tbi-20230326

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 26, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-14543

____________________________________

TrueBlue, Inc.

(Exact name of registrant as specified in its charter)

______________________________________

Washington

91-1287341

(State of incorporation)

(I.R.S. employer identification no.)

1015 A Street, Tacoma, Washington 98402

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (253) 383-9101

______________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value	TBI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 19, 2023, there were 31,023,360 shares of the registrant’s common stock outstanding.

TrueBlue, Inc.

Table of Contents


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Consolidated financial statements (unaudited)	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations and Comprehensive Income (Loss)	4
	Consolidated Statements of Cash Flows	5
	Notes to consolidated financial statements	6
Item 2.	Management’s discussion and analysis of financial condition and results of operations	15
Item 3.	Quantitative and qualitative disclosures about market risk	24
Item 4.	Controls and procedures	24

PART II. OTHER INFORMATION
Item 1.	Legal proceedings	25
Item 1A.	Risk factors	25
Item 2.	Unregistered sales of equity securities and use of proceeds	25
Item 3.	Defaults upon senior securities	25
Item 4.	Mine safety disclosures	25
Item 5.	Other information	25
Item 6.	Index to exhibits	26

	Signatures	27

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PART I. FINANCIAL INFORMATION


Item 1.			CONSOLIDATED FINANCIAL STATEMENTS

TRUEBLUE, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)


(in thousands, except par value data)	March 26, 2023		December 25, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	47,223	$	72,054
Accounts receivable, net of allowance of $3,637 and $3,212	282,014		314,275
Prepaid expenses and other current assets	29,423		32,530
Income tax receivable	12,639		11,353
Total current assets	371,299		430,212
Property and equipment, net	97,972		95,823
Restricted cash and investments	212,840		213,734
Deferred income taxes, net	25,854		25,842
Goodwill	93,772		93,784
Intangible assets, net	14,959		16,205
Operating lease right-of-use assets, net	50,786		50,823
Workers’ compensation claims receivable, net	72,480		75,185
Other assets, net	17,151		17,800
Total assets	$	957,113	$	1,019,408
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and other accrued expenses	$	63,967	$	76,644
Accrued wages and benefits	81,095		92,237
Income tax payable	165		1,137
Current portion of workers’ compensation claims reserve	46,543		50,005

Current operating lease liabilities	11,875		11,963
Other current liabilities	11,251		10,889
Total current liabilities	214,896		242,875
Workers’ compensation claims reserve, less current portion	192,884		201,005


Long-term deferred compensation liabilities	29,215		26,213
Long-term operating lease liabilities	50,490		50,601

Other long-term liabilities	2,005		2,399
Total liabilities	489,490		523,093

Commitments and contingencies (Note 7)

Shareholders’ equity:
Preferred stock, $0.131 par value, 20,000 shares authorized; No shares issued and outstanding	—		—
Common stock, no par value, 100,000 shares authorized; 31,507 and 32,730 shares issued and outstanding	1		1
Accumulated other comprehensive loss	(20,271)		(20,018)
Retained earnings	487,893		516,332
Total shareholders’ equity	467,623		496,315
Total liabilities and shareholders’ equity	$	957,113	$	1,019,408

See accompanying notes to consolidated financial statements

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TRUEBLUE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited)


	Thirteen weeks ended
(in thousands, except per share data)	March 26, 2023		March 27, 2022
Revenue from services	$	465,288	$	551,515
Cost of services	342,175		411,670
Gross profit	123,113		139,845
Selling, general and administrative expense	122,645		120,568
Depreciation and amortization	6,411		7,287

Income (loss) from operations	(5,943)		11,990


Interest expense and other income, net	1,014		505
Income (loss) before tax expense (benefit)	(4,929)		12,495
Income tax expense (benefit)	(640)		1,976
Net income (loss)	$	(4,289)	$	10,519

