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TBI TrueBlue

TrueBlue, Inc. engages in the provision of staffing, recruitment process outsourcing, and managed service provider solutions. It operates through the following business segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers staffing solutions for blue-collar, contingent on-demand, and skilled labor to a broad range of industries that include retail, manufacturing, warehousing, logistics, energy, construction, hospitality, and others. The PeopleManagement segment supplies contingent labor and outsourced industrial workforce solutions. The PeopleScout segment covers the provision of permanent employee recruitment process outsourcing for its customers for all major industries and jobs. TrueBlue was founded by John Ross Coghlan and Glenn Welstad in 1989 and is headquartered in Tacoma, WA.

Company profile

TBI stock data

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Calendar

22 Feb 21
2 Mar 21
27 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from TrueBlue earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 118.61M 118.61M 118.61M 118.61M 118.61M 118.61M
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) 14.57M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a n/a n/a 30.88M n/a n/a
Cash remaining n/a n/a n/a 87.73M n/a n/a
Runway (months of cash) n/a n/a n/a 6.0 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
24 Feb 21 Schweihs Carl Common Stock Sell Dispose S No No 21.4 5,502 117.74K 30,158
17 Feb 21 Schweihs Carl Common Stock Sell Dispose S No No 19.95 998 19.91K 35,660
11 Feb 21 Derrek Lane Gafford Common Stock Payment of exercise Dispose F No No 19.83 1,975 39.16K 100,124
11 Feb 21 Garrett Ferencz Common Stock Payment of exercise Dispose F No No 19.83 129 2.56K 49,686
11 Feb 21 Taryn R Owen Common Stock Payment of exercise Dispose F No No 19.83 1,250 24.79K 76,057
92.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 151 157 -3.8%
Opened positions 15 27 -44.4%
Closed positions 21 27 -22.2%
Increased positions 40 36 +11.1%
Reduced positions 71 68 +4.4%
13F shares
Current Prev Q Change
Total value 615.81M 508.09M +21.2%
Total shares 32.93M 32.77M +0.5%
Total puts 11.2K 15.2K -26.3%
Total calls 0 13.3K EXIT
Total put/call ratio Infinity 1.1 +Infinity%
Largest owners
Shares Value Change
BLK Blackrock 5.5M $102.79M +2.2%
Vanguard 4.07M $75.98M +0.8%
Dimensional Fund Advisors 2.7M $50.46M -5.8%
ArrowMark Colorado 1.68M $31.32M -5.4%
PZN Pzena Investment Management 1.63M $30.4M +61.1%
JPM JPMorgan Chase & Co. 1.4M $26.08M -6.8%
IVZ Invesco 1.19M $22.17M -11.9%
STT State Street 1.16M $21.65M -1.6%
FMR 745.74K $13.94M +64.9%
Acadian Asset Management 655.84K $12.26M -11.7%
Largest transactions
Shares Bought/sold Change
PZN Pzena Investment Management 1.63M +617.01K +61.1%
Victory Capital Management 618.04K +484.93K +364.3%
FMR 745.74K +293.53K +64.9%
Royce & Associates 511.87K +281.79K +122.5%
Arrowstreet Capital, Limited Partnership 330.04K -255.95K -43.7%
GS Goldman Sachs 141.91K -199.63K -58.5%
Dimensional Fund Advisors 2.7M -165.14K -5.8%
IVZ Invesco 1.19M -159.46K -11.9%
Renaissance Technologies 42.2K -141.1K -77.0%
Jacobs Levy Equity Management 427K -133.48K -23.8%

