8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 21, 2015

TRUEBLUE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Washington

(State or Other Jurisdiction

of Incorporation)

001-14543	91-1287341
(Commission File Number)	(IRS Employer Identification No.)

1015 A Street, Tacoma, Washington	98402
(Address of Principal Executive Offices)	(Zip Code)

(253) 383-9101

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On October 21, 2015, TrueBlue, Inc. (the “Company”) issued a press release (the “Press Release”) reporting its financial results for the third quarter ended September 25, 2015, and revenue and earnings guidance for the fourth quarter of 2015, a copy of which is attached hereto as Exhibit 99.1 and the contents of which are incorporated herein by this reference. Also attached to this report as Exhibit 99.2 is a slide presentation relating to the financial results for the third quarter ended September 25, 2015 (the “Earnings Results Presentation”), which will be discussed by management of the Company on a live conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Wednesday, October 21, 2015. The Earnings Results Presentation is also available on the Company's website, www.trueblue.com.

In accordance with General Instruction B.2. of Form 8-K, the information contained above in this report (including the Press Release and the Earnings Results Presentation) shall not be deemed “Filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the Press Release or the Earnings Results Presentation be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed a determination or an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

Item 7.01. Regulation FD Disclosure.

We are also attaching our Q4 2015 Investor Presentation (the "Investor Presentation") to this report as Exhibit 99.3, which we will reference in our Q3 2015 earnings results discussion and which may be used in future investor conferences. The Investor Presentation is also available on the Company's website, www.trueblue.com.

In accordance with General Instruction B.2. of Form 8-K, the information contained above in this report (including the Investor Presentation) shall not be deemed “Filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the Investor Presentation be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed a determination or an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated October 21, 2015

99.2 Earnings Results Presentation for October 21, 2015 conference call

99.3 Investor Presentation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		TRUEBLUE, INC.
		(Registrant)
Date:	October 21, 2015	By:	/s/ Derrek L. Gafford
			Derrek L. Gafford
			Chief Financial Officer and Executive Vice President

EX-99.1

TRUEBLUE REPORTS THIRD QUARTER 2015 RESULTS

TACOMA, WA-Oct. 21, 2015--TrueBlue, Inc. (NYSE:TBI) announced today that revenue for the third quarter of 2015 was $684 million, an increase of 8 percent, compared to revenue of $633 million for the third quarter of 2014. Adjusted net income per share* for the third quarter of 2015 was $0.54, up from $0.53 a year ago, an increase of 2 percent. 

“Our team delivered solid organic revenue results this quarter,” said TrueBlue CEO Steve Cooper. “The pace of growth took a significant step up compared to our growth in the first half of the year. We are especially pleased that the improved results came from most geographies and industries including construction. We also saw improvement with small to medium-sized customers and continued strength with national customers.

“The appeal of our specialized service offerings continues to grow in a tightening labor market and we expect another solid quarter of growth as we finish 2015,” Cooper added. “We are excited about the opportunities for increased demand in our services during 2016 and the powerful earnings growth our business can produce.”

For the fourth quarter of 2015, the company estimates revenue in the range of $738 million to $753 million and adjusted net income per share of $0.58 to $0.64.

Management will discuss third quarter 2015 results on a conference call at 2 p.m. PT (5 p.m. ET), today, Wednesday, Oct. 21. The conference call can be accessed on TrueBlue’s website: www.trueblue.com.

 *See the financial statements accompanying the release and the company’s website for more information on non-GAAP terms.

About TrueBlue

TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions, helping clients improve growth and performance by providing staffing, workforce management, and recruitment process outsourcing solutions. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce in a wide variety of industries. TrueBlue connects as many as 750,000 people to work each year. Learn more at www.trueblue.com.

Forward-looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Examples of such factors can be found in our reports filed with the SEC, including the information under the heading ‘Risk Factors’ in our Annual Report on Form 10-K for the fiscal year ended Dec. 26, 2014. Any forward-looking statement speaks only as of the date on which it is made, and 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. 