Net income (loss) per common share:
Basic	$	(0.13)	$	0.31
Diluted	$	(0.13)	$	0.30

Weighted average shares outstanding:
Basic	32,292		33,929
Diluted	32,292		34,544

Other comprehensive income (loss):
Foreign currency translation adjustment	$	(253)	$	127
Comprehensive income (loss)	$	(4,542)	$	10,646

See accompanying notes to consolidated financial statements

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TRUEBLUE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Thirteen weeks ended
(in thousands)	March 26, 2023		March 27, 2022
Cash flows from operating activities:
Net income (loss)	$	(4,289)	$	10,519
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	6,411		7,287

Provision for credit losses	1,382		989
Stock-based compensation	2,630		3,812
Deferred income taxes	(47)		1,258
Non-cash lease expense	3,140		3,281
Other operating activities	20		2,608
Changes in operating assets and liabilities:
Accounts receivable	31,025		27,702
Income taxes receivable and payable	(2,512)		(1,252)

Other assets	6,462		4,267
Accounts payable and other accrued expenses	(11,937)		(13,257)
Accrued wages and benefits	(11,143)		(19,031)

Workers’ compensation claims reserve	(11,583)		168
Operating lease liabilities	(3,316)		(3,319)
Other liabilities	2,908		1,410
Net cash provided by operating activities	9,151		26,442
Cash flows from investing activities:
Capital expenditures	(8,081)		(5,779)






Purchases of restricted held-to-maturity investments	(2,305)		—
Maturities of restricted held-to-maturity investments	2,010		6,034

Net cash (used in) provided by investing activities	(8,376)		255
Cash flows from financing activities:
Purchases and retirement of common stock	(24,718)		(36,326)
Net proceeds from employee stock purchase plans	315		319
Common stock repurchases for taxes upon vesting of restricted stock	(2,377)		(3,970)
Net change in revolving credit facility	—		4,000


Other	(45)		(72)
Net cash used in financing activities	(26,825)		(36,049)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	9		(57)
Net change in cash, cash equivalents and restricted cash	(26,041)		(9,409)
Cash, cash equivalents and restricted cash, beginning of period	135,631		103,185
Cash, cash equivalents and restricted cash, end of period	$	109,590	$	93,776

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	262	$	193
Income taxes	$	1,912	$	1,878
Operating lease liabilities	$	4,028	$	4,093
Non-cash transactions:
Property and equipment purchased but not yet paid	$	3,763	$	3,159
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,055	$	3,948

See accompanying notes to consolidated financial statements

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Financial statement preparation

The accompanying unaudited consolidated financial statements (“financial statements”) of TrueBlue, Inc. (the “company,” “TrueBlue,” “we,” “us,” and “our”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, certain information and footnote disclosures usually found in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial statements reflect all adjustments which, in the opinion of management, are necessary to fairly state the financial statements for the interim periods presented. We follow the same accounting policies for preparing both quarterly and annual financial statements.

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 25, 2022. The results of operations for the thirteen weeks ended March 26, 2023 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period.

Recently adopted accounting standards

There were no new accounting standards adopted during the thirteen weeks ended March 26, 2023 that had a material impact on our financial statements.

Recently issued accounting standards not yet adopted

There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.

NOTE 2: FAIR VALUE MEASUREMENT

Assets measured at fair value on a recurring basis

Our assets measured at fair value on a recurring basis consisted of the following:


	March 26, 2023
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash and cash equivalents	$	47,223	$	47,223	$	—	$	—
Restricted cash and cash equivalents	62,367		62,367		—		—
Cash, cash equivalents and restricted cash (1)	$	109,590	$	109,590	$	—	$	—

Municipal debt securities	$	41,330	$	—	$	41,330	$	—
Corporate debt securities	77,910		—		77,910		—
Agency mortgage-backed securities	962		—		962		—
U.S. government and agency securities	39		—		39		—
Restricted investments classified as held-to-maturity (2)	$	120,241	$	—	$	120,241	$	—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


