TrueBlue Reports Fourth Quarter and Full-Year 2023 Results
TrueBlue (NYSE:TBI) reported fourth quarter and full-year results for 2023, with revenue decreasing 12% to $492 million in Q4. Despite a net loss of $3 million, the company remains debt-free with $62 million in cash and $86 million in borrowing availability. The CEO highlighted the focus on renewable energy and cost management to drive long-term profitability.
Negative
Revenue decreased by 12% in the fourth quarter of 2023 compared to the same period in 2022.
Net loss of $3 million was reported for the fourth quarter of 2023.
Full-year revenue decreased by 15% in 2023 compared to 2022.
Net loss per diluted share was $0.45 for the full year of 2023.
The report from TrueBlue presents a notable 12 percent decline in quarterly revenue and a transition from net income to a net loss year-over-year. This shift is particularly concerning for stakeholders as it indicates not only a reduction in revenue but also an inability to maintain profitability despite a longer fiscal quarter. The company's mention of disciplined cost management suggests efforts to mitigate this downturn, yet the results imply that these measures were not sufficient to counteract the revenue decline.
TrueBlue's focus on renewable energy verticals is a strategic move, given the sector's growth potential. However, the financials reflect that the benefits of this focus have not yet materialized into financial stability or growth. The zero-debt position and healthy cash reserves are positive indicators, providing the company with a buffer to navigate market cycles and potentially invest in further growth initiatives.
The adjusted EBITDA and net income figures are critical for assessing the company's operational performance, excluding one-off items. While these figures are positive, they represent a significant decrease from the previous year, suggesting that core operations are under pressure. The renewal of the credit facility and increased borrowing availability could signal strategic investments or acquisitions in the pipeline, which may be necessary to pivot the company toward long-term profitability in the context of a soft market demand.
TrueBlue's performance reflects broader trends in the labor market, where hiring trends are impacted by reduced business spend . The company's acknowledgment of soft general market demand indicates an industry-wide challenge that may persist into the near future. TrueBlue's strategy to enhance digital transformation and focus on high-growth end markets is in line with the industry's move towards increased efficiency and technological integration.
The company's strategic pivot and organizational restructuring are aimed at capturing market share and improving profitability. However, the effectiveness of these strategies will depend on their execution and the company's ability to adapt to the evolving market conditions. Expansion in renewable energy and other high-growth verticals is a forward-thinking approach, but it requires careful monitoring to ensure that these investments lead to tangible results.
Investors and stakeholders should watch for signs of improvement in operational efficiency and market share gains in the coming quarters. TrueBlue's forward-looking statements and guidance will be instrumental in setting expectations and evaluating the company's trajectory amidst the challenges presented in the current economic climate.
The financial results of TrueBlue can be seen as a microcosm of the larger economic environment. The softening of market demand and reduced business spending are indicative of a broader economic slowdown, which may be attributed to cyclical downturns or structural changes in the economy. TrueBlue's strategy to manage costs and pursue digital transformation may be a necessary response to these macroeconomic pressures.
While the company has maintained a solid liquidity position with zero debt and substantial cash reserves, the decline in revenue and profitability raises questions about the broader economic resilience of the staffing industry. As TrueBlue seeks to navigate this environment, its ability to adapt to economic headwinds and leverage its strengths in growth markets like renewable energy will be crucial.
The company's results and forward-looking statements will be of interest to economists as they reflect on labor market dynamics, business investment patterns and the overall health of the service sector. The ability of businesses to pivot and innovate during economic downturns is often a key determinant of their long-term success and is a significant point of analysis for economic forecasting.
02/21/2024 - 04:05 PM
Strong performance in renewable energy and disciplined cost management delivered results at high end of company outlook
TACOMA, Wash. --(BUSINESS WIRE)--
TrueBlue (NYSE:TBI) today announced its fourth quarter and full-year results for 2023.
