We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TrueBlue Inc | NYSE:TBI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.65 | 0 | 01:00:00 |
|
|
Washington
|
|
91-1287341
|
|
|
(State of incorporation)
|
|
(I.R.S. employer identification no.)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common stock, no par value
|
TBI
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
|
|
Page
|
PART I. FINANCIAL INFORMATION
|
||
Item 1.
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
PART II. OTHER INFORMATION
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
|
|
|
Item 1.
|
CONSOLIDATED FINANCIAL STATEMENTS
|
(in thousands, except par value data)
|
June 30,
2019 |
December 30,
2018 |
||||
ASSETS
|
|
|
||||
Current assets:
|
|
|
||||
Cash and cash equivalents
|
$
|
23,124
|
|
$
|
46,988
|
|
Accounts receivable, net of allowance for doubtful accounts of $4,392 and $5,026
|
335,488
|
|
355,373
|
|
||
Prepaid expenses, deposits and other current assets
|
22,664
|
|
22,141
|
|
||
Income tax receivable
|
11,066
|
|
5,325
|
|
||
Total current assets
|
392,342
|
|
429,827
|
|
||
Property and equipment, net
|
58,647
|
|
57,671
|
|
||
Restricted cash and investments
|
222,556
|
|
235,443
|
|
||
Deferred income taxes, net
|
2,106
|
|
4,388
|
|
||
Goodwill
|
237,126
|
|
237,287
|
|
||
Intangible assets, net
|
81,358
|
|
91,408
|
|
||
Operating lease right-of-use assets
|
37,978
|
|
—
|
|
||
Workers’ compensation claims receivable, net
|
46,372
|
|
44,915
|
|
||
Other assets, net
|
16,402
|
|
13,905
|
|
||
Total assets
|
$
|
1,094,887
|
|
$
|
1,114,844
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
||||
Current liabilities:
|
|
|
||||
Accounts payable and other accrued expenses
|
$
|
45,229
|
|
$
|
62,045
|
|
Accrued wages and benefits
|
72,431
|
|
77,098
|
|
||
Current portion of workers’ compensation claims reserve
|
72,336
|
|
76,421
|
|
||
Operating lease current liabilities
|
14,453
|
|
—
|
|
||
Other current liabilities
|
8,269
|
|
9,962
|
|
||
Total current liabilities
|
212,718
|
|
225,526
|
|
||
Workers’ compensation claims reserve, less current portion
|
187,001
|
|
190,025
|
|
||
Long-term debt
|
24,700
|
|
80,000
|
|
||
Long-term deferred compensation liabilities
|
25,069
|
|
21,747
|
|
||
Operating lease long-term liabilities
|
25,995
|
|
—
|
|
||
Other long-term liabilities
|
4,397
|
|
6,107
|
|
||
Total liabilities
|
479,880
|
|
523,405
|
|
||
|
|
|
||||
Commitments and contingencies (Note 6)
|
|
|
||||
|
|
|
||||
Shareholders’ equity:
|
|
|
||||
Preferred stock, $0.131 par value, 20,000 shares authorized; No shares issued and outstanding
|
—
|
|
—
|
|
||
Common stock, no par value, 100,000 shares authorized; 40,058 and 40,054 shares issued and outstanding
|
1
|
|
1
|
|
||
Accumulated other comprehensive loss
|
(14,016
|
)
|
(14,649
|
)
|
||
Retained earnings
|
629,022
|
|
606,087
|
|
||
Total shareholders’ equity
|
615,007
|
|
591,439
|
|
||
Total liabilities and shareholders’ equity
|
$
|
1,094,887
|
|
$
|
1,114,844
|
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands, except per share data)
|
June 30,
2019 |
July 1,
2018 |
|
June 30,
2019 |
July 1,
2018 |
||||||||
Revenue from services
|
$
|
588,594
|
|
$
|
614,301
|
|
|
$
|
1,140,946
|
|
$
|
1,168,689
|
|
Cost of services
|
430,277
|
|
448,717
|
|
|
834,253
|
|
859,837
|
|
||||
Gross profit
|
158,317
|
|
165,584
|
|
|
306,693
|
|
308,852
|
|
||||
Selling, general and administrative expense
|
127,599
|
|
134,207
|
|
|
257,260
|
|
259,970
|
|
||||
Depreciation and amortization
|
9,827
|
|
10,101
|
|
|
19,779
|
|
20,191
|
|
||||
Income from operations
|
20,891
|
|
21,276
|
|
|
29,654
|
|
28,691
|
|
||||
Interest expense
|
(660
|
)
|
(1,355
|
)
|
|
(1,382
|
)
|
(2,245
|
)
|
||||
Interest and other income
|
1,487
|
|
387
|
|
|
2,762
|
|
3,481
|
|
||||
Interest and other income (expense), net
|
827
|
|
(968
|
)
|
|
1,380
|
|
1,236
|
|
||||
Income before tax expense
|
21,718
|
|
20,308
|
|
|
31,034
|
|
29,927
|
|
||||
Income tax expense
|
2,312
|
|
2,576
|
|
|
3,352
|
|
3,440
|
|
||||
Net income
|
$
|
19,406
|
|
$
|
17,732
|
|
|
$
|
27,682
|
|
$
|
26,487
|
|
|
|
|
|
|
|
||||||||
Net income per common share:
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.50
|
|
$
|
0.44
|
|
|
$
|
0.71
|
|
$
|
0.66
|
|
Diluted
|
$
|
0.49
|
|
$
|
0.44
|
|
|
$
|
0.70
|
|
$
|
0.65
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding:
|
|
|
|
|
|
||||||||
Basic
|
39,163
|
|
40,227
|
|
|
39,264
|
|
40,335
|
|
||||
Diluted
|
39,554
|
|
40,469
|
|
|
39,619
|
|
40,576
|
|
||||
|
|
|
|
|
|
||||||||
Other comprehensive income:
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
$
|
(693
|
)
|
$
|
(1,921
|
)
|
|
$
|
633
|
|
$
|
(3,305