	December 25, 2022
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash and cash equivalents	$	72,054	$	72,054	$	—	$	—
Restricted cash and cash equivalents	63,577		63,577		—		—
Cash, cash equivalents and restricted cash (1)	$	135,631	$	135,631	$	—	$	—

Municipal debt securities	$	42,431	$	—	$	42,431	$	—
Corporate debt securities	76,097		—		76,097		—
Agency mortgage-backed securities	48		—		48		—
U.S. government and agency securities	949		—		949		—
Restricted investments classified as held-to-maturity (2)	$	119,525	$	—	$	119,525	$	—

(1)Cash, cash equivalents and restricted cash include money market funds and deposits.

(2)Refer to Note 3: Restricted Cash and Investments for additional details on our held-to-maturity debt securities.

NOTE 3: RESTRICTED CASH AND INVESTMENTS

The following is a summary of the carrying value of our restricted cash and investments:


(in thousands)	March 26, 2023		December 25, 2022
Cash collateral held by insurance carriers	$	29,839	$	29,567
Cash and cash equivalents held in Trust	31,408		30,857
Investments held in Trust	123,577		123,678

Company-owned life insurance policies	26,896		26,479
Other restricted cash and cash equivalents	1,120		3,153
Total restricted cash and investments	$	212,840	$	213,734

Held-to-maturity

Restricted cash and investments include collateral that has been provided or pledged to insurance carriers for workers’ compensation and state workers’ compensation programs. Our insurance carriers and certain state workers’ compensation programs require us to collateralize a portion of our workers’ compensation obligation. The collateral typically takes the form of cash and cash equivalents and highly rated investment grade securities, primarily in debt and asset-backed securities. The majority of our collateral obligations are held in a trust at the Bank of New York Mellon (“Trust”).

The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of March 26, 2023 and December 25, 2022, were as follows:


	March 26, 2023
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	41,606	$	10	$	(286)	$	41,330
Corporate debt securities	80,933		26		(3,049)		77,910
Agency mortgage-backed securities	998		—		(36)		962
U.S. government and agency securities	40		—		(1)		39
Total held-to-maturity investments	$	123,577	$	36	$	(3,372)	$	120,241

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


	December 25, 2022
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	42,892	$	2	$	(463)	$	42,431
Corporate debt securities	79,736		4		(3,643)		76,097
Agency mortgage-backed securities	50		—		(2)		48
U.S. government and agency securities	1,000		—		(51)		949
Total held-to-maturity investments	$	123,678	$	6	$	(4,159)	$	119,525

The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:


	March 26, 2023
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	41,768	$	41,340
Due after one year through five years	81,809		78,901

Total held-to-maturity investments	$	123,577	$	120,241

Actual maturities may differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without penalty. We have no significant concentrations of counterparties in our held-to-maturity investment portfolio.

Company-owned life insurance policies

We hold company-owned life insurance policies to support our deferred compensation liability. Unrealized gains and losses related to investments still held at March 26, 2023 and March 27, 2022, which are included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:


	Thirteen weeks ended
(in thousands)	March 26, 2023		March 27, 2022
Unrealized gains (losses)	$	417	$	(2,011)

NOTE 4: SUPPLEMENTAL BALANCE SHEET INFORMATION

Accounts receivable allowance for credit losses

The activity related to the accounts receivable allowance for credit losses was as follows:


	Thirteen weeks ended
(in thousands)	March 26, 2023		March 27, 2022
Beginning balance	$	3,212	$	6,687

Current period provision	1,382		989
Write-offs	(956)		(2,784)
Foreign currency translation	(1)		(7)
Ending balance	$	3,637	$	4,885

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Prepaid expenses and other current assets


