TrueBlue (TBI) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2024	Apr. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-14543
Entity Registrant Name	TrueBlue, Inc.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1287341
Entity Address, Address Line One	1015 A Street
Entity Address, City or Town	Tacoma
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98402
City Area Code	253
Local Phone Number	383-9101
Title of 12(b) Security	Common stock, no par value
Trading Symbol	TBI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock Shares Outstanding (in shares)		30,569,641
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000768899
Current Fiscal Year End Date	--12-29

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 36,184	$ 61,885
Accounts receivable, net of allowance of $1,195 and $2,005	244,184	252,538
Prepaid expenses and other current assets	24,979	28,894
Income tax receivable	10,056	11,676
Total current assets	315,403	354,993
Property and equipment, net	104,449	104,906
Restricted cash, cash equivalents and investments	187,969	192,985
Deferred income taxes, net	50,934	35,465
Goodwill	83,869	84,114
Intangible assets, net	8,995	10,525
Operating lease right-of-use assets, net	50,454	49,819
Workers’ compensation claims receivable, net	51,998	53,841
Other assets, net	14,515	12,735
Total assets	868,586	899,383
Current liabilities:
Accounts payable and other accrued expenses	43,623	56,401
Accrued wages and benefits	81,008	80,120
Income tax payable	0	439
Current portion of workers’ compensation claims reserve	41,303	44,866
Current operating lease liabilities	11,936	11,902
Other current liabilities	6,090	10,371
Total current liabilities	183,960	204,099
Workers’ compensation claims reserve, less current portion	146,544	151,649
Long-term deferred compensation liabilities	37,086	35,205
Long-term operating lease liabilities	49,869	49,434
Other long-term liabilities	4,763	1,123
Total liabilities	422,222	441,510
Commitments and contingencies (Note 0.008)
Shareholders’ equity:
Preferred stock, $0.131 par value, 20,000,000 shares authorized; No shares issued and outstanding	0	0
Common stock, no par value, 100,000,000 shares authorized; 30,554,364 and 31,245,732 shares issued and outstanding	1	1
Accumulated other comprehensive loss	(20,770)	(20,712)
Retained earnings	467,133	478,584
Total shareholders’ equity	446,364	457,873
Total liabilities and shareholders’ equity	$ 868,586	$ 899,383

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 1,195	$ 2,005
Preferred stock, par value (in dollars per share)	$ 0.131	$ 0.131
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	30,554,364	31,245,732
Common stock, shares outstanding (in shares)	30,554,364	31,245,732

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Income Statement [Abstract]
Revenue from services	$ 402,853	$ 465,288
Cost of services	303,467	342,175
Gross profit	99,386	123,113
Selling, general and administrative expense	106,937	122,645
Depreciation and amortization	7,958	6,411
Income (loss) from operations	(15,509)	(5,943)
Interest and other income (expense), net	1,599	1,014
Income (loss) before tax expense (benefit)	(13,910)	(4,929)
Income tax expense (benefit)	(12,212)	(640)
Net income (loss)	$ (1,698)	$ (4,289)
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.05)	$ (0.13)
Diluted (in dollars per share)	$ (0.05)	$ (0.13)
Weighted average shares outstanding:
Basic (in shares)	31,102	32,292
Diluted (in shares)	31,102	32,292
Other Comprehensive Income (Loss):
Foreign currency translation adjustment	$ (58)	$ (253)
Comprehensive income (loss)	$ (1,756)	$ (4,542)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Cash flows from operating activities:
Net income (loss)	$ (1,698)	$ (4,289)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	7,958	6,411
Provision for credit losses	370	1,382
Stock-based compensation	2,102	2,630
Deferred income taxes	(12,206)	(47)
Non-cash lease expense	3,036	3,140
Other operating activities	(2,980)	20
Changes in operating assets and liabilities:
Accounts receivable	8,292	31,025
Income taxes receivable and payable	975	(2,512)
Other assets	1,571	6,462
Accounts payable and other accrued expenses	(11,515)	(11,937)
Accrued wages and benefits	480	(11,143)
Workers’ compensation claims reserve	(8,669)	(11,583)
Operating lease liabilities	(3,204)	(3,316)
Other liabilities	1,249	2,908
Net cash (used in) provided by operating activities	(14,239)	9,151
Cash flows from investing activities:
Capital expenditures	(7,375)	(8,081)
Proceeds from business divestiture, net	2,928	0
Purchases of restricted held-to-maturity investments	(10,180)	(2,305)
Maturities of restricted held-to-maturity investments	15,546	2,010
Net cash provided by (used in) investing activities	919	(8,376)
Cash flows from financing activities:
Purchases and retirement of common stock	(10,067)	(24,718)
Net proceeds from employee stock purchase plans	220	315
Common stock repurchases for taxes upon vesting of restricted stock	(2,012)	(2,377)
Other	(1,803)	(45)
Net cash used in financing activities	(13,662)	(26,825)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(604)	9
Net change in cash, cash equivalents and restricted cash and cash equivalents	(27,586)	(26,041)
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period	99,306	135,631
Cash, cash equivalents and restricted cash and cash equivalents, end of period	71,720	109,590
Supplemental Disclosure of Cash Flow Information [Abstract]
Interest	244	262
Income taxes	(1,082)	1,912
Operating lease liabilities	3,948	4,028
Property and equipment purchased but not yet paid	2,046	3,763
Divestiture non-cash consideration	600	0
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,711	$ 3,055

