UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC FORM 8-K CURRENT REPORT
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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): June 1, 2014 TRUEBLUE, INC. (Exact Name of Registrant as Specified in Its Charter) Washington (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 1015 A Street, Tacoma, Washington (Address of Principal Executive Offices) (Zip Code) (253) (Registrant s Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))
2 Item Entry into a Material Definitive Agreement. On June 1, 2014, TrueBlue, Inc. (the Company ) entered into a Stock Purchase Agreement (the Purchase Agreement ) with Staffing Solutions Holdings, Inc., a Delaware corporation ( Seaton ), and its equity holders (collectively, the Sellers ), whereby the Company has agreed to acquire all of the outstanding equity interests of Seaton. Chicago-based Seaton provides outsourcing solutions, such as high-volume employee recruitment, managed services provider and strategic outsourced workforce management, through its PeopleScout, HRX, Staff Management SMX, and StudentScout brands. Its clients include many of the world s most recognizable brands in a broad range of industries such as airline, financial services, retail, manufacturing, and transportation. The cash purchase price is $310 million, subject to certain working capital and other adjustments. The Purchase Agreement contains customary terms and conditions contained in agreements of this type, including representations and warranties by both parties and customary and reciprocal indemnification provisions and pre-closing covenants. The transaction is expected to close early in the third quarter of 2014 following required regulatory review, and is subject to customary conditions to closing. To fund a portion of the purchase price, on May 30, 2014 the Company entered into a Commitment Letter with Bank of America, N.A., Wells Fargo Bank, N.A., PNC Bank, National Association, and PNC Capital Markets LLC, for a secured revolving credit facility of up to a maximum of $300 million (the Revolving Credit Facility ). The Company expects to enter into the Revolving Credit Facility concurrently with the closing of the transaction. The Revolving Credit Facility would mature five years from closing and provides for the following: Borrowing Base. The amount the Company can borrow under the Revolving Credit Facility is calculated according to a formula that is based upon the sum of (a) 90% of eligible billed receivables, plus (b) the lesser of (i) 85% of eligible unbilled accounts receivable and (ii) 15% of eligible receivables, plus (c) the lesser of (i) 75% of appraised fair market value of Eligible Real Property and (ii) $20 million; minus (d) certain reserves, including a reserve for temporary worker payroll. Accordion. The Revolving Credit Facility will contain an accordion feature which, subject to lender approval, provides the Company with the option to increase the total amount of the facility up to $400 million. Loan fees and interest. Under the terms of the Revolving Credit Facility, the Company pays a variable rate of interest on the outstanding principal balance, a fee on outstanding letters-of-credit and an unused commitment fee. These rates are based on LIBOR or the Base Rate, plus an applicable spread based on Excess Liquidity as a percentage of the total commitments, as set forth below: Excess Liquidity as a percentage of the Total Commitments Base Rate Revolving Loans LIBOR Revolving Loans Letters of Credit Greater than 75%*.25% 1.25% 1.25% Greater than 50% to 75%.50% 1.50% 1.50% Greater than 25% to 50%.75% 1.75% 1.75% Equal to or less than 25% 1.00% 2.00% 2.00%
3 * Top tier pricing is available only if the Company achieves a Funded Debt to Consolidated EBITDA ratio (as shall be defined in the amended and restated credit agreement for the Revolving Credit Facility) of less than 1.5:1.0. Excess Liquidity, is the amount equal to (i) unused borrowing capacity under the Revolving Credit Facility plus (ii) certain unrestricted cash and cash equivalents. An unused commitment fee rate of (i) 0.375% when utilization is less than 25%, or (ii) 0.25% when utilization is greater than or equal to 25%, is also applied against the unused portion of the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, letters-of-credit are priced at the margin in effect for LIBOR loans plus a fronting fee of 0.125%. Collateral. Obligations under the Revolving Credit Facility will be secured by substantially all of the Company s and its domestic subsidiaries personal property and the Company s headquarters located in Tacoma, Washington. The Revolving Credit Facility will be documented, in part, as an amendment