$BGSF
BGSF, INC.

2024 Q3 Form 10-Q Financial Statement

#000147490324000068 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $71.19K $68.14K
YoY Change -11.9% -9.53%
Cost Of Revenue $46.86K $44.51K
YoY Change -8.53% -8.29%
Gross Profit $24.33K $23.63K
YoY Change -17.74% -11.78%
Gross Profit Margin 34.18% 34.68%
Selling, General & Admin $21.97K $21.57K
YoY Change -2.74% -7.08%
% of Gross Profit 90.29% 91.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.00 $90.00
YoY Change -21.62% -29.13%
% of Gross Profit 0.36% 0.38%
Operating Expenses $21.97K $21.57K
YoY Change -2.74% -7.08%
Operating Profit $470.00 $81.00
YoY Change -90.69% -100.39%
Interest Expense -$1.222M -$1.061M
YoY Change -18.64% -11.58%
% of Operating Profit -260000.0% -1309876.54%
Other Income/Expense, Net
YoY Change
Pretax Income -$752.00 -$980.00
YoY Change -121.2% -95.53%
Income Tax $52.00K -$219.0K
% Of Pretax Income
Net Earnings -$804.00 -$761.00
YoY Change -130.88% -95.38%
Net Earnings / Revenue -1.13% -1.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.07 -$0.07
COMMON SHARES
Basic Shares Outstanding 10.96M shares 10.94M shares
Diluted Shares Outstanding 10.92K shares 10.88K shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $262.0K $226.0K
YoY Change -60.3% 222.86%
Cash & Equivalents $262.00 $226.00
Short-Term Investments
Other Short-Term Assets $2.760K $3.416K
YoY Change -38.9% -48.0%
Inventory
Prepaid Expenses
Receivables $46.07K $46.43K
Other Receivables $1.099M $0.00
Total Short-Term Assets $51.45K $52.94K
YoY Change -25.9% -26.86%
LONG-TERM ASSETS
Property, Plant & Equipment $1.204K $1.284K
YoY Change -25.82% 2.8%
Goodwill $59.15K $59.15K
YoY Change 1.19% 6.32%
Intangibles $26.19K $27.66K
YoY Change -21.0% 18.13%
Long-Term Investments
YoY Change
Other Assets $4.592K $4.750K
YoY Change -11.62% -8.78%
Total Long-Term Assets $105.9K $106.8K
YoY Change -6.3% 7.35%
TOTAL ASSETS
Total Short-Term Assets $51.45K $52.94K
Total Long-Term Assets $105.9K $106.8K
Total Assets $157.3K $159.8K
YoY Change -13.76% -7.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $221.00 $254.00
YoY Change 202.74% -53.9%
Accrued Expenses $15.36K $14.00K
YoY Change -11.14% -13.33%
Deferred Revenue
YoY Change
Short-Term Debt $4.368M $4.368M
YoY Change
Long-Term Debt Due $3.373K $3.371K
YoY Change -15.68% -15.73%
Total Short-Term Liabilities $29.41K $26.22K
YoY Change 2.56% 4.93%
LONG-TERM LIABILITIES
Long-Term Debt $41.16M $43.26M
YoY Change -34.81% -29.15%
Other Long-Term Liabilities $3.815M $7.114M
YoY Change 38149900.0% 71139900.0%
Total Long-Term Liabilities $44.98M $50.38M
YoY Change 449759900.0% 503759900.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.41K $26.22K
Total Long-Term Liabilities $44.98M $50.38M
Total Liabilities $74.39K $76.59K
YoY Change -24.13% -13.67%
SHAREHOLDERS EQUITY
Retained Earnings $12.94K $13.74K
YoY Change -21.86% -11.8%
Common Stock $53.00 $53.00
YoY Change -24.29% -24.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.95K $83.16K
YoY Change
Total Liabilities & Shareholders Equity $157.3K $159.8K
YoY Change -13.76% -7.06%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$804.00 -$761.00
YoY Change -130.88% -95.38%
Depreciation, Depletion And Amortization $87.00 $90.00
YoY Change -21.62% -29.13%
Cash From Operating Activities $6.529M $7.336M
YoY Change -24.17% 186140.16%
INVESTING ACTIVITIES
Capital Expenditures $375.0K $501.0K
YoY Change -49.66% -32.75%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$375.0K -$501.0K
YoY Change -94.99% 67148.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.118M -6.659M
YoY Change 1043.55% 213056.21%
NET CHANGE
Cash From Operating Activities 6.529M 7.336M
Cash From Investing Activities -375.0K -501.0K
Cash From Financing Activities -6.118M -6.659M
Net Change In Cash 36.00K 176.0K
YoY Change -93.9% 251328.57%
FREE CASH FLOW
Cash From Operating Activities $6.529M $7.336M
Capital Expenditures $375.0K $501.0K
Free Cash Flow $6.154M $6.835M
YoY Change -21.75% -1022.33%

