tbi2019q4earningspresent

Q4 2019 Earnings February 2020

Forward-looking statements This document contains forward-looking statements relating to our plans and expectations, 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 release 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, (2) our ability to attract and retain clients, (3) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (4) our ability to maintain profit margins, (5) new laws and regulations that could affect our operations or financial results, (6) our ability to successfully complete and integrate acquisitions, (7) our ability to successfully execute on business strategies to further digitize our business model, and (8) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit. 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 reference to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. In addition, we use several non-GAAP financial measures when presenting our financial results in this document. Please refer to the reconciliations between our GAAP and non-GAAP financial measures in the appendix to this presentation and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated. www.TrueBlue.com 2

Results and strategy overview Managing costs in-line Progress on digital Returning capital with revenue strategy to shareholders ¬ Total revenue -9% v. outlook of ¬ 875,000 shifts were filled via ¬ $8 million of stock -10% to -6% JobStack in Q4 2019, down from repurchased in Q4 2019 ¬ Operating expense results were 877,000 in Q4 2018 ¬ $119 million remaining better than expected ¬ Digital fill rate2 of 46% in Q4 2019, under existing 2019 ¬ EPS in-line with company outlook: up from 41% in Q4 2018 authorizations $0.23 v. outlook of $0.18 to $0.28 ¬ 87% worker adoption, up from 80% ¬ Strong balance sheet: 6% Q4 ¬ Adjusted EPS1 in-line with in Q4 2018 debt to capital ratio and company outlook: $0.39 v. outlook ample liquidity of $0.35 to $0.45 ¬ Total revenue -5% v. flat in 2018 ¬ Approximately 4 million shifts filled ¬ $39 million of stock ¬ Revenue trends slowed over the in 2019, or a job every nine repurchased in 2019 course of the year as clients seconds ¬ Over the last three years moderated contingent labor spend ¬ Ended the year with 21,300 clients (2017-2019), $110 million ¬ Total SG&A -5% v. prior year using JobStack, up more than 50% of capital returned to 2019 ¬ Disciplined approach to cost from just one year ago shareholders via share ¬ FY FY management while investing for PeopleScout’s Affinix is helping repurchases growth clients improve time to fill, candidate flow and candidate satisfaction 1 See the appendix to this presentation and “Financial Information” in the investors section of our website at www.trueblue.com for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. 2 Representswww.TrueBlue.com orders filled via JobStack v. all filled orders for Q4 2019 (calculation excludes unfilled orders). 3

Financial summary Amounts in millions, except per share data Q4 2019 Change FY 2019 Change Revenue $591 -9% $2,369 -5% Net Income $8.7 -41% $63.1 -4% Net Income Per Diluted Share $0.23 -38% $1.61 -1% Adjusted Net Income¹ $14.8 -39% $80.3 -13% Adj. Net Income Per Diluted Share $0.39 -36% $2.05 -10% Adjusted EBITDA¹ $21.0 -36% $110.7 -14% Adjusted EBITDA Margin 3.5% -150 bps 4.7% -50 bps Q4 2019 profitability decrease attributable to less revenue, prior year payroll tax benefits and previously disclosed headwinds.2 1 See the appendix to this presentation and “Financial Information” in the investors section of our website at www.trueblue.com for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. 2 PeopleScout headwind from one client lost after being acquired and less volume / lower margins on another large account. The first client had no order volume starting in Q2 2019 and the second client had no order volume in Q4 www.TrueBlue.com2019. For Q4 2019, these clients represented a -13% combined Adjusted EBITDA growth headwind. 4

Gross margin and SG&A bridges 26.5% 25.4% -0.6% -0.5% Gross Margin Q4 2018 Staffing RPO Q4 2019 Amounts in millions $145 $134 -$1 -$10 SG&A Q4 2018 Adjusted EBITDA Core business Q4 2019 exclusions¹ 1 Adjusted EBITDA further excludes from EBITDA Work Opportunity Tax Credit third-party processing fees, acquisition/integration costs and other costs. See the appendix to this presentation and “Financial Information” in the investors sectionwww.TrueBlue.com of our website at www.trueblue.com for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results. 5