Contact:

Derrek Gafford, EVP & CFO

253-680-8214

TRUEBLUE, INC.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

	13 Weeks Ended						39 Weeks Ended
	September 25, 2015			September 26, 2014			September 25, 2015			September 26, 2014
Revenue from services	$	683,918		$	633,365		$	1,884,947		$	1,482,655
Cost of services	515,051			473,766			1,434,278			1,103,914
Gross profit	168,867			159,599			450,669			378,741
Selling, general and administrative expenses	125,117			120,318			354,569			308,654
Depreciation and amortization	10,498			9,719			31,415			20,126
Income from operations	33,252			29,562			64,685			49,961
Interest and other income (expense), net	(366		)	(409		)	(1,102		)	385
Income before tax expense	32,886			29,153			63,583			50,346
Income tax expense	12,796			8,243			20,504			11,696
Net income	$	20,090		$	20,910		$	43,079		$	38,650
Net income per common share:
Basic	$	0.49		$	0.51		$	1.05		$	0.95
Diluted	$	0.48		$	0.51		$	1.04		$	0.94
Weighted average shares outstanding:
Basic	41,296			40,793			41,189			40,701
Diluted	41,620			41,038			41,546			40,971

TRUEBLUE, INC.

SEGMENT DATA

(Unaudited, in thousands)

	13 Weeks Ended
	September 25, 2015			September 26, 2014
Revenue from services
Staffing Services	$	656,619		$	608,543
Managed Services	27,299			24,822
Total Company	$	683,918		$	633,365
EBITDA (1)
Staffing Services	$	50,290		$	45,698
Managed Services	3,175			3,723
	53,465			49,421
Corporate unallocated	(9,715		)	(7,801		)
Adjusted EBITDA (1)	43,750			41,620
Non-recurring acquisition and integration costs (2)	—			(2,339		)
	43,750			39,281
Depreciation and amortization	10,498			9,719
Interest expense, net	366			409
Income before tax expense	$	32,886		$	29,153

(1) EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA excludes interest, taxes, depreciation and amortization from net income. Adjusted EBITDA further excludes from EBITDA non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisitions. EBITDA and Adjusted EBITDA are key measures used by management in evaluating performance. EBITDA and Adjusted EBITDA should not be considered measures of financial performance in isolation or as an alternative to Income from operations in the Consolidated Statements of Operations in accordance with GAAP, and, as presented, may not be comparable to similarly titled measures of other companies.

(2) Non-recurring acquisition and integration costs consist of the acquisition and integration of Seaton, which was completed on June 30, 2014, the first business day of our third quarter of fiscal 2014.

TRUEBLUE, INC.

SUMMARY CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

	September 25, 2015		December 26, 2014
Assets
Current assets:
Cash and cash equivalents	$	23,232	$	19,666
Marketable securities	—		1,500
Accounts receivable, net	362,016		359,903
Other current assets	28,546		34,738
Total current assets	413,794		415,807
Property and equipment, net	55,995		61,392
Restricted cash and investments	181,910		168,426
Other assets, net	410,213		421,046
Total assets	$	1,061,912	$	1,066,671
Liabilities and shareholders' equity
Current liabilities	$	213,242	$	187,230
Long-term debt, less current portion	111,689		199,383
Other long-term liabilities	219,699		210,724
Total liabilities	544,630		597,337
Shareholders' equity	517,282		469,334
Total liabilities and shareholders' equity	$	1,061,912	$	1,066,671

TRUEBLUE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

	39 Weeks Ended
	September 25, 2015			September 26, 2014
Cash flows from operating activities:
Net income	$	43,079		$	38,650
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	31,415			20,126
Provision for doubtful accounts	4,483			9,619
Stock-based compensation	8,283			8,902
Deferred income taxes	(6,029		)	6,077
Other operating activities	20			(148		)
Changes in operating assets and liabilities:
Accounts receivable	(6,597		)	(26,391		)
Income taxes	9,673			(3,179		)
Other assets	(3,685		)	(6,510		)
Accounts payable and other accrued expenses	17,453			(1,687		)
Accrued wages and benefits	10,315			11,373
Workers’ compensation claims reserve	10,024			532
Other liabilities	1,883			2,539
Net cash provided by operating activities	120,317			59,903
Cash flows from investing activities:
Capital expenditures	(12,590		)	(10,213		)
Acquisition of businesses, net of cash acquired	—			(307,972		)
Purchases of marketable securities	—			(25,057		)
Sales and maturities of marketable securities	1,500			43,917
Change in restricted cash and cash equivalents	13,070			10,020
Purchases of restricted investments	(38,818		)	(18,196		)
Maturities of restricted investments	11,047			10,588
Net cash used in investing activities	(25,791		)	(296,913		)
Cash flows from financing activities:
Net proceeds from stock option exercises and employee stock purchase plans	1,164			1,673
Common stock repurchases for taxes upon vesting of restricted stock	(3,725		)	(3,021		)
Net change in revolving credit facility	(85,994		)	146,994
Payments on debt and other liabilities	(1,700		)	(1,700		)
Other	1,134			1,242
Net cash provided by (used in) financing activities	(89,121		)	145,188
Effect of exchange rate changes on cash and cash equivalents	(1,839		)	(937		)
Net change in cash and cash equivalents	3,566			(92,759		)
CASH AND CASH EQUIVALENTS, beginning of period	19,666			122,003
CASH AND CASH EQUIVALENTS, end of period	$	23,232		$	29,244

TRUEBLUE, INC.

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

RECONCILIATION OF GAAP NET INCOME PER DILUTED SHARE TO ADJUSTED NET INCOME PER DILUTED SHARE

(Unaudited, in thousands, except for per share data)

	13 Weeks Ended
	September 25, 2015			September 26, 2014
GAAP net income	$	20,090		$	20,910
Income tax expense	12,796			8,243
Interest expense, net	366			409
Income from operations	33,252			29,562
Depreciation and amortization	10,498			9,719
EBITDA (4)	43,750			39,281
Non-recurring acquisition and integration costs (1)	—			2,339
Adjusted EBITDA (4)	$	43,750		$	41,620
GAAP net income per diluted share	$	0.48		$	0.51
Non-recurring acquisition and integration costs, net of tax (1)	—			0.03
Amortization of intangible assets of acquired businesses, net of tax (2)	0.07			0.07
Adjust income taxes to a marginal rate (3)	(0.01		)	(0.08		)
Adjusted net income per diluted share (5)	$	0.54		$	0.53
Diluted weighted average shares outstanding	41,620			41,038

(1) Non-recurring acquisition and integration costs consist of the acquisition and integration of Seaton, which was completed on June 30, 2014, the first business day of our third quarter of fiscal 2014.

(2) Amortization of intangible assets of acquired businesses.

(3) Adjust income taxes to a marginal rate of 40%.

(4) EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA excludes interest, taxes, depreciation and amortization from net income. Adjusted EBITDA further excludes from EBITDA non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisitions. EBITDA and Adjusted EBITDA are key measures used by management in evaluating performance. EBITDA and Adjusted EBITDA should not be considered measures of financial performance in isolation or as an alternative to Income from operations in the Consolidated Statements of Operations in accordance with GAAP, and, as presented, may not be comparable to similarly titled measures of other companies.

(5) Adjusted net income per diluted share is a non-GAAP financial measure which excludes from net income on a per diluted share basis non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisitions, net of tax, amortization of intangibles of acquired businesses, net of tax and adjusts income taxes to a marginal rate of 40%. Adjusted net income per diluted share is a key measure used by management in evaluating performance and communicating comparable results. Adjusted net income per diluted share should not be considered a measure of financial performance in isolation or as an alternative to net income per diluted share in the Consolidated Statements of Operations in accordance with GAAP, and, as presented, may not be comparable to similarly titled measures of other companies.

EX-99.2

OCT. 21, 2015 Q3 2015 Earnings Results

FORWARD-LOOKING STATEMENT Certain statements made by us in this presentation that are not historical facts or that relate to future plans, events or performances are forward-looking statements that reflect management’s current outlook for future periods, including statements regarding future financial performance. These forward-looking statements are based upon our current expectations, and our actual results may differ materially from those described or contemplated in the forward–looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements, include without limitation the following: 1) national and global economic conditions, including the impact of changes in national and global credit markets and other changes that affect our customers; 2) our ability to continue to attract and retain customers and maintain profit margins in the face of new and existing competition; 3) new laws and regulations that could have a materially adverse effect on our operations and financial results; 4) increased costs and collateral requirements in connection with our insurance obligations, including workers’ compensation insurance; 5) our continuing ability to comply with the financial covenants of our credit agreement; 6) our ability to attract and retain qualified employees in key positions or to find temporary and permanent employees with the right skills to fulfill the needs of our customers; 7) our ability to successfully complete and integrate acquisitions that we may make; and 8) other risks described in our most recent filings with the Securities and Exchange Commission. Use of estimates and forecasts: Any references made to fiscal 2015 or 2016 are based on management guidance issued October 21, 2015, and are included for informational purposes only and are not an update or reaffirmation. 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 reference to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the Securities Exchange Commission. Financial Comparisons All comparisons are to prior year periods unless stated otherwise. Q3 2015 Earnings Results | Oct. 21, 2015 2

