Group 1 - The article compares Barrett Business Services (BBSI) and Paychex (PAYX) to determine which stock is more attractive to value investors [1] - BBSI has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to PAYX, which has a Zacks Rank of 3 (Hold) [1] - The Zacks Rank and Style Scores system are used to identify strong value opportunities, emphasizing companies with positive estimate revisions [1] Group 2 - Value investors typically analyze traditional metrics such as P/E ratio, P/S ratio, earnings yield, and cash flow per share to identify undervalued stocks [2] - BBSI has a forward P/E ratio of 15.38, while PAYX has a forward P/E of 25.91, indicating BBSI may be undervalued [2] - BBSI's PEG ratio is 1.10, compared to PAYX's PEG ratio of 3.31, suggesting BBSI has a better expected EPS growth relative to its valuation [2] Group 3 - BBSI's P/B ratio is 4.39, while PAYX has a P/B of 12.48, further indicating BBSI's relative undervaluation [3] - Based on various valuation metrics, BBSI holds a Value grade of A, whereas PAYX has a Value grade of D, reinforcing BBSI's attractiveness to value investors [3] - BBSI outperforms PAYX in both Zacks Rank and Style Scores, making it a more appealing option for value investors at this time [3]

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy.Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors -- such as sound fundamentals, positive earnings estimate revisions, ...

Barrett Business Services, Inc. (NASDAQ:BBSI) Q4 2023 Earnings Call Transcript February 28, 2024 5:00 PM ET Company Participants Gary Kramer - President and CEO Anthony Harris - CFO Conference Call Participants Lee Jagoda - CJS Securities Jeff Martin - ROTH Capital Partners Vincent Colicchio - Barrington Research Marc Riddick - Sidoti & Company Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss BBSI's financial results for the fourth quarter and full yea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission File Number 0-21886 BARRETT BUSINESS SERVICES, INC. (Exact name of registrant as specified in its charter) Maryland 52-0812977 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 8100 NE Parkway Drive, Suite 200 Vancouver, Washington 98662 (Ad ...

EXHIBIT 99.1 BBSI Reports Strong Fourth Quarter and Full Year 2023 Financial Results - Q4 2023 Net Income of $14.6 Million, or $2.16 per Diluted Share - - Full Year 2023 Net Income of $50.6 Million, or $7.39 per Diluted Share - VANCOUVER, Washington, February 28, 2024 – Barrett Business Services, Inc. ("BBSI" or the "Company") (NASDAQ: BBSI), a leading provider of business management solutions, reported financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Finan ...

Core Viewpoint - Barrett Business Services, Inc. (BBSI) will hold a conference call on February 28, 2024, to discuss its financial results for Q4 and the full year ended December 31, 2023 [1]. Group 1: Conference Call Details - The conference call is scheduled for 5:00 p.m. Eastern time (2:00 p.m. Pacific time) [1]. - CEO Gary Kramer and CFO Anthony Harris will host the call, which will include a question and answer session [1]. - Participants are encouraged to dial in 5-10 minutes prior to the start time [1]. Group 2: Replay Information - The conference call will be broadcast live and available for replay on the BBSI website [2]. - A replay will be accessible after 8:00 p.m. Eastern time on the same day through March 28, 2024 [2]. - The toll-free replay number is 1-844-512-2921, and the international replay number is 1-412-317-6671 [2]. Group 3: Company Overview - BBSI is a leading provider of business management solutions, specializing in human resource outsourcing and professional management consulting [3]. - The company operates an integrated platform that includes payroll processing, employee benefits, workers' compensation coverage, risk management, and human resource administration [3]. - BBSI serves over 7,500 clients across various industries and is licensed to operate in all 50 states [3].

VANCOUVER, Wash., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (BBSI) (NASDAQ:BBSI), a leading provider of business management solutions and one of the largest professional employer organizations (PEO) in the U.S., is proud to announce it has again been Certified™ by Great Place To Work® for the 2023-2024 year. The prestigious award is based entirely on what current employees say about their experience working at BBSI. Great Place To Work® is the global authority on workplace culture, e ...

Barrett Business Services, Inc. (NASDAQ:BBSI) Q3 2023 Results Conference Call November 1, 2023 5:00 PM ET Company Participants Gary Kramer - President and CEO Anthony Harris - CFO Conference Call Participants Jeff Martin - ROTH Capital Partners Chris Moore - CJS Securities Vincent Colicchio - Barrington Research Marc Redick - Sidoti & Company Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss BBSI's Financial Results for the Third Quarter Ended September ...