Fourth Quarter 2023 Financial Highlights
Revenue decreased 12 percent to $492 million compared to prior year period
Fiscal fourth quarter consisted of 14 weeks versus 13 weeks in the fiscal fourth quarter of 2022
Revenue decreased 15 percent on a comparable 13-week basis
Net loss of $3 million
Adjusted EBITDA1 of $5 million and adjusted net income of $3 million
Zero debt, cash of $62 million and $86 million of borrowing availability
Renewal of 5-year credit facility effective February 9, 2024 increased borrowing availability to approximately $140 million
Commentary
“We are managing through this market cycle with agility and discipline,” said Taryn Owen, President and CEO of TrueBlue. “While general market demand remains soft with hiring trends impacted by reduced business spend, we are capitalizing on attractive verticals, such as renewable energy, and maintaining a high level of engagement with clients to ensure we are well positioned as conditions improve.”
“As we enter 2024, we are laser-focused on leveraging our inherent strengths to capture market share and managing our cost structure with discipline to enhance our long-term profitability,” continued Ms. Owen. “Key components to this strategy include advancement of our digital transformation, expansion in high-growth and under-penetrated end markets, and enhanced focus through a simplified organizational structure. These priorities position us to drive efficiencies and secure opportunities to deliver long-term, profitable growth.”
Results
Fourth quarter revenue was $492 million , a decrease of 12 percent compared to revenue of $558 million in the fourth quarter of 2022. Net loss per diluted share was $0.08 compared to net income per diluted share of $0.21 in the prior year period. Adjusted net income1 per diluted share was $0.08 compared to adjusted net income per diluted share of $0.39 in the prior year period.
Full-year revenue was $1.9 billion , a decrease of 15 percent compared to revenue of $2.3 billion in 2022. Net loss per diluted share was $0.45 compared to net income per diluted share of $1.86 in 2022. Adjusted net income per diluted share was $0.28 compared to adjusted net income per diluted share of $2.36 in 2022.
2024 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 fourth quarter 2023 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Wednesday, Feb. 21, 2024 . 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 2023, TrueBlue served approximately 67,000 clients and connected approximately 464,000 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, 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, political instability, epidemics and global trade uncertainty, (2) our ability to maintain profit margins, (3) our ability to successfully execute on business strategies and further digitalize our business model, (4) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (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) new laws, regulations, and government incentives that could affect our operations or financial results, (8) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, and (9) 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 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.
TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Q4 2023
Q4 2022
2023
2022
14 weeks ended (1)
13 weeks ended
53 weeks ended (1)
52 weeks ended
(in thousands, except per share data)
Dec 31, 2023
Dec 25, 2022
Dec 31, 2023
Dec 25, 2022
Revenue from services
$
492,171
$
557,695
$
1,906,243
$
2,254,184
Cost of services
363,889
409,846
1,400,184
1,652,040
Gross profit
128,282
147,849
506,059
602,144
Selling, general and administrative expense
129,961
133,733
494,603
500,686
Depreciation and amortization
6,946
7,258
25,821
29,273
Goodwill and intangible asset impairment charge
—
—
9,485
—
Income (loss) from operations
(8,625
)
6,858
(23,850
)
72,185
Interest and other income (expense), net
1,223
133
3,205
1,231
Income (loss) before tax expense (benefit)
(7,402
)
6,991
(20,645
)
73,416
Income tax expense (benefit)
(4,851
)
(54
)
(6,472
)
11,143
Net income (loss)
$
(2,551
)
$
7,045
$
(14,173
)
$
62,273
Net (loss) income per common share:
Basic
$
(0.08
)
$
0.22
$
(0.45
)
$
1.89
Diluted
$
(0.08
)
$
0.21
$
(0.45
)
$
1.86
Weighted average shares outstanding:
Basic
31,079
32,486
31,317
32,889
Diluted
31,079
33,014
31,317
33,447
(1)
Our fiscal period ends on the Sunday closest to the last day of Dec. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks.
TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
Dec 31, 2023
Dec 25, 2022
ASSETS
Cash and cash equivalents
$
61,885
$
72,054
Accounts receivable, net
252,538
314,275
Other current assets
40,570
43,883
Total current assets
354,993
430,212
Property and equipment, net
104,906
95,823
Restricted cash and investments
192,985
213,734
Goodwill and intangible assets, net
94,639
109,989
Other assets, net
151,860
169,650
Total assets
$
899,383
$
1,019,408
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other accrued expenses
$
56,401
$
76,644
Accrued wages and benefits
80,120
92,237
Current portion of workers’ compensation claims reserve
44,866
50,005
Other current liabilities
22,712
23,989
Total current liabilities
204,099
242,875
Workers’ compensation claims reserve, less current portion
151,649
201,005
Other long-term liabilities
85,762
79,213
Total liabilities
441,510
523,093
Shareholders’ equity
457,873
496,315
Total liabilities and shareholders’ equity
$
899,383
$
1,019,408
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
53 weeks ended
(in thousands)
Dec 31, 2023
Dec 25, 2022
Cash flows from operating activities:
Net income (loss)
$
(14,173
)
$
62,273
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
25,821
29,273
Goodwill and intangible asset impairment charge
9,485
—
Provision for credit losses
4,972
4,462
Stock-based compensation
13,907
9,687
Deferred income taxes
(9,902
)
3,933
Non-cash lease expense
12,591
12,920
Other operating activities
(3,831
)
7,862
Changes in operating assets and liabilities:
Accounts receivable
56,761
34,765
Income taxes receivable and payable
(1,317
)
(2,665
)
Operating lease right-of-use-asset
—
118
Other assets
31,366
(16,142
)
Accounts payable and other accrued expenses
(19,210
)
(1,501
)
Accrued wages and benefits
(12,113
)
(7,938
)
Workers’ compensation claims reserve
(54,495
)
(5,184
)
Operating lease liabilities
(12,796
)
(13,052
)
Other liabilities
7,688
1,692
Net cash provided by operating activities
34,754
120,503
Cash flows from investing activities:
Capital expenditures
(31,276
)
(30,626
)
Payments for company-owned life insurance
(2,347
)
—
Proceeds from company-owned life insurance
1,662
—
Purchases of restricted held-to-maturity investments
(34,110
)
(18,031
)
Maturities of restricted held-to-maturity investments
33,749
27,712
Net cash used in investing activities
(32,322
)
(20,945
)
Cash flows from financing activities:
Purchases and retirement of common stock
(34,178
)
(60,939
)
Net proceeds from employee stock purchase plans
856
980
Common stock repurchases for taxes upon vesting of restricted stock
(4,161
)
(4,480
)
Other
(100
)
(253
)
Net cash used in financing activities
(37,583
)
(64,692
)
Change in cash, cash equivalents and restricted cash reclassified to assets held-for-sale
(300
)
—
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(874
)
(2,420
)
Net change in cash, cash equivalents, and restricted cash
(36,325
)
32,446
Cash, cash equivalents and restricted cash, beginning of period
135,631
103,185
Cash, cash equivalents and restricted cash, end of period
$
99,306
$
135,631
TRUEBLUE, INC.
SEGMENT DATA
(Unaudited)
Q4 2023
Q4 2022
2023
2022
14 weeks ended (1)
13 weeks ended
53 weeks ended (1)
52 weeks ended
(in thousands)
Dec 31, 2023
Dec 25, 2022
Dec 31, 2023
Dec 25, 2022
Revenue from services:
PeopleReady
$
285,185
$
314,580
$
1,096,318
$
1,272,852
PeopleScout
47,204
68,676
229,334
317,518
PeopleManagement
159,782
174,439
580,591
663,814
Total company
$
492,171
$
557,695
$
1,906,243
$
2,254,184
Segment profit (2):
PeopleReady
$
7,920
$
22,467
$
26,606
$
87,743
PeopleScout
2,910
2,499
26,922
44,771
PeopleManagement
2,781
4,141
6,963
15,811
Total segment profit
13,611
29,107
60,491
148,325
Corporate unallocated expense
(8,462
)
(8,101
)
(31,507
)
(31,326
)
Total company Adjusted EBITDA (3)
5,149
21,006
28,984
116,999
Third-party processing fees for hiring tax credits (4)
67
(108
)
(253
)
(594
)
Amortization of software as a service assets (5)
(1,233
)
(810
)
(4,117
)
(2,985
)
Goodwill and intangible asset impairment charge
—
—
(9,485
)
—
PeopleReady technology upgrade costs (6)
(440
)
(1,779
)
(1,342
)
(7,935
)
Executive leadership transition (7)
(3,296
)
—
(5,788
)
1,422
Other adjustments, net (8)
(1,926
)
(4,193
)
(6,028
)
(5,449
)
EBITDA (3)
(1,679
)
14,116
1,971
101,458
Depreciation and amortization
(6,946
)
(7,258
)
(25,821
)
(29,273
)
Interest and other income (expense), net
1,223
133
3,205
1,231
Income (loss) before tax benefit (expense)
(7,402
)
6,991
(20,645
)
73,416
Income tax benefit (expense)
4,851
54
6,472
(11,143
)
Net income (loss)
$
(2,551
)
$
7,045
$
(14,173
)
$
62,273
(1)
Our fiscal period ends on the Sunday closest to the last day of Dec. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks.