and restatement of the Company s existing Amended and Restated Credit Agreement dated as of September 30, 2011 (as subsequently amended) among the Company, Bank of America, as administrative agent, and the parties thereto as lenders. The Revolving Credit Facility will also replace Seaton s existing credit facility. On June 2, 2014, the Company issued a press release announcing the transaction, including the Revolving Credit Facility, which is included as Exhibit 99.1 to this Form 8-K. Item Regulation FD Disclosure. In its June 2, 2014 press release announcing the transaction, the Company also announced updated revenue guidance for the second quarter of 2014 of $451 million to $457 million and revised earnings per share guidance of $0.22 to $0.26 per share, which includes $4 million or $0.06 of non-recurring costs related to the acquisition of Seaton. The revised guidance reflects the impact of first quarter 2014 disruptive weather conditions which slowed economic growth and delayed construction and other projects. Attached to this report as Exhibit 99.1 is a slide presentation (the Investor Presentation ) related to the transaction and the updated guidance, which will be used in management presentations by the Company beginning on June 2, The Investor Presentation is also available on the Company's website, In accordance with General Instruction B.2. of Form 8-K, the information contained above in this Item 7.01 (including the Investor Presentation) shall not be deemed Filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the Investor Presentation be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This Item 7.01 will not be deemed a determination or an admission as to the materiality of any information in this Item 7.01 that is required to be disclosed solely by Regulation FD. Item Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release of the Company dated June 2, Investor Presentation
4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TRUEBLUE, INC. (Registrant) Date: June 2, 2014 By: /S/ DERREK L. GAFFORD Derrek L. Gafford Chief Financial Officer and Executive Vice President
5 EXHIBIT 99.1 TrueBlue to Acquire SeatonCorp Acquisition is a Strategic Expansion of TrueBlue s Workforce Solutions PeopleScout, Staff Management SMX, StudentScout and Australia-based HRX to become TrueBlue Outsourcing Solutions Group TACOMA, WASH. -TrueBlue, Inc. announced today that it has agreed to purchase privately held SeatonCorp, adding complementary outsourcing solutions such as high-volume employee recruitment, managed services provider and strategic outsourced workforce management to its leading specialized staffing and onsite workforce management offerings. The acquisition makes TrueBlue the largest industrial staffing firm in the U.S. This is a combination of two great companies that share the same purpose of putting people to work and changing lives, TrueBlue CEO Steve Cooper said. Together, we can do more to get people to work and help businesses be more productive by handling all their employment sourcing, recruiting, screening, and workforce management needs. Chicago-based Seaton is the leading recruiting and outsourcing provider through its PeopleScout, HRX, Staff Management SMX, and StudentScout brands. Its clients include many of the world s most recognizable brands in a broad range of industries such as airline, financial services, retail, manufacturing, and transportation. PeopleScout and Australia-based HRX specialize in recruitment process outsourcing, which involves large-scale recruitment of full-time employees for clients. Staff Management SMX is an outsourced workforce management provider that recruits and manages contingent employees on site at clients facilities. StudentScout provides outsourcing services supporting the admissions process of colleges and universities. Cooper emphasized that after the transaction closes it will be business as usual for PeopleScout, HRX, Staff Management SMX, and StudentScout customers and that they can expect the same great service from the combined company. Current Seaton CEO Patrick Beharelle will become President and COO of TrueBlue Outsourcing Solutions, a new group that will include PeopleScout, HRX, Staff Management SMX, and StudentScout. Each service line will continue to report to Beharelle and be led by its current executive team. The group will remain based in Chicago. TrueBlue s existing service lines, which offer specialized staffing services including on-demand general labor, skilled labor, aviation mechanics and truck drivers, will comprise TrueBlue Staffing Solutions. This group will stay based at TrueBlue s Tacoma headquarters and will continue to serve a broad customer base in the construction, manufacturing, transportation, aviation, waste, hospitality, retail, and renewable energy industries. President and COO of TrueBlue Staffing Solutions Wayne Larkin will lead the group. We are looking forward to being an important part of the TrueBlue team and are committed to ensuring clients continue to receive the world-class service that has led to nearly 100 percent client retention over the past four years, Beharelle said. Joining with TrueBlue significantly increases our ability to serve customers, offer additional services, and do more to put people on the job. New Markets Provide Opportunities for Growth
