Barrett Business Services(US:BBSI)2025-05-07 20:09Financial Performance - Revenues increased by 10% to $292.6 million compared to $265.8 million in Q1 2024[4] - Total gross billings rose by 9% to $2.09 billion from $1.91 billion in the same quarter last year[5] - Total revenues for Q1 2025 reached $292,566,000, a 10.1% increase from $265,782,000 in Q1 2024[26] - Professional employer services revenue increased to $274,926,000, up from $246,189,000, representing an increase of 11.7%[26] - Staffing services revenue decreased to $17,640,000, down 10.0% from $19,593,000[26] - Total cost of revenues was $249,942,000, an increase of 10.5% compared to $226,215,000 in the previous year[26] - Gross margin improved to $42,624,000, compared to $39,567,000, reflecting a positive trend[26] - Net loss for Q1 2025 was $1,021,000, compared to a net loss of $136,000 in Q1 2024[26] - Basic loss per common share was $0.04, compared to $0.01 in the prior year[26] - The company reported a loss from operations of $4,172,000, slightly improved from a loss of $4,699,000 in Q1 2024[26] Employee Metrics - Average worksite employees (WSEs) grew by 8% year-over-year[8] - The company expects average WSE growth of 4% to 6% for 2025[14] Cash and Investments - As of March 31, 2025, unrestricted cash and investments totaled $99.1 million, down from $121.9 million at the end of 2024[9] - BBSI repurchased $9.1 million of stock in Q1 2025, with approximately $20.7 million remaining under the repurchase program[10] Expenses and Tax - Workers' compensation expense as a percentage of gross billings improved to 2.4% from 2.6% in the prior year[6] - The effective annual tax rate is projected to remain between 26% to 27%[14] Dividends - BBSI's board confirmed a quarterly cash dividend of $0.08 per share, to be paid on June 6, 2025[11] Investment Income - Investment income, net, was $2,620,000, down from $3,274,000 in the previous year[26]