$BBSI
BARRETT BUSINESS SERVICES INC

2020 Q2 Form 10-Q Financial Statement

#000156459020036847 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $201.0M $231.0M
YoY Change -12.97% -0.27%
Cost Of Revenue $154.4M $175.9M
YoY Change -12.21% -3.96%
Gross Profit $46.64M $55.12M
YoY Change -15.38% 13.69%
Gross Profit Margin 23.2% 23.86%
Selling, General & Admin $33.30M $39.01M
YoY Change -14.63% 9.56%
% of Gross Profit 71.39% 70.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $900.0K
YoY Change 33.33% -30.77%
% of Gross Profit 2.57% 1.63%
Operating Expenses $34.40M $39.01M
YoY Change -11.81% 5.7%
Operating Profit $12.24M $15.14M
YoY Change -19.16% 30.78%
Interest Expense $1.500M $481.0K
YoY Change 211.85% 607.35%
% of Operating Profit 12.25% 3.18%
Other Income/Expense, Net $200.0K $2.851M
YoY Change -92.98% 34.42%
Pretax Income $13.90M $18.00M
YoY Change -22.76% 31.23%
Income Tax $2.400M $4.088M
% Of Pretax Income 17.27% 22.72%
Net Earnings $11.51M $13.91M
YoY Change -17.24% 23.73%
Net Earnings / Revenue 5.73% 6.02%
Basic Earnings Per Share $1.52 $1.88
Diluted Earnings Per Share $1.51 $1.81
COMMON SHARES
Basic Shares Outstanding 7.557M 7.410M
Diluted Shares Outstanding 7.647M 7.692M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $458.3M $101.0M
YoY Change 353.92% -76.97%
Cash & Equivalents $62.21M $23.69M
Short-Term Investments $396.1M $77.27M
Other Short-Term Assets $100.0M $124.0M
YoY Change -19.35% 5.08%
Inventory
Prepaid Expenses
Receivables $188.4M $163.2M
Other Receivables $3.500M $0.00
Total Short-Term Assets $421.5M $388.2M
YoY Change 8.59% 26.36%
LONG-TERM ASSETS
Property, Plant & Equipment $60.30M $28.00M
YoY Change 115.36% 7.28%
Goodwill $47.82M $47.82M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $3.707M $3.329M
YoY Change 11.35% -98.98%
Total Long-Term Assets $350.8M $446.0M
YoY Change -21.34% 11.14%
TOTAL ASSETS
Total Short-Term Assets $421.5M $388.2M
Total Long-Term Assets $350.8M $446.0M
Total Assets $772.3M $834.2M
YoY Change -7.42% 17.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.951M $4.824M
YoY Change 2.63% 20.6%
Accrued Expenses $285.1M $312.5M
YoY Change -8.77% 4.97%
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 $316.0M $347.6M
YoY Change -9.08% 5.36%
LONG-TERM LIABILITIES
Long-Term Debt $3.620M $3.840M
YoY Change -5.73% -6.34%
Other Long-Term Liabilities $270.1M $345.3M
YoY Change -21.78% 19.23%
Total Long-Term Liabilities $3.620M $3.840M
YoY Change -5.73% -98.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $316.0M $347.6M
Total Long-Term Liabilities $3.620M $3.840M
Total Liabilities $592.5M $696.7M
YoY Change -14.97% 11.73%
SHAREHOLDERS EQUITY
Retained Earnings $149.4M $116.5M
YoY Change 28.27%
Common Stock $23.50M $19.34M
YoY Change 21.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $179.9M $137.5M
YoY Change
Total Liabilities & Shareholders Equity $772.3M $834.2M
YoY Change -7.42% 17.74%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $11.51M $13.91M
YoY Change -17.24% 23.73%
Depreciation, Depletion And Amortization $1.200M $900.0K
YoY Change 33.33% -30.77%
Cash From Operating Activities -$115.4M $8.100M
YoY Change -1524.69% -56.68%
INVESTING ACTIVITIES
Capital Expenditures -$2.300M -$3.300M
YoY Change -30.3% 43.48%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $17.90M
YoY Change -116.76% -270.48%
Cash From Investing Activities -$5.200M $14.50M
YoY Change -135.86% -212.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -600.0K -1.800M
YoY Change -66.67% -5.26%
NET CHANGE
Cash From Operating Activities -115.4M 8.100M
Cash From Investing Activities -5.200M 14.50M
Cash From Financing Activities -600.0K -1.800M
Net Change In Cash -121.2M 20.80M
YoY Change -682.69% 433.33%
FREE CASH FLOW
Cash From Operating Activities -$115.4M $8.100M
Capital Expenditures -$2.300M -$3.300M
Free Cash Flow -$113.1M $11.40M
YoY Change -1092.11% -45.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
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CY2019Q2 us-gaap Selling General And Administrative Expense
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CY2020Q2 us-gaap Accounts Payable Current
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CY2020Q2 us-gaap Assets
Assets
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CY2020Q2 us-gaap Liabilities
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CY2020Q2 us-gaap Operating Lease Right Of Use Asset
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Cost Of Goods And Services Sold
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us-gaap Income Tax Expense Benefit
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us-gaap Comprehensive Income Net Of Tax
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bbsi Increase Decrease In Safety Incentive Liability
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bbsi Increase Decrease In Safety Incentive Liability
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bbsi Increase Decrease In Operating Lease Liabilities
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bbsi Increase Decrease In Operating Lease Liabilities
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us-gaap Payments To Acquire Marketable Securities
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9622000
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29570000
us-gaap Payments To Acquire Restricted Investments
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3245000
bbsi Proceeds From Sales And Maturities Of Restricted Investments
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bbsi Proceeds From Sales And Maturities Of Restricted Investments
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us-gaap Net Cash Provided By Used In Investing Activities
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1983000
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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RepaymentsOfLongTermDebt
110000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
111000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2987000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
488000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
178000
us-gaap Payments Of Dividends
PaymentsOfDividends
4534000
us-gaap Payments Of Dividends
PaymentsOfDividends
3705000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2714000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
178000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5405000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3816000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-117811000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
