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 ...

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, 2023 ☐ 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) 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 ...

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 June 30, 2023 ☐ 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 jurisdiction of ...

INVESTOR PRESENTATION NASDAQ: BBSI Forward Looking Statement Statements in this presentation about future events and financial outlook are forward - looking statements . Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward - looking statements . Factors that could affect ...

Barrett Business Services, Inc. (NASDAQ:BBSI) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Gary Kramer - President, CEO & Director Anthony Harris - EVP, CFO, Principal Accounting Officer & Treasurer Conference Call Participants Jeffrey Martin - ROTH MKM Vincent Colicchio - Barrington Research Associates Christopher Moore - CJS Securities William Dezellem - Tieton Capital Management Operator Good afternoon, everyone, and thank you for participating in today's conference call t ...

Revenue and Income Performance - Total revenues for Q1 2023 increased to $254.667 million, up 3.4% from $246.375 million in Q1 2022[17] - Net income for Q1 2023 was $819 thousand, compared to $288 thousand in Q1 2022[17] - Professional employer services revenue grew to $232.307 million in Q1 2023, up 6.8% from $217.433 million in Q1 2022[17] - Staffing services revenue declined to $22.360 million in Q1 2023, down 22.7% from $28.942 million in Q1 2022[17] - Gross margin improved to $41.544 million in Q1 2023, up 3.0% from $40.353 million in Q1 2022[17] - Comprehensive income for Q1 2023 was $4.471 million, compared to a comprehensive loss of $14.070 million in Q1 2022[20] - Net income for 2023 increased to $819 million from $288 million in 2022[31] - Total revenues for the three months ended March 31, 2023, were $254.7 million, with professional employer services accounting for 91.2% of total revenues[87] - Gross billings for the three months ended March 31, 2023, were $1.79 billion, with PEO and staffing wages totaling $1.55 billion[90] - BBSI's gross margin for the three months ended March 31, 2023, was 16.3%, slightly down from 16.4% in the same period in 2022[87] - The company's net income for the three months ended March 31, 2023, was $0.2 million, representing 0.2% of total revenues[87] - Gross margin for Q1 2023 was 16.3% of revenue, totaling $41.5 million, compared to 16.4% of revenue in Q1 2022[94] - Revenue for Q1 2023 increased by 3.4% to $254.7 million, driven by a 6.8% increase in PEO service revenue, while staffing services revenue decreased by 22.8%[94] - Net income for Q1 2023 was $0.8 million, up from $0.3 million in Q1 2022, with diluted net income per share rising to $0.12 from $0.04[94] Cash and Investments - Cash and cash equivalents decreased to $52.635 million as of March 31, 2023, down from $91.423 million as of December 31, 2022[15] - Net cash used in operating activities decreased to $26.515 million in 2023 from $30.209 million in 2022[31] - Cash, cash equivalents, and restricted cash at the end of the period were $68.059 million in 2023 compared to $54.837 million in 2022[31] - Restricted cash included in restricted cash and investments was $15.424 million in 2023, down from $15.955 million in 2022[49] - Total cash equivalents decreased from $40.3 million in December 2022 to $26.8 million in March 2023[56] - Total current investments increased from $68.3 million in December 2022 to $80.1 million in March 2023[56] - Total restricted cash and investments decreased from $199.3 million in December 2022 to $194.5 million in March 2023[56] - Total investments decreased from $307.9 million in December 2022 to $301.4 million in March 2023[56] - Corporate bonds recorded basis decreased from $33.3 million in December 2022 to $33.8 million in March 2023[59] - U.S. treasuries recorded basis decreased from $57.3 million in December 2022 to $50.5 million in March 2023[59] - Mortgage backed securities recorded basis decreased from $40.1 million in December 2022 to $39.5 million in March 2023[59] - U.S. government agency securities recorded basis increased from $24.3 million in December 2022 to $24.8 million in March 2023[59] - Corporate bonds total $105,802 thousand, with $2,536 thousand maturing in less than 1 year, $53,788 thousand between 1 to 5 years, $49,300 thousand between 5 to 10 years, and $178 thousand after 10 years[62] - Total investments as of March 31, 2023, amount to $241,463 thousand, including $39,011 thousand in less than 1 year, $94,851 thousand between 1 to 5 years, $106,129 thousand between 5 to 10 years, and $1,472 thousand after 10 years[62] - The company's investment portfolio at March 31, 2023, included $105.8 million in corporate bonds and $61.6 million in U.S. treasuries[102] - The company's cash balance decreased by $39.3 million to $68.1 million in Q1 2023, primarily due to increased trade accounts receivable and repurchases of common stock[98] - Net cash used in operating activities for Q1 2023 was $26.5 million, compared to $30.2 million in Q1 2022[98] Workers' Compensation and Liabilities - Workers' compensation claims liabilities decreased to $14.412 million in 2023 from $16.894 million in 2022[31] - Safety incentives liability decreased to $1.8 million in 2023 from $2.0 million in 2022[44] - Workers' compensation claims liabilities decreased from $215,987 thousand to $201,641 thousand in Q1 2023, with incurred but not reported (IBNR) at $103,804 thousand, representing 51% of total liabilities[64] - The insured program covers approximately 83% of the company's workers' compensation exposure, with third-party insurers assuming all risk of loss for claims incurred from July 1, 2021, to June 30, 2022[65] - The 2022-2023 Policy allows the company to participate in savings up to $22.5 million for the twelve-month policy period, with no additional premium charged if claims develop adversely[66] - Loss portfolio transfer agreements (LPT 1 and LPT 2) reduced the company's outstanding workers' compensation liabilities by $115.7 million and $53.1 million, respectively[66] - The trust account balance for the insured program was $178.8 million at March 31, 2023, down from $188.2 million at December 31, 2022[68] - Self-insured programs cover approximately 17% of the company's workers' compensation exposure, with retention limits ranging from $1.0 million to $5.0 million per occurrence depending on the state[70] - Workers' compensation expense for Q1 2023 was $51.7 million, or 20.3% of revenue, compared to $48.2 million, or 19.6% of revenue in Q1 2022[94] Share Repurchases and Stock - The company repurchased $8.030 million worth of common stock during Q1 2023[24] - The company repurchased $8.030 million worth of common stock in 2023, slightly down from $8.575 million in 2022[31] - The company repurchased 90,553 shares in March 2023 at an average price of $88.67 per share, reducing the remaining repurchase authorization to $19,803,564[114] - The company's stock repurchase plan had an approximate remaining dollar value of $27,832,833 as of January 2023[114] Tax and Legal Matters - The IRS intends to disallow certain wage-based tax credits claimed for the years 2017 through 2020, potentially resulting in additional taxes of $5.5 million and penalties of $1.7 million[75] - The company has total gross unrecognized tax benefits of $0.6 million as of March 31, 2023, which could affect the effective tax rate if recognized in future periods[75] - The company recorded estimated liabilities totaling $2.7 million in other accrued liabilities related to ongoing litigation[77] Employee Benefits and Compliance - In 2023, BBSI began offering employee benefits to clients, including medical, dental, vision plans, and other voluntary coverages[85] - The company began offering employee health and welfare benefits to PEO clients in 2023, which may be subject to future changes in healthcare legislation or increased costs[110] - Compliance with HIPAA and HITECH Act is required for handling protected health information (PHI) of client employees, with non-compliance potentially leading to penalties and fines[111] - The company faces risks related to healthcare reforms, including potential penalties if it fails to offer required health coverage to eligible employees under the Affordable Care Act[110] Workforce and Payroll - Average WSEs grew by 2.7% to 119,313 in Q1 2023, compared to 116,197 in Q1 2022[92] - Ending WSEs increased by 2.9% to 121,363 in Q1 2023, compared to 117,924 in Q1 2022[92] - Payroll taxes and benefits for Q1 2023 totaled $144.6 million, or 56.8% of revenue, compared to $135.9 million, or 55.1% of revenue in Q1 2022[94] Credit Facility and Financial Covenants - The company maintains a revolving credit facility of $50.0 million with Wells Fargo Bank, N.A., with no outstanding borrowings as of March 31, 2023[72] - The company was in compliance with all financial covenants under the revolving credit facility agreement as of March 31, 2023[74] - The company was in a cumulative income position for the 12 quarters ended March 31, 2023, indicating a strong financial performance over the past three years[75] Allowance for Doubtful Accounts - The allowance for doubtful accounts was $885,000 at March 31, 2023, compared to $893,000 at December 31, 2022[42] Income Taxes - Income taxes paid during the three months ended March 31, 2023, totaled $0.01 million, down from $0.04 million in 2022[48] Shares Outstanding - Weighted average number of basic shares outstanding decreased from 7,406 in 2022 to 6,866 in Q1 2023[52] - Weighted average number of diluted shares outstanding decreased from 7,474 in 2022 to 6,985 in Q1 2023[52] Market and Operations - BBSI operates in 68 markets throughout the United States, supporting over 7,770 companies daily with its decentralized delivery model[81]

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, 2022 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 ...

Barrett Business Services, Inc. (NASDAQ:BBSI) Q4 2022 Earnings Conference Call March 1, 2023 5:00 PM ET Company Participants Gary Kramer - President, CEO & Director Anthony Harris - EVP, CFO, Principal Accounting Officer & Treasurer Conference Call Participants Jeffrey Martin - ROTH MKM Partners Vincent Colicchio - Barrington Research Associates Marc Riddick - Sidoti & Company Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss BBSI's financial results fo ...

Barrett Business Services, Inc. (NASDAQ:BBSI) Q3 2022 Earnings Conference Call November 2, 2022 5:00 PM ET Company Participants Gary Kramer - President & CEO Anthony Harris - CFO Conference Call Participants Christopher Moore - CJS Jeff Martin - Roth Capital Partners 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 Third Quarter Ended September 30, 2022. Joining us today are BBSI' ...