Facts In Submission

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NATURE OF OPERATIONS<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">BGSF, Inc. provides consulting, managed services, and professional workforce solutions to a variety of industries through its various divisions in information technology (“IT”), Finance &amp; Accounting, Managed Solutions, and Property Management (collectively, with its consolidated subsidiaries, the “Company”).</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company currently operates primarily within the United States of America (“U.S.”) through the Property Management and Professional segments.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Property Management segment provides office and maintenance field talent in 37 states and D.C., to property management companies responsible for the apartment communities' and commercial buildings' day-to-day operations. </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Professional segment provides specialized talent and business consultants for IT, managed services, finance, accounting, legal, and human resources. The segment operates across the U.S. in three divisions, IT, Managed Solutions, and Finance &amp; Accounting, with the IT division providing additional nearshore and offshore solutions in Colombia and India.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company normally experiences seasonal fluctuations. The quarterly operating results are affected by the number of billing days in a quarter, as well as the seasonality of client partners’ business. Demand for the Property Management workforce solutions has typically increased in the second quarter and is highest during the third quarter of the year due to the increased turns in multifamily units during the summer months when schools are not in session. Overall first quarter demand can be affected by adverse weather conditions in the winter months. In addition, the Company's cost of services typically increases in the first quarter primarily due to the reset of payroll taxes.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ongoing macroeconomic environment and interest rates impacts continue to have an adverse impact on market conditions. These factors may continue to impact labor markets by reducing workforce solutions demand by lengthening client and job candidate decision cycles, increasing early terminations, or diminishing projects. As a result, the Company's business, financial condition and results of operations may continue to be negatively affected.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”), pursuant to the applicable rules and regulations of the SEC. The information furnished herein reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary to present a fair statement of the financial position and operating results of the Company as of and for the respective periods. However, these operating results are not necessarily indicative of the results expected for a full fiscal year or any other future period. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, management of the Company believes, to the best of its knowledge, that the disclosures herein are adequate to make the information presented not misleading. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2023, included in its Annual Report on Form 10-K.</span></div>
us-gaap Fiscal Period
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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fiscal Periods</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a 52/53 week fiscal year. Fiscal periods for the consolidated financial statements included herein are as of June 30, 2024 and December 31, 2023, and include the thirteen and twenty-six week periods ended June 30, 2024 and July 2, 2023, referred to herein as Fiscal 2024 and 2023, respectively.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassifications</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to the 2023 financial statements to conform with the 2024 presentation.</span></div>
us-gaap Use Of Estimates
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Management Estimates</span><div style="text-align:justify;text-indent:49.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of 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 as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the consolidated financial statements include allowances for credit losses, intangible assets, lease liabilities, contingent consideration obligations related to acquisitions, and income taxes. Additionally, the valuation of share-based compensation expense uses a model based upon interest rates, stock prices, maturity estimates, volatility and other factors. The Company believes these estimates and assumptions are reliable. However, these estimates and assumptions may change in the future based on actual experience as well as market conditions.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Concentration of Credit Risk</span></div><div style="text-align:justify;text-indent:49.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>Concentration of credit risk is limited due to the Company’s diverse client partner base and their dispersion across many different industries and geographic locations nationwide. No single client partner accounted for more than 10% of the Company’s accounts receivable as of June 30, 2024 and December 31, 2023 or revenue for the twenty-six week periods ended June 30, 2024 and July 2, 2023.
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