BBSI reports Q2 net income $17M ($2.47 EPS); declares $0.30 dividend, new $75M buyback

BARRETT BUSINESS SERVICES INC

2023-Q2 EPS reported $2.57 revenue$519,297,000

Q2 net income $17.0M ($2.47 diluted EPS) vs $18.0M ($2.48) year ago.
Revenue $264.6M (+1% YoY); gross billings $1.91B (+5%).
Workers' comp expense 2.6% of gross billings with $6.3M favorable adjustments vs 2.5% ($8.5M) year ago.
New $75M stock repurchase program (2-year); quarterly dividend $0.30 payable Sept 1, 2023.
2023 outlook: gross billings growth 4-6%, WSE growth 2-4%, gross margin 3.1-3.15%.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

BARRETT BUSINESS SERVICES INC reported second quarter ended June 30, 2023 results: revenue $264.6 million, net income $17.0 million, EPS $2.47 per diluted share. Guidance reaffirmed.

Period: second quarter ended June 30, 2023
Revenue: $264.6 million
Net income: $17.0 million
EPS: $2.47 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

management solutions, reported financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Financial Summary vs. Year-Ago Quarter • Revenues up 1% to $264.6 million. • Gross billings up 5% to $1.91 billion. • Average worksite employees (“WSEs”) up 2%. • Net income of $17.0 million, or $2.47 per diluted share, compared to $18.0 million, or

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Source: SEC EDGAR

accession 0000950170-23-037153

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