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): July 24, 2023

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)

Registrant’s telephone number, including area code:    (253) 383-9101

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value	TBI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 24, 2023, TrueBlue, Inc. (the “company”) issued a press release (the “Press Release”) reporting its financial results for the second quarter ended June 25, 2023, and certain outlook information for the third quarter and fiscal year 2023, 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 second quarter ended June 25, 2023 (the “Earnings Results Presentation”), which will be discussed by management of the company on a live conference call at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) on Monday, July 24, 2023. The Earnings Results Presentation is also available on the company’s website at 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 Investor Roadshow Presentation to this report as Exhibit 99.3, which we will reference in our Q2 2023 earnings results discussion and which may be used in future investor conferences. The Investor Roadshow Presentation is also available on the company’s website at www.trueblue.com.

In accordance with General Instruction B.2. of Form 8-K, the information contained above in this report (including the Investor Roadshow 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 Roadshow 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

Exhibit Number	Exhibit Description	Filed Herewith
99.1	Press Release dated July 24, 2023	X
99.2	Earnings Results Presentation for July 24, 2023 conference call	X
99.3	Investor Roadshow Presentation	X
104	Cover page interactive data file - The cover page from this Current Report on Form 8-K is formatted as Inline XBRL	X

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:	July 24, 2023	By:	/s/ Derrek L. Gafford
			Derrek L. Gafford
			Chief Financial Officer and Executive Vice President

EX-99.1

TRUEBLUE REPORTS SECOND QUARTER 2023 RESULTS

TACOMA, WASH. - Jul. 24, 2023-- TrueBlue (NYSE:TBI) today announced its second quarter results for 2023.

Second quarter revenue was $476 million, a decrease of 16 percent compared to revenue of $569 million in the second quarter of 2022. Net loss per diluted share was $0.24 compared to net income per diluted share of $0.72 in the second quarter of 2022. Second quarter adjusted net income1 per diluted share was $0.17 compared to adjusted net income per diluted share of $0.82 in the second quarter of 2022.

Included in the net loss for the second quarter is a non-cash goodwill and intangible asset impairment charge of $9 million after tax or $0.30 per diluted share.

“Our results reflect an environment of softening demand,” said Steve Cooper, CEO of TrueBlue. “Given the tight labor market, clients continue to focus on retaining employees, but they are also increasingly focused on reducing costs. As a result, clients are becoming more selective on which jobs they choose to fill.”

“We maintained pricing discipline in our staffing segments and took additional actions to reduce costs,” said Taryn Owen, President & COO of TrueBlue. “We remain highly engaged with our clients and are well positioned to support their current and future workforce needs.”

2023 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 second quarter 2023 results on a webcast at 2:30 p.m. PT (5:30 p.m. ET), today, Monday, Jul. 24, 2023. The 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 2022, TrueBlue connected approximately 611,000 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, 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 attract sufficient qualified candidates and employees to meet the needs of our clients, (3) our ability to attract and retain clients, (4) our ability to maintain profit margins, (5) our ability to successfully execute on business strategies to further digitalize our business model, (6) 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, (7) new laws, regulations, and government incentives that could affect our operations or financial results, (8) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, and (9) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit. Other information regarding factors that could affect our results is included in our Securities 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 GAAP and non-GAAP financial measures in the appendix to this document and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.

Contact:

Derrek Gafford, Executive Vice President and CFO

253-680-8214

TRUEBLUE, INC.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	13 weeks ended				26 weeks ended
(in thousands, except per share data)	Jun 25, 2023		Jun 26, 2022		Jun 25, 2023		Jun 26, 2022
Revenue from services	$	475,588	$	569,253	$	940,876	$	1,120,768
Cost of services	345,097		410,722		687,272		822,392
Gross profit	130,491		158,531		253,604		298,376
Selling, general and administrative expense	121,282		122,034		243,927		242,602
Depreciation and amortization	6,280		7,245		12,691		14,532
Goodwill and intangible asset impairment charge	9,485		—		9,485		—
Income (loss) from operations	(6,556)		29,252		(12,499)		41,242
Interest and other income (expense), net	578		(110)		1,592		395
Income (loss) before tax expense	(5,978)		29,142		(10,907)		41,637
Income tax expense	1,345		5,129		705		7,105
Net income (loss)	$	(7,323)	$	24,013	$	(11,612)	$	34,532
Net (loss) income per common share:
Basic	$	(0.24)	$	0.73	$	(0.37)	$	1.04
Diluted	$	(0.24)	$	0.72	$	(0.37)	$	1.02
Weighted average shares outstanding:
Basic	30,966		32,707		31,629		33,318
Diluted	30,966		33,149		31,629		33,832

TRUEBLUE, INC.

