エドガーで原本を確認する
| (Commission File Number) |
(IRS Employer Identification No.) |
|||||||
| 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)) | |||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Item 2.02. | Results of Operations and Financial Condition. | ||||
| Item 7.01. | Regulation FD Disclosure. | ||||
| Item 9.01. | Financial Statements and Exhibits. | ||||
| Exhibit Number |
Exhibit Description | Filed Herewith | ||||||
| 99.1 | X | |||||||
| 99.2 | X | |||||||
| 99.3 | X | |||||||
| 104 | Cover page interactive data file - The cover page from this Current Report on Form 8-K is formatted as Inline XBRL | X | ||||||
| TRUEBLUE, INC. | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: | August 4, 2026 | By: | /s/ Carl R. Schweihs |
|||||||||||
Carl R. Schweihs |
||||||||||||||
Chief Financial Officer and Executive Vice President |
||||||||||||||
13 weeks ended |
26 weeks ended |
||||||||||||||||||||||
| (in thousands, except per share data) | Jun 28, 2026 | Jun 29, 2025 | Jun 28, 2026 | Jun 29, 2025 | |||||||||||||||||||
| Revenue from services | $ | 443,001 | $ | 396,299 | $ | 841,567 | $ | 766,553 | |||||||||||||||
| Cost of services | 351,419 | 302,735 | 670,966 | 586,647 | |||||||||||||||||||
| Gross profit | 91,582 | 93,564 | 170,601 | 179,906 | |||||||||||||||||||
| Selling, general and administrative expense | 83,831 | 89,798 | 171,130 | 184,419 | |||||||||||||||||||
| Depreciation and amortization (exclusive of depreciation included in cost of services) | 5,887 | 6,507 | 11,798 | 12,351 | |||||||||||||||||||
| Loss on assets held-for-sale | 3,026 | — | 3,026 | — | |||||||||||||||||||
| Goodwill and intangible asset impairment charge | — | 200 | 3,656 | 200 | |||||||||||||||||||
| Loss from operations | (1,162) | (2,941) | (19,009) | (17,064) | |||||||||||||||||||
Interest and other income (expense), net |
(1,320) | 2,903 | (2,692) | 3,096 | |||||||||||||||||||
| Loss before tax expense | (2,482) | (38) | (21,701) | (13,968) | |||||||||||||||||||
| Income tax expense | 887 | 122 | 1,463 | 540 | |||||||||||||||||||
| Net loss | $ | (3,369) | $ | (160) | $ | (23,164) | $ | (14,508) | |||||||||||||||
| Net loss per common share: | |||||||||||||||||||||||
| Basic | $ | (0.11) | $ | (0.01) | $ | (0.76) | $ | (0.49) | |||||||||||||||
| Diluted | $ | (0.11) | $ | (0.01) | $ | (0.76) | $ | (0.49) | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 30,414 | 29,856 | 30,280 | 29,777 | |||||||||||||||||||
| Diluted | 30,414 | 29,856 | 30,280 | 29,777 | |||||||||||||||||||
| (in thousands) | Jun 28, 2026 | Dec 28, 2025 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 23,253 | $ | 24,510 | |||||||
| Accounts receivable, net | 267,770 | 241,233 | |||||||||
| Other current assets | 27,332 | 31,866 | |||||||||
| Total current assets | 318,355 | 297,609 | |||||||||
| Property and equipment, net | 66,393 | 73,117 | |||||||||
Restricted cash, cash equivalents and investments |
118,818 | 136,588 | |||||||||
| Goodwill and intangible assets, net | 55,709 | 60,591 | |||||||||
| Other assets, net | 63,689 | 70,762 | |||||||||
| Total assets | $ | 622,964 | $ | 638,667 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Accounts payable and other accrued expenses | $ | 31,693 | $ | 36,111 | |||||||
| Accrued wages and benefits | 69,135 | 61,736 | |||||||||
| Current portion of workers’ compensation claims reserve | 23,114 | 24,193 | |||||||||
| Other current liabilities | 15,419 | 16,493 | |||||||||
| Total current liabilities | 139,361 | 138,533 | |||||||||
| Workers’ compensation claims reserve, less current portion | 62,859 | 72,551 | |||||||||
| Long-term debt | 82,400 | 65,800 | |||||||||
| Other long-term liabilities | 83,678 | 87,226 | |||||||||
| Total liabilities | 368,298 | 364,110 | |||||||||
| Shareholders’ equity | 254,666 | 274,557 | |||||||||
| Total liabilities and shareholders’ equity | $ | 622,964 | $ | 638,667 | |||||||
26 weeks ended |
|||||||||||
| (in thousands) | Jun 28, 2026 | Jun 29, 2025 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (23,164) | $ | (14,508) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: |
|||||||||||
Depreciation and amortization (inclusive of depreciation included in cost of services) |
13,680 | 14,312 | |||||||||
| Non-cash loss on assets held-for-sale | 3,026 | — | |||||||||
