Business
BBSI Reports Strong First Quarter 2022 Financial Results and Raises Full-Year Outlook
- Q1 2022 Net Income of $0.3 Million, or $0.04 per Diluted Share - VANCOUVER, Wash., May 04, 2022 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI”
About this update from Barrett Business Services, Inc.
[{"type":"text","content":"- Q1 2022 Net Income of $0.3 Million, or $0.04 per Diluted Share -\nVANCOUVER, Wash., May 04, 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 first quarter ended March 31, 2022. First Quarter 2022 Financial Summary vs. Year-Ago Quarter Net revenues up 13% to $246.4 million.Gross billings up 16% to $1.71 billion.Average worksite employees (“WSEs”) up 9%.Net income of $0.3 million, or $0.04 per diluted share, compared to $(4.6) million, or $(0.60) per diluted share. “The momentum experienced at the end of 2021 accelerated in the first quarter of 2022 with strong results in all areas of the business,” said BBSI President and CEO, Gary Kramer. “In fact, our results exceeded our expectations for new WSEs from client additions and client hiring, and we continue to see increases in average wages and billings per WSE. These positive results, coupled with favorable payroll tax and workers’ compensation experience, have allowed us to generate positive net income in a first quarter for the first time in ten years. Given these strong results, we are pleased to be raising our full-year outlook and look forward to a strong year ahead.” First Quarter 2022 Financial Results Net revenues in the first quarter of 2022 increased 13% to $246.4 million compared to $218.4 million in the first quarter of 2021. Total gross billings in the first quarter increased 16% to $1.71 billion compared to $1.47 billion in the same year-ago quarter (see “Key Performance Metrics and Non-GAAP Financial Measures” below). The increase was driven by higher WSEs from net client additions and net client hiring, as well as from higher average billings per WSE. Non-GAAP gross workers’ compensation expense as a percent of gross billings was 2.9% in the first quarter and benefited from a favorable adjustment of prior accident year liability of $2.9 million. This compares to 3.2% in the first quarter of 2021. Net income for the first quarter of 2022 was $0.3 million, or $0.04 per diluted share, compared to $(4.6) million, or $(0.60) per diluted share, in the year-ago quarter. The increase is primarily attributable to higher revenue, favorable payroll tax rates and lower workers’ compensation expense. Liquidity As of March 31, 2022, unrestri...