TrueBlue Q2 revenue down 17% to $396M; net loss $105M due to $100M impairment and valuation allowance

TrueBlue, Inc.

2024-Q2 EPS reported -$3.46 revenue$799,083,000

Revenue $396M vs $476M YoY (-17%); net loss $105M vs $7M loss prior year.
Includes $45M after-tax goodwill/intangible impairment and $55M deferred tax asset valuation allowance.
Adjusted EBITDA $1M; adjusted net loss per diluted share $0.35 (vs adjusted net income $0.11 prior).
Zero debt, cash $26M, $132M borrowing availability; repurchased $7M in shares during Q2.
CEO cites client caution and economic uncertainty; digital transformation and cost actions underway.

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