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
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 31, 2023. The results of operations for the thirteen weeks ended March 31, 2024 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period. Goodwill We evaluate goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fiscal second quarter, or whenever events or circumstances make it more likely than not that an impairment may have occurred. These events or circumstances could include a significant change in general economic conditions, deterioration in industry environment, changes in cost factors, declining operating performance indicators, legal factors, competition, client engagement, changes in the carrying amount of net assets, sale or disposition of a significant portion of a reporting unit, or a sustained decrease in stock price. We monitor the existence of potential impairment indicators throughout the fiscal year. During the fiscal first quarter of 2024 management determined that a triggering event had occurred as a result of continued decline in demand for our services, overall economic uncertainty, and a sustained decrease in our stock price. Therefore, we performed an interim impairment test as of the last day of our fiscal first quarter of 2024, for our reporting segments with remaining goodwill: PeopleReady; PeopleManagement Centerline; PeopleScout RPO; and PeopleScout MSP. The fair value of each reporting unit was estimated using a weighting of the income and market valuation approaches. The income approach applied a fair value methodology to each reporting unit based on discounted cash flows. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internally-developed forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital, which is risk-adjusted to reflect the specific risk profile of the reporting unit being tested. The weighted average cost of capital used in our most recent impairment test ranged from 13.5% to 14.5%. We also applied a market approach, which develops a value correlation based on the market capitalization of similar publicly traded companies, referred to as a multiple, to apply to the operating results of the reporting units. The primary market multiples to which we compare are revenue and earnings before interest, taxes, depreciation, and amortization. The income and market approaches were equally weighted in our most recent annual impairment test, except for PeopleScout MSP, which relied only on the income approach. The combined fair values for all reporting units were then reconciled to our aggregate market value of our shares of common stock on the date of valuation, while considering a reasonable control premium. We consider a reporting unit’s fair value to be substantially in excess of its carrying value at a 20% premium or greater. Based on our most recent impairment test, all of our reporting units’ fair values were substantially in excess of their respective carrying values, except for PeopleReady, for which the estimated fair value was in excess of its carrying value by approximately 4%. The goodwill balance for PeopleReady as of March 31, 2024 was $59.1 million. Further economic uncertainty impacting the contingent staffing industry and demand for our services, could give rise to an impairment. Future events and changing market conditions may impact management's assumptions used to estimate the reporting units’ fair value. While the assumptions used for our interim impairment test reflect our current expectations and maximize the use of observable inputs, a lack of recovery or further deterioration in market conditions from current levels, a sustained trend of weaker than anticipated financial performance, a lack of recovery or further decline in our stock price from current levels, or an increase in the market-based weighted average cost of capital, among other factors, could significantly impact the results of our impairment analysis. Should any one of these events occur, we may need to record an impairment loss to goodwill for the amount by which the carrying value exceeds the reporting unit's fair value, not to exceed the total amount of goodwill. We will continue to closely monitor the operational performance of this reporting unit. Recently adopted accounting standards There were no new accounting standards adopted during the thirteen weeks ended March 31, 2024 that had a material impact on our financial statements. Recently issued accounting standards and disclosure rules not yet adopted Segments In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ,” which requires disclosure of incremental segment information on an interim and annual basis, primarily regarding significant segment expenses and information used to assess segment performance. This ASU is effective for fiscal years beginning after December 15, 2023 (2024 for TrueBlue), and interim periods beginning after December 15, 2024 (Q1 2025 for TrueBlue). Retrospective application is required for all periods presented. We are currently evaluating the impact of this ASU on our required disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ,” which requires enhancements and further transparency to certain income tax disclosures, primarily to the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 (2025 for TrueBlue), on a prospective basis with retrospective application permitted. We are currently evaluating the impact of this ASU on our required disclosures. Climate In March 2024, the Securities and Exchange Commission (“SEC”) issued its final climate disclosure rule, which requires the disclosure of Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports and registration statements, when material. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025. While this rule is currently subject to litigation, we are evaluating the impact of this new rule on our required disclosures. There are no other accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.
Goodwill Disclosure	Goodwill We evaluate goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fiscal second quarter, or whenever events or circumstances make it more likely than not that an impairment may have occurred. These events or circumstances could include a significant change in general economic conditions, deterioration in industry environment, changes in cost factors, declining operating performance indicators, legal factors, competition, client engagement, changes in the carrying amount of net assets, sale or disposition of a significant portion of a reporting unit, or a sustained decrease in stock price. We monitor the existence of potential impairment indicators throughout the fiscal year. During the fiscal first quarter of 2024 management determined that a triggering event had occurred as a result of continued decline in demand for our services, overall economic uncertainty, and a sustained decrease in our stock price. Therefore, we performed an interim impairment test as of the last day of our fiscal first quarter of 2024, for our reporting segments with remaining goodwill: PeopleReady; PeopleManagement Centerline; PeopleScout RPO; and PeopleScout MSP. The fair value of each reporting unit was estimated using a weighting of the income and market valuation approaches. The income approach applied a fair value methodology to each reporting unit based on discounted cash flows. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internally-developed forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital, which is risk-adjusted to reflect the specific risk profile of the reporting unit being tested. The weighted average cost of capital used in our most recent impairment test ranged from 13.5% to 14.5%. We also applied a market approach, which develops a value correlation based on the market capitalization of similar publicly traded companies, referred to as a multiple, to apply to the operating results of the reporting units. The primary market multiples to which we compare are revenue and earnings before interest, taxes, depreciation, and amortization. The income and market approaches were equally weighted in our most recent annual impairment test, except for PeopleScout MSP, which relied only on the income approach. The combined fair values for all reporting units were then reconciled to our aggregate market value of our shares of common stock on the date of valuation, while considering a reasonable control premium. We consider a reporting unit’s fair value to be substantially in excess of its carrying value at a 20% premium or greater. Based on our most recent impairment test, all of our reporting units’ fair values were substantially in excess of their respective carrying values, except for PeopleReady, for which the estimated fair value was in excess of its carrying value by approximately 4%. The goodwill balance for PeopleReady as of March 31, 2024 was $59.1 million. Further economic uncertainty impacting the contingent staffing industry and demand for our services, could give rise to an impairment. Future events and changing market conditions may impact management's assumptions used to estimate the reporting units’ fair value. While the assumptions used for our interim impairment test reflect our current expectations and maximize the use of observable inputs, a lack of recovery or further deterioration in market conditions from current levels, a sustained trend of weaker than anticipated financial performance, a lack of recovery or further decline in our stock price from current levels, or an increase in the market-based weighted average cost of capital, among other factors, could significantly impact the results of our impairment analysis. Should any one of these events occur, we may need to record an impairment loss to goodwill for the amount by which the carrying value exceeds the reporting unit's fair value, not to exceed the total amount of goodwill. We will continue to closely monitor the operational performance of this reporting unit.