6 The use of recruitment process and workforce management outsourcing is growing quickly. Adding PeopleScout and Staff Management dramatically expands TrueBlue s ability to provide these services to customers and also adds to the company s long-term growth potential, Cooper said. The international presence of PeopleScout, HRX and Staff Management SMX also opens new markets to TrueBlue. We re excited we can join with this industry leader, which pioneered outsourcing high-volume recruiting and workforce management, and with their talented employees, Cooper said. This partnership accelerates our strategy of driving growth by adding new services that can help our customers be more productive. It s a great fit, and we intend to ensure that they will continue to do exactly what has made them so valuable to their clients. We are also looking forward to making these outsourcing services more accessible to customers who have relied on TrueBlue for their staffing needs. Transaction Details TrueBlue is paying approximately $310 million in cash to acquire Seaton from Leeds Equity Partners, a New York-based private equity firm, subject to working capital adjustments. The purchase price is comprised of a combination of cash on hand and a new credit facility to be entered into prior to closing the transaction. The transaction is expected to close early in the third quarter of 2014 following required regulatory review. Upon closing, TrueBlue s pro forma 2013 revenue increases by $600 million to approximately $2.3 billion. Robert W. Baird served as the exclusive financial advisor and K&L Gates served as legal counsel to TrueBlue on this transaction. Future Outlook For the second quarter of 2014, TrueBlue estimates revenue in the range of $451 million to $457 million and net income per diluted share for the quarter of $0.22 to $0.26 which includes $0.06 of non-recurring costs related to the acquisition of Seaton. A presentation on Seaton, including financial information and expected results, was included in an 8-K filed today and posted on our website at About SeatonCorp: Seaton is a leading outsourcing and recruiting company that operates under the Staff Management SMX, PeopleScout, HRX, and StudentScout service lines. Seaton was recognized as America's #1 job creator among privately held companies by Inc. Magazine. In 2013, Seaton screened over 4.3 million candidates and recruited more than 250,000 employees into permanent jobs in more than 70 countries. The company was founded in About TrueBlue: TrueBlue (NYSE: TBI) is a leading staffing provider that helps over 130,000 businesses be more productive through easy access to dependable temporary labor. TrueBlue provides specialized staffing solutions and onsite workforce management to industries that include construction, manufacturing, transportation, aviation, waste, hospitality, retail, renewable energy and more. Repeatedly recognized as one of Forbes Magazine s Most Trustworthy Companies for its accounting and governance practices, TrueBlue connects approximately 375,000 people to work annually across the U.S., Canada and Puerto Rico. Learn more about TrueBlue at Forward-looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Words such as may, will, should, expects, intends, projects, plans, believes, estimates, targets, anticipates, and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include the expected completion of the acquisition, the time frame in
7 which this will occur, the expected benefits of the acquisition and the expected financial performance of TrueBlue following the acquisition and statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forwardlooking statements. Among these factors are the occurrence of any event, change or other circumstances that could give rise to the termination of the acquisition agreement, the risk that the closing conditions, including regulatory approval, may not be satisfied, risks related to disruption of management time from ongoing business operations due to the acquisition and failure to realize the benefits expected from the acquisition. Examples of additional factors can be found in our most recent filings with the Securities Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and 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. Contacts: Derrek Gafford, EVP & CFO Stacey Burke, VP of Corporate Communications
