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Here are 1-3 brief analogies for TrueBlue (TBI):

• Analogy 1: The Uber for temporary blue-collar and skilled trade jobs.
• Analogy 2: The blue-collar equivalent of Adecco or Randstad.
• Analogy 3: Robert Half for the construction site and factory floor.

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• General Labor & Skilled Trades Staffing: Provides temporary and permanent workers for light industrial, skilled trades, and event-based jobs across various industries.
• On-Site Workforce Management: Offers comprehensive contingent workforce solutions, including on-site program management, vendor management, and payroll services, primarily for large-volume clients.
• Recruitment Process Outsourcing (RPO) & Talent Advisory: Delivers end-to-end recruitment services, from sourcing and screening to onboarding, and offers strategic talent acquisition consulting.

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TrueBlue (symbol: TBI) primarily sells its services to **other companies and governmental entities** (B2B model), providing specialized workforce solutions.

According to TrueBlue's latest annual report (10-K filing for the fiscal year ended December 31, 2023), no single customer accounted for more than 10% of their consolidated revenues for 2023, 2022, or 2021. This indicates a diversified customer base, meaning there are no individually named "major customers" that are required to be disclosed.

Instead, TrueBlue serves a wide range of large and medium-sized businesses across various industries and geographies through its different segments. The categories of customers they serve include companies in:

• Construction
• Manufacturing
• Warehousing and Logistics
• Transportation (including commercial driving)
• Retail
• Hospitality and Event Services
• Waste Management
• Food Processing
• Various Governmental Entities

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Taryn Owen, President and Chief Executive Officer

Taryn Owen assumed the role of President and Chief Executive Officer of TrueBlue in September 2023, after serving as President and Chief Operating Officer since 2022. Over her 13-year tenure at TrueBlue, she has been instrumental in the company's growth, pandemic response, digital transformation strategies, and has led several acquisitions and significant international expansion. Prior to joining TrueBlue in 2010, Owen was an Operations Director at Randstad Sourceright Solutions, where she managed global Recruitment Process Outsourcing (RPO) engagements.

Carl R. Schweihs, Executive Vice President and Chief Financial Officer

Carl R. Schweihs has served as Executive Vice President and Chief Financial Officer of TrueBlue since October 2023. Before this role, he was President of PeopleManagement, TrueBlue's staffing business, since June 2019. Schweihs has held various financial and strategic roles within TrueBlue, including Senior Vice President for Strategic Accounts, Vice President of Finance, and Controller. He joined the company following its acquisition of Seaton in 2014.

Garrett R. Ferencz, Executive Vice President and Chief Legal Officer

Garrett R. Ferencz has served as Executive Vice President and Chief Legal Officer of TrueBlue since July 2020. His previous roles at the company include Senior Vice President, General Counsel and Chief Ethics and Compliance Officer since December 2019, and Vice President, Deputy General Counsel and Chief Compliance Officer since April 2018. Ferencz joined TrueBlue in January 2007.

Caroline Sabetti, Chief Marketing & Communications Officer

Caroline Sabetti has served as Chief Marketing and Communications Officer of TrueBlue since March 2023. Having been with TrueBlue since 2002, her prior positions include Chief Marketing Officer for PeopleScout and PeopleReady, and Senior Vice President of Communications for TrueBlue. Before her time at TrueBlue, Ms. Sabetti spent five years at Kelly Services, gaining experience in various aspects of staffing operations and sales.

Jerry Wimer, Senior Vice President for Onsite Staffing and President of PeopleManagement

Jerry Wimer has served as the Senior Vice President for Onsite Staffing and President of PeopleManagement since October 2023. He began his career at TrueBlue in 1996, working with the Staff Management | SMX business under the PeopleManagement division. Throughout his tenure, Wimer has led centers of excellence in client operations worldwide, including roles as National Safety Director and Vice President of Operations. Before joining TrueBlue, he worked in operations management for Hyatt Hotels.

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The key risks to TrueBlue's business (TBI) are:

1. Demand for workforce solutions is significantly affected by fluctuations in general economic conditions. TrueBlue's business is cyclical, with its revenue tending to increase quickly when the economy grows and facing decreased demand for contingent workforces during economic downturns, as clients adjust staffing levels based on economic pressures and seasonal demands.
2. Challenges in profitability and declining revenue growth. The company has faced scrutiny regarding its financial performance, including negative operating margins, negative net margins, and a decline in revenue growth over recent years. These profitability challenges have drawn attention from stakeholders, including an activist investor proposing changes to the Board of Directors due to concerns over underperformance.
3. Cybersecurity vulnerabilities and other incidents could lead to the improper disclosure of information. TrueBlue's operations involve handling sensitive data, and the company acknowledges that cybersecurity incidents could materially and adversely affect its financial condition, results of operations, liquidity, reputation, and ability to attract and retain employees. Such events could also lead to government enforcement actions or litigation.

