TrueBlue(TBI) - 2023 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION This section presents the company's unaudited consolidated financial statements and management's discussion and analysis for the first fiscal quarter Item 1. Consolidated Financial Statements (Unaudited) The section presents unaudited consolidated financial statements for the thirteen weeks ended March 26, 2023, including balance sheets, statements of operations, cash flows, and detailed notes Consolidated Balance Sheets This section provides a snapshot of the company's financial position, detailing assets, liabilities, and shareholders' equity Consolidated Balance Sheet Highlights (in thousands) | Metric | March 26, 2023 (thousands) | December 25, 2022 (thousands) | | :--------------------------------- | :------------- | :---------------- | | Cash and cash equivalents | $47,223 | $72,054 | | Accounts receivable, net | $282,014 | $314,275 | | Total current assets | $371,299 | $430,212 | | Total assets | $957,113 | $1,019,408 | | Total current liabilities | $214,896 | $242,875 | | Total liabilities | $489,490 | $523,093 | | Total shareholders' equity | $467,623 | $496,315 | Consolidated Statements of Operations and Comprehensive Income (Loss) This section outlines the company's financial performance, including revenue, expenses, and net income (loss) for the period Consolidated Statements of Operations Highlights (Thirteen weeks ended, in thousands, except per share data) | Metric | March 26, 2023 (thousands) | March 27, 2022 (thousands) | | :------------------------------------ | :------------- | :------------- | | Revenue from services | $465,288 | $551,515 | | Gross profit | $123,113 | $139,845 | | Selling, general and administrative expense | $122,645 | $120,568 | | Income (loss) from operations | $(5,943) | $11,990 | | Net income (loss) | $(4,289) | $10,519 | | Basic Net income (loss) per common share | $(0.13) | $0.31 | | Diluted Net income (loss) per common share | $(0.13) | $0.30 | Consolidated Statements of Cash Flows This section details the cash inflows and outflows from operating, investing, and financing activities for the period Consolidated Statements of Cash Flows Highlights (Thirteen weeks ended, in thousands) | Metric | March 26, 2023 (thousands) | March 27, 2022 (thousands) | | :------------------------------------------------ | :------------- | :------------- | | Net cash provided by operating activities | $9,151 | $26,442 | | Net cash (used in) provided by investing activities | $(8,376) | $255 | | Net cash used in financing activities | $(26,825) | $(36,049) | | Net change in cash, cash equivalents and restricted cash | $(26,041) | $(9,409) | | Cash, cash equivalents and restricted cash, end of period | $109,590 | $93,776 | Notes to Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the consolidated financial statements NOTE 1: Summary of Significant Accounting Policies This note outlines the key accounting principles and policies applied in preparing the financial statements - The financial statements are prepared in accordance with U.S. GAAP and SEC rules for interim financial information, reflecting management's necessary adjustments and estimates[15][16] - No new accounting standards adopted during the thirteen weeks ended March 26, 2023, had a material impact, and none not yet adopted are expected to have a significant impact[18][19] NOTE 2: Fair Value Measurement This note details the fair value measurements of assets and liabilities, categorized by input levels Assets Measured at Fair Value (March 26, 2023, in thousands) | Asset Category | Total Fair Value (thousands) | Level 1 (Quoted prices in active markets) (thousands) | Level 2 (Significant other observable inputs) (thousands) | | :--------------------------------------- | :--------------- | :---------------------------------------- | :------------------------------------------ | | Cash and cash equivalents | $47,223 | $47,223 | — | | Restricted cash and cash equivalents | $62,367 | $62,367 | — | | Restricted investments classified as held-to-maturity | $120,241 | — | $120,241 | Assets Measured at Fair Value (December 25, 2022, in thousands) | Asset Category | Total Fair Value (thousands) | Level 1 (Quoted prices in active markets) (thousands) | Level 2 (Significant other observable inputs) (thousands) | | :--------------------------------------- | :--------------- | :---------------------------------------- | :------------------------------------------ | | Cash and cash equivalents | $72,054 | $72,054 | — | | Restricted cash and cash equivalents | $63,577 | $63,577 | — | | Restricted investments classified as held-to-maturity | $119,525 | — | $119,525 | NOTE 3: Restricted Cash and Investments This note provides information on cash and investments subject to restrictions, primarily for workers' compensation collateral Summary of Restricted Cash and Investments (in thousands) | Category | March 26, 2023 (thousands) | December 25, 2022 (thousands) | | :------------------------------------ | :------------- | :---------------- | | Cash collateral held by insurance carriers | $29,839 | $29,567 | | Cash and cash equivalents held in Trust | $31,408 | $30,857 | | Investments held in Trust | $123,577 | $123,678 | | Company-owned life insurance policies | $26,896 | $26,479 | | Other restricted cash and cash equivalents | $1,120 | $3,153 | | Total restricted cash and investments | $212,840 | $213,734 | - Restricted cash and investments primarily serve as collateral for workers' compensation and state workers' compensation programs, held in a trust at the Bank of New York Mellon[24] Held-to-Maturity Investments by Contractual Maturity (March 26, 2023, in thousands) | Maturity | Amortized cost (thousands) | Fair value (thousands) | | :-------------------------------- | :------------- | :--------- | | Due in one year or less | $41,768 | $41,340 | | Due after one year through five years | $81,809 | $78,901 | | Total held-to-maturity investments | $123,577 | $120,241 | NOTE 4: Supplemental Balance Sheet Information This note offers additional details on specific balance sheet accounts, including accounts receivable and other current assets/liabilities Accounts Receivable Allowance for Credit Losses (Thirteen weeks ended, in thousands) | Metric | March 26, 2023 (thousands) | March 27, 2022 (thousands) | | :-------------------------- | :------------- | :------------- | | Beginning balance | $3,212 | $6,687 | | Current period provision | $1,382 | $989 | | Write-offs | $(956) | $(2,784) | | Ending balance | $3,637 | $4,885 | Prepaid Expenses and Other Current Assets (in thousands) | Category | March 26, 2023 (thousands) | December 25, 2022 (thousands) | | :-------------------------- | :------------- | :---------------- | | Prepaid software agreements | $11,000 | $9,994 | | Other prepaid expenses | $9,708 | $9,455 | | Other current assets | $8,715 | $13,081 | | Total | $29,423 | $32,530 | Other Current Liabilities (in thousands) | Category | March 26, 2023 (thousands) | December 25, 2022 (thousands) | | :---------------------- | :------------- | :---------------- | | Contract liabilities | $4,386 | $3,812 | | Other current liabilities | $6,865 | $7,077 | | Total | $11,251 | $10,889 | NOTE 5: Workers' Compensation Insurance and Reserves This note explains the company's self-insurance program for workers' compensation and the related reserve reconciliation - The company is substantially self-insured for workers' compensation claims, with policies covering claims above a $5.0 million deductible per occurrence[31] Workers' Compensation Reserve Reconciliation (in thousands) | Metric | March 26, 2023 (thousands) | December 25, 2022 (thousands) | | :------------------------------------ | :------------- | :---------------- | | Undiscounted workers' compensation reserve | $259,087 | $270,468 | | Less discount on workers' compensation reserve | $19,660 | $19,458 | | Workers' compensation reserve, net of discount | $239,427 | $251,010 | | Less current portion | $46,543 | $50,005 | | Long-term portion | $192,884 | $201,005 | - Workers' compensation cost recorded in cost of services decreased to $4.8 million for the thirteen weeks ended March 26, 2023, from $11.3 million in the prior year period[35] NOTE 6: Long-Term Debt This note details the company's long-term debt, including its revolving credit facility and compliance with covenants - The company has a $300.0 million Revolving Credit Facility, maturing March 16, 2025, with $292.8 million unused as of March 26, 2023[36] - The Revolving Credit Facility includes a $30.0 million sub-limit for Swingline loans and a $125.0 million sub-limit for letters of credit[36] - Effective March 30, 2023, the LIBOR benchmark rate was replaced with the Secured Overnight Financing Rate (SOFR) plus an adjustment of 0.10%, with no significant expected impact on financial statements[42] - As of March 26, 2023, the company was in compliance with all financial covenants, including a consolidated leverage ratio of 0.08 (less than 3.00) and a consolidated fixed charge coverage ratio of 62.63 (greater than 1.25)[41][42] NOTE 7: Commitments and Contingencies This note outlines the company's various commitments, including collateral for workers' compensation, and legal contingencies Workers' Compensation Collateral Commitments (in thousands) | Category | March 26, 2023 (thousands) | December 25, 2022 (thousands) | | :------------------------------------------ | :------------- | :---------------- | | Cash collateral held by workers' compensation insurance carriers | $23,985 | $23,716 | | Cash and cash equivalents held in Trust | $31,408 | $30,857 | | Investments held in Trust | $123,577 | $123,678 | | Letters of credit | $6,077 | $6,077 | | Surety bonds | $20,725 | $20,806 | | Total collateral commitments | $205,772 | $205,134 | - The company is involved in various legal proceedings, but believes the liabilities are immaterial and reflect probable losses, with the aggregate range of reasonably possible losses also expected to be immaterial[45] NOTE 8: Shareholders' Equity This note provides a reconciliation of changes in shareholders' equity, including common stock and retained earnings Changes in Shareholders' Equity (Thirteen weeks ended, in thousands) | Metric | March 26, 2023 (thousands) | March 27, 2022 (thousands) | | :------------------------------------ | :------------- | :------------- | | Common stock shares (Beginning balance) | 32,730 | 34,861 | | Common stock shares (Ending balance) | 31,507 | 33,608 | | Retained earnings (Beginning balance) | $516,332 | $508,813 | | Net income (loss) | $(4,289) | $10,519 | | Purchases and retirement of common stock | $(24,718) | $(36,326) | | Retained earnings (Ending balance) | $487,893 | $483,170 | | Accumulated other comprehensive loss (Ending balance) | $(20,271) | $(15,620) | | Total shareholders' equity ending balance | $467,623 | $467,551 | NOTE 9: Income Taxes This note details the company's income tax expense, effective tax rate, and reconciliation to the statutory rate - The effective income tax rate for the thirteen weeks ended March 26, 2023, was 13.0%, compared to 15.8% in the prior year period[49][74] - The difference from the statutory federal income tax rate of 21.0% was primarily due to hiring tax credits (including WOTC) and stock-based compensation, partially offset by state income taxes and non-deductible items[49][75] Income Tax Expense (Benefit) Reconciliation (Thirteen weeks ended, in thousands, except percentages) | Metric | March 26, 2023 (thousands) | % | March 27, 2022 (thousands) | % | | :------------------------------------ | :------------- | :-- | :------------- | :-- | | Income (loss) before tax expense (benefit) | $(4,929) | | $12,495 | | | Federal income tax expense (benefit) at statutory rate | $(1,035) | 21.0% | $2,624 | 21.0% | | State income taxes, net of federal benefit | $(223) | 4.5% | $474 | 3.8% | | Hiring tax credits, net | $765 | (15.5)% | $(1,142) | (9.1)% | | Stock-based compensation | $197 | (4.0)% | $(619) | (5.0)% | | Income tax expense (benefit) | $(640) | 13.0% | $1,976 | 15.8% | NOTE 10: Net Income (Loss) Per Share This note presents the calculation of basic and diluted net income (loss) per common share Net Income (Loss) Per Common Share (Thirteen weeks ended, in thousands, except per share data) | Metric | March 26, 2023 (thousands) | March 27, 2022 (thousands) | | :------------------------------------------------ | :------------- | :------------- | | Net income (loss) | $(4,289) | $10,519 | | Weighted average number of common shares (Basic) | 32,292 | 33,929 | | Weighted average number of common shares (Diluted) | 32,292 | 34,544 | | Basic Net income (loss) per common share | $(0.13) | $0.31 | | Diluted Net income (loss) per common share | $(0.13) | $0.30 | NOTE 11: Segment Information This note provides financial data for the company's operating segments: PeopleReady, PeopleScout, and PeopleManagement - The company operates through three reportable segments: PeopleReady (blue-collar, contingent staffing), PeopleScout (high-volume, permanent employee recruitment process outsourcing and MSP), and PeopleManagement (contingent labor and outsourced industrial workforce solutions, including commercial drivers)[51][52][53] Revenue from Services by Segment (Thirteen weeks ended, in thousands) | Segment | March 26, 2023 (thousands) | March 27, 2022 (thousands) | | :-------------- | :------------- | :------------- | | PeopleReady | $252,628 | $305,690 | | PeopleManagement | $143,184 | $163,819 | | PeopleScout | $69,476 | $82,006 | | Total company | $465,288 | $551,515 | Segment Profit (Loss) (Thirteen weeks ended, in thousands) | Segment | March 26, 2023 (thousands) | March 27, 2022 (thousands) | | :-------------- | :------------- | :------------- | | PeopleReady | $872 | $16,219 | | PeopleManagement | $(202) | $2,979 | | PeopleScout | $8,923 | $10,972 | | Total segment profit | $9,593 | $30,170 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial performance, condition, and future outlook for the first fiscal quarter of 2023 Comment on Forward Looking Statements This section clarifies that the report contains forward-looking statements subject to inherent risks and uncertainties - The report contains forward-looking statements subject to risks and uncertainties, and the company undertakes no duty to update or revise them publicly[56] Business Overview This section provides an overview of TrueBlue, Inc.'s specialized workforce solutions and strategic initiatives across its segments - TrueBlue, Inc. is a leading provider of specialized workforce solutions, with client demand being cyclical and