$BBSI
BARRETT BUSINESS SERVICES INC

2024 Q3 Form 10-Q Financial Statement

#000095017024088744 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $294.3M $279.7M
YoY Change 7.66% 5.68%
Cost Of Revenue $219.9M $211.8M
YoY Change 7.25% 7.17%
Gross Profit $74.41M $67.90M
YoY Change 8.9% 1.27%
Gross Profit Margin 25.29% 24.28%
Selling, General & Admin $49.06M $45.58M
YoY Change 11.1% 4.04%
% of Gross Profit 65.93% 67.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.899M $1.912M
YoY Change -0.05% 10.58%
% of Gross Profit 2.55% 2.82%
Operating Expenses $49.06M $45.58M
YoY Change 11.1% 0.09%
Operating Profit $23.45M $20.41M
YoY Change 5.16% -5.12%
Interest Expense $2.220M $44.00K
YoY Change 2675.0% -97.93%
% of Operating Profit 9.47% 0.22%
Other Income/Expense, Net $2.251M $3.052M
YoY Change -5.02% 15963.16%
Pretax Income $25.70M $23.46M
YoY Change 4.18% -0.83%
Income Tax $6.076M $6.759M
% Of Pretax Income 23.64% 28.81%
Net Earnings $19.63M $16.70M
YoY Change 7.73% -1.85%
Net Earnings / Revenue 6.67% 5.97%
Basic Earnings Per Share $0.75 $0.64
Diluted Earnings Per Share $0.74 $0.62
COMMON SHARES
Basic Shares Outstanding 26.14M 6.542M
Diluted Shares Outstanding 26.62M 26.77M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.36M $110.4M
YoY Change -26.98% -16.96%
Cash & Equivalents $14.43M $40.35M
Short-Term Investments $79.93M $70.10M
Other Short-Term Assets $101.8M $98.28M
YoY Change 9.44% 13.49%
Inventory
Prepaid Expenses
Receivables $253.7M $211.6M
Other Receivables $2.796M $1.184M
Total Short-Term Assets $452.7M $421.5M
YoY Change 5.9% 0.91%
LONG-TERM ASSETS
Property, Plant & Equipment $55.63M $54.24M
YoY Change 14.29% -20.44%
Goodwill $47.82M $47.82M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.995M $6.352M
YoY Change 59.23% -95.41%
Total Long-Term Assets $273.1M $267.1M
YoY Change 4.01% 5.06%
TOTAL ASSETS
Total Short-Term Assets $452.7M $421.5M
Total Long-Term Assets $273.1M $267.1M
Total Assets $725.8M $688.6M
YoY Change 5.18% 2.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.222M $4.396M
YoY Change -19.86% -22.89%
Accrued Expenses $327.9M $312.3M
YoY Change 4.19% -3.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $344.9M $332.8M
YoY Change 1.11% -0.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $165.5M $156.8M
YoY Change -1.78% -0.84%
Total Long-Term Liabilities $165.5M $156.8M
YoY Change -1.78% -0.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $344.9M $332.8M
Total Long-Term Liabilities $165.5M $156.8M
Total Liabilities $510.4M $489.6M
YoY Change 0.16% -0.87%
SHAREHOLDERS EQUITY
Retained Earnings $192.0M $182.2M
YoY Change 9.6% 7.6%
Common Stock $38.90M $39.14M
YoY Change 11.42% 12.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $215.4M $199.0M
YoY Change
Total Liabilities & Shareholders Equity $725.8M $688.6M
YoY Change 5.18% 2.48%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $19.63M $16.70M
YoY Change 7.73% -1.85%
Depreciation, Depletion And Amortization $1.899M $1.912M
YoY Change -0.05% 10.58%
Cash From Operating Activities -$935.0K -$51.33M
YoY Change -102.82% -1647.08%
INVESTING ACTIVITIES
Capital Expenditures $3.292M $4.930M
YoY Change 43.13% 75.38%
Acquisitions
YoY Change
Other Investing Activities -$24.69M $47.82M
YoY Change 180.59% -3264.86%
Cash From Investing Activities -$27.98M $42.89M
YoY Change 152.11% -1092.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.36M -9.392M
YoY Change -12.94% -24.62%
NET CHANGE
Cash From Operating Activities -935.0K -51.33M
Cash From Investing Activities -27.98M 42.89M
Cash From Financing Activities -12.36M -9.392M
Net Change In Cash -41.28M -17.83M
YoY Change -622.54% 32.45%
FREE CASH FLOW
Cash From Operating Activities -$935.0K -$51.33M
Capital Expenditures $3.292M $4.930M
Free Cash Flow -$4.227M -$56.26M
YoY Change -113.68% -11197.04%

Facts In Submission

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CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
189589000
CY2024Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7000
CY2024Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
397000
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2106000
CY2024Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7047000
CY2024Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.075
CY2024Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1955000
CY2024Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-43000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
16701000
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
198961000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
177842000
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
339000
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1005000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1928000
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
8030000
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.075
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2067000
CY2023Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
3652000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
819000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
173478000
CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2000
CY2023Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
304000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1963000
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
10145000
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.075
CY2023Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2013000
CY2023Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2028000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
17016000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
177969000
us-gaap Net Income Loss
NetIncomeLoss
16565000
us-gaap Net Income Loss
NetIncomeLoss
17835000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
3764000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
3406000
bbsi Non Cash Operating Lease Expense
NonCashOperatingLeaseExpense
3308000
bbsi Non Cash Operating Lease Expense
NonCashOperatingLeaseExpense
3514000
bbsi Investment Accretion Amortization Net
InvestmentAccretionAmortizationNet
498000
bbsi Investment Accretion Amortization Net
InvestmentAccretionAmortizationNet
-468000
us-gaap Share Based Compensation
ShareBasedCompensation
4293000
us-gaap Share Based Compensation
ShareBasedCompensation
3891000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
40158000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
34217000
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
6803000
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
3881000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-984000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2162000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2197000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2563000
us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
16776000
us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
16507000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-434000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-3992000
bbsi Increase Decrease In Premium Payable
IncreaseDecreaseInPremiumPayable
-29827000
bbsi Increase Decrease In Premium Payable
IncreaseDecreaseInPremiumPayable
-5363000
us-gaap Increase Decrease In Workers Compensation Liabilities
IncreaseDecreaseInWorkersCompensationLiabilities
-18265000
us-gaap Increase Decrease In Workers Compensation Liabilities
IncreaseDecreaseInWorkersCompensationLiabilities
-24902000
bbsi Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
3436000
bbsi Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
3592000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
31000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
232000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-42353000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-23197000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7709000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5806000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
188000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
10607000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
514000
us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
7650000
us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
11454000
bbsi Proceeds From Sales And Maturities Of Restricted Investments
ProceedsFromSalesAndMaturitiesOfRestrictedInvestments
61758000
bbsi Proceeds From Sales And Maturities Of Restricted Investments
ProceedsFromSalesAndMaturitiesOfRestrictedInvestments
10571000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
57006000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6363000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
415000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
415000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14103000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
18175000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1853000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1309000
us-gaap Payments Of Dividends
PaymentsOfDividends
3925000
us-gaap Payments Of Dividends
PaymentsOfDividends
4080000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
383000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
341000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-19498000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-23223000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4845000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-52783000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
74841000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
107378000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
69996000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
54595000
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On June 4, 2024, we amended our Charter to increase the number of authorized shares of common stock from 20,500,000 shares to 82,000,000 shares, and our Board of Directors declared a four-for-one split of the Company’s common stock effected in the form of a stock dividend (the “2024 Stock Split”). Each stockholder of record at the close of business on June 14, 2024 received a dividend of three additional shares of common stock for each then-held share, distributed after close of trading on June 21, 2024.
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
20500000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
82000000
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
bbsi Revenue Recognition Peo Service Contract Minimum Term
RevenueRecognitionPeoServiceContractMinimumTerm
P1Y
bbsi Period For Cancellation Or Termination Of Peo Service Contract
PeriodForCancellationOrTerminationOfPeoServiceContract
P30D
bbsi Payment Term For Staffing Customers
PaymentTermForStaffingCustomers
P30D
CY2024Q2 bbsi Number Of Wholly Owned Insurance Companies
NumberOfWhollyOwnedInsuranceCompanies
2
bbsi Cash And Cash Equivalents Maximum Maturity Period
CashAndCashEquivalentsMaximumMaturityPeriod
P3M
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
900000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
900000
us-gaap Income Taxes Paid
IncomeTaxesPaid
260000
us-gaap Income Taxes Paid
IncomeTaxesPaid
2840000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
40348000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
71168000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48347000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
91423000
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
29648000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3673000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6248000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
15955000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69996000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74841000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54595000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
107378000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26067000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27005000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26174000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27235000
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
698000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
495000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
620000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
