Core Viewpoint - Barrett Business Services, Inc. (BBSI) reported strong financial results for the fourth quarter and full year ended December 31, 2024, with significant growth in revenues, net income, and gross billings, indicating a positive outlook for continued growth in 2025 [3][4][8]. Financial Performance Summary - Fourth quarter revenues increased by 10% to $304.8 million compared to $276.7 million in the same quarter of 2023 [4][9]. - Total gross billings for the fourth quarter rose by 10% to $2.25 billion, up from $2.05 billion year-over-year, driven by growth in professional employer services [5][9]. - Net income for the fourth quarter increased by 15% to $16.8 million, or $0.63 per diluted share, compared to $14.6 million, or $0.54 per diluted share, in the prior year [7][9]. - For the full year 2024, revenues grew by 7% to $1.14 billion from $1.07 billion in 2023, while total gross billings increased by 8% to $8.33 billion from $7.72 billion [8][9]. Operational Metrics - Average worksite employees (WSEs) increased by 5% in the fourth quarter, contributing to the overall growth in gross billings [9]. - Workers' compensation expense as a percentage of gross billings was 2.3% in Q4 2024, down from 2.6% in Q4 2023, benefiting from lower costs and favorable prior year adjustments [6][10]. Capital Allocation and Shareholder Returns - The company repurchased $7 million of stock in the fourth quarter, with approximately $29.8 million remaining under the $75 million repurchase program [12][13]. - BBSI paid $2.1 million in dividends during the quarter, with a confirmed quarterly cash dividend of $0.08 per share to be paid on March 28, 2025 [13]. Liquidity Position - As of December 31, 2024, BBSI had unrestricted cash and investments totaling $121.9 million, an increase from $94.4 million at the end of the previous quarter, and remained debt-free [11].

Core Insights - Barrett Business Services, Inc. (BBSI) has launched a new Applicant Tracking System (ATS) aimed at enhancing the hiring process for businesses of all sizes [1][2][3] Company Overview - BBSI is a leading provider of business management solutions, integrating human resource outsourcing and professional management consulting [4] - The company serves over 8,000 clients across various industries in all 50 states [4] Product Features - The ATS offers an intuitive, end-to-end solution for attracting, managing, and onboarding new employees [2] - Key features include: - Easy job posting creation on popular job boards [5] - Centralized dashboard for tracking applicants throughout the interview process [5] - Streamlined electronic onboarding experience for new hires [5] - The ATS is fully integrated with BBSI's existing suite of products, allowing seamless data flow into the payroll system, which reduces manual entry and errors [2][3] Leadership Perspective - Gary Kramer, President and CEO of BBSI, emphasized the importance of hiring the right talent for client success and highlighted how the ATS simplifies the hiring process [3]

Core Viewpoint - Barrett Business Services, Inc. (BBSI) will hold a conference call on February 26, 2025, to discuss its financial results for Q4 and the full year ended December 31, 2024 [1][2]. Group 1: Conference Call Details - The conference call will be hosted by CEO Gary Kramer and CFO Anthony Harris, followed by a Q&A session [2]. - The call is scheduled for 5:00 p.m. Eastern time (2:00 p.m. Pacific time) [2]. - Participants can join via a toll-free dial-in number or an international dial-in number, with a conference ID provided for registration [2]. Group 2: Replay Information - The conference call will be broadcast live and available for replay on the BBSI website [3]. - A replay will be accessible after 8:00 p.m. Eastern time on the same day through March 26, 2025 [3]. - Specific toll-free and international replay numbers are provided for participants [3]. 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 8,000 clients across various industries and is licensed to operate in all 50 states [3].

