Attached files
| file | filename |
|---|---|
| 8-K - TRUEBLUE FORM 8-K - TrueBlue, Inc. | tbi2016q2pressrelease.htm |
| EX-99.2 - TRUEBLUE Q2 2016 EARNINGS RELEASE PRESENTATION - TrueBlue, Inc. | earningspresentationq220.htm |
| EX-99.1 - TRUEBLUE Q2 2016 PRESS RELEASE - TrueBlue, Inc. | tbi2016q2pressreleaseexhib.htm |
www.TrueBlue.com
www.TrueBlue.com
Forward-Looking Statements
July 20, 2016
www.TrueBlue.com
TrueBlue at a Glance
July 20, 2016 Investor Presentation 3
130,000
Clients served annually
840,000
People connected to
work each year
One of the largest
U.S. industrial
staffing providers
The largest U.S.
RPO provider
2013-2015 Average Return
on Equity2
2012-2015 Adjusted
EBITDA CAGR1
$2.7B
2015 Revenue
27%
Growth
16%
Return
10 straight years on HRO Today’s
RPO Baker’s Dozen with
PeopleScout ranked #1 for breadth
of service and #2 overall in 2015
Named to Forbes Most
Trustworthy List for its
governance and accounting
transparency
Founding member of the
U.S. Chamber of Commerce
Veterans Employment
Advisory Council
Partnerships with U.S. Department
of Homeland Security (DHS) and
U.S. Equal Employment Opportunity
Commission (EEOC)
1 See “Financial Information” in the Investors section of our website at www.trueblue.com for a definition and full reconciliat ion of non-GAAP financial measures to GAAP financial results.
2 Calculated as net income plus amortization of tangible assets of acquired business net of tax (at effective rate), divided by equity.
www.TrueBlue.com
The TrueBlue Growth Story
July 20, 2016
www.TrueBlue.com
Investment Highlights
www.TrueBlue.com
Specialized Service Offerings to Meet Client Needs
July 20, 2016
Staffing Services Managed Services
www.TrueBlue.com
Solving Talent Challenges
July 20, 2016
complex
diverse
age 65
will be almost
double
73%
www.TrueBlue.com
Compelling Market Trends Driving Growth
July 20, 2016
CAGR
8%
Industry Highlights
Industry Highlights
Staffing Services Managed Services
CAGR
15%
2011 – 2015
www.TrueBlue.com
Serving Growing Vertical Markets
July 20, 2016
Construction Manufacturing Transport & Wholesale Retail
In
d
u
s
tr
y
D
y
n
a
m
ic
s
21% 24% 22% 18%
Construction Upside Potential Industrial Production Still Strong 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
275
325
375
425
20
05
20
05
20
06
20
07
20
08
20
09
20
10
20
10
20
11
20
12
20
13
20
14
20
15
20
15
Retail Sales
Billions
4.0
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
5.0
20
05
20
06
20
07
20
07
20
08
20
09
20
10
20
11
20
12
20
12
20
13
20
14
20
15
20
16
Transportation and Warehousing Employment
Millions
80
85
90
95
100
105
110
20
05
20
06
20
07
20
07
20
08
20
09
20
10
20
11
20
12
20
12
20
13
20
14
20
15
20
16
Industrial Production
Index
-
1
1
2
2
3
20
05
20
06
20
07
20
07
20
08
20
09
20
10
20
11
20
12
20
12
20
13
20
14
20
15
20
16
Residential Housing Permits
Millions
www.TrueBlue.com
Strategic Priorities
July 20, 2016
www.TrueBlue.com
www.TrueBlue.com
SIMOS Productivity Model Enhances On-premise Capabilities
Transaction Info
Acquisition
Date
December 1, 2015
Purchase
Price1
$67.5M cash up-front plus additional cash “earn-
out” of up to $22.5M2
Financing Funded from existing asset-backed facility
Integration
Timing
Limited integration in 2016 (during earn-out)
Full integration to be completed in 2017
1 Exclusive of working capital adjustments.
2 Earn-out is based on achievement of 2016 Adj. EBITDA estimates; amount due (if any) will be paid in 2017.
+
About SIMOS Strategic Rationale
www.TrueBlue.com
RPO Acquisition Advances PeopleScout’s Global Strategy
July 20, 2016
+
Acquisition
Date
Purchase agreement signed December 2015, but
closed January 4, 2016
Purchase
Price1
$72M all cash
Financing
Amended existing $300M asset-backed facility to
provide temporary $30M increase
Integration
Timing
Expect integration to be complete by YE-16
TSA in place with Aon Hewitt to bridge gaps
RPO Division of Aon
Hewitt
Transaction Info
About Aon Hewitt RPO Strategic Rationale
www.TrueBlue.com
www.TrueBlue.com
Non-GAAP Terms and Definitions
July 20, 2016
EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA excludes interest, taxes, depreciation and amortization, and
goodwill and intangible asset impairment charges from net income. Adjusted EBITDA further excludes from EBITDA costs related to
acquisition and integration, and Work Opportunity Tax Credit third-party processing fees. EBITDA and Adjusted EBITDA are key
measures used by management to evaluate 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 may not be comparable to similarly titled measures of other companies.
Adjusted net income is a non-GAAP financial measure which excludes from Net income (loss) costs related to acquisition and
integration, amortization of intangible assets of acquired businesses, accretion expense related to acquisition earn-out, goodwill and
intangible asset impairment charges, and Work Opportunity Tax Credit third-party processing fees, tax effect of each adjustment to
GAAP net income (loss), and adjusts income taxes to the expected ongoing effective tax rate. Adjusted net income should not be
considered a measure of financial performance in isolation or as an alternative to net income (loss) in the Consolidated Statements of
Operations in accordance with GAAP, and 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 (loss) on a per diluted share
basis costs related to goodwill and intangible asset impairment charges, acquisition and integration, Work Opportunity Tax Credit third-
party processing fees, amortization of intangibles of acquired businesses, accretion expense related to acquisition earn-out, tax effect
of each adjustment to GAAP net income (loss), and adjusts income taxes to the expected ongoing effective tax rate. Adjusted net
income per diluted share is a key measure used by management to evaluate performance and communicate 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 may not be comparable to
similarly titled measures of other companies.
See “Financials” 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.