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Wednesday, 02/18/2026 4:20:07 PM

Wednesday, February 18, 2026 4:20:07 PM

Post# of 18

TrueBlue Reports Fourth Quarter and Full-Year 2025 Results

February 18, 2026 4:05 PM
Business Wire


TrueBlue (NYSE:TBI) today announced its fourth quarter and full-year results for 2025.


Fourth Quarter 2025 Financial Highlights



  • Revenue of $418 million, up 8 percent compared to the prior year period


    • $14 million of revenue from the January 2025 HSP acquisition






  • Net loss of $32 million compared to net loss of $12 million in the prior year period


    • Includes non-cash impairment charge of $18 million on right-of-use and long-lived assets associated with the Chicago support center sublease



    • SG&A expense improved 11 percent to $95 million compared to $107 million in the prior year period



    • Adjusted EBITDA1 of $2 million compared to $9 million in the prior year period






  • Cash of $25 million, debt of $66 million and $68 million of borrowing availability, for total liquidity of $92 million at period end


    • Reduced debt by $2 million and increased working capital by $2 million during the quarter.



    • Credit facility amendment effective January 30, 2026 increased our borrowing availability for the remainder of the agreement term.






Commentary


“We delivered our second consecutive quarter of organic revenue growth driven by continued momentum in our skilled businesses and greater stability in broader demand trends,” said Taryn Owen, President and CEO of TrueBlue. “As we continue to drive top-line growth, we remain equally focused on further improving our profitability, lowering operating costs and building a more efficient, agile organization.”


Ms. Owen continued, “Throughout 2025, we executed on our strategic priorities with discipline and focus, building a strong foundation for sustainable, profitable growth. We are executing a clear strategy to improve margins and drive consistent revenue growth, underscoring our commitment to generate long-term, sustainable value for all TrueBlue shareholders.”


Results


Fourth quarter revenue was $418 million, an 8 percent increase compared to the prior year period. Net loss per diluted share was $1.05 compared to net loss per diluted share of $0.40 in the prior year period. Adjusted net loss1 per diluted share was $0.25 compared to adjusted net loss per diluted share of $0.02 in the prior year period.


Full-year revenue was $1.6 billion, a 3 percent increase compared to the prior year period. Net loss per diluted share was $1.61 compared to net loss per diluted share of $4.17 in the prior year period. Adjusted net loss per diluted share was $0.68 compared to adjusted net loss per diluted share of $0.46 in the prior year period.


2026 Outlook


TrueBlue is providing certain forward-looking information to help investors form their estimates, which can be found in the quarterly earnings presentation filed today.


Management will discuss fourth quarter 2025 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Wednesday, Feb. 18, 2026.


The quarterly earnings presentation and 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. As The People Company®, we put people first–advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands–PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals–provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed and scale to the changing world of work. 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, expectations regarding stabilization in demand, 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, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer, on the Company’s business, or other developments involving such an Offer; (3) actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy context for the election of directors at our annual meeting of shareholders; (4) our ability to maintain profit margins, (5) our ability to attract and retain clients, (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) 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. Other information regarding factors that could affect our results is included in our Securities and 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.


In addition, we use several non-GAAP financial measures when presenting our financial results in this document. Please refer to the reconciliations between our U.S. 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.











































































































































































































































































































































































































































































































































































































































































































 


TRUEBLUE, INC.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



 
 


 




13 weeks ended




 




52 weeks ended




(in thousands, except per share data)




Dec 28, 2025




 




Dec 29, 2024




 




Dec 28, 2025




 




Dec 29, 2024




Revenue from services




$




418,178




 




 




$




385,953




 




 




$




1,615,997




 




 




$




1,567,393




 




Cost of services




 




328,134




 




 




 




283,406




 




 




 




1,248,155




 




 




 




1,161,000




 




Gross profit




 




90,044




 




 




 




102,547




 




 




 




367,842




 




 




 




406,393




 




Selling, general and administrative expense




 




94,940




 




 




 




106,942




 




 




 




371,087




 




 




 




410,870




 




Depreciation and amortization




 




6,162




 




 




 




6,008




 




 




 




24,823




 




 




 




28,624




 




