Business
BBSI Reports Strong Fourth Quarter and Full Year 2022 Financial Results
- Q4 2022 Net Income of $11.5 Million, or $1.64 per Diluted Share -- Full Year 2022 Net Income of $47.3 Million, or $6.54 per Diluted Share - VANCOUVER,
About this update from Barrett Business Services, Inc.
[{"type":"text","content":"- Q4 2022 Net Income of $11.5 Million, or $1.64 per Diluted Share -- Full Year 2022 Net Income of $47.3 Million, or $6.54 per Diluted Share - VANCOUVER, Wash., March 01, 2023 (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, 2022. Fourth Quarter 2022 Financial Summary vs. Prior Year Quarter Revenues up 6% to $272.0 million.Gross billings up 8% to $1.95 billion.Average worksite employees (“WSEs”) up 6%.Net income up to $11.5 million, or $1.64 per diluted share, compared to $10.6 million, or $1.40 per diluted share. Full Year 2022 Financial Summary vs. 2021 Revenues up 10% to $1.05 billion.Gross billings up 13% to $7.39 billion.Average WSEs up 8%.Net income up to $47.3 million, or $6.54 per diluted share, compared to $38.1 million, or $5.00 per diluted share. “We had a strong finish to a year that consistently exceeded expectations,” said BBSI President and CEO, Gary Kramer. “We continued to see positive results from our sales efforts through Q4 with a larger portion of our WSE growth resulting from new clients in the quarter. Looking ahead to 2023, we are now launching our health benefits offering nationwide after our successful roll-out in select markets in the fourth quarter. This new product offering, paired with continued innovation in our sales and service delivery, brings exciting growth potential in the years ahead.” Fourth Quarter 2022 Financial Results Revenues in the fourth quarter of 2022 increased 6% to $272.0 million compared to $256.6 million in the fourth quarter of 2021. Total gross billings in the fourth quarter increased 8% to $1.95 billion compared to $1.81 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 3.0% in the fourth quarter of 2022 and benefited from a favorable adjustment of prior accident year liability of $0.6 million. This compares to 3.1% in the fourth quarter of 2021, which included a favorable adjustment of prior accident year liability of $1.7 mill...