|
)
|
Comprehensive income
|
$
|
18,713
|
|
$
|
15,811
|
|
|
$
|
28,315
|
|
$
|
23,182
|
|
|
|
Twenty-six weeks ended
|
|||||
(in thousands)
|
June 30,
2019 |
July 1,
2018 |
||||
Cash flows from operating activities:
|
|
|
||||
Net income
|
$
|
27,682
|
|
$
|
26,487
|
|
Adjustments to reconcile net income
to net cash provided by operating activities:
|
|
|
||||
Depreciation and amortization
|
19,779
|
|
20,191
|
|
||
Provision for doubtful accounts
|
3,761
|
|
5,571
|
|
||
Stock-based compensation
|
5,260
|
|
5,983
|
|
||
Deferred income taxes
|
2,393
|
|
1,373
|
|
||
Non-cash lease expense
|
6,934
|
|
—
|
|
||
Other operating activities
|
(2,072
|
)
|
102
|
|
||
Changes in operating assets and liabilities:
|
|
|
||||
Accounts receivable
|
16,162
|
|
888
|
|
||
Income tax receivable
|
(6,347
|
)
|
(3,641
|
)
|
||
Other assets
|
(4,472
|
)
|
(3,522
|
)
|
||
Accounts payable and other accrued expenses
|
(16,542
|
)
|
3,468
|
|
||
Accrued wages and benefits
|
(4,667
|
)
|
(1,528
|
)
|
||
Workers’ compensation claims reserve
|
(7,109
|
)
|
(9,235
|
)
|
||
Operating lease liabilities
|
(6,957
|
)
|
—
|
|
||
Other liabilities
|
3,174
|
|
3,304
|
|
||
Net cash provided by operating activities
|
36,979
|
|
49,441
|
|
||
Cash flows from investing activities:
|
|
|
||||
Capital expenditures
|
(11,064
|
)
|
(6,468
|
)
|
||
Acquisition of business
|
—
|
|
(22,742
|
)
|
||
Divestiture of business
|
—
|
|
8,800
|
|
||
Purchases of restricted investments
|
(11,315
|
)
|
(10,730
|
)
|
||
Maturities of restricted investments
|
19,685
|
|
13,044
|
|
||
Net cash used in investing activities
|
(2,694
|
)
|
(18,096
|
)
|
||
Cash flows from financing activities:
|
|
|
||||
Purchases and retirement of common stock
|
(9,077
|
)
|
(19,065
|
)
|
||
Net proceeds from employee stock purchase plans
|
700
|
|
757
|
|
||
Common stock repurchases for taxes upon vesting of restricted stock
|
(1,631
|
)
|
(2,403
|
)
|
||
Net change in revolving credit facility
|
(55,300
|
)
|
21,300
|
|
||
Payments on debt
|
—
|
|
(22,856
|
)
|
||
Other
|
(119
|
)
|
—
|
|
||
Net cash used in financing activities
|
(65,427
|
)
|
(22,267
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
560
|
|
(919
|
)
|
||
Net change in cash, cash equivalents and restricted cash
|
(30,582
|
)
|
8,159
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
102,450
|
|
73,831
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
71,868
|
|
$
|
81,990
|
|
Supplemental disclosure of cash flow information:
|
|
|
||||
Cash paid during the period for:
|
|
|
||||
Interest
|
$
|
1,199
|
|
$
|
1,892
|
|
Income taxes
|
7,277
|
|
5,696
|
|
||
Operating lease liabilities
|
8,798
|
|
—
|
|
||
Non-cash transactions:
|
|
|
||||
Property and equipment purchased but not yet paid
|
1,227
|
|
726
|
|
||
Divestiture non-cash consideration
|
—
|
|
1,657
|
|
||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
7,711
|
|
—
|
|
|
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
|
|
|
|
(in thousands)
|
Purchase price allocation
|
||
Cash purchase price, net of cash acquired
|
$
|
22,742
|
|
|
|
||
Accounts receivable
|
9,770
|
|
|
Prepaid expenses, deposits and other current assets
|
337
|
|
|
Property and equipment
|
435
|
|
|
Customer relationships
|
6,286
|
|
|
Trade names/trademarks
|
1,738
|
|
|
Total assets acquired
|
18,566
|
|
|
|
|
||
Accounts payable and other accrued expenses
|
9,139
|
|
|
Accrued wages and benefits
|
1,642
|
|
|
Income tax payable
|
205
|
|
|
Deferred income tax liability
|
1,444
|
|
|
Total liabilities assumed
|
12,430
|
|
|
|
|
||
Net identifiable assets acquired
|
6,136
|
|
|
Goodwill (1)
|
16,606
|
|
|
Total consideration allocated
|
$
|
22,742
|
|
(in thousands, except for estimated useful lives, in years)
|
Estimated fair value
|
Estimated useful life in years
|
||
Customer relationships
|
$
|
6,286
|
|
3, 7
|
Trade names/trademarks
|
1,738
|
|
14
|
|
Total acquired identifiable intangible assets
|
$
|
8,024
|
|
|
|
|
June 30, 2019
|
|||||||||||
(in thousands)
|
Total fair value
|
Quoted prices in active markets for identical assets (level 1)
|
Significant other observable inputs (level 2)
|
Significant unobservable inputs (level 3)
|
||||||||
Cash and cash equivalents
|
$
|
23,124
|
|
$
|
23,124
|
|
$
|
—
|
|
$
|
—
|
|
Restricted cash and cash equivalents
|
48,744
|
|
48,744
|
|
—
|
|
—
|
|
||||
Cash, cash equivalents and restricted cash (1)
|
$
|
71,868
|
|
$
|
71,868
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
||||||||
Municipal debt securities
|
$
|
76,084
|
|
$
|
—
|
|
$
|
76,084
|
|
$
|
—
|
|
Corporate debt securities
|
69,081
|
|
—
|
|
69,081
|
|
—
|
|
||||
Agency mortgage-backed securities
|
1,944
|
|
—
|
|
1,944
|
|
—
|
|