SUMMARY CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)	Jun 25, 2023		Dec 25, 2022
ASSETS
Cash and cash equivalents	$	49,653	$	72,054
Accounts receivable, net	267,949		314,275
Other current assets	36,232		43,883
Total current assets	353,834		430,212
Property and equipment, net	100,277		95,823
Restricted cash and investments	206,106		213,734
Goodwill and intangible assets, net	98,210		109,989
Other assets, net	166,430		169,650
Total assets	$	924,857	$	1,019,408
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other accrued expenses	$	48,555	$	76,644
Accrued wages and benefits	82,961		92,237
Current portion of workers’ compensation claims reserve	44,840		50,005
Other current liabilities	22,847		23,989
Total current liabilities	199,203		242,875
Workers’ compensation claims reserve, less current portion	186,271		201,005
Other long-term liabilities	85,338		79,213
Total liabilities	470,812		523,093
Shareholders’ equity	454,045		496,315
Total liabilities and shareholders’ equity	$	924,857	$	1,019,408

TRUEBLUE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	26 weeks ended
(in thousands)	Jun 25, 2023		Jun 26, 2022
Cash flows from operating activities:
Net income (loss)	$	(11,612)	$	34,532
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	12,691		14,532
Goodwill and intangible asset impairment charge	9,485		—
Provision for credit losses	2,408		2,572
Stock-based compensation	5,294		4,487
Deferred income taxes	(22)		2,117
Non-cash lease expense	6,249		6,518
Other operating activities	(1,099)		6,752
Changes in operating assets and liabilities:
Accounts receivable	43,915		12,524
Income taxes receivable and payable	(3,039)		(3,549)
Other assets	15,053		(8,486)
Accounts payable and other accrued expenses	(26,968)		(10,629)
Accrued wages and benefits	(9,277)		(14,638)
Workers’ compensation claims reserve	(19,899)		11,404
Operating lease liabilities	(6,295)		(6,441)
Other liabilities	3,980		1,407
Net cash provided by operating activities	20,864		53,102
Cash flows from investing activities:
Capital expenditures	(15,738)		(13,992)
Payments for company-owned life insurance	(2,347)		—
Purchases of restricted held-to-maturity investments	(9,955)		(4,950)
Maturities of restricted held-to-maturity investments	15,613		17,826
Net cash used in investing activities	(12,427)		(1,116)
Cash flows from financing activities:
Purchases and retirement of common stock	(34,200)		(60,939)
Net proceeds from employee stock purchase plans	509		536
Common stock repurchases for taxes upon vesting of restricted stock	(2,514)		(4,132)
Other	(91)		(147)
Net cash used in financing activities	(36,296)		(64,682)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(20)		(494)
Net change in cash, cash equivalents, and restricted cash	(27,879)		(13,190)
Cash, cash equivalents and restricted cash, beginning of period	135,631		103,185
Cash, cash equivalents and restricted cash, end of period	$	107,752	$	89,995

TRUEBLUE, INC.

SEGMENT DATA

(Unaudited)

	13 weeks ended
(in thousands)	Jun 25, 2023		Jun 26, 2022
Revenue from services:
PeopleReady	$	275,318	$	317,943
PeopleScout	59,710		89,372
PeopleManagement	140,560		161,938
Total company	$	475,588	$	569,253
Segment profit (1):
PeopleReady	$	8,158	$	20,325
PeopleScout	8,817		20,593
PeopleManagement	2,250		4,228
Total segment profit	19,225		45,146
Corporate unallocated expense	(8,215)		(6,531)
Total company Adjusted EBITDA (2)	11,010		38,615
Third-party processing fees for hiring tax credits (3)	(110)		(162)
Amortization of software as a service assets (4)	(952)		(699)
Goodwill and intangible asset impairment charge	(9,485)		—
PeopleReady technology upgrade costs (5)	(174)		(1,748)
Other adjustments, net (6)	(565)		491
EBITDA (2)	(276)		36,497
Depreciation and amortization	(6,280)		(7,245)
Interest and other income (expense), net	578		(110)
Income (loss) before tax expense	(5,978)		29,142
Income tax expense	(1,345)		(5,129)
Net income (loss)	$	(7,323)	$	24,013

(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 June 25, 2023 primarily include workforce reduction costs of $0.6 million ($0.2 million in cost of services and $0.4 million in selling, general and administrative expense). Other adjustments for the 13 weeks ended June 26, 2022 primarily include a benefit of $1.4 million from forfeited stock awards associated with the CEO transition that were expensed in prior years, partially offset by $0.8 million of costs incurred while transitioning to a new third party administrator for workers’ compensation.