dependent on economic and labor market strength[57] - The company's core strategy involves executing digital initiatives to attract and retain clients and employees, and reduce service delivery costs across its PeopleReady, PeopleScout, and PeopleManagement segments[57] - PeopleReady focuses on digitalization to supplement its nationwide footprint, improve operating efficiency, and gain market share in contingent general and skilled labor[58] - PeopleScout leverages its brand, sales team, and proprietary AI/machine learning platform (Affinix) to gain market share in RPO and MSP solutions[59] - PeopleManagement aims to grow its client base by targeting underserved markets and investing in customer/associate care programs for its on-site industrial workforce and commercial driver solutions[60] Fiscal First Quarter of 2023 Highlights This section summarizes key financial and operational performance indicators for the first fiscal quarter of 2023 - Total company revenue declined 15.6% to $465.3 million for the thirteen weeks ended March 26, 2023, compared to the prior year, driven by economic uncertainty and the absence of a post-pandemic demand surge[61] - Gross profit as a percentage of revenue increased by 110 basis points to 26.5%, primarily due to lower workers' compensation costs and higher bill rates in the PeopleReady segment[62] - Selling, general and administrative (SG&A) expense increased 1.7% to $122.6 million, mainly due to workforce reduction costs in PeopleScout and PeopleManagement, and investments in PeopleReady's sales team and skilled trades expansion[63] - The company reported a net loss of $4.3 million for the quarter, compared to net income of $10.5 million in the prior year[64] - As of March 26, 2023, the company maintained a strong financial position with $47.2 million in cash and cash equivalents, no outstanding debt, and $292.8 million available under its revolving credit agreement, totaling $340.0 million in liquidity[64] Results of Operations This section provides a detailed analysis of the company's revenue, expenses, and profitability for the reporting period Total Company Results This section presents a summary of the company's overall financial performance for the reporting period Selected Financial Data (Thirteen weeks ended, in thousands, except percentages and per share data) | Metric | Mar 26, 2023 (thousands) | % of revenue | Mar 27, 2022 (thousands) | % of revenue | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | | Revenue from services | $465,288 | | $551,515 | | | Gross profit | $123,113 | 26.5 % | $139,845 | 25.4 % | | Selling, general and administrative expense | $122,645 | 26.4 % | $120,568 | 21.9 % | | Income (loss) from operations | $(5,943) | (1.3)% | $11,990 | 2.2 % | | Net income (loss) | $(4,289) | (0.9)% | $10,519 | 1.9 % | | Net income (loss) per diluted share | $(0.13) | | $0.30 | | Revenue from Services This section analyzes the company's service revenue performance, including segment-wise contributions and growth drivers Revenue from Services by Segment (Thirteen weeks ended, in thousands, except percentages) | Segment | Mar 26, 2023 (thousands) | Growth (decline) % | Segment % of total | Mar 27, 2022 (thousands) | Segment % of total | | :-------------- | :----------- | :----------------- | :----------------- | :----------- | :----------------- | | PeopleReady | $252,628 | (17.4)% | 54.3 % | $305,690 | 55.4 % | | PeopleScout | $69,476 | (15.3)% | 14.9 % | $82,006 | 14.9 % | | PeopleManagement | $143,184 | (12.6)% | 30.8 % | $163,819 | 29.7 % | | Total company | $465,288 | (15.6)% | 100.0 % | $551,515 | 100.0 % | - The overall revenue decline was attributed to economic uncertainty, the absence of a post-pandemic demand surge in PeopleReady, reduced hiring volumes in PeopleScout, and clients shifting outsourced work to permanent staff in PeopleManagement[66][67][68][69] Gross Profit This section examines the company's gross profit and gross margin, highlighting factors influencing changes - Gross profit as a percentage of revenue increased by 110 basis points to 26.5% (from 25.4% in prior year)[70] - This expansion was primarily driven by 100 basis points from lower workers' compensation costs due to favorable prior year reserve development and 20 basis points from higher bill rates outpacing pay rates in staffing businesses[70] SG&A Expense This section details the selling, general, and administrative expenses and their impact on overall profitability - Total company SG&A expense increased by $2.1 million (1.7%) to $122.6 million[71] - The increase was due to $1.0 million in workforce reduction costs (primarily in PeopleScout) and investments in PeopleReady for sales team training and geographical expansion of its skilled trades business[71] Depreciation and Amortization This section discusses the depreciation and amortization expenses and their year-over-year