Barrett Business Services, Inc. (NASDAQ:BBSI) Q4 2021 Earnings Conference Call March 2, 2022 5:00 PM ET Company Participants Gary Kramer - President & Chief Executive Officer Anthony Harris - Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Jeff Martin - ROTH Capital Partners Vincent Colicchio - Barrington Research Matt Dane - Titan Capital Management Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss BBSI's Financial Res ...

Financial Data and Key Metrics Changes - The company reported a 12% increase in gross billings year-over-year, reaching $1.66 billion, and a 5% sequential increase from Q2 [17] - Average worksite employees (WSEs) increased by 8% year-over-year, exceeding expectations, with higher average billing per WSE up 3% [17][18] - Workers' compensation liabilities decreased by nearly $19 million due to the transition to a fully insured program [20] Business Line Data and Key Metrics Changes - Staffing revenues increased by 2% year-over-year to $29 million, although growth was constrained by labor market tightness [17][7] - The staffing business faced challenges in filling orders, but improvements in applicant numbers were noted post-government stimulus expiration [7] Market Data and Key Metrics Changes - PEO gross billings growth varied by region: Mountain States grew 35%, East Coast 16%, Pacific Northwest 14%, Northern California 13%, and Southern California 6% [18] - Client retention rates are stronger than pre-pandemic levels, indicating improved client relationships and service value [11] Company Strategy and Development Direction - The company is focusing on expanding its branch footprint, with new branches opened in Nashville and Pittsburgh, while consolidating others for efficiency [9][10] - A new strategy targeting asset-light markets is being implemented, leveraging remote operations and digital initiatives [14] - The company is enhancing its technology platform, myBBSI, to offer additional products and services, aiming to increase client engagement and retention [15][51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery and its impact on business performance, leading to an increased full-year outlook for gross billings and WSE growth [6][23] - The management team is actively preparing clients for potential vaccine mandates, emphasizing the importance of their support during challenging times [43] Other Important Information - The company remains debt-free, with $116 million in unrestricted cash and investments, and has returned capital to shareholders through dividends and stock repurchases [22] - The company is committed to maintaining competitive pricing while ensuring strong client retention [57] Q&A Session Summary Question: Impact of the Chubb agreement on workers' compensation claims - Management confirmed that the current agreement with Chubb covers claims from 2019-2021, with only self-insured claims remaining on the balance sheet [26][27] Question: Future LPTs and claims aging - Management indicated plans to evaluate future LPTs based on economic sense and pricing [30] Question: Investment income and decline rate - Investment balances are expected to decline gradually as claims are paid, with a rule of thumb of 25% of remaining claims paid annually [32] Question: SG&A run rate and future expectations - Q3's SG&A was higher due to variable compensation linked to exceeding revenue targets, and it is expected to decrease in Q4 [36] Question: Pricing pressures from wage increases - Management noted no significant pushback on pricing, maintaining flat renewal rates despite competitive market conditions [56] Question: Performance of new branches - New branches in Pittsburgh and Nashville are still in early stages, and management is optimistic about their future performance [62]

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) [Unaudited Interim Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited interim financial statements for Barrett Business Services, Inc. as of September 30, 2021, and for the three and nine-month periods then ended, including balance sheets, statements of operations, comprehensive income, stockholders' equity, cash flows, and accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2021, total assets increased to **$809.0 million** from **$775.0 million** at year-end 2020, driven by higher trade accounts receivable, while total liabilities rose to **$601.3 million** from **$576.7 million** due to increased accrued payroll and benefits, and total stockholders' equity grew to **$207.6 million** from **$198.2 million** Condensed Consolidated Balance Sheet Highlights (In Thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $12,860 | $68,688 | | Trade accounts receivable, net | $240,293 | $118,506 | | Total current assets | $463,285 | $407,875 | | Total assets | $808,967 | $774,950 | | **Liabilities & Equity** | | | | Accrued payroll, payroll taxes and related benefits | $249,713 | $149,989 | | Workers' compensation claims liabilities (Current & Long-term) | $296,999 | $357,746 | | Total liabilities | $601,334 | $576,715 | | Total stockholders' equity | $207,633 | $198,235 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q3 2021, total revenues increased to **$247.0 million** from **$227.5 million** in Q3 2020, but net income decreased to **$14.9 million** from **$18.5 