Business
BBSI Reports Strong First Quarter 2024 Financial Results
- Revenues of $265.8 Million With Gross Billings up 7% - VANCOUVER, Wash., May 01, 2024 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI” or the
About this update from Barrett Business Services, Inc.
[{"type":"text","content":"- Revenues of $265.8 Million With Gross Billings up 7% - VANCOUVER, Wash., May 01, 2024 (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, 2024. First Quarter 2024 Financial Summary vs. Year-Ago Quarter Revenues up 4% to $265.8 million.Gross billings up 7% to $1.91 billion.Average worksite employees (“WSEs”) up 3%.Net loss of $0.1 million, or $(0.02) per diluted share, compared to net income of $0.8 million, or $0.12 per diluted share. “We started the year on a strong note, with growth from net client adds driving gross billings expansion in line with our target,” said BBSI President and CEO Gary Kramer. “We continue to see positive momentum from our marketing initiatives and new product offerings, and the roll-out of BBSI Benefits continues to perform well. We are executing to our plan and expect 2024 to be another strong year.” First Quarter 2024 Financial Results Revenues in the first quarter of 2024 increased 4% to $265.8 million compared to $254.7 million in the first quarter of 2023. Total gross billings in the first quarter of 2024 increased 7% to $1.91 billion compared to $1.79 billion in the same year-ago quarter (see “Key Performance Metrics” below). The increase was driven by growth in professional employer (\"PEO\") services, specifically resulting from increased WSEs from net new clients and higher average billings per WSE. Workers’ compensation expense as a percent of gross billings was 2.6% in the first quarter of 2024 and benefited from favorable prior year liability and premium adjustments of $3.0 million. This compares to 2.9% in the first quarter of 2023, which included favorable prior year liability and premium adjustments of $1.1 million. Net loss for the first quarter of 2024 was $0.1 million, or $(0.02) per diluted share, compared to net income of $0.8 million, or $0.12 per diluted share, in the year-ago quarter. The decrease is primarily attributable to an increase in payroll taxes, partially offset by decreased workers' compensation expense and an increase in investment income. Due to seasonality in payroll tax expense, the Company typically incurs lower margins at the beginning of each year. Liquidity As of March 31, 2024, unrestricted cash and ...