(in thousands)	March 26, 2023		December 25, 2022
Prepaid software agreements	$	11,000	$	9,994
Other prepaid expenses	9,708		9,455
Other current assets	8,715		13,081
Prepaid expenses and other current assets	$	29,423	$	32,530

Other current liabilities


(in thousands)	March 26, 2023		December 25, 2022
Contract liabilities	$	4,386	$	3,812
Other current liabilities	6,865		7,077
Other current liabilities	$	11,251	$	10,889

NOTE 5: WORKERS' COMPENSATION INSURANCE AND RESERVES

We provide workers’ compensation insurance for our associates and permanent employees. The majority of our current workers’ compensation insurance policies cover claims for a particular event above our $5.0 million deductible limit, on a “per occurrence” basis. This results in our business being substantially self-insured.

Our workers’ compensation reserve for claims below the deductible limit is discounted to its estimated net present value. The discount rates used to estimate net present value are based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred and the weighted average duration of the payments against the self-insured claims. Payments made against self-insured claims are made over a weighted average period of approximately 6 years as of March 26, 2023. The weighted average discount rate was 2.1% and 2.0% at March 26, 2023 and December 25, 2022, respectively.

The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented:


(in thousands)	March 26, 2023		December 25, 2022
Undiscounted workers’ compensation reserve	$	259,087	$	270,468
Less discount on workers’ compensation reserve	19,660		19,458
Workers’ compensation reserve, net of discount	239,427		251,010
Less current portion	46,543		50,005
Long-term portion	$	192,884	$	201,005

Payments made against self-insured claims were $11.9 million and $9.7 million for the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively.

Our workers’ compensation reserve includes estimated expenses related to claims above our self-insured limits (“excess claims”), and we record a corresponding receivable for the insurance coverage on excess claims based on the contractual policy agreements we have with insurance carriers. We discount this reserve and corresponding receivable to its estimated net present value using the discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred and the weighted average duration of the payments against the excess claims. The claim payments are made and the corresponding reimbursements from our insurance carriers are received over an estimated weighted average period of approximately 17 years. The rates used to discount excess claims incurred during the thirteen weeks ended March 26, 2023 and fifty-two weeks ended December 25, 2022 were 3.5% and 3.0%, respectively. The discounted workers’ compensation reserve for excess claims was $73.9 million and $76.7 million, as of March 26, 2023 and December 25, 2022, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $72.5 million and $75.2 million as of March 26, 2023 and December 25, 2022, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Workers’ compensation cost consists primarily of changes in self-insurance reserves net of changes in discount, monopolistic jurisdictions’ premiums, insurance premiums and other miscellaneous expenses. Workers’ compensation cost of $4.8 million and $11.3 million was recorded in cost of services on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively.

NOTE 6: LONG-TERM DEBT

We have a revolving credit agreement with Bank of America, N.A., Wells Fargo Bank, N.A., PNC Bank, N.A., KeyBank, N.A. and HSBC Bank USA, N.A., which provides for a revolving line of credit of up to $300.0 million, and is currently set to mature on March 16, 2025 (“Revolving Credit Facility”). We have an option to increase the amount to $450.0 million, subject to lender approval. Included in the Revolving Credit Facility is a $30.0 million sub-limit for “Swingline” loans and a $125.0 million sub-limit for letters of credit. At March 26, 2023, $7.2 million was utilized by outstanding standby letters of credit, leaving $292.8 million unused under the Revolving Credit Facility. At December 25, 2022, $7.2 million was utilized by outstanding standby letters of credit.

Under the terms of the Revolving Credit Facility, we pay a variable rate of interest on funds borrowed under the revolving line of credit in excess of the Swingline loans, based on the U.S. Dollar London Interbank Offered Rate (“LIBOR”) plus an applicable spread between 1.25% and 3.50%. Alternatively, at our option, we may pay interest based on a base rate plus an applicable spread between 0.25% and 1.50%. The base rate is the greater of the prime rate (as announced by Bank of America), or the federal funds rate plus 0.50%. The applicable spread is determined by the consolidated leverage ratio, as defined in the Revolving Credit Facility.