Part I - Financial Information [Item 1. Unaudited Interim Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Unaudited Q3 2023 financials report $690.0 million in assets, flat revenue, $18.2 million net income, and improved operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets reached $690.0 million as of September 30, 2023, with stable liabilities and equity growing to $180.4 million Condensed Consolidated Balance Sheet Summary (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $41,579 | $91,423 | | Trade accounts receivable, net | $205,217 | $163,838 | | Total current assets | $427,461 | $454,362 | | Total assets | $690,008 | $686,938 | | **Liabilities & Equity** | | | | Total current liabilities | $341,109 | $334,731 | | Total liabilities | $509,562 | $509,096 | | Total stockholders' equity | $180,446 | $177,842 | | Total liabilities and stockholders' equity | $690,008 | $686,938 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2023 revenues were flat at $273.3 million due to PEO growth offsetting staffing decline, with net income rising to $18.2 million Q3 2023 vs Q3 2022 Statement of Operations (in thousands, except per share amounts) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | PEO Services Revenue | $251,423 | $244,567 | | Staffing Services Revenue | $21,905 | $29,255 | | **Total Revenues** | **$273,328** | **$273,822** | | Gross Margin | $68,329 | $66,901 | | Income from Operations | $22,302 | $22,346 | | **Net Income** | **$18,219** | **$17,438** | | Diluted EPS | $2.68 | $2.45 | Nine Months Ended Sep 30, 2023 vs 2022 Statement of Operations (in thousands, except per share amounts) | Metric | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | | PEO Services Revenue | $727,986 | $694,174 | | Staffing Services Revenue | $64,639 | $88,202 | | **Total Revenues** | **$792,625** | **$782,376** | | Gross Margin | $176,919 | $174,139 | | Income from Operations | $42,452 | $44,116 | | **Net Income** | **$36,054** | **$35,740** | | Diluted EPS | $5.24 | $4.91 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity grew to $180.4 million, primarily from $36.1 million net income, offset by $29.1 million in repurchases and $6.1 million in dividends - Key activities impacting **stockholders' equity** during the first nine months of **2023** included: - **Net income** of **$36.1 million**[28](index=28&type=chunk) - Company **repurchases** of **common stock** totaling **$29.1 million** (sum of **$7,582k**, **$9,500k**, **$10,280k** from retained earnings and related capital adjustments)[28](index=28&type=chunk) - **Cash dividends paid** of **$6.1 million** (sum of **$2,067k**, **$2,013k**, **$2,025k**)[28](index=28&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations improved to $10.0 million, while investing used $17.5 million and financing used $37.4 million, resulting in a $44.9 million cash decrease Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $9,999 | $(3,059) | | Net cash (used in) provided by investing activities | $(17,547) | $42,472 | | Net cash used in financing activities | $(37,394) | $(50,024) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(44,942)** | **$(10,611)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, a $302.8 million investment portfolio, $177.8 million workers' compensation liabilities, an IRS audit, and a joint-employer class-action lawsuit - The company's **investment portfolio**, measured at fair value, totaled **$302.8 million** as of September 30, **2023**[59](index=59&type=chunk)[63](index=63&type=chunk) - The majority of these investments are classified as **Level 2** in the fair value hierarchy, consisting primarily of corporate bonds, U.S. treasuries, and mortgage-backed securities[59](index=59&type=chunk)[63](index=63&type=chunk) - The company has significantly reduced its **retained risk** for **workers' compensation claims** through **loss portfolio transfer agreements** and new insurance arrangements[70](index=70&type=chunk)[71](index=71&type=chunk) - For claims incurred from July **1**, **2021**, onward under its **primary insured program**, **third-party insurers** have assumed all risk of loss[70](index=70&type=chunk)[71](index=71&type=chunk) - The **IRS** is examining **federal tax returns** for **2017**-**2021** and intends to disallow certain **wage-based tax credits**, which could result in an estimated **$7.4 million** in **additional taxes** and **$1.7 million** in **penalties** for **2017**-**2020**[79](index=79&type=chunk) - The company disagrees with the determination and has not recorded a reserve[79](index=79&type=chunk) - The company is a defendant in a **wage and hour class-action lawsuit** where a key issue is whether BBSI was a **joint-employer**[80](index=80&type=chunk)[82](index=82&type=chunk) - The company intends to vigorously defend the claim, but the potential range of loss is currently inestimable[80](index=80&type=chunk)[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights a strategic shift to higher-margin PEO services, maintaining gross margin despite flat revenue, with solid liquidity supporting repurchases