(2)
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.
(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)
Costs associated with upgrading legacy PeopleReady technology.
(7)
Cost associated with our CEO and CFO transitions, including accelerated vesting of stock awards and other separation related payments.
(8)
Other adjustments for the 14 and 53 weeks ended December 31, 2023 primarily include workforce reduction costs of $1.8 million and $5.1 million , respectively. The 53 weeks ended December 31, 2023 also includes adjustments to COVID-19 government subsidies of $0.5 million . Other adjustments for the 13 and 52 weeks ended December 25, 2022 primarily include accelerated software costs of $4.2 million . The 52 weeks ended December 25, 2022 also includes costs of $1.1 million 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,
– executive leadership transition,
– other adjustments, net, and
– tax effect of the adjustments 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 (benefit),
– interest and other (income) expense, 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,
– executive leadership transition,
– 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,
– executive leadership transition,
– 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 )
Q4 2023
Q4 2022
2023
2022
14 weeks ended (1)
13 weeks ended
53 weeks ended (1)
52 weeks ended
(in thousands, except for per share data)
Dec 31, 2023
Dec 25, 2022
Dec 31, 2023
Dec 25, 2022
Net income (loss)
$
(2,551
)
$
7,045
$
(14,173
)
$
62,273
Amortization of intangible assets
1,355
1,265
5,175
5,746
Amortization of software as a service assets (2)
—
810
—
2,985
Goodwill and intangible asset impairment charge
—
—
9,485
—
Accelerated depreciation (3)
—
—
—
1,658
PeopleReady technology upgrade costs (4)
440
1,779
1,342
7,935
Executive leadership transition costs (5)
3,296
—
5,788
(1,422
)
Other adjustments, net (6)
1,926
4,193
6,028
5,449
Tax effect of adjustments to net income (loss) (7)
(1,824
)
(2,092
)
(4,920
)
(5,811
)
Adjusted net income
$
2,642
$
13,000
$
8,725
$
78,813
Adjusted net income per diluted share
$
0.08
$
0.39
$
0.28
$
2.36
Diluted weighted average shares outstanding
31,450
33,014
31,590
33,447
Margin / % of revenue:
Net income (loss)
(0.5
) %
1.3
%
(0.7
) %
2.8
%
Adjusted net income
0.5
%
2.3
%
0.5
%
3.5
%
2.
RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
(Unaudited )
Q4 2023
Q4 2022
2023
2022
14 weeks ended (1)
13 weeks ended
53 weeks ended (1)
52 weeks ended
(in thousands)
Dec 31, 2023
Dec 25, 2022
Dec 31, 2023
Dec 25, 2022
Net income (loss)
$
(2,551
)
$
7,045
$
(14,173
)
$
62,273
Income tax expense (benefit)
(4,851
)
(54
)
(6,472
)
11,143
Interest and other (income) expense, net
(1,223
)
(133
)
(3,205
)
(1,231
)
Depreciation and amortization
6,946
7,258
25,821
29,273
EBITDA
(1,679
)
14,116
1,971
101,458
Third-party processing fees for hiring tax credits (8)
(67
)
108
253
594
Amortization of software as a service assets (2)
1,233
810
4,117
2,985
Goodwill and intangible asset impairment charge
—
—
9,485
—
PeopleReady technology upgrade costs (4)
440
1,779
1,342
7,935
Executive leadership transition costs (5)
3,296
—
5,788
(1,422
)
Other adjustments, net (6)
1,926
4,193
6,028
5,449
Adjusted EBITDA
$
5,149
$
21,006
$
28,984
$
116,999
Margin / % of revenue:
Net income (loss)
(0.5
) %
1.3
%
(0.7
) %
2.8
%
Adjusted EBITDA
1.0
%
3.8
%
1.5
%
5.2
%
3.
RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE
(Unaudited)
Q4 2023
Q4 2022
2023
2022
14 weeks ended (1)
13 weeks ended
53 weeks ended (1)
52 weeks ended
(in thousands)
Dec 31, 2023
Dec 25, 2022
Dec 31, 2023
Dec 25, 2022
Selling, general and administrative expense
$
129,961
$
133,733
$
494,603
$
500,686
Third-party processing fees for hiring tax credits (8)
67
(108
)
(253
)
(594
)
Amortization of software as a service assets (2)
(1,233
)
(810
)
(4,117
)
(2,985
)
PeopleReady technology upgrade costs (4)
(440
)
(1,779
)
(1,342
)
(7,935
)
Executive leadership transition costs (5)
(3,296
)
—
(5,788
)
1,422
Other adjustments, net (6)
(1,246
)
(4,193
)
(4,145
)
(5,449
)
Adjusted SG&A expense
$
123,813
$
126,843
$
478,958
$
485,145
% of revenue:
Selling, general and administrative expense
26.4
%
24.0
%
25.9
%
22.2
%
Adjusted SG&A expense
25.2
%
22.7
%
25.1
%
21.5
%
(1)
Our fiscal period ends on the Sunday closest to the last day of December. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks.
(2)
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.
(3)
Accelerated depreciation for the existing systems being replaced by the upgraded PeopleReady technology platform.
(4)
Costs associated with upgrading legacy PeopleReady technology.
(5)
Cost associated with our CEO and CFO transitions, including accelerated vesting of stock awards and other separation related payments.
(6)
Other adjustments for the 14 and 53 weeks ended December 31, 2023 primarily include workforce reduction costs of $1.8 million and $5.1 million , respectively. The 53 weeks ended December 31, 2023 also includes adjustments to COVID-19 government subsidies of $0.5 million . Other adjustments for the 13 and 52 weeks ended December 25, 2022 primarily include accelerated software costs of $4.2 million . The 52 weeks ended December 25, 2022 also includes costs of $1.1 million incurred while transitioning to a new third party administrator for workers’ compensation.
(7)
Tax effect of the adjustments to U.S. GAAP net income (loss). The tax effect includes the application of our statutory rate of 26% to all taxable / deductible adjustments. Note, prior periods were reported using the effective rate for the respective period and have been recast to conform to the current presentation for comparability. Please refer to the reconciliations on the financial results page under the investor relations section of our website for additional information on comparable historical periods.
(8)
These third-party processing fees are associated with generating hiring tax credits.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221160802/en/
Investor Relations
InvestorRelations@trueblue.com
Source: TrueBlue
What was the revenue decrease in the fourth quarter of 2023 for TrueBlue (NYSE:TBI)?
Revenue decreased by 12% to $492 million in Q4 2023.
What was the net loss reported for the fourth quarter of 2023 by TrueBlue (NYSE:TBI)?
TrueBlue (NYSE:TBI) reported a net loss of $3 million for Q4 2023.
What was the full-year revenue decrease in 2023 for TrueBlue (NYSE:TBI)?
Full-year revenue decreased by 15% to $1.9 billion in 2023 for TrueBlue (NYSE:TBI).
What was the net loss per diluted share for the full year of 2023 for TrueBlue (NYSE:TBI)?
Net loss per diluted share was $0.45 for the full year of 2023 for TrueBlue (NYSE:TBI).