secwatch.observer — SEC 8-K summary
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Issuer:     BARRETT BUSINESS SERVICES INC (BBSI)
CIK:        0000902791
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0000950170-24-051266
Event type: earnings
Sentiment:  neutral
Materiality: 0.55
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BBSI reports Q1 revenue $265.8M (+4% YoY); net loss $0.1M due to payroll tax seasonality
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- Revenue $265.8M (+4% YoY); gross billings $1.91B (+7% YoY). Net loss $0.1M ($0.02/diluted share) vs net income $0.8M ($0.12/diluted share) a year ago.
- Payroll taxes and benefits (8.5% of gross billings) increased from 8.1%, causing seasonal Q1 net loss.
- Workers' comp expense improved to 2.6% of gross billings, helped by $3.0M favorable prior-year adjustments.
- Declared $0.30 quarterly dividend payable May 31 to record holders May 17; $51.9M remains under buyback program.
- FY2024 outlook reaffirmed: gross billings +6-8%, WSE +4-5%, gross margin 2.95-3.15%, tax rate 26-27%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/902791/000095017024051266/0000950170-24-051266-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/902791/000095017024051266/bbsi-20240501.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-051266

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer