$BBSI
BARRETT BUSINESS SERVICES INC

2021 Q1 Form 10-Q Financial Statement

#000156459021024200 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $218.4M $219.1M
YoY Change -0.32% 0.41%
Cost Of Revenue $187.6M $193.1M
YoY Change -2.83% 1.68%
Gross Profit $30.87M $26.05M
YoY Change 18.48% -8.1%
Gross Profit Margin 14.13% 11.89%
Selling, General & Admin $37.10M $32.12M
YoY Change 15.52% -3.15%
% of Gross Profit 120.2% 123.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $1.000M
YoY Change 30.0% 0.0%
% of Gross Profit 4.21% 3.84%
Operating Expenses $38.40M $32.12M
YoY Change 19.57% -3.15%
Operating Profit -$7.535M -$6.064M
YoY Change 24.26% 4.88%
Interest Expense $1.500M $2.700M
YoY Change -44.44% 466.04%
% of Operating Profit
Other Income/Expense, Net $0.00 $2.733M
YoY Change -100.0% 4.83%
Pretax Income -$6.100M -$4.331M
YoY Change 40.85% 36.41%
Income Tax -$1.500M -$924.0K
% Of Pretax Income
Net Earnings -$4.554M -$3.407M
YoY Change 33.67% 48.13%
Net Earnings / Revenue -2.09% -1.55%
Basic Earnings Per Share -$0.60 -$0.45
Diluted Earnings Per Share -$0.60 -$0.45
COMMON SHARES
Basic Shares Outstanding 7.576M 7.521M
Diluted Shares Outstanding 7.576M 7.521M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $474.2M $336.1M
YoY Change 41.09% 766.36%
Cash & Equivalents $28.55M $14.27M
Short-Term Investments $445.6M $321.8M
Other Short-Term Assets $113.8M $136.6M
YoY Change -16.69% -4.94%
Inventory
Prepaid Expenses
Receivables $207.4M $165.8M
Other Receivables $8.200M $2.400M
Total Short-Term Assets $472.1M $398.4M
YoY Change 18.5% 18.32%
LONG-TERM ASSETS
Property, Plant & Equipment $58.90M $59.90M
YoY Change -1.67% 18.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $263.8M $353.4M
YoY Change -25.35% -7.32%
Total Long-Term Assets $370.6M $461.2M
YoY Change -19.64% -4.16%
TOTAL ASSETS
Total Short-Term Assets $472.1M $398.4M
Total Long-Term Assets $370.6M $461.2M
Total Assets $842.7M $859.6M
YoY Change -1.97% 5.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.600M $4.300M
YoY Change 30.23% -20.37%
Accrued Expenses $352.7M $312.5M
YoY Change 12.86% -3.49%
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 $369.8M $343.4M
YoY Change 7.69% -4.59%
LONG-TERM LIABILITIES
Long-Term Debt $3.500M $3.700M
YoY Change -5.41% -5.03%
Other Long-Term Liabilities $282.4M $351.2M
YoY Change -19.59% 5.09%
Total Long-Term Liabilities $285.9M $354.9M
YoY Change -19.44% 9009.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $369.8M $343.4M
Total Long-Term Liabilities $285.9M $354.9M
Total Liabilities $658.2M $698.3M
YoY Change -5.74% 0.04%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $184.5M $161.3M
YoY Change
Total Liabilities & Shareholders Equity $842.7M $859.6M
YoY Change -1.97% 5.1%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$4.554M -$3.407M
YoY Change 33.67% 48.13%
Depreciation, Depletion And Amortization $1.300M $1.000M
YoY Change 30.0% 0.0%
Cash From Operating Activities -$7.884M $1.041M
YoY Change -857.35% -96.62%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$3.400M
YoY Change -47.06% -289.1%
Acquisitions
YoY Change
Other Investing Activities -$122.6M $10.70M
YoY Change -1245.79% -62.85%
Cash From Investing Activities -$124.3M $7.218M
YoY Change -1822.72% -73.31%
FINANCING ACTIVITIES
Cash Dividend Paid $2.278M $2.262M
YoY Change 0.71% 22.14%
Common Stock Issuance & Retirement, Net $3.436M $2.987M
YoY Change 15.03%
Debt Paid & Issued, Net $55.00K $55.00K
YoY Change 0.0% 0.0%
Cash From Financing Activities -5.061M -4.778M
YoY Change 5.92% 143.4%
NET CHANGE
Cash From Operating Activities -7.884M 1.041M
Cash From Investing Activities -124.3M 7.218M
Cash From Financing Activities -5.061M -4.778M
Net Change In Cash -137.3M 3.481M
YoY Change -4044.01% -93.77%
FREE CASH FLOW
Cash From Operating Activities -$7.884M $1.041M
Capital Expenditures -$1.800M -$3.400M
Free Cash Flow -$6.084M $4.441M
YoY Change -237.0% -84.67%

Facts In Submission

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CY2021Q1 bbsi Period For Cancellation Or Termination Of Peo Service Contract
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CY2021Q1 bbsi Payment Term For Staffing Customers
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CY2021Q1 bbsi Number Of Wholly Owned Insurance Companies
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CY2021Q1 bbsi Cash And Cash Equivalents Maximum Maturity Period
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q1 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>
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212297000
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282497000
CY2021Q1 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
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0.59
CY2020Q1 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.63
CY2021Q1 bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
3000000.0
bbsi Workers Compensation Claims Maximum Coverage Per Occurrence
WorkersCompensationClaimsMaximumCoveragePerOccurrence
5000000.0
CY2021Q1 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
295400000
CY2020Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
290700000
CY2021Q1 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
65200000
CY2020Q4 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
60100000
CY2021Q1 bbsi Standby Letters Of Credit And Surety Bond
StandbyLettersOfCreditAndSuretyBond
65200000
CY2020Q2 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
115700000
CY2021Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
362700000
CY2020Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
357700000
CY2021Q1 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
2500000
CY2020 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
2900000

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