||||
U.S. government and agency securities
|
1,045
|
|
—
|
|
1,045
|
|
—
|
|
||||
Restricted investments classified as held-to-maturity
|
$
|
148,154
|
|
$
|
—
|
|
$
|
148,154
|
|
$
|
—
|
|
|
|
|
|
|
||||||||
Deferred compensation mutual funds
|
$
|
28,416
|
|
$
|
28,416
|
|
$
|
—
|
|
$
|
—
|
|
|
December 30, 2018
|
|||||||||||
(in thousands)
|
Total fair value
|
Quoted prices in active markets for identical assets (level 1)
|
Significant other observable inputs (level 2)
|
Significant unobservable inputs (level 3)
|
||||||||
Cash and cash equivalents
|
$
|
46,988
|
|
$
|
46,988
|
|
$
|
—
|
|
$
|
—
|
|
Restricted cash and cash equivalents
|
55,462
|
|
55,462
|
|
—
|
|
—
|
|
||||
Cash, cash equivalents and restricted cash (1)
|
$
|
102,450
|
|
$
|
102,450
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
||||||||
Municipal debt securities
|
$
|
76,690
|
|
$
|
—
|
|
$
|
76,690
|
|
$
|
—
|
|
Corporate debt securities
|
75,432
|
|
—
|
|
75,432
|
|
—
|
|
||||
Agency mortgage-backed securities
|
2,531
|
|
—
|
|
2,531
|
|
—
|
|
||||
U.S. government and agency securities
|
988
|
|
—
|
|
988
|
|
—
|
|
||||
Restricted investments classified as held-to-maturity
|
$
|
155,641
|
|
$
|
—
|
|
$
|
155,641
|
|
$
|
—
|
|
|
|
|
|
|
||||||||
Deferred compensation mutual funds
|
$
|
23,363
|
|
$
|
23,363
|
|
$
|
—
|
|
$
|
—
|
|
(1)
|
Cash, cash equivalents and restricted cash consist of money market funds, deposits and investments with original maturities of three months or less.
|
(in thousands)
|
June 30,
2019 |
December 30,
2018 |
||||
Cash collateral held by insurance carriers
|
$
|
23,877
|
|
$
|
24,182
|
|
Cash and cash equivalents held in Trust
|
24,721
|
|
28,021
|
|
||
Investments held in Trust
|
145,396
|
|
156,618
|
|
||
Deferred compensation mutual funds
|
28,416
|
|
23,363
|
|
||
Other restricted cash and cash equivalents
|
146
|
|
3,259
|
|
||
Total restricted cash and investments
|
$
|
222,556
|
|
$
|
235,443
|
|
|
|
June 30, 2019
|
|||||||||||
(in thousands)
|
Amortized cost
|
Gross unrealized gains
|
Gross unrealized losses
|
Fair value
|
||||||||
Municipal debt securities
|
$
|
74,206
|
|
$
|
1,883
|
|
$
|
(5
|
)
|
$
|
76,084
|
|
Corporate debt securities
|
68,262
|
|
883
|
|
(64
|
)
|
69,081
|
|
||||
Agency mortgage-backed securities
|
1,929
|
|
21
|
|
(6
|
)
|
1,944
|
|
||||
U.S. government and agency securities
|
999
|
|
46
|
|
—
|
|
1,045
|
|
||||
Total held-to-maturity investments
|
$
|
145,396
|
|
$
|
2,833
|
|
$
|
(75
|
)
|
$
|
148,154
|
|
|
December 30, 2018
|
|||||||||||
(in thousands)
|
Amortized cost
|
Gross unrealized gains
|
Gross unrealized losses
|
Fair value
|
||||||||
Municipal debt securities
|
$
|
76,750
|
|
$
|
456
|
|
$
|
(516
|
)
|
$
|
76,690
|
|
Corporate debt securities
|
76,310
|
|
30
|
|
(908
|
)
|
75,432
|
|
||||
Agency mortgage-backed securities
|
2,559
|
|
5
|
|
(33
|
)
|
2,531
|
|
||||
U.S. government and agency securities
|
999
|
|
—
|
|
(11
|
)
|
988
|
|
||||
Total held-to-maturity investments
|
$
|
156,618
|
|
$
|
491
|
|
$
|
(1,468
|
)
|
$
|
155,641
|
|
|
June 30, 2019
|
|||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||||
(in thousands)
|
Estimated fair value
|
Unrealized losses
|
|
Estimated fair value
|
Unrealized losses
|
|
Estimated fair value
|
Unrealized losses
|
||||||||||||
Municipal debt securities
|
$
|
—
|
|
$
|
—
|
|
|
$
|
5,992
|
|
$
|
(5
|
)
|
|
$
|
5,992
|
|
$
|
(5
|
)
|
Corporate debt securities
|
—
|
|
—
|
|
|
23,378
|
|
(64
|
)
|
|
23,378
|
|
(64
|
)
|
||||||
Agency mortgage-backed securities
|
—
|
|
—
|
|
|
676
|
|
(6
|
)
|
|
676
|
|
(6
|
)
|
||||||
Total held-to-maturity investments
|
$
|
—
|
|
$
|
—
|
|
|
$
|
30,046
|
|
$
|
(75
|
)
|
|
$
|
30,046
|
|
$
|
(75
|
)
|
|
|
December 30, 2018
|
|||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||||
(in thousands)
|
Estimated fair value
|
Unrealized losses
|
|
Estimated fair value
|
Unrealized losses
|
|
Estimated fair value
|
Unrealized losses
|
||||||||||||
Municipal debt securities
|
$
|
12,803
|
|
$
|
(74
|
)
|
|
$
|
22,638
|
|
$
|
(442
|
)
|
|
$
|
35,441
|
|
$
|
(516
|
)
|
Corporate debt securities
|
22,567
|
|
(277
|
)
|
|
44,463
|
|
(631
|
)
|
|
67,030
|
|
(908
|
)
|
||||||
Agency mortgage-backed securities
|
385
|
|
—
|
|
|
1,375
|
|
(33
|
)
|
|
1,760
|
|
(33
|
)
|
||||||
U.S. government and agency securities
|
988
|
|
(11
|
)
|
|
—
|
|
—
|
|
|
988
|
|
(11
|
)
|
||||||
Total held-to-maturity investments
|
$
|
36,743
|
|
$
|
(362
|
)
|
|
$
|
68,476
|
|
$
|
(1,106
|
)
|
|
$
|
105,219
|
|
$
|
(1,468
|
)
|
|
June 30, 2019
|
|||||
(in thousands)
|
Amortized cost
|
Fair value
|
||||
Due in one year or less
|
$
|
10,453
|
|
$
|
10,442
|
|
Due after one year through five years
|
88,986
|
