TrueBlue, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TrueBlue, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

TrueBlue, Inc. (TBI) filed a Annual Report (10-K) with the SEC on February 21, 2024. TrueBlue, Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Services-Help Supply Services (SIC 7363). TrueBlue, Inc. was formerly known as Labor Ready Inc. and Dicks Hamburgers Inc. The company is incorporated in Washington state.

Why It Matters

For investors and stakeholders tracking TrueBlue, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TrueBlue's financial performance, operational activities, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, identify potential risks, and evaluate future growth prospects in the help supply services industry.

Risk Assessment

Risk Level: medium — TrueBlue, Inc. shows moderate risk based on this filing. The company operates in the help supply services industry, which can be subject to economic fluctuations and changes in labor demand, impacting revenue and profitability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand TrueBlue's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-21 — Filing Date (Date of submission)
• 001-14543 — SEC File Number (Company's SEC file number)
• 911287341 — IRS Number (Company's IRS number)

Key Players & Entities

• TrueBlue, Inc. (company) — Filer name
• 0000768899 (company) — Central Index Key
• 7363 (industry) — Standard Industrial Classification
• WA (location) — State of Incorporation
• Labor Ready Inc. (company) — Former Company Name
• Dicks Hamburgers Inc. (company) — Former Company Name
• 253-383-9101 (phone) — Business Phone
• 2023-12-31 (date) — Fiscal Year End

FAQ

Risk Factors

• Economic Conditions [high — market]: The company's financial results are significantly impacted by general economic conditions, including fluctuations in employment levels and demand for labor.
• Competition [medium — operational]: The staffing industry is highly competitive, and the company faces competition from numerous other staffing firms, which could affect market share and pricing.
• Labor Laws and Regulations [medium — regulatory]: Changes in labor laws and regulations, including those related to wages, benefits, and worker classification, could increase operating costs and impact business practices.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.

Filing Documents

• tbi-20231231.htm (10-K) — 1706KB
• tbi10k123123ex41.htm (EX-4.1) — 11KB
• tbi10k123123ex1026.htm (EX-10.26) — 30KB
• tbi10k123123ex1027.htm (EX-10.27) — 42KB
• tbi10k123123ex1028.htm (EX-10.28) — 37KB
• tbi10k123123ex1029.htm (EX-10.29) — 44KB
• tbi10k123123ex1030.htm (EX-10.30) — 30KB
• tbi10k123123ex1031.htm (EX-10.31) — 43KB
• tbi10k123123ex1032.htm (EX-10.32) — 49KB
• tbi10k123123ex211.htm (EX-21.1) — 14KB
• tbi10k123123ex231.htm (EX-23.1) — 3KB
• tbi10k123123ex311.htm (EX-31.1) — 9KB
• tbi10k123123ex312.htm (EX-31.2) — 10KB
• tbi10k123123ex321.htm (EX-32.1) — 6KB
• tbi10k123123ex971.htm (EX-97.1) — 23KB
• image.jpg (GRAPHIC) — 27KB
• imagea.jpg (GRAPHIC) — 11KB
• imageb.jpg (GRAPHIC) — 14KB
• imagec.jpg (GRAPHIC) — 13KB
• tbi-20231231_g1.jpg (GRAPHIC) — 196KB
• tbi-20231231_g2.jpg (GRAPHIC) — 10KB
• tbi-20231231_g3.jpg (GRAPHIC) — 3KB
• tbi-20231231_g4.jpg (GRAPHIC) — 12KB
• tbi-20231231_g5.jpg (GRAPHIC) — 336KB
• 0000768899-24-000043.txt (&nbsp;) — 11351KB
• tbi-20231231.xsd (EX-101.SCH) — 56KB
• tbi-20231231_cal.xml (EX-101.CAL) — 128KB
• tbi-20231231_def.xml (EX-101.DEF) — 328KB
• tbi-20231231_lab.xml (EX-101.LAB) — 944KB
• tbi-20231231_pre.xml (EX-101.PRE) — 554KB
• tbi-20231231_htm.xml (XML) — 1412KB

Risk factors

Item 1A. Risk factors 12

Unresolved staff comments

Item 1B. Unresolved staff comments 21

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties 23

Legal proceedings

Item 3. Legal proceedings 23

Mine safety disclosures

Item 4. Mine safety disclosures 23 PART II

Market for registrant's common equity, related stockholder matters and issuer purchases of equity securities