486000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26765000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27500000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26794000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27721000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">Accounting estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are used for fair value measurement of investments, allowance for doubtful accounts, deferred income taxes, carrying values for goodwill and property, equipment and software, and accrued workers’ compensation liabilities. Actual results may or may not differ from such estimates.</span></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">Reclassifications</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">To conform to the current period’s presentation, safety incentives liability of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million was reclassified to other accrued liabilities in the prior period condensed consolidated balance sheets, and net cash outflows related to safety incentives liability of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million was reclassified to other accrued liabilities in the prior period condensed consolidated statements of cash flows. Additionally, to conform the current period’s presentation to reclassifications made in 2023, net cash outflows associated with premiums payable to third party insurance carriers of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">5.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million were reclassified from other accrued liabilities to premium payable in the prior period condensed consolidated statements of cash flows.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">All share and per share amounts presented herein have been retroactively adjusted to reflect the impact of the 2024 Stock Split. To conform to the current period’s presentation, additional paid-in-capital of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million was reclassified to common stock in the prior period condensed consolidated balance sheets.</span></p>
CY2023Q4 us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
1300000
us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
400000
us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
5400000
CY2023 us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
200000
CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
290075000
CY2024Q2 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-30878000
CY2024Q2 us-gaap Marketable Securities
MarketableSecurities
259197000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
368753000
CY2023Q4 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-28751000
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
340002000
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
28700000
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
3600000
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
14488000
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
132816000
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
53661000
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
1458000
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
202423000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
84724000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
128254000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
69126000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
1466000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
283570000
bbsi Debt Securities Available For Sale Average Contractual Maturity Period
DebtSecuritiesAvailableForSaleAverageContractualMaturityPeriod
P22Y
CY2023 bbsi Debt Securities Available For Sale Average Contractual Maturity Period
DebtSecuritiesAvailableForSaleAverageContractualMaturityPeriod
P23Y
CY2024Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
158054000
CY2023Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
201641000
CY2023Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
167763000
CY2022Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
215987000
CY2024Q2 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
3699000
CY2023Q2 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
3482000
bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
7299000
bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
7844000
CY2024Q2 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-1830000
CY2023Q2 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-1580000
bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-4822000
bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-2694000
CY2024Q2 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
1869000
CY2023Q2 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
1902000
bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
2477000
bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
5150000
CY2024Q2 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
1565000
CY2023Q2 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
585000
bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
2519000
bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
765000
CY2024Q2 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
8734000
CY2023Q2 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
11807000
bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
18223000
bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
29287000
CY2024Q2 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
10299000
CY2023Q2 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
12392000
bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
20742000
bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
30052000
CY2024Q2 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
6000
CY2023Q2 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
671000
bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
132000
bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
737000
CY2024Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
149630000
CY2023Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
191822000
CY2024Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
149630000
CY2023Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
191822000
bbsi Description Of Renewed Agreement
DescriptionOfRenewedAgreement
Effective July 1, 2021, the Company entered into a fully insured arrangement for its insured program, whereby third-party insurers assume substantially all risk of loss for claims incurred under the program. This fully insured arrangement has been extended annually and covers claims incurred between July 1, 2021 and June 30, 2025, with an option to renew through June 30, 2026.Each annual fully insured policy allows for BBSI to participate in savings if claims develop favorably up to a maximum per policy year ranging from $20.5 million to $28.5 million, depending on the policy period. For only the policy period from July 1, 2021 to June 30 2022, BBSI can also incur additional premium up to $7.5 million if claims develop adversely. No additional premium can be charged based on claim performance for other policy years.Premiums incurred but not paid are recorded as either current or long-term premium payable on the consolidated balance sheets based on the expected timing of the payments.
bbsi Maximum Additional Premium Charged Amount If Claims Develop Adversely
MaximumAdditionalPremiumChargedAmountIfClaimsDevelopAdversely
0
bbsi Percentage Of Claims Excluded
PercentageOfClaimsExcluded
0.10
CY2024Q2 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
181300000
CY2023Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
210900000
CY2024Q2 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
47000000
CY2023Q4 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
48100000
CY2024Q2 bbsi Standby Letters Of Credit And Surety Bond
StandbyLettersOfCreditAndSuretyBond
47000000
CY2024Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
149600000
CY2023Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
167800000
bbsi Workers Compensation Claims Incurred But Not Reported In Excess Of Retention Limits
WorkersCompensationClaimsIncurredButNotReportedInExcessOfRetentionLimits
6100000
CY2023 bbsi Workers Compensation Claims Incurred But Not Reported In Excess Of Retention Limits
WorkersCompensationClaimsIncurredButNotReportedInExcessOfRetentionLimits
6000000.0
us-gaap Line Of Credit Facility Commitment Fee Description
LineOfCreditFacilityCommitmentFeeDescription
The Agreement also provides for an unused commitment fee of 0.35% per year on the average daily unused amount of the revolving credit line, as well as a fee of 1.75% of the face amount of each letter of credit reserved under the line of credit.
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
us-gaap Income Tax Examination Penalties Expense
IncomeTaxExaminationPenaltiesExpense
1900000
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
500000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
800000
CY2024Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
0

Files In Submission

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0000950170-24-088744.txt Edgar Link pending
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