Financial Highlights and Business Overview [Fourth Quarter & Full-Year 2024 Performance](index=1&type=section&id=Fourth%20Quarter%20%26%20Full-Year%202024%20Performance) TrueBlue reported significant revenue declines and widening net losses for Q4 and full-year 2024, driven by lower revenue and impairment charges | Metric | Q4 2024 | Q4 2023 | Change | Full-Year 2024 | Full-Year 2023 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $386M | $492M | -22% | $1.6B | $1.9B | -18% | | Net Loss | ($12M) | ($3M) | -300% | ($126M) | ($14M) | -800% | | Net Loss per Diluted Share | ($0.40) | ($0.08) | -400% | ($4.17) | ($0.45) | -827% | | Adjusted Net (Loss)/Income per Diluted Share | ($0.02) | $0.08 | -125% | ($0.46) | $0.28 | -264% | - On a comparable basis, Q4 revenue decreased by **16%** (13-week vs 13-week) and full-year revenue decreased by **17%** (52-week vs 52-week)[4](index=4&type=chunk) - Despite the revenue drop, Q4 Adjusted EBITDA increased to **$9 million** from **$5 million** in the prior year period, and SG&A expense improved by **18%** to **$107 million**[6](index=6&type=chunk) [Management Commentary & Strategic Priorities](index=1&type=section&id=Management%20Commentary%20%26%20Strategic%20Priorities) Management described 2024 as a transformative year, focusing on strategic priorities for future growth amidst challenging market conditions - CEO Taryn Owen noted that market conditions remain challenging, with customers awaiting improved market confidence before making significant workforce adjustments[3](index=3&type=chunk) - Key strategic priorities for long-term profitability include: - Advancing digital transformation with an enhanced user experience - Expanding into high-growth end-markets and high-value roles - Optimizing the business model to drive sales focus and accelerate growth[3](index=3&type=chunk) [2025 Outlook & Recent Developments](index=1&type=section&id=2025%20Outlook%20%26%20Recent%20Developments) TrueBlue started 2025 with the strategic acquisition of Healthcare Staffing Professionals, Inc. (HSP) to expand into the healthcare market, and is providing forward-looking guidance - On January 31, 2025, TrueBlue acquired Healthcare Staffing Professionals, Inc. (HSP), a provider of temporary and permanent healthcare staffing solutions, for **$42 million**[3](index=3&type=chunk)[6](index=6&type=chunk) - The company ended the period with **$23 million** in cash, **$8 million** in debt, and **$119 million** of borrowing availability[6](index=6&type=chunk) Consolidated Financial Statements [Consolidated Statements of Operations (Income Statement)](index=4&type=section&id=SUMMARY%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company's revenue declined significantly in 2024, leading to a substantial increase in operating loss and a widened net loss, primarily due to a significant impairment charge | (in thousands) | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | | Revenue from services | $1,567,393 | $1,906,243 | | Gross profit | $406,393 | $506,059 | | Goodwill and intangible asset impairment charge | $59,674 | $9,485 | | Loss from operations | ($92,775) | ($23,850) | | Net loss | ($125,748) | ($14,173) | | Diluted net loss per share | ($4.17) | ($0.45) | [Consolidated Balance Sheets](index=5&type=section&id=SUMMARY%20CONSOLIDATED%20BALANCE%20SHEETS) As of December 29, 2024, TrueBlue's total assets, liabilities, and shareholders' equity all decreased significantly, primarily due to reductions in cash, receivables, and goodwill | (in thousands) | Dec 29, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $22,536 | $61,885 | | Total current assets | $277,093 | $354,993 | | Goodwill and intangible assets, net | $30,406 | $94,639 | | **Total assets** | **$675,376** | **$899,383** | | Total