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
Ticker
TBI
Exchange
Website
CEO
A. Patrick Beharelle
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
LABOR READY INC
SEC CIK
Corporate docs
IRS number
911287341
TBI stock data
()
News
Stocks That Hit 52-Week Highs On Tuesday
23 Feb 21
Credit Suisse Maintains Neutral on TrueBlue, Raises Price Target to $19
4 Feb 21
Recap: TrueBlue Q4 Earnings
3 Feb 21
TrueBlue Q4 EPS $0.33 May Not Compare To $0.18 Estimate, Sales $519.00M Beat $498.08M Estimate
3 Feb 21
Earnings Scheduled For February 3, 2021
3 Feb 21
Press releases
Workforce Trend: Temporary Jobs are Here to Stay as Part of Post-Pandemic Workforce, PeopleReady Survey Finds
23 Feb 21
TrueBlue Leaders Named to Staffing Industry Analysts' Staffing 100 List
18 Feb 21
Skilled Trade Jobs Are Booming in Pandemic Economy
18 Feb 21
As World of Work Changes, Staffing Leader PeopleReady Announces Brand Refresh with Simple Message: We Are Ready™
17 Feb 21
TrueBlue Reports Fourth Quarter and Full-Year 2020 Results
3 Feb 21
Calendar
22 Feb 21
2 Mar 21
27 Dec 21
Financial summary
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Dec 20 | Sep 20 | Jun 20 | Mar 20 | |
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Change in cash | |||||
Diluted EPS |
Annual (USD) |
Dec 20 | Dec 19 | Dec 18 | Dec 17 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
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Net income | |||||
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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 |
Recent insider trades
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 |
Institutional ownership Q4 2020
92.8% owned by funds/institutions
13F holders |
Current |
---|---|
Total holders | 151 |
Opened positions | 15 |
Closed positions | 21 |
Increased positions | 40 |
Reduced positions | 71 |
13F shares |
Current |
---|---|
Total value | 615.81M |
Total shares | 32.93M |
Total puts | 11.2K |
Total calls | 0 |
Total put/call ratio | Infinity |
Largest owners |
Shares | Value |
---|---|---|
BLK Blackrock | 5.5M | $102.79M |
Vanguard | 4.07M | $75.98M |
Dimensional Fund Advisors | 2.7M | $50.46M |
ArrowMark Colorado | 1.68M | $31.32M |
PZN Pzena Investment Management | 1.63M | $30.4M |
JPM JPMorgan Chase & Co. | 1.4M | $26.08M |
IVZ Invesco | 1.19M | $22.17M |
STT State Street | 1.16M | $21.65M |
FMR | 745.74K | $13.94M |
Acadian Asset Management | 655.84K | $12.26M |
Financial report summary
?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.
Content analysis
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Legalese | ||
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Readability |
H.S. freshman Avg
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Removed:
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Financial reports
10-K
2020 FY
Annual report
22 Feb 21
10-Q
2020 Q3
Quarterly report
26 Oct 20
10-Q
2020 Q2
Quarterly report
27 Jul 20
10-Q
2020 Q1
Quarterly report
4 May 20
10-K
2019 FY
Annual report
24 Feb 20
10-Q
2019 Q3
Quarterly report
28 Oct 19
10-Q
2019 Q2
Quarterly report
29 Jul 19
10-Q
2019 Q1
Quarterly report
29 Apr 19
10-K
2018 FY
Annual report
22 Feb 19
10-Q
2018 Q3
Quarterly report
5 Nov 18
Current reports
8-K
Regulation FD Disclosure
22 Feb 21
8-K
Trueblue Reports Fourth Quarter and Full-year 2020 Results
3 Feb 21
8-K/A
TrueBlue Appoints Chris Kreidler to Board of Directors
6 Jan 21
8-K
Departure of Directors or Certain Officers
30 Dec 20
8-K
Trueblue Reports Third Quarter 2020 Results
26 Oct 20
8-K
Trueblue Reports Second Quarter 2020 Results
27 Jul 20
8-K
TrueBlue Appoints Chris Kreidler to Board of Directors
27 Jul 20
8-K
Entry into a Material Definitive Agreement
26 Jun 20
8-K
Submission of Matters to a Vote of Security Holders
15 May 20
8-K
Trueblue Reports First Quarter 2020 Results
4 May 20
Registration and prospectus
S-8
Registration of securities for employees
7 May 20
S-3ASR
Automatic shelf registration
29 Jul 18
S-8
Registration of securities for employees
31 May 16
S-8 POS
Registration of securities for employees (post-effective amendment)
31 May 16
S-3
Shelf registration
4 Aug 15
S-8
Registration of securities for employees
28 Jul 13
S-3
Shelf registration
24 Jul 12
S-8
Registration of securities for employees
24 Jun 10
S-8
Registration of securities for employees
31 Jan 10
S-3
Shelf registration
21 Jul 09
Proxies
DEFA14A
Additional proxy soliciting materials
2 Apr 20
DEF 14A
Definitive proxy
2 Apr 20
DEFA14A
Additional proxy soliciting materials
2 Apr 19
DEF 14A
Definitive proxy
2 Apr 19
DEF 14A
Definitive proxy
28 Mar 18
DEFA14A
Additional proxy soliciting materials
28 Mar 18
DEF 14A
Definitive proxy
30 Mar 17
DEFA14A
Additional proxy soliciting materials
30 Mar 17
DEF 14A
Definitive proxy
31 Mar 16
DEFA14A
Additional proxy soliciting materials
31 Mar 16
Other
EFFECT
Notice of effectiveness
13 Aug 15
CORRESP
Correspondence with SEC
10 Aug 15
UPLOAD
Letter from SEC
9 Aug 15
UPLOAD
Letter from SEC
31 Jul 14
CORRESP
Correspondence with SEC
24 Jul 14
UPLOAD
Letter from SEC
16 Jul 14
EFFECT
Notice of effectiveness
5 Aug 12
UPLOAD
Letter from SEC
15 Nov 10
CORRESP
Correspondence with SEC
1 Nov 10
UPLOAD
Letter from SEC
18 Oct 10
Ownership
4
TrueBlue / Carl Schweihs ownership change
25 Feb 21
4
TrueBlue / Carl Schweihs ownership change
19 Feb 21
4
TrueBlue / Carl Schweihs ownership change
16 Feb 21
4
TrueBlue / Richard Christensen ownership change
16 Feb 21
4
TrueBlue / A. Patrick Beharelle ownership change
16 Feb 21
4
TrueBlue / Taryn R Owen ownership change
16 Feb 21
4
TrueBlue / Garrett Ferencz ownership change
16 Feb 21
4
TrueBlue / Derrek Lane Gafford ownership change
16 Feb 21
SC 13G/A
TrueBlue / DIMENSIONAL FUND ADVISORS ownership change
12 Feb 21
4
TrueBlue / Richard Christensen ownership change
11 Feb 21
Transcripts
2020 Q4
Earnings call transcript
4 Feb 21
2020 Q3
Earnings call transcript
26 Oct 20
2020 Q2
Earnings call transcript
27 Jul 20
2020 Q1
Earnings call transcript
4 May 20
2019 Q4
Earnings call transcript
5 Feb 20
2019 Q3
Earnings call transcript
28 Oct 19
2019 Q2
Earnings call transcript
29 Jul 19
2019 Q1
Earnings call transcript
29 Apr 19
2018 Q4
Earnings call transcript
8 Feb 19
2018 Q3
Earnings call transcript
5 Nov 18