$BBSI
BARRETT BUSINESS SERVICES INC

2020 Q3 Form 10-Q Financial Statement

#000156459020050586 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $227.5M $248.0M $231.0M
YoY Change -8.25% 0.27% -0.27%
Cost Of Revenue $168.3M $177.2M $175.9M
YoY Change -5.03% -5.55% -3.96%
Gross Profit $59.23M $70.76M $55.12M
YoY Change -16.29% 18.56% 13.69%
Gross Profit Margin 26.04% 28.54% 23.86%
Selling, General & Admin $35.60M $41.40M $39.01M
YoY Change -14.01% 12.81% 9.56%
% of Gross Profit 60.1% 58.5% 70.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $1.000M $900.0K
YoY Change 30.0% 11.11% -30.77%
% of Gross Profit 2.19% 1.41% 1.63%
Operating Expenses $36.90M $42.30M $39.01M
YoY Change -12.77% 12.5% 5.7%
Operating Profit $22.33M $28.46M $15.14M
YoY Change -21.54% 28.88% 30.78%
Interest Expense $1.300M $2.500M $481.0K
YoY Change -48.0% 38.89% 607.35%
% of Operating Profit 5.82% 8.78% 3.18%
Other Income/Expense, Net $0.00 $0.00 $2.851M
YoY Change 34.42%
Pretax Income $23.60M $30.90M $18.00M
YoY Change -23.62% 29.83% 31.23%
Income Tax $5.100M $6.000M $4.088M
% Of Pretax Income 21.61% 19.42% 22.72%
Net Earnings $18.51M $24.97M $13.91M
YoY Change -25.87% 30.83% 23.73%
Net Earnings / Revenue 8.14% 10.07% 6.02%
Basic Earnings Per Share $2.42 $3.34 $1.88
Diluted Earnings Per Share $2.40 $3.24 $1.81
COMMON SHARES
Basic Shares Outstanding 7.639M 7.483M 7.410M
Diluted Shares Outstanding 7.709M 7.692M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $431.8M $389.2M $101.0M
YoY Change 10.95% -5.65% -76.97%
Cash & Equivalents $61.19M $35.45M $23.69M
Short-Term Investments $370.6M $353.8M $77.27M
Other Short-Term Assets $104.5M $123.7M $124.0M
YoY Change -15.52% -0.88% 5.08%
Inventory
Prepaid Expenses
Receivables $212.4M $187.5M $163.2M
Other Receivables $1.700M $0.00 $0.00
Total Short-Term Assets $466.5M $448.3M $388.2M
YoY Change 4.06% 38.88% 26.36%
LONG-TERM ASSETS
Property, Plant & Equipment $58.90M $53.40M $28.00M
YoY Change 10.3% 100.0% 7.28%
Goodwill $47.82M
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $250.1M $320.7M $3.329M
YoY Change -22.01% -6.88% -98.98%
Total Long-Term Assets $356.8M $421.9M $446.0M
YoY Change -15.43% 0.33% 11.14%
TOTAL ASSETS
Total Short-Term Assets $466.5M $448.3M $388.2M
Total Long-Term Assets $356.8M $421.9M $446.0M
Total Assets $823.3M $870.2M $834.2M
YoY Change -5.39% 17.07% 17.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.400M $5.432M $4.824M
YoY Change 17.82% 20.71% 20.6%
Accrued Expenses $316.0M $331.0M $312.5M
YoY Change -4.53% 7.78% 4.97%
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 $346.0M $367.8M $347.6M
YoY Change -5.93% 7.29% 5.36%
LONG-TERM LIABILITIES
Long-Term Debt $3.600M $3.800M $3.840M
YoY Change -5.26% -5.14% -6.34%
Other Long-Term Liabilities $273.5M $338.4M $345.3M
YoY Change -19.18% 14.09% 19.23%
Total Long-Term Liabilities $277.1M $342.2M $3.840M
YoY Change -19.02% 8442.19% -98.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $346.0M $367.8M $347.6M
Total Long-Term Liabilities $277.1M $342.2M $3.840M
Total Liabilities $626.0M $710.0M $696.7M
YoY Change -11.83% 10.35% 11.73%
SHAREHOLDERS EQUITY
Retained Earnings $116.5M
YoY Change
Common Stock $19.34M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $197.3M $160.2M $137.5M
YoY Change
Total Liabilities & Shareholders Equity $823.3M $870.2M $834.2M
YoY Change -5.39% 17.07% 17.74%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $18.51M $24.97M $13.91M
YoY Change -25.87% 30.83% 23.73%
Depreciation, Depletion And Amortization $1.300M $1.000M $900.0K
YoY Change 30.0% 11.11% -30.77%
Cash From Operating Activities $35.50M $18.60M $8.100M
YoY Change 90.86% -38.82% -56.68%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$2.600M -$3.300M
YoY Change -53.85% 188.89% 43.48%
Acquisitions
YoY Change
Other Investing Activities $1.400M $7.000M $17.90M
YoY Change -80.0% -67.44% -270.48%
Cash From Investing Activities $200.0K $4.600M $14.50M
YoY Change -95.65% -77.56% -212.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $17.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.000M -5.000M -1.800M
YoY Change -40.0% 11.11% -5.26%
NET CHANGE
Cash From Operating Activities 35.50M 18.60M 8.100M
Cash From Investing Activities 200.0K 4.600M 14.50M
Cash From Financing Activities -3.000M -5.000M -1.800M
Net Change In Cash 32.70M 18.20M 20.80M
YoY Change 79.67% -60.78% 433.33%
FREE CASH FLOW
Cash From Operating Activities $35.50M $18.60M $8.100M
Capital Expenditures -$1.200M -$2.600M -$3.300M
Free Cash Flow $36.70M $21.20M $11.40M
YoY Change 73.11% -32.27% -45.71%

Facts In Submission

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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.  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>
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bbsi Workers Compensation Expense Accrual Claims For Current Period
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CY2019Q3 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-5593000
bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-5163000
bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-10245000
CY2020Q3 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
32161000
CY2019Q3 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
31811000
bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
101196000
bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
108689000
CY2020Q3 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
7046000
CY2019Q3 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
8609000
bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
13123000
bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
1459000
bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
-208000
bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
14213000
CY2020Q3 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
15640000
CY2019Q3 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
23815000
bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
181170000
bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
77619000
CY2020Q3 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
22686000
CY2019Q3 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
32424000
bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
194293000
bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
91832000
CY2020Q3 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
1369000
CY2019Q3 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
-77000
CY2020Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
347348000
CY2019Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
430046000
CY2020Q3 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
203595000
CY2019Q3 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
274344000
bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
203595000
bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
274344000
CY2020Q3 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.59
CY2019Q3 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.64
bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.59
bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.64
bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
3000000.0
CY2020Q3 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
277400000
CY2019Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
393500000
CY2020Q3 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
59700000
CY2019Q4 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
76100000
CY2020Q3 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
700000
CY2020Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
347300000
CY2019Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
439000000.0
bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
4800000
CY2019 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
3300000

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