Goodwill and intangible asset impairment charge




 









 




 




 









 




 




 




200




 




 




 




59,674




 




Right-of-use and other long-lived asset impairment charge




 




18,366




 




 




 









 




 




 




18,366




 




 




 









 




Loss from operations




 




(29,424




)




 




 




(10,403




)




 




 




(46,634




)




 




 




(92,775




)




Interest and other income (expense), net




 




(1,034




)




 




 




390




 




 




 




1,003




 




 




 




4,251




 




Loss before tax expense




 




(30,458




)




 




 




(10,013




)




 




 




(45,631




)




 




 




(88,524




)




Income tax expense




 




1,078




 




 




 




1,692




 




 




 




2,329




 




 




 




37,224




 




Net loss




$




(31,536




)




 




$




(11,705




)




 




$




(47,960




)




 




$




(125,748




)




 




 




 




 




 




 




 




 




Net loss per common share:




 




 




 




 




 




 




 




Basic




$




(1.05




)




 




$




(0.40




)




 




$




(1.61




)




 




$




(4.17




)




Diluted




$




(1.05




)




 




$




(0.40




)




 




$




(1.61




)




 




$




(4.17




)




 




 




 




 




 




 




 




 




Weighted average shares outstanding:




 




 




 




 




 




 




 




Basic




 




29,945




 




 




 




29,561




 




 




 




29,849




 




 




 




30,177




 




Diluted




 




29,945




 




 




 




29,561




 




 




 




29,849




 




 




 




30,177




 



 





























































































































































































































































































































































TRUEBLUE, INC.

SUMMARY CONSOLIDATED BALANCE SHEETS

(Unaudited)



 
 


(in thousands)




Dec 28, 2025




 




Dec 29, 2024




ASSETS




 




 




 




Cash and cash equivalents




$




24,510




 




$




22,536




Accounts receivable, net




 




241,233




 




 




214,704




Other current assets




 




31,866




 




 




39,853




Total current assets




 




297,609




 




 




277,093




Property and equipment, net




 




73,117




 




 




89,602




Restricted cash, cash equivalents and investments




 




136,588




 




 




179,916




Goodwill and intangible assets, net




 




60,591




 




 




30,406




Other assets, net




 




70,762




 




 




98,359




Total assets




$




638,667




 




$




675,376




 




 




 




 




LIABILITIES AND SHAREHOLDERS’ EQUITY




 




 




 




Accounts payable and other accrued expenses




$




36,111




 




$




45,599




Accrued wages and benefits




 




61,736




 




 




61,380




Current portion of workers’ compensation claims reserve




 




24,193




 




 




34,729




Other current liabilities




 




16,493




 




 




18,417




Total current liabilities




 




138,533




 




 




160,125




Workers’ compensation claims reserve, less current portion




 




72,551




 




 




105,063




Long-term debt, less current portion




 




65,800




 




 




7,600




Other long-term liabilities




 




87,226




 




 




87,229




Total liabilities




 




364,110




 




 




360,017




Shareholders’ equity




 




274,557




 




 




315,359




Total liabilities and shareholders’ equity




$




638,667




 




$




675,376



 





































































































































































































































































































































































































































































































































































































































































































































































TRUEBLUE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



 
 


 




52 weeks ended




(in thousands)




Dec 28, 2025




 




Dec 29, 2024




Cash flows from operating activities:




 




 




 




Net loss




$




(47,960




)




 




$




(125,748




)




Adjustments to reconcile net loss to net cash used in operating activities:




 




 




 




Depreciation and amortization (inclusive of depreciation included in cost of services)




 




28,852




 




 




 




29,561




 




Goodwill and intangible asset impairment charge




 




200




 




 




 




59,674




 




Right-of-use and other long-lived asset impairment charge




 




18,366




 




 




 









 




Provision for credit losses




 




2,811




 




 




 




2,321




 




Stock-based compensation




 




7,256




 




 




 




7,591




 




Deferred income taxes




 




(552




)




 




 




34,060




 




Non-cash lease expense




 




11,013




 




 




 




12,402




 




Other operating activities




 




(5,038




)




 




 




(5,137




)




Changes in operating assets and liabilities:




 