Item 5. Market for registrant's common equity, related stockholder matters and issuer purchases of equity securities 24

[Reserved]

Item 6. [Reserved] 25

Management's discussion and analysis of financial condition and results of operations

Item 7. Management's discussion and analysis of financial condition and results of operations 26

Quantitative and qualitative disclosures about market risk

Item 7A. Quantitative and qualitative disclosures about market risk 39

Financial statements and supplementary data

Item 8. Financial statements and supplementary data 40

Changes in and disagreements with accountants on accounting and financial disclosure

Item 9. Changes in and disagreements with accountants on accounting and financial disclosure 73

Controls and procedures

Item 9A. Controls and procedures 73 Report of management on internal control over financial reporting 73 Report of independent registered public accounting firm 74

Other information

Item 9B. Other information 75

Disclosure r egarding f oreign j urisdictions that p revent i nspections

Item 9C. Disclosure r egarding f oreign j urisdictions that p revent i nspections 75 PART III

Directors, executive officers and corporate governance

Item 10. Directors, executive officers and corporate governance 76

Executive compensation

Item 11. Executive compensation 76

Security ownership of certain beneficial owners and management and related stockholder matters

Item 12. Security ownership of certain beneficial owners and management and related stockholder matters 76

Certain relationships and related transactions, and director independence

Item 13. Certain relationships and related transactions, and director independence 76

Principal accountant fees and services

Item 14. Principal accountant fees and services 76 PART IV

Exhibits

Item 15. Exhibits 77 Index to exhibits 78

Form 10-K summary

Item 16. Form 10-K summary 80

Signatures

Signatures 81 Page - 3 Table of Contents COMMENT ON FORWARD LOOKING STATEMENTS Certain statements in this Form 10-K, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve risks and uncertainties, and future events and circumstances could differ significantly from those anticipated in the forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "goal," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in our forward-looking statements, including the risks and uncertainties described in "Risk Factors" (Part I, Item 1A of this Form 10-K), "Cybersecurity Risk Management and Strategy" (Part 1C of this Form 10-K), "Management's Discussion and Analysis of Financial Condition and Results of Operations" (Part II, Item 7 of this Form 10-K), and "Quantitative and Qualitative Disclosures about Market Risk" (Part II, Item 7A of this Form 10-K). Except as required by law, we undertake no duty to update or revise publicly any of the forward-looking statements after the date of this report or to conform such statements to actual results or to changes in our expectations, whether because of new information, future events, or otherwise. PART I Item 1.

BUSINESS

BUSINESS OUR COMPANY TrueBlue, Inc. (the "company," "TrueBlue," "we," "us" and "our") is a leading provider of specialized workforce solutions that help our clients improve productivity and grow their businesses. We began operations in 1989 and are headquartered in Tacoma, Washington. BUSINESS OVERVIEW In 2023, we connected approximately 464,000 people with work and served approximately 67,000 clients. Our operations are managed as three business segments: PeopleReady, PeopleScout and PeopleManagement. PeopleReady connected approximately 195,000 people with work in fiscal 2023 within a broad range of industries that included construction, transportation, manufacturing, retail, hospitality and renewable energy. We connected individuals looking for general temporary, temp-to-hire and skilled trade positions with our vast network of clients. In fiscal 2023, PeopleReady provided approximately 66,000 clients with dependable access to qualified associates for their on-demand, contingent general and skilled labor needs to supplement their permanent workforce. Our services range from providing one associate to hundreds, and are generally short-term in nature as they are filling the contingent staffing needs of our clients. We have a network of approximately 600 branches across all 50 states in the United States ("U.S."), Canada and Puerto Rico. Augmenting our branch network and consolidated service centers is our industry-leading mobile app, JobStack , which connects people with work 24 hours a day, seven days a week. JobStack creates a digital exchange between our associates and clients, competitively differentiates us, and allows our branch resources to expand their sales, recruiting and service delivery efforts. Page - 4 Table of Contents PeopleScout, a global leader in recruitment process outsourcing ("RPO") services, connected approximately 224,000 people with work in fiscal 2023, primarily in the U.S., Canada, the United Kingdom and Australia. Our RPO s

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View this 10-K filing on SEC EDGAR