| Goodwill and intangible asset impairment charge | 3,656 | 200 | |||||||||
| Provision for credit losses | 376 | 435 | |||||||||
| Stock-based compensation | 3,846 | 4,421 | |||||||||
| Deferred income taxes | 209 | (113) | |||||||||
| Non-cash lease expense | 5,244 | 5,524 | |||||||||
| Other operating activities | (3,130) | (1,438) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (26,913) | 2,260 | |||||||||
| Income taxes receivable and payable | (582) | 279 | |||||||||
| Other assets | 8,857 | 8,592 | |||||||||
| Accounts payable and other accrued expenses | (3,806) | (10,199) | |||||||||
| Accrued wages and benefits | 7,399 | (10,808) | |||||||||
| Workers’ compensation claims reserve | (10,771) | (30,340) | |||||||||
| Operating lease liabilities | (5,824) | (5,688) | |||||||||
| Other liabilities | (2,460) | 3,162 | |||||||||
Net cash used in operating activities |
(30,357) | (33,909) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (6,203) | (8,936) | |||||||||
| Acquisition of business, net of cash acquired | — | (30,140) | |||||||||
| Purchases of restricted held-to-maturity investments | (7,718) | — | |||||||||
Sales and maturities of restricted held-to-maturity investments |
24,001 | 19,285 | |||||||||
| Other | 4 | — | |||||||||
Net cash provided by (used in) investing activities |
10,084 | (19,791) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net proceeds from employee stock purchase plans | 207 | 256 | |||||||||
| Common stock repurchases for taxes upon vesting of restricted stock | (633) | (942) | |||||||||
| Net change in revolving credit facility | 16,600 | 46,200 | |||||||||
| Other | (498) | (396) | |||||||||
Net cash provided by financing activities |
15,676 | 45,118 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | (443) | (70) | |||||||||
| Net change in cash, cash equivalents, and restricted cash and cash equivalents | (5,040) | (8,652) | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents, beginning of period | 44,020 | 61,100 | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents, end of period | $ | 38,980 | $ | 52,448 | |||||||
13 weeks ended |
|||||||||||
| (in thousands) | Jun 28, 2026 | Jun 29, 2025 | |||||||||
| Revenue from services: | |||||||||||
| PeopleReady | $ | 262,310 | $ | 213,226 | |||||||
| PeopleManagement | 133,839 | 133,895 | |||||||||
| PeopleSolutions | 46,852 | 49,178 | |||||||||
| Total company | $ | 443,001 | $ | 396,299 | |||||||
Segment profit (1):
|
|||||||||||
| PeopleReady | $ | 8,561 | $ | 1,530 | |||||||
| PeopleManagement | 4,958 | 4,101 | |||||||||
PeopleSolutions |
4,828 | 2,534 | |||||||||
| Total segment profit | 18,347 | 8,165 | |||||||||
| Corporate unallocated expense | (6,919) | (5,520) | |||||||||
Total company Adjusted EBITDA (2)
|
11,428 | 2,645 | |||||||||
| Third-party processing fees for hiring tax credits (3) | — | 60 | |||||||||
| Amortization of software as a service assets (4) | (1,259) | (1,036) | |||||||||
| Acquisition/integration costs | (10) | (153) | |||||||||
| Loss on assets held-for-sale | (3,026) | — | |||||||||
| Goodwill and intangible asset impairment charge | — | (200) | |||||||||
| Workforce reduction costs | (640) | (3,445) | |||||||||
| COVID-19 government subsidies, net | — | 8,573 | |||||||||
| Other adjustments, net (5) | (842) | (1,883) | |||||||||
EBITDA (2)
|
5,651 | 4,561 | |||||||||
| Depreciation and amortization (6) | (6,813) | (7,502) | |||||||||
Interest and other income (expense), net |
(1,320) | 2,903 | |||||||||
| Loss before tax expense | (2,482) | (38) | |||||||||
| Income tax expense | (887) | (122) | |||||||||
| Net loss | $ | (3,369) | $ | (160) | |||||||
| Non-GAAP measure | Definition | Purpose of adjusted measures | ||||||||||||
| Adjusted net income (loss) and Adjusted net income (loss) per diluted share |
Net loss and net loss per diluted share, excluding:
–non-cash amortization of intangibles,
–acquisition/integration costs,
–non-cash loss on assets held-for-sale,
–non-cash goodwill and intangible asset impairment charge,
–workforce reduction costs,
–COVID-19 government subsidies, net, and
–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.
|
||||||||||||
| EBITDA and Adjusted EBITDA |
EBITDA excludes from net loss:
–income tax expense,
–interest and other (income) expense, net, and
–non-cash depreciation and amortization.
