millions de dollars d'actions, avec 34 millions de dollars restants sous autorisation. La direction a noté des conditions de marché difficiles tout en se concentrant sur la transformation numérique, l'expansion du marché et la simplification organisationnelle.
TrueBlue (NYSE:TBI) hat seine finanziellen Ergebnisse für das Q3 2024 veröffentlicht, mit einem Umsatz von 382 Millionen US-Dollar, was einem Rückgang von 19% im Vergleich zu 473 Millionen US-Dollar im Q3 2023 entspricht. Das Unternehmen meldete einen Nettverlust von 8 Millionen US-Dollar im Vergleich zum Breakeven im Vorjahreszeitraum. Die SG&A-Ausgaben wurden um 17% auf 100 Millionen US-Dollar gesenkt, während das bereinigte EBITDA bei 5 Millionen US-Dollar im Vergleich zu 10 Millionen US-Dollar im Vorjahr lag. Das Unternehmen hat keine Schulden und verfügt über 15 Millionen US-Dollar in bar sowie 133 Millionen US-Dollar an Kreditverfügbarkeit. Im Q3 hat TrueBlue Aktien im Wert von 4 Millionen US-Dollar zurückgekauft, mit 34 Millionen US-Dollar, die unter Genehmigung verbleiben. Das Management führte herausfordernde Marktbedingungen an und konzentriert sich auf digitale Transformation, Markterweiterung und organisatorische Vereinfachung.
- 17% reduction in SG&A expenses to $100 million
- Strong balance sheet with zero debt and $15 million cash position
- $133 million available in borrowing capacity
- Continued share repurchase program with $34 million remaining
- 19% revenue decline to $382 million
- Net loss of $8 million compared to breakeven prior year
- 50% decrease in Adjusted EBITDA to $5 million
- Adjusted net loss per share of $0.11 vs. income of $0.16 prior year
Insights
Third Quarter 2024 Financial Highlights
-
Revenue of
compared to$382 million in the prior year period$473 million -
Net loss of
compared to net loss of$8 million in the prior year period$0 million -
SG&A expense reduced by 17 percent to
compared to$100 million in the prior year period$121 million -
Adjusted EBITDA1 of
compared to$5 million in the prior year period$10 million
-
SG&A expense reduced by 17 percent to
-
Zero debt, cash of
and$15 million of borrowing availability at period end$133 million -
in share repurchases with$4 million remaining under authorization$34 million
Commentary
“As expected, market conditions remained challenging but we continue to manage through the cycle with the discipline and agility needed to ensure we are even better positioned as conditions improve,” said Taryn Owen, President and CEO of TrueBlue. “Given the labor dynamics at play, we are focused on the areas we can control. Our teams are staying highly engaged with clients and we are scaling our operating structure to align with current market demand while ensuring we are ready to capitalize as customer volumes return.”
“We continue to leverage our deep expertise and expansive service offerings to address clients’ immediate and evolving needs and we remain committed to advancing our strategic priorities to capture market share and enhance our long-term profitability,” continued Ms. Owen. “We made significant progress during the quarter accelerating our digital transformation, expanding our presence in attractive end markets and simplifying our organizational structure. These strategic priorities allow us to better leverage our inherent strengths and position us for even stronger growth and profitability when industry demand rebounds.”
Results
Third quarter revenue was
2024 Outlook
TrueBlue is providing certain forward-looking information to help investors form their own estimates, which can be found in the quarterly earnings presentation filed today.
Management will discuss third quarter 2024 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Monday, Nov. 4, 2024.