and dividends [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Q3 2023 revenues were flat at $273.3 million due to PEO growth offsetting staffing decline, with gross margin increasing to 25.0% and net income rising to $18.2 million Key Performance Metrics | Metric | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | Gross Billings (in thousands) | $1,963,462 | $1,908,818 | 2.9% | | Average WSEs | 127,232 | 125,813 | 1.1% | - The increase in **PEO services revenue** was driven by growth in WSEs from new clients and higher average billing per WSE[99](index=99&type=chunk) - The decrease in **staffing revenue** was due to lower demand and tight labor market conditions[99](index=99&type=chunk) - **Payroll taxes and benefits expense** increased as a percentage of revenue, primarily due to **$3.4 million** in costs related to **new employee benefit offerings** for PEO clients that began in **2023**[99](index=99&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Total cash decreased by $44.9 million to $62.4 million, primarily due to $29.1 million in repurchases and $6.1 million in dividends, despite $10.0 million in operating cash flow - **Net cash from operations** for the first nine months of **2023** was **$10.0 million**, compared to a use of **$3.1 million** in the same period of **2022**[105](index=105&type=chunk) - **Net cash used in financing activities** was **$37.4 million**, primarily consisting of **$29.1 million** for **common stock repurchases** and **$6.1 million** for **dividend payments**[105](index=105&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk primarily involves interest rate changes impacting the investment portfolio; a 50 basis point rate increase would decrease fair value by $5.2 million - A **50 basis point** increase in **market interest rates** would have a **$5.2 million** downward effect on the fair value of the Company's **investment portfolio**[109](index=109&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls were effective as of September 30, 2023, with no material changes to internal controls - The Company's **CEO and CFO** concluded that the **disclosure controls and procedures** were effective as of September **30**, **2023**[110](index=110&type=chunk) - No changes in **internal control over financial reporting** occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the Company's **internal control**[111](index=111&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings primarily involve a wage and hour class action lawsuit concerning the company's joint-employer status - The company is involved in a significant **wage and hour class action lawsuit** where the key issue is its status as a **joint-employer**[80](index=80&type=chunk)[82](index=82&type=chunk)[114](index=114&type=chunk) - The company is defending the claim, but the potential loss is not currently estimable[80](index=80&type=chunk)[82](index=82&type=chunk)[114](index=114&type=chunk) [Item 1A. Risk Factors](index=28&type=page&id=Item%201A.%20Risk%20Factors) Key risks include potential determination as a non-legal employer in co-employment, and new risks from healthcare reforms and data privacy regulations like HIPAA - A significant risk is the potential determination that BBSI is not the "**administrative employer**," which could make clients jointly liable for employment taxes and discourage them from using BBSI's services[116](index=116&type=chunk) - The introduction of **employee health benefits** in **2023** exposes the company to new risks related to **healthcare reform** (e.g., the Affordable Care Act) and compliance with **data privacy laws** like **HIPAA** for handling **protected health information** (PHI)[117](index=117&type=chunk)[118](index=118&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q3 2023, the company repurchased 115,400 shares; a new $75.0 million stock repurchase program was authorized, with $64.1 million remaining Stock Repurchases for Q3 2023 | Month | Total Shares Repurchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July | - | - | | August | 48,500 | $95.66 | | September | 66,900 | $93.83 | | **Total** | **115,400** | **N/A** | - On July **31**, **2023**, the **Board of Directors** authorized a new **stock repurchase program** for up to **$75.0 million** of **common stock** over a two-year period[121](index=121&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20Exhibits) Exhibits include required CEO and CFO certifications and Inline XBRL data files - The filing includes required **CEO and CFO certifications** pursuant to Rule **13a-14(a)** and Section **1350**, along with **Inline XBRL data files**[123](index=123&type=chunk)

Barrett Business Services, Inc. (NASDAQ:BBSI) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Gary Kramer - President and CEO Anthony Harris - CFO Conference Call Participants Chris Moore - CJS Jeff Martin - ROTH MKM Vincent Colicchio - Barrington Research Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss BBSI's Financial Results for the Second Quarter Ended June 30, 2023. Joining us today are BBSI's President and CEO, Mr ...