8 A c q u is itio n o fs e a to n J u n e 2,
9 T h is d o c u m e n tc o n ta in s fo rw a rd -lo o k in g s ta te m e n ts w ith in th e m e a n in g o fth e P riv a te S e c u ritie s L itig a tio n R e fo rm A c to f Wo rd s s u c h a s m a y, w il, s h o u ld, e x p e c ts, in te n d s, p ro je c ts, p la n s, b e lie v e s, e s tim a te s, ta rg e ts, a n tic ip a te s, a n d s im ila re x p re s s io n s a re u s e d to id e n tify th e s e fo rw a rd -lo o k in g s ta te m e n ts.e x a m p le s o fo rw a rd -lo o k in g s ta te m e n ts in c lu d e th e e x p e c te d c o m p le tio n o fth e a c q u is itio n,th e tim e fra m e in w h ic h th is w il o c c u r,th e e x p e c te d b e n e fits o fth e a c q u is itio n a n d th e e x p e c te d fin a n c ia l p e rfo rm a n c e o ft ru e B lu e fo lo w in g th e a c q u is itio n a n d s ta te m e n ts re la tin g to o u rfu tu re fin a n c ia l c o n d itio n a n d o p e ra tin g re s u lts,a s w e l a s a n y o th e rs ta te m e n th a td o e s n o td ire c tly re la te to a n y h is to ric a l o rc u re n tfa c t.f o rw a rd -lo o k in g s ta te m e n ts a re b a s e d o n o u rc u re n te x p e c ta tio n s a n d a s s u m p tio n s,w h ic h m a y n o tp ro v e to b e a c c u ra te.t h e s e s ta te m e n ts a re n o tg u a ra n te e s a n d a re s u b je c to ris k s,u n c e rta in tie s,a n d c h a n g e s in c irc u m s ta n c e s th a ta re d ific u lto p re d ic t.m a n y fa c to rs c o u ld c a u s e a c tu a l re s u lts to d ife rm a te ria ly a n d a d v e rs e ly fro m th e s e fo rw a rd -lo o k in g s ta te m e n ts.a m o n g th e s e fa c to rs a re th e o c c u re n c e o fa n y e v e n t,c h a n g e o ro th e rc irc u m s ta n c e s th a tc o u ld g iv e ris e to th e te rm in a tio n o fth e a c q u is itio n a g re e m e n t,th e ris k th a th e c lo s in g c o n d itio n s,in c lu d in g re g u la to ry a p p ro v a l,m a y n o tb e s a tis fie d,ris k s re la te d to d is ru p tio n o fm a n a g e m e n tim e fro m o n g o in g b u s in e s s o p e ra tio n s d u e to th e a c q u is itio n a n d fa ilu re to re a liz e th e b e n e fits e x p e c te d fro m th e a c q u is itio n.e x a m p le s o fa d d itio n a l fa c to rs c a n b e fo u n d in o u rm o s tre c e n tfilin g s w ith th e S e c u ritie s E x c h a n g e C o m m is s io n.a n y fo rw a rd -lo o k in g s ta te m e n ts p e a k s o n ly a s o fth e d a te o n w h ic h itis m a d e,a n d w e a s s u m e n o o b lig a tio n to u p d a te o re v is e a n y fo rw a rd -lo o k in g s ta te m e n t,w h e th e ra s a re s u lto fn e w in fo rm a tio n,fu tu re e v e n ts,o ro th e rw is e,e x c e p ta s re q u ire d b y la w.u s e o fe s tim a te s a n d fo re c a s ts :A n y re fe re n c e s m a d e to a re b a s e d o n g u id a n c e is s u e d a s o fj u n e 2 n d.we a s s u m e n o o b lig a tio n to u p d a te o re v is e a n y fo rw a rd -lo o k in g s ta te m e n t,w h e th e ra s a re s u lto fn e w in fo rm a tio n,fu tu re e v e n ts,o ro th e rw is e,e x c e p ta s re q u ire d b y la w.a n y o th e re fe re n c e to fu tu re fin a n c ia l e s tim a te s a re in c lu d e d fo rin fo rm a tio n a l p u rp o s e s o n ly a n d s u b je c to ris k fa c to rs d is c u s s e d in o u rm o s tre c e n tfilin g s w ith th e S e c u ritie s E x c h a n g e C o m m is s io n.1
10 A c q u is itio n S tru c tu re P u rc h a s e p ric e o f$ m ilio n to a c q u ire % o fs e a to n s e q u ity in c lu d in g ta x a s s e ts w ith a n e tp re s e n tv a lu e o f~ $ 2 0 m ilio n ~ 7.8 x fo rw a rd tw e lv e m o n th s A d ju s te d E B IT D A p u rc h a s e m u ltip le,n e to fa c q u ire d ta x a s s e t(1 ) F u n d e d v ia $ m ilio n c a s h a n d $ m ilio n d e b t C o m m ite d fin a n c in g v ia a n e w $ m ilio n a s s e t-b a c k e d fa c ility N e w d e b tfa c ility a m e n d s a n d e n la rg e s th e e x is tin g fa c ility F iv e y e a rte rm,e x p e c te d in te re s tra te o f2 % a tc lo s e O p e ra tin g S tru c tu re S e a to n w il o p e ra te a s a w h o ly -o w n e d s u b s id ia ry o ft ru e B lu e C o m b in e d b u s in e s s w il o p e ra te a s tw o g ro u p s :S ta fin g S o lu tio n s + O u ts o u rc e d S o lu tio n s A c q u ire d b ra n d s a n d m a n a g e m e n te a m s w il re m a in T im in g T ra n s a c tio n e x p e c te d to c lo s e e a rly Q S ta n d a rd c lo s in g c o n d itio n s in c lu d in g H a rt-s c o t-r o d in o a p p ro v a l _ (1 )B a s e d o n e s tim a te d A d ju s te d E B IT D A d u rin g firs tfu l y e a ro fo w n e rs h ip,e x c lu d in g s y n e rg ie s.s e e A p p e n d ix (R e c o n c ilia tio n o fg A A P O p e ra tin g In c o m e to E B IT D A a n d A d ju s te d E B IT D A ).2
11 O p e ra te s th ro u g h le a d in g b ra n d e d o fe rin g s S ta fm a n a g e m e n t(o WM a n d M S P ) P e o p le S c o u t/h R X (R P O ) S tu d e n ts c o u t(a P O ) L e a d in g p ro p rie ta ry te c h n o lo g y $ m ilio n re v e n u e a n d o v e r1 4 0 c lie n ts s e rv e d F o u n d e d in C h ic a g o in ,6 0 0 e m p lo y e e s B lu e -C h ip C u s to m e rb a s e G ro s s P ro fitm ix B u s in e s s O v e rv ie w F in a n c ia l H ig h lig h ts R e v e n u e O WM 6 2 % R P O 2 9 % M S P 5 % A P O 4 % $ $ $ $ $ $ ($ in m ilio n s ) _ N o te :P ro -fo rm a fo rh R X a c q u is itio n.3
12 R P O fo re d u c a tio n s c re e n in g p ro s p e c tiv e s tu d e n ts fo rh ig h e re d u c a tio n A d m is s io n s P ro c e s s O u ts o u rc in g (A P O )O u ts o u rc e d S e rv ic e S o l u tio n C li e n tb e n e fits O u ts o u rc in g o fa fa c ility s in d u s tria la b o re q u ire m e n ts O u ts o u rc in g o fe n tire lo c a tio n o rfle x ib le p o rtio n o fw o rk fo rc e O n s ite d e liv e ry,n o b ra n c h e s R a p id a n d q u a lity s o u rc in g o fw o rk fo rc e E x p e rto n s ite m a n a g e m e n ta n d s c h e d u lin g o fre s o u rc e s L o w e rs to ta l c o s t/re d u c e s c o m p lia n c e ris k s O n s ite m a n a g e m e n tw ith e m b e d d e d s tra te g ic re la tio n s h ip V M S a g n o s tic V e n d o rn e u tra l S in g le s o u rc e a c c e s s to th ird p a rty p ro v id e rs L o w e rs to ta l c o s t R e d u c e a d m in is tra tiv e b u rd e n a n d c o m p lia n c e ris k F u l re c ru itm e n tc y c le o u ts o u rc in g E m b e d d e d o n s ite te a m s a n d c e n tra liz e d s u p p o rt S c a la b le p la tfo rm fo rp e rm a n e n th irin g R e d u c e tu rn o v e r,tim e to h ire,a n d c o s tp e rh ire S c a la b le p la tfo rm a d d re s s e s v a ria b le h irin g n e e d s R e m o v e n o n -c o re fu n c tio n s In c re a s e s s c h o o l s n u m b e ro fc o n ta c ts a n d e n ro lm e n ts E fic ie n tly c u ls c a n d id a te fu n n e l In c re a s e e fe c tiv e n e s s o fm a rk e tin g a n d le a d s p e n d S h o rte n tim e fro m le a d to a d m is s io n s p ro c e s s O u ts o u rc e d re c ru itm e n to fe m p lo y e e s o n b e h a lfo fc lie n ts R e c ru itm e n tp ro c e s s O u ts o u rc in g (R P O )M a n a g e m e n to fm u ltip le th ird p a rty s ta fin g v e n d o rs o n b e h a lfo fc lie n ts M a n a g e d S e rv ic e P ro v id e r(m S P )E x c lu s iv e re c ru itm e n ta n d m a n a g e m e n to fa fa c ility s in d u s tria l w o rk fo rc e O u ts o u rc e d Wo rk fo rc e M a n a g e m e n t(o WM )4
13 L o n g -T e rm G ro w th in A tra c tiv e M a rk e ts In c re a s e s e rv ic e o fe rin g s a n d n e w g e o g ra p h ic m a rk e ts to m e e tm o re c u s to m e rn e e d s E x p a n d in to h ig h g ro w th,c o m p le m e n ta ry h u m a n c a p ita l m a rk e ts E x p a n d le a d e rs h ip p o s itio n in in d u s tria l s ta fin g E n h a n c e V a lu e -A d d e d S o lu tio n s B ro a d e n th e s u ite o fh u m a n c a p ita l s o lu tio n s o fe re d to c u s to m e rs E n h a n c e k n o w le d g e le a d e rs h ip,d ife re n tia te d e x p e rtis e a n d s e rv ic e le v e ls B e a le a d e rin p ro v id in g in n o v a tiv e s o lu tio n s a n d s e rv ic e s D riv e T e c h n o lo g y a n d P ro c e s s E fic ie n c y In c re a s e ta le n ta c q u is itio n c a p a b ilitie s w ith m o b ile a n d o n lin e s o u rc in g a n d h irin g E n h a n c e e fic ie n c y w ith o n lin e b u s in e s s p ro c e s s e s R e d u c e fix e d c o s ts th ro u g h c e n tra liz e d re c ru itin g a n d s e rv ic e d e liv e ry A c c re tiv e A c q u is itio n s w ith S tro n g F it A d d in d u s try le a d in g ta le n t E n s u re s tro n g c u ltu ra l fita n d v a lu e s a lig n m e n t In te g ra te s im ila ro fe rin g s a n d p ro c e s s e s,p re s e rv e d ife re n tia te d e x p e rtis e,le v e ra g e b e s tp ra c tic e s 5
14 T ru e B lu e + S e a to n :S tro n g e rt o g e th e rin c re a s e s S c a le in a n A tra c tiv e M a rk e te n te rh ig h G ro w th R P O M a rk e tc o m p e lin g F in a n c ia l C h a ra c te ris tic s 6
