2015 Q4 Form 10-K Financial Statement

#000119312516602543 Filed on May 26, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015
Revenue $193.8M $198.7M $740.8M
YoY Change 11.06% 13.62% 16.42%
Cost Of Revenue $152.6M $155.8M $611.4M
YoY Change 11.01% 15.39% 1.4%
Gross Profit $41.16M $42.89M $129.5M
YoY Change 11.24% 7.65% 287.53%
Gross Profit Margin 21.24% 21.58% 17.47%
Selling, General & Admin $26.34M $25.44M $90.18M
YoY Change 29.52% 17.35% 21.75%
% of Gross Profit 63.99% 59.31% 69.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $700.0K $2.900M
YoY Change 14.29% 16.67% 16.0%
% of Gross Profit 1.94% 1.63% 2.24%
Operating Expenses $26.34M $25.44M $90.18M
YoY Change 29.52% 17.35% 21.75%
Operating Profit $14.08M $16.73M $36.43M
YoY Change -12.0% -4.5% -184.39%
Interest Expense $416.0K $467.0K $1.965M
YoY Change 890.48% 986.05% 1035.84%
% of Operating Profit 2.95% 2.79% 5.39%
Other Income/Expense, Net -$221.0K -$216.0K -$1.282M
YoY Change -314.56% -210.2% -345.59%
Pretax Income $13.86M $16.51M $35.15M
YoY Change -13.94% -6.78% -182.42%
Income Tax $2.413M $5.540M $9.652M
% Of Pretax Income 17.41% 33.55% 27.46%
Net Earnings $11.45M $10.97M $25.49M
YoY Change 32.29% 23.76% -199.8%
Net Earnings / Revenue 5.91% 5.52% 3.44%
Basic Earnings Per Share $1.59 $1.52 $3.55
Diluted Earnings Per Share $1.55 $1.49 $3.47
COMMON SHARES
Basic Shares Outstanding 7.203M shares 7.201M shares 7.173M
Diluted Shares Outstanding 7.396M shares 7.362M shares 7.353M

Balance Sheet

Concept 2015 Q4 2015 Q3 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $326.3M $22.00M $25.20M
YoY Change 686.35% -74.63% -39.28%
Cash & Equivalents $25.22M $16.88M $25.20M
Short-Term Investments $301.1M $5.100M $0.00
Other Short-Term Assets $110.3M $50.90M $110.3M
YoY Change 313.11% 129.28% 313.11%
Inventory
Prepaid Expenses
Receivables $90.53M $155.7M $90.50M
Other Receivables $1.100M $0.00 $1.100M
Total Short-Term Assets $227.0M $231.7M $227.0M
YoY Change 24.18% -9.48% 24.18%
LONG-TERM ASSETS
Property, Plant & Equipment $22.82M $22.47M $22.80M
YoY Change 0.64% -0.49% 0.44%
Goodwill $47.82M $47.82M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $6.100M $6.100M $6.100M
YoY Change -70.81% -61.88% -70.81%
Other Assets $5.130M $4.728M $193.0M
YoY Change -3.32% 23.25% 8.31%
Total Long-Term Assets $269.8M $296.1M $269.8M
YoY Change 0.06% 91.07% 0.07%
TOTAL ASSETS
Total Short-Term Assets $227.0M $231.7M $227.0M
Total Long-Term Assets $269.8M $296.1M $269.8M
Total Assets $496.8M $527.9M $496.8M
YoY Change 9.81% 28.43% 9.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.217M $3.182M $3.200M
YoY Change 18.32% 12.08% 18.52%
Accrued Expenses $193.1M $225.4M $193.1M
YoY Change 5.46% 23.3% 5.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $19.80M $25.20M $19.80M
YoY Change -21.49% 11354.55% -21.43%
Total Short-Term Liabilities $237.4M $292.5M $237.4M
YoY Change 5.37% 39.37% 5.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $191.6M $177.3M $191.6M
YoY Change 15.49% 9.38% 15.49%
Total Long-Term Liabilities $0.00 $0.00 $191.6M
YoY Change -100.0% -100.0% 3.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $237.4M $292.5M $237.4M
Total Long-Term Liabilities $0.00 $0.00 $191.6M
Total Liabilities $442.2M $483.7M $442.2M
YoY Change 5.4% 25.93% 5.39%
SHAREHOLDERS EQUITY
Retained Earnings $47.55M $37.68M
YoY Change 67.64% 77.12%
Common Stock $7.036M $6.488M
YoY Change 57.02% 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.55M $44.18M $54.60M
YoY Change
Total Liabilities & Shareholders Equity $496.8M $527.9M $496.8M
YoY Change 9.81% 28.43% 9.81%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015
OPERATING ACTIVITIES
Net Income $11.45M $10.97M $25.49M
YoY Change 32.29% 23.76% -199.8%
Depreciation, Depletion And Amortization $800.0K $700.0K $2.900M
YoY Change 14.29% 16.67% 16.0%
Cash From Operating Activities $49.30M $38.70M $100.6M
YoY Change 36.57% 56.05% 44.54%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$500.0K $2.996M
YoY Change 57.14% -66.67% -35.32%
Acquisitions
YoY Change
Other Investing Activities -$23.20M -$13.40M -$52.60M
YoY Change -79.29% -22.09% -70.42%
Cash From Investing Activities -$24.30M -$14.00M -$55.60M
YoY Change -78.46% -24.73% -69.53%
FINANCING ACTIVITIES
Cash Dividend Paid $6.310M
YoY Change 15.93%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $25.22M
YoY Change 11363.64%
Cash From Financing Activities -16.80M -12.30M -31.40M
YoY Change -146.28% 485.71% -201.62%
NET CHANGE
Cash From Operating Activities 49.30M 38.70M 100.6M
Cash From Investing Activities -24.30M -14.00M -55.60M
Cash From Financing Activities -16.80M -12.30M -31.40M
Net Change In Cash 8.200M 12.40M 13.60M
YoY Change -120.3% 202.44% -116.59%
FREE CASH FLOW
Cash From Operating Activities $49.30M $38.70M $100.6M
Capital Expenditures -$1.100M -$500.0K $2.996M
Free Cash Flow $50.40M $39.20M $97.60M
YoY Change 36.96% 49.05% 50.23%

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-0.021 pure
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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P10Y
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29.99
CY2015 dei Current Fiscal Year End Date
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--12-31
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2015 dei Entity Registrant Name
EntityRegistrantName
BARRETT BUSINESS SERVICES INC
CY2015 us-gaap Number Of Reporting Units
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1 Unit
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7353000 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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180000 shares
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50000 shares
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="3"><b>Reclassifications</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%; MARGIN-TOP: 0px"> <font style="FONT-FAMILY: ARIAL" size="2">Certain prior year amounts have been reclassified to conform to the 2015 presentation. Such reclassifications had no impact on the Company&#x2019;s financial condition, operating results, cash flows, working capital or stockholders&#x2019; equity.</font></p> </div>
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14.59
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7173000 shares
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2015-12-31
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0.001 pure
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P2Y8M27D
CY2015 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="3"><b>Accounting estimates</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%; MARGIN-TOP: 0px"> <font style="FONT-FAMILY: ARIAL" size="2">The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 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 all marketable securities, allowance for doubtful accounts, deferred income taxes, carrying values for goodwill and property and equipment, accrued workers&#x2019; compensation liabilities and safety incentive liabilities. Actual results may or may not differ from such estimates.</font></p> </div>
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
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0.03 pure
CY2015 dei Trading Symbol
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BBSI
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3.55
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0 shares
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0.275 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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0 shares
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2996000
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8214000
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25494000
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465000
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948000
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740841000
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2386000
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6310000
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0
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36428000
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771000
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124335000
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35146000
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702000
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0
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9652000
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1700000
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P1Y
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0.02 pure
CY2015 bbsi Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period To Consultants And Advisors
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0 shares
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572286000
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30397000
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312284000
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1854000
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1044000
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4100000
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4100000
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-31361000
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139000
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2898000
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1438000
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465000
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5506000
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228670000
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921000
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0
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46106000
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506000
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1105000
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6310000
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498000
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2851000
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52996000
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0
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10031000
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116000
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P1Y
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122740000
CY2015 bbsi Time To Participate In Savings Plan
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1000 H
CY2015 bbsi Cash And Cash Equivalents Maximum Maturity Period
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P3M
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171137000
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0.061 pure
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168555000
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2728000
CY2015 bbsi Defined Contribution Plan Employer Matching Contribution Amount
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1158000
CY2015 bbsi Workers Compensation Claim Payments Current Period
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17517000
CY2015 bbsi Operating And Reporting Segment
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1 Segment
CY2015 bbsi Period For Cancellation Or Termination Of Peo Service Contract
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P30D
CY2015 bbsi Claim Payments Prior Period
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61143000
CY2015 bbsi Number Of Equal Installment In Which Restricted Stock Units Vest
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4 Installment
CY2015 bbsi Number Of Branch Offices
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55 Branches
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78660000
CY2015 bbsi Age To Participate In Savings Plan
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P21Y
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16000
CY2015 bbsi Workers Compensation Expense Accrual Claims
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109057000
CY2015 bbsi Number Of Investment Broker
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5 Investment
CY2015 bbsi Defined Contribution Employee Contribution Percent
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CY2015 bbsi Quarterly Payments End Date
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2018-01-01
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-0.021 pure
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P6Y3M18D
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0.014 pure
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0.487 pure
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584000
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127792000
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P1Y
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0.043 pure
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