$BBSI
BARRETT BUSINESS SERVICES INC

2019 Q1 Form 10-Q Financial Statement

#000156459019016378 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $218.2M $224.0M
YoY Change -2.57% 6.66%
Cost Of Revenue $189.9M $207.7M
YoY Change -8.59% 4.09%
Gross Profit $28.35M $16.26M
YoY Change 74.31% 55.62%
Gross Profit Margin 12.99% 7.26%
Selling, General & Admin $33.16M $29.43M
YoY Change 12.68% 10.59%
% of Gross Profit 116.98% 180.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000M $1.000M
YoY Change 0.0% 11.11%
% of Gross Profit 3.53% 6.15%
Operating Expenses $33.16M $29.43M
YoY Change 12.68% 10.59%
Operating Profit -$5.782M -$14.17M
YoY Change -59.2% -17.14%
Interest Expense $477.0K $42.00K
YoY Change 1035.71% -49.4%
% of Operating Profit
Other Income/Expense, Net $2.607M $1.993M
YoY Change 30.81% 2557.33%
Pretax Income -$3.175M -$12.18M
YoY Change -73.93% -28.48%
Income Tax -$875.0K -$3.054M
% Of Pretax Income
Net Earnings -$2.300M -$9.123M
YoY Change -74.79% -18.74%
Net Earnings / Revenue -1.05% -4.07%
Basic Earnings Per Share -$0.31 -$1.25
Diluted Earnings Per Share -$0.31 -$1.25
COMMON SHARES
Basic Shares Outstanding 7.407M 7.304M
Diluted Shares Outstanding 7.407M 7.304M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.79M $426.9M
YoY Change -90.91% -24.62%
Cash & Equivalents $38.22M $24.00M
Short-Term Investments $569.0K $402.9M
Other Short-Term Assets $143.7M $113.9M
YoY Change 26.16% 96.72%
Inventory
Prepaid Expenses
Receivables $154.2M $147.1M
Other Receivables $0.00 $4.700M
Total Short-Term Assets $336.7M $290.2M
YoY Change 16.02% 32.09%
LONG-TERM ASSETS
Property, Plant & Equipment $50.60M $25.10M
YoY Change 101.59% -5.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M $1.600M
YoY Change -6.25% 433.33%
Other Assets $381.3M $325.4M
YoY Change 17.18% 7.39%
Total Long-Term Assets $481.2M $399.9M
YoY Change 20.33% 5.88%
TOTAL ASSETS
Total Short-Term Assets $336.7M $290.2M
Total Long-Term Assets $481.2M $399.9M
Total Assets $817.9M $690.1M
YoY Change 18.52% 15.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.400M $3.900M
YoY Change 38.46% 11.43%
Accrued Expenses $323.8M $298.7M
YoY Change 8.4% 12.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K
YoY Change 0.0% -95.65%
Total Short-Term Liabilities $359.9M $330.2M
YoY Change 9.0% 10.88%
LONG-TERM LIABILITIES
Long-Term Debt $3.896M $4.100M
YoY Change -4.98%
Other Long-Term Liabilities $334.2M $280.4M
YoY Change 19.19% 15.82%
Total Long-Term Liabilities $3.896M $284.5M
YoY Change -98.63% 17.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $359.9M $330.2M
Total Long-Term Liabilities $3.896M $284.5M
Total Liabilities $698.0M $614.7M
YoY Change 13.56% 13.86%
SHAREHOLDERS EQUITY
Retained Earnings $104.4M
YoY Change
Common Stock $16.84M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $119.9M $75.44M
YoY Change
Total Liabilities & Shareholders Equity $817.9M $690.1M
YoY Change 18.52% 15.51%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$2.300M -$9.123M
YoY Change -74.79% -18.74%
Depreciation, Depletion And Amortization $1.000M $1.000M
YoY Change 0.0% 11.11%
Cash From Operating Activities $30.77M -$2.168M
YoY Change -1519.37% 140.89%
INVESTING ACTIVITIES
Capital Expenditures $1.798M $1.163M
YoY Change 54.6% 28.94%
Acquisitions
YoY Change
Other Investing Activities $28.80M -$60.20M
YoY Change -147.84% -34.92%
Cash From Investing Activities $27.05M -$61.35M
YoY Change -144.09% -34.32%
FINANCING ACTIVITIES
Cash Dividend Paid $1.852M $1.826M
YoY Change 1.42% 0.72%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $55.00K $55.00K
YoY Change 0.0% -1.79%
Cash From Financing Activities -1.963M -1.904M
YoY Change 3.1% 5.78%
NET CHANGE
Cash From Operating Activities 30.77M -2.168M
Cash From Investing Activities 27.05M -61.35M
Cash From Financing Activities -1.963M -1.904M
Net Change In Cash 55.85M -65.42M
YoY Change -185.38% -31.93%
FREE CASH FLOW
Cash From Operating Activities $30.77M -$2.168M
Capital Expenditures $1.798M $1.163M
Free Cash Flow $28.97M -$3.331M
YoY Change -969.83% 84.85%