million**, while nine-month revenues grew to **$698.6 million** from **$647.6 million** with net income slightly increasing to **$27.5 million** from **$26.6 million** Q3 Financial Performance (In Thousands, Except Per Share) | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Total Revenues | $246,950 | $227,513 | | Gross Margin | $60,235 | $59,234 | | Income from Operations | $17,723 | $22,306 | | Net Income | $14,929 | $18,511 | | Diluted EPS | $1.96 | $2.40 | Nine-Month Financial Performance (In Thousands, Except Per Share) | Metric | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | | Total Revenues | $698,598 | $647,648 | | Gross Margin | $148,573 | $131,928 | | Income from Operations | $30,667 | $27,459 | | Net Income | $27,465 | $26,614 | | Diluted EPS | $3.59 | $3.46 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2021, net cash used in operating activities was **$60.3 million**, net cash used in investing activities was **$133.3 million**, and net cash used in financing activities increased to **$18.0 million**, resulting in a total decrease in cash, cash equivalents, and restricted cash of **$211.6 million** Cash Flow Summary (Nine Months Ended Sep 30, In Thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(60,304) | $(78,861) | | Net cash (used in) provided by investing activities | $(133,308) | $2,178 | | Net cash used in financing activities | $(18,007) | $(8,380) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(211,619)** | **$(85,063)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies and events, including PEO revenue reporting, significant workers' compensation liabilities, Loss Portfolio Transfer agreements, a **$33.0 million** revolving credit facility, ongoing IRS tax examinations, and the Kaanaana class action lawsuit - PEO revenues are reported net of direct payroll costs as the company is not the primary obligor for these payments. Staffing revenues are recognized as services are rendered[39](index=39&type=chunk) - On June 30, 2021, the company entered into a second Loss Portfolio Transfer (LPT 2) agreement, which reduced outstanding workers' compensation liabilities by **$53.1 million** for policies issued up to June 30, 2018[70](index=70&type=chunk) - The company is involved in the Kaanaana class action lawsuit, where a California Supreme Court ruling affirmed that certain work was subject to prevailing wage requirements. Potential liability is not currently estimable and not accrued, though an estimated **$4.0 million** is accrued for this and other legal matters[81](index=81&type=chunk) - The IRS is examining federal tax returns for 2011-2014 and 2017-2019. The company disagrees with a proposed disallowance of certain tax credits for 2011-2014 and has not recorded a reserve[80](index=80&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, highlighting an **8.5%** revenue increase in Q3 2021 driven by PEO services growth, despite a Q3 net income decrease to **$14.9 million** from **$18.5 million** due to higher SG&A expenses, while nine-month revenues grew **7.9%** with a slight net income increase [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q3 2021 revenue grew **8.5%** to **$247.0 million**, driven by a **9.5%** increase in PEO service fees and an **8.0%** increase in average worksite employees (WSEs), but Q3 net income fell to **$14.9 million** from **$18.5 million** due to a **$5.6 million** rise in SG&A expenses, while nine-month revenue increased **7.9%** to **$698.6 million** and net income rose slightly to **$27.5 million** Worksite Employee (WSE) Growth | Period | Metric | 2021 | % Change | 2020 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Q3** | Average WSEs | 116,258 | 8.0% | 107,600 | -8.1% | | **9 Months** | Average WSEs | 111,640 | 3.6% | 107,809 | -5.2% | - The increase in SG&A expenses was primarily due to the reversal of cost reductions implemented in 2020 in response to the COVID-19 pandemic, as well as higher variable employee compensation in 2021[102](index=102&type=chunk) - The company uses non-GAAP measures like gross billings and non-GAAP gross workers' compensation expense to manage operations. Non-GAAP gross workers' compensation as a percentage of gross billings decreased from **3.4%** to **3.0%** for Q3 and from **3.8%** to **3.0%** for the nine-month period, year-over-year[93](index=93&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company's total cash, cash equivalents, and restricted cash decreased by **$211.6 million** in the first nine months of 2021, primarily due to **$133.3 million** used in investing activities and **$60.3 million** used in operating activities, with financing activities using **$18.0 million** largely for stock repurchases and dividends - Net cash used in operating activities was **$60.3 million**, primarily due to a **$121.8 million** increase in trade accounts receivable and a **$60.2 million** decrease in workers' compensation claims liabilities[107](index=107&type=chunk) - In April 2021, the company replaced a **$63.7 million** standby letter of credit with other collateral, releasing **$38.7 million** of collateral from the bank and transferring a total of **$63.7 million** to its trust accounts[77](index=77&type=chunk)[109](index=109&type=chunk) - The company maintains a credit agreement with financial covenants