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. In 2023, TrueBlue served approximately 67,000 clients and connected approximately 464,000 people with work. Its PeopleReady segment offers on-demand, industrial staffing, PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions, and PeopleManagement offers contingent, on-site industrial staffing and commercial driver services. 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, and (9) 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) |
|||||||||||
|
13 weeks ended |
|
39 weeks ended |
||||||||
(in thousands, except per share data) |
Sep 29, 2024 |
|
Sep 24, 2023 |
|
Sep 29, 2024 |
|
Sep 24, 2023 |
||||
Revenue from services |
$ |
382,357 |
|
$ |
473,196 |
|
$ |
1,181,440 |
|
$ |
1,414,072 |
Cost of services |
|
282,320 |
|
|
349,023 |
|
|
877,594 |
|
|
1,036,295 |
Gross profit |
|
100,037 |
|
|
124,173 |
|
|
303,846 |
|
|
377,777 |
Selling, general and administrative expense |
|
99,973 |
|
|
120,715 |
|
|
303,928 |
|
|
364,642 |
Depreciation and amortization |
|
6,967 |
|
|
6,184 |
|
|
22,616 |
|
|
18,875 |
Goodwill and intangible asset impairment charge |
|
— |
|
|
— |
|
|
59,674 |
|
|
9,485 |
Loss from operations |
|
(6,903) |
|
|
(2,726) |
|
|
(82,372) |
|
|
(15,225) |
Interest and other income (expense), net |
|
521 |
|
|
390 |
|
|
3,861 |
|
|
1,982 |
Loss before tax expense (benefit) |
|
(6,382) |
|
|
(2,336) |
|
|
(78,511) |
|
|
(13,243) |
Income tax expense (benefit) |
|
1,253 |
|
|
(2,326) |
|
|
35,532 |
|
|
(1,621) |
Net loss |
$ |
(7,635) |
|
$ |
(10) |
|
$ |
(114,043) |
|
$ |
(11,622) |
|
|
|
|
|
|
|
|
||||
Net loss per common share: |
|
|
|
|
|
|
|
||||
Basic |
$ |
(0.26) |
|
$ |
0.00 |
|
$ |
(3.75) |
|
$ |
(0.37) |
Diluted |
$ |
(0.26) |
|
$ |
0.00 |
|
$ |
(3.75) |
|
$ |
(0.37) |
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||
Basic |
|
29,704 |
|
|
30,932 |
|
|
30,384 |
|
|
31,397 |
Diluted |
|
29,704 |
|
|
30,932 |
|
|
30,384 |
|
|
31,397 |
TRUEBLUE, INC. |
|||||
SUMMARY CONSOLIDATED BALANCE SHEETS |
|||||
(Unaudited) |
|||||
(in thousands) |
Sep 29, 2024 |
|
Dec 31, 2023 |
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
14,505 |
|
$ |
61,885 |
Accounts receivable, net |
|
225,376 |
|
|
252,538 |
Other current assets |
|
45,419 |
|
|
40,570 |
Total current assets |
|
285,300 |
|
|
354,993 |
Property and equipment, net |
|
91,078 |
|
|
104,906 |
Restricted cash, cash equivalents and investments |
|
180,124 |
|
|
192,985 |
Goodwill and intangible assets, net |
|
31,713 |
|
|
94,639 |
Other assets, net |
|
114,161 |
|
|
151,860 |
Total assets |
$ |
702,376 |
|
$ |
899,383 |
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||
Accounts payable and other accrued expenses |
$ |
35,770 |
|
$ |
56,401 |
Accrued wages and benefits |
|
64,888 |
|
|
80,120 |
Current portion of workers’ compensation claims reserve |
|
36,971 |
|
|
44,866 |
Other current liabilities |
|
16,952 |
|
|
22,712 |
Total current liabilities |
|
154,581 |
|
|
204,099 |
Workers’ compensation claims reserve, less current portion |
|
129,475 |
|
|
151,649 |
Other long-term liabilities |
|
91,168 |
|
|
85,762 |
Total liabilities |
|
375,224 |
|
|
441,510 |
Shareholders’ equity |
|
327,152 |
|
|
457,873 |
Total liabilities and shareholders’ equity |
$ |
702,376 |
|
$ |
899,383 |
TRUEBLUE, INC. |
|||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
(Unaudited) |
|||||
|
39 weeks ended |
||||
(in thousands) |
Sep 29, 2024 |
|
Sep 24, 2023 |
||
Cash flows from operating activities: |
|
|
|
||
Net loss |
$ |
(114,043) |
|
$ |
(11,622) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
||
Depreciation and amortization |
|
22,616 |
|
|
18,875 |
Goodwill and intangible asset impairment charge |