|
90,201
|
|
||
Due after five years through ten years
|
45,957
|
|
47,511
|
|
||
Total held-to-maturity investments
|
$
|
145,396
|
|
$
|
148,154
|
|
|
(in thousands)
|
June 30,
2019 |
December 30,
2018 |
||||
Undiscounted workers’ compensation reserve
|
$
|
277,449
|
|
$
|
284,625
|
|
Less discount on workers’ compensation reserve
|
18,112
|
|
18,179
|
|
||
Workers’ compensation reserve, net of discount
|
259,337
|
|
266,446
|
|
||
Less current portion
|
72,336
|
|
76,421
|
|
||
Long-term portion
|
$
|
187,001
|
|
$
|
190,025
|
|
(in thousands)
|
June 30,
2019 |
December 30,
2018 |
||||
Cash collateral held by workers’ compensation insurance carriers
|
$
|
22,311
|
|
$
|
22,264
|
|
Cash and cash equivalents held in Trust
|
24,721
|
|
28,021
|
|
||
Investments held in Trust
|
145,396
|
|
156,618
|
|
||
Letters of credit (1)
|
6,677
|
|
6,691
|
|
||
Surety bonds (2)
|
21,881
|
|
21,881
|
|
||
Total collateral commitments
|
$
|
220,986
|
|
$
|
235,475
|
|
(1)
|
We have agreements with certain financial institutions to issue letters of credit as collateral.
|
(2)
|
Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed
2.0%
of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every
one
to
four years
and most bonds can be canceled by the sureties with as little as
60
days’ notice.
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||
(in thousands)
|
June 30, 2019
|
||||||
Operating lease costs
|
$
|
4,363
|
|
|
$
|
8,635
|
|
Short-term lease costs
|
1,773
|
|
|
3,663
|
|
||
Other lease costs (1)
|
1,602
|
|
|
3,088
|
|
||
Total lease costs
|
$
|
7,738
|
|
|
$
|
15,386
|
|
(1)
|
Other lease costs include immaterial variable lease costs and sublease income.
|
|
Thirteen weeks ended
|
|
June 30, 2019
|
Weighted average remaining lease term in years
|
3.5
|
Weighted average discount rate
|
4.9%
|
(1)
|
Operating lease payments exclude approximately
$3.9 million
of legally binding minimum lease payments for leases signed but not yet commenced.
|
(2)
|
Amount necessary to reduce net minimum lease payments to present value calculated using our incremental borrowing rates, which are consistent with the lease terms at adoption date (for those leases in existence as of the adoption date of the new lease standard) or lease inception (for those leases entered into after the adoption date).
|
|
(in thousands)
|
|
||
2019
|
$
|
8,337
|
|
2020
|
7,192
|
|
|
2021
|
4,990
|
|
|
2022
|
2,442
|
|
|
2023
|
1,324
|
|
|
Thereafter
|
699
|
|
|
Total future non-cancelable minimum lease payments
|
$
|
24,984
|
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands)
|
June 30,
2019 |
July 1,
2018 |
|
June 30,
2019 |
July 1,
2018 |
||||||||
|
|
|
|
|
|
||||||||
Common stock shares
|
|
|
|
|
|
||||||||
Beginning balance
|
40,152
|
|
41,334
|
|
|
40,054
|
|
41,098
|
|
||||
Purchases and retirement of common stock
|
(156
|
)
|
(758
|
)
|
|
(390
|
)
|
(758
|
)
|
||||
Issuances under equity plans, including tax benefits
|
58
|
|
11
|
|
|
366
|
|
229
|
|
||||
Stock-based compensation
|
4
|
|
8
|
|
|
28
|
|
26
|
|
||||
Ending balance
|
40,058
|
|
40,595
|
|
|
40,058
|
|
40,595
|
|
||||
|
|
|
|
|
|
||||||||
Common stock amount
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
1
|
|
$
|
1
|
|
|
$
|
1
|
|
$
|
1
|
|
Current period activity
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Ending balance
|
1
|
|
1
|
|
|
1
|
|
1
|
|
||||
|
|
|
|
|
|
||||||||
Retained earnings
|
|
|
|
|
|
||||||||
Beginning balance
|
611,609
|
|
573,648
|
|
|
606,087
|
|
561,650
|
|
||||
Net income
|
19,406
|
|
17,732
|
|
|
27,682
|
|
26,487
|
|
||||
Purchases and retirement of common stock (1)
|
(3,774
|
)
|
(19,066
|
)
|
|
(9,077
|
)
|
(19,066
|
)
|
||||
Issuances under equity plans, including tax benefits
|
127
|
|
46
|
|
|
(930
|
)
|
(1,645
|
)
|
||||
Stock-based compensation
|
1,654
|
|
2,574
|
|
|
5,260
|
|
5,983
|
|
||||
Change in accounting standard cumulative-effect adjustment (2)
|
—
|
|
—
|
|
|
—
|
|
1,525
|
|
||||
Ending balance
|
629,022
|
|
574,934
|
|
|
629,022
|
|
574,934
|
|
||||
|
|
|
|
|
|
||||||||
Accumulated other comprehensive loss
|
|
|
|
|
|
||||||||
Beginning balance, net of tax
|
(13,323
|
)
|
(9,713
|
)
|
|
(14,649
|
)
|
(6,804
|
)
|
||||
Foreign currency translation adjustment
|
(693
|
)
|
(1,921
|
)
|
|
633
|
|
(3,305
|
)
|
||||
Change in accounting standard cumulative-effect adjustment (2)
|
—
|
|
—
|
|
|
—
|
|
(1,525
|
)
|
||||
Ending balance, net of tax
|
(14,016
|
)
|
(11,634
|
)
|
|
(14,016
|
)
|
(11,634
|
)
|
||||
|
|
|
|
|
|
||||||||
Total shareholders’ equity ending balance
|
$
|
615,007
|
|
$
|
563,301
|
|
|
$
|
615,007
|
|
$
|
563,301
|
|
(1)
|
Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered.