76587000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
273341000
bbsi Payment Term For Staffing Customers
PaymentTermForStaffingCustomers
P30D
CY2020Q2 bbsi Number Of Wholly Owned Insurance Companies
NumberOfWhollyOwnedInsuranceCompanies
2
bbsi Cash And Cash Equivalents Maximum Maturity Period
CashAndCashEquivalentsMaximumMaturityPeriod
P3M
CY2020Q2 us-gaap Marketable Securities
MarketableSecurities
396089000
CY2020Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2020Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
821000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
888000
CY2020Q2 bbsi Estimate Of Liability For Unpaid Safety Incentives
EstimateOfLiabilityForUnpaidSafetyIncentives
25800000
CY2019Q4 bbsi Estimate Of Liability For Unpaid Safety Incentives
EstimateOfLiabilityForUnpaidSafetyIncentives
28000000.0
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
62210000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
44570000
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23693000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35371000
CY2020Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
93320000
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
228771000
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
193596000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155530000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
273341000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7557000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7410000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7539000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7408000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
90000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
282000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
139000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7647000
CY2019Q4 us-gaap Marketable Securities
MarketableSecurities
365364000
CY2020Q2 us-gaap Restricted Cash
RestrictedCash
51300000
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
197000000.0
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7692000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7678000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7674000
us-gaap Use Of Estimates
UseOfEstimates
<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.  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 investments, allowance for doubtful accounts, deferred income taxes, carrying values for goodwill and property, equipment and software, accrued workers’ compensation liabilities and safety incentive liabilities.  Actual results may or may not differ from such estimates.</p>
CY2020Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
386467000
CY2019Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
3896000
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
165509000
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
79848000
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
51278000
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
35947000
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
332582000
CY2020Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
445310000
CY2019Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
422872000
CY2019Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
438986000
CY2020Q2 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
32729000
CY2019Q2 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
41145000
bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
71221000
CY2020Q2 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-1373000
CY2019Q2 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-2952000
bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-2186000
CY2020Q2 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
31356000
CY2019Q2 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
38193000
bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
69035000
CY2020Q2 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
4527000
CY2019Q2 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
4145000
bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
6077000
CY2020Q2 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
135853000
CY2019Q2 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
26088000
bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
165530000
CY2020Q2 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
140380000
CY2019Q2 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
30233000
bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
171607000
CY2020Q2 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
218000
CY2019Q2 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
-96000
bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
90000
CY2020Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
336504000
CY2019Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
430736000
CY2020Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
336504000
CY2020Q2 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
206521000
CY2019Q2 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
273114000
bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
206521000
CY2020Q2 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.61
CY2019Q2 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.63
bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.61
bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
5000000.0
bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
5000000.0
CY2020Q2 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
264600000
CY2019Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
393500000
CY2019Q4 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
59700000
CY2020Q2 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
59700000
CY2020Q2 bbsi Standby Letters Of Credit And Surety Bond
StandbyLettersOfCreditAndSuretyBond
59700000
CY2020Q2 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
115700000
CY2020Q2 us-gaap Insurance Settlements Receivable
InsuranceSettlementsReceivable
2200000
CY2020Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
336500000
CY2019Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
439000000.0
bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
3400000
CY2019 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
3300000

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