DIVESTITURE

DIVESTITURE	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURE	DIVESTITURE Effective February 26, 2024, we entered into a share purchase agreement to sell Labour Ready Temporary Services, Ltd. (“PeopleReady Canada”) to Vertical Staffing Resources (“Vertical”) (the “Agreement”) for a preliminary sale price of $4.3 million, plus contingent consideration of up to $2.5 million based on the achievement of the results of the business as specified in the Agreement. The sale price is subject to adjustment based on the closing working capital of the divested business. We received cash proceeds of $2.9 million, net of $0.8 million of transaction costs and $0.6 million held in escrow until finalization of the closing working capital and expiration of the indemnification period. We recognized a pre-tax gain on the divestiture of $0.7 million, which is included in interest and other income (expense), net on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen weeks ended March 31, 2024. The operating results for PeopleReady Canada were reported in the PeopleReady reportable segment through the closing date, including $2.6 million in revenue. The divestiture of PeopleReady Canada did not represent a strategic shift with a major effect on the company's operations and financial results and, therefore was not reported as a discontinued operation, nor was it an individually significant component of the company.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	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 31, 2024 (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 $ 36,184 $ 36,184 $ — $ — Restricted cash and cash equivalents 35,536 35,536 — — Cash, cash equivalents and restricted cash and cash equivalents (1) $ 71,720 $ 71,720 $ — $ — Municipal debt securities $ 28,981 $ — $ 28,981 $ — Corporate debt securities 72,439 — 72,439 — Agency mortgage-backed securities 12,523 — 12,523 — U.S. government and agency securities 956 — 956 — Restricted investments classified as held-to-maturity (2) $ 114,899 $ — $ 114,899 $ — December 31, 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 $ 61,885 $ 61,885 $ — $ — Restricted cash and cash equivalents 37,421 37,421 — — Cash, cash equivalents and restricted cash and cash equivalents (1) $ 99,306 $ 99,306 $ — $ — Municipal debt securities $ 31,804 $ — $ 31,804 $ — Corporate debt securities 74,912 — 74,912 — Agency mortgage-backed securities 13,235 — 13,235 — U.S. government and agency securities 962 — 962 — Restricted investments classified as held-to-maturity (2) $ 120,913 $ — $ 120,913 $ — (1) Cash, cash equivalents and restricted cash and cash equivalents include money market funds and deposits. (2) Refer to Note 4: Restricted Cash, Cash Equivalents and Investments for additional details on our held-to-maturity debt securities.

RESTRICTED CASH AND INVESTMENTS

RESTRICTED CASH AND INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Restricted Cash and Investments [Abstract]
RESTRICTED CASH AND INVESTMENTS	RESTRICTED CASH, CASH EQUIVALENTS AND INVESTMENTS The following is a summary of the carrying value of our restricted cash, cash equivalents and investments: (in thousands) March 31, December 31, Cash collateral held by insurance carriers $ 23,763 $ 23,598 Cash and cash equivalents held in Trust 10,631 12,703 Investments held in Trust 117,109 122,659 Company-owned life insurance policies 35,324 32,905 Other restricted cash and cash equivalents 1,142 1,120 Total restricted cash, cash equivalents and investments $ 187,969 $ 192,985 Held-to-maturity Restricted cash, cash equivalents 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 31, 2024 and December 31, 2023, were as follows: March 31, 2024 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 29,359 $ — $ (378) $ 28,981 Corporate debt securities 74,318 107 (1,986) 72,439 Agency mortgage-backed securities 12,434 110 (21) 12,523 U.S. government and agency securities 998 — (42) 956 Total held-to-maturity investments $ 117,109 $ 217 $ (2,427) $ 114,899 December 31, 2023 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 32,042 $ 4 $ (242) $ 31,804 Corporate debt securities 76,578 333 (1,999) 74,912 Agency mortgage-backed securities 13,039 196 — 13,235 U.S. government and agency securities 1,000 — (38) 962 Total held-to-maturity investments $ 122,659 $ 533 $ (2,279) $ 120,913 The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows: March 31, 2024 (in thousands) Amortized cost Fair value Due in one year or less $ 26,700 $ 26,204 Due after one year through five years 75,500 73,719 Due after five years through ten years 8,520 8,505 Due after ten years $ 6,389 $ 6,471 Total held-to-maturity investments $ 117,109 $ 114,899 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 31, 2024 and March 26, 2023, 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 31, March 26, Unrealized gains (losses) $ 2,419 $ 417

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL BALANCE SHEET INFORMATION	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 31, March 26, Beginning balance $ 2,005 $ 3,212 Current period provision 370 1,382 Write-offs (1,179) (956) Foreign currency translation (1) (1) Ending balance $ 1,195 $ 3,637 Prepaid expenses and other current assets The balance of prepaid expenses and other current assets was made up of the following: (in thousands) March 31, December 31, Prepaid software agreements $ 10,237 $ 8,435 Other prepaid expenses 9,125 9,355 Assets held-for-sale — 4,845 Other current assets 5,617 6,259 Prepaid expenses and other current assets $ 24,979 $ 28,894