TRUEBLUE, INC.

NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS

In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.

Non-GAAP measure	Definition	Purpose of adjusted measures
Adjusted net income and Adjusted net income per diluted share	Net income (loss) and net income (loss) per diluted share, excluding: –amortization of intangibles, –amortization of software as a service assets, –goodwill and intangible asset impairment charge, –accelerated depreciation, –PeopleReady technology upgrade costs, –other adjustments, net, and –tax effect of each adjustment to U.S. GAAP.	–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 Adjusted EBITDA	EBITDA excludes from net income (loss): –income tax expense, –interest expense and other income, net, and –depreciation and amortization. Adjusted EBITDA, further excludes: –third-party processing fees for hiring tax credits, –amortization of software as a service assets, –goodwill and intangible asset impairment charge, –PeopleReady technology upgrade costs, –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, –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 U.S. GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE

(Unaudited)

	13 weeks ended
(in thousands, except for per share data)	Jun 25, 2023		Jun 26, 2022
Net income (loss)	$	(7,323)	$	24,013
Amortization of intangible assets	1,274		1,495
Amortization of software as a service assets (1)	—		699
Goodwill and intangible asset impairment charge	9,485		—
Accelerated depreciation (2)	—		540
PeopleReady technology upgrade costs (3)	174		1,748
Other adjustments, net (4)	565		(491)
Tax effect of adjustments to net income (loss) (5)	1,203		(749)
Adjusted net income	$	5,378	$	27,255
Adjusted net income per diluted share	$	0.17	$	0.82
Diluted weighted average shares outstanding	31,185		33,149
Margin / % of revenue:
Net income (loss)	(1.5)%		4.2%
Adjusted net income	1.1%		4.8%

2.RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA

(Unaudited)

	13 weeks ended
(in thousands)	Jun 25, 2023		Jun 26, 2022
Net income (loss)	$	(7,323)	$	24,013
Income tax expense	1,345		5,129
Interest and other (income) expense, net	(578)		110
Depreciation and amortization	6,280		7,245
EBITDA	(276)		36,497
Third-party processing fees for hiring tax credits (6)	110		162
Amortization of software as a service assets (1)	952		699
Goodwill and intangible asset impairment charge	9,485		—
PeopleReady technology upgrade costs (3)	174		1,748
Other adjustments, net (4)	565		(491)
Adjusted EBITDA	$	11,010	$	38,615
Margin / % of revenue:
Net income (loss)	(1.5)%		4.2%
Adjusted EBITDA	2.3%		6.8%

3.RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE

(Unaudited)

	13 weeks ended
(in thousands)	Jun 25, 2023		Jun 26, 2022
Selling, general and administrative expense	$	121,282	$	122,034
Third-party processing fees for hiring tax credits (6)	(110)		(162)
Amortization of software as a service assets (1)	(952)		(699)
PeopleReady technology upgrade costs (3)	(174)		(1,748)
Other adjustments, net (4)	(390)		491
Adjusted SG&A expense	$	119,656	$	119,916
% of revenue:
Selling, general and administrative expense	25.5%		21.4%
Adjusted SG&A expense	25.2%		21.1%

(1)Amortization of software as a service assets is reported in selling, general and administrative expense. Note, amortization of software as a service assets was included as an adjustment to net income during transitory periods ending with fiscal 2022 and is only considered an adjustment to EBITDA going forward to be consistent with the treatment of depreciation and amortization.

(2)Accelerated depreciation for the existing systems being replaced by the upgraded PeopleReady technology platform.

(3)Costs associated with upgrading legacy PeopleReady technology.

(4)Other adjustments for the 13 weeks ended June 25, 2023 primarily include workforce reduction costs of $0.6 million ($0.2 million in cost of services and $0.4 million in selling, general and administrative expense). Other adjustments for the 13 weeks ended June 26, 2022 primarily include a benefit of $1.4 million from forfeited stock awards associated with the CEO transition that were expensed in prior years, partially offset by $0.8 million of costs incurred while transitioning to a new third party administrator for workers’ compensation.

