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-

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From           to          

Commission File Number 0-21886

 

BARRETT BUSINESS SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Maryland

 

52-0812977

(State or other jurisdiction of
Incorporation or organization)

 

(IRS Employer
Identification No.)

 

 

 

8100 NE Parkway Drive, Suite 200

 

 

Vancouver, Washington

 

98662

(Address of principal executive offices)

 

(Zip Code)

(360) 828-0700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $0.01 Per Share

BBSI

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes       No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes       No  

As of October 20, 2021, 7,504,924 shares of the registrant’s common stock ($0.01 par value) were outstanding.

 


 

 

BARRETT BUSINESS SERVICES, INC.

INDEX TO FORM 10-Q

 

Part I - Financial Information (Unaudited)

 

 

 

 

 

 

Page

Item 1.

 

Unaudited Interim Condensed Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets - September 30, 2021 and December 31, 2020

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2021 and 2020

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2021 and 2020

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity - Three and Nine Months Ended September 30, 2021

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity - Three and Nine Months Ended September 30, 2020

 

7

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2021 and 2020

 

8

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

29

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

29

 

 

 

 

 

Part II - Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

30

 

 

 

 

 

Item 1A.

 

Risk Factors

 

30

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

31

 

 

 

 

 

Item 6.

 

Exhibits

 

32

 

 

 

 

 

Signature

 

33

 

 

 

 

 

 

2


 

 

PART I – FINANCIAL INFORMATION

Item 1.

Unaudited Interim Condensed Consolidated Financial Statements

Barrett Business Services, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In Thousands, Except Par Value)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

12,860

 

 

$

68,688

 

Investments

 

 

102,709

 

 

 

101,244

 

Trade accounts receivable, net

 

 

240,293

 

 

 

118,506

 

Income taxes receivable

 

 

1,732

 

 

 

6,485

 

Prepaid expenses and other

 

 

23,418

 

 

 

15,961

 

Restricted cash and investments

 

 

82,273

 

 

 

96,991

 

Total current assets

 

 

463,285

 

 

 

407,875

 

Property, equipment and software, net

 

 

35,965

 

 

 

34,916

 

Operating lease right-of-use assets

 

 

22,058

 

 

 

23,025

 

Restricted cash and investments

 

 

237,182

 

 

 

258,153

 

Goodwill

 

 

47,820

 

 

 

47,820

 

Other assets

 

 

2,657

 

 

 

3,161

 

 

 

$

808,967

 

 

$

774,950

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

3,565

 

 

$

221

 

Accounts payable

 

 

4,483

 

 

 

4,746

 

Accrued payroll, payroll taxes and related benefits

 

 

249,713

 

 

 

149,989

 

Current operating lease liabilities

 

 

7,435

 

 

 

7,539

 

Other accrued liabilities

 

 

8,190

 

 

 

7,275

 

Workers' compensation claims liabilities

 

 

78,225

 

 

 

102,040

 

Safety incentives liability

 

 

5,363

 

 

 

18,827

 

Total current liabilities

 

 

356,974

 

 

 

290,637

 

Long-term workers' compensation claims liabilities

 

 

218,774

 

 

 

255,706

 

Long-term debt

 

 

 

 

 

3,510

 

Deferred income taxes

 

 

2,946

 

 

 

4,518

 

Long-term operating lease liabilities

 

 

15,720

 

 

 

16,419

 

Customer deposits and other long-term liabilities

 

 

6,920

 

 

 

5,925

 

Total liabilities

 

 

601,334

 

 

 

576,715

 

Commitments and contingencies (Notes 4 and 6)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $.01 par value; 20,500 shares authorized, 7,505

   and 7,566 shares issued and outstanding

 

 

75

 

 

 

76

 

Additional paid-in capital

 

 

27,981

 

 

 

24,885

 

Accumulated other comprehensive income

 

 

3,464

 

 

 

7,564

 

Retained earnings

 

 

176,113

 

 

 

165,710

 

Total stockholders' equity

 

 

207,633

 

 

 

198,235

 

 

 

$

808,967

 

 

$

774,950

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

Barrett Business Services, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In Thousands, Except Per Share Amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional employer service fees

 

$

217,972

 

 

$

199,082

 

 

$

620,287

 

 

$

573,162

 

Staffing services

 

 

28,978

 

 

 

28,431

 

 

 

78,311

 

 

 

74,486

 

Total revenues

 

 

246,950

 

 

 

227,513

 

 

 

698,598

 

 

 

647,648

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct payroll costs

 

 

21,870

 

 

 

21,452

 

 

 

58,818

 

 

 

56,325

 

Payroll taxes and benefits

 

 

115,012

 

 

 

100,142

 

 

 

349,514

 

 

 

313,275

 

Workers' compensation

 

 

49,833

 

 

 

46,685

 

 

 

141,693

 

 

 

146,120

 

Total cost of revenues

 

 

186,715

 

 

 

168,279

 

 

 

550,025

 

 

 

515,720

 

Gross margin

 

 

60,235

 

 

 

59,234

 

 

 

148,573

 

 

 

131,928

 

Selling, general and administrative expenses

 

 

41,170

 

 

 

35,587

 

 

 

113,939

 

 

 

100,957

 

Depreciation and amortization

 

 

1,342

 

 

 

1,341

 

 

 

3,967

 

 

 

3,512

 

Income from operations

 

 

17,723

 

 

 

22,306

 

 

 

30,667

 

 

 

27,459

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income, net

 

 

1,825

 

 

 

1,664

 

 

 

5,559

 

 

 

6,431

 

Interest expense

 

 

(46

)

 

 

(366

)

 

 

(433

)

 

 

(907

)

Other, net

 

 

 

 

 

(4

)

 

 

(4

)

 

