Business
BBSI Reports Fourth Quarter and Full Year 2021 Financial Results
- Q4 2021 Net Income of $10.6 Million, or $1.40 per Diluted Share - - Full Year 2021 Net Income of $38.1 Million, or $5.00 per Diluted Share - - Board of
About this update from Barrett Business Services, Inc.
[{"type":"text","content":"- Q4 2021 Net Income of $10.6 Million, or $1.40 per Diluted Share - - Full Year 2021 Net Income of $38.1 Million, or $5.00 per Diluted Share - - Board of Directors Authorizes New $75 Million Share Repurchase Program Over Two Years - VANCOUVER, Washington, March 02, 2022 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI” or the “Company”) (NASDAQ: BBSI), a leading provider of business management solutions, reported financial results for the fourth quarter and full year ended December 31, 2021. Fourth Quarter 2021 Financial Summary vs. Year-Ago Quarter Net revenues up 10% to $256.6 million.Gross billings up 13% to $1.81 billion.Average worksite employees (“WSEs”) up 7%.Net income of $10.6 million, or $1.40 per diluted share, compared to $7.2 million, or $0.93 per diluted share. Full Year 2021 Financial Summary vs. 2020 Net revenues up 8% to $955.2 million.Gross billings up 11% to $6.57 billion.Average WSEs up 4%.Net income of $38.1 million, or $5.00 per diluted share, compared to $33.8 million, or $4.39 per diluted share. “2021 was a tremendous year for our organization that ended with great momentum,” said BBSI President and CEO, Gary Kramer. “We continued our positive trend in billings growth, including the addition of more WSEs from net new clients than in any of the last four years. In fact, due to this growth, we finished the year with our highest-ever WSE count. Given our client momentum and the strength of our fourth quarter results, we are well positioned for another terrific year in 2022.” Fourth Quarter 2021 Financial Results Net revenues in the fourth quarter of 2021 increased 10% to $256.6 million compared to $233.2 million in the fourth quarter of 2020. Total gross billings in the fourth quarter increased 13% to $1.81 billion compared to $1.60 billion in the same year-ago quarter (see “Key Performance Metrics and Non-GAAP Financial Measures” below). The increase was primarily due to higher average billings per WSE and an increase in average WSEs. Non-GAAP gross workers’ compensation expense as a percent of gross billings was 3.1% in the fourth quarter of 2021 and benefited from a favorable one-time adjustment of prior accident year liability of $1.7 million. This compares to 3.7% in the fourth quarter of 2020. Net income for the fourth quarter of 2021 increased to $10.6 million, or $1.40 per diluted share, co...