Q3 2015 HIGHLIGHTS AND TRENDS • Strong revenue results – exceeded expectation o 8% growth (all organic) o Significant step-up from Q1 and Q2 2015 growth rates o Widespread improvement including most service lines and geographies o Improving trends across most industries including construction o Continued strong results with national sales customers o Improving trends with small to medium-sized customers • Continued strength in October revenue trends 3 Q3 2015 Earnings Results | Oct. 21, 2015

Q3 2015 Financial Summary 4 Amounts in millions, except for earnings per share $684 +8% $44 +5% -20bps $0.54 +2% • $2 million of new customer-related costs in Q3 2015 related to future revenue • Workers’ compensation 20 bps higher (Q3 2014 reserve benefit) • Excluding the items above: o Adjusted EBITDA growth was 13% o Adjusted EBITDA margin was 6.9% 1 See Appendix for definitions of non-GAAP financial terms. Q3 2015 Earnings Results | Oct. 21, 2015

5 REVENUE TRENDS & GROSS MARGIN / SG&A BRIDGES 0% 1% 8% Q1 2015 Q2 2015 Q3 2015 Year-over-Year Organic Revenue Growth 25.2% 24.7% 0.3% 0.2% Q3 2014 Revenue Mix / Other* Workers’ Compensation** Q3 2015 $120 $125 $2 $2 $5 Q3 2014 Q3 2014 Integration Costs New Customer- Related Costs Variable and Other Costs Q3 2015 Gross Margin Bridge SG&A Bridge * Approximately 30 bps of payroll tax and related benefits received in Q3 2014 and Q3 2015 resulting in neutral impact to Q3 2015 gross margin. ** Lower expense in Q3 2014 from beneficial reserve adjustment. Q3 2015 expense as a percentage of revenue consistent with Q1 and Q2 2015. Amounts in millions

Q3 2015 – Staffing Services Segment 6 Amounts in millions, except for earnings per share $657 +8% $50 +10% +10bps • Broad-based growth across most geographies, service lines, and industries o Improving results in construction o Green energy business contributed to growth • Excluding new customer-related costs and using a comparable workers’ comp. rate: o Adjusted EBITDA growth was 17% o Adjusted EBITDA margin was 8.2% Note: Staffing Services includes all contingent labor business. 1 See Appendix for definitions of non-GAAP financial terms. Q3 2015 Earnings Results | Oct. 21, 2015

Q3 2015 – Managed Services Segment 7 Amounts in millions, except for earnings per share $27 +10% $3 -15% -340bps • Revenue growth 14% on a constant currency basis • Revenue exceeded expectations due to new RPO customers • EBITDA margin impacted by currency headwinds (~100bps) and new RPO customer implementations • Strong revenue pipeline for 2016 Note: Managed Services includes recruitment process outsourcing (RPO) and managed service provider businesses. International RPO = 15% of Managed Services annual revenue. Q3 2015 Earnings Results | Oct. 21, 2015

0% 8% 30% 18% 2012 2013 2014 Q3 2015 -$130 -$105 $180 $91 No Debt $32 $202 $114 2012 2013 2014 Q3 2015 Cash Net Debt * Total Debt Liquidity Debt to Total Capital Amounts in millions Amounts in millions 8 * Total debt less cash and marketable securities. Note: Balances as of fiscal period end. Figures on this page may not sum due to rounding. Debt and Liquidity Highlights $73 $74 $101 $201 $130 $137 $21 $23 $202 $211 $123 $224 2012 2013 2014 Q3 2015 Cash and Marketable Securities Borrowing Availability Q3 2015 Earnings Results | Oct. 21, 2015

Expectation Commentary Total Revenue $738M to $753M 7% to 9% • Mid-point expectation of 8% growth; all organic Staffing Services Revenue 7% to 9% • Continued trend of high single-digit growth Managed Services Revenue 0% to 15% • Mid-point expectation of 7% growth; 9% in constant currency • Smaller revenue base vs. Staffing Services = wider range • Revenue timing of customer implementations can be lumpy Total Adjusted EBITDA $46M to 50M • Q4 2014 workers’ compensation expense was 40 bps lower than current run-rate of 3.6% • Adjusted EBITDA growth 20%+ on comparable workers’ compensation basis Total Adjusted EPS $0.58 to $0.64 • Marginal 40% income tax rate and $0.07 add-back for intangible asset amortization Amounts in millions, except for earnings per share Q4 2015 EXPECTATIONS 10 Q3 2015 Earnings Results | Oct. 21, 2015

EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA excludes interest, taxes, depreciation and amortization from net income. Adjusted EBITDA further excludes from EBITDA non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisitions. EBITDA and Adjusted EBITDA are key measures used by management in evaluating performance. EBITDA and Adjusted EBITDA should not be considered measures of financial performance in isolation or as an alternative to Income from operations in the Consolidated Statements of Operations in accordance with GAAP, and, as presented, may not be comparable to similarly titled measures of other companies. Adjusted net income per diluted share is a non-GAAP financial measure which excludes from net income on a per diluted share basis non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisitions net of tax, amortization of intangibles of acquired businesses net of tax and adjusts income taxes to a marginal rate of 40 percent, which is used by management in evaluating performance and communicating comparable results. Adjusted net income per diluted share should not be considered a measure of financial performance in isolation or as an alternative to net income per diluted share in the Consolidated Statements of Operations in accordance with GAAP, and, as presented, may not be comparable to similarly titled measures of other companies. See “Financial Information” in the Investors section of our web site at www.trueblue.com for a full reconciliation of non-GAAP financial measures to GAAP financial results. NON-GAAP TERMS AND DEFINITIONS 11 Q3 2015 Earnings Results | Oct. 21, 2015

EX-99.3

2 Certain statements made by us in this presentation that are not historical facts or that relate to future plans, events or performances are forward-looking statements that reflect management’s current outlook for future periods, including statements regarding future financial performance. These forward-looking statements are based upon our current expectations, and our actual results may differ materially from those described or contemplated in the forward–looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements, include without limitation the following: 1) national and global economic conditions, including the impact of changes in national and global credit markets and other changes that affect our customers; 2) our ability to continue to attract and retain customers and maintain profit margins in the face of new and existing competition; 3) new laws and regulations that could have a materially adverse effect on our operations and financial results; 4) increased costs and collateral requirements in connection with our insurance obligations, including workers’ compensation insurance; 5) our continuing ability to comply with the financial covenants of our credit agreement; 6) our ability to attract and retain qualified employees in key positions or to find temporary and permanent employees with the right skills to fulfill the needs of our customers; 7) our ability to successfully complete and integrate acquisitions that we may make; and 8) other risks described in our most recent filings with the Securities and Exchange Commission. Use of estimates and forecasts: Any references made to fiscal 2015 are based on management guidance issued October 21, 2015, and are included for informational purposes only and are not an update or reaffirmation. 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 reference to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the Securities Exchange Commission. October 2015 Investor Presentation

) $2.6B 2015E Revenue 3 * See “Financial Information” in the Investors section of our website at www.trueblue.com for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. 2012 2013 2014 Revenue Adjusted EBITDA * October 2015 Investor Presentation 2012 2013 2014 2015E 2012 2013 2014 2015E

Demand-driven organic growth >$500M invested in 18 acquisitions 4 1989 Build-out • • • 2004 Growth • • • Expansion into recruitment process outsourcing and workforce • • recruiting (RPO) 2014 Longer term staffing assignments Stilled Trades Aviation mechanics Truck drivers (formerly Seaton) On-premise management Staffing vendor management Permanent recruiting

1 Source: Staffing Industry Analysts 2014 revenue; Pro forma for acquisition of Seaton. October 2015 Investor Presentation 5

6 TrueBlue helps clients improve performance and increase growth by providing specialized staffing, workforce management and recruiting solutions. October 2015 Investor Presentation

• • • • • • • • 7 Staffing Solutions & Workforce Management Recruitment Process Outsourcing & MSP Industry Highlights CAGR 15% 2010 – 2015P Industry Highlights 8% October 2015 Investor Presentation

Construction Transportation & Wholesale Retail In d u s tr y D y n a m ic s • • • • • • • • • • • Construction Upside Potential Industrial Production in a Growth Cycle Wholesale Trade At New Peak Retail Trade Continued Growth Source: U.S. Census Bureau Source: U.S. Board of Governors of the Federal Reserve System (FRB) Source: Bureau of Labor Statistics Source: US Census Bureau *Pro forma for full year of Seaton results; Seaton was acquired on June 30, 2014. 300.0 350.0 400.0 450.0 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 Retail Trade and Food Services Sales Billions 4.0 4.2 4.4 4.6 4.8 5.0 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 Transportation and Warehousing Employment Millions 80 85 90 95 100 105 110 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 Industrial Production Index 8 - 1 1 2 2 3 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 Residential Housing Permits Millions

9 • • • • • • • • • • • • October 2015 Investor Presentation