(5)Total tax effect of each of the adjustments to U.S. GAAP net income using the effective income tax rate for the respective periods.

(6)These third-party processing fees are associated with generating hiring tax credits.

EX-99.2

Q2 2023 Earnings

2 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, 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 attract sufficient qualified candidates and employees to meet the needs of our clients, (3) our ability to attract and retain clients, (4) our ability to maintain profit margins, (5) our ability to successfully execute on business strategies to further digitalize our business model, (6) 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, (7) new laws, regulations, and government incentives that could affect our operations or financial results, (8) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, and (9) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit. Other information regarding factors that could affect our results is included in our Securities 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 GAAP and non-GAAP financial measures in the appendix to this presentation and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.

3 Q2 2023 Overview Total revenue -16% ▪ Existing client demand softened during the quarter • Macroeconomic uncertainty causing clients to be more cost conscious • Clients are increasingly selective on the jobs they choose to fill Net loss was $7 million v. net income of $24 million in Q2 2022 ▪ Included a non-cash impairment charge of $9 million1 after tax ▪ Adjusted net income2 was $5 million v. $27 million in Q2 2022 Strong liquidity position ▪ Cash of $50 million, zero debt and $202 million of borrowing availability 1 Pre-tax impairment of $9 million in PeopleScout MSP goodwill and PeopleManagement On-site trademark intangible assets driven by lower customer volumes in connection with economic conditions. 2 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results.

4 Financial summary Amounts in millions, except per share data Q2 2023 Q2 2022 Change Revenue $476 $569 -16 % Net income (loss) -$7.3 $24.0 NM Net income (loss) per diluted share -$0.24 $0.72 NM Net income (loss) margin -1.5 % 4.2 % -570 bps Adjusted net income1 $5.4 $27.3 -80 % Adj. net income per diluted share $0.17 $0.82 -79 % Adj. net income margin 1.1 % 4.8 % -370 bps Adjusted EBITDA $11.0 $38.6 -71 % Adjusted EBITDA margin 2.3 % 6.8 % -450 bps Notes: ▪ Net loss of $7 million in Q2 2023 was due to a non-cash impairment charge of $9 million, net of tax. ▪ The changes in adjusted net income margin and adjusted EBITDA margin were more favorable than that of GAAP net income margin primarily due to the non- cash impairment charge, which was excluded from adjusted results. NM - Not meaningful 1 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results.

5 Gross margin and SG&A bridges Gr os s m ar gi n 27.8% 0.6% 0.3% -1.3% 27.4% Q2 2022 Workers' compensation Bill / Pay spread Mix Q2 2023 SG &A $122 $3 -$4 $121 Q2 2022 PY Executive departure benefit Cost reductions Q2 2023 Amounts in millions

6 Q2 2023 Results by segment Amounts in millions PeopleReady PeopleScout PeopleManagement Revenue $275 $60 $141 % Change -13% -33% -13% Segment profit1 $8 $9 $2 % Change -60% -57% -47% % Margin 3.0% 14.8% 1.6% Change -340 bps -820 bps -100 bps Notes: ▪ Revenue: • Lower existing customer volumes, especially in service, hospitality and retail ▪ Segment profit margin: ▪ Contraction due to operational deleveraging associated with revenue decline, partially offset by lower workers' compensation costs and favorable bill / pay spreads ▪ Revenue: • Reduced client hiring following elevated volumes last year due to uncertainty around workforce needs and growing cost pressures ▪ Segment profit margin: ▪ Contraction due to operational deleveraging associated with revenue decline ▪ Revenue: • Lower customer volume in retail, manufacturing and transportation, including commercial drivers ▪ Segment profit margin: ▪ Contraction due to operational deleveraging associated with revenue decline 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.

