$TBI

TrueBlue, Inc.

CIK:0000768899|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Income Statement [Abstract]
Revenue from services	$ 443,001	$ 396,299	$ 841,567	$ 766,553
Cost of services	351,419	302,735	670,966	586,647
Gross profit	91,582	93,564	170,601	179,906
Selling, general and administrative expense	83,831	89,798	171,130	184,419
Depreciation and amortization (exclusive of depreciation included in cost of services)	5,887	6,507	11,798	12,351
Loss on assets held-for-sale	3,026	0	3,026	0
Goodwill and intangible asset impairment charge	0	200	3,656	200
Loss from operations	(1,162)	(2,941)	(19,009)	(17,064)
Interest and other income (expense), net	(1,320)	2,903	(2,692)	3,096
Loss before tax expense	(2,482)	(38)	(21,701)	(13,968)
Income tax expense (benefit)	887	122	1,463	540
Net loss	$ (3,369)	$ (160)	$ (23,164)	$ (14,508)
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.11)	$ (0.01)	$ (0.76)	$ (0.49)
Diluted (in dollars per share)	$ (0.11)	$ (0.01)	$ (0.76)	$ (0.49)
Weighted average shares outstanding:
Basic (in shares)	30,414	29,856	30,280	29,777
Diluted (in shares)	30,414	29,856	30,280	29,777
Other Comprehensive Income (Loss):
Foreign currency translation adjustment	$ (109)	$ 635	$ (148)	$ 606
Comprehensive income (loss)	$ (3,478)	$ 475	$ (23,312)	$ (13,902)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Cash flows from operating activities:
Net loss	$ (23,164)	$ (14,508)
Depreciation, Depletion and Amortization	13,680	14,312
Loss on assets held-for-sale	3,026	0
Goodwill and intangible asset impairment charge	3,656	200
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	376	435
Stock-based compensation	3,846	4,421
Deferred income taxes	209	(113)
Non-cash lease expense	5,244	5,524
Other operating activities	(3,130)	(1,438)
Changes in operating assets and liabilities:
Accounts receivable	(26,913)	2,260
Income taxes receivable and payable	(582)	279
Other assets	8,857	8,592
Accounts payable and other accrued expenses	(3,806)	(10,199)
Accrued wages and benefits	7,399	(10,808)
Workers’ compensation claims reserve	(10,771)	(30,340)
Operating lease liabilities	(5,824)	(5,688)
Other liabilities	(2,460)	3,162
Net cash used in operating activities	(30,357)	(33,909)
Cash flows from investing activities:
Capital expenditures	(6,203)	(8,936)
Acquisition of business, net of cash acquired	0	30,140
Purchases of restricted held-to-maturity investments	(7,718)	0
Sales and maturities of restricted held-to-maturity investments	24,001	19,285
Payment for (Proceeds from) Other Investing Activity	(4)	0
Net cash provided by (used in) investing activities	10,084	(19,791)
Cash flows from financing activities:
Net proceeds from employee stock purchase plans	207	256
Common stock repurchases for taxes upon vesting of restricted stock	(633)	(942)
Net change in revolving credit facility	16,600	46,200
Other	(498)	(396)
Net cash provided by financing activities	15,676	45,118
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(443)	(70)
Net change in cash, cash equivalents and restricted cash and cash equivalents	(5,040)	(8,652)
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period	44,020	61,100
Cash, cash equivalents and restricted cash and cash equivalents, end of period	38,980	52,448
Supplemental Disclosure of Cash Flow Information [Abstract]
Interest	2,824	1,548
Income taxes, net of refunds	1,631	571
Operating lease liabilities	7,266	7,280
Property and equipment purchased but not yet paid	243	875
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 4,137	$ 2,856

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 23,253	$ 24,510
Accounts receivable, net of allowance of $1,142 and $2,190, respectively	267,770	241,233
Prepaid expenses and other current assets	26,186	30,987
Income tax receivable	1,146	879
Total current assets	318,355	297,609
Property and equipment, net	66,393	73,117
Restricted cash, cash equivalents and investments	118,818	136,588
Deferred income taxes, net	1,233	1,338
Goodwill	38,930	42,496
Intangible assets, net	16,779	18,095
Operating lease right-of-use assets, net	32,689	34,045
Workers’ compensation claims receivable, net	20,157	25,659
Other assets, net	9,610	9,720
Total assets	622,964	638,667
Current liabilities:
Accounts payable and other accrued expenses	31,693	36,111
Accrued wages and benefits	69,135	61,736
Income tax payable	743	1,038
Current portion of workers’ compensation claims reserve	23,114	24,193
Current operating lease liabilities	11,342	11,206
Other current liabilities	3,334	4,249
Total current liabilities	139,361	138,533
Workers’ compensation claims reserve, less current portion	62,859	72,551
Long-term debt	82,400	65,800
Long-term deferred compensation liabilities	38,269	39,531
Long-term operating lease liabilities	44,698	46,796
Other long-term liabilities	711	899
Total liabilities	368,298	364,110
Commitments and contingencies (Note 9)
Shareholders’ equity:
Preferred stock, $0.131 par value, 20,000,000 shares authorized; No shares issued and outstanding	0	0
Common stock, no par value, 100,000,000 shares authorized; 30,443,860 and 29,986,762 shares issued and outstanding	1	1
Accumulated other comprehensive loss	(21,795)	(21,647)
Retained earnings	276,460	296,203
Total shareholders’ equity	254,666	274,557
Total liabilities and shareholders’ equity	$ 622,964	$ 638,667