Financial report summary

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Risks
  • COVID-19, governmental reactions to COVID-19, and the resulting adverse economic conditions have negatively impacted our business and will have a continued material adverse impact on our business, financial condition, liquidity, and results of operations.
  • Advances in technology may disrupt the labor and recruiting markets and we must constantly improve our technology to meet the expectations of clients, candidates and employees.
  • We are dependent on obtaining workers’ compensation and other insurance coverage at commercially reasonable terms. Unexpected changes in claim trends on our workers’ compensation may negatively impact our financial condition.
  • We may experience employment related claims, commercial indemnification claims and other legal proceedings that could materially harm our business.
  • The loss of, continued reduction in or substantial decline in revenue from larger clients or certain industries could have a material adverse effect on our revenues, profitability and liquidity.
  • Our business and operations have undergone, and will continue to undergo, significant change as we seek to improve our operational and support effectiveness, which if not managed could have an adverse outcome on our business and results of operations.
  • New business initiatives may cause us to incur additional expenditures and have an adverse effect on our business.
  • Failure to protect our intellectual property could harm our business, and we face the risk that our services or products may infringe upon the intellectual property rights of others.
  • We are at risk of damage to our brands and reputation, which is important to our success.
  • The expansion of social media platforms creates new risks and challenges that could cause damage to our brand and reputation.
  • We cannot guarantee that we will repurchase our common stock pursuant to our share repurchase program or that our share repurchase program will enhance long-term shareholder value.
  • Our level of debt and restrictions in our credit agreement could negatively affect our operations and limit our liquidity and our ability to react to changes in the economy.
  • Our workforce solutions are subject to extensive government regulation and the imposition of additional regulations, which could materially harm our future earnings.
  • We operate in a highly competitive industry and may be unable to retain clients, market share, or profit margins.
  • We may be unable to attract sufficient qualified associates and candidates to meet the needs of our clients.
  • Cybersecurity vulnerabilities and incidents could lead to the improper disclosure of information about our clients, candidates and employees.
  • Data security, data privacy and data protection laws and other technology regulations increase our costs.
  • Improper disclosure of, or access to our clients’ information could materially harm our business.
  • Demand for our workforce solutions is significantly affected by fluctuations in general economic conditions.
  • Outsourcing certain aspects of our business could result in disruption and increased costs.
  • We may not achieve the intended effects of our business strategy which could negatively impact our results.
  • Failure of our information technology systems could adversely affect our operating results.
  • Our facilities, operations and information technology systems are vulnerable to damage and interruption.
  • Acquisitions may have an adverse effect on our business.
  • Our results of operations could materially deteriorate if we fail to attract, develop and retain qualified employees.
  • We face risks in operating internationally.
  • We may have additional tax liabilities that exceed our estimates.
  • Failure to maintain adequate financial and management processes and controls could lead to errors in our financial reporting.
  • The price of our common stock may fluctuate significantly, which may result in losses for investors.
Management Discussion
  • The global economy and our business have been dramatically affected by the COVID-19 pandemic. We continue to monitor its impact on all aspects of our business. Throughout the pandemic, our businesses have remained open. We provided key services to essential businesses and other businesses as COVID-19 restrictions were lifted. However, the preventative measures and precautions taken to help curb the spread of COVID-19 and the resulting negative impact on the economy, continue to have a severe adverse impact on client demand for our services and our business results.
  • Our first priority, with regard to COVID-19, has been to ensure the health and safety of our associates, employees, clients, suppliers and others with whom we partner in our business activities to continue our operations in this unprecedented environment. We implemented comprehensive measures across our businesses to keep our associates, employees and clients healthy and safe, including adherence to guidance from the Centers for Disease Control and Prevention, World Health Organization, Occupational Safety and Health Administration and other key authorities. We formed a specialized task force tracking the most up-to-date developments and safety standards, and created an internal information hub with safety protocols, dashboards, FAQs, and daily reporting by location on the impact of COVID-19. In addition to posting TrueBlue’s action plan on our external websites, we are actively sharing information on how companies and workers can protect themselves via ongoing emails, social outreach, webinars and other digital communications. PeopleReady is fully leveraging our JobStackTM app to help companies and associates connect safely through a digital environment, and are rolling out a new virtual onboarding capability to minimize in-person branch visits. PeopleScout is also leveraging our AffinixTM technology to enable companies to connect with permanent talent through virtual hiring and sourcing. Working closely with clients to enforce safety standards, we are supporting efforts in providing masks and hand sanitizer for associates, disinfecting workplaces, encouraging social distancing, and providing infrared temperature checks. We instruct our associates and employees to stay home if they are not feeling well or have been exposed to COVID-19. Immediate notification and self-quarantine protocols are in place if an employee, associate or client’s employee is exposed to COVID-19, and our Field Safety Specialists closely evaluate any assignments related to clean-up of potentially infectious job sites. To ensure business continuity and support for clients who need associates for essential services, we established a Centralized Branch Support Center and are ready to implement Regional Command Centers as needed to serve as backup for our 600+ branches. Our branches follow strict sanitation and social distancing guidelines. In addition, across the TrueBlue organization, we suspended all international travel and restricted nonessential domestic travel for our employees and are providing remote work capabilities for our Tacoma and Chicago support centers as well as other locations.
  • In response to the rapidly changing market conditions as a result of COVID-19, we have taken steps to reduce SG&A expense and other cash outflows. We continue to monitor this evolving situation and guidance from domestic and international authorities, including federal, state and local public health authorities, and may take additional actions based on their recommendations. For additional discussion on the uncertainties and business risks associated with COVID-19, refer to Risk Factors in Part I, Item 1A of this Annual Report on Form 10-K.
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