Adjusted EBITDA further excludes:
–third-party processing fees for hiring tax credits,
–amortization of software as a service assets,
–acquisition/integration costs,
–non-cash loss on assets held-for-sale,
–non-cash goodwill and intangible asset impairment charge,
–workforce reduction costs,
–COVID-19 government subsidies, net, and
–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,
–acquisition/integration costs,
–workforce reduction costs,
–COVID-19 government subsidies, net, and
–other adjustments, net.
|
–Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.
|
||||||||||||
13 weeks ended |
|||||||||||
| (in thousands, except for per share data) | Jun 28, 2026 | Jun 29, 2025 | |||||||||
| Net loss | $ | (3,369) | $ | (160) | |||||||
| Non-cash amortization of intangible assets | 651 | 885 | |||||||||
| Acquisition/integration costs | 10 | 153 | |||||||||
| Non-cash loss on assets held-for-sale | 3,026 | — | |||||||||
| Non-cash goodwill and intangible asset impairment charge | — | 200 | |||||||||
Workforce reduction costs (1) |
640 | 3,445 | |||||||||
| COVID-19 government subsidies, net (2) | — | (8,573) | |||||||||
| Other adjustments, net (3) | 842 | 1,883 | |||||||||
| Adjusted net income (loss) | $ | 1,800 | $ | (2,167) | |||||||
| Adjusted net income (loss) per diluted share | $ | 0.06 | $ | (0.07) | |||||||
| Diluted weighted average shares outstanding | 31,523 | 29,856 | |||||||||
| Margin / % of revenue: | |||||||||||
| Net loss | (0.8)% | —% | |||||||||
| Adjusted net income (loss) | 0.4% | (0.5)% | |||||||||
13 weeks ended |
|||||||||||
| (in thousands) | Jun 28, 2026 | Jun 29, 2025 | |||||||||
| Net loss | $ | (3,369) | $ | (160) | |||||||
| Income tax expense | 887 | 122 | |||||||||
Interest and other (income) expense, net |
1,320 | (2,903) | |||||||||
| Non-cash depreciation and amortization (4) | 6,813 | 7,502 | |||||||||
| EBITDA | 5,651 | 4,561 | |||||||||
| Third-party processing fees for hiring tax credits (5) | — | (60) | |||||||||
| Amortization of software as a service assets (6) | 1,259 | 1,036 | |||||||||
| Acquisition/integration costs | 10 | 153 | |||||||||
| Non-cash loss on assets held-for-sale | 3,026 | — | |||||||||
| Non-cash goodwill and intangible asset impairment charge | — | 200 | |||||||||
Workforce reduction costs (1) |
640 | 3,445 | |||||||||
| COVID-19 government subsidies, net (2) | — | (8,573) | |||||||||
| Other adjustments, net (3) | 842 | 1,883 | |||||||||
| Adjusted EBITDA | $ | 11,428 | $ | 2,645 | |||||||
| Margin / % of revenue: | |||||||||||
| Net loss | (0.8)% | —% | |||||||||
| Adjusted EBITDA | 2.6% | 0.7% | |||||||||
13 weeks ended |
|||||||||||
| (in thousands) | Jun 28, 2026 | Jun 29, 2025 | |||||||||
| Selling, general and administrative expense | $ | 83,831 | $ | 89,798 | |||||||
| Third-party processing fees for hiring tax credits (5) | — | 60 | |||||||||
| Amortization of software as a service assets (6) | (1,259) | (1,036) | |||||||||
| Acquisition/integration costs | (10) | (153) | |||||||||
Workforce reduction costs (1) |
(602) | (3,311) | |||||||||
| COVID-19 government subsidies, net (2) | — | 5,378 | |||||||||
| Other adjustments, net (3) | (842) | (1,883) | |||||||||
| Adjusted SG&A expense | $ | 81,118 | $ | 88,853 | |||||||
| % of revenue: | |||||||||||
| Selling, general and administrative expense | 18.9% | 22.7% | |||||||||
| Adjusted SG&A expense | 18.3% | 22.4% | |||||||||
