$BBSI
BARRETT BUSINESS SERVICES INC

2017 Q1 Form 10-Q Financial Statement

#000156459017009343 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $210.0M $191.0M
YoY Change 9.96% 14.76%
Cost Of Revenue $199.5M $180.6M
YoY Change 10.5% 14.68%
Gross Profit $10.45M $10.39M
YoY Change 0.61% 16.3%
Gross Profit Margin 4.98% 5.44%
Selling, General & Admin $26.61M $21.90M
YoY Change 21.48% 29.07%
% of Gross Profit 254.64% 210.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $900.0K $700.0K
YoY Change 28.57% 0.0%
% of Gross Profit 8.61% 6.74%
Operating Expenses $26.61M $21.90M
YoY Change 21.48% 29.07%
Operating Profit -$17.10M -$12.27M
YoY Change 39.43% 40.63%
Interest Expense $83.00K $260.0K
YoY Change -68.08% -50.0%
% of Operating Profit
Other Income/Expense, Net $75.00K -$8.000K
YoY Change -1037.5% -98.21%
Pretax Income -$17.03M -$12.27M
YoY Change 38.72% 33.86%
Income Tax -$5.800M -$4.271M
% Of Pretax Income
Net Earnings -$11.23M -$8.003M
YoY Change 40.28% 37.32%
Net Earnings / Revenue -5.35% -4.19%
Basic Earnings Per Share -$1.55 -$1.11
Diluted Earnings Per Share -$1.55 -$1.11
COMMON SHARES
Basic Shares Outstanding 7.249M 7.208M
Diluted Shares Outstanding 7.249M 7.208M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $566.3M $43.50M
YoY Change 1201.9% 17.89%
Cash & Equivalents $245.2M $43.46M
Short-Term Investments $321.1M
Other Short-Term Assets $57.90M $66.80M
YoY Change -13.32% 90.86%
Inventory
Prepaid Expenses
Receivables $139.3M $163.8M
Other Receivables $3.100M $4.300M
Total Short-Term Assets $219.7M $278.3M
YoY Change -21.06% 26.76%
LONG-TERM ASSETS
Property, Plant & Equipment $26.60M $23.44M
YoY Change 13.49% 3.49%
Goodwill $47.82M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $300.0K $900.0K
YoY Change -66.67% -85.0%
Other Assets $303.0M $4.742M
YoY Change 6289.71% -4.4%
Total Long-Term Assets $377.7M $287.3M
YoY Change 31.45% 4.75%
TOTAL ASSETS
Total Short-Term Assets $219.7M $278.3M
Total Long-Term Assets $377.7M $287.3M
Total Assets $597.4M $565.6M
YoY Change 5.61% 14.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $3.940M
YoY Change -11.17% 12.57%
Accrued Expenses $265.5M $262.8M
YoY Change 1.03% 23.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $4.600M $19.80M
YoY Change -76.77% -21.49%
Total Short-Term Liabilities $297.8M $308.3M
YoY Change -3.41% 15.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $242.1M $198.4M
YoY Change 22.03% 18.59%
Total Long-Term Liabilities $242.1M $198.4M
YoY Change 22.03% 903.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $297.8M $308.3M
Total Long-Term Liabilities $242.1M $198.4M
Total Liabilities $539.9M $520.0M
YoY Change 3.82% 11.2%
SHAREHOLDERS EQUITY
Retained Earnings $46.95M $37.96M
YoY Change 23.68% 81.05%
Common Stock $10.62M $7.692M
YoY Change 38.09% 46.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.55M $45.65M
YoY Change
Total Liabilities & Shareholders Equity $597.4M $565.6M
YoY Change 5.62% 14.54%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$11.23M -$8.003M
YoY Change 40.28% 37.32%
Depreciation, Depletion And Amortization $900.0K $700.0K
YoY Change 28.57% 0.0%
Cash From Operating Activities -$900.0K -$7.800M
YoY Change -88.46% -241.82%
INVESTING ACTIVITIES
Capital Expenditures $902.0K $1.368M
YoY Change -34.06% 108.22%
Acquisitions
YoY Change
Other Investing Activities -$92.50M $28.80M
YoY Change -421.18% -623.64%
Cash From Investing Activities -$93.40M $27.40M
YoY Change -440.88% -541.94%
FINANCING ACTIVITIES
Cash Dividend Paid $1.813M $1.586M
YoY Change 14.31% 1.08%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $56.00K $55.00K
YoY Change 1.82% 0.0%
Cash From Financing Activities -1.800M -1.300M
YoY Change 38.46% -129.55%
NET CHANGE
Cash From Operating Activities -900.0K -7.800M
Cash From Investing Activities -93.40M 27.40M
Cash From Financing Activities -1.800M -1.300M
Net Change In Cash -96.10M 18.30M
YoY Change -625.14% 394.59%
FREE CASH FLOW
Cash From Operating Activities -$900.0K -$7.800M
Capital Expenditures $902.0K $1.368M
Free Cash Flow -$1.802M -$9.168M
YoY Change -80.34% -289.3%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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RestrictedCashAndInvestmentsNoncurrent
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CY2017Q1 bbsi Customer Deposits And Other Long Term Liabilities
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CY2017Q1 us-gaap Liabilities
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CY2017Q1 us-gaap Commitments And Contingencies
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CY2017Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2016Q4 us-gaap Assets
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CY2016Q4 us-gaap Goodwill
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CY2016Q1 us-gaap Cost Of Services Direct Taxes And Licenses Costs
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CY2016Q1 bbsi Cost Of Services Workers Compensation
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CY2016Q1 us-gaap Cost Of Revenue
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CY2016Q1 us-gaap Gross Profit
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CY2016Q1 us-gaap Interest Expense
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CY2016Q1 us-gaap Nonoperating Income Expense
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CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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Revenues
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Revenues
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CY2017Q1 us-gaap Interest Expense
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CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2016Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2016Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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StockholdersEquity
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CY2017Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2017Q1 us-gaap Dividends Common Stock Cash
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CY2017Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2017Q1 us-gaap Increase Decrease In Income Taxes Receivable
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CY2016Q1 us-gaap Increase Decrease In Income Taxes Receivable
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CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2016Q1 us-gaap Increase Decrease In Accounts Payable
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CY2017Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2016Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2017Q1 us-gaap Increase Decrease In Other Accrued Liabilities
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CY2017Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2017Q1 bbsi Estimate Of Liability For Unpaid Safety Incentives
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CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2016Q1 us-gaap Increase Decrease In Other Accrued Liabilities
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CY2017Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2017Q1 us-gaap Increase Decrease In Workers Compensation Liabilities
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CY2016Q1 us-gaap Increase Decrease In Workers Compensation Liabilities
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CY2017Q1 bbsi Increase Decrease In Safety Incentive Liability
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CY2016Q1 bbsi Increase Decrease In Safety Incentive Liability
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CY2017Q1 bbsi Increase Decrease In Customer Deposits Long Term Liabilities And Other Assets Net
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CY2016Q1 bbsi Increase Decrease In Customer Deposits Long Term Liabilities And Other Assets Net
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q1 us-gaap Payments To Acquire Marketable Securities
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CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2017Q1 bbsi Payments To Acquire Restricted Cash And Investments
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CY2016Q1 bbsi Payments To Acquire Restricted Cash And Investments
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CY2017Q1 bbsi Proceeds From Sale And Maturity Of Restricted Cash And Investments
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CY2016Q1 bbsi Proceeds From Sale And Maturity Of Restricted Cash And Investments
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CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2016Q1 us-gaap Repayments Of Long Term Debt
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CY2016Q1 us-gaap Proceeds From Stock Plans
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CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Due to the adoption of ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on the Company&#8217;s financial condition, operating results, cash flows or stockholders&#8217; equity.</p></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Accounting estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of our condensed 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.&nbsp;&nbsp;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.&nbsp;&nbsp;Estimates are used for fair value measurement of investments, allowance for doubtful accounts, deferred income taxes, carrying values for goodwill and property and equipment, accrued workers&#8217; compensation liabilities and safety incentive liabilities.&nbsp;&nbsp;Actual results may or may not differ from such estimates.</p></div>
CY2017Q1 bbsi Revenue Recognition Peo Service Contract Minimum Term
RevenueRecognitionPeoServiceContractMinimumTerm
P1Y
CY2017Q1 bbsi Period For Cancellation Or Termination Of Peo Service Contract
PeriodForCancellationOrTerminationOfPeoServiceContract
P30D
CY2017Q1 bbsi Number Of Wholly Owned Insurance Companies
NumberOfWhollyOwnedInsuranceCompanies
2
CY2017Q1 bbsi Cash And Cash Equivalents Maximum Maturity Period
CashAndCashEquivalentsMaximumMaturityPeriod
P3M
CY2017Q1 us-gaap Trading Securities
TradingSecurities
0
CY2016Q4 us-gaap Trading Securities
TradingSecurities
0
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
78000
CY2016Q4 bbsi Estimate Of Liability For Unpaid Safety Incentives
EstimateOfLiabilityForUnpaidSafetyIncentives
24800000
CY2017Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
300000
CY2016Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
1300000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
292611000
CY2017Q1 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
25300000
CY2016Q4 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
25200000
CY2017Q1 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
4400000
CY2016Q4 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
4500000
CY2017Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
321122000
CY2017Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
-39000
CY2017Q1 us-gaap Marketable Securities
MarketableSecurities
321083000
CY2016Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
304690000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
-5000
CY2016Q4 us-gaap Marketable Securities
MarketableSecurities
304685000
CY2017Q1 bbsi Restricted Cash And Long Term Workers Compensation Deposits
RestrictedCashAndLongTermWorkersCompensationDeposits
4700000
CY2016Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
312537000
CY2015Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
255675000
CY2017Q1 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
35275000
CY2016Q1 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
31155000
CY2017Q1 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
2914000
CY2016Q1 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
848000
CY2017Q1 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
38189000
CY2016Q1 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
32003000
CY2017Q1 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
1132000
CY2016Q1 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
1271000
CY2017Q1 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
23464000
CY2016Q1 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
21264000
CY2017Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
24596000
CY2016Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
22535000
CY2017Q1 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
103000
CY2017Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
326233000
CY2016Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
265143000
CY2017Q1 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
162760000
CY2016Q1 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
132879000
CY2017Q1 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
299600000
CY2016Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
277100000
CY2017Q1 bbsi Workers Compensation Claims Receivable
WorkersCompensationClaimsReceivable
11300000
CY2017Q1 bbsi Specified Investment Balances
SpecifiedInvestmentBalances
135000000
CY2016Q4 bbsi Specified Investment Balances
SpecifiedInvestmentBalances
135000000
CY2017Q1 bbsi Standby Letters Of Credit And Surety Bond
StandbyLettersOfCreditAndSuretyBond
128800000
CY2017Q1 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
9200000
CY2016 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
9100000
CY2017Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0

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