 




 




Accounts receivable




 




(15,463




)




 




 




35,731




 




Income taxes receivable and payable




 




4,094




 




 




 




3,196




 




Other assets




 




15,767




 




 




 




22,766




 




Accounts payable and other accrued expenses




 




(11,102




)




 




 




(8,908




)




Accrued wages and benefits




 




(10,014




)




 




 




(19,147




)




Workers’ compensation claims reserve




 




(43,049




)




 




 




(56,723




)




Operating lease liabilities




 




(11,651




)




 




 




(12,324




)




Other liabilities




 




(1,572




)




 




 




3,627




 




Net cash used in operating activities




 




(58,042




)




 




 




(17,058




)




Cash flows from investing activities:




 




 




 




Capital expenditures




 




(15,678




)




 




 




(24,151




)




Acquisition of business, net of cash acquired




 




(30,149




)




 




 









 




Proceeds from business divestiture, net




 




400




 




 




 




3,099




 




Payments for company-owned life insurance




 




(2




)




 




 




(4,000




)




Proceeds from company-owned life insurance




 




300




 




 




 









 




Purchases of restricted held-to-maturity investments




 




(10,877




)




 




 




(11,242




)




Maturities of restricted held-to-maturity investments




 




39,944




 




 




 




33,841




 




Net cash used in investing activities




 




(16,062




)




 




 




(2,453




)




Cash flows from financing activities:




 




 




 




Purchases and retirement of common stock




 









 




 




 




(21,293




)




Net proceeds from employee stock purchase plans




 




454




 




 




 




738




 




Common stock repurchases for taxes upon vesting of restricted stock




 




(1,097




)




 




 




(2,325




)




Net change in revolving credit facility




 




58,200




 




 




 




7,600




 




Other




 




(414




)




 




 




(1,807




)




Net cash provided by (used in) financing activities




 




57,143




 




 




 




(17,087




)




Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents




 




(119




)




 




 




(1,608




)




Net change in cash, cash equivalents, and restricted cash and cash equivalents




 




(17,080




)




 




 




(38,206




)




Cash, cash equivalents and restricted cash and cash equivalents, beginning of period




 




61,100




 




 




 




99,306




 




Cash, cash equivalents and restricted cash and cash equivalents, end of period




$




44,020




 




 




$




61,100




 



 

























































































































































































































































































































































































































































































































































































































































































































































































































































































































































































TRUEBLUE, INC.

SEGMENT DATA

(Unaudited)



 
 


 




13 weeks ended




 




52 weeks ended




(in thousands)




Dec 28, 2025




 




Dec 29, 2024




 




Dec 28, 2025




 




Dec 29, 2024




Revenue from services:




 




 




 




 




 




 




 




PeopleReady




$




229,920




 




 




$




207,687




 




 




$




883,887




 




 




$




868,549




 




PeopleManagement




 




142,158




 




 




 




145,738




 




 




 




544,448




 




 




 




542,201




 




PeopleSolutions (1)




 




46,100




 




 




 




32,528




 




 




 




187,662




 




 




 




156,643




 




Total company




$




418,178




 




 




$




385,953




 




 




$




1,615,997




 




 




$




1,567,393




 




 




 




 




 




 




 




 




 




Segment profit (loss) (2):




 




 




 




 




 




 




 




PeopleReady




$




(121




)




 




$




7,404




 




 




$




6,534




 




 




$




5,783




 




PeopleManagement




 




6,225




 




 




 




5,695




 




 




 




17,772




 




 




 




15,119




 




PeopleSolutions




 




2,661




 




 




 




1,301




 




 




 




11,332




 




 




 




12,152




 




Total segment profit




 




8,765




 




 




 




14,400




 




 




 




35,638




 




 




 




33,054




 




Corporate unallocated expense




 




(6,376




)




 




 




(5,501




)




 




 




(23,884




)




 




 




(21,887




)




Total company Adjusted EBITDA (3)




 




2,389




 




 




 




8,899




 




 




 




11,754




 




 




 




11,167




 




Third-party processing fees for hiring tax credits (4)




 




(60




)




 




 




(90




)




 




 




(150




)




 




 




(240




)




Amortization of software as a service assets (5)




