Barrett Business Services Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Barrett Business Services Inc. (BBSI) has filed its Q1 2024 10-Q report, detailing financial positions and investment holdings.</b>

AI Summary

BARRETT BUSINESS SERVICES INC (BBSI) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Barrett Business Services Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and accounts, such as common stock, retained earnings, and accumulated other comprehensive income. Specific investment types mentioned include US government agencies debt securities, corporate bond securities, and mortgage-backed securities. The company's fiscal year ends on December 31st. The filing references specific policy periods, including 'TwoThousandTwentyTwoToTwoThousandTwentyThreePolicy' and 'TwoThousandFifteen'.

Why It Matters

For investors and stakeholders tracking BARRETT BUSINESS SERVICES INC, this filing contains several important signals. This 10-Q filing provides a detailed snapshot of BBSI's financial health and investment strategy as of March 31, 2024, which is crucial for investors assessing the company's stability and performance. The specific mention of various investment types and financial accounts allows stakeholders to understand the composition of BBSI's assets and liabilities, informing investment decisions.

Risk Assessment

Risk Level: low — BARRETT BUSINESS SERVICES INC shows low risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for publicly traded companies and does not contain significant new information that would alter the risk profile.

Analyst Insight

Review the detailed financial statements and investment disclosures within the 10-Q to understand the company's current financial standing and asset allocation.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 7363 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• MD — State of Incorporation (STATE OF INCORPORATION)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• BARRETT BUSINESS SERVICES INC (company) — COMPANY CONFORMED NAME
• BBSI (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• 7363 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• MD (state) — STATE OF INCORPORATION
• 1934 Act (regulation) — SEC ACT
• 000-21886 (filing_id) — SEC FILE NUMBER

FAQ

Key Dates

• 2024-03-31: Period End — End of the first fiscal quarter for 2024.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC), showing a comprehensive overview of a company's financial performance. (Provides investors with updated financial information on a quarterly basis.)

Mortgage-Backed Securities

A type of asset-backed security that is secured by a mortgage or a collection of mortgages. (Indicates a specific type of investment held by the company, relevant for assessing risk and return.)

Corporate Bond Securities

Debt securities issued by corporations to raise capital. (Represents another category of investments, contributing to the company's overall investment portfolio.)

Key Financial Figures

• $0.01 — ch registered Common Stock, Par Value $0.01 Per Share BBSI The NASDAQ Stock Mar

Filing Documents

• bbsi-20240331.htm (10-Q) — 1651KB
• bbsi-ex31_1.htm (EX-31.1) — 13KB
• bbsi-ex31_2.htm (EX-31.2) — 13KB
• bbsi-ex32.htm (EX-32) — 8KB
• 0000950170-24-051423.txt (&nbsp;) — 7287KB
• bbsi-20240331.xsd (EX-101.SCH) — 843KB
• bbsi-20240331_htm.xml (XML) — 1669KB

- Financial Information (Unaudited)

Part I - Financial Information (Unaudited) Page Item 1. Unaudited Interim Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations - Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive (Loss) Income - Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity - Three Months Ended March 31, 2024 6 Condensed Consolidated Statements of Stockholders' Equity - Three Months Ended March 31, 2023 7 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 6. Exhibits 27

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

Unaudited Interim Condensed Consolidated Financial Statements

Item 1. Unaudited Interim Condensed Consolidated Financial Statements Barrett Business Services, Inc. Condensed Consolida ted Balance Sheets (Unaudited) (In Thousands, Except Par Value) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 51,267 $ 71,168 Investments 72,410 81,027 Trade accounts receivable, net 200,368 171,407 Income taxes receivable 7,727 7,987 Prepaid expenses and other 18,513 18,443 Restricted cash and investments 125,010 97,470 Total current assets 475,295 447,502 Property, equipment and software, net 51,222 50,295 Operating lease right-of-use assets 20,719 19,898 Restricted cash and investments 141,609 145,583 Goodwill 47,820 47,820 Other assets 6,346 6,222 Deferred income taxes 4,789 4,218 Total assets $ 747,800 $ 721,538 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,697 $ 6,593 Accrued payroll, payroll taxes and related benefits 256,061 234,080 Current operating lease liabilities 6,345 6,623 Current premium payable 65,820 35,276 Other accrued liabilities 7,516 10,674 Workers' compensation claims liabilities 46,555 50,006 Total current liabilities 387,994 343,252 Long-term workers' compensation claims liabilities 111,499 117,757 Long-term premium payable 33,435 37,812 Long-term operating lease liabilities 15,594 14,590 Customer deposits and other long-term liabilities 9,689 8,987 Total liabilities 558,211 522,398 Commitments and contingencies (Notes 4 and 6 ) Stockholders' equity: Common stock, $ .01 par value; 20,500 shares authorized, 6,536 and 6,572 shares issued and outstanding 65 66 Additional paid-in capital 37,696 36,940 Accumulated other comprehensive loss ( 22,297 ) ( 20,801 ) Retained earnings 174,125 182,935 Total stockholders' equity 189,589 1

View Full Filing

View this 10-Q filing on SEC EDGAR