$BBSI
BARRETT BUSINESS SERVICES INC

2022 Q1 Form 10-Q Financial Statement

#000156459022017928 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $246.4M $218.4M
YoY Change 12.81% -0.32%
Cost Of Revenue $206.0M $187.6M
YoY Change 9.83% -2.83%
Gross Profit $40.35M $30.87M
YoY Change 30.74% 18.48%
Gross Profit Margin 16.38% 14.13%
Selling, General & Admin $40.17M $37.10M
YoY Change 8.26% 15.52%
% of Gross Profit 99.53% 120.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.508M $1.300M
YoY Change 16.0% 30.0%
% of Gross Profit 3.74% 4.21%
Operating Expenses $41.67M $38.40M
YoY Change 8.52% 19.57%
Operating Profit -$1.320M -$7.535M
YoY Change -82.48% 24.26%
Interest Expense $1.604M $1.500M
YoY Change 6.93% -44.44%
% of Operating Profit
Other Income/Expense, Net $32.00K $0.00
YoY Change -100.0%
Pretax Income $316.0K -$6.100M
YoY Change -105.18% 40.85%
Income Tax $28.00K -$1.500M
% Of Pretax Income 8.86%
Net Earnings $288.0K -$4.554M
YoY Change -106.32% 33.67%
Net Earnings / Revenue 0.12% -2.09%
Basic Earnings Per Share $0.04 -$0.60
Diluted Earnings Per Share $0.04 -$0.60
COMMON SHARES
Basic Shares Outstanding 7.406M 7.576M
Diluted Shares Outstanding 7.474M 7.576M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $415.5M $474.2M
YoY Change -12.37% 41.09%
Cash & Equivalents $46.07M $28.55M
Short-Term Investments $369.4M $445.6M
Other Short-Term Assets $132.7M $113.8M
YoY Change 16.58% -16.69%
Inventory
Prepaid Expenses
Receivables $256.3M $207.4M
Other Receivables $0.00 $8.200M
Total Short-Term Assets $516.4M $472.1M
YoY Change 9.38% 18.5%
LONG-TERM ASSETS
Property, Plant & Equipment $59.96M $58.90M
YoY Change 1.8% -1.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $160.4M $263.8M
YoY Change -39.21% -25.35%
Total Long-Term Assets $268.1M $370.6M
YoY Change -27.65% -19.64%
TOTAL ASSETS
Total Short-Term Assets $516.4M $472.1M
Total Long-Term Assets $268.1M $370.6M
Total Assets $784.5M $842.7M
YoY Change -6.9% -1.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.332M $5.600M
YoY Change -22.64% 30.23%
Accrued Expenses $382.4M $352.7M
YoY Change 8.42% 12.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $200.0K
YoY Change -100.0% 0.0%
Total Short-Term Liabilities $391.9M $369.8M
YoY Change 5.98% 7.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $3.500M
YoY Change -100.0% -5.41%
Other Long-Term Liabilities $206.9M $282.4M
YoY Change -26.73% -19.59%
Total Long-Term Liabilities $206.9M $285.9M
YoY Change -27.63% -19.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $391.9M $369.8M
Total Long-Term Liabilities $206.9M $285.9M
Total Liabilities $598.8M $658.2M
YoY Change -9.02% -5.74%
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 $185.7M $184.5M
YoY Change
Total Liabilities & Shareholders Equity $784.5M $842.7M
YoY Change -6.9% -1.97%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $288.0K -$4.554M
YoY Change -106.32% 33.67%
Depreciation, Depletion And Amortization $1.508M $1.300M
YoY Change 16.0% 30.0%
Cash From Operating Activities -$30.21M -$7.884M
YoY Change 283.17% -857.35%
INVESTING ACTIVITIES
Capital Expenditures -$6.754M -$1.800M
YoY Change 275.22% -47.06%
Acquisitions
YoY Change
Other Investing Activities $27.26M -$122.6M
YoY Change -122.23% -1245.79%
Cash From Investing Activities $20.51M -$124.3M
YoY Change -116.49% -1822.72%
FINANCING ACTIVITIES
Cash Dividend Paid $2.229M $2.278M
YoY Change -2.15% 0.71%
Common Stock Issuance & Retirement, Net $8.575M $3.436M
YoY Change 149.56% 15.03%
Debt Paid & Issued, Net $3.510M $55.00K
YoY Change 6281.82% 0.0%
Cash From Financing Activities -14.09M -5.061M
YoY Change 178.36% 5.92%
NET CHANGE
Cash From Operating Activities -30.21M -7.884M
Cash From Investing Activities 20.51M -124.3M
Cash From Financing Activities -14.09M -5.061M
Net Change In Cash -23.79M -137.3M
YoY Change -82.67% -4044.01%
FREE CASH FLOW
Cash From Operating Activities -$30.21M -$7.884M
Capital Expenditures -$6.754M -$1.800M
Free Cash Flow -$23.46M -$6.084M
YoY Change 285.52% -237.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021Q1 us-gaap Cost Of Goods And Services Sold
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CY2021Q1 us-gaap Gross Profit
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CY2022Q1 us-gaap Income Tax Expense Benefit
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Increase Decrease In Accrued Salaries