WORKERS' COMPENSATION INSURANCE

WORKERS' COMPENSATION INSURANCE AND RESERVES	3 Months Ended
	Mar. 31, 2024
Workers' Compensation Insurance and Reserves [Abstract]
WORKERS' COMPENSATION INSURANCE AND RESERVES	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 5.5 years as of March 31, 2024. The weighted average discount rate was 2.5% and 2.4% at March 31, 2024 and December 31, 2023, 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 31, December 31, Undiscounted workers’ compensation reserve $ 205,717 $ 214,611 Less discount on workers’ compensation reserve 17,870 18,096 Workers’ compensation reserve, net of discount 187,847 196,515 Less current portion 41,303 44,866 Long-term portion $ 146,544 $ 151,649 Payments made against self-insured claims were $10.3 million and $11.9 million for the thirteen weeks ended March 31, 2024 and March 26, 2023, 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 18 years. The rates used to discount excess claims incurred during the thirteen weeks ended March 31, 2024 and fifty-three weeks ended December 31, 2023 were 4.3% and 4.1%, respectively. The discounted workers’ compensation reserve for excess claims was $53.0 million and $54.9 million as of March 31, 2024 and December 31, 2023, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $52.0 million and $53.8 million as of March 31, 2024 and December 31, 2023, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT We have a revolving credit agreement with Bank of America, N.A., PNC Bank, N.A., HSBC Bank USA, N.A., Wells Fargo Bank, N.A., and Key Bank, N.A. dated as of February 9, 2024 (the “Revolving Credit Facility”). The Revolving Credit Facility provides for a revolving line of credit of up to $255.0 million, and matures on February 9, 2029. We have an option to increase the amount to $405.0 million, subject to lender approval. Included in the Revolving Credit Facility is a $25.0 million sub-limit for “Swingline” loans and a $25.0 million sub-limit for letters of credit. As of March 31, 2024, $6.2 million was utilized by outstanding standby letters of credit, leaving $248.8 million unused under the Revolving Credit Facility, which is constrained by our most restrictive covenant, making $140.3 million available for additional borrowing. As of December 31, 2023, $6.2 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 Secured Overnight Financing Rate, plus an adjustment of 0.10%, plus an applicable spread between 1.75% and 3.50%. Alternatively, at our option, we may pay interest based on a base rate plus an applicable spread between 0.75% and 2.50%. 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 0.75% and 2.50%, as described above. A commitment fee between 0.35% 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 Revolving Credit Facility. Letters of credit are priced at a margin between 1.50% and 3.25%, plus a fronting fee of 0.25%. 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 Revolving Credit Facility 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 Revolving Credit Facility, were in effect as of March 31, 2024: • 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 31, 2024, our consolidated fixed charge coverage ratio was 9.95. • Asset coverage ratio of greater than 1.00, defined as the ratio of (a) 60% of accounts receivable to (b) total debt outstanding less unrestricted cash in excess of $50.0 million, subject to certain minimums. Under this covenant we are limited to $25.0 million in aggregate share repurchases in any twelve-month period. As of March 31, 2024, our asset coverage ratio was 23.70. The following financial covenant, as defined in the Revolving Credit Facility, will replace the asset coverage ratio beginning the fiscal first quarter of 2026, or earlier at our discretion, subject to the terms of the agreement: • Consolidated leverage ratio less than 3.00, defined as our funded indebtedness divided by trailing twelve months consolidated EBITDA, as defined in the Revolving Credit Facility. As of March 31, 2024, we were in compliance with all effective covenants related to the Revolving Credit Facility.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 31, December 31, Cash collateral held by workers’ compensation insurance carriers $ 17,900 $ 17,737 Cash and cash equivalents held in Trust 10,631 12,703 Investments held in Trust 117,109 122,659 Letters of credit (1) 6,077 6,077 Surety bonds (2) 20,725 20,725 Total collateral commitments $ 172,442 $ 179,901 (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 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.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2024
Shareholders' Equity [Abstract]
SHAREHOLDER’S EQUITY	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 31, March 26, Common stock shares Beginning balance 31,246 32,730 Purchases and retirement of common stock (857) (1,357) Net issuance under equity plans, including tax benefits 165 134 Stock-based compensation — — Ending balance 30,554 31,507 Common stock amount Beginning balance $ 1 $ 1 Current period activity — — Ending balance 1 1 Retained earnings Beginning balance 478,584 516,332 Net income (loss) (1,698) (4,289) Purchases and retirement of common stock (1) (10,067) (24,718) Net issuance under equity plans, including tax benefits (1,788) (2,062) Stock-based compensation 2,102 2,630 Ending balance 467,133 487,893 Accumulated other comprehensive income (loss) Beginning balance, net of tax (20,712) (20,018) Foreign currency translation adjustment before reclassification 915 (253) Reclassified from accumulated other comprehensive income (loss) (2) (973) — Foreign currency translation adjustment (58) (253) Ending balance, net of tax (20,770) (20,271) Total shareholders’ equity ending balance $ 446,364 $ 467,623 (1) Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases and the related excise tax as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered. (2) Foreign currency translation adjustments related to Labour Ready Temporary Services, Ltd. that were recognized through net income (loss) upon the divestiture of the business during the thirteen weeks ended March 31, 2024.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our income tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for any discrete items that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate and, if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and quarterly estimate of our annual effective tax rate are subject to variation due to several factors, including variability in accurately predicting our full year pre-tax income or loss by jurisdiction, tax credits, government audit developments, changes in laws, regulations and administrative practices, and relative changes in expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income or loss. For example, the impact of discrete items, tax credits, and non-deductible expenses on our effective tax rate is greater when our pre-tax income or loss is lower. Our effective income tax rate for the thirteen weeks ended March 31, 2024 was a benefit of 87.8%. The difference between the statutory federal income tax rate of 21.0% and our effective tax rate was primarily due to the federal Work Opportunity Tax Credit (“WOTC”). WOTC is designed to encourage employers to hire workers from certain targeted groups with higher than average unemployment rates. Other differences between the statutory federal income tax rate and our effective tax rate result from certain other non-deductible and non-taxable items, the tax impact of stock-based compensation, and state and foreign income taxes.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE Diluted common shares were calculated as follows: Thirteen weeks ended (in thousands, except per share data) March 31, March 26, Net income (loss) $ (1,698) $ (4,289) Weighted average number of common shares used in basic net income (loss) per common share 31,102 32,292 Dilutive effect of non-vested stock-based awards — — Weighted average number of common shares used in diluted net income (loss) per common share 31,102 32,292 Net income (loss) per common share: Basic $ (0.05) $ (0.13) Diluted $ (0.05) $ (0.13) Anti-dilutive shares 1,269 1,072