|
59,674 |
|
|
9,485 |
Provision for credit losses |
|
1,577 |
|
|
3,254 |
Stock-based compensation |
|
5,676 |
|
|
10,219 |
Deferred income taxes |
|
34,694 |
|
|
(3,344) |
Non-cash lease expense |
|
9,145 |
|
|
9,449 |
Other operating activities |
|
(5,052) |
|
|
(1,661) |
Changes in operating assets and liabilities: |
|
|
|
||
Accounts receivable |
|
25,802 |
|
|
34,790 |
Income taxes receivable and payable |
|
219 |
|
|
(3,001) |
Other assets |
|
8,719 |
|
|
26,795 |
Accounts payable and other accrued expenses |
|
(18,771) |
|
|
(26,879) |
Accrued wages and benefits |
|
(15,640) |
|
|
(5,156) |
Workers’ compensation claims reserve |
|
(30,069) |
|
|
(33,558) |
Operating lease liabilities |
|
(9,236) |
|
|
(9,498) |
Other liabilities |
|
1,500 |
|
|
1,421 |
Net cash (used in) provided by operating activities |
|
(23,189) |
|
|
19,569 |
Cash flows from investing activities: |
|
|
|
||
Capital expenditures |
|
(18,874) |
|
|
(23,095) |
Proceeds from business divestiture, net |
|
2,928 |
|
|
— |
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 |
|
(10,180) |
|
|
(26,894) |
Maturities of restricted held-to-maturity investments |
|
28,688 |
|
|
24,118 |
Net cash used in investing activities |
|
(1,438) |
|
|
(26,556) |
Cash flows from financing activities: |
|
|
|
||
Purchases and retirement of common stock |
|
(21,301) |
|
|
(34,178) |
Net proceeds from employee stock purchase plans |
|
564 |
|
|
704 |
Common stock repurchases for taxes upon vesting of restricted stock |
|
(2,221) |
|
|
(3,759) |
Other |
|
(1,807) |
|
|
(96) |
Net cash used in financing activities |
|
(24,765) |
|
|
(37,329) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |
|
(638) |
|
|
(757) |
Net change in cash, cash equivalents, and restricted cash and cash equivalents |
|
(50,030) |
|
|
(45,073) |
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 |
$ |
49,276 |
|
$ |
90,558 |
TRUEBLUE, INC. |
|||||
SEGMENT DATA |
|||||
(Unaudited) |
|||||
|
13 weeks ended |
||||
(in thousands) |
Sep 29, 2024 |
|
Sep 24, 2023 |
||
Revenue from services: |
|
|
|
||
PeopleReady |
$ |
214,792 |
|
$ |
283,187 |
PeopleScout |
|
36,713 |
|
|
52,944 |
PeopleManagement |
|
130,852 |
|
|
137,065 |
Total company |
$ |
382,357 |
|
$ |
473,196 |
|
|
|
|
||
Segment profit (1): |
|
|
|
||
PeopleReady |
$ |
3,043 |
|
$ |
9,656 |
PeopleScout |
|
2,542 |
|
|
6,272 |
PeopleManagement |
|
3,278 |
|
|
2,134 |
Total segment profit |
|
8,863 |
|
|
18,062 |
Corporate unallocated expense |
|
(4,184) |
|
|
(8,122) |
Total company Adjusted EBITDA (2) |
|
4,679 |
|
|
9,940 |
Third-party processing fees for hiring tax credits (3) |
|
30 |
|
|
(90) |
Amortization of software as a service assets (4) |
|
(1,615) |
|
|
(1,064) |
PeopleReady technology upgrade costs (5) |
|
(65) |
|
|
(696) |
COVID-19 government subsidies, net |
|
— |
|
|
(525) |
Executive leadership transition costs |
|
— |
|
|
(2,492) |
Other adjustments, net (6) |
|
(2,965) |
|
|
(1,615) |
EBITDA (2) |
|
64 |
|
|
3,458 |
Depreciation and amortization |
|
(6,967) |
|
|
(6,184) |
Interest and other income (expense), net |
|
521 |
|
|
390 |
Loss before tax (expense) benefit |
|
(6,382) |
|
|
(2,336) |
Income tax (expense) benefit |
|
(1,253) |
|
|
2,326 |
Net loss |
$ |
(7,635) |
|
$ |
(10) |
(1) 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.
(2) See the Non-GAAP Financial Measures table on the next page for definitions of EBITDA and Adjusted EBITDA.
(3) These third-party processing fees are associated with generating hiring tax credits.
(4) Amortization of software as a service assets is reported in selling, general and administrative expense.
(5) Costs associated with upgrading legacy PeopleReady technology.