15 B rin g s to g e th e rtw o h ig h ly e fe c tiv e a n d re s p e c te d m a n a g e m e n te a m s w ith tra c k re c o rd s o fo p e ra tio n a l e x c e le n c e E x c e p tio n a l L e a d e rs h ip S o u rc in g,s c re e n in g a n d o n b o a rd in g o fp e rm a n e n te m p lo y e e s S o u rc in g,s c re e n in g,o n b o a rd in g a n d m a n a g e m e n to fc o n tin g e n tw o rk fo rc e In te rn a tio n a l e x p a n s io n o p p o rtu n itie s S e a to n s E x p e rtis e Wil E n h a n c e T B I s S p e c ia liz e d Wo rk F o rc e S o lu tio n s L e v e ra g e S e a to n s n a tio n a l,c e n tra liz e d re c ru itin g a n d p a y ro l p ra c tic e s a c ro s s th e T B In e tw o rk C ro s s -s e lin g o fc o m p le m e n ta ry s o lu tio n s P o te n tia l S y n e rg ie s In c re a s e d m o b ile s o u rc in g a n d h irin g O n lin e b u s in e s s p ro c e s s e s a c c e le ra te s c re e n in g,in c re a s e e fic ie n c y a n d re d u c e c o s ts S h a rin g o fin d u s try -L e a d in g T e c h n o lo g y 7
16 R a n k C o m p a n y U S R e v e n u e 1 $ 1,7 4 0 m 2 A e ro te k (A le g is G ro u p )$ 1, E x p re s s E m p lo y m e n t$ 1, M a n p o w e r$ 1, S e le c ts ta fin g $ 1, K e ly S e rv ic e s $ 1, R a n d s ta d $ 1, R e c ru it$ 1,0 8 0 L o n g -te rm c u s to m e re la tio n s h ip s N a tio n a ly c e n tra liz e d re c ru itin g a n d s e rv ic e O n -s ite d e liv e ry,n o b ra n c h e s L e a d in g p ro p rie ta ry te c h n o lo g y K e y B u s in e s s A trib u te s L a rg e s tu S In d u s tria l S ta fin g C o m p a n y _ S o u rc e :S ta fin g In d u s try A n a ly s ts.(1 )C o m b in e d p ro fo rm a re v e n u e $ 2,2 7 4 m ilio n.(1 )T ra d itio n a l S ta fa u g m e n ta tio n O n -S ite P ro g ra m E x c lu s iv e V e n d o rn a tio n a l R e c ru itin g O u ts o u rc e d Wo rk fo rc e M a n a g e m e n tl o w e s tl e v e l o fo u ts o u rc in g H ig h e s tl e v e l o fo u ts o u rc in g C o n tin g e n tt a le n ts e rv ic e L e v e l C o n tin u u m K e y In d u s try A trib u te s B u s in e s s e s in c re a s in g ly u tiliz in g s ta fin g T e m p o ra ry jo b s a d d e d a tw ic e th e ra te o fp rio re c o v e rie s L ig h tin d u s tria l s ta fin g h a s g ro w n o v e r9 % a n n u a ly s in c e fo re c a s te d to g ro w 6 % a n n u a ly th ro u g h _ S o u rc e :S ta fin g In d u s try A n a ly s ts.t ru e B lu e S ta fm a n a g e m e n t+ 8
17 R a n k C o m p a n y P o s itio n s F ile d A n n u a ly , A o n H e w it2 0 0, M a n p o w e r1 6 5, A D P -T h e R ig h tt h in g 1 6 0, P in s trip e & O c h re H o u s e 1 0 5, A d e c c o -P o n to o n 1 0 0, R a n d s ta d -S o u rc e rig h t9 0,0 0 0 L e a d e rin R a p id ly G ro w in g R P O M a rk e t5 Y e a r T o p 1 0 P ro v id e rr P O L e a d e r/m a jo rc o n te n d e rp E A K M a trix E n d -to -e n d re c ru itm e n tp ro c e s s o u ts o u rc in g R e c ru ita l p o s itio n s w h ite c o la rto b lu e c o la r M u lti-y e a rc o n tra c te d re la tio n s h ip s B lu e c h ip c u s to m e rb a s e w ith m in im a l c h u rn L e a d in g p ro p rie ta ry te c h n o lo g y -m y P e o p le S c o u t C e n tra liz e d s u p p o rta n d c u s to m iz e d d e liv e ry K e y B u s in e s s A trib u te s A c c o la d e s F u l-c y c le R P O S e rv ic e L e v e l C o n tin u u m C a n d id a te S o u rc in g C a n d id a te S c re e n in g In te rv ie w S c h e d u lin g H irin g M a n a g e rin te rv ie w O fe ra d m in is tra tio n P re -e m p lo y m e n tv e rific a tio n s O n b o a rd in g $ 2.5 b ilio n m a rk e tfo re c a s te d to g ro w 1 5 % a n n u a ly _ S o u rc e :N e ls o n H a l a n d Wo rk fo rc e.c o m (F e b ru a ry, ).T o p 3 G lo b a l P ro v id e r9
18 S ta fin g S o lu tio n s S tro n g a lig n m e n to fc u ltu re s C o m p le m e n ta ry s e rv ic e o fe rin g s d o n tc o m p e te w ith o n e a n o th e r E x p e rie n c e d m a n a g e m e n te a m s o fb o th c o m p a n ie s w il re m a in in p la c e T ru e B lu e h a s a d e c a d e lo n g tra c k re c o rd o fs u c c e s s fu l a c q u is itio n s O u ts o u rc in g S o lu tio n s K e y R e a s o n s fo ra S e a m le s s C o m b in a tio n 1 0
19 N a m e a n d T itle B a c k g ro u n d P a tric k B e h a re le C h ie fe x e c u tiv e O fic e r,s e a to n J o in e d S e a to n in a s C O O ;p ro m o te d to C E O in P re v io u s ly h e ld s e n io rle v e l p o s itio n s a ts p h e rio n a n d A c c e n tu re N a m e d to L is to f1 0 0 In flu e n tia l P e o p le in S ta fin g In d u s try J o a n D a v is o n P re s id e n t,s ta fm a n a g e m e n t J o in e d S e a to n in B e c a m e P re s id e n to fs ta fm a n a g e m e n tin N a m e d to L is to f1 0 0 In flu e n tia l P e o p le in S ta fin g In d u s try T a ry n O w e n P re s id e n t,p e o p le S c o u t J o in e d S e a to n in ;p ro m o te d to P re s id e n t,p e o p le S c o u tin F o rm e ro p e ra tio n s D ire c to ra ts o u rc e rig h ts o lu tio n s J a n e H u s s e y M a n a g in g D ire c to r,h R X (1 ) J o in e d H R X in ;p ro m o te d to M a n a g in g D ire c to r P re v io u s ly h e ld ro le s c o n s u ltin g to b lu e c h ip o rg a n iz a tio n s R ic k B e to ri P re s id e n t,s tu d e n ts c o u t J o in e d S e a to n in F o rm e rp re s id e n to fwo n d e rlic,in c.a n d P rin c ip a l o fin S in c M a n a g e m e n tc o n s u ltin g _ (1 )H R X is a n A u s tra lia n R P O p ro v id e r,a c q u ire d b y S e a to n in J a n u a ry