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Our operating segments and reportable segments are described below: Our PeopleReady reportable segment provides blue-collar, contingent staffing through the PeopleReady operating segment. PeopleReady provides on-demand and skilled labor in a broad range of industries that include construction, transportation, manufacturing, retail, hospitality and renewable energy. Our PeopleScout reportable segment provides high-volume, permanent employee recruitment process outsourcing, employer branding services and management of outsourced labor service providers through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP: • PeopleScout RPO : Outsourced recruitment of permanent employees on behalf of clients and employer branding services; and • PeopleScout MSP : Management of multiple third-party staffing vendors on behalf of clients. Our PeopleManagement reportable segment provides contingent labor and outsourced industrial workforce solutions, primarily on-site at the client’s facility, through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP: • PeopleManagement On-Site : On-site management and recruitment for the contingent industrial workforce of manufacturing, warehousing and distribution facilities; and • PeopleManagement Centerline : Recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries. The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue: Thirteen weeks ended (in thousands) March 31, March 26, Revenue from services: Contingent staffing PeopleReady $ 222,661 $ 252,628 PeopleManagement 133,860 143,184 Human resource outsourcing PeopleScout 46,332 69,476 Total company $ 402,853 $ 465,288 The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit): Thirteen weeks ended (in thousands) March 31, March 26, Segment profit (loss): PeopleReady $ (5,058) $ 872 PeopleManagement 2,751 (202) PeopleScout 4,879 8,923 Total segment profit 2,572 9,593 Corporate unallocated expense (6,052) (6,708) Third-party processing fees for hiring tax credits (90) (120) Amortization of software as a service assets (1,343) (868) PeopleReady technology upgrade costs (385) (32) Other benefits (costs) (2,253) (1,397) Depreciation and amortization (7,958) (6,411) Income (loss) from operations (15,509) (5,943) Interest and other income (expense), net 1,599 1,014 Income (loss) before tax expense (benefit) $ (13,910) $ (4,929) Asset information by reportable segment is not presented as we do not manage our segments on a balance sheet basis.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENT [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On April 11, 2024, following an evaluation of our office space and business requirements, management, with approval from the Board of Directors, entered into an agreement to sell our Tacoma headquarters building for $15.0 million. The sale is expected to be finalized within one year, subject to customary closing conditions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (1,698)	$ (4,289)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	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 31, 2023. The results of operations for the thirteen weeks ended March 31, 2024 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period.
Recently adopted accounting standards and recently issued accounting pronouncements not yet adopted	Recently adopted accounting standards There were no new accounting standards adopted during the thirteen weeks ended March 31, 2024 that had a material impact on our financial statements. Recently issued accounting standards and disclosure rules not yet adopted Segments In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ,” which requires disclosure of incremental segment information on an interim and annual basis, primarily regarding significant segment expenses and information used to assess segment performance. This ASU is effective for fiscal years beginning after December 15, 2023 (2024 for TrueBlue), and interim periods beginning after December 15, 2024 (Q1 2025 for TrueBlue). Retrospective application is required for all periods presented. We are currently evaluating the impact of this ASU on our required disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ,” which requires enhancements and further transparency to certain income tax disclosures, primarily to the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 (2025 for TrueBlue), on a prospective basis with retrospective application permitted. We are currently evaluating the impact of this ASU on our required disclosures. Climate In March 2024, the Securities and Exchange Commission (“SEC”) issued its final climate disclosure rule, which requires the disclosure of Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports and registration statements, when material. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025. While this rule is currently subject to litigation, we are evaluating the impact of this new rule on our required disclosures. There are no other accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	Our assets measured at fair value on a recurring basis consisted of the following: March 31, 2024 (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 $ 36,184 $ 36,184 $ — $ — Restricted cash and cash equivalents 35,536 35,536 — — Cash, cash equivalents and restricted cash and cash equivalents (1) $ 71,720 $ 71,720 $ — $ — Municipal debt securities $ 28,981 $ — $ 28,981 $ — Corporate debt securities 72,439 — 72,439 — Agency mortgage-backed securities 12,523 — 12,523 — U.S. government and agency securities 956 — 956 — Restricted investments classified as held-to-maturity (2) $ 114,899 $ — $ 114,899 $ — December 31, 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 $ 61,885 $ 61,885 $ — $ — Restricted cash and cash equivalents 37,421 37,421 — — Cash, cash equivalents and restricted cash and cash equivalents (1) $ 99,306 $ 99,306 $ — $ — Municipal debt securities $ 31,804 $ — $ 31,804 $ — Corporate debt securities 74,912 — 74,912 — Agency mortgage-backed securities 13,235 — 13,235 — U.S. government and agency securities 962 — 962 — Restricted investments classified as held-to-maturity (2) $ 120,913 $ — $ 120,913 $ — (1) Cash, cash equivalents and restricted cash and cash equivalents include money market funds and deposits. (2) Refer to Note 4: Restricted Cash, Cash Equivalents and Investments for additional details on our held-to-maturity debt securities.

RESTRICTED CASH AND INVESTMEN_2

RESTRICTED CASH AND INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Restricted Cash and Investments [Abstract]
Schedule of restricted cash and investments	The following is a summary of the carrying value of our restricted cash, cash equivalents and investments: (in thousands) March 31, December 31, Cash collateral held by insurance carriers $ 23,763 $ 23,598 Cash and cash equivalents held in Trust 10,631 12,703 Investments held in Trust 117,109 122,659 Company-owned life insurance policies 35,324 32,905 Other restricted cash and cash equivalents 1,142 1,120 Total restricted cash, cash equivalents and investments $ 187,969 $ 192,985
Schedule of held-to-maturity investments	The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of March 31, 2024 and December 31, 2023, were as follows: March 31, 2024 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 29,359 $ — $ (378) $ 28,981 Corporate debt securities 74,318 107 (1,986) 72,439 Agency mortgage-backed securities 12,434 110 (21) 12,523 U.S. government and agency securities 998 — (42) 956 Total held-to-maturity investments $ 117,109 $ 217 $ (2,427) $ 114,899 December 31, 2023 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 32,042 $ 4 $ (242) $ 31,804 Corporate debt securities 76,578 333 (1,999) 74,912 Agency mortgage-backed securities 13,039 196 — 13,235 U.S. government and agency securities 1,000 — (38) 962 Total held-to-maturity investments $ 122,659 $ 533 $ (2,279) $ 120,913
Schedule of held-to-maturity investments by contractual maturity	The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows: March 31, 2024 (in thousands) Amortized cost Fair value Due in one year or less $ 26,700 $ 26,204 Due after one year through five years 75,500 73,719 Due after five years through ten years 8,520 8,505 Due after ten years $ 6,389 $ 6,471 Total held-to-maturity investments $ 117,109 $ 114,899
Schedule of unrealized gain (loss) on equity investments	Unrealized gains and losses related to investments still held at March 31, 2024 and March 26, 2023, 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 31, March 26, Unrealized gains (losses) $ 2,419 $ 417