7 Current business priorities ▪ Decrease time to close new clients with a turn-key RPO, ROD offerings, and packaged advisory services ▪ Focus on high need roles in growing verticals including healthcare, education and government ▪ Expand strategic partnerships to extend our industry reach and increase new business pipeline ▪ Increase sales efforts through training and redirection of centralized support teams to support sales ▪ Customer engagement campaigns focused on re- activation and expansion ▪ Continue focus on promising industry verticals including renewable energy, travel, hospitality and events ▪ Expand vertical reach including consumer packaged goods, food and beverage ▪ Go-to-market messaging focused on vendor consolidation and performance-based pricing model ▪ Increased sales efforts on short-term project offerings

8 $52 $17 $61 $34 2020 2021 2022 YTD 2023 Balance sheet remains strong with zero debt and ample liquidity $224 $344 $365 $252 $161 $294 $293 $202 $63 $50 $72 $50 Borrowing availability Cash 2020 2021 2022 Q2 2023 Amounts in millions Note: Figures may not sum to consolidated totals due to rounding. Balances as of fiscal period end. 1 Borrowing availability is based on maximum borrowing availability under our most restrictive covenant. Liquidity Share repurchases 1

Outlook

10 Select outlook information for Q3 2023 Item Q3 2023 Commentary Revenue $484M to $509M -16% to -12% v. prior year The improvement in the year-over-year decline for Q3 compared to Q2 is tied to a less challenging prior year comparison. Gross margin 0 to +40 bps v. prior year Gross margin expansion due to favorable spreads between bill- and pay-rate inflation. SG&A $122M to $126M Refer to EBITDA adjustments below for additional information on expected expense. EBITDA adjustments1 ~$2M • ~$1M in PeopleReady technology upgrade costs • ~$1M in SaaS amortization Pre-tax net income adjustments ~$2M • ~$1M in PeopleReady technology upgrade costs • ~$1M in intangibles amortization CapEx2 ~$11M Q3 depreciation is expected to be ~$5M. Shares ~31.3M Reflects diluted weighted average shares outstanding. 1 Refer to the appendix to this presentation for a definition of non-GAAP financial measures. 2 Includes planned investments in software as a service (SaaS) assets capitalized in other long-term assets with the related amortization recorded in SG&A.

11 Select outlook information for FY 2023 1 Refer to the appendix to this presentation for a definition of non-GAAP financial measures. 2 Includes planned investments in software as a service (SaaS) assets capitalized in other long-term assets with the related amortization recorded in SG&A. Item FY 2023 Commentary Gross margin 0 to +60 bps v. prior year Gross margin expansion due to favorable spreads between bill- and pay-rate inflation. SG&A $492M to $498M Refer to EBITDA adjustments below for additional information on expected expense. EBITDA adjustments1 $7M to $11M • ~$2M in PeopleReady technology upgrade costs • ~$4M in SaaS amortization • ~$1M in third-party processing fees for hiring tax credits • ~$2M in other adjustments Pre-tax net income adjustments $7M to $11M • ~$2M in PeopleReady technology upgrade costs • ~$5M in intangibles amortization • ~$2M in other adjustments CapEx2 $36M to $40M FY 2023 depreciation is expected to be $20M to $24M. Income tax benefit $2M to $3M The estimated income tax benefit is the result of our job tax credits exceeding the income tax associated with our pre-tax income. Other Note: Fiscal 2023 includes a 53rd week, which will add $22M to $27M of revenue with minimal profit due to low seasonal volume.

Appendix

13 NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS 1 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Non-GAAP measure Definition Purpose of adjusted measures Adjusted net income and Adjusted net income per diluted share Net income (loss) and net income (loss) per diluted share, excluding: – amortization of intangibles, – amortization of software as a service assets, – goodwill and intangible asset impairment charge, – accelerated depreciation, – PeopleReady technology upgrade costs, – other adjustments, net, and – tax effect of each adjustment to U.S. GAAP. – 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 Adjusted EBITDA EBITDA excludes from net income (loss): – income tax expense, – interest expense and other income, net, and – depreciation and amortization. Adjusted EBITDA, further excludes: – third-party processing fees for hiring tax credits, – amortization of software as a service assets, – goodwill and intangible asset impairment charge, – PeopleReady technology upgrade costs, – 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, – other adjustments, net. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.

14 1. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Jun 25, 2023 Jun 26, 2022 Net income (loss) $ (7,323) $ 24,013 Amortization of intangible assets 1,274 1,495 Amortization of software as a service assets (1) — 699 Goodwill and intangible asset impairment charge 9,485 — Accelerated depreciation (2) — 540 PeopleReady technology upgrade costs (3) 174 1,748 Other adjustments, net (4) 565 (491) Tax effect of adjustments to net income (loss) (5) 1,203 (749) Adjusted net income $ 5,378 $ 27,255 Adjusted net income per diluted share $ 0.17 $ 0.82 Diluted weighted average shares outstanding 31,185 33,149 Margin / % of revenue: Net income (loss) (1.5) % 4.2 % Adjusted net income 1.1 % 4.8 % Refer to the last slide of the appendix for footnotes.