 




(1,202




)




 




 




(1,752




)




 




 




(4,394




)




 




 




(6,162




)




Acquisition/integration costs




 




(27




)




 




 









 




 




 




(932




)




 




 









 




Goodwill and intangible asset impairment charge




 









 




 




 









 




 




 




(200




)




 




 




(59,674




)




Impairment charge on right-of-use and long-lived assets




 




(18,366




)




 




 









 




 




 




(18,366




)




 




 









 




Workforce reduction costs (6)




 




(3,989




)




 




 




(960




)




 




 




(9,361




)




 




 




(7,329




)




PeopleReady technology upgrade costs (7)




 









 




 




 




(8,318




)




 




 









 




 




 




(8,807




)




COVID-19 government subsidies, net (8)




 









 




 




 









 




 




 




8,573




 




 




 




9,652




 




Other adjustments, net (9)




 




(974




)




 




 




(1,237




)




 




 




(4,706




)




 




 




(1,821




)




EBITDA (3)




 




(22,229




)




 




 




(3,458




)




 




 




(17,782




)




 




 




(63,214




)




Depreciation and amortization (10)




 




(7,195




)




 




 




(6,945




)




 




 




(28,852




)




 




 




(29,561




)




Interest and other income (expense), net




 




(1,034




)




 




 




390




 




 




 




1,003




 




 




 




4,251




 




Loss before tax expense




 




(30,458




)




 




 




(10,013




)




 




 




(45,631




)




 




 




(88,524




)




Income tax expense




 




(1,078




)




 




 




(1,692




)




 




 




(2,329




)




 




 




(37,224




)




Net loss




$




(31,536




)




 




$




(11,705




)




 




$




(47,960




)




 




$




(125,748




)
















































































(1)




PeopleSolutions segment includes previously reported PeopleScout segment as well as Healthcare Staffing Professionals Inc. acquired on January 31, 2025.




(2)




We evaluate performance based on segment revenue and segment profit (loss). Segment profit (loss) includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit (loss) 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.




(3)




See the Non-GAAP Financial Measures table on the next page for definitions of EBITDA and Adjusted EBITDA.




(4)




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




(5)




Amortization of software as a service assets is reported in selling, general and administrative expense.




(6)




Workforce reduction costs were reported as $0.2 million in cost of services and $3.8 million in selling, general and administrative expense for the 13 weeks ended December 28, 2025 and $0.5 million in cost of services and $8.8 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. Workforce reduction costs were reported as $0.1 million in cost of services and $0.9 million in selling, general and administrative expense for the 13 weeks ended December 29, 2024 and $0.5 million in cost of services and $6.8 million in selling, general and administrative expense for the 52 weeks ended December 29, 2024.




(7)




Costs associated with upgrading legacy PeopleReady technology.




(8)




COVID-19 government subsidies net of related fees were reported as $3.2 million in cost of services and $5.4 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. For the 52 weeks ended December 29, 2024, COVID-19 government subsidies net of related fees were reported as $2.9 million in cost of services and $6.8 million in selling, general and administrative expense.




(9)




Other adjustments for the 13 and 52 weeks ended December 28, 2025 include non-routine professional fees and other expenses. Other adjustments for the 13 and 52 weeks ended December 29, 2024 include lease exit costs and other expenses.




(10)




Includes software depreciation reported in cost of services.



 


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 loss and




Adjusted net loss per diluted share




 




Net loss and net loss per diluted share, excluding:

– gain on divestiture,

– non-cash amortization of intangibles,

– acquisition/integration costs,

– non-cash goodwill and intangible asset impairment charge,

– non-cash right-of-use and other long-lived asset impairment charge,

– workforce reduction costs,

– PeopleReady technology upgrade costs,

– COVID-19 government subsidies, net,

– other adjustments, net, and

– tax effect of the adjustments and deferred tax asset valuation allowance.




 




 




– 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 goodwill and intangible asset impairment charge,

– non-cash right-of-use and other long-lived asset impairment charge,

– workforce reduction costs,

– PeopleReady technology upgrade 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,

– PeopleReady technology upgrade 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.