SUPPLEMENTAL BALANCE SHEET IN_2

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for credit losses	The activity related to the accounts receivable allowance for credit losses was as follows: Thirteen weeks ended (in thousands) March 31, March 26, Beginning balance $ 2,005 $ 3,212 Current period provision 370 1,382 Write-offs (1,179) (956) Foreign currency translation (1) (1) Ending balance $ 1,195 $ 3,637
Prepaid expenses and other current assets	Prepaid expenses and other current assets The balance of prepaid expenses and other current assets was made up of the following: (in thousands) March 31, December 31, Prepaid software agreements $ 10,237 $ 8,435 Other prepaid expenses 9,125 9,355 Assets held-for-sale — 4,845 Other current assets 5,617 6,259 Prepaid expenses and other current assets $ 24,979 $ 28,894

WORKERS' COMPENSATION INSURAN_2

WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)	3 Months Ended
	Mar. 31, 2024
Workers' Compensation Insurance and Reserves [Abstract]
Reconciliation of workers' compensation claims reserve	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 31, December 31, Undiscounted workers’ compensation reserve $ 205,717 $ 214,611 Less discount on workers’ compensation reserve 17,870 18,096 Workers’ compensation reserve, net of discount 187,847 196,515 Less current portion 41,303 44,866 Long-term portion $ 146,544 $ 151,649

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of workers’ compensation collateral commitments	We have provided our insurance carriers and certain states with commitments in the form and amounts listed below: (in thousands) March 31, December 31, Cash collateral held by workers’ compensation insurance carriers $ 17,900 $ 17,737 Cash and cash equivalents held in Trust 10,631 12,703 Investments held in Trust 117,109 122,659 Letters of credit (1) 6,077 6,077 Surety bonds (2) 20,725 20,725 Total collateral commitments $ 172,442 $ 179,901 (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

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Shareholders' Equity [Abstract]
Schedule of Stockholders Equity	Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows: Thirteen weeks ended (in thousands) March 31, March 26, Common stock shares Beginning balance 31,246 32,730 Purchases and retirement of common stock (857) (1,357) Net issuance under equity plans, including tax benefits 165 134 Stock-based compensation — — Ending balance 30,554 31,507 Common stock amount Beginning balance $ 1 $ 1 Current period activity — — Ending balance 1 1 Retained earnings Beginning balance 478,584 516,332 Net income (loss) (1,698) (4,289) Purchases and retirement of common stock (1) (10,067) (24,718) Net issuance under equity plans, including tax benefits (1,788) (2,062) Stock-based compensation 2,102 2,630 Ending balance 467,133 487,893 Accumulated other comprehensive income (loss) Beginning balance, net of tax (20,712) (20,018) Foreign currency translation adjustment before reclassification 915 (253) Reclassified from accumulated other comprehensive income (loss) (2) (973) — Foreign currency translation adjustment (58) (253) Ending balance, net of tax (20,770) (20,271) Total shareholders’ equity ending balance $ 446,364 $ 467,623 (1) Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases and the related excise tax as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered. (2) Foreign currency translation adjustments related to Labour Ready Temporary Services, Ltd. that were recognized through net income (loss) upon the divestiture of the business during the thirteen weeks ended March 31, 2024.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of net income (loss) and diluted common shares	Diluted common shares were calculated as follows: Thirteen weeks ended (in thousands, except per share data) March 31, March 26, Net income (loss) $ (1,698) $ (4,289) Weighted average number of common shares used in basic net income (loss) per common share 31,102 32,292 Dilutive effect of non-vested stock-based awards — — Weighted average number of common shares used in diluted net income (loss) per common share 31,102 32,292 Net income (loss) per common share: Basic $ (0.05) $ (0.13) Diluted $ (0.05) $ (0.13) Anti-dilutive shares 1,269 1,072

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of segment information	The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue: Thirteen weeks ended (in thousands) March 31, March 26, Revenue from services: Contingent staffing PeopleReady $ 222,661 $ 252,628 PeopleManagement 133,860 143,184 Human resource outsourcing PeopleScout 46,332 69,476 Total company $ 402,853 $ 465,288 The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit): Thirteen weeks ended (in thousands) March 31, March 26, Segment profit (loss): PeopleReady $ (5,058) $ 872 PeopleManagement 2,751 (202) PeopleScout 4,879 8,923 Total segment profit 2,572 9,593 Corporate unallocated expense (6,052) (6,708) Third-party processing fees for hiring tax credits (90) (120) Amortization of software as a service assets (1,343) (868) PeopleReady technology upgrade costs (385) (32) Other benefits (costs) (2,253) (1,397) Depreciation and amortization (7,958) (6,411) Income (loss) from operations (15,509) (5,943) Interest and other income (expense), net 1,599 1,014 Income (loss) before tax expense (benefit) $ (13,910) $ (4,929)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount	20%
Goodwill	$ 83,869	$ 84,114
PeopleReady
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount	4%
Goodwill	$ 59,100
Minimum
Goodwill [Line Items]
Weighted average cost of capital	13.50%
Maximum
Goodwill [Line Items]
Weighted average cost of capital	14.50%

DIVESTITURE (Details)

DIVESTITURE (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 26, 2024	Mar. 31, 2024	Mar. 26, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from business divestiture, net		$ 2,928	$ 0
PeopleReady Canada | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Preliminary sales price	$ 4,300
Contingent consideration	2,500
Proceeds from business divestiture, net	2,900
Transaction costs	800
Amount held in escrow	600
Pre-tax gain on divestiture	700
Revenue	$ 2,600

