$BBSI
BARRETT BUSINESS SERVICES INC

2020 Q1 Form 10-Q Financial Statement

#000156459020021908 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $219.1M $218.2M
YoY Change 0.41% -2.57%
Cost Of Revenue $193.1M $189.9M
YoY Change 1.68% -8.59%
Gross Profit $26.05M $28.35M
YoY Change -8.1% 74.31%
Gross Profit Margin 11.89% 12.99%
Selling, General & Admin $32.12M $33.16M
YoY Change -3.15% 12.68%
% of Gross Profit 123.28% 116.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000M $1.000M
YoY Change 0.0% 0.0%
% of Gross Profit 3.84% 3.53%
Operating Expenses $32.12M $33.16M
YoY Change -3.15% 12.68%
Operating Profit -$6.064M -$5.782M
YoY Change 4.88% -59.2%
Interest Expense $2.700M $477.0K
YoY Change 466.04% 1035.71%
% of Operating Profit
Other Income/Expense, Net $2.733M $2.607M
YoY Change 4.83% 30.81%
Pretax Income -$4.331M -$3.175M
YoY Change 36.41% -73.93%
Income Tax -$924.0K -$875.0K
% Of Pretax Income
Net Earnings -$3.407M -$2.300M
YoY Change 48.13% -74.79%
Net Earnings / Revenue -1.55% -1.05%
Basic Earnings Per Share -$0.45 -$0.31
Diluted Earnings Per Share -$0.45 -$0.31
COMMON SHARES
Basic Shares Outstanding 7.521M 7.407M
Diluted Shares Outstanding 7.521M 7.407M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $336.1M $38.79M
YoY Change 766.36% -90.91%
Cash & Equivalents $14.27M $38.22M
Short-Term Investments $321.8M $569.0K
Other Short-Term Assets $136.6M $143.7M
YoY Change -4.94% 26.16%
Inventory
Prepaid Expenses
Receivables $165.8M $154.2M
Other Receivables $2.400M $0.00
Total Short-Term Assets $398.4M $336.7M
YoY Change 18.32% 16.02%
LONG-TERM ASSETS
Property, Plant & Equipment $59.90M $50.60M
YoY Change 18.38% 101.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M
YoY Change -6.25%
Other Assets $353.4M $381.3M
YoY Change -7.32% 17.18%
Total Long-Term Assets $461.2M $481.2M
YoY Change -4.16% 20.33%
TOTAL ASSETS
Total Short-Term Assets $398.4M $336.7M
Total Long-Term Assets $461.2M $481.2M
Total Assets $859.6M $817.9M
YoY Change 5.1% 18.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.300M $5.400M
YoY Change -20.37% 38.46%
Accrued Expenses $312.5M $323.8M
YoY Change -3.49% 8.4%
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% 0.0%
Total Short-Term Liabilities $343.4M $359.9M
YoY Change -4.59% 9.0%
LONG-TERM LIABILITIES
Long-Term Debt $3.700M $3.896M
YoY Change -5.03% -4.98%
Other Long-Term Liabilities $351.2M $334.2M
YoY Change 5.09% 19.19%
Total Long-Term Liabilities $354.9M $3.896M
YoY Change 9009.34% -98.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $343.4M $359.9M
Total Long-Term Liabilities $354.9M $3.896M
Total Liabilities $698.3M $698.0M
YoY Change 0.04% 13.56%
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 $161.3M $119.9M
YoY Change
Total Liabilities & Shareholders Equity $859.6M $817.9M
YoY Change 5.1% 18.52%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$3.407M -$2.300M
YoY Change 48.13% -74.79%
Depreciation, Depletion And Amortization $1.000M $1.000M
YoY Change 0.0% 0.0%
Cash From Operating Activities $1.041M $30.77M
YoY Change -96.62% -1519.37%
INVESTING ACTIVITIES
Capital Expenditures -$3.400M $1.798M
YoY Change -289.1% 54.6%
Acquisitions
YoY Change
Other Investing Activities $10.70M $28.80M
YoY Change -62.85% -147.84%
Cash From Investing Activities $7.218M $27.05M
YoY Change -73.31% -144.09%
FINANCING ACTIVITIES
Cash Dividend Paid $2.262M $1.852M
YoY Change 22.14% 1.42%
Common Stock Issuance & Retirement, Net $2.987M
YoY Change
Debt Paid & Issued, Net $55.00K $55.00K
YoY Change 0.0% 0.0%
Cash From Financing Activities -4.778M -1.963M
YoY Change 143.4% 3.1%
NET CHANGE
Cash From Operating Activities 1.041M 30.77M
Cash From Investing Activities 7.218M 27.05M
Cash From Financing Activities -4.778M -1.963M
Net Change In Cash 3.481M 55.85M
YoY Change -93.77% -185.38%
FREE CASH FLOW
Cash From Operating Activities $1.041M $30.77M
Capital Expenditures -$3.400M $1.798M
Free Cash Flow $4.441M $28.97M
YoY Change -84.67% -969.83%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2019Q4 us-gaap Assets
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CY2019Q4 us-gaap Workers Compensation Liability Current
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CY2020Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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CY2019Q1 us-gaap Nonoperating Income Expense
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CY2020Q1 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top: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, equipment and software, accrued workers&#8217; compensation liabilities and safety incentive liabilities.&nbsp;&nbsp;Actual results may or may not differ from such estimates.</p>
CY2020Q1 bbsi Revenue Recognition Peo Service Contract Minimum Term
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P1Y
CY2020Q1 bbsi Period For Cancellation Or Termination Of Peo Service Contract
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CY2020Q1 bbsi Number Of Wholly Owned Insurance Companies
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CY2020Q1 bbsi Cash And Cash Equivalents Maximum Maturity Period
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CY2020Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
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276822000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
273341000
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
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
187745
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
250050
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
321692000
CY2020Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
115000
CY2020Q1 us-gaap Marketable Securities
MarketableSecurities
321807000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
361468000
CY2019Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
3896000
CY2019Q4 us-gaap Marketable Securities
MarketableSecurities
365364000
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
226400000
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
197000000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
295393000
CY2019Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
438986000
CY2018Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
413397000
CY2020Q1 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
38492000
CY2019Q1 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
40385000
CY2020Q1 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-813000
CY2019Q1 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-1700000
CY2020Q1 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
29677000
CY2019Q1 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
27716000
CY2020Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
31227000
CY2019Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
29175000
CY2020Q1 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.63
CY2019Q1 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.63
CY2020Q1 bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
5000000
CY2020Q1 bbsi Surety Bonds
SuretyBonds
15000000
CY2020Q1 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
76100000
CY2019Q4 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
76100000
CY2020Q1 bbsi Standby Letters Of Credit And Surety Bond
StandbyLettersOfCreditAndSuretyBond
76100000
CY2020Q1 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
3200000

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