Industry Overview - The Zacks Outsourcing industry has experienced significant growth due to economic, technological, and business factors, including cost reduction, remote work, increased cybersecurity awareness, and trends like AI and ML [1][3] - Outsourcing involves delegating internal operations to external resources to enhance operational efficiency, primarily serving small and medium-sized enterprises with services like HR support, payroll management, and IT solutions [2] Market Demand and Trends - The industry has seen strong market demand, with revenues, income, and cash flows rising over the past year, allowing many players to increase dividends [3] - Business process outsourcing is in high demand due to flexibility, lower costs, and improved service quality, while IT outsourcing is also robust, with companies outsourcing entire IT departments to focus on core tasks [4] - The urgency for cybersecurity measures has increased due to evolving threats, leading businesses to seek outsourced cybersecurity services for risk reduction and compliance [5] - Innovations such as IoT, cloud computing, AI, and ML are reshaping the outsourcing sector, enhancing efficiency and competitiveness [6] Performance Metrics - The Zacks Outsourcing industry currently holds a Zacks Industry Rank of 151, placing it in the bottom 40% of 250 Zacks industries, indicating underperformance in the near term [7][8] - Over the past year, the industry has outperformed the broader Zacks Business Services sector with a growth of 25.7%, while lagging behind the Zacks S&P 500 composite, which rose by 26.4% [9] Valuation - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 25.75X, compared to the S&P 500's 22.34X and the sector's 24.59X, with historical trading ranges between 18.27X and 30.82X over the past five years [11] Company Highlights - **Paychex, Inc. (PAYX)**: This company is experiencing robust sales growth and rising client retention, with a projected EPS increase of 5.7% year over year in fiscal 2025. Shares have gained 22.7% over the past year [13][15] - **Genpact (G)**: The company is benefiting from new deal ramps and advanced tech services, with an expected EPS increase of 8.4% year over year in 2024. Shares have risen by 26.7% over the past year [16][19] - **Barrett Business Services, Inc. (BBSI)**: This company is seeing growth from increased client additions and a strategic partnership with Kaiser Permanente, with an anticipated EPS increase of 8.1% year over year in 2024. Shares have surged by 53% over the past year [20][21]

Core Insights - Barrett Business Services, Inc. (BBSI) has been recognized as a Great Place To Work® for the fourth consecutive year, highlighting its commitment to employee satisfaction and workplace culture [1][2]. Company Overview - BBSI is a leading provider of business management solutions and one of the largest professional employer organizations (PEO) in the U.S., serving over 8,000 clients across all business sectors and licensed to operate in all 50 states [4]. Employee Experience - The Great Place To Work® certification is based on employee feedback, indicating that BBSI prioritizes creating a supportive and empowering work environment [2]. - Research shows that job seekers are 15 times more likely to apply to certified workplaces, and employees at these companies are 93% more likely to look forward to coming to work [3]. Business Model - BBSI combines human resource outsourcing with professional management consulting, offering services such as payroll processing, employee benefits, workers' compensation coverage, risk management, and workplace safety programs [4].

VANCOUVER, Wash., Dec. 17, 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 announcing the establishment of a vice chairman role on its board of directors and appointing current board member Joseph S. Clabby to the new role. "On behalf of the board, we congratulate Joe Clabby on his appointment," said Tony Meeker, BBSI’s chairman of the board. "C ...

Barrett Business Services, Inc. (NASDAQ:BBSI) Q3 2024 Earnings Conference Call November 6, 2024 5:00 PM ET Company Participants Gary Kramer - President and Chief Executive Officer Anthony Harris - Chief Financial Officer Conference Call Participants Jeff Martin - Roth Capital Partners Chris Moore - CJS Securities Vincent Colicchio - Barrington Research Marc Riddick - Sidoti & Company Operator Good afternoon, everyone, and thank you for participating today's conference call to discuss BBSI's Financial Result ...

For the quarter ended September 2024, Barrett Business Services (BBSI) reported revenue of $2.14 billion, up 8.9% over the same period last year. EPS came in at $0.74, compared to $0.67 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.11 billion, representing a surprise of +1.58%. The company delivered an EPS surprise of +7.25%, with the consensus EPS estimate being $0.69.While investors closely watch year-over-year changes in headline numbers -- revenue and earnin ...

Barrett Business Services (BBSI) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.69 per share. This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.25%. A quarter ago, it was expected that this human resources management company would post earnings of $0.58 per share when it actually produced earnings of $0.62, delivering a surprise of 6.90%.Over t ...

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, 2024 ☐ 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 ...