|
(2)
|
As a result of our adoption of the accounting standard for equity investments issued by the FASB in January 2016,
$1.5 million
in unrealized gains, net of tax on equity securities previously classified as available-for-sale were reclassified from accumulated other comprehensive loss to retained earnings as of the beginning of fiscal 2018. There were no material reclassifications out of accumulated other comprehensive loss during the
thirteen and twenty-six weeks ended
June 30, 2019
.
|
|
NOTE 8:
|
INCOME TAXES
|
NOTE 9:
|
NET INCOME PER SHARE
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands, except per share data)
|
June 30,
2019 |
July 1,
2018 |
|
June 30,
2019 |
July 1,
2018 |
||||||||
Net income
|
$
|
19,406
|
|
$
|
17,732
|
|
|
$
|
27,682
|
|
$
|
26,487
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares used in basic net income per common share
|
39,163
|
|
40,227
|
|
|
39,264
|
|
40,335
|
|
||||
Dilutive effect of non-vested restricted stock
|
391
|
|
242
|
|
|
355
|
|
241
|
|
||||
Weighted average number of common shares used in diluted net income per common share
|
39,554
|
|
40,469
|
|
|
39,619
|
|
40,576
|
|
||||
|
|
|
|
|
|
||||||||
Net income per common share:
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.50
|
|
$
|
0.44
|
|
|
$
|
0.71
|
|
$
|
0.66
|
|
Diluted
|
$
|
0.49
|
|
$
|
0.44
|
|
|
$
|
0.70
|
|
$
|
0.65
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive shares
|
246
|
|
254
|
|
|
336
|
|
218
|
|
•
|
Staff Management | SMX
: Exclusive recruitment and on-premise management of a facility’s contingent industrial workforce;
|
•
|
SIMOS Insourcing Solutions
: On-premise management and recruitment of warehouse/distribution operations; and
|
•
|
Centerline Drivers
: Recruitment and management of temporary and dedicated drivers to the transportation and distribution industries.
|
|
•
|
PeopleScout
: Outsourced recruitment of permanent employees on behalf of clients; and
|
•
|
PeopleScout MSP
: Management of multiple third party staffing vendors on behalf of clients.
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands)
|
June 30,
2019 |
July 1,
2018 |
|
June 30,
2019 |
July 1,
2018 |
||||||||
Revenue from services:
|
|
|
|
|
|
||||||||
Contingent staffing
|
|
|
|
|
|
||||||||
PeopleReady
|
$
|
369,261
|
|
$
|
377,460
|
|
|
$
|
696,129
|
|
$
|
694,295
|
|
PeopleManagement
|
153,530
|
|
178,839
|
|
|
311,574
|
|
362,731
|
|
||||
Human resource outsourcing
|
|
|
|
|
|
||||||||
PeopleScout
|
65,803
|
|
58,002
|
|
|
133,243
|
|
111,663
|
|
||||
Total company
|
$
|
588,594
|
|
$
|
614,301
|
|
|
$
|
1,140,946
|
|
$
|
1,168,689
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands)
|
June 30,
2019 |
July 1,
2018 |
|
June 30,
2019 |
July 1,
2018 |
||||||||
Segment profit:
|
|
|
|
|
|
||||||||
PeopleReady
|
$
|
21,795
|
|
$
|
23,198
|
|
|
$
|
33,265
|
|
$
|
32,723
|
|
PeopleManagement
|
4,128
|
|
4,712
|
|
|
6,434
|
|
10,361
|
|
||||
PeopleScout
|
11,223
|
|
11,320
|
|
|
21,650
|
|
23,225
|
|
||||
|
37,146
|
|
39,230
|
|
|
61,349
|
|
66,309
|
|
||||
Corporate unallocated
|
(3,634
|
)
|
(5,868
|
)
|
|
(10,911
|
)
|
(13,532
|
)
|
||||
Work Opportunity Tax Credit processing fees
|
(240
|
)
|
(264
|
)
|
|
(480
|
)
|
(459
|
)
|
||||
Acquisition/integration costs
|
(673
|
)
|
(457
|
)
|
|
(1,250
|
)
|
(457
|
)
|
||||
Other benefits (costs)
|
(1,881
|
)
|
(1,264
|
)
|
|
725
|
|
(2,979
|
)
|
||||
Depreciation and amortization
|
(9,827
|
)
|
(10,101
|
)
|
|
(19,779
|
)
|
(20,191
|
)
|
||||
Income from operations
|
20,891
|
|
21,276
|
|
|
29,654
|
|
28,691
|
|
||||
Interest and other income (expense), net
|
827
|
|
(968
|
)
|
|
1,380
|
|
1,236
|
|
||||
Income before tax expense
|
$
|
21,718
|
|
$
|
20,308
|
|
|
$
|
31,034
|
|
$
|
29,927
|
|
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||||||||||
(in thousands, except percentages and per share data)
|
June 30,
2019 |
% of revenue
|
July 1,
2018 |
% of revenue
|
|
June 30,
2019 |
% of revenue
|
July 1,
2018 |
% of revenue
|
||||||||||||
Revenue from services
|
$
|
588,594
|
|
|
$
|
614,301
|
|
|
|
$
|
1,140,946
|
|
|
$
|
1,168,689
|
|
|
||||
Total revenue growth (decline) %
|
(4.2
|
)%
|
|
0.7
|
%
|
|
|
(2.4
|
)%
|
|
(0.8
|
)%
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross profit
|
$
|
158,317
|
|
26.9
|
%
|
$
|
165,584
|
|
27.0
|
%
|
|
$
|
306,693
|
|
26.9
|
%
|
$
|
308,852
|
|
26.4
|
%
|
Selling, general and administrative expense
|
127,599
|
|
21.7
|
%
|
134,207
|
|
21.8
|
%
|
|
257,260
|
|
22.5
|
%
|
259,970
|
|
22.2
|
%
|
||||
Depreciation and amortization
|
9,827
|
|
1.7
|
%
|
10,101
|
|
1.6
|
%
|
|
19,779
|
|
1.7
|
%
|
20,191
|
|
1.7
|
%
|
||||
Income from operations
|
20,891
|
|
3.5
|
%
|
21,276
|
|
3.5
|
%
|
|
29,654
|
|
2.6
|
%
|
28,691
|
|
2.5
|
%
|
||||
Interest and other income (expense), net
|
827
|
|
|
(968
|
)
|
|
|
1,380
|
|
|
1,236
|
|
|
||||||||
Income before tax expense
|
21,718
|
|
|
20,308
|
|
|
|
31,034
|
|
|
|
29,927
|
|
|
|||||||
Income tax expense
|
2,312
|
|
|
2,576
|
|
|
|
3,352
|
|
|
3,440
|
|
|
||||||||
Net income
|
$
|
19,406
|
|
3.3
|
%
|
$
|
17,732
|
|
2.9
|
%
|
|
$
|
27,682
|
|
2.4
|
%
|
$
|
26,487
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income per diluted share
|
$
|
0.49
|
|
|
$
|
0.44
|
|
|
|
$
|
0.70
|
|
|
$
|
0.65
|
|
|
•
|
PeopleReady
