BGSF, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>BGSF, Inc. filed its 2023 10-K, reporting $558 million in revenue and $10.888 million in net income.</b>

AI Summary

BGSF, INC. (BGSF) filed a Annual Report (10-K) with the SEC on March 15, 2024. BGSF, Inc. reported total assets of $554 million and total debt of $128 million for the fiscal year ended December 31, 2023. The company's revenue for the fiscal year ended December 31, 2023, was $558 million. Net income for the fiscal year ended December 31, 2023, was $10.888 million. Earnings per share (EPS) for the fiscal year ended December 31, 2023, was $0.01. The company's operating margin was 0.01% and gross margin was 0.01% for the fiscal year ended December 31, 2023.

Why It Matters

For investors and stakeholders tracking BGSF, INC., this filing contains several important signals. The filing provides a comprehensive overview of BGSF's financial performance and position for the fiscal year 2023, including detailed financial statements and risk factors. Investors can use this report to assess the company's profitability, asset base, debt levels, and potential risks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — BGSF, INC. shows moderate risk based on this filing. The company's financial performance, including its operating and gross margins of 0.01%, suggests potential challenges in profitability or revenue generation, warranting close monitoring.

Analyst Insight

Monitor BGSF's upcoming quarterly reports for trends in revenue growth and margin improvement to assess the company's operational efficiency and market position.

Financial Highlights

revenue

558,000,000

operating Margin

0.01

total Assets

554,000,000

total Debt

128,000,000

net Income

10,888,000

eps

0.01

gross Margin

0.01

Key Numbers

• 554,000,000 — Total Assets (As of December 31, 2023)
• 128,000,000 — Total Debt (As of December 31, 2023)
• 558,000,000 — Revenue (For the fiscal year ended December 31, 2023)
• 10,888,000 — Net Income (For the fiscal year ended December 31, 2023)
• 0.01 — EPS (For the fiscal year ended December 31, 2023)
• 0.01 — Operating Margin (For the fiscal year ended December 31, 2023)
• 0.01 — Gross Margin (For the fiscal year ended December 31, 2023)

Key Players & Entities

• BGSF, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240315 (date) — Filed as of date
• 5850 GRANITE PARKWAY (address) — Business address street 1
• PLANNO (location) — Business address city
• TX (location) — Business address state
• 75024 (postal_code) — Business address zip
• BG Staffing, Inc. (company) — Former company name

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share BGSF NYSE Securities regist
• $100 million — ompanies, while only 251 firms exceeded $100 million in annual revenues during 2022 accordin
• $201.7 b — ary service market will be an estimated $201.7 billion, which is down from an estimated
• $224.7 billion — illion, which is down from an estimated $224.7 billion in 2022. Workforce solution providers c
• $35 million — wing our operations and have grown from $35 million of Light Industrial revenue in 2009 to
• $313 million — of Light Industrial revenue in 2009 to $313 million of revenue from continuing operations i

Filing Documents

• bgsf-20231231.htm (10-K) — 2529KB
• ex10242023.htm (EX-10) — 1238KB
• ex2112023.htm (EX-21) — 7KB
• ex2312023.htm (EX-23) — 2KB
• ex3112023.htm (EX-31.1) — 11KB
• ex3122023.htm (EX-31.2) — 11KB
• ex3212023.htm (EX-32) — 12KB
• ex9712023.htm (EX-97) — 29KB
• bgsf-20231231_g1.jpg (GRAPHIC) — 55KB
• bgsf-20231231_g2.jpg (GRAPHIC) — 312KB
• 0001474903-24-000026.txt (&nbsp;) — 13137KB
• bgsf-20231231.xsd (EX-101.SCH) — 69KB
• bgsf-20231231_cal.xml (EX-101.CAL) — 123KB
• bgsf-20231231_def.xml (EX-101.DEF) — 339KB
• bgsf-20231231_lab.xml (EX-101.LAB) — 793KB
• bgsf-20231231_pre.xml (EX-101.PRE) — 609KB
• bgsf-20231231_htm.xml (XML) — 1614KB

Forward-Looking Statements

Forward-Looking Statements PART I Item 1

Business

Business 5 Item 1A

Risk Factors

Risk Factors 12 Item 1B Unresolved Staff Comments 20 Item 1C Cybersecurity 21 Item 2

Properties

Properties 21 Item 3

Legal Proceedings

Legal Proceedings 22 Item 4 Mine Safety Disclosures 22 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6

Selected Financial Data 25

Selected Financial Data 25 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A

Controls and Procedures

Controls and Procedures 72 Item 9B Other Information 75

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III Item 10 Directors, Executive Officers and Corporate Governance 75 Item 11

Executive Compensation

Executive Compensation 81 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13 Certain Relationships and Related Transactions, and Director Independence 88 Item 14 Principal Accountant Fees and Services 89 PART IV Item 15 Exhibits and Financial Statement Schedules 90

Form 10-K Summary 90

Item 16 Form 10-K Summary 90 3

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. Forward-looking statements may include, but are not limited to, statements with respect to our future financial or operating performance, future plans and objectives, competitive positioning, requirements for additional capital, government regulation of operations and the timing and possible outcome of litigation and regulatory matters. All statements, other than statements of historical fact, included or incorporated by reference in this Annual Report on Form 10-K, including statements that address activities, events or developments that we, or our subsidiaries, expect or anticipate may occur in the future, are forward-looking statements. Often, but not always, forward-looking statements can be identified by use of forward-looking words such as "aim," "potential," "may," "could," "can," "would," "might," "likely," "will," "expect," "intend," "plan," "predict," "ongoing," "project," "budget," "scheduled," "estimate," "anticipate," "believe," "forecast," "committed," "future" or "continue" or the negative thereof or similar variations. Forward-looking statements are based on certain assumptions and analyses made by us, in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and known and unknown risks, many of which are outside our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Important factors which could

BUSINESS

ITEM 1. BUSINESS. Overview and History BGSF, Inc. ("BGSF," "we," or the "Company") is a leading national provider of consulting, managed services, and professional workforce solutions with continuing operations that, along with its wholly owned subsidiaries, operate primarily within the U.S. in two industry segments: Property Management and Professional. We provide field talent to a variety of client partners that are seeking to match their workforce requirements to their business needs. Our client partners operate across a diverse set of industries. We employ a diverse operating model, both from a skill set and a geographic standpoint, which we believe mitigates downside revenue risk. Our workforce services consist of on-demand or short-term assignments, consulting services, managed services and on-site management administration. Short-term workforce solutions assist employers in dealing with field talent demands caused by such factors as seasonality, fluctuations in client partner demand, vacations, illnesses, parental leave, and special projects without incurring the ongoing expense and administrative responsibilities associated with recruiting, hiring and retaining permanent field talent. As more and more companies focus on effectively managing variable costs and reducing fixed overhead, the use of short-term workforce solutions allows companies to utilize a contingent approach for their personnel needs, thereby converting a portion of their fixed personnel costs to a variable expense. Our consulting workforce solutions place field talent with client partners for extended time-periods or for an indefinite time period. This type of arrangement may involve outsourcing an entire department in a large corporation or providing the workforce for a large project. Managed Solutions are a combination of both workforce solutions and fixed fee arrangements. Field talent is placed with the client partner and services are performed over a given period of time as

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View this 10-K filing on SEC EDGAR