FAIR VALUE MEASUREMENT - Fair V

FAIR VALUE MEASUREMENT - Fair Value Measurement (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 26, 2023	Dec. 25, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 71,720	$ 99,306	$ 109,590	$ 135,631
Restricted investments classified as held-to-maturity	114,899	120,913
Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	28,981	31,804
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	72,439	74,912
Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	12,523	13,235
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	956	962
Fair value, recurring | Total fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	36,184	61,885
Fair value, recurring | Total fair value | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	35,536	37,421
Cash, cash equivalents, restricted cash and restricted cash equivalents	71,720	99,306
Restricted investments classified as held-to-maturity	114,899	120,913
Fair value, recurring | Total fair value | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	28,981	31,804
Fair value, recurring | Total fair value | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	72,439	74,912
Fair value, recurring | Total fair value | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	12,523	13,235
Fair value, recurring | Total fair value | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	956	962
Fair value, recurring | Quoted prices in active markets for identical assets (level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	36,184	61,885
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	35,536	37,421
Cash, cash equivalents, restricted cash and restricted cash equivalents	71,720	99,306
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant other observable inputs (level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Restricted investments classified as held-to-maturity	114,899	120,913
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	28,981	31,804
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	72,439	74,912
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	12,523	13,235
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	956	962
Fair value, recurring | Significant unobservable inputs (level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	$ 0	$ 0

RESTRICTED CASH AND INVESTMEN_3

RESTRICTED CASH AND INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Restricted Cash and Investments [Line Items]
Cash collateral held by insurance carriers	$ 23,763		$ 23,598
Cash and cash equivalents held in Trust	10,631		12,703
Investments held in Trust	117,109		122,659
Company owned life insurance policies	35,324		32,905
Other restricted cash and cash equivalents	1,142		1,120
Restricted cash and investments	187,969		192,985
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	117,109		122,659
Gross unrealized gains	217		533
Gross unrealized losses	(2,427)		(2,279)
Fair value	114,899		120,913
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	117,109		122,659
Held-to-maturity securities, fair value [Abstract]
Fair value	114,899		120,913
Unrealized gains (losses) on Investments	2,419	$ 417
Municipal debt securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	29,359		32,042
Gross unrealized gains	0		4
Gross unrealized losses	(378)		(242)
Fair value	28,981		31,804
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	29,359		32,042
Held-to-maturity securities, fair value [Abstract]
Fair value	28,981		31,804
Corporate debt securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	74,318		76,578
Gross unrealized gains	107		333
Gross unrealized losses	(1,986)		(1,999)
Fair value	72,439		74,912
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	74,318		76,578
Held-to-maturity securities, fair value [Abstract]
Fair value	72,439		74,912
Agency mortgage-backed securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	12,434		13,039
Gross unrealized gains	110		196
Gross unrealized losses	(21)		0
Fair value	12,523		13,235
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	12,434		13,039
Held-to-maturity securities, fair value [Abstract]
Fair value	12,523		13,235
U.S. government and agency securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	998		1,000
Gross unrealized gains	0		0
Gross unrealized losses	(42)		(38)
Fair value	956		962
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	998		1,000
Held-to-maturity securities, fair value [Abstract]
Fair value	956		$ 962
Restricted cash and investments
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	117,109
Fair value	114,899
Held-to-maturity securities, amortized cost [Abstract]
Due in one year or less	26,700
Due after one year through five years	75,500
Due after five years through ten years	8,520
Due after ten years	6,389
Amortized cost of held-to-maturity investments	117,109
Held-to-maturity securities, fair value [Abstract]
Due in one year or less	26,204
Due after one year through five years	73,719
Due after five years through ten years	8,505
Due after ten years	6,471
Fair value	$ 114,899

SUPPLEMENTAL BALANCE SHEET IN_3

SUPPLEMENTAL BALANCE SHEET INFORMATION - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023	Dec. 25, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,195	$ 3,637	$ 2,005	$ 3,212
Provision for credit losses	370	1,382
Write-offs	(1,179)	(956)
Foreign currency translation	(1)	(1)
Ending balance	$ 1,195	$ 3,637

SUPPLEMENTAL BALANCE SHEET IN_4

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid software agreements	$ 10,237	$ 8,435
Other prepaid expenses	9,125	9,355
Assets held-for-sale	0	4,845
Other current assets	5,617	6,259
Prepaid expenses and other current assets	$ 24,979	$ 28,894

WORKERS' COMPENSATION INSURAN_3

WORKERS' COMPENSATION INSURANCE AND RESERVES - Reconciliation of Workers' Compensation Claims Reserve (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Workers' Compensation Insurance and Reserves [Abstract]
Undiscounted workers’ compensation reserve	$ 205,717	$ 214,611
Less discount on workers’ compensation reserve	17,870	18,096
Workers' compensation reserve, net of discount	187,847	196,515
Less current portion	41,303	44,866
Long-term portion	$ 146,544	$ 151,649

WORKERS' COMPENSATION INSURAN_4

WORKERS' COMPENSATION INSURANCE AND RESERVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Workers' Compensation Deductible Limit [Line Items]
Weighted average period for claim payments below deductible limit	5 years 6 months
Payments made against self-insured claims	$ 10.3	$ 11.9
Weighted average period for claim payments and receivables above deductible limit	18 years
Workers' compensation reserve for excess claims	$ 53		$ 54.9
Worker's compensation receivable for excess claims	52		$ 53.8
Workers compensation expense	5.3	$ 4.8
Minimum
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation claim deductible limit	$ 5
Below limit
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation discount	2.50%		2.40%
Above Limit
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation discount	4.30%		4.10%