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The clear emerging threat to TrueBlue (TBI) comes from the proliferation and increasing adoption of on-demand gig economy platforms and mobile applications that directly connect blue-collar and light industrial workers with employers for temporary, hourly, and project-based assignments. These technology-driven platforms aim to disintermediate traditional staffing agencies like TrueBlue's PeopleReady segment by offering faster matching, greater transparency, and often lower costs through automated processes and direct connections. Examples of such platforms include Instawork, Wonolo, and Jobble, which are gaining traction by leveraging technology to fulfill short-term labor needs that have historically been served by conventional staffing firms.

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TrueBlue (TBI) operates primarily within the staffing, recruiting, and workforce management industries through its three main segments: PeopleReady, PeopleManagement, and PeopleScout. These segments address various components of the contingent and permanent staffing markets.

• Contingent Staffing and Workforce Management (PeopleReady, PeopleManagement, PeopleScout): The global contract or temporary staffing services market is projected to grow from $480.15 billion in 2025 to $888.02 billion by 2035, at a compound annual growth rate (CAGR) of 6.7%. North America holds approximately 37% of this market share. More broadly, the global contingent workforce management market is projected to reach $465.2 billion by 2031, growing at a CAGR of 10.5% from 2021 to 2031. In the United States, the staffing industry alone had a market size of $151.8 billion. Specifically for Office Staffing & Temp Agencies in the U.S., the market size was $238.8 billion in 2024 and is estimated to be $260.1 billion in 2025.

• Skilled Trades Staffing (PeopleReady): While a precise standalone market size for skilled trades staffing is not readily available, this area represents a significant and growing part of the broader temporary and industrial staffing market, particularly in the U.S. There is a recognized shortage and high demand for skilled trades workers in the U.S. construction and manufacturing sectors. For example, between May and June of an unspecified year, there was a 50% increase in job postings for skilled trades-related workers from pre-pandemic levels in the U.S.

• Commercial Driver Services (Centerline Drivers, part of PeopleManagement): TrueBlue's Centerline Drivers segment focuses on providing commercial driving professionals. The American Trucking Association reports a driver shortage of approximately 60,000 drivers in the U.S. A specific market size for commercial driver staffing in dollar figures was not found.

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1. Growth in Specialized and High-Demand Segments: TrueBlue anticipates future revenue growth by focusing on and expanding its presence in specialized and high-demand sectors. The company's commercial driving services have consistently delivered double-digit growth for multiple consecutive quarters. Furthermore, the energy sector's revenue more than doubled in Q3 2025, demonstrating its strong potential. TrueBlue's "skilled businesses" are also outperforming the broader market, with the PeopleReady segment experiencing a 17% revenue increase in Q3 2025 due to strong performance in skilled trades.
2. Strategic Acquisitions and Market Expansion: Inorganic growth through strategic acquisitions, such as the Healthcare Staffing Professionals (HSP) acquisition, is expected to contribute to revenue. This acquisition contributed to Q3 2025 revenue and is projected to add approximately 4 percentage points of growth in Q4 2025, strengthening TrueBlue's position in the healthcare market and positioning it well for 2026. The company is also expanding its presence in high-growth markets like healthcare and skilled trades, securing new wins in these sectors.
3. Digital Transformation and Platform Enhancements: Investments in digital platforms, particularly the JobStack app, are expected to drive revenue growth through improved operational efficiency and customer engagement. The successful rollout of the new proprietary JobStack app has enhanced user experience, and the introduction of a price estimate feature allows existing customers to directly view and accept price quotes for new orders, with plans to expand this to new customers.
4. Optimized Sales Function and Customer Base Expansion: TrueBlue is reorganizing its sales model, including a 50% increase in field sales capacity and the appointment of new sales leadership for its PeopleReady on-demand business. This initiative aims to capture greater market share and demand as the overall market recovers. The company is actively focused on retaining and expanding existing customer relationships while winning new business across all segments, with PeopleReady's customer count growing sequentially and PeopleScout nearly doubling new annualized wins in Q3 2024. Additionally, the PeopleManagement segment is expanding its geographic footprint by targeting more local and underserved markets.

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Share Repurchases

• In February 2022, TrueBlue authorized a share repurchase program of up to $100 million, valid for three years.
• During Q3 2023, the company repurchased shares equivalent to approximately 5% of its market capitalization.
• TrueBlue has not engaged in any share repurchases year-to-date in 2025, marking a shift from prior years where buybacks typically ranged from 4-6% of market capitalization.

Inbound Investments

• In May 2025, TrueBlue's Board of Directors adopted a limited duration shareholder rights agreement in response to an unsolicited proposal from HireQuest, Inc. to acquire all common stock at $7.50 per share.

Outbound Investments

• In January 2025, TrueBlue acquired Healthcare Staffing Professionals (HSP), which contributed $14 million in revenue and 4 percentage points of year-over-year growth in Q3 2025.

Capital Expenditures

• For fiscal year 2025, TrueBlue forecasts capital expenditures to be between $19 million and $23 million.
• Capital expenditures and spending for software as a service assets are expected to be between $17 million and $21 million for fiscal 2025, with approximately $3 million allocated to software as a service.
• The primary focus of these expenditures is on technology and digital transformation to accelerate revenue growth, reduce service delivery costs, and enhance client and candidate attraction and retention.