 

169

 

Other income, net

 

 

1,779

 

 

 

1,294

 

 

 

5,122

 

 

 

5,693

 

Income before income taxes

 

 

19,502

 

 

 

23,600

 

 

 

35,789

 

 

 

33,152

 

Provision for income taxes

 

 

4,573

 

 

 

5,089

 

 

 

8,324

 

 

 

6,538

 

Net income

 

$

14,929

 

 

$

18,511

 

 

$

27,465

 

 

$

26,614

 

Basic income per common share

 

$

1.98

 

 

$

2.42

 

 

$

3.63

 

 

$

3.51

 

Weighted average number of basic common shares

     outstanding

 

 

7,545

 

 

 

7,639

 

 

 

7,559

 

 

 

7,572

 

Diluted income per common share

 

$

1.96

 

 

$

2.40

 

 

$

3.59

 

 

$

3.46

 

Weighted average number of diluted common

     shares outstanding

 

 

7,607

 

 

 

7,709

 

 

 

7,642

 

 

 

7,688

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

4


 

 

Barrett Business Services, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(In Thousands)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

Net income

 

$

14,929

 

 

$

18,511

 

Unrealized (losses) gains on investments, net of tax of ($383) and $263 in 2021

   and 2020, respectively

 

 

(1,001

)

 

 

688

 

Comprehensive Income

 

$

13,928

 

 

$

19,199

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

Net income

 

$

27,465

 

 

$

26,614

 

Unrealized (losses) gains on investments, net of tax of ($1,567) and $1,847 in 2021

   and 2020, respectively

 

 

(4,100

)

 

 

4,830

 

Comprehensive income

 

$

23,365

 

 

$

31,444

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

5


 

 

Barrett Business Services, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

Three and Nine Months Ended September 30, 2021

(Unaudited)

(In Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Earnings

 

 

Total

 

Balance, December 31, 2020

 

7,566

 

 

$

76

 

 

$

24,885

 

 

$

7,564

 

 

$

165,710

 

 

$

198,235

 

Common stock issued on exercise of options,

   purchase of ESPP shares and vesting of

   restricted stock units and performance awards

 

38

 

 

 

 

 

 

815

 

 

 

 

 

 

 

 

 

815

 

Common stock repurchased on vesting of

   restricted stock units and performance

   awards

 

(1

)

 

 

 

 

 

(107

)

 

 

 

 

 

 

 

 

(107

)

Share-based compensation expense

 

 

 

 

 

 

 

1,060

 

 

 

 

 

 

 

 

 

1,060

 

Company repurchase of common stock

 

(49

)

 

 

 

 

 

(170

)

 

 

 

 

 

(3,266

)

 

 

(3,436

)

Cash dividends on common stock ($0.30 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,278

)

 

 

(2,278

)

Unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

(5,250

)

 

 

 

 

 

(5,250

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,554

)

 

 

(4,554

)

Balance, March 31, 2021

 

7,554

 

 

$

76

 

 

$

26,483

 

 

$

2,314

 

 

$

155,612

 

 

$

184,485

 

Common stock issued on exercise of options

   and vesting of restricted stock units

 

15

 

 

 

 

 

 

61

 

 

 

 

 

 

 

 

 

61

 

Common stock repurchased on vesting of

   restricted stock units

 

(4

)

 

 

 

 

 

(287

)

 

 

 

 

 

 

 

 

(287

)

Share-based compensation expense

 

 

 

 

 

 

 

1,335

 

 

 

 

 

 

 

 

 

1,335

 

Company repurchase of common stock

 

(42

)

 

 

(1

)

 

 

(155

)

 

 

 

 

 

(2,986

)

 

 

(3,142

)

Cash dividends on common stock ($0.30 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,271

)

 

 

(2,271

)

Unrealized gain on investments, net of tax

 

 

 

 

 

 

 

 

 

 

2,151

 

 

 

 

 

 

2,151

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

17,090

 

 

 

17,090

 

Balance, June 30, 2021

 

7,523

 

 

$

75

 

 

$

27,437

 

 

$

4,465

 

 

$

167,445

 

 

$

199,422

 

Common stock issued on exercise of options,

   purchase of ESPP shares and vesting of

   restricted stock units

 

51

 

 

 

1

 

 

 

279

 

 

 

 

 

 

 

 

 

280

 

Common stock repurchased on vesting of

   restricted stock units

 

(14

)

 

 

 

 

 

(1,010

)

 

 

 

 

 

 

 

 

(1,010

)

Share-based compensation expense

 

 

 

 

 

 

 

1,479

 

 

 

 

 

 

 

 

 

1,479

 

Company repurchase of common stock

 

(55

)

 

 

(1

)

 

 

(204

)

 

 

 

 

 

(3,992

)

 

 

(4,197

)

Cash dividends on common stock ($0.30 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,269

)

 

 

(2,269

)

Unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

(1,001

)

 

 

 

 

 

(1,001

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

14,929

 

 

 

14,929

 

Balance, September 30, 2021

 

7,505

 

 

$

75

 

 

$

27,981

 

 

$

3,464

 

 

$

176,113

 

 

$

207,633

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6


 

 

Barrett Business Services, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

Three and Nine Months Ended September 30, 2020

(Unaudited)

(In Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Earnings

 

 

Total

 

Balance, December 31, 2019

 

7,514

 

 

$

75

 

 

$

20,227

 

 

$

2,819

 

 

$

148,678

 

 

$

171,799

 

Common stock issued on exercise of options,

   purchase of ESPP shares and vesting of

   restricted stock units and performance awards

 

56

 

 

 

1

 

 

 

903

 

 

 

 

 

 

 

 

 

904

 

Common stock repurchased on vesting of

   restricted stock units and performance

   awards

 

(6

)