Barrett Business Services Announces 12.8% Growth in First Quarter Revenue, Momentum Continuing from Late 2021


May 05, 2022

Barrett Business Services Inc. (NASDAQ: BBSI) revenue increased 12.8% year-over-year in the first quarter.

“The momentum seen at the end of 2021 accelerated in the first quarter of 2022 with strong results across all areas of the business,” said President and CEO Gary Kramer.

(in thousands of dollars) Q1 2022 Q1 2021 % cash
PEO Service Fee Revenue $217,433 $193,819 12.2%
Staffing Services Revenue $28,942 $24,626 17.5%
Total revenue $246,375 $218,445 12.8%
Gross margin $40,353 $30,865 30.7%
Gross margin percentage 16.4% 14.1%
Net income/loss $288 ($4,554) NM

Gross billings for the Vancouver, Wash. PEO and staffing provider increased 16.0% to $1.71 billion. Gross Billings is a non-GAAP measure that includes total billings to PEO customers; the company also reports PEO income net of direct salary costs.

The average number of employees at PEO sites increased 9.3% year-over-year in the first quarter to 116,197. Net customer additions and net customer hires were on the rise. origin of the increase.

Kramer noted that the company posted positive net profit in the first quarter for the first time in 10 years.

Orientation

Barrett raised its full-year 2022 outlook to gross billing growth of between 10% and 12%. The company had previously forecast growth of 7% to 9%.

Stock price and market capitalization

Barrett shares rose 2.74% to $76.96 at 12:26 p.m. EST; they were 11.36% below their 52-week high, according to FT.com. The company had a market cap of $547.9 million.

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