20 $ 1,3 1 6 $ 1,3 9 0 $ 1,6 6 9 $ $ $ $ 1,7 4 6 $ 1,8 9 0 $ 2,2 7 5 $ 0 $ $ 1,0 0 0 $ 1,5 0 0 $ 2,0 0 0 $ 2, T ru e B lu e S e a to n ($ in m ilio n s )R e v e n u e G ro s s P ro fita d ju s te d E B IT D A ($ in m ilio n s )($ in m ilio n s )$ $ $ $ 6 9 $ 8 2 $ 9 5 $ $ $ $ 0 $ $ $ $ $ $ T ru e B lu e S e a to n $ 6 4 $ 7 2 $ 8 7 $ 1 8 $ 2 5 $ 3 1 $ 8 2 $ 9 7 $ $ 0 $ 2 5 $ 5 0 $ 7 5 $ $ T ru e B lu e S e a to n P ro fo rm a c o m b in e d re v e n u e o f$ 2.3 b ilio n E x p e c te d to b e im m e d ia te ly a c c re tiv e,e x c lu d in g s y n e rg ie s U s e o fe x c e s s c a s h a n d d e b tin c re a s e s h a re h o ld e re tu rn s P ro -fo rm a R e tu rn o n E q u ity o f1 6 % (1 )v e rs u s a c tu a l o f1 2 % D iv e rs ifie s re v e n u e s tre a m s in to h ig h e rg ro w th,le s s c y c lic a l o u ts o u rc e d o fe rin g s _ (1 )E x c lu d in g th e im p a c to fa m o rtiz a tio n o fin ta n g ib le a s s e ts.1 2
21 E E P P C o m p a n y S E C O N D C IT Y P ro F o rm a C o m p a n y S E C O N D C IT Y P ro F o rm a G A A P R e v e n u e $ 1, $ $ 2, $ 1, $ $ 2, C o s to fs e rv ic e s 1, , , , G ro s s P ro fit$ $ $ $ $ $ O p e ra tin g E x p e n s e s A d ju s te d E B IT D A $ $ $ $ $ $ R e v e n u e G ro w th % % % 6.6 % % 7.7 % A d ju s te d E B IT D A G ro w th % % % % % % G ro s s M a rg in % % % % % % O p e ra tin g E x p e n s e s /G A A P R e v e n u e % % % % % % A d ju s te d E B IT D A M a rg in 5.7 % 5.4 % 5.6 % 6.1 % 5.7 % 6.0 % ($ in m ilio n s )Q 3 Q E Q 1 Q E Q E Q E R e v e n u e $ $ $ $ $ $ A d ju s te d E B IT D A (1 )$ 2 3 $ 2 5 $ 1 2 $ 1 4 $ 3 5 $ 3 9 N o n -re c u rin g c o s ts (1 )(2 )$ 1.5 $ 1.5 $ 3 D e p re c ia tio n & A m o rtiz a tio n $ 8 $ 8 $ 1 6 C a p ita l E x p e n d itu re s $ 3 $ 3 $ 6 _ (1 )S e e A p p e n d ix (R e c o n c ilia tio n o fg A A P O p e ra tin g In c o m e to E B IT D A a n d A d ju s te d E B IT D A ).(2 )T o ta l p u rc h a s e a n d in te g ra tio n re la te d c o s ts fo rs e a to n a re e s tim a te d to b e $ 7 m ilio n o fw h ic h $ 4 m ilio n is e x p e c te d to b e in c u re d p rio rto th e a c q u is itio n in Q 2 o f a n d th e re m a in in g $ 3 m ilio n th e re a fte r.1 3
22 S e a to n L o n g -T e rm G ro w th in A tra c tiv e M a rk e ts In c re a s e s e rv ic e o fe rin g s to m e e tm o re c u s to m e rn e e d s E x p a n d in to h ig h g ro w th,c o m p le m e n ta ry h u m a n c a p ita l m a rk e ts E x p a n d le a d e rs h ip p o s itio n in in d u s tria l s ta fin g E n h a n c e V a lu e -A d d e d S o lu tio n s B ro a d e n th e s u ite o fh u m a n c a p ita l s o lu tio n s o fe re d to c u s to m e rs E n h a n c e k n o w le d g e le a d e rs h ip,d ife re n tia te d e x p e rtis e a n d s e rv ic e le v e ls B e a le a d e rin p ro v id in g in n o v a tiv e s o lu tio n s a n d s e rv ic e s D riv e T e c h n o lo g y a n d P ro c e s s E fic ie n c y In c re a s e ta le n ta c q u is itio n c a p a b ilitie s w ith m o b ile a n d o n lin e s o u rc in g a n d h irin g E n h a n c e e fic ie n c y w ith o n lin e b u s in e s s p ro c e s s e s R e d u c e fix e d c o s ts th ro u g h c e n tra liz e d re c ru itin g a n d s e rv ic e d e liv e ry A c c re tiv e A c q u is itio n s w ith S tro n g F it A d d in d u s try le a d in g ta le n t E n s u re s tro n g c u ltu ra l fita n d v a lu e s a lig n m e n t In te g ra te s im ila ro fe rin g s,p re s e rv e d ife re n tia te d e x p e rtis e,le v e ra g e b e s tp ra c tic e s 1 4
23 1 5
24 Q E R e v e n u e $ $ E P S $ $ D is c u s s io n P o in ts E s tim a te d to ta l re v e n u e g ro w th o f7 8 %,re fle c tin g : Im p a c to fq 1 w e a th e ro n e c o n o m ic c o n d itio n s D e la y s in c o n s tru c tio n p ro je c ts In c lu d e s $ 4 m ilio n,o r$ p e rs h a re,o fn o n -re c u rin g c o s ts fo rth e S e a to n a c q u is itio n D o e s n o tin c lu d e a n y o p e ra tin g re s u lts fo rs e a to n tra n s a c tio n e x p e c te d to c lo s e e a rly Q 3 ($ in m ilio n s,e x c e p tp e rs h a re a m o u n ts )1 6
