Revenue Performance - For the three months ended June 30, 2024, total revenues were $279.6 million, a 7.1% increase from $264.6 million in the same period of 2023[74]. - Revenue for Q2 2024 reached $279.7 million, reflecting a 5.7% increase from $264.6 million in Q2 2023, driven by a $15.6 million increase in PEO services revenue[81]. - Revenue for the first six months of 2024 was $545.4 million, a 5.0% increase from $519.3 million in the first six months of 2023, with PEO services revenue up by $29.5 million[82]. Professional Employer Services - Professional employer services accounted for 92.9% of total revenues in Q2 2024, up from 92.3% in Q2 2023[74]. - Average worksite employees (WSEs) for the three months ended June 30, 2024, were 128,734, representing a year-over-year growth of 3.7%[79]. Gross Billings and Margins - Gross billings for the six months ended June 30, 2024, reached $3.94 billion, compared to $3.70 billion in the same period of 2023, indicating a growth of 6.5%[76]. - The gross margin for the three months ended June 30, 2024, was 3.3%, slightly down from 3.5% in the same period of 2023[78]. - Gross margin for Q2 2024 was $67.9 million, or 24.2% of revenue, down from $67.0 million, or 25.3% of revenue in Q2 2023[81]. Costs and Expenses - Total cost of revenues for the three months ended June 30, 2024, was $210.8 million, representing 75.8% of total revenues, compared to 74.7% in the same period of 2023[74]. - Payroll taxes and benefits for Q2 2024 totaled $148.8 million, or 53.2% of revenue, compared to $134.1 million, or 50.7% of revenue in Q2 2023, primarily due to higher average payroll tax rates[81]. - SG&A expenses for the first six months of 2024 were $88.0 million, or 16.1% of revenue, compared to $85.0 million, or 16.4% of revenue in the first six months of 2023[83]. Net Income and Cash Flow - Net income for the three months ended June 30, 2024, was $16.7 million, a decrease from $17.0 million in the same period of 2023[74]. - Net income for Q2 2024 was $16.7 million, a slight decrease from $17.0 million in Q2 2023, with diluted net income per share remaining stable at $0.62[81]. - Net cash used in operating activities for the first six months of 2024 was $42.4 million, compared to $23.2 million for the same period in 2023, largely due to increased trade accounts receivable[87]. - The company's cash balance decreased to $70.0 million as of June 30, 2024, down from a decrease of $52.8 million in the same period of 2023[85]. Tax and Future Outlook - The effective income tax rate for Q2 2024 was 28.8%, up from 28.1% in Q2 2023, influenced by state taxes and federal/state tax credits[81]. - The company anticipates continued fluctuations in quarterly operating results due to factors such as seasonality and competition[84]. Employee Benefits - The company began offering employee benefit programs in 2023, including medical, dental, and vision plans, aimed at providing strategic value to clients[73]. Market Presence - The company operates in 68 markets across the United States, supporting local business teams to enhance client relationships and operational efficiency[69].

EXHIBIT 99.1 BBSI Reports Strong Second Quarter 2024 Financial Results and Raises Quarterly Dividend - Q2 2024 Net Income of $16.7 Million, or $0.62 per Diluted Share - - Raises Dividend by 7% to $0.08 per Share - VANCOUVER, Washington, July 31, 2024 – Barrett Business Services, Inc. ("BBSI" or the "Company") (NASDAQ: BBSI), a leading provider of business management solutions, reported financial results for the second quarter ended June 30, 2024. All share and per share amounts presented herein have been re ...

Core Viewpoint - Barrett Business Services, Inc. (BBSI) reported a strong performance in Q2 2024, with revenue and gross billings growth, alongside a slight decrease in net income compared to the previous year, while also increasing its dividend by 7% [1][2][6]. Financial Performance - Q2 2024 revenues increased by 6% to $279.7 million compared to $264.6 million in Q2 2023 [3]. - Gross billings rose by 6% to $2.03 billion from $1.91 billion year-over-year [3]. - Average worksite employees (WSEs) grew by 4% [1]. - Net income for Q2 2024 was $16.7 million, or $0.62 per diluted share, compared to $17.0 million, or $0.62 per diluted share in the same quarter last year [4]. Cost and Margin Analysis - Workers' compensation expense as a percentage of gross billings was 2.5% in Q2 2024, benefiting from favorable prior year adjustments of $8.9 million, compared to 2.6% in Q2 2023 with adjustments of $6.3 million [3]. - Gross margin for Q2 2024 was reported at 3.3%, slightly down from 3.5% in Q2 2023 [13]. Liquidity and Capital Allocation - As of June 30, 2024, unrestricted cash and investments totaled $110.4 million, down from $123.7 million as of March 31, 2024, with the company remaining debt-free [5]. - The board of directors raised the quarterly cash dividend from $0.075 to $0.08 per share, marking a 7% increase [6]. - BBSI repurchased 222,780 shares at an average price of $31.63 during Q2 2024, with approximately $44.9 million remaining under the $75 million repurchase program [6]. Outlook - BBSI anticipates gross billings growth of 6% to 8% and an increase in average WSEs of 4% to 5% for 2024 [7]. - The company expects a gross margin as a percentage of gross billings to be between 3.0% and 3.10% and an effective annual tax rate of 26% to 27% [7]. Key Performance Metrics - Average WSEs for Q2 2024 were 128,734, reflecting a year-over-year growth of 3.7% [14]. - Ending WSEs stood at 130,046, up 2.1% from 127,336 in the previous year [14]. Company Overview - BBSI is a leading provider of business management solutions, specializing in human resource outsourcing and professional management consulting, serving over 8,000 clients across all 50 states [15].

VANCOUVER, Wash., July 17, 2024 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (BBSI) (NASDAQ:BBSI), a leading provider of business management solutions, will conduct a conference call on Wednesday, July 31, 2024, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss its financial results for the second quarter ended June 30, 2024. The company will report its financial results in a press release prior to the conference call. BBSI's CEO Gary Kramer and CFO Anthony Harris will host the conference ...

Core Viewpoint - Barrett Business Services (BBSI) has shown strong stock performance, with a 7.4% increase over the past month and a 15.6% rise since the beginning of the year, outperforming both the Zacks Business Services sector and the Zacks Outsourcing industry [1][2]. Performance Metrics - The company has consistently exceeded earnings expectations, reporting an EPS of $-0.02 against a consensus estimate of $-0.31 in its last earnings report [2]. - For the current fiscal year, Barrett is projected to achieve earnings of $1.99 per share on revenues of $8.26 billion, reflecting a -73.07% change in EPS and a 7.02% change in revenues [2]. - The next fiscal year forecasts earnings of $2.19 per share on $8.96 billion in revenues, indicating a year-over-year change of 10.37% in EPS and 8.47% in revenues [2]. Valuation Metrics - Barrett's stock trades at 16.8X current fiscal year EPS estimates, slightly below the peer industry average of 17.2X [4]. - On a trailing cash flow basis, the stock trades at 15.4X compared to the peer group's average of 11.9X [4]. - The PEG ratio stands at 1.2, which does not position the company among the top value stocks [4]. Style Scores and Zacks Rank - Barrett has a Value Score of A, with Growth and Momentum Scores of C and D, respectively, resulting in a VGM Score of B [3]. - The stock holds a Zacks Rank of 2 (Buy), supported by rising earnings estimates, making it a suitable choice for investors [5].

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. ...

Core Insights - The price-to-sales (P/S) ratio is highlighted as a valuable metric for evaluating companies, especially those with negative earnings or in early development stages, as it reflects how much investors pay for each dollar of revenue generated [2][3] - A P/S ratio below 1 indicates a potentially undervalued stock, making it a more attractive investment compared to those with higher ratios [2] - The P/S ratio is considered more reliable than the price-to-earnings (P/E) ratio, as sales figures are less susceptible to manipulation [3] Company Summaries - **Lakeland Industries (LAKE)**: A global manufacturer of protective clothing, focusing on high-value products and market diversification. The company is committed to organic growth and has a Value Score of A with a Zacks Rank of 1 [6] - **Caleres (CAL)**: Operates a portfolio of consumer-driven footwear brands and is capturing market share in the kids' segment. The company aims to reduce debt and has a Value Score of A with a Zacks Rank of 2 [7] - **Ingredion (INGR)**: A global ingredient solutions provider, focusing on cost-saving initiatives and optimizing its supply chain. The company has a Value Score of A and a Zacks Rank of 2 [8] - **ProPetro Holding Corp. (PUMP)**: An oilfield service provider in the Permian Basin, focusing on growth through acquisitions and pressure pumping services. The company has a debt-light balance sheet and a Value Score of A with a Zacks Rank of 2 [9] - **Barrett Business Services (BBSI)**: Provides business management solutions for small and mid-sized companies, benefiting from an expanding client base and effective cost-management strategies. The company has a Value Score of A and a Zacks Rank of 2 [10] Screening Parameters - Companies with a P/S ratio less than the median for their industry are preferred, along with a P/E ratio and price-to-book ratio below their respective industry medians [4] - A debt-to-equity ratio lower than the industry median is also a key parameter, ensuring stability in the P/S ratio [4] - Stocks must be trading at a minimum price of $5 and have a Zacks Rank of 1 (Strong Buy) or 2 (Buy) to qualify for investment consideration [4]

VANCOUVER, Wash., June 04, 2024 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. ("BBSI" or the "Company") (NASDAQ:BBSI), a leading provider of business management solutions, today announced that its board of directors has declared a four-for-one split of the Company's common stock in the form of a stock dividend. Each stockholder of record on June 14, 2024, will receive a dividend of three additional shares of common stock for each share they hold, to be distributed on June 21, 2024. Trading will resume ...

Have you been paying attention to shares of Barrett Business Services (BBSI) ? Shares have been on the move with the stock up 7.3% over the past month. The stock hit a new 52-week high of $132.9 in the previous session. Barrett Business Services has gained 14.3% since the start of the year compared to the 4.1% move for the Zacks Business Services sector and the 2.9% return for the Zacks Outsourcing industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it ...

Group 1 - Barrett Business Services, Inc. (BBSI) has been invited to present at William Blair's 44th Annual Growth Stock Conference from June 4-6, 2024 [1] - BBSI's CEO Gary Kramer and CFO Anthony Harris will present on June 4 at 10:00 a.m. CT [1] - The conference will include one-on-one and small group meetings for investors with BBSI's management team [1] Group 2 - BBSI is a leading provider of business management solutions, combining human resource outsourcing and professional management consulting [2] - The company's integrated platform includes payroll processing, employee benefits, workers' compensation coverage, risk management, workplace safety programs, and human resource administration [2] - BBSI serves over 7,500 clients across all lines of business and is licensed to operate in all 50 states [2]