$BBSI
BARRETT BUSINESS SERVICES INC

2021 Q3 Form 10-Q Financial Statement

#000156459021054054 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $247.0M $227.5M $201.0M
YoY Change 8.54% -8.25% -12.97%
Cost Of Revenue $186.7M $168.3M $154.4M
YoY Change 10.96% -5.03% -12.21%
Gross Profit $60.24M $59.23M $46.64M
YoY Change 1.69% -16.29% -15.38%
Gross Profit Margin 24.39% 26.04% 23.2%
Selling, General & Admin $41.17M $35.60M $33.30M
YoY Change 15.65% -14.01% -14.63%
% of Gross Profit 68.35% 60.1% 71.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.342M $1.300M $1.200M
YoY Change 3.23% 30.0% 33.33%
% of Gross Profit 2.23% 2.19% 2.57%
Operating Expenses $42.51M $36.90M $34.40M
YoY Change 15.21% -12.77% -11.81%
Operating Profit $17.72M $22.33M $12.24M
YoY Change -20.65% -21.54% -19.16%
Interest Expense $1.779M $1.300M $1.500M
YoY Change 36.85% -48.0% 211.85%
% of Operating Profit 10.04% 5.82% 12.25%
Other Income/Expense, Net $0.00 $0.00 $200.0K
YoY Change -92.98%
Pretax Income $19.50M $23.60M $13.90M
YoY Change -17.36% -23.62% -22.76%
Income Tax $4.573M $5.100M $2.400M
% Of Pretax Income 23.45% 21.61% 17.27%
Net Earnings $14.93M $18.51M $11.51M
YoY Change -19.35% -25.87% -17.24%
Net Earnings / Revenue 6.05% 8.14% 5.73%
Basic Earnings Per Share $1.98 $2.42 $1.52
Diluted Earnings Per Share $1.963M $2.40 $1.51
COMMON SHARES
Basic Shares Outstanding 7.545M 7.639M 7.557M
Diluted Shares Outstanding 7.607M 7.709M 7.647M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $436.3M $431.8M $458.3M
YoY Change 1.05% 10.95% 353.92%
Cash & Equivalents $12.86M $61.19M $62.21M
Short-Term Investments $423.5M $370.6M $396.1M
Other Short-Term Assets $105.7M $104.5M $100.0M
YoY Change 1.14% -15.52% -19.35%
Inventory
Prepaid Expenses
Receivables $240.3M $212.4M $188.4M
Other Receivables $1.732M $1.700M $3.500M
Total Short-Term Assets $463.3M $466.5M $421.5M
YoY Change -0.69% 4.06% 8.59%
LONG-TERM ASSETS
Property, Plant & Equipment $58.02M $58.90M $60.30M
YoY Change -1.49% 10.3% 115.36%
Goodwill $47.82M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $239.8M $250.1M $3.707M
YoY Change -4.1% -22.01% 11.35%
Total Long-Term Assets $345.7M $356.8M $350.8M
YoY Change -3.12% -15.43% -21.34%
TOTAL ASSETS
Total Short-Term Assets $463.3M $466.5M $421.5M
Total Long-Term Assets $345.7M $356.8M $350.8M
Total Assets $809.0M $823.3M $772.3M
YoY Change -1.74% -5.39% -7.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.483M $6.400M $4.951M
YoY Change -29.95% 17.82% 2.63%
Accrued Expenses $343.6M $316.0M $285.1M
YoY Change 8.72% -4.53% -8.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.565M $200.0K $200.0K
YoY Change 1682.5% 0.0% 0.0%
Total Short-Term Liabilities $357.0M $346.0M $316.0M
YoY Change 3.17% -5.93% -9.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $3.600M $3.620M
YoY Change -100.0% -5.26% -5.73%
Other Long-Term Liabilities $241.4M $273.5M $270.1M
YoY Change -11.73% -19.18% -21.78%
Total Long-Term Liabilities $241.4M $277.1M $3.620M
YoY Change -12.88% -19.02% -5.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $357.0M $346.0M $316.0M
Total Long-Term Liabilities $241.4M $277.1M $3.620M
Total Liabilities $601.3M $626.0M $592.5M
YoY Change -3.94% -11.83% -14.97%
SHAREHOLDERS EQUITY
Retained Earnings $149.4M
YoY Change 28.27%
Common Stock $23.50M
YoY Change 21.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $207.6M $197.3M $179.9M
YoY Change
Total Liabilities & Shareholders Equity $809.0M $823.3M $772.3M
YoY Change -1.74% -5.39% -7.42%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $14.93M $18.51M $11.51M
YoY Change -19.35% -25.87% -17.24%
Depreciation, Depletion And Amortization $1.342M $1.300M $1.200M
YoY Change 3.23% 30.0% 33.33%
Cash From Operating Activities -$62.93M $35.50M -$115.4M
YoY Change -277.25% 90.86% -1524.69%
INVESTING ACTIVITIES
Capital Expenditures -$1.792M -$1.200M -$2.300M
YoY Change 49.33% -53.85% -30.3%
Acquisitions
YoY Change
Other Investing Activities $80.02M $1.400M -$3.000M
YoY Change 5615.93% -80.0% -116.76%
Cash From Investing Activities $78.23M $200.0K -$5.200M
YoY Change 39015.5% -95.65% -135.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.251M -3.000M -600.0K
YoY Change 141.7% -40.0% -66.67%
NET CHANGE
Cash From Operating Activities -62.93M 35.50M -115.4M
Cash From Investing Activities 78.23M 200.0K -5.200M
Cash From Financing Activities -7.251M -3.000M -600.0K
Net Change In Cash 8.055M 32.70M -121.2M
YoY Change -75.37% 79.67% -682.69%
FREE CASH FLOW
Cash From Operating Activities -$62.93M $35.50M -$115.4M
Capital Expenditures -$1.792M -$1.200M -$2.300M
Free Cash Flow -$61.13M $36.70M -$113.1M
YoY Change -266.57% 73.11% -1092.11%