provides access to reliable workers in the United States, Canada and Puerto Rico through a wide range of staffing solutions for on-demand contingent general and skilled labor. PeopleReady connects people to work in a broad range of industries that include construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, general labor, and others. As of
December 30, 2018
, we had a network of
620
branches across all 50 states, Canada and Puerto Rico. Complementing our branch network is our mobile application, JobStack
TM
, which connects workers with jobs, creates a virtual exchange between our workers and clients, and allows our branch resources to expand their recruiting and sales efforts and service delivery. JobStack is helping to competitively differentiate our services, expanding our reach into new demographics, and improving both service delivery and work order fill rates as we lead our business into a digital future.
|
•
|
PeopleManagement
predominantly provides a wide range of on-premise contingent staffing and workforce management solutions to larger multi-site manufacturing & distribution clients. We use distinct brands to market our PeopleManagement contingent workforce solutions and operate as Staff Management | SMX (“Staff Management”), SIMOS Insourcing Solutions (“SIMOS”), and Centerline Drivers (“Centerline”). Staff Management specializes in recruitment and on-premise management of a facility’s contingent industrial workforce. SIMOS specializes in recruitment and on-premise management of warehouse/distribution operations to meet the growing demand for e-commerce and scalable supply chain solutions. Centerline specializes in dedicated and temporary truck drivers to the transportation and distribution industries.
|
•
|
PeopleScout
provides recruitment process outsourcing (“RPO”) to improve talent quality, faster hiring, increased scalability, lower cost of recruitment, greater flexibility, and increased compliance. Our clients outsource the recruitment process to PeopleScout in all major industries and jobs. We leverage our new proprietary candidate applicant tracking system Affinix
TM
, along with dedicated service delivery teams to work as an integrated partner with our clients in providing end-to-end talent acquisition services from sourcing candidates through onboarding employees. The solution is highly scalable and flexible, allowing for outsourcing of all or a subset of skill categories across a series of recruitment processes and onboarding steps. Affinix
is PeopleScout’s proprietary talent acquisition technology for sourcing, screening and delivering a permanent workforce, bringing together talent acquisition technology into a single, integrated platform. Affinix uses artificial intelligence and machine learning to search the web and source candidates, which means we can create the first slate of candidates for a job posting within minutes rather than days. We have already seen evidence of higher candidate conversion rates, reduced time to fill positions, and increased client satisfaction as we lead our business into a digital future. Market interest in Affinix remains high. Our PeopleScout segment also includes a managed service provider business, which provides clients with improved quality and spend management of their contingent labor vendors.
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||||||||||||||
(in thousands, except percentages)
|
June 30,
2019 |
Growth (decline) %
|
Segment % of total
|
July 1,
2018 |
Segment % of total
|
|
June 30,
2019 |
Growth (decline) %
|
Segment % of total
|
July 1,
2018 |
Segment % of total
|
||||||||||||||
Revenue from services:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
PeopleReady
|
$
|
369,261
|
|
(2.2
|
)%
|
62.7
|
%
|
$
|
377,460
|
|
61.4
|
%
|
|
$
|
696,129
|
|
0.3
|
%
|
61.0
|
%
|
$
|
694,295
|
|
59.4
|
%
|
PeopleManagement
|
153,530
|
|
(14.2
|
)
|
26.1
|
|
178,839
|
|
29.1
|
|
|
311,574
|
|
(14.1
|
)
|
27.3
|
|
362,731
|
|
31.0
|
|
||||
PeopleScout
|
65,803
|
|
13.4
|
|
11.2
|
|
58,002
|
|
9.4
|
|
|
133,243
|
|
19.3
|
|
11.7
|
|
111,663
|
|
9.6
|
|
||||
Total company
|
$
|
588,594
|
|
(4.2
|
)%
|
100.0
|
%
|
$
|
614,301
|
|
100.0
|
%
|
|
$
|
1,140,946
|
|
(2.4
|
)%
|
100.0
|
%
|
$
|
1,168,689
|
|
100.0
|
%
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands, except percentages)
|
June 30, 2019
|
July 1, 2018
|
|
June 30, 2019
|
July 1, 2018
|
||||||||
Gross profit
|
$
|
158,317
|
|
$
|
165,584
|
|
|
$
|
306,693
|
|
$
|
308,852
|
|
Percentage of revenue
|
26.9
|
%
|
27.0
|
%
|
|
26.9
|
%
|
26.4
|
%
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands, except percentages)
|
June 30, 2019
|
July 1, 2018
|
|
June 30, 2019
|
July 1, 2018
|
||||||||
Selling, general and administrative expense
|
$
|
127,599
|
|
$
|
134,207
|
|
|
$
|
257,260
|
|
$
|
259,970
|
|
Percentage of revenue
|
21.7
|
%
|
21.8
|
%
|
|
22.5
|
%
|
22.2
|
%
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands, except percentages)
|
June 30, 2019
|
July 1, 2018
|
|
June 30, 2019
|
July 1, 2018
|
||||||||
Income tax expense
|
$
|
2,312
|
|
$
|
2,576
|
|
|
$
|
3,352
|
|
$
|
3,440
|
|
Effective income tax rate
|
10.6
|
%
|
12.7
|
%
|
|
10.8
|
%
|
11.5
|
%
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||
|
June 30, 2019
|
July 1, 2018
|
|
June 30, 2019
|
July 1, 2018
|
||||
Effective income tax rate without adjustments below
|
26.6
|
%
|
27.5
|
%
|
|
27.1
|
%
|
26.9
|
%
|
Hiring credits estimate from current year wages
|
(13.5
|
)
|
(13.6
|
)
|
|
(13.5
|
)
|
(13.6
|
)
|
Additional hiring credits from prior year wages