current liabilities | $160,125 | $204,099 | | Long-term debt | $7,600 | $0 | | **Total liabilities** | **$360,017** | **$441,510** | | **Total shareholders' equity** | **$315,359** | **$457,873** | [Consolidated Statements of Cash Flows](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the 52 weeks ended December 29, 2024, the company experienced a net cash outflow from operating activities, a sharp reversal from the prior year, primarily due to the significant net loss | (in thousands) | 52 weeks ended Dec 29, 2024 | 53 weeks ended Dec 31, 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($17,058) | $34,754 | | Net cash used in investing activities | ($2,453) | ($32,322) | | Net cash used in financing activities | ($17,087) | ($37,583) | | Net change in cash, cash equivalents, and restricted cash | ($38,206) | ($36,325) | Segment Performance [Segment Revenue](index=7&type=section&id=Segment%20Revenue) All three of TrueBlue's segments experienced revenue declines in 2024, with PeopleReady, PeopleScout, and PeopleManagement all reporting reduced top-line performance | Revenue (in thousands) | Full-Year 2024 | Full-Year 2023 | Change | | :--- | :--- | :--- | :--- | | PeopleReady | $868,549 | $1,096,318 | -20.8% | | PeopleScout | $156,643 | $229,334 | -31.7% | | PeopleManagement | $542,201 | $580,591 | -6.6% | | **Total company** | **$1,567,393** | **$1,906,243** | **-17.8%** | [Segment Profit](index=7&type=section&id=Segment%20Profit) Segment profit varied in 2024, with PeopleReady and PeopleScout declining significantly, while PeopleManagement's profit more than doubled, leading to an overall decrease in total segment profit | Segment Profit (in thousands) | Full-Year 2024 | Full-Year 2023 | Change | | :--- | :--- | :--- | :--- | | PeopleReady | $5,783 | $26,606 | -78.3% | | PeopleScout | $12,152 | $26,922 | -54.9% | | PeopleManagement | $15,119 | $6,963 | +117.1% | | **Total segment profit** | **$33,054** | **$60,491** | **-45.4%** | Non-GAAP Financial Measures & Reconciliations [Reconciliation of Net Loss to Adjusted Net Income (Loss)](index=9&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20Net%20Income%20(Loss)) After adjusting the GAAP net loss for items like goodwill impairment and tax effects, the company reported an adjusted net loss for fiscal year 2024, a reversal from adjusted net income in 2023 | (in thousands) | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | | Net loss (GAAP) | ($125,748) | ($14,173) | | Goodwill and intangible asset impairment charge | $59,674 | $9,485 | | Tax effect of adjustments and deferred tax asset valuation allowance | $40,540 | ($4,920) | | **Adjusted net (loss) income (Non-GAAP)** | **($13,894)** | **$8,725** | [Reconciliation of Net Loss to EBITDA and Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20EBITDA%20and%20Adjusted%20EBITDA) The company's Adjusted EBITDA for fiscal year 2024 significantly decreased from 2023, with the Adjusted EBITDA margin falling to **0.7%** from **1.5%** | (in thousands) | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | | Net loss (GAAP) | ($125,748) | ($14,173) | | EBITDA (Non-GAAP) | ($63,214) | $1,971 | | **Adjusted EBITDA (Non-GAAP)** | **$11,167** | **$28,984** | [Reconciliation of SG&A to Adjusted SG&A](index=10&type=section&id=Reconciliation%20of%20SG%26A%20to%20Adjusted%20SG%26A) GAAP SG&A expenses decreased in 2024, and after adjustments, Adjusted SG&A remained flat as a percentage of revenue for both 2024 and 2023, indicating cost control in line with falling revenues | (in thousands) | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | | SG&A expense (GAAP) | $410,870 | $494,603 | | **Adjusted SG&A expense (Non-GAAP)** | **$393,786** | **$478,958** | | Adjusted SG&A as % of revenue | 25.1% | 25.1% |