requiring EBITDA of at least **$30 million** on a rolling four-quarter basis and a ratio of cash/investments to workers' comp/safety incentive liabilities of at least **1.0:1.0**. The company was in compliance as of September 30, 2021[77](index=77&type=chunk)[109](index=109&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is to changes in interest rates, affecting its investment portfolio of corporate bonds, mortgage-backed securities, and U.S. treasuries, with a hypothetical **50 basis point** interest rate increase estimated to result in a **$7.0 million** negative effect on the portfolio's fair value - The company's investment portfolio at September 30, 2021, included **$170.6 million** in corporate bonds, **$91.8 million** in mortgage-backed securities, and **$67.9 million** in U.S. treasuries[114](index=114&type=chunk) - A hypothetical **50 basis point** increase in market interest rates would have a **$7.0 million** negative impact on the fair value of the investment portfolio. The effect on outstanding debt would be immaterial[114](index=114&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2021, with no material changes to internal control over financial reporting during the third quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2021[115](index=115&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[116](index=116&type=chunk) [Part II - Other Information](index=30&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to **Note 6** of the financial statements for details on legal proceedings, primarily the Kaanaana v. Barrett Business Services, Inc. class action lawsuit concerning prevailing wage laws in California - For information regarding legal proceedings, the report directs readers to **Note 6** of the condensed consolidated financial statements[119](index=119&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) The company highlights that its business may be negatively affected by disease outbreaks, specifically the ongoing COVID-19 pandemic, posing **significant risk** through impacts on PEO fees, client liquidity, compliance with evolving legislation, increased workers' compensation claims exposure, and **heightened security risks** from remote work - The COVID-19 pandemic poses a **significant risk**, as government restrictions and economic disruptions affecting the company's small- and mid-sized client base could materially harm business operations and revenue[121](index=121&type=chunk) - Evolving laws and regulations related to the pandemic, such as payroll tax credits and changes to workers' compensation standards, create compliance risks and could increase claims exposure[121](index=121&type=chunk) - Increased remote work exposes the company to **heightened security risks**, including cyber-attacks, and the continuation of the pandemic could lead to an economic downturn, impacting receivables and investment values[123](index=123&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2021, the company repurchased **55,547** shares of common stock under a **$50.0 million** plan authorized in August 2019, with approximately **$31.2 million** remaining available for future repurchases as of September 30, 2021 Stock Repurchases for Q3 2021 | Month | Total Shares Repurchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July | 7,687 | $71.54 | | August | — | — | | September | 47,860 | $76.19 | | **Total** | **55,547** | | - The repurchases are part of a **$50.0 million** stock repurchase plan authorized in August 2019. As of September 30, 2021, **$31.2 million** remained available under the plan[125](index=125&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q report, including CEO and CFO certifications required by the Sarbanes-Oxley Act and various Inline XBRL documents for financial data tagging - Filed exhibits include CEO and CFO certifications pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350[127](index=127&type=chunk)[128](index=128&type=chunk) - The filing includes Inline XBRL documents for financial data tagging, as required by the SEC[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)

Financial Data and Key Metrics Changes - The company reported a 17% increase in gross billings compared to the prior year's quarter, exceeding expectations [4][14] - Average worksite employees (WSEs) increased by 10% year-over-year and 6% sequentially from Q1 [4] - Gross margin as a percentage of gross billings improved, benefiting from favorable developments in workers' compensation [6][22] Business Line Data and Key Metrics Changes - Staffing business revenues increased by 20% over the prior year to $24.7 million [14] - The staffing business faced challenges in filling orders due to a tight labor market, with 1,300 open job positions nationally [5] - PEO gross billings increased by 17% year-over-year, with regional growth varying significantly [14][15] Market Data and Key Metrics Changes - The Mountain states saw a 36% growth in PEO gross billings, while Southern California only grew by 8% [14][15] - Southern California remains the only region with negative year-to-date WSE growth through Q2 compared to the prior year [15] - The average client wage in Southern California is historically lower than in Northern California, impacting growth [15] Company Strategy and Development Direction - The company