Barrett Business Services Q3 Revenue Hits $789.3M
Ticker: BBSI · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 902791
Sentiment: neutral
Topics: financials, revenue, earnings
TL;DR
BBSI Q3 revenue $789.3M, net earnings $31.7M. Cash $138.6M.
AI Summary
Barrett Business Services Inc. reported its Q3 2024 results, with total revenue for the nine months ending September 30, 2024, reaching $789.3 million. The company's net earnings for the same period were $31.7 million. As of September 30, 2024, Barrett Business Services held $138.6 million in cash and cash equivalents.
Why It Matters
This filing provides insight into Barrett Business Services' financial performance and stability, which can influence investor confidence and stock valuation.
Risk Assessment
Risk Level: low — The filing appears to be a standard quarterly report with no immediate red flags indicating significant new risks.
Key Numbers
- $789.3M — Revenue (Nine months ended September 30, 2024)
- $31.7M — Net Earnings (Nine months ended September 30, 2024)
- $138.6M — Cash and Cash Equivalents (As of September 30, 2024)
Key Players & Entities
- BARRETT BUSINESS SERVICES INC (company) — Filer
- 20240930 (date) — Reporting period end date
- $789.3 million (dollar_amount) — Total revenue for the nine months ending September 30, 2024
- $31.7 million (dollar_amount) — Net earnings for the nine months ending September 30, 2024
- $138.6 million (dollar_amount) — Cash and cash equivalents as of September 30, 2024
FAQ
What was Barrett Business Services' total revenue for the nine months ending September 30, 2024?
The total revenue for the nine months ending September 30, 2024, was $789.3 million.
What were the net earnings for Barrett Business Services for the nine-month period ending September 30, 2024?
Net earnings for the nine months ending September 30, 2024, were $31.7 million.
How much cash and cash equivalents did Barrett Business Services have as of September 30, 2024?
As of September 30, 2024, Barrett Business Services had $138.6 million in cash and cash equivalents.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
What is the Standard Industrial Classification code for Barrett Business Services?
The Standard Industrial Classification code is 7363, Services-Help Supply Services.
Filing Stats: 4,446 words · 18 min read · ~15 pages · Grade level 17.5 · Accepted 2024-11-06 17:39:46
Key Financial Figures
- $0.01 — ch registered Common Stock, Par Value $0.01 Per Share BBSI The NASDAQ Stock Mar
Filing Documents
- bbsi-20240930.htm (10-Q) — 2193KB
- bbsi-ex31_1.htm (EX-31.1) — 14KB
- bbsi-ex31_2.htm (EX-31.2) — 14KB
- bbsi-ex32.htm (EX-32) — 8KB
- 0000950170-24-122511.txt ( ) — 8472KB
- bbsi-20240930.xsd (EX-101.SCH) — 859KB
- bbsi-20240930_htm.xml (XML) — 1909KB
- Financial Information (Unaudited)
Part I - Financial Information (Unaudited) Page Item 1. Unaudited Interim Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity - Three and Nine Months Ended September 30, 2024 6 Condensed Consolidated Statements of Stockholders' Equity - Three and Nine Months Ended September 30, 2023 7 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 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 19 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.
Controls and Procedures
Controls and Procedures 26
- Other Information
Part II - Other Information Item 1.
Legal Proceedings
Legal Proceedings 27 Item 1A.
Risk Factors
Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 6. Exhibits 28
– 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) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 14,429 $ 71,168 Investments 79,934 81,027 Trade accounts receivable, net 253,749 171,407 Income taxes receivable 2,796 7,987 Prepaid expenses and other 18,768 18,443 Restricted cash and investments 83,009 97,470 Total current assets 452,685 447,502 Property, equipment and software, net 55,633 50,295 Operating lease right-of-use assets 20,595 19,898 Restricted cash and investments 140,834 145,583 Goodwill 47,820 47,820 Other assets 5,995 6,222 Deferred income taxes 2,206 4,218 Total assets $ 725,768 $ 721,538 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,222 $ 6,593 Accrued payroll, payroll taxes and related benefits 268,831 234,080 Current operating lease liabilities 6,304 6,623 Current premium payable 12,778 35,276 Other accrued liabilities 10,453 10,674 Workers' compensation claims liabilities 42,291 50,006 Total current liabilities 344,879 343,252 Long-term workers' compensation claims liabilities 94,512 117,757 Long-term premium payable 44,621 37,812 Long-term operating lease liabilities 15,416 14,590 Customer deposits and other long-term liabilities 10,954 8,987 Total liabilities 510,382 522,398 Commitments and contingencies (Notes 4 and 6 ) Stockholders' equity: Common stock, $ .01 par value; 82,000 shares authorized, 25,937 and 26,290 shares issued and outstanding (1) 259 263 Additional paid-in capital (1) 38,640 36,743 Accumulated other comprehensive loss ( 15,536 ) ( 20,801 ) Retained earnings 192,023 182,935 Total stockholders' equi