Q4 2019 results by segment Amounts in millions PeopleReady PeopleManagement PeopleScout Revenue $365 $171 $55 % Growth -9% -7% -18% Segment Profit1 $18 $3 $5 % Growth -19% -45% -54% % Margin 4.9% 1.6% 9.8% Change -60 bps -110 bps -770 bps ¬ Revenue was -9% v. -4% last ¬ Revenue was -7% v. -12% last ¬ Revenue was -18% v. -9% last Notes: quarter quarter; improvement due to quarter ¬ Declines were broad-based run-off of previously disclosed ¬ Decline in revenue and 2 across multiple geographies revenue headwinds profitability primarily from and industries ¬ Profitability impacted by previously disclosed 3 ¬ Revenue -15% in Dec., or -7% shorter peak holiday season headwinds and softness in after adjustment for the ¬ The dollar volume of new our UK business due to Thanksgiving holiday shift business wins remains uncertainty associated with the encouraging (up 21% for FY Brexit vote 2019) 1 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 goodwill and intangible impairment charges, depreciation and amortization expense, unallocated corporate general and administrative expense, interest, other income and expense, income taxes, and other adjustments not considered to be ongoing. 2 PeopleManagement revenue headwinds from loss of Amazon Canadian business and volume / price reductions at another retail client. Total revenue growth headwind was negligible in Q4 2019 v. -5% in Q3 2019. 3 PeopleScout headwind from one client lost after being acquired and less volume / lower margins on another large account. The first client had no order volume starting in Q2 2019 and the second client had no order volume in Q4 2019 (-11% combined revenue growth headwind in Q4 2019 v. -9% in Q3 2019). Associated segment profit headwind of approximately $4M (-37% combined segment profit growth headwind in Q4 2019). www.TrueBlue.com 6

2019 headwind information Amounts in millions n PeopleScout Clients¹ n Retail Client (PeopleManagement) $26 n Amazon (PeopleManagement) n PlaneTechs (PeopleManagement) 5 $64 18 $16 $15 12 3 15 6 6 $8 3 24 Revenue Headwinds 8 8 6 6 8 Q1-19 Q2-19 Q3-19 Q4-19 FY 2019 $6 $18 $5 1 $4 $4 4 12 2 2 4 1 1 4 2 1 1 3 Segment Profit Headwinds Q1-19 Q2-19 Q3-19 Q4-19 FY 2019 Note: Figures may not sum to consolidated totals due to rounding. Please see the outlook section of our Q4 2018 earnings presentation for additional background information. www.TrueBlue.com1 PeopleScout headwind from one client lost after being acquired and less volume / lower margins on another large account. The first client had no order volume starting in Q2 2019 and the second client had no 7 order volume in Q4 2019.

Leading our business into a digital future JobStackTM Industry-leading mobile app that connects our Industry-leading platform for sourcing, screening associates with jobs and simplifies client ordering and delivering a permanent workforce Year Achievements Digital Fills1 Client Users Before After Successful branch ¬ 30% applicant ¬ 80%+ applicant 22% 1,600 2 2017 roll-out conversion rate conversion rate ¬ Launch of client ¬ 50% of candidates 41% 13,100 Not mobile enabled 2018 application apply with mobile Drive revenue ¬ Limited passive ¬ 40 candidates 2019 growth with heavy 46% 21,300 sourcing sourced per job client users 2020 Drive candidate ¬ ¬ Goal flow 55% 28,000 >35 days to fill 25 days to fill http://www.peopleready.com/jobstack/ https://www.peoplescout.com/affinix/ Note: Figures represent average initial improvements experienced across a small portion of our client base that has been fully implemented on Affinix www.TrueBlue.com1 Represents orders filled via JobStack v. all filled orders for Q4 of the given year (calculation excludes unfilled orders). 8 and tracks relevant statistics. 2 Applicant conversion rate represents the number of completed applications over the number of applications initiated.

Strong balance sheet and return of capital Total Debt Debt to Total Capital1 Amounts in millions Net Debt Cash $138 $119 $35 21% $29 $80 18% 12% $103 $47 $37 $90 6% $33 $38 2016 2017 2018 2019 2016 2017 2018 2019 Liquidity Share Repurchase % of Free Cash Flow2 Amounts in millions Borrowing Availability Cash $295 $260 $38 $47 $171 $146 59% $35 $257 47% $29 $213 32% $136 $117 2% 2016 2017 2018 2019 2016 2017 2018 2019 Note: Figures may not sum to consolidated totals due to rounding. Balances as of fiscal period end. 1 Calculated as total debt divided by the sum of total debt plus shareholders’ equity. www.TrueBlue.com2 Free cash flow calculated as net cash provided by operating activities less capital expenditures. See the appendix to this presentation and “Financial Information” in the Investors section of our website at 9 www.trueblue.com for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results.