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Feb. 09, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revolving Credit Facility [Line Items]
Debt instrument, fixed charge coverage ratio	9.95
Asset coverage ratio	23.70
Accounts receivable threshold	60%
Restricted cash threshold	$ 50
Aggregate share repurchase limit	$ 25
Consolidated leverage ratio	3
Minimum
Revolving Credit Facility [Line Items]
Fixed charge coverage ratio, threshold	1.25
Asset coverage ratio	1
Revolving Credit Facility
Revolving Credit Facility [Line Items]
Remaining borrowing capacity	$ 248.8
Line of credit facility, maximum borrowing capacity, additional borrowings	$ 140.3
Revolving Credit Facility | Amended and Restated Revolving Credit Agreement
Revolving Credit Facility [Line Items]
Maximum borrowing capacity		$ 255
Increase limit		405
Revolving Credit Facility | Base rate
Revolving Credit Facility [Line Items]
Additional debt instrument base rate	0.50%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Adjustment
Revolving Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Revolving Credit Facility | Minimum
Revolving Credit Facility [Line Items]
Unused capacity commitment fee percentage	0.35%
Revolving Credit Facility | Minimum | LIBOR
Revolving Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Minimum | Base rate
Revolving Credit Facility [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility | Maximum
Revolving Credit Facility [Line Items]
Unused capacity commitment fee percentage	0.50%
Revolving Credit Facility | Maximum | LIBOR
Revolving Credit Facility [Line Items]
Basis spread on variable rate	3.50%
Revolving Credit Facility | Maximum | Base rate
Revolving Credit Facility [Line Items]
Basis spread on variable rate	2.50%
Swingline loan
Revolving Credit Facility [Line Items]
Letters of credit outstanding	$ 6.2		$ 6.2
Swingline loan | Amended and Restated Revolving Credit Agreement
Revolving Credit Facility [Line Items]
Maximum borrowing capacity		25
Swingline loan | Minimum | Base rate
Revolving Credit Facility [Line Items]
Basis spread on variable rate	0.75%
Swingline loan | Maximum | Base rate
Revolving Credit Facility [Line Items]
Basis spread on variable rate	2.50%
Letter of credit | Amended and Restated Revolving Credit Agreement
Revolving Credit Facility [Line Items]
Maximum borrowing capacity		$ 25
Letter of credit | LIBOR
Revolving Credit Facility [Line Items]
Additional letters of credit base rate	0.25%
Letter of credit | Minimum | LIBOR
Revolving Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Letter of credit | Maximum | LIBOR
Revolving Credit Facility [Line Items]
Basis spread on variable rate	3.25%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Workers' Compensation Commitments [Line Items]
Cash collateral held by workers’ compensation insurance carriers	$ 17,900	$ 17,737
Cash and cash equivalents held in Trust	10,631	12,703
Investments held in Trust	117,109	122,659
Letters of credit	6,077	6,077
Surety bonds	20,725	20,725
Total collateral commitments	$ 172,442	$ 179,901
Surety bonds annual fee limit as a percentage of bond amount	2%
Surety bonds required cancellation notice	60 days
Minimum
Workers' Compensation Commitments [Line Items]
Surety bonds review and renewal period if elected	1 year
Maximum
Workers' Compensation Commitments [Line Items]
Surety bonds review and renewal period if elected	4 years

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	31,245,732
Ending balance (in shares)	30,554,364
Beginning balance	$ 457,873
Net income (loss)	(1,698)	$ (4,289)
Change in accounting standard cumulative-effect adjustment	467,133		$ 478,584
Foreign currency translation adjustment before reclassification	915	(253)
Reclassification from accumulated other comprehensive income (loss)	(973)	0
Foreign currency translation adjustment	(58)	(253)
Ending balance, net of tax	$ 446,364	$ 467,623
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	31,246,000	32,730,000
Purchases and retirement of common stock (in shares)	(857,000)	(1,357,000)
Net issuances under equity plans, including tax benefits (in shares)	165,000	134,000
Stock-based compensation (in shares)	0	0
Ending balance (in shares)	30,554,000	31,507,000
Beginning balance	$ 1	$ 1
Ending balance, net of tax	1	1
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	478,584	516,332
Net income (loss)	(1,698)	(4,289)
Purchases and retirement of common stock	(10,067)	(24,718)
Net issuance under equity plans, including tax benefits	(1,788)	(2,062)
Stock-based compensation	2,102	2,630
Ending balance, net of tax	467,133	487,893
Accumulated other comprehensive income (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(20,712)	(20,018)
Ending balance, net of tax	$ (20,770)	$ (20,271)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	87.80%
Statutory federal income tax rate	21%

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ (1,698)	$ (4,289)
Weighted average number of common shares used in basic net income per common share (in shares)	31,102	32,292
Dilutive effect of non-vested stock-based awards (in shares)	0	0
Weighted average number of common shares used in diluted net income (loss) per common share	31,102	32,292
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.05)	$ (0.13)
Diluted (in dollars per share)	$ (0.05)	$ (0.13)
Anti-dilutive shares (in shares)	1,269	1,072

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 26, 2023 USD ($)
Segment Reporting [Abstract]
Number of aggregated reportable segments | segment	1
Segment Reporting Information [Line Items]
Revenue	$ 402,853	$ 465,288
Segment profit	2,572	9,593
Third-party processing fees for hiring tax credits	(90)	(120)
Amortization of software as a service assets	(1,343)	(868)
PeopleReady technology upgrade costs	(385)	(32)
Other benefits (costs)	(2,253)	(1,397)
Depreciation and amortization	(7,958)	(6,411)
Income (loss) from operations	(15,509)	(5,943)
Interest and other income (expense), net	1,599	1,014
Income (loss) before tax expense (benefit)	(13,910)	(4,929)
PeopleReady
Segment Reporting Information [Line Items]
Segment profit	(5,058)	872
PeopleManagement
Segment Reporting Information [Line Items]
Segment profit	2,751	(202)
PeopleScout
Segment Reporting Information [Line Items]
Segment profit	4,879	8,923
Corporate unallocated
Segment Reporting Information [Line Items]
Corporate unallocated expense	(6,052)	(6,708)
Contingent staffing | PeopleReady
Segment Reporting Information [Line Items]
Revenue	222,661	252,628
Contingent staffing | PeopleManagement
Segment Reporting Information [Line Items]
Revenue	133,860	143,184
Human resource outsourcing | PeopleScout
Segment Reporting Information [Line Items]
Revenue	$ 46,332	$ 69,476

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Millions	Apr. 11, 2024 USD ($)
Subsequent Event | Tacoma Headquarters | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Preliminary sales price	$ 15