Facts In Submission

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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. These affect the reported amounts of assets and liabilities, the 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>
CY2021Q3 us-gaap Marketable Securities
MarketableSecurities
423468000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
363671000
CY2020Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
10450000
CY2020Q4 us-gaap Marketable Securities
MarketableSecurities
374121000
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
9400000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
124300000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
34004000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
74009000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
186252000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
31321000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
325586000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
138534000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
56462000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
36793000
CY2021Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
315733000
CY2020Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
336504000
CY2020Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
357746000
CY2021Q3 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
2394000
CY2020Q3 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
35138000
bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
71407000
bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
106359000
CY2021Q3 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-823000
CY2020Q3 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-2977000
bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-7486000
bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-5163000
CY2021Q3 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
1571000
CY2020Q3 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
32161000
bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
63921000
bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
101196000
CY2021Q3 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
6149000
CY2020Q3 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
7046000
bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
11129000
bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
13123000
CY2021Q3 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
14018000
CY2020Q3 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
15640000
bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
113022000
bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
181170000
CY2021Q3 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
20167000
CY2020Q3 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
22686000
bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
124151000
bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
194293000
CY2021Q3 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
-138000
CY2020Q3 bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
1369000
bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
-517000
bbsi Workers Compensation Change In Claims Incurred In Excess Of Retention Limits
WorkersCompensationChangeInClaimsIncurredInExcessOfRetentionLimits
1459000
CY2021Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
296999000
CY2020Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
347348000
CY2021Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
296999000
CY2020Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
347348000
CY2021Q3 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
162382000
CY2020Q3 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
203595000
bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
162382000
bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
203595000
CY2021Q3 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.55
CY2020Q3 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.59
bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.55
bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.59
bbsi Description Of Renewed Agreement
DescriptionOfRenewedAgreement
The Company entered into a new arrangement for its insured program effective July 1, 2021 whereby third-party insurers assume all risk of loss for claims incurred after June 30, 2021. The agreement continues to June 30, 2022 and includes a renewal commitment through June 30, 2023. The arrangement allows for premium adjustments depending on overall portfolio performance. If claims develop favorably, BBSI can participate in the savings up to $20.0 million for a twelve-month policy period. If claims develop adversely, additional premium may be charged up to $7.5 million for a twelve-month policy period.
bbsi Maximum Savings Amount If Claims Develop Favorably
MaximumSavingsAmountIfClaimsDevelopFavorably
20000000.0
bbsi Maximum Additional Premium Charged Amount If Claims Develop Adversely
MaximumAdditionalPremiumChargedAmountIfClaimsDevelopAdversely
7500000
CY2020Q2 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
115700000
CY2020Q2 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
115700000
bbsi Percentage Of Claims Excluded
PercentageOfClaimsExcluded
0.10
CY2021Q3 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
293100000
CY2020Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
290700000
CY2021Q3 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
58400000
CY2020Q4 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
60100000
CY2021Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
297000000.0
bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
2300000

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