Barrett Business Services Inc. Files Q2 2024 10-Q
Ticker: BBSI · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 902791
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
BBSI's Q2 10-Q is in: financials look steady, fair value measurements detailed.
AI Summary
Barrett Business Services Inc. (BBSI) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial instruments and investment classifications are disclosed, including fair value measurements for various securities. The company's fiscal year ends on December 31st.
Why It Matters
This filing provides investors with a detailed look at BBSI's financial health and operational status for the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report with no immediate red flags indicating high risk.
Key Numbers
- Q2 — Quarter (Reporting Period)
- 1231 — Fiscal Year End (Company's Financial Year)
Key Players & Entities
- BARRETT BUSINESS SERVICES INC (company) — Filer
- 0000902791 (company) — Central Index Key
- 20240630 (date) — Period of Report
- 20240801 (date) — Filed as of Date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the second quarter of 2024.
What is the Central Index Key for Barrett Business Services Inc.?
The Central Index Key for Barrett Business Services Inc. is 0000902791.
When was this 10-Q filing submitted?
The filing was submitted on 20240801.
What is the Standard Industrial Classification for Barrett Business Services Inc.?
The SIC code is 7363, categorized under SERVICES-HELP SUPPLY SERVICES.
What is the state of incorporation for Barrett Business Services Inc.?
The company is incorporated in Maryland (MD).
Filing Stats: 4,424 words · 18 min read · ~15 pages · Grade level 16.6 · Accepted 2024-07-31 17:40:24
Key Financial Figures
- $0.01 — ch registered Common Stock, Par Value $0.01 Per Share BBSI The NASDAQ Stock Mar
Filing Documents
- bbsi-20240630.htm (10-Q) — 2052KB
- bbsi-ex3_1.htm (EX-3.1) — 61KB
- bbsi-ex31_1.htm (EX-31.1) — 13KB
- bbsi-ex31_2.htm (EX-31.2) — 13KB
- bbsi-ex32.htm (EX-32) — 8KB
- 0000950170-24-088744.txt ( ) — 8240KB
- bbsi-20240630.xsd (EX-101.SCH) — 858KB
- bbsi-20240630_htm.xml (XML) — 1869KB
- Financial Information (Unaudited)
Part I - Financial Information (Unaudited) Page Item 1. Unaudited Interim Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets - June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity - Three and Six Months Ended June 30, 2024 6 Condensed Consolidated Statements of Stockholders' Equity - Three and Six Months Ended June 30, 2023 7 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 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 20 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.
Controls and Procedures
Controls and Procedures 27
- Other Information
Part II - Other Information Item 1.
Legal Proceedings
Legal Proceedings 28 Item 1A.
Risk Factors
Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 6. Exhibits 29
– 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) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 40,348 $ 71,168 Investments 70,100 81,027 Trade accounts receivable, net 211,565 171,407 Income taxes receivable 1,184 7,987 Prepaid expenses and other 17,459 18,443 Restricted cash and investments 80,818 97,470 Total current assets 421,474 447,502 Property, equipment and software, net 54,240 50,295 Operating lease right-of-use assets 20,278 19,898 Restricted cash and investments 133,617 145,583 Goodwill 47,820 47,820 Other assets 6,352 6,222 Deferred income taxes 4,806 4,218 Total assets $ 688,587 $ 721,538 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,396 $ 6,593 Accrued payroll, payroll taxes and related benefits 250,630 234,080 Current operating lease liabilities 6,245 6,623 Current premium payable 16,134 35,276 Other accrued liabilities 10,496 10,674 Workers' compensation claims liabilities 44,929 50,006 Total current liabilities 332,830 343,252 Long-term workers' compensation claims liabilities 104,701 117,757 Long-term premium payable 27,127 37,812 Long-term operating lease liabilities 15,220 14,590 Customer deposits and other long-term liabilities 9,748 8,987 Total liabilities 489,626 522,398 Commitments and contingencies (Notes 4 and 6 ) Stockholders' equity: Common stock, $ .01 par value; 82,000 shares authorized, 25,949 and 26,290 shares issued and outstanding (1) 259 263 Additional paid-in capital (1) 38,882 36,743 Accumulated other comprehensive loss ( 22,340 ) ( 20,801 ) Retained earnings 182,160 182,935 Total stockholders' equity