(6) Other adjustments for the 13 weeks ended September 29, 2024 and September 24, 2023 primarily include workforce reduction costs of
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
|
|
Net loss and net loss per diluted share, excluding: – gain on divestiture, – amortization of intangibles, – 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
|
|
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, – 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)
|
13 weeks ended |
||||
(in thousands, except for per share data) |
Sep 29, 2024 |
|
Sep 24, 2023 |
||
Net loss |
$ |
(7,635) |
|
$ |
(10) |
Gain on divestiture |
|
29 |
|
|
— |
Amortization of intangible assets |
|
672 |
|
|
1,276 |
PeopleReady technology upgrade costs (1) |
|
65 |
|
|
696 |
COVID-19 government subsidies, net |
|
— |
|
|
525 |
Executive leadership transition costs |
|
— |
|
|
2,492 |
Other adjustments, net (2) |
|
2,965 |
|
|
1,615 |
Tax effect of adjustments and deferred tax asset valuation allowance (3) |
|
573 |
|
|
(1,717) |
Adjusted net income (loss) |
$ |
(3,331) |
|
$ |
4,877 |
|
|
|
|
||
Adjusted net income (loss) per diluted share |
$ |
(0.11) |
|
$ |
0.16 |
|
|
|
|
||
Diluted weighted average shares outstanding |
|
29,704 |
|
|
31,239 |
|
|
|
|
||
Margin / % of revenue: |
|
|
|
||
Net loss |
|
(2.0) % |
|
|
— % |
Adjusted net income (loss) |
|
(0.9) % |
|
|
1.0 % |
2. RECONCILIATION OF
(Unaudited)
|
13 weeks ended |
||||
(in thousands) |
Sep 29, 2024 |
|
Sep 24, 2023 |
||
Net loss |
$ |
(7,635) |
|
$ |
(10) |
Income tax expense (benefit) |
|
1,253 |
|
|
(2,326) |
Interest and other (income) expense, net |
|
(521) |
|
|
(390) |
Depreciation and amortization |
|
6,967 |
|
|
6,184 |
EBITDA |
|
64 |
|
|
3,458 |
Third-party processing fees for hiring tax credits (4) |
|
(30) |
|
|
90 |
Amortization of software as a service assets (5) |
|
1,615 |
|
|
1,064 |
PeopleReady technology upgrade costs (1) |
|
65 |
|
|
696 |
COVID-19 government subsidies, net |
|
— |
|
|
525 |
Executive leadership transition costs |
|
— |
|
|
2,492 |
Other adjustments, net (2) |
|
2,965 |
|
|
1,615 |
Adjusted EBITDA |
$ |
4,679 |
|
$ |
9,940 |
|
|
|
|
||
Margin / % of revenue: |
|
|
|
||
Net loss |
|
(2.0) % |
|
|
— % |
Adjusted EBITDA |
|
1.2 % |
|
|
2.1 % |
3. RECONCILIATION OF
(Unaudited)
|
13 weeks ended |
||||
(in thousands) |
Sep 29, 2024 |
|
Sep 24, 2023 |
||
Selling, general and administrative expense |
$ |
99,973 |
|
$ |
120,715 |
Third-party processing fees for hiring tax credits (4) |
|
30 |
|
|
(90) |
Amortization of software as a service assets (5) |
|
(1,615) |
|
|
(1,064) |
PeopleReady technology upgrade costs (1) |
|
(65) |
|
|
(696) |
COVID-19 government subsidies, net |
|
— |
|
|
(525) |
Executive leadership transition costs |
|
— |
|
|
(2,492) |
Other adjustments, net (2) |
|
(2,757) |
|
|
(795) |
Adjusted SG&A expense |
$ |
95,566 |
|
$ |
115,053 |
|
|
|
|
||
% of revenue: |
|
|
|
||
Selling, general and administrative expense |
|
26.1 % |
|
|
25.5 % |
Adjusted SG&A expense |
|
25.0 % |
|
|
24.3 % |
(1) Costs associated with upgrading legacy PeopleReady technology.
(2) Other adjustments for the 13 weeks ended September 29, 2024 and September 24, 2023 primarily include workforce reduction costs of
(3) The tax effect includes the application of our statutory rate of
(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104295746/en/
Investor Relations
InvestorRelations@trueblue.com
Source: TrueBlue
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