Investor Roadshow Presentation

MAY 2024

Forward-Looking Statements

This presentation contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management’s expectations and assumptions as of the date of this presentation and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions which can be negatively impacted by factors such as rising interest rates, inflation, political instability, epidemics and global trade uncertainty, (2) our ability to maintain profit margins, (3) our ability to successfully execute on business strategies and further digitalize our business model, (4) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (5) our ability to attract and retain clients, (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) new laws, regulations, and government incentives that could affect our operations or financial results, (8) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, and (9) the timing and amount of common stock repurchases, if any, which will be determined at management’s discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities Exchange Commission (SEC) filings, including the company’s most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC’s website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.

Investment Highlights

Market leader in U.S. industrial staffing and global RPO with increasingly diverse service offerings to meet evolving client needs

Highly fragmented industry with strong secular growth drivers

Advancing technology applications and expanding in high-growth end markets with a simplified structure to deliver long-term, profitable growth

Strong balance sheet and cash flow to support future growth opportunities and the return of excess capital to shareholders

Experienced

Leadership

Team

Deep human capital expertise with proven success driving growth and delivering value to stakeholders

Our Mission: Connecting People and Work

67,000

Clients served annually

with strong diversity1

464,000

work during 2023

People connected to

One of the largest U.S. industrial staffing providers

One of the largest global RPO providers

2023 Revenue

$1.9B

Returning Value to

Shareholders

(Share repurchases last 5 years)

$203M

All segments earned the Top Workplaces USA Award issued by Energage

HRO Today magazine repeatedly recognizes PeopleScout as a global market leader

Thousands of veterans hired each year via internal programs as well as Hiring Our Heroes and Wounded Warriors

Recognized for breakthrough board practices that promote greater diversity and inclusion


1 No single client accounted for more than 4% of total revenue for FY 2023

Solving Workforce Challenges

Companies turn to human capital experts with innovative workforce solutions to solve

growing talent challenges

Digital

Artificial

Engagement

Intelligence

The worker

Companies are

supply chain is

seeking ways to

becoming

become more

increasingly

nimble and

decentralized.

efficient

TrueBlue’s digital

Deploying AI to

strategy connects

source human

people anywhere at

capital will be a

any time.

competitive

differentiator.

Workforce Complexity

Many factors, including globalization, the “gig” economy and diversity are changing the world of work requiring a disciplined approach to hiring.

A robust value proposition with high-touch, specialized, digital solutions for industrial staffing and recruitment process outsourcing.

Three specialized segments meet diverse client needs

On-demand general and

Talent solutions for outsourcing the recruiting

Contingent, on-site industrial staffing

skilled labor for industrial jobs

process for permanent employees

and commercial driver services

PeopleScout PeopleManagement

Revenue mix1

Segment profit mix1

Incremental

Segment profit margin2

58%

44%

PeopleReady

15 – 20%


1 Revenue and segment profit calculations based on FY 2023. We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit excludes depreciation and amortization expense, unallocated corporate general

and administrative expense, interest expense, other income, income taxes, and other adjustments not considered to be ongoing. ² Average, estimated margin associated with additional organic revenue.

US Industrial Staffing:

A Large and Attractive Market

United States Staffing Market ~$200B1

Represents ~30% of $640B global staffing market

Industrial temporary staffing ($34B)

One of the largest U.S. segments (~20%)

General

On-site

On-site

Trucking

Skilled

On Demand

Hourly

Cost Per Unit

Trades

Labor

Why Industrial Staffing?


  • One of the largest     segments of the U.S. staffing industry ($34B in 2023)
  • Highly fragmented with no dominant competition

  • Digital adoption     by the industry can expand growth opportunity, like rideshare companies did for the taxi industry
  • Unique growth opportunity to fill key skilled trades positions as baby boomers retire
  • The Biden Administration’s infrastructure and clean energy plans are expected to inject billions into the labor market
  • The industry rebounds quickly in the early stages of a recovery


1 Source: Staffing Industry Analysts

Note, industrial temporary staffing includes various occupations such as: laborers,

packers, construction workers, skilled trades, machinists, janitors, etc.

7

Recruitment Process Outsourcing:

High margin plus double-digit revenue growth

Global RPO Market ~$6B1

Strong history of growth with a 2017-2023 market CAGR of ~10%

Further market expansion expected largely driven by first-generation buyers representing ~90% of new deals

North America represents ~50% followed by

EMEA (~30%) and APAC (~20%)

Why RPO?


  • Nascent     market with no single dominant player
  • Traditionally sticky business model with high client retention and engagement
  • Industry produced double-digit annual revenue growth historically and recovered swiftly from recent recession
  • Industry poised for growth as companies seek new solutions to increasing labor challenges

Strong position to capitalize on growth opportunities

PEOPLE

5,000+ talented, dedicated and mission driven people

EXPERIENCE


  • 30 years of industry experience and deep client relationships

Tremendous strengths and assets to drive our success, capitalizing on growth opportunities, enhancing shareholder

value and advancing

our mission to connect

people and work

TECHNOLOGY

Sophisticated technology providing a differentiated user experience

MARKET PRESENCE Significant scale and expansive local market presence

Focused strategy, leveraging our strengths to deliver

long-term, profitable growth

DIGITAL

TRANSFORMATION


  • Position our contingent staffing business to compete in a     digital-forward future
  • Provide a differentiated experience with proprietary technology

  • Drive     efficiencies to optimize our reach and engagement

MARKET

EXPANSION


  • Expand in     high-growth, less- cyclical and underpenetrated end markets
  • Capitalize on secular growth opportunities to deliver long- term, sustainable growth
  • Diversify our business to increase market share and revenue potential

SIMPLIFIED

STRUCTURE


  • Increase focus on     operational excellence, cross-selling and innovation
  • Drive efficiencies and bring our teams closer to clients and associates
  • Leverage strengths and synergies to deliver profitable growth

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TrueBlue Inc. published this content on
06 May 2024 and is solely responsible for the information contained therein. Distributed by
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06 May 2024 20:33:02 UTC.