Barrett Business Svcs Inc Stock Price, News & Analysis

Barrett Business Services (BBSI) has appointed Mark S. Finn to its board of directors, effective April 7, 2025. Finn brings over 30 years of experience from T. Rowe Price Group, where he managed the $35 billion US Value Equity Strategy Fund and co-managed the $3.5 billion US Large-Cap Value Equity Strategy Fund.

Prior to T. Rowe Price, Finn worked in assurance services at Price Waterhouse & Co. (now PricewaterhouseCoopers). He holds a Bachelor of Science in Accounting from the University of Delaware and maintained CPA and CFA certifications until his retirement from T. Rowe Price in 2023.

Barrett Business Services (BBSI) has appointed Thomas McGinn as Senior Vice President of Insurance, reporting to CEO Gary Kramer. In his new role, McGinn will oversee BBSI's insurance operations, including underwriting strategy, risk management, and pricing.

McGinn brings 30 years of experience in the insurance industry, having held senior leadership positions at prominent companies including Chubb, ACE, and CIGNA Property & Casualty. His most recent position was Senior Vice President at Chubb Global Casualty and New York Branch Manager, where he led underwriting operations and client services.

Barrett Business Services (BBSI) reported strong financial results for Q4 and full year 2024. Fourth quarter highlights include:

• Revenue up 10% to $304.8M
• Net income increased 15% to $16.8M ($0.63 per diluted share)
• Gross billings up 10% to $2.25B
• Average worksite employees (WSEs) up 5%

Full year 2024 performance showed:

• Revenue growth of 7% to $1.14B
• Net income up 5% to $53.0M ($1.98 per diluted share)
• Gross billings increased 8% to $8.33B
• Average WSEs up 4%

The company maintains a strong financial position with $121.9M in unrestricted cash and investments, remaining debt-free. BBSI's 2025 outlook projects gross billings growth of 7-9% and WSE growth of 4-6%.

Barrett Business Services (NASDAQ: BBSI) has launched its new BBSI Applicant Tracking System (ATS), a comprehensive hiring solution designed to streamline recruitment processes for businesses. The system offers three key functionalities: easy job posting creation and distribution across popular job boards, centralized candidate tracking through an intuitive dashboard, and electronic onboarding integration.

A distinctive feature of BBSI's ATS is its complete integration with BBSI's existing product suite, particularly its payroll system, which eliminates manual data entry and reduces errors in the hiring process. The solution aims to help businesses remain competitive in talent acquisition while simplifying the transition from candidate to employee.

Barrett Business Services (BBSI) has announced its upcoming conference call to discuss Q4 and full-year 2024 financial results, scheduled for Wednesday, February 26, 2025, at 5:00 p.m. ET (2:00 p.m. PT). The company will release its financial results via press release before the call.

CEO Gary Kramer and CFO Anthony Harris will host the conference call, which will include a Q&A session. Participants can join using the toll-free number 1-877-407-4018 or international number 1-201-689-8471 with Conference ID 13751117.

The call will be broadcast live and available for replay through the company's website at ir.bbsi.com. A replay will be accessible until March 26, 2025, using toll-free number 1-844-512-2921 or international number 1-412-317-6671 with Replay ID 13751117.

Barrett Business Services (BBSI) has achieved Great Place To Work® Certification for the fourth consecutive year, reinforcing its position as a leading business management solutions provider and professional employer organization (PEO). This certification, based entirely on employee feedback, demonstrates BBSI's commitment to creating a supportive and empowering workplace culture.

According to Great Place To Work® research, certified companies see significant benefits: job seekers are 15x more likely to apply, employees are 93% more likely to look forward to work, and workers are twice as likely to receive fair pay, profit sharing, and promotion opportunities. BBSI President and CEO Gary Kramer attributes this achievement to their dedicated professionals and their role in supporting business owners nationwide.

The certification validates BBSI's value-driven approach to business and its focus on creating an environment where employees feel supported and empowered to thrive. The company is actively recruiting and encourages potential candidates to explore opportunities through their careers page.

Barrett Business Services (BBSI) has established a new vice chairman position on its board of directors and appointed current board member Joseph S. Clabby to the role. Clabby, who joined BBSI as director in September 2022, brings extensive experience from his over twenty-year tenure at ACE and Chubb, where he held various senior executive positions. His background includes significant roles at major insurance and reinsurance organizations such as Alexander & Alexander, Willis Group, and Swiss Re.

The appointment aligns with BBSI's board development and succession planning process, with Chairman Tony Meeker highlighting Clabby's contributions to the company's growth through his thoughtfulness, business acumen, and leadership.

Barrett Business Services (BBSI) reported strong Q3 2024 financial results with revenues up 8% to $294.3 million and gross billings up 9% to $2.14 billion. Net income reached $19.6 million, or $0.74 per diluted share, compared to $18.2 million ($0.67 per share) in Q3 2023. The company saw a 5% increase in average worksite employees (WSEs) and maintained strong client retention. Workers' compensation expense decreased to 2.3% of gross billings. BBSI remains debt-free with $94.4 million in unrestricted cash and investments, while returning $28 million to shareholders through dividends and share repurchases year-to-date.

Barrett Business Services (BBSI) has scheduled its third quarter 2024 financial results conference call for Wednesday, November 6, 2024, at 5:00 p.m. ET. CEO Gary Kramer and CFO Anthony Harris will host the call, which will follow the release of the company's Q3 2024 financial results. The conference call will include a Q&A session and will be available for replay until December 6, 2024. Participants can join via toll-free or international dial-in numbers, and the call will be broadcast live through the company's website.