15 2. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (Unaudited) 13 weeks ended (in thousands) Jun 25, 2023 Jun 26, 2022 Net income (loss) $ (7,323) $ 24,013 Income tax expense 1,345 5,129 Interest and other (income) expense, net (578) 110 Depreciation and amortization 6,280 7,245 EBITDA (276) 36,497 Third-party processing fees for hiring tax credits (6) 110 162 Amortization of software as a service assets (1) 952 699 Goodwill and intangible asset impairment charge 9,485 — PeopleReady technology upgrade costs (3) 174 1,748 Other adjustments, net (4) 565 (491) Adjusted EBITDA $ 11,010 $ 38,615 Margin / % of revenue: Net income (loss) (1.5) % 4.2 % Adjusted EBITDA 2.3 % 6.8 % Refer to the last slide of the appendix for footnotes.

16 3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) 13 weeks ended (in thousands) Jun 25, 2023 Jun 26, 2022 Selling, general and administrative expense $ 121,282 $ 122,034 Third-party processing fees for hiring tax credits (6) (110) (162) Amortization of software as a service assets (1) (952) (699) PeopleReady technology upgrade costs (3) (174) (1,748) Other adjustments, net (4) (390) 491 Adjusted SG&A expense $ 119,656 $ 119,916 % of revenue: Selling, general and administrative expense 25.5 % 21.4 % Adjusted SG&A expense 25.2 % 21.1 % Refer to the last slide of the appendix for footnotes.

17 Footnotes: 1. Amortization of software as a service assets is reported in selling, general and administrative expense. Note, amortization of software as a service assets was included as an adjustment to net income during transitory periods ending with fiscal 2022 and is only considered an adjustment to EBITDA going forward to be consistent with the treatment of depreciation and amortization. 2. Accelerated depreciation for the existing systems being replaced by the upgraded PeopleReady technology platform. 3. Costs associated with upgrading legacy PeopleReady technology. 4. Other adjustments for the 13 weeks ended June 25, 2023 primarily include workforce reduction costs of $0.6 million ($0.2 million in cost of services and $0.4 million in selling, general and administrative expense). Other adjustments for the 13 weeks ended June 26, 2022 primarily include a benefit of $1.4 million from forfeited stock awards associated with the CEO transition that were expensed in prior years, partially offset by $0.8 million of costs incurred while transitioning to a new third party administrator for workers’ compensation. 5. Total tax effect of each of the adjustments to U.S. GAAP net income using the effective income tax rate for the respective periods. 6. These third-party processing fees are associated with generating hiring tax credits.

EX-99.3

Investor Roadshow Presentation

Forward-looking statements 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, expected growth from our digital investments, and the expected amount and timing of any share repurchases, 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 attract sufficient qualified candidates and employees to meet the needs of our clients, (3) our ability to attract and retain clients, (4) our ability to maintain profit margins, (5) our ability to successfully execute on business strategies to further digitalize our business model, (6) 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, (7) new laws, regulations, and government incentives that could affect our operations or financial results, (8) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, and (9) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit. Other information regarding factors that could affect our results is included in our Securities 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. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.

Investment highlights Return of Capital Market leader in U.S. blue collar staffing and global RPO with increasingly diverse service offerings Highly fragmented industry with strong growth potential from secular forces Strong balance sheet and cash flow to support stock buybacks Advancing technology applications and enhancing the experience for those we serve to grow market share Experienced Leadership Team Deep human capital expertise with proven success driving growth and delivering value to stakeholders

Our Mission: Connecting People and Work 84,000 Clients served annually with strong diversity1 611,000 People connected to work during 2022 Returning Value to Shareholders (Share repurchases last 5 years) $204M HRO Today magazine repeatedly recognizes PeopleScout as a global market leader Thousands of veterans hired each year via internal programs as well as Hiring Our Heroes and Wounded Warriors Recognized for breakthrough board practices that promote greater diversity and inclusion 1 No single client accounted for more than 4% of total revenue for FY 2022 All segments earned the Top Workplaces USA Award issued by Energage One of the largest U.S. industrial staffing providers One of the largest global RPO providers 2022 Revenue $2.3B