|
(2.5
|
)
|
(1.2
|
)
|
|
(2.8
|
)
|
(1.8
|
)
|
Effective income tax rate
|
10.6
|
%
|
12.7
|
%
|
|
10.8
|
%
|
11.5
|
%
|
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands, except for percentages)
|
June 30, 2019
|
July 1, 2018
|
|
June 30, 2019
|
July 1, 2018
|
||||||||
Revenue from services
|
$
|
369,261
|
|
$
|
377,460
|
|
|
$
|
696,129
|
|
$
|
694,295
|
|
Segment profit
|
21,795
|
|
23,198
|
|
|
33,265
|
|
32,723
|
|
||||
Percentage of revenue
|
5.9
|
%
|
6.1
|
%
|
|
4.8
|
%
|
4.7
|
%
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands, except for percentages)
|
June 30, 2019
|
July 1, 2018
|
|
June 30, 2019
|
July 1, 2018
|
||||||||
Revenue from services
|
$
|
153,530
|
|
$
|
178,839
|
|
|
$
|
311,574
|
|
$
|
362,731
|
|
Segment profit
|
4,128
|
|
4,712
|
|
|
6,434
|
|
10,361
|
|
||||
Percentage of revenue
|
2.7
|
%
|
2.6
|
%
|
|
2.1
|
%
|
2.9
|
%
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
||||||||||
(in thousands, except for percentages)
|
June 30, 2019
|
July 1, 2018
|
|
June 30, 2019
|
July 1, 2018
|
||||||||
Revenue from services
|
$
|
65,803
|
|
$
|
58,002
|
|
|
$
|
133,243
|
|
$
|
111,663
|
|
Segment profit
|
11,223
|
|
11,320
|
|
|
21,650
|
|
23,225
|
|
||||
Percentage of revenue
|
17.1
|
%
|
19.5
|
%
|
|
16.2
|
%
|
20.8
|
%
|
|
•
|
We expect additional pressure on our revenue trends in the third quarter of 2019 due primarily to widespread lower same-client demand as they continue to experience weaker volumes within their own businesses across most geographies and industries. PeopleReady, our largest segment, experienced year-over-year revenue declines in June which were higher than the average for the second quarter of 2019 and experienced lower demand during July. PeopleScout, our highest margin segment, passed the one year anniversary of the TMP acquisition in June 2019. PeopleScout will experience further pressure due to the continued impact of the loss of a key client that was acquired by a strategic buyer and reduced volumes at lower margins for a key client re-priced to reflect a multi-year arrangement. PeopleManagement, our lowest margin segment, is experiencing less demand from existing clients and will continue to experience the impact of the loss of several key clients in the prior year who largely insourced services previously outsourced to PeopleManagement.
|
•
|
We believe there is a changing pace of underlying economic activity in some of the industries we serve. Our belief is based on our same client revenue trends and the softening demand for our PeopleReady services. Given the project-based nature of PeopleReady’s business, we believe it is often an early indicator of changing demand patterns.
|
•
|
Our top priority continues to be the production of solid organic revenue and gross profit growth while leveraging our cost structure to increase income from operations as a percentage of revenue. We will continue to focus on disciplined pricing and management of increasing minimum wages, taxes and benefits. This was the first quarter in over two years that our bill rates grew faster than our pay rates and we expect to continue to pass through the higher cost of our temporary workers. Likewise, cost management programs to lower the cost of services and control operating expenses are key priorities to position the business for strong operating leverage and profitable long-term growth in the future.
|
•
|
We are committed to technological innovation to transform our business for a digital future that makes it easier for our clients to do business with us and easier to connect people to work. We continue making investments in online and mobile applications to improve access to workers and candidates, as well as improve the speed and ease of connecting our clients and workers for our staffing businesses and candidates for our recruitment process outsourcing business. We expect these investments will increase the competitive differentiation of our services over the long-term, improve the efficiency of our service delivery, and reduce our PeopleReady dependence on local branches to find temporary workers and connect them with work. Examples include our new JobStack mobile application in the PeopleReady business and our Affinix talent acquisition technology in our PeopleScout business.
|
|
|
Twenty-six weeks ended
|
|||||
(in thousands)
|
June 30,
2019 |
July 1,
2018 |
||||
Net income
|
$
|
27,682
|
|
$
|
26,487
|
|
Adjustments to reconcile net income
to net cash provided by operating activities
|
9,297
|
|
22,954
|
|
||
Net cash provided by operating activities
|
$
|
36,979
|
|
$
|
49,441
|
|
|
|
|
||||
Net cash used in investing activities
|
$
|
(2,694
|
)
|
$
|
(18,096
|
)
|
|
|
|
||||
Net cash used in financing activities
|
$
|
(65,427
|
)
|
$
|
(22,267
|
)
|
|
|
S&P
|
Moody’s
|
Fitch
|
Short-term rating
|
A-1/SP-1
|
P-1/MIG-1
|
F-1
|
Long-term rating
|
A
|
A2
|
A
|
(in thousands)
|
June 30, 2019
|
December 30, 2018
|
||||
Cash collateral held by workers’ compensation insurance carriers
|
$
|
22,311
|
|
$
|
22,264
|
|
Cash and cash equivalents held in Trust
|
24,721
|
|
28,021
|
|
||
Investments held in Trust
|
145,396
|
|
156,618
|
|
||
Letters of credit (1)
|
6,677
|
|
6,691
|
|
||
Surety bonds (2)
|
21,881
|
|
21,881
|
|
||
Total collateral commitments
|
$
|
220,986
|
|
$
|
235,475
|
|
(1)
|
We have agreements with certain financial institutions to issue letters of credit as collateral.