Facts In Submission

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CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
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<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>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 customer incentive liabilities.&nbsp;&nbsp;Actual results may or may not differ from such estimates.</p>
CY2019Q1 bbsi Revenue Recognition Peo Service Contract Minimum Term
RevenueRecognitionPeoServiceContractMinimumTerm
P1Y
CY2019Q1 bbsi Period For Cancellation Or Termination Of Peo Service Contract
PeriodForCancellationOrTerminationOfPeoServiceContract
P30D
CY2019Q1 bbsi Payment Term For Staffing Customers
PaymentTermForStaffingCustomers
P30D
CY2019Q1 bbsi Number Of Wholly Owned Insurance Companies
NumberOfWhollyOwnedInsuranceCompanies
2
CY2019Q1 bbsi Cash And Cash Equivalents Maximum Maturity Period
CashAndCashEquivalentsMaximumMaturityPeriod
P3M
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
558000
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
533000
CY2019Q1 bbsi Estimate Of Liability For Unpaid Safety Incentives
EstimateOfLiabilityForUnpaidSafetyIncentives
26900000
CY2018Q4 bbsi Estimate Of Liability For Unpaid Safety Incentives
EstimateOfLiabilityForUnpaidSafetyIncentives
29200000
CY2019Q1 bbsi Customer Incentive Liability
CustomerIncentiveLiability
9500000
CY2018Q4 bbsi Customer Incentive Liability
CustomerIncentiveLiability
9800000
CY2019Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24000000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
59835000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
158333000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
105331000
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
30788000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
60370000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
196556000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
140702000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54788000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120205000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
250050
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
336488
CY2019Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
367784000
CY2019Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
-1951000
CY2019Q1 us-gaap Marketable Securities
MarketableSecurities
365833000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
372953000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
-7005000
CY2018Q4 us-gaap Marketable Securities
MarketableSecurities
365948000
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
134200000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
53727000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
174407000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
53158000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
281292000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
24389000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
196990000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
55605000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
276984000
CY2019Q1 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-1700000
CY2018Q1 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-6000
CY2019Q1 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
38685000
CY2018Q1 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
39046000
CY2019Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
29175000
CY2018Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
23668000
CY2019Q1 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
-35000
CY2018Q1 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
-21000
CY2019Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
422872000
CY2018Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
378874000
CY2019Q1 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
268291000
CY2018Q1 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
217492000
CY2019Q1 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.63
CY2018Q1 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.57
CY2019Q1 bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
5000000
CY2018Q3 bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
5000000
CY2018Q3 bbsi Surety Bonds
SuretyBonds
30000000
CY2018Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
451000000
CY2019Q1 bbsi Specified Investment Balances
SpecifiedInvestmentBalances
85200000
CY2018Q4 bbsi Specified Investment Balances
SpecifiedInvestmentBalances
85200000
CY2019Q1 bbsi Standby Letters Of Credit And Surety Bond
StandbyLettersOfCreditAndSuretyBond
85200000
CY2018 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
3200000
CY2019Q1 us-gaap Operating Lease Residual Value Of Leased Asset
OperatingLeaseResidualValueOfLeasedAsset
3700000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1956000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
107000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
59000
CY2019Q1 us-gaap Lease Cost
LeaseCost
2122000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1731000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
26695000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25800000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5564000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6670000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6157000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4627000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3158000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1715000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
27891000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2570000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
25321000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
7135000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6198000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5673000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4125000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2642000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1474000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
27247000

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