SIMOS Solutions and Centerline Drivers also receive awards for dedication to client satisfaction TACOMA, Wash., Feb. 18, 2025 /PRNewswire/ -- TrueBlue (NYSE: TBI), a leading provider of specialized workforce solutions, is pleased to announce that its brand Staff Management | SMX has received the distinction as a 10-Year Diamond award winner by the ClearlyRated 2025 Best of Staffing Awards®. Demonstrating its longstanding commitment to customer satisfaction, this distinction recognizes staffing companies th ...

Investors might want to bet on TrueBlue (TBI) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.The power ...

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, invest ...

Powerful Workforce Matching and New Features Boost Staffing Speed and SuccessTACOMA, Wash., Dec. 12, 2024 /PRNewswire/ -- TrueBlue (NYSE: TBI), a leading provider of specialized workforce solutions, today announced that PeopleReady has launched the next generation of its top-rated JobStack staffing app. JobStack's new ReadyMatch technology instantaneously identifies best-matched workers, optimizing success rates.NEW FEATURE HIGHLIGHTS: PeopleReady backs JobStack with responsive, local service delivered by h ...

Shares of TrueBlue (TBI) have gained 0.8% over the past four weeks to close the last trading session at $7.55, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $11.33 indicates a potential upside of 50.1%.The average comprises three short-term price targets ranging from a low of $10 to a high of $13, with a standard deviation of $1.53. While the lowest estimate indicates an incre ...

The price trend for TrueBlue (TBI) has been bearish lately and the stock has lost 8% over the past week. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about ...

TrueBlue (TBI) closed the last trading session at $8.16, gaining 10.6% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $12 indicates a 47.1% upside potential.The mean estimate comprises three short-term price targets with a standard deviation of $1. While the lowest estimate of $11 indicates a 34.8% increase from the current price level, the most optimistic analyst expects the stoc ...

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $382 million, down 19% compared to the prior year due to uncertainty and client caution in the staffing industry [5][27] - Gross margin was 26.2%, flat compared to the prior year, with various factors affecting it, including pricing pressures and changes in revenue mix [29] - The company reported a net loss of $8 million for the quarter, with an adjusted net loss of $3 million and adjusted EBITDA of $5 million [33] Business Line Data and Key Metrics Changes - PeopleReady revenue decreased 24%, with segment profit margin down 200 basis points [34] - PeopleScout revenue decreased 31%, with segment profit margin down 490 basis points, impacted by lower client volumes and the loss of a large hospitality client [37][38] - PeopleManagement revenue decreased 5%, but segment profit margin increased by 90 basis points due to disciplined cost management [40] Market Data and Key Metrics Changes - Overall market demand for temporary labor and permanent hiring remains suppressed as clients focus on reducing operating costs [27] - Commercial driving services showed strength, delivering double-digit growth for the quarter, marking the third consecutive quarter of growth [28] Company Strategy and Development Direction - The company is focused on advancing strategic priorities to capture market share and enhance long-term profitability, including digital transformation and expansion into high-growth markets [12][17] - The rollout of the proprietary JobStack app is a significant milestone in the digital transformation, allowing for better engagement with customers and associates [14][88] - The company aims to simplify its organizational structure to drive enhanced focus, growth, and profitability, having reduced operating costs by 17% for the quarter [21][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging market conditions but remains confident in the long-term staffing outlook, citing evolving workforce needs and structural staffing shortages as opportunities [24][25] - The outlook for Q4 2024 anticipates a revenue decline of 24% to 18%, reflecting ongoing market trends and uncertainties [43] Other Important Information - The company has a solid balance sheet with no debt, $15 million in cash, and $133 million of borrowing availability [41][42] - The company repurchased $4 million of common stock during the quarter, leaving $34 million remaining under its authorization [41] Q&A Session Summary Question: Customer count trends and revenue weakness - Management indicated that despite market challenges, customer retention and new customer wins are strong, positioning the company for growth when volumes return to historical levels [48][51] Question: Revenue growth rate by segment and bill pay spread - For Q4 guidance, TrueBlue is expected to decline by 21%, with PeopleReady down 24%, PeopleManagement down 13%, and PeopleScout down 30% [54] - Bill pay spreads showed pay rates up 1.5% and bill rates up 0.2%, leading to a margin decline [55][56] Question: Impact of hurricanes on operations - The company is actively involved in cleanup efforts post-hurricanes, with a slight negative impact on Q3 and Q4, but expects net neutral to positive outcomes from cleanup work [63][64] Question: Renewable business outlook - The renewable energy pipeline remains strong, with new wins expected to bring revenue in 2025, despite recent weather-related slowdowns [66][67] Question: Hospitality client in-sourcing trend - The loss of a large hospitality client is viewed as an outlier, with other clients maintaining contracts and planning to return to outsourced recruitment as volumes increase [70][72] Question: Business trends in October and holiday season impact - October trends aligned with guidance, and customer sentiment remains cautious due to uncertainty in workforce planning [74][75] Question: Incremental margins with revenue growth - The company expects improved margins with revenue growth, projecting incremental margins of 20% to 22% with a 10% revenue increase [78][80]

TrueBlue (TBI) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of a loss of $0.23. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 52.17%. A quarter ago, it was expected that this blue-collar temporary staffing company would post a loss of $0.03 per share when it actually produced a loss of $0.35, delivering a surprise of -1,066.67%.Over the last four qua ...