Outlook

Q1 outlook Amounts in millions, except per share data Outlook Notes $503 to $528 Revenue: Total TrueBlue¹ l Incremental improvement v. Q4 2019 based on recent trends -9% to -4% growth Revenue: PeopleReady $303 to $314 l Incremental improvement v. Q4 2019 based on recent trends -7% to -4% growth Revenue: PeopleManagement $149 to $158 l Incremental improvement v. Q4 2019 based on new clients wins ramping on -5% to 0% growth Revenue: PeopleScout $50 to $55 l See detail on client headwinds below ($5M revenue impact, or 8% growth impact) -26% to -18% growth Net loss per basic share $0.07 to $0.00 l Assumes an effective income tax rate of 12% l Assumes basic weighted average shares outstanding of 37.8M and diluted Adjusted net income per diluted share $0.04 to $0.11 weighted average shares outstanding of 38.4M Select 2020 outlook information Q1 Q2 Q3 Q4 l 2020 capex in-line with historical run rate with the exception of $10M in Capital Expenditures $5 $7 $12 $13 capex related to our Chicago headquarters. The lessor will subsidize the majority of the build-out, with offsetting cash flow expected in 2021. No material change to depreciation anticipated. PeopleScout Client Headwinds Q1 Q2 Q3 Q4 Revenue Headwind -$5 -$4 -$2 $0 l As previously disclosed, PeopleScout headwind from one client lost after being acquired and less volume / lower margins on another large account. The first client had no order volume starting in Q2 2019 and Segment Profit Headwind -$3 -$2 -$1 $0 the second client had no order volume in Q4 2019. www.TrueBlue.com 11 1 Figures may not sum to consolidated totals due to rounding.

Appendix

NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Non-GAAP Measure Definition Purpose of Adjusted Measures EBITDA and EBITDA excludes from net income: - Enhances comparability on a consistent basis and provides Adjusted EBITDA - interest and other income (expense), net, investors with useful insight into the underlying trends of the - income taxes, and business. - depreciation and amortization. - Used by management to assess performance and Adjusted EBITDA, further excludes: effectiveness of our business strategies. - Work Opportunity Tax Credit third-party processing fees, - acquisition/integration costs - Provides a measure, among others, used in the - gain on deferred compensation assets, and determination of incentive compensation for management. - other adjustments. Adjusted net Net income and net income per diluted share, excluding: - Enhances comparability on a consistent basis and provides income and - amortization of intangibles of acquired businesses, investors with useful insight into the underlying trends of the Adjusted net - acquisition/integration costs, business. income, per diluted - gain on divestiture, share - other adjustments, - Used by management to assess performance and - tax effect of each adjustment to U.S. GAAP net income, and effectiveness of our business strategies. - adjust income taxes to the expected effective tax rate. Free cash flow Net cash provided by operating activities, minus cash purchases - Used by management to assess cash flows. for property and equipment. www.TrueBlue.com 13

1. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME, PER DILUTED SHARE (Unaudited) Q4 2019 Q4 2018 Q1 2020 Outlook* 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended (in thousands, except for per share data) Dec 29, 2019 Dec 30, 2018 Mar 29, 2020 Net income (loss) $ 8,715 $ 14,887 $ (2,500) — $ 100 Amortization of intangible assets of acquired businesses (2) 4,003 5,162 4,000 Acquisition/integration costs (3) (50) 989 — Other adjustments (4) 3,913 4,333 600 Tax effect of adjustments to net income (5) (1,102) (1,468) (600) Adjustment of income taxes to normalized effective rate (6) (671) 357 — Adjusted net income $ 14,808 $ 24,260 $ 1,500 — $ 4,000 *Totals may not sum due to rounding Adjusted net income, per diluted share $ 0.39 $ 0.61 $ 0.04 — $ 0.11 Basic weighted average shares outstanding 37,843 39,528 37,800 Diluted weighted average shares outstanding 38,348 39,926 38,400 2019 2018 52 Weeks Ended 52 Weeks Ended (in thousands, except for per share data) Dec 29, 2019 Dec 30, 2018 Net income $ 63,073 $ 65,754 Gain on divestiture (1) — (718) Amortization of intangible assets of acquired businesses (2) 17,899 20,750 Acquisition/integration costs (3) 1,562 2,672 Other adjustments (4) 3,915 10,317 Tax effect of adjustments to net income (5) (3,273) (5,074) Adjustment of income taxes to normalized effective rate (6) (2,835) (1,843) Adjusted net income $ 80,341 $ 91,858 Adjusted net income, per diluted share $ 2.05 $ 2.28 Diluted weighted average shares outstanding 39,179 40,275 www.TrueBlue.comSee the last slide of the appendix for footnotes. 14

2. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (Unaudited) Q4 2019 Q4 2018 Q1 2020 Outlook* 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended (in thousands) Dec 29, 2019 Dec 30, 2018 Mar 29, 2020 Net income (loss) $ 8,715 $ 14,887 $ (2,500) — $ 100 Income tax expense 638 2,839 (300) — — Interest and other (income) expense, net (2,014) (848) (900) Depreciation and amortization 9,021 10,272 9,000 EBITDA 16,360 27,150 5,200 — 8,200 Work Opportunity Tax Credit processing fees (7) 240 285 200 Acquisition/integration costs (3) (50) 989 — Gain on deferred compensation assets (8) 495 — — Other adjustments (4) 3,913 4,333 600 Adjusted EBITDA $ 20,958 $ 32,757 $ 6,000 — $ 9,000 * Totals may not sum due to rounding 2019 2018 52 Weeks Ended 52 Weeks Ended (in thousands) Dec 29, 2019 Dec 30, 2018 Net income $ 63,073 $ 65,754 Income tax expense 6,971 9,909 Interest and other (income) expense, net (3,865) (1,744) Depreciation and amortization 37,549 41,049 EBITDA 103,728 114,968 Work Opportunity Tax Credit processing fees (7) 960 985 Acquisition/integration costs (3) 1,562 2,672 Gain on deferred compensation assets (8) 495 — Other adjustments (4) 3,915 10,317 Adjusted EBITDA $ 110,660 $ 128,942 www.TrueBlue.comSee the last slide of the appendix for footnotes. 15

3. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOWS (Unaudited) 2019 2018 2017 2016 52 Weeks Ended 52 Weeks Ended 52 Weeks Ended 53 Weeks Ended (in thousands) Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Net cash provided by operating activities $ 94,542 $ 125,692 $ 100,134 $ 260,703 Capital expenditures (28,119) (17,054) (21,958) (29,042) Free cash flows $ 66,423 $ 108,638 $ 78,176 $ 231,661 Footnotes: 1. Gain on the divestiture of our PlaneTechs business sold mid-March 2018. 2. Amortization of intangible assets of acquired businesses. 3. Acquisition/integration costs for the acquisition of TMP Holding LTD completed on June 12, 2018. 4. Other adjustments for the 13 weeks and 52 weeks ended December 29, 2019 primarily include implementation costs for cloud-based systems of $0.6 million and $3.2 million, respectively, workforce reduction costs primarily associated with employee reductions in the PeopleReady business of $2.9 million and $3.3 million, respectively and amortization of software as a service assets of $0.5 million and $1.6 million, respectively, which is reported in selling, general and administrative expense. These other cost adjustments for the 52 weeks ended December 29, 2019 were slightly offset by $3.9 million of workers’ compensation benefit related to additional insurance coverage associated with former workers’ compensation carriers that are in liquidation. Other adjustments for the 13 weeks and 52 weeks ended December 30, 2018 include implementation costs for cloud-based systems of $2.2 million and $6.7 million, respectively, and accelerated vesting of stock associated with the CEO transition of $2.1 million and $3.6 million, respectively. Other adjustments for the 13 weeks ended March 29, 2020 include implementation costs for cloud-based systems of $0.3 million and amortization of software as a service assets of $0.3 million. 5. Total tax effect of each of the adjustments to U.S. GAAP net income using the expected ongoing rate of 12 percent for 2020 and 14 percent for all other periods presented. 6. Adjustment of the effective income tax rate to the expected ongoing rate of 12 percent for 2020 and 14 percent for all other periods presented. 7. These third-party processing fees are associated with generating the Work Opportunity Tax Credits, which are designed to encourage employers to hire workers from certain targeted groups with higher than average unemployment rates. 8. Gain realized on sale of deferred compensation mutual funds to purchase corporate owned life insurance policies during the 13 weeks ended December 29, 2019. www.TrueBlue.com 16