Under the terms of the Revolving Credit Facility, we are required to pay a variable rate of interest on funds borrowed under the Swingline loan based on the base rate plus applicable spread between 0.25% and 1.50%, as described above.

A commitment fee between 0.25% and 0.50% is applied against the Revolving Credit Facility’s unused borrowing capacity, with the specific rate determined by the consolidated leverage ratio, as defined in the second amendment to our credit agreement. Letters of credit are priced at a margin between 1.00% and 3.25%, plus a fronting fee of 0.50%.

Obligations under the Revolving Credit Facility are guaranteed by TrueBlue and material U.S. domestic subsidiaries, and are secured by substantially all of the assets of TrueBlue and material U.S. domestic subsidiaries. The second amendment to our credit agreement contains customary representations and warranties, events of default, and affirmative and negative covenants, including, among others, financial covenants.

The following financial covenants, as defined in the second amendment to our credit agreement, were in effect as of March 26, 2023:

•Consolidated leverage ratio less than 3.00, defined as our funded indebtedness divided by trailing twelve months consolidated EBITDA, as defined in the amended credit agreement. As of March 26, 2023, our consolidated leverage ratio was 0.08.

•Consolidated fixed charge coverage ratio greater than 1.25, defined as the trailing twelve months bank-adjusted cash flow divided by cash interest expense. As of March 26, 2023, our consolidated fixed charge ratio was 62.63.

As of March 26, 2023, we were in compliance with all effective covenants related to the Revolving Credit Facility.

Subsequent event

The ICE Benchmark Administration Limited, in its capacity as administrator of LIBOR, announced that it will discontinue publication of LIBOR (other than one-week and two-month tenors) after June 2023. In anticipation of this change, we entered into an amendment to our credit agreement effective March 30, 2023 to replace LIBOR as our benchmark rate (the “LIBOR Transition Amendment”). This amendment replaced LIBOR with the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York, plus an adjustment of 0.10%, and is not expected to have a significant impact on our financial statements or related disclosures. All other terms of our credit agreement remain unchanged.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 7: COMMITMENTS AND CONTINGENCIES

Workers’ compensation commitments

We have provided our insurance carriers and certain states with commitments in the form and amounts listed below:


(in thousands)	March 26, 2023		December 25, 2022
Cash collateral held by workers’ compensation insurance carriers	$	23,985	$	23,716
Cash and cash equivalents held in Trust	31,408		30,857
Investments held in Trust	123,577		123,678
Letters of credit (1)	6,077		6,077
Surety bonds (2)	20,725		20,806
Total collateral commitments	$	205,772	$	205,134

(1)We have agreements with certain financial institutions to issue letters of credit as collateral.

(2)Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days’ notice.

Legal contingencies and developments

We are involved in various proceedings arising in the normal course of conducting business. We believe the liabilities included in our financial statements reflect the probable loss that can be reasonably estimated and are immaterial. We also believe that the aggregate range of reasonably possible losses for the Company's exposure in excess of the amount accrued is expected to be immaterial to the Company. It remains possible that despite our current belief, material differences in actual outcomes or changes in management's evaluation or predictions could arise that could have a material effect on the Company's financial condition, results of operations or cash flows.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 8: SHAREHOLDERS' EQUITY

Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows:


	Thirteen weeks ended
(in thousands)	March 26, 2023		March 27, 2022

Common stock shares
Beginning balance	32,730		34,861
Purchases and retirement of common stock	(1,357)		(1,327)
Net issuance under equity plans, including tax benefits	134		74
Stock-based compensation	—		—
Ending balance	31,507		33,608

Common stock amount
Beginning balance	$	1	$	1
Current period activity	—		—
Ending balance	1		1

SEC Form 10-Q filed by TrueBlue Inc.