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CY2021Q1 bbsi Increase Decrease In Safety Incentive Liability
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CY2022Q1 bbsi Increase Decrease In Operating Lease Liabilities
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CY2021Q1 bbsi Increase Decrease In Operating Lease Liabilities
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CY2021Q1 bbsi Proceeds From Sales And Maturities Of Restricted Investments
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CY2021Q1 us-gaap Repayments Of Long Term Debt
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CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2022Q1 us-gaap Payments Of Dividends
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CY2021Q1 us-gaap Proceeds From Stock Options Exercised
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 bbsi Period For Cancellation Or Termination Of Peo Service Contract
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CY2022Q1 bbsi Payment Term For Staffing Customers
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P30D
CY2022Q1 bbsi Number Of Wholly Owned Insurance Companies
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2
CY2022Q1 bbsi Cash And Cash Equivalents Maximum Maturity Period
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q1 bbsi Estimate Of Liability For Unpaid Safety Incentives
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CY2021Q4 bbsi Estimate Of Liability For Unpaid Safety Incentives
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 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>
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225000
CY2022Q1 bbsi Workers Compensation Expense Accrual Claims
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25767000
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CY2021Q1 us-gaap Workers Compensation Liability Current And Noncurrent
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CY2022Q1 bbsi Workers Compensation Incurred But Not Reported
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CY2021Q1 bbsi Workers Compensation Incurred But Not Reported
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212297000
CY2022Q1 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.53
CY2021Q1 bbsi Workers Compensation Percent To Liabilities Incurred But Not Reported
WorkersCompensationPercentToLiabilitiesIncurredButNotReported
0.59
CY2022Q1 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.
CY2022Q1 bbsi Maximum Savings Amount If Claims Develop Favorably
MaximumSavingsAmountIfClaimsDevelopFavorably
20000000.0
CY2022Q1 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
CY2022Q1 bbsi Percentage Of Claims Excluded
PercentageOfClaimsExcluded
0.10
CY2022Q1 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
240400000
CY2021Q4 bbsi Insurance Deposit As Security For Future Payment Obligations Under Workers Compensation Program
InsuranceDepositAsSecurityForFuturePaymentObligationsUnderWorkersCompensationProgram
273600000
CY2022Q1 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
58400000
CY2021Q4 bbsi Collateral Securities Maintain To Cover Potential Workers Compensation Claims Losses
CollateralSecuritiesMaintainToCoverPotentialWorkersCompensationClaimsLosses
58400000
CY2022Q1 bbsi Standby Letters Of Credit And Surety Bond
StandbyLettersOfCreditAndSuretyBond
58400000
CY2022Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
262600000
CY2021Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
279400000
CY2022Q1 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
2300000
CY2021 bbsi Workers Compensation Claims Incurred In Excess Of Retention Limits
WorkersCompensationClaimsIncurredInExcessOfRetentionLimits
2200000
CY2022Q1 us-gaap Line Of Credit Facility Commitment Fee Description
LineOfCreditFacilityCommitmentFeeDescription
The Agreement also provides for an unused commitment fee of 0.30% per year on the average daily unused amount of the revolving credit line, as well as a fee of 1.75% of the face amount of each letter of credit reserved under the line of credit
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
0
CY2017 us-gaap Income Tax Examination Interest Expense
IncomeTaxExaminationInterestExpense
1700
CY2018 bbsi Estimated Tax Due
EstimatedTaxDue
1700
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
0

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