changes - Depreciation and amortization decreased to $6.4 million (from $7.3 million in prior year) due to certain assets becoming fully depreciated or amortized during 2022[72] Income Tax Expense This section analyzes the company's income tax expense and effective tax rate for the reporting period - The company recorded an income tax benefit of $(0.6) million for the thirteen weeks ended March 26, 2023, with an effective tax rate of 13.0%, compared to an expense of $2.0 million and a rate of 15.8% in the prior year[74] - The effective tax rate was primarily influenced by hiring tax credits (WOTC) and stock-based compensation, partially offset by state income taxes and non-deductible items[75] Segment Performance This section evaluates the financial performance and profitability of each operating segment Segment Profit (Loss) and Percentage of Revenue (Thirteen weeks ended, in thousands, except percentages) | Segment | Mar 26, 2023 Profit (Loss) (thousands) | Mar 26, 2023 % of Revenue | Mar 27, 2022 Profit (Loss) (thousands) | Mar 27, 2022 % of Revenue | | :-------------- | :------------------------- | :------------------------ | :------------------------- | :------------------------ | | PeopleReady | $872 | 0.3 % | $16,219 | 5.3 % | | PeopleScout | $8,923 | 12.8 % | $10,972 | 13.4 % | | PeopleManagement | $(202) | (0.1)% | $2,979 | 1.8 % | - PeopleReady segment profit declined $15.3 million and as a percentage of revenue due to lower revenue and higher operating leverage, partially offset by lower workers' compensation costs and higher bill rates[79] - PeopleScout segment profit declined $2.0 million and as a percentage of revenue due to revenue decline and its relatively fixed cost structure, leading to workforce reductions for cost savings[80] - PeopleManagement segment profit (loss) declined $3.2 million and as a percentage of revenue due to revenue decline and higher operating leverage, prompting cost reduction actions[81] Future Outlook This section provides the company's forward-looking projections for operating performance and liquidity Operating Outlook This section outlines the company's expectations for future revenue, gross margin, and SG&A expenses - Revenue for fiscal Q2 2023 is expected to decline between 14% and 10% YoY, primarily due to macroeconomic uncertainty and the absence of the prior year's post-pandemic demand surge (approx. 4% of total decline)[84] - Gross margin is anticipated to contract by 60 to 20 basis points in fiscal Q2 2023 YoY, mainly due to less contribution from the higher-margin PeopleScout segment[84] For fiscal 2023, gross margin is expected to hold relatively steady (contraction of 20 to expansion of 40 basis points)[84] - SG&A expense is projected to be between $120 million and $124 million for fiscal Q2 2023, and between $495 million and $501 million for fiscal 2023, including $1 million and $3 million, respectively, for PeopleReady technology upgrades[84] Liquidity Outlook This section details the company's projections for capital expenditures, cost savings, and effective tax rate - Capital expenditures and software as a service asset spending are expected to be approximately $9 million for fiscal Q2 2023 and between $36 million and $40 million for fiscal 2023, reflecting continued investment in technological innovation[87] - Cost reduction actions in PeopleScout and PeopleManagement during Q1 2023 are expected to generate $11 million in savings over the remainder of 2023, with approximately one-quarter in cost of services and the remainder in SG&A[87] - Diluted weighted average shares outstanding are expected to be approximately 31 million for fiscal Q2 2023[87] - The effective income tax rate for fiscal 2023 is projected to be between 9% and 13%[87] - Fiscal 2023 will include a 53rd week, expected to add $22 million to $27 million in revenue but not significant net income due to falling during a slow demand period[87] Liquidity and Capital Resources This section discusses the company's cash position, credit facilities, and primary uses of cash - As of March 26, 2023, the company had $47.2 million in cash and cash equivalents and $292.8 million available under its $300.0 million Revolving Credit Facility, totaling $340.0 million in liquidity[88] - Primary cash needs include financing working capital, funding capital expenditures, repaying debt, and executing share repurchases[89] - The company continues to invest in online/mobile apps and transition back-office technology to cloud-based solutions to enhance competitive differentiation, efficiency, and automation[90] - Restricted cash and investments, held in a trust, collateralize workers' compensation obligations, with investment policy directives prioritizing capital preservation, liquidity, risk diversification, and maximizing after-tax returns[91][92] Summary of Cash Flows (Thirteen weeks ended, in thousands) | Metric | Mar 26, 2023 (thousands) | Mar 27, 2022 (thousands) | | :------------------------------------------------ | :----------- | :----------- | | Net cash provided by operating activities | $9,151 | $26,442 | | Net cash (used in) provided by investing activities | $(8,376) | $255 | | Net cash used in financing activities | $(26,825) | $(36,049) | | Net change in cash, cash equivalents and restricted cash | $(26,041) | $(9,409) | - Net cash provided by operating activities decreased due to lower demand for services, impacting accounts receivable, accounts payable, and accrued wages/benefits[95][96][97] - Investing cash flows were negative due to higher capital expenditures, particularly for PeopleReady technology upgrades, while prior period saw net cash provided by maturities of restricted investments[98][99] - Financing cash flows were primarily used for common stock repurchases ($24.7 million) under the share repurchase program, with $64.3 million remaining available[100][101] Summary of Critical Accounting Estimates This section refers to the company's critical accounting estimates as detailed in its annual report - Critical accounting estimates are discussed in the Annual Report on Form 10-K for the fiscal year ended December 25, 2022[102] New Accounting Standards This section directs readers to the relevant note for information on recently adopted or pending accounting standards - Refer to Note 1: Summary of Significant Accounting Policies, for information on new accounting standards[104] Item 3. Quantitative and Qualitative Disclosures About Market Risk The company's market risk disclosures remain consistent with the prior annual report, with no material changes - No material changes in quantitative and qualitative disclosures about market risk compared to the prior annual report[105] Item 4. Controls and Procedures Management concluded that disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated and deemed effective at a reasonable assurance level as of March 26, 2023[107] - No material changes in internal control over financial reporting occurred during the fiscal first quarter of 2023[108] PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity security sales, and other miscellaneous disclosures Item 1. Legal Proceedings The company is involved in various legal proceedings, with liabilities and potential losses deemed immaterial - Liabilities for legal proceedings are considered immaterial and reflect probable losses[45][111] - The aggregate range of reasonably possible losses beyond accrued amounts is expected to be immaterial[45] Item 1A. Risk Factors There have been no material changes to the company's previously disclosed risk factors since the last annual report - No material changes to the company's risk factors since the last annual report (Form 10-K for FY2022)[112] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section details the company's common stock repurchases during the quarter and the remaining authorization under its program Common Stock Repurchases (Thirteen weeks ended March 26, 2023) | Period | Total number of shares purchased (1) | Weighted average price paid per share (2) | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value that may yet be purchased under plans or programs at period end (3) | | :-------------------------------- | :----------------------------------- | :---------------------------------------- | :----------------------------------------------------------------------------- | :--------------------------------------------------------------------------------- | | 12/26/2022 through 1/22/2023 | 2,491 | $19.58 | — | | | 1/23/2023 through 2/19/2023 | 353,911 | $18.58 | 322,734 | | | 2/20/2023 through 3/26/2023 | 1,036,678 | $18.08 | 1,034,119 | $64.3 million | | Total | 1,393,080 | $18.21 | 1,356,853 | | - As of March 26, 2023, $64.3 million remains available for repurchase under the existing share repurchase program authorization[115] Item 3. Defaults Upon Senior Securities This item is not applicable to the company's current financial reporting - This item is not applicable to the company[116] Item 4. Mine Safety Disclosures This item is not applicable to the company's operations or disclosures - This item is not applicable to the company[117] Item 5. Other Information No other information is reported under this item - No other information to disclose[118] Item 6. Index to Exhibits This section lists all exhibits filed with the Form 10-Q, including key agreements and certifications - Key exhibits include the LIBOR Transition Amendment to Credit Agreement (effective March 30, 2023) and certifications from the CEO and CFO[119] Signatures The report is formally signed by the company's key executive officers - The report was signed by Steven C. Cooper (CEO), Derrek L. Gafford (CFO), and Richard B. Christensen (Chief Accounting Officer) on April 24, 2023[121][122]