is focused on operational efficiencies, consolidating branches to reduce costs while maintaining service quality [8] - A strategic milestone was achieved with two material workers' compensation insurance transactions that derisk the business model [6][7] - The company plans to open three new branches in Q3 2021, indicating ongoing expansion efforts [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, citing strong client retention and positive trends in business performance [12][13] - The company is cautious about the recovery in Southern California but sees potential upside as government stimulus ends [42][43] - The outlook for gross billings has been raised to an expected increase of 6% to 8% for the year [24] Other Important Information - The company remains debt-free except for a $4 million mortgage on its headquarters and returned $2.3 million in dividends and $3 million in stock repurchases [24] - Workers' compensation expenses are trending favorably, with a reduction of estimated liabilities of $5.5 million in Q2 [16][19] - The company has $110 million of unrestricted cash and investments as of June 30, down from $143 million at the end of Q1 [23] Q&A Session Summary Question: Can you explain the new workers' comp structure and its implications? - Management confirmed that the new structure reduces risk but may lead to a decrease in investment income as funds are no longer held prior to claims [27][28] Question: How will premium adjustments work under the new model? - Premium adjustments will be assessed at set milestones, with the first milestone occurring several years later [29][30] Question: Why is 18% still self-insured? - The self-insured model has less frictional cost, and the economics of an insured program may not be beneficial in certain states [32][33] Question: What are the specifics around firming workers' comp rates? - The company experienced slightly positive rate increases during Q2, a significant improvement compared to previous years [34][35] Question: Can you break down the 17% gross billings growth in PEO? - The growth was driven by a 10% increase in WSEs and a 6% increase in billing per WSE [44][45] Question: What is the outlook for worksite employee growth? - The guidance remains conservative due to slow recovery in Southern California, but there is potential for upside as stimulus ends [41][42] Question: How is the digital campaign performing? - The company is testing multiple strategies across different markets and will scale successful initiatives [58] Question: Will staffing revenues continue to grow? - Growth is constrained by the ability to find candidates, but management is optimistic about future hiring as stimulus subsides [60][61]

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) [Unaudited Interim Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The company's unaudited interim financials show increased assets, revenues, and net income for the six months ended June 30, 2021 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities grew as of June 30, 2021, driven by higher receivables and accrued payroll Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $2,469 | $68,688 | | Trade accounts receivable, net | $226,582 | $118,506 | | Total current assets | $462,417 | $407,875 | | Total assets | $866,118 | $774,950 | | **Liabilities & Equity** | | | | Accrued payroll, payroll taxes and related benefits | $235,928 | $149,989 | | Workers' compensation claims liabilities (current) | $86,047 | $102,040 | | Total current liabilities | $406,848 | $290,637 | | Total liabilities | $666,696 | $576,715 | | Total stockholders' equity | $199,422 | $198,235 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenues and net income increased for both the three and six-month periods ended June 30, 2021, compared to the prior year Q2 2021 vs Q2 2020 Performance (in thousands, except per share) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Total Revenues | $233,203 | $201,031 | | Gross Margin | $57,473 | $46,643 | | Income from Operations | $20,483 | $12,217 | | Net Income | $17,090 | $11,510 | | Diluted EPS | $1.51 | $1.06 | H1 2021 vs H1 2020 Performance (in thousands, except per share) | Metric | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Total Revenues | $451,648 | $420,135 | | Gross Margin | $88,338 | $72,694 | | Income from Operations | $12,944 | $5,153 | | Net Income | $12,536 | $8,103 | | Diluted EPS | $1.64 | $1.06 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow turned positive while significant cash was used for investing, resulting in a net decrease in total cash Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $2,621 | $(114,389) | | Net cash (used in) provided by investing activities | $(211,539) | $1,983 | | Net cash used in financing activities | $(10,756) | $(5,405) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(219,674)** | **$(117,811)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail key accounting policies, investment portfolio composition, and significant legal proceedings like the Kaanaana case - The company reports Professional Employer Organization (PEO) revenues **net of direct payroll costs** because it is not the primary obligor for these payments[39](index=39&type=chunk) - On June 30, 2021, the company entered into a second loss portfolio transfer