PeopleReady PeopleScout PeopleManagement Incremental Segment profit margin2 15 – 20% 27 – 32% 8 – 13% Revenue1 Segment profit mix1 Segment profit margin1 7% 14% 2% Three specialized segments meet diverse client needs On-demand general and skilled labor for industrial jobs Talent solutions for outsourcing the recruiting process for permanent employees 1 Revenue and segment profit calculations based on FY 2022. 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 Average, estimated margin associated with additional organic revenue. 57% 59% 14% 30% 29% 11% PeopleReady PeopleScout PeopleManagement Contingent, on-site industrial staffing and commercial driver services

Solving workforce challenges Workforce Complexity Many factors, including globalization, the “gig” economy and diversity are changing the world of work requiring a disciplined approach to hiring. Artificial Intelligence Companies are seeking ways to become more nimble and efficient Deploying AI to source human capital will be a competitive differentiator. Remote Recruiting The worker supply chain is becoming increasingly decentralized. TrueBlue’s digital strategy connects people anywhere at any time. Workforce solutions are in high demand as businesses increasingly turn to human capital experts to solve talent challenges. A robust value proposition with high- touch, specialized, digital solutions for staffing, workforce management and recruitment process outsourcing.

US Industrial Staffing: Large and attractive market Represents ~30% of $680B global staffing market Industrial temporary staffing ($39B) One of the largest U.S. segments (~20%) Skilled Trades (PR) On-site Hourly On Demand (PR) On-site Cost Per UnitTrucking (CL) United States Staffing Market ~$220B1 Why Industrial Staffing?  One of the largest segments of the U.S. staffing industry ($39B in 2022)  Highly fragmented with no dominant competition  Digital adoption by the industry can expand growth opportunity, like rideshare companies did for the taxi industry  Capitalize on ecommerce logistics as online retail continues to grow  Unique growth opportunity to fill key skilled trades positions as baby boomers retire  The Biden Administration’s infrastructure and clean energy plans are expected to inject billions into the labor market  The industry rebounds quickly in the early stages of a recovery 1 Source: Staffing Industry Analysts Note, industrial temporary staffing includes various occupations such as: laborers, packers, construction workers, skilled trades, machinists, janitors, etc.

Recruitment Process Outsourcing: High margin plus double-digit revenue growth Global RPO Market ~$6B1 Why RPO?  “Immature” market with no single dominant player  Traditionally “sticky” business model with high client retention and engagement  Industry produced double-digit annual revenue growth historically and recovered swiftly from recent recession  Industry poised for growth as companies seek new solutions to increasing labor challenges Strong history of growth with a 2017-2022 market CAGR of ~13% 50% in Technology, Manufacturing & Life Science industries North America represents 50% followed by EMEA (30%) and APAC (20%) 1 Source: Everest Group

Strategically positioned for secular growth Strong position in attractive vertical markets Powerful secular forces in industrial staffing  Deepening of the general contingent labor pool as workers across the generational spectrum are embracing the gig economy (e.g. millennials with side- hustles and semi-retired baby boomers) Positive Demographic Trends  Industry is ripe for digital disruption  Potential for large providers with sizeable transaction volume to capture market share  Opportunity to enhance efficiency and growthCompelling Technology  Heightened scrutiny around worker classification (contractor v. employee)  Offering a variety of workforce management solutions (e.g. PPO, Employer of Record, MSP) to help clients find compliant solutionsCapitalizing on Industry Evolution 14% 16% 16% 20% Co ns tru cti on  Skilled worker shortages in key areas where TrueBlue specializes and has a recruiting edge (e.g. skilled construction)  Flight to the suburbs will be a tailwind for the industry Ma nu fac tur ing  Political climate favoring investments in domestic manufacturing facilities Tr an sp or tat ion  Acute supply / demand gap and high turnover creating the need for temporary truck drivers  E-commerce driving the need for more warehouses and more workers per warehouse to facilitate expedited delivery and returns Re tai l TBI FY 2022 Mix by Vertical

