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View All NewsTrueBlue Q4 revenue rises 20%, exceeds pre-pandemic results
TrueBlue Inc. (NYSE: TBI) reported fourth-quarter revenue marked the third consecutive quarter of double-digit growth and surpassed the comparable 2019 period. Revenue rose 19.9% year over year at the Tacoma, Washington-based provider of industrial staffing and recruitment process outsourcing. It was up 5% compared to the last quarter of 2019.
“Our digital investments are differentiating us from the competition and are helping us capitalize on the rising demand for our services as businesses turn to flexible solutions to solve their workforce challenges,” CEO Patrick Beharelle said.
| (US$ thousands) | Q4 2021 | Q4 2020 | % change |
| Revenue | $621,930 | $518,634 | 19.9% |
| Gross profit | $166,776 | $120,797 | 38.1% |
| Gross margin percentage | 26.8% | 23.3% | |
| Net income | $20,210 | $8,026 | 151.8% |
“PeopleReady’s revenue growth accelerated throughout the quarter driven by improving worker supply and strong results within the retail sector, while same-customer demand and new customer wins continued to produce impressive PeopleScout results,” Beharelle said.
Revenue by segment
| (US$ thousands) | Q4 2021 | Q4 2020 | % change |
| PeopleReady | $362,164 | $297,471 | 21.7% |
| PeopleManagement | $177,842 | $179,306 | -0.8% |
| PeopleScout | $81,924 | $41,857 | 95.7% |
TrueBlue also noted the number of client users on its JobStack platform rose 13% year over year in the fourth quarter to 29,700. There were 964,000 shifts filled on the platform, a 19% increase from the prior-year quarter.
Full-year results
| (US$ thousands) | FY 2021 | FY 2020 | % change |
| Revenue from services | $2,173,622 | $1,846,360 | 17.7% |
| Gross profit | $560,320 | $440,645 | 27.2% |
| Gross margin percentage | 25.8% | 23.9% | |
| Net income/loss | $61,634 | ($141,841) | nm |
TrueBlue announced that its board of directors authorized $100 million of share repurchases, which the company intends to complete over the next three years.
Guidance
TrueBlue did not provide customary revenue guidance. However, it reported the prior four-year historical average for sequential revenue change from the fourth quarter to the first quarter was a decline of roughly 15% as the first quarter is typically TrueBlue’s lowest-volume quarter. However, the company forecast first-quarter gross margin to improve by between 140 to 180 basis points year over year due to expansion from segment revenue mix and positive bill/pay spread.
Gross margin for full-year 2022 is forecast to decline by between 10 and 70 basis points due to headwinds primarily caused by higher workers’ compensation.
Share price and market cap
Shares in TrueBlue were up 7.50% to $ 28.52 as of 11:20 a.m. Eastern time; they were 13.34% below their 52-week high, according to FT.com. The company had a market cap of $941.3 million.