agreement (LPT 2) to remove outstanding workers' compensation claims obligations, **reducing liabilities by $53.1 million**[70](index=70&type=chunk) - The California Supreme Court affirmed a lower court's decision in the Kaanaana case, concluding that certain staffing work was a **"public work" subject to prevailing wage requirements**[82](index=82&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue growth was driven by higher PEO service fees, while improved gross margin resulted from favorable workers' compensation claims [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q2 2021 net income grew due to increased revenue from higher average billing and a rise in worksite employees (WSEs) Gross Billings and Wages (in thousands) | Period | Gross Billings | PEO and Staffing Wages | | :--- | :--- | :--- | | **Q2 2021** | $1,601,339 | $1,384,861 | | **Q2 2020** | $1,369,990 | $1,177,855 | | **H1 2021** | $3,072,880 | $2,656,253 | | **H1 2020** | $2,809,110 | $2,410,435 | Worksite Employee (WSE) Growth | Period | Metric | 2021 | % Change | 2020 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Q2** | Average WSEs | 112,363 | 9.5% | 102,602 | -10.1% | | **H1** | Average WSEs | 109,311 | 1.3% | 107,914 | -5.6% | - The decrease in workers' compensation expense in Q2 2021 was primarily due to a **favorable adjustment of $5.5 million** related to claims from prior periods[101](index=101&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Total cash decreased due to investment purchases and higher receivables, though the company maintains an undrawn credit facility - **Net cash provided by operating activities was $2.6 million** for H1 2021, compared to net cash used of $114.4 million in H1 2020[107](index=107&type=chunk) - In April 2021, a **$63.7 million standby letter of credit was replaced** with other collateral assets, and the company transferred funds to its trust accounts[109](index=109&type=chunk)[78](index=78&type=chunk) - The company **repurchased $6.6 million of common stock** and paid $4.5 million in dividends during the first six months of 2021[107](index=107&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate changes affecting its investment portfolio's fair value - As of June 30, 2021, a **50 basis point increase in market interest rates** would have a **$10.8 million negative effect** on the fair value of the Company's investment portfolio[114](index=114&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The CEO and CFO concluded that the Company's **disclosure controls and procedures were effective** as of June 30, 2021[115](index=115&type=chunk) - **No material changes in internal control** over financial reporting occurred during the quarter[116](index=116&type=chunk) [Part II - Other Information](index=30&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 6 for details on legal matters, primarily the Kaanaana class action lawsuit - For details on legal proceedings, the report **refers to Note 6** of the condensed consolidated financial statements[119](index=119&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) The company identifies ongoing risks from the COVID-19 pandemic as a material factor affecting its business - The primary risk factor update relates to the **ongoing COVID-19 pandemic** and its potential negative effects on the business[120](index=120&type=chunk)[121](index=121&type=chunk) - Specific pandemic-related risks include workforce reductions at client businesses, client liquidity issues, complex government relief programs, and **increased workers' compensation exposure**[121](index=121&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 42,342 shares in Q2 2021, with $35.6 million remaining under its repurchase authorization Stock Repurchases for Q2 2021 | Month | Total Shares Repurchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April | 0 | $ - | | May | 11,643 | $75.25 | | June | 30,699 | $73.78 | | **Total** | **42,342** | **N/A** | - As of June 30, 2021, approximately **$35.6 million remained available for repurchase** under the company's stock repurchase plan[125](index=125&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and XBRL data files

Barrett Business Services, Inc. (NASDAQ:BBSI) Q1 2021 Results Conference Call May 5, 2021 5:00 PM ET Company Participants Gary Kramer - President and Chief Executive Officer Anthony Harris - Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Jeff Martin - ROTH Capital Partners Bill Dezellem - Tieton Capital Management Vincent Colicchio - Barrington Research Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss BBSIs financial ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 0-21886 BARRETT BUSINESS SERVICES, INC. (Exact name of registrant as specified in its charter) Maryland 52-0812977 (State or other jurisdictio ...

Barrett Business Services, Inc. (NASDAQ:BBSI) Q3 2020 Results Conference Call November 4, 2020 12:00 PM ET Company Participants Gary Kramer - President & CEO Anthony Harris - CFO Conference Call Participants Chris Moore - CJS Securities Jeff Martin - Roth Capital Partners Vincent Colicchio - Barrington Research Josh Vogel - Sidoti & Company Bill Dezellem - Tieton Capital Management Operator Good day, everyone. Thank you for participating in today's conference call to discuss BBSI's Financial Results for the ...