25 M a n a g e m e n tb e lie v e s th a tc e rta in n o n -G A A P fin a n c ia l m e a s u re s m a y b e u s e fu l in c e rta in in s ta n c e s to p ro v id e a d d itio n a l m e a n in g fu l c o m p a ris o n s b e tw e e n c u re n tre s u lts fo rth e c o m p a n y,c u re n tre s u lts fo rs e a to n,a n d c u re n tre s u lts o n a p ro -fo rm a b a s is o fth e c o m b in e d o p e ra tio n s o fth e c o m p a n y a n d S e a to n.with in th is p re s e n ta tio n,in c lu d in g th e ta b le s a ta c h e d h e re to,re fe re n c e is m a d e to a d ju s te d e a rn in g s b e fo re in te re s t,ta x e s,d e p re c ia tio n a n d a m o rtiz a tio n (E B IT D A ).S e e a ta c h e d, R e c o n c ilia tio n o fg A A P O p e ra tin g In c o m e to E B IT D A a n d A d ju s te d E B IT D A.E B IT D A is a m e tric u s e d b y m a n a g e m e n ta n d fre q u e n tly u s e d b y th e fin a n c ia l c o m m u n ity w h ic h p ro v id e s in s ig h tin to a n o rg a n iz a tio n s o p e ra tin g tre n d s a n d fa c ilita te s c o m p a ris o n s b e tw e e n p e e rc o m p a n ie s,s in c e in te re s t,ta x e s,d e p re c ia tio n a n d a m o rtiz a tio n c a n d ife rg re a tly b e tw e e n o rg a n iz a tio n s a s a re s u lto fd ife rin g c a p ita l s tru c tu re s a n d ta x s tra te g ie s.e B IT D A a ls o c a n b e a u s e fu l m e a s u re o fa c o m p a n y s a b ility to s e rv ic e d e b ta n d is o n e o fth e m e a s u re s u s e d fo rd e te rm in in g th e c o m p a n y s d e b tc o v e n a n tc o m p lia n c e.a d ju s te d E B IT D A e x c lu d e s c e rta in ite m s th a ta re u n u s u a l in n a tu re o rn o tc o m p a ra b le fro m p e rio d to p e rio d.t h e c o m p a n y p ro v id e s th is in fo rm a tio n to in v e s to rs to a s s is tin c o m p a ris o n s o fp a s t,p re s e n ta n d fu tu re o p e ra tin g re s u lts a n d to a s s is tin h ig h lig h tin g th e re s u lts o fo n -g o in g o p e ra tio n s.wh ile th e c o m p a n y s m a n a g e m e n tb e lie v e s th a tn o n - G A A P m e a s u re m e n ts a re u s e fu l s u p p le m e n ta l in fo rm a tio n,s u c h a d ju s te d re s u lts a re n o tin te n d e d to re p la c e th e c o m p a n y s G A A P fin a n c ia l re s u lts a n d s h o u ld b e re a d in c o n ju n c tio n w ith th o s e G A A P re s u lts.1 7
26 T ru e B lu e S e a to n (2 )C o m b in e d T ru e B lu e S e a to n (2 )C o m b in e d T ru e B lu e S e a to n (2 )C o m b in e d S e a to n Q E Q E O p e ra tin g In c o m e $ 4 8 $ 1 2 $ 6 0 $ 5 3 $ 1 3 $ 6 6 $ 6 0 $ 8 $ 6 8 $ 1 6 -$ 2 0 D e p re c ia tio n a n d A m o rtiz a tio n $ 1 6 $ 7 $ 2 3 $ 1 9 $ 8 $ 2 7 $ 2 0 $ 1 5 $ 3 5 $ 1 6 E B IT D A (1 )$ 6 4 $ 1 9 $ 8 3 $ 7 2 $ 2 1 $ 9 3 $ 8 0 $ 2 3 $ $ 3 2 -$ 3 6 A d ju s tm e n ts to E B IT D A :N o n -re c u rin g A d ju s tm e n to S e a to n (3 )-($ 1 )($ 1 )-$ 4 $ 4 -$ 8 $ 8 -N o n -re c u rin g A c q u is itio n R e la te d C o s ts (4 )-$ 7 -$ 7 $ 3 A d ju s te d E B IT D A (1 )$ 6 4 $ 1 8 $ 8 2 $ 7 2 $ 2 5 $ 9 7 $ 8 7 $ 3 1 $ $ 3 5 -$ 3 9 _ (1 )E B IT D A a n d A d ju s te d E B IT D A a re n o n -G A A P fin a n c ia l m e a s u re s w h ic h e x c lu d e s d e p re c ia tio n a n d a m o rtiz a tio n fro m in c o m e fro m o p e ra tio n s.e B IT D A a n d A d ju s te d E B IT D A a re k e y m e a s u re s u s e d b y m a n a g e m e n tin e v a lu a tin g p e rfo rm a n c e.e B IT D A a n d A d ju s te d E B IT D A s h o u ld n o tb e c o n s id e re d a m e a s u re o fin a n c ia l p e rfo rm a n c e in is o la tio n o ra s a n a lte rn a tiv e to o p e ra tin g in c o m e (lo s s )in th e S ta te m e n to fo p e ra tio n s in a c c o rd a n c e w ith G A A P,a n d a s p re s e n te d.m a y n o tb e c o m p a ra b le to s im ila rly title d m e a s u re s o fo th e rc o m p a n ie s.(2 )S e a to n C o rp h is to ric a l fin a n c ia l in fo rm a tio n b a s e d o n a u d ite d re s u lts fo rfis c a l y e a rs , a n d S e a to n C o rp a c q u ire d H R X H o ld in g s P ty L im ite d ("H R X ")in J a n u a ry T h e p ro fo rm a c o m b in e d re s u lts in c lu d e th e H R X re s u lts a s ifp u rc h a s e d a t th e b e g in n in g o f (3 )A d ju s te d E B IT D A e x c lu d e s c e rta in n o n re c u rin g c o s ts u n d e rp rio ro w n e rs h ip.(4 )A d ju s te d E B IT D A e x c lu d e s c o s ts re la te d to th e p u rc h a s e a n d in te g ra tio n a c tiv itie s o fth e M D T a n d T WC a c q u is itio n s in a n d S e a to n in T o ta l p u rc h a s e a n d in te g ra tio n re la te d c o s ts fo rs e a to n a re e s tim a te d to b e $ 7 m ilio n o fw h ic h $ 4 m ilio n is e x p e c te d to b e in c u re d p rio rto th e a c q u is itio n in Q 2 o f a n d th e re m a in in g $ 3 m ilio n th e re a fte r.($ in m ilio n s )1 8
27
MOLINA HEALTHCARE, INC. (Exact name of registrant as specified in its charter)
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