Barrett Business Services Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Barrett Business Services Inc. has filed its 2023 10-K report, providing a comprehensive overview of its financial health and operational activities.</b>

AI Summary

BARRETT BUSINESS SERVICES INC (BBSI) filed a Annual Report (10-K) with the SEC on March 1, 2024. Barrett Business Services Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing details financial performance and business operations for the period. Key financial data and disclosures are provided as of December 31, 2023. The report includes information on various financial instruments and assets, such as U.S. Treasury Securities and Money Market Funds. It also covers details on credit agreements and self-insured programs.

Why It Matters

For investors and stakeholders tracking BARRETT BUSINESS SERVICES INC, this filing contains several important signals. This 10-K filing is crucial for investors and stakeholders to assess the company's financial performance, risks, and strategic direction over the past fiscal year. The detailed disclosures on assets, liabilities, and credit facilities offer insights into the company's financial stability and its ability to manage operational risks.

Risk Assessment

Risk Level: — BARRETT BUSINESS SERVICES INC shows moderate risk based on this filing. The company operates in the services sector, which can be sensitive to economic downturns, and its reliance on specific programs like Professional Employer Services and Staffing Services introduces potential market and operational risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-01 — Filing Date (Date of submission)
• 7363 — SIC Code (Services-Help Supply Services)

Key Players & Entities

• BARRETT BUSINESS SERVICES INC (company) — Filer name
• BBSI (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-01 (date) — Filing date
• 7363 (industry_code) — Standard Industrial Classification
• MD (state) — State of incorporation
• WA (state) — Business address state
• 98662 (zip_code) — Business address zip

FAQ

Risk Factors

• Geographic Concentration Risk [medium — market]: The company faces geographic concentration risk, particularly noted with operations in California (CA).

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Barrett Business Services Inc. to report its annual financial results and business activities.)

Professional Employer Services

A service where a company outsources its human resources, payroll, benefits, and compliance functions to a third-party provider. (This is a key service offered by Barrett Business Services Inc., impacting its revenue and operational focus.)

Staffing Services

Services that provide temporary or permanent employees to other businesses. (Another core service area for Barrett Business Services Inc., contributing to its overall business model.)

Key Financial Figures

• $0.01 — ch registered Common Stock, Par Value $0.01 Per Share BBSI The NASDAQ Stock Mar
• $1.0 million — ive liability coverage in the amount of $1.0 million for acts of their employees. It is neve
• $20.0 m — , BBSI can participate in savings up to $20.0 million, $22.5 million, and $28.5 million
• $22.5 m — icipate in savings up to $20.0 million, $22.5 million, and $28.5 million for the 2021-2
• $28.5 million — up to $20.0 million, $22.5 million, and $28.5 million for the 2021-2022 Policy, 2022-2023 Pol
• $7.5 million — additional premium may be charged up to $7.5 million under the 2021-2022 Policy. No addition
• $3.0 million — ny retains risk of loss up to the first $3.0 million per occurrence on policies issued after
• $5.0 million — policies issued after June 30, 2020 and $5.0 million per occurrence on policies issued befor
• $2.0 m — tion per occurrence is $1.0 million and $2.0 million, respectively. For claims incurre

Filing Documents

• bbsi-20231231.htm (10-K) — 2982KB
• bbsi-ex10_1.htm (EX-10.1) — 3KB
• bbsi-ex21.htm (EX-21) — 7KB
• bbsi-ex23_1.htm (EX-23.1) — 4KB
• bbsi-ex31_1.htm (EX-31.1) — 13KB
• bbsi-ex31_2.htm (EX-31.2) — 13KB
• bbsi-ex32.htm (EX-32) — 9KB
• bbsi-ex97_1.htm (EX-97.1) — 20KB
• img40560405_0.jpg (GRAPHIC) — 238KB
• 0000950170-24-024024.txt (&nbsp;) — 12687KB
• bbsi-20231231.xsd (EX-101.SCH) — 1388KB
• bbsi-20231231_htm.xml (XML) — 2716KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 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 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 61 Item 9A.

Controls and Procedures

Controls and Procedures 61 Item 9B. Other Information 64 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 PART III Item 10. Directors, Executive Officers and Corporate Governance 64 Item 11.

Executive Compensation

Executive Compensation 64 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 64 Item 13. Certain Relationships and Related Transactions, and Director Independence 64 Item 14. Principal Accountant Fees and Services 64 PART IV Item 15. Exhibits and Financial Statement Schedules 65 Item 16. Form 10-K Summary 68

Signatures

Signatures 69 1 PA RT I

BUSINESS

Item 1. BUSINESS General Company Background Barrett Business Services, Inc. ("BBSI," the "Company," "our" or "we"), is a leading provider of business management solutions for small and mid-sized companies. The Company has developed a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. This platform, through the effective leveraging of human capital, helps our business owner clients run their businesses more effectively. We believe this platform, delivered through a decentralized organizational structure, differentiates BBSI from our competitors. BBSI was incorporated in Maryland in 1965. Certain statements below contain forward-looking information that is subject to risks and uncertainties. See "Forward-Looking Information" in Item 7 of Part II of this report and "Risk Factors" in Item 1A of Part I of this report. Business Strategy Our strategy is to align local operations teams with the mission of small and mid-sized business owners, driving value to their business. To do so, BBSI: partners with business owners to leverage their investment in human capital through a high-touch, results-oriented approach; brings predictability to each client organization through a three-tiered management platform; and enables business owners to focus on their core business by reducing organizational complexity and maximizing productivity. Business Organization We operate a decentralized delivery model using operationally-focused business teams, typically located within 50 miles of our client companies. These teams are led by experienced business generalists and include senior level professionals with expertise in human resources, organizational development, risk mitigation and workplace safety, recruiting, employee benefits, and various types of administration, including payroll. These teams are responsible for growth and profitability of their operations

View Full Filing

View this 10-K filing on SEC EDGAR