Advance technology and enhance the experience for those we serve to grow market share Strategy highlights and priorities  Digitalize our business model to gain market share from smaller, less capitalized competitors and reduce expenses  Advance JobStackTM capabilities to better accommodate our associates and increase worker supply  Enhance training and expand geographic and vertical coverage to drive sales and improve the client and associate experience  Augment sales team to enable specialization and gain market share in high growth sectors  Seek opportunities to grow domestically and globally through acquisition and / or new product offerings  Advance technology platform with a focus on improving client delivery and recruiting efficiency  Leverage sales resource investments to expand into under-penetrated geographic markets  Increase adoption of on-site workflow product offering to expand margin profile  Invest in client and associate care in addition to retention programs

 Combine the strength of our geographic footprint and JobStackTM capabilities o Customers and associates can connect 24/7 via JobStack app o Expansive coverage through branches and regional service centers o Digitalization enables operational efficiencies  Enhance customer and associate experience o Renewed emphasis on account management to improve customer retention o Employee programs emphasizing learning and development to strengthen service delivery and talent retention  Grow market share in specialized verticals o Well-positioned to capitalize on growing renewable energy vertical o Skilled labor shortages in areas where we specialize PeopleReady: Focusing on digital transformation and operational excellence

PeopleScout: Industry leader with historically high margins  Strong Growth Prospects o Demonstrated track record servicing large employers with dynamic needs in growing industries o Augmenting sales teams to gain market share in high growth sectors o Global focus as growing number of deals are multi- region and multi-country  Affinix Technology: A Differentiated Experience o Connects clients and candidates using AI, machine learnings and predictive analytics ideal in today’s remote recruiting landscape o Provides a superior candidate experience, which is critical as our clients compete for talent $181 $252 $160 $263 $318 2016 2019 2020 2021 2022 Historical Revenue Record HighAmounts in millions

PeopleManagement: Expanding market share and margin  Business model is more insulated from cyclical changes due to the outsourced nature of our client relationships  Sales teams are scaling in underserved markets to expand share  Opportunity to raise margin profile through higher penetration of workflow solutions, special project teams and mobile driver services ~80% of on-site revenue is in the East and Midwest On-site growth opportunities

ESG principles help us make sound decisions AAA Rating Risk Ranking: Low Risk Exposure: Low Risk Management: Average Key Statistics:  75% of board members are women or racially diverse  50% of senior management are women  88% of voting shareholders approved executive compensation How ESG guides our decision making:  Code of conduct and business ethics framework  Board of directors oversight & governance  Executive compensation structure  Enterprise risk management program External ESG Ratings

Balance sheet remains strong with zero debt and ample liquidity Note: Figures may not sum to consolidated totals due to rounding. Balances as of fiscal period end. 1 Borrowing availability is based on maximum borrowing availability under our most restrictive covenant $257 $161 $294 $293 $38 $63 $50 $72$295 $224 $344 $365 2019 2020 2021 2022 Borrowing availability Cash $39 $52 $17 $61 2019 2020 2021 2022 Amounts in millions 1

Focused capital strategy Investing in technology and returning excess capital to shareholders 24% 42% 29% 5% (2018 - 2022) Net debt reductions Share repurchases, net Capital expenditures Acquisitions Historical use of capitalCapital allocation priorities  Strategic technology investments to further digitalize our business model  Return excess capital to shareholders through share repurchases  Disciplined acquisition strategy to supplement organic revenue growth

Strong track record of returning capital to shareholders $204 million of capital returned to shareholders via share repurchases over the last five years (2018-2022) 2.2M shares repurchased 6% reduction in shares outstanding 1 Year 6.4M shares repurchased 17% reduction in shares outstanding 9.6M shares repurchased 23% reduction in shares outstanding 3 Years 5 Years

Leadership with deep industry experience Steve Cooper Director and CEO 20+ years of industry experience 12 years as TrueBlue CEO TrueBlue Director since 2006 Derrek Gafford EVP and CFO 20+ years of industry experience 19 years of CFO experience TrueBlue CFO since 2006 Taryn Owen President and COO 20+ years of industry experience 10 years as business leader TrueBlue President & COO since 2022

XML

Document and Entity Information Document	Jul. 24, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 24, 2023
Entity Registrant Name	TrueBlue, Inc.
Entity Incorporation, State or Country Code	WA
Entity File Number	001-14543
Entity Tax Identification Number	91-1287341
Entity Address, Address Line One	1015 A Street
Entity Address, City or Town	Tacoma
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98402
City Area Code	253
Local Phone Number	383-9101
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, no par value
Trading Symbol	TBI
Security Exchange Name	NYSE
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Amendment Flag	false
Entity Central Index Key	0000768899