1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE

(Unaudited)

























































































































































































































































































































































































































































































































































































































































































 




13 weeks ended




 




52 weeks ended




(in thousands, except for per share data)




Dec 28, 2025




 




Dec 29, 2024




 




Dec 28, 2025




 




Dec 29, 2024




Net loss




$




(31,536




)




 




$




(11,705




)




 




$




(47,960




)




 




$




(125,748




)




Gain on divestiture




 









 




 




 









 




 




 









 




 




 




(716




)




Non-cash amortization of intangible assets




 




650




 




 




 




489




 




 




 




2,586




 




 




 




4,051




 




Acquisition/integration costs




 




27




 




 




 









 




 




 




932




 




 




 









 




Non-cash goodwill and intangible asset impairment charge




 









 




 




 









 




 




 




200




 




 




 




59,674




 




Non-cash right-of-use and other long-lived asset impairment charge




 




18,366




 




 




 









 




 




 




18,366




 




 




 









 




Workforce reduction costs (1)




 




3,989




 




 




 




960




 




 




 




9,361




 




 




 




7,329




 




PeopleReady technology upgrade costs (2)




 









 




 




 




8,318




 




 




 









 




 




 




8,807




 




COVID-19 government subsidies, net (3)




 









 




 




 









 




 




 




(8,573




)




 




 




(9,652




)




Other adjustments, net (4)




 




974




 




 




 




1,237




 




 




 




4,706




 




 




 




1,821




 




Tax effect of adjustments and deferred tax asset valuation allowance (5)




 









 




 




 









 




 




 









 




 




 




40,540




 




Adjusted net loss




$




(7,530




)




 




$




(701




)




 




$




(20,382




)




 




$




(13,894




)




 




 




 




 




 




 




 




 




Adjusted net loss per diluted share




$




(0.25




)




 




$




(0.02




)




 




$




(0.68




)




 




$




(0.46




)




 




 




 




 




 




 




 




 




Diluted weighted average shares outstanding




 




29,945




 




 




 




29,561




 




 




 




29,849




 




 




 




30,177




 




 




 




 




 




 




 




 




 




Margin / % of revenue:




 




 




 




 




 




 




 




Net loss




 




(7.5




)%




 




 




(3.0




)%




 




 




(3.0




)%




 




 




(8.0




)%




Adjusted net loss




 




(1.8




)%




 




 




(0.2




)%




 




 




(1.3




)%




 




 




(0.9




)%



 


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

(Unaudited)























































































































































































































































































































































































































































































































































































































































































 




13 weeks ended




 




52 weeks ended




(in thousands)




Dec 28, 2025




 




Dec 29, 2024




 




Dec 28, 2025




 




Dec 29, 2024




Net loss




$




(31,536




)




 




$




(11,705




)




 




$




(47,960




)




 




$




(125,748




)




Income tax expense




 




1,078




 




 




 




1,692




 




 




 




2,329




 




 




 




37,224




 




Interest and other (income) expense, net




 




1,034




 




 




 




(390




)




 




 




(1,003




)




 




 




(4,251




)




Non-cash depreciation and amortization (6)




 




7,195




 




 




 




6,945




 




 




 




28,852




 




 




 




29,561




 




EBITDA




 




(22,229




)




 




 




(3,458




)




 




 




(17,782




)




 




 




(63,214




)




Third-party processing fees for hiring tax credits (7)




 




60




 




 




 




90




 




 




 




150




 




 




 




240




 




Amortization of software as a service assets (8)




 




1,202




 




 




 




1,752




 




 




 




4,394




 




 




 




6,162




 




Acquisition/integration costs




 




27




 




 




 









 




 




 




932




 




 




 









 




Non-cash goodwill and intangible asset impairment charge




 









 




 




 









 




 




 




200




 




 




 




59,674




 




Non-cash right-of-use and other long-lived asset impairment charge




 




18,366




 




 




 









 




 




 




18,366




 




 




 









 




Workforce reduction costs (1)




 




3,989




 




 




 




960




 




 




 




9,361




 




 




 




7,329




 




PeopleReady technology upgrade costs (2)




 









 




 




 




8,318




 




 




 









 




 




 




8,807




 




COVID-19 government subsidies, net (3)




 









