TBI Shareholder/Stockholder Letter Transcript:
2023
ANNUAL REPORT
OUR MISSION
WE CONNECT PEOPLE AND WORK
OUR VISION
TO BE THE TALENT SOLUTION FOR THE
CHANGING WORLD OF WORK.
OUR VALUES
BE ACCOUNTABLE
We empower our people to take personal responsibility and
have an impact.
BE OPTIMISTIC
We believe there is a solution to every problem. We are
innovative, discovering new ways to get results.
BE PASSIONATE
We are passionately committed to doing good and will go
above and beyond.
BE RESPECTFUL
We listen and learn from each other and embrace our diverse
views and experiences.
BE TRUE
We are true to who we are and what our clients need.
AWARD-WINNING
TECHNOLOGY
464,000
PEOPLE CONNECTED
TO WORK IN 2023
67,000
CLIENTS SERVED
IN 2023
ONE OF THE
LARGEST
U.S. INDUSTRIAL
STAFFING
PROVIDERS
ONE OF THE
LARGEST
GLOBAL RPO
PROVIDERS
CONTINGENT, ON-DEMAND GENERAL AND
SKILLED LABOR FOR INDUSTRIAL JOBS
TALENT SOLUTIONS FOR
OUTSOURCING THE RECRUITING
PROCESS FOR PERMANENT EMPLOYEES
I am optimistic about our future
and excited about our path forward.
We are well-positioned for growth
with tremendous strengths and
assets including a unique
combination of strong and
established brands, proprietary
technology, an expansive
geographic presence, and a
passionate team serving our
customers every day. We have
clear strategic priorities that will
help us capitalize on growth
opportunities ahead and enhance
shareholder value.
Taryn Owen
President & CEO
TrueBlue
CONTINGENT, ON-SITE INDUSTRIAL
STAFFING AND COMMERCIAL
DRIVER SERVICES
TO OUR SHAREHOLDERS:
It is an honor to write to you as CEO of TrueBlue. As a leading
provider of specialized workforce solutions, we have a vision
to be the talent solution for the changing world of work. Our
mission to connect people and work is deeply personal to me,
and it is a true privilege to work with such a talented and
dedicated team of colleagues to be a force for good, making
a difference in the lives of people around the world.
Our well-known, established brands each have a unique
strategic focus to serve our customers varied needs. In
contingent staf ng, PeopleReady is a leading provider of
on-demand labor and skilled trades in the U.S. industrial
market. Within PeopleManagement our SIMOS and
StaffManagement businesses specialize in outsourced
workforce solutions fostering multi-year onsite partnerships,
while Centerline provides short- and long-term truck driving
positions. Complementing our contingent staf ng business,
PeopleScout operates as one of the world s top recruitment
service providers.
Over the past year, the TrueBlue team achieved signi cant
positive impact for customers and managed through a
continued challenging economic environment with agility
and discipline. In 2023, we served 67,000 customers and
connected 464,000 people with work. We have a strong
balance sheet with $62 million in cash and no debt.
Additionally, we were able to leverage excess free cash ow
to return more than $30 million of capital to shareholders
via share repurchases in 2023, bringing our cumulative total
over the last three years to over $110 million.
I am optimistic about our future and excited about our path
forward. We are well-positioned for growth with tremendous
strengths and assets including a unique combination of
strong and established brands, proprietary technology,
an expansive geographic presence, and a passionate team
serving our customers every day. We have clear strategic
priorities that will help us capitalize on growth opportunities
ahead and enhance shareholder value.
Accelerate Our Digital Transformation
A key priority is the digital transformation of our business,
positioning us to drive ef ciency and expand our reach. We
recently achieved a signi cant milestone in this area with
the launch of a new, proprietary version of our JobStack
app, which allows us to control our roadmap, implement
competitive enhancements and quickly address the evolving
needs of our customers and associates. This new version
of JobStack enhances our current suite of proprietary
technology platforms that allow us to seamlessly connect
with customers and associates across each of our
businesses. We are also utilizing arti cial intelligence (AI)
in both our JobStack and Af nix platforms, allowing us to
increase the effectiveness of job matching, enhance the
candidate experience and create real-time labor-market
insights. This combination of proprietary technology and our
expansive local presence differentiates us from competitors
and ultimately allows us to drive revenue growth.
Expand Into High-Growth End Markets
A key strategic focus area is to expand our presence into
high-growth, less cyclical and under-penetrated end markets
to capitalize on secular growth opportunities. We have a
proven track record in the renewable energy space with our
RenewableWorks business growing more than 100% in 2023
that momentum has carried into 2024, and we are in a
strong position to capitalize on further growth opportunities
in that market. In addition to end market expansion, we will
continue to extend our geographic presence in the areas
of skilled trades and commercial trucking. We are also
expanding our RPO business to target more high-value,
professional roles and other high-growth end markets
with some early wins in the healthcare space. Focusing on
strategic expansion into high-growth end markets not only
accelerates sales growth but will also help us mitigate the
impact of future economic downturns.
Simplify Our Organizational Structure
We will enhance our focus and pro tability through the
simpli cation of our organizational structure. While we will
continue to go to market under our current well-established
brands, streamlining our organization will create
opportunities to drive ef ciencies and bring our teams closer
to our customers and associates, enabling greater focus on
operational excellence, cross-selling and innovation. We have
already made progress in this area by bringing our SIMOS
and Staff Management | SMX businesses together under
single leadership to maximize synergies within our onsite
business. We also recently announced the sale of our
PeopleReady on-demand labor business in Canada, which
will allow increased focus on our U.S. staf ng operations
where we are an industry leader. A more focused structure
will help us reduce costs and leverage our strengths and
assets to deliver long-term pro table growth.
3/1/2024 Letter Continued (Full PDF)