|
(2)
|
Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which is determined by each independent surety carrier. These fees do not exceed
2.0%
of the bond amount, subject to a minimum charge.
|
|
(in thousands)
|
June 30, 2019
|
December 30, 2018
|
||||
Total workers’ compensation reserve
|
$
|
259,337
|
|
$
|
266,446
|
|
Add back discount on workers’ compensation reserve (1)
|
18,112
|
|
18,179
|
|
||
Less excess claims reserve (2)
|
(47,259
|
)
|
(48,229
|
)
|
||
Reimbursable payments to insurance provider (3)
|
5,977
|
|
7,866
|
|
||
Other (4)
|
(15,181
|
)
|
(8,787
|
)
|
||
Total collateral commitments
|
$
|
220,986
|
|
$
|
235,475
|
|
(1)
|
Our workers’ compensation reserves are discounted to their estimated net present value while our collateral commitments are based on the gross, undiscounted reserve.
|
(2)
|
Excess claims reserve includes the estimated obligation for claims above our deductible limits. These are the responsibility of the insurance carriers against which there are no collateral requirements.
|
(3)
|
This amount is included in restricted cash and represents a timing difference between claim payments made by our insurance carrier and the reimbursement from cash held in the Trust. When claims are paid by our carrier, the amount is removed from the workers’ compensation reserve but not removed from collateral until reimbursed to the carrier.
|
(4)
|
Represents the difference between the self-insured reserves and collateral commitments.
|
•
|
changes in medical and time loss (“indemnity”) costs;
|
•
|
changes in mix between medical only and indemnity claims;
|
•
|
regulatory and legislative developments impacting benefits and settlement requirements;
|
•
|
type and location of work performed;
|
•
|
the impact of safety initiatives; and
|
•
|
positive or adverse development of claims.
|
|
|
Item 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 4.
|
CONTROLS AND PROCEDURES
|
|
|
Item 1.
|
LEGAL PROCEEDINGS
|
Item 1A.
|
RISK FACTORS
|
|
|
|
|
|
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
Total number
of shares
purchased (1)
|
Weighted
average price
paid per
share (2)
|
Total number of shares
purchased as part of
publicly announced plans
or programs (3)
|
Maximum number of shares (or
approximate dollar value) that
may yet be purchased under
plans or programs at period
end (4)
|
||||
04/01/2019 through 04/28/2019
|
2,618
|
|
|
$24.10
|
|
75,300
|
|
$50.7 million
|
04/29/2019 through 05/26/2019
|
2,843
|
|
|
$24.42
|
|
81,074
|
|
$48.8 million
|
05/27/2019 through 06/30/2019
|
2,842
|
|
|
$21.24
|
|
—
|
|
$48.8 million
|
Total
|
8,303
|
|
|
$23.23
|
|
156,374
|
|
|
(1)
|
During the
thirteen weeks ended
June 30, 2019
, we purchased
8,303
shares in order to satisfy employee tax withholding obligations upon the vesting of restricted stock. These shares were not acquired pursuant to any publicly announced purchase plan or program.
|
(2)
|
Weighted average price paid per share does not include any adjustments for commissions.
|
(3)
|
The weighted average price per share for shares repurchased under the share repurchase program during the period was
$24.13
.
|
(4)
|
On September 15, 2017, our Board of Directors authorized a $100 million share repurchase program of our outstanding common stock. The share repurchase program does not obligate us to acquire any particular amount of common stock and does not have an expiration date. As of
June 30, 2019
,
$48.8 million
remains available for repurchase under the current authorization.
|
Item 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
Item 4.
|
MINE SAFETY DISCLOSURES
|
|
Item 5.
|
OTHER INFORMATION
|
Item 6.
|
INDEX TO EXHIBITS
|
|
|
|
Incorporated by reference
|
||
Exhibit number
|
Exhibit description
|
Filed herewith
|
Form
|
File no.
|
Date of first filing
|
|
|
|
|
|
|
3.1
|
|
8-K
|
001-14543
|
05/12/2016
|
|
|
|
|
|
|
|
3.2
|
|
10-Q
|
001-14543
|
10/30/2017
|
|
|
|
|
|
|
|
31.1
|
X
|
|
|
|
|
|
|
|
|
|
|
31.2
|
X
|
|
|
|
|
|
|
|
|
|
|
32.1
|
X
|
|
|
|
|
|
|
|
|
|
|
101
|
The following financial statements from the Company's 10-Q for the fiscal quarter ended June 30, 2019, formatted in iXBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income, (iii) Consolidated Statements of Cash Flows, and (iv) Notes to consolidated financial statements.
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
TrueBlue, Inc.
|
|
|
|
|
|
|
|
|
|
/s/ A. Patrick Beharelle
|
7/29/2019
|
|
|
|
Signature
|
Date
|
|
|
By:
|
A. Patrick Beharelle, Director, President and Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
/s/ Derrek L. Gafford
|
7/29/2019
|
|
|
|
Signature
|
Date
|
|
|
By:
|
Derrek L. Gafford, Chief Financial Officer and
Executive Vice President
|
|
|
|
|
|
|
|
|
|
/s/ Norman H. Frey
|
7/29/2019
|
|
|
|
Signature
|
Date
|
|
|
By:
|
Norman H. Frey, Chief Accounting Officer and
Senior Vice President |
|
|
|
1 Year TrueBlue Chart |
1 Month TrueBlue Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions