Barrett Business Services(BBSI) - 2024 Q4 - Annual Results

Revenue Growth - Fourth quarter revenues increased by 10% to $304.8 million compared to $276.7 million in the same quarter of 2023[4] - For the full year 2024, revenues increased by 7% to $1.14 billion, up from $1.07 billion in 2023[8] - Total revenues for Q4 2024 reached $304,820,000, a 10.1% increase from $276,682,000 in Q4 2023[27] - Professional employer services revenue increased to $284,517,000, up 11.9% from $254,282,000 year-over-year[27] Gross Billings - Total gross billings for the fourth quarter rose by 10% to $2.25 billion, up from $2.05 billion year-over-year[4] - Full year gross billings rose by 8% to $8.33 billion compared to $7.72 billion in 2023[8] - BBSI expects gross billings growth of 7% to 9% and average WSE growth of 4% to 6% in 2025[13] Net Income - 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] - Net income for the year ended December 31, 2024, was $52,993,000, compared to $50,612,000 in 2023, reflecting a 4.5% growth[27] Earnings Per Share - Basic income per share rose to $2.03 in 2024, up from $1.88 in 2023, representing an increase of 8.0%[27] Employee Growth - Average worksite employees (WSEs) grew by 5% in the fourth quarter, reaching 133,124 compared to 126,492 in the previous year[20] Financial Position - The company maintained a debt-free status with unrestricted cash and investments of $121.9 million as of December 31, 2024[10] - Total current assets increased to $475,442,000 in 2024, compared to $447,502,000 in 2023, marking a growth of 6.2%[25] - Total assets grew to $745,508,000 in 2024, up from $721,538,000 in 2023, indicating a 3.3% increase[25] - Total current liabilities increased to $358,896,000 in 2024, compared to $343,252,000 in 2023, reflecting a rise of 4.6%[25] Gross Margin - Gross margin for the year was $253,251,000, compared to $242,532,000 in 2023, showing an increase of 4.4%[27] Investment Income - Investment income increased to $11,130,000 in 2024, up from $8,643,000 in 2023, a growth of 28.8%[27] Workers' Compensation - Workers' compensation expense as a percentage of gross billings was 2.3% in Q4 2024, down from 2.6% in Q4 2023[6] - Long-term workers' compensation claims liabilities decreased to $89,365,000 in 2024 from $117,757,000 in 2023, a reduction of 24.0%[25] Stock Repurchase - The company repurchased $7 million of stock in the fourth quarter, with approximately $29.8 million remaining under the stock repurchase program[11]