$BBSI
BARRETT BUSINESS SERVICES INC

2018 Q3 Form 10-Q Financial Statement

#000156459018027999 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $247.3M $244.7M $240.1M
YoY Change 2.98% 10.69% 6.68%
Cost Of Revenue $187.6M $195.8M $185.2M
YoY Change 1.29% 10.13% 5.51%
Gross Profit $59.69M $48.95M $54.92M
YoY Change 8.68% 12.95% 10.81%
Gross Profit Margin 24.14% 20.0% 22.87%
Selling, General & Admin $36.70M $34.50M $33.93M
YoY Change 8.18% 6.15% 11.45%
% of Gross Profit 61.49% 70.48% 61.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $900.0K $2.500M $1.100M
YoY Change -18.18% 150.0% 37.5%
% of Gross Profit 1.51% 5.11% 2.0%
Operating Expenses $37.60M $37.00M $33.93M
YoY Change 10.83% 10.78% 11.45%
Operating Profit $22.09M $11.95M $19.93M
YoY Change 10.81% 20.26% 8.93%
Interest Expense $1.800M $1.500M $52.00K
YoY Change 3361.54% 650.0% -73.47%
% of Operating Profit 8.15% 12.55% 0.26%
Other Income/Expense, Net $0.00 $100.0K $1.514M
YoY Change -100.0% -146.16%
Pretax Income $23.80M $13.50M $21.44M
YoY Change 10.99% 37.76% 42.81%
Income Tax $4.800M $1.900M $6.659M
% Of Pretax Income 20.17% 14.07% 31.05%
Net Earnings $19.09M $10.49M $14.79M
YoY Change 29.1% 30.31% 44.48%
Net Earnings / Revenue 7.72% 4.28% 6.16%
Basic Earnings Per Share $2.59 $1.44 $2.03
Diluted Earnings Per Share $2.50 $1.38 $1.96
COMMON SHARES
Basic Shares Outstanding 7.300M 7.296M
Diluted Shares Outstanding 7.527M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $412.5M $60.51M $404.1M
YoY Change 2.08% -82.98% 24.14%
Cash & Equivalents $34.98M $59.84M $35.57M
Short-Term Investments $377.5M $674.0K $368.5M
Other Short-Term Assets $124.8M $109.4M $97.30M
YoY Change 28.26% 108.38% 27.19%
Inventory
Prepaid Expenses
Receivables $162.6M $136.7M $156.4M
Other Receivables $0.00 $1.700M $0.00
Total Short-Term Assets $322.8M $308.2M $290.0M
YoY Change 11.3% 30.95% 18.68%
LONG-TERM ASSETS
Property, Plant & Equipment $26.70M $24.91M $26.30M
YoY Change 1.54% -6.61% 1.96%
Goodwill $47.82M $47.82M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $1.600M $1.200M $1.200M
YoY Change 33.33% 100.0% 33.33%
Other Assets $344.4M $3.215M $3.376M
YoY Change 10101.42% -65.4% -78.82%
Total Long-Term Assets $420.5M $374.3M $369.2M
YoY Change 13.89% 8.01% 10.07%
TOTAL ASSETS
Total Short-Term Assets $322.8M $308.2M $290.0M
Total Long-Term Assets $420.5M $374.3M $369.2M
Total Assets $743.3M $682.5M $659.2M
YoY Change 12.75% 17.29% 13.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.500M $5.166M $4.033M
YoY Change 11.58% 4.49% -10.77%
Accrued Expenses $307.1M $288.3M $279.3M
YoY Change 9.95% 19.08% 11.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $342.8M $322.3M $317.9M
YoY Change 7.85% 17.11% 11.91%
LONG-TERM LIABILITIES
Long-Term Debt $4.006M $4.171M $4.226M
YoY Change -5.21% -5.03% -4.97%
Other Long-Term Liabilities $296.6M $267.2M $256.5M
YoY Change 15.63% 14.88% 18.92%
Total Long-Term Liabilities $4.006M $4.171M $4.226M
YoY Change -5.21% -5.03% -4.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $342.8M $322.3M $317.9M
Total Long-Term Liabilities $4.006M $4.171M $4.226M
Total Liabilities $643.4M $593.7M $578.6M
YoY Change 11.21% 15.9% 11.82%
SHAREHOLDERS EQUITY
Retained Earnings $93.59M $77.88M $69.22M
YoY Change 35.2% 29.83% 29.31%
Common Stock $13.75M $12.38M $11.26M
YoY Change 22.14% 27.54% 27.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.93M $88.83M $80.66M
YoY Change
Total Liabilities & Shareholders Equity $743.3M $682.5M $659.2M
YoY Change 12.76% 17.29% 13.7%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $19.09M $10.49M $14.79M
YoY Change 29.1% 30.31% 44.48%
Depreciation, Depletion And Amortization $900.0K $2.500M $1.100M
YoY Change -18.18% 150.0% 37.5%
Cash From Operating Activities $30.40M $52.40M $46.30M
YoY Change -34.34% 127.83% -12.31%
INVESTING ACTIVITIES
Capital Expenditures -$900.0K -$1.100M -$300.0K
YoY Change 200.0% -38.89% -88.46%
Acquisitions
YoY Change
Other Investing Activities $21.50M -$15.00M -$69.90M
YoY Change -130.76% -440.91% 388.81%
Cash From Investing Activities $20.50M -$16.10M -$70.20M
YoY Change -129.2% -719.23% 315.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.500M -1.900M -3.400M
YoY Change 32.35% 11.76% -64.21%
NET CHANGE
Cash From Operating Activities 30.40M 52.40M 46.30M
Cash From Investing Activities 20.50M -16.10M -70.20M
Cash From Financing Activities -4.500M -1.900M -3.400M
Net Change In Cash 46.40M 34.40M -27.30M
YoY Change -269.96% 43.93% -203.41%
FREE CASH FLOW
Cash From Operating Activities $30.40M $52.40M $46.30M
Capital Expenditures -$900.0K -$1.100M -$300.0K
Free Cash Flow $31.30M $53.50M $46.60M
YoY Change -32.83% 115.73% -15.88%

Facts In Submission

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<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;">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 Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-18, &#8220;Statement of Cash Flows: Restricted Cash,&#8221; 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>
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5000000
CY2018Q3 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
430000000
CY2017Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
380600000
CY2018Q3 bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
5000000
CY2018Q3 bbsi Surety Bonds
SuretyBonds
30000000
CY2018Q3 bbsi Specified Investment Balances
SpecifiedInvestmentBalances
85200000
CY2017Q4 bbsi Specified Investment Balances
SpecifiedInvestmentBalances
96800000
CY2018Q3 bbsi Standby Letters Of Credit And Surety Bond
StandbyLettersOfCreditAndSuretyBond
85200000
bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
2900000
CY2017 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
3000000
bbsi Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
0
bbsi Tax Cuts And Jobs Act Of2017 Accounting Complete
TaxCutsAndJobsActOf2017AccountingComplete
false
bbsi Civil Penalties Payable
CivilPenaltiesPayable
1500000

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0001564590-18-027999.txt Edgar Link pending
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bbsi-10q_20180930.htm Edgar Link pending
bbsi-20180930.xml Edgar Link completed
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