TrueBlue, Inc.

Listed Company

TBICIK 0000768899NYSEAcceleratedSmaller ReportingServices-Help Supply ServicesWashingtonFY ends Dec 27

Period

FY 2025

Revenue

—

Net Income

$-47.96M

Total Assets

$638.67M

Equity

$274.56M

Shares Out

30.06M

Op. Cash Flow

$-58.04M

Business

TrueBlue, Inc. provides specialized workforce solutions that connect people with contingent and permanent employment to help clients improve productivity and grow their businesses. It offers contingent general and skilled labor placement, recruitment process outsourcing (RPO), managed service provider (MSP) solutions, on-site workforce management, commercial driver staffing, and proprietary technology platforms and mobile apps to match candidates with assignments. Operations are managed through three segments: PeopleReady, PeopleScout and PeopleManagement. Services are delivered across the United States, Canada, the United Kingdom, Australia and select international markets via branch networks, on-site teams and digital platforms.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from services	1,616	1,567	1,906	2,254	2,174
Cost of services	1,248	1,161	1,400	1,652	1,613
Gross profit	368	406	506	602	560
Selling, general and administrative expense	371	411	495	501	464
Depreciation and amortization (inclusive of depreciation included in cost of services)	25	29	26	29	28
Goodwill and intangible asset impairment charge	200,000	60	10	0	0
Impairment, Long-Lived Asset, Held-for-Use	18	0	0	—	—
Loss from operations	−47	−93	−24	72	68
Interest and other income (expense), net	1	4	3	1	5
Loss before tax expense (benefit)	−46	−89	−21	73	74
Income tax expense (benefit)	2	37	−6	11	12
Net loss	−48	−126	−14	62	62
Basic (in dollars per share)	−1.61	−4.17	−0.45	1.89	1.77
Diluted (in dollars per share)	−1.61	−4.17	−0.45	1.86	1.74
Basic (in shares)	30	30	31	33	35
Diluted (in shares)	30	30	31	33	35
Foreign currency translation adjustment	546,000	−1	−694,000	−4	−919,000
Total other comprehensive income (loss), net of tax	546,000	−1	−694,000	−4	−919,000
Comprehensive loss	−47	−127	−15	58	61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	25	23	62	72	50
Accounts receivable, net of allowance of $2,190 and $1,009, respectively	241	215	253	314	354
Prepaid expenses and other current assets	31	32	29	33	32
Income tax receivable	879,000	8	12	11	10
Total current assets	298	277	355	430	445
Property and equipment, net	73	90	105	96	88
Restricted cash, cash equivalents and investments	137	180	193	214	221
Deferred income taxes, net	1	886,000	35	26	29
Goodwill	42	25	84	94	95
Intangible assets, net	18	6	11	16	22
Operating lease right-of-use assets, net	34	47	50	51	55
Workers compensation claims receivable, net	26	38	54	75	61
Other assets, net	10	12	13	18	16
Total assets	639	675	899	1,019	1,033
Accounts payable and other accrued expenses	36	46	56	77	77
Accrued wages and benefits	62	61	80	92	100
Income tax payable	1	315,000	439,000	1	0
Current portion of workers compensation claims reserve	24	35	45	50	62
Current operating lease liabilities	11	11	12	12	12
Other current liabilities	4	7	10	11	8
Total current liabilities	139	160	204	243	259
Workers compensation claims reserve, less current portion	73	105	152	201	195
Long-term debt	66	8	0	—	—
Long-term deferred compensation liabilities	40	38	35	26	29
Long-term operating lease liabilities	47	48	49	51	55
Other long-term liabilities	899,000	1	1	2	3
Total liabilities	364	360	442	523	540
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.131 par value, 20,000,000 shares authorized; No shares issued and outstanding	0	0	0	0	0
Common stock, no par value, 100,000,000 shares authorized; 29,986,762 and 29,588,363 shares issued and outstanding	1,000	1,000	1,000	1,000	1,000
Accumulated other comprehensive loss	−22	−22	−21	−20	−16
Retained earnings	296	338	479	516	509
Total shareholders equity	275	315	458	496	493
Total liabilities and shareholders equity	639	675	899	1,019	1,033

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization (inclusive of depreciation included in cost of services)	29	30	26	29	—
Provision for credit losses	3	2	5	4	6
Stock-based compensation	7	8	14	10	14
Deferred income taxes	−552,000	34	−10	4	752,000
Non-cash lease expense	11	12	13	13	14
Other operating activities	−5	−5	−4	8	−2
Accounts receivable	−15	36	57	35	−82
Income taxes receivable and payable	4	3	−1	−3	2
Other assets	16	23	31	−16	−14
Accounts payable and other accrued expenses	−11	−9	−19	−2	16
Other accrued wages and benefits	−10	−19	−12	−8	35
Workers compensation claims reserve	−43	−57	−54	−5	701,000
Operating lease liabilities	−12	−12	−13	−13	−13
Other liabilities	−2	4	8	2	2
Net cash (used in) provided by operating activities	−58	−17	35	121	20
Capital expenditures	−16	−24	−31	−31	−35
Acquisition of businesses, net of cash acquired	−30	0	0	—	—
Divestiture of business	400,000	3	0	0	—
Payments for company-owned life insurance	−2,000	−4	−2	0	−4
Proceeds from company-owned life insurance	300,000	0	2	0	832,000
Purchases of restricted held-to-maturity investments	−11	−11	−34	−18	−9
Sales and maturities of restricted held-to-maturity investments	40	34	34	28	24
Net cash used in investing activities	−16	−2	−32	−21	−16
Purchases and retirement of common stock	0	−21	−34	−61	−17
Net proceeds from employee stock purchase plans	454,000	738,000	856,000	980,000	1
Common stock repurchases for taxes upon vesting of restricted stock	−1	−2	−4	−4	−3
Net change in revolving credit facility	58	8	0	0	0
Other	−414,000	−2	−100,000	−253,000	−345,000
Net cash provided by (used in) financing activities	57	−17	−38	−65	−19
Change in cash, cash equivalents and restricted cash and cash equivalents reclassified to assets held-for-sale	0	0	−300,000	0	0
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	−119,000	−2	−874,000	−2	−521,000
Net change in cash, cash equivalents and restricted cash and cash equivalents	−17	−38	−36	32	−15
Interest	5	1	1	1	1
Income taxes, net of refunds	−5	211,000	5	10	10
Operating lease liabilities	14	15	16	16	17
Property and equipment purchased but not yet paid	808,000	1	3	5	4
Divestiture non-cash consideration	0	400,000	0	0	—
Right-of-use assets obtained in exchange for new operating lease liabilities	11	10	13	10	12

Filings

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