 




 




 









 




 




 




(8,573




)




 




 




(9,652




)




Other adjustments, net (4)




 




974




 




 




 




1,237




 




 




 




4,706




 




 




 




1,821




 




Adjusted EBITDA




$




2,389




 




 




$




8,899




 




 




$




11,754




 




 




$




11,167




 




 




 




 




 




 




 




 




 




Margin / % of revenue:




 




 




 




 




 




 




 




Net loss




 




(7.5




)%




 




 




(3.0




)%




 




 




(3.0




)%




 




 




(8.0




)%




Adjusted EBITDA




 




0.6




%




 




 




2.3




%




 




 




0.7




%




 




 




0.7




%



 


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

(Unaudited)

























































































































































































































































































































































































































































 




13 weeks ended




 




52 weeks ended




(in thousands)




Dec 28, 2025




 




Dec 29, 2024




 




Dec 28, 2025




 




Dec 29, 2024




Selling, general and administrative expense




$




94,940




 




 




$




106,942




 




 




$




371,087




 




 




$




410,870




 




Third-party processing fees for hiring tax credits (7)




 




(60




)




 




 




(90




)




 




 




(150




)




 




 




(240




)




Amortization of software as a service assets (8)




 




(1,202




)




 




 




(1,752




)




 




 




(4,394




)




 




 




(6,162




)




Acquisition/integration costs




 




(27




)




 




 









 




 




 




(932




)




 




 









 




Workforce reduction costs (1)




 




(3,832




)




 




 




(919




)




 




 




(8,814




)




 




 




(6,813




)




PeopleReady technology upgrade costs (2)




 









 




 




 




(8,318




)




 




 









 




 




 




(8,807




)




COVID-19 government subsidies, net (3)




 









 




 




 









 




 




 




5,378




 




 




 




6,759




 




Other adjustments, net (4)




 




(974




)




 




 




(1,237




)




 




 




(4,706




)




 




 




(1,821




)




Adjusted SG&A expense




$




88,845




 




 




$




94,626




 




 




$




357,469




 




 




$




393,786




 




 




 




 




 




 




 




 




 




% of revenue:




 




 




 




 




 




 




 




Selling, general and administrative expense




 




22.7




%




 




 




27.7




%




 




 




23.0




%




 




 




26.2




%




Adjusted SG&A expense




 




21.2




%




 




 




24.5




%




 




 




22.1




%




 




 




25.1




%




















































(1)


Workforce reduction costs were reported as $0.2 million in cost of services and $3.8 million in selling, general and administrative expense for the 13 weeks ended December 28, 2025 and $0.5 million in cost of services and $8.8 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. Workforce reduction costs were reported as $0.1 million in cost of services and $0.9 million in selling, general and administrative expense for the 13 weeks ended December 29, 2024 and $0.5 million in cost of services and $6.8 million in selling, general and administrative expense for the 52 weeks ended December 29, 2024.



(2)


Costs associated with upgrading legacy PeopleReady technology.



(3)


COVID-19 government subsidies net of related fees were reported as $3.2 million in cost of services and $5.4 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. For the 52 weeks ended December 29, 2024, COVID-19 government subsidies net of related fees were reported as $2.9 million in cost of services and $6.8 million in selling, general and administrative expense.



(4)


Other adjustments for the 13 and 52 weeks ended December 28, 2025 include non-routine professional fees and other expenses. Other adjustments for the 13 and 52 weeks ended December 29, 2024 include lease exit costs and other expenses.



(5)


The tax effect includes the application of our statutory rate of 26% to all taxable / deductible adjustments. For the 13 weeks ended December 28, 2025 and December 29, 2024, there was no tax effect associated with the adjustments due to the valuation allowance recorded against our deferred tax assets. For the 52 weeks ended December 29, 2024, a valuation allowance of $55.3 million was recorded against our U.S. federal, state and foreign deferred tax assets.



(6)


Includes software depreciation reported in cost of services.



(7)


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



(8)


Amortization of software as a service assets is reported in selling, general and administrative expense.




 


Investor Relations

InvestorRelations@trueblue.com


Original: TrueBlue Reports Fourth Quarter and Full-Year 2025 Results

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