Company Quick10K Filing
Barrett Business Services
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 8 $627
10-K 2020-03-03 Annual: 2019-12-31
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-03-05 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-03-06 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-03-08 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-06-30 Quarter: 2016-03-31
10-K 2016-05-26 Annual: 2015-12-31
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-16 Annual: 2014-12-31
10-Q 2014-11-17 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-14 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-03-15 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-04-01 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-15 Annual: 2009-12-31
8-K 2020-03-05 Officers, Regulation FD, Exhibits
8-K 2020-02-28 Regulation FD
8-K 2020-02-25 Earnings, Exhibits
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-10-17 Officers, Regulation FD, Exhibits
8-K 2019-08-06 Regulation FD
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-05-31 Officers
8-K 2019-05-29 Shareholder Vote
8-K 2019-05-03 Regulation FD
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-26 Earnings, Exhibits
8-K 2019-02-25 Officers, Regulation FD
8-K 2018-11-09 Regulation FD
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-09-20 Other Events
8-K 2018-08-10 Regulation FD
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-08-06 Code of Ethics
8-K 2018-07-01 Enter Agreement, Off-BS Arrangement
8-K 2018-06-22 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-30 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-05-08 Regulation FD
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-03-15 Enter Agreement, Off-BS Arrangement
8-K 2018-03-02 Regulation FD
8-K 2018-02-27 Earnings, Exhibits
BBSI 2019-09-30
Part I - Financial Information
Item 1. Unaudited Interim Condensed Consolidated Financial Statements
Note 1 - Basis of Presentation of Interim Period Statements
Note 2 - Fair Value Measurement
Note 3 - Workers' Compensation Claims
Note 4 - Revolving Credit Facility and Long-Term Debt
Note 5 - Leases
Note 6 - Income Taxes
Note 7 - Litigation
Note 8 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 bbsi-ex311_11.htm
EX-31.2 bbsi-ex312_12.htm
EX-32 bbsi-ex32_14.htm

Barrett Business Services Earnings 2019-09-30

BBSI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
KELYA 960 2,476 1,228 5,432 978 72 105 932 18% 8.9 3%
NCI 957 908 252 614 163 92 122 867 27% 7.1 10%
TBI 828 1,131 510 2,428 648 69 121 797 27% 6.6 6%
RMR 699 668 139 713 0 169 218 340 0% 1.6 25%
BBSI 688 870 710 935 216 53 69 456 23% 6.6 6%
AMEH 668 750 382 382 66 22 57 671 17% 11.8 3%
HCKT 553 194 55 213 73 21 30 539 34% 17.7 11%
CCRN 382 394 230 808 51 -75 -29 443 6% -15.2 -19%
SRT 250 660 385 639 106 -19 19 363 17% 19.6 -3%
BGSF 188 106 38 294 80 15 23 188 27% 8.2 14%

10-Q 1 bbsi-10q_20190930.htm 10-Q bbsi-10q_20190930.htm

 

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, 2019

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 November 1, 2019, 7,494,281 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, 2019 and December 31, 2018

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2019 and 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2019 and 2018

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity - Three and Nine Months Ended September 30, 2018

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity - Three and Nine Months Ended September 30, 2019

 

7

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2019 and 2018

 

8

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

Item 2.

 

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

 

23

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

30

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

30

 

 

 

 

 

Part II - Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

31

 

 

 

 

 

Item 1A.

 

Risk Factors

 

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,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

35,452

 

 

$

35,371

 

Investments

 

 

101,748

 

 

 

416

 

Trade accounts receivable, net

 

 

187,467

 

 

 

151,597

 

Prepaid expenses and other

 

 

15,974

 

 

 

13,880

 

Restricted cash and investments

 

 

107,702

 

 

 

120,409

 

Total current assets

 

 

448,343

 

 

 

321,673

 

Investments

 

 

 

 

 

1,687

 

Property, equipment and software, net

 

 

29,575

 

 

 

24,812

 

Operating lease right-of-use assets

 

 

23,784

 

 

 

 

Restricted cash and investments

 

 

311,882

 

 

 

348,165

 

Goodwill

 

 

47,820

 

 

 

47,820

 

Other assets

 

 

3,253

 

 

 

3,474

 

Deferred income taxes

 

 

5,523

 

 

 

8,458

 

 

 

$

870,180

 

 

$

756,089

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

221

 

 

$

221

 

Accounts payable

 

 

5,432

 

 

 

4,336

 

Accrued payroll, payroll taxes and related benefits

 

 

197,686

 

 

 

158,683

 

Income taxes payable

 

 

3,408

 

 

 

4,403

 

Current operating lease liabilities

 

 

6,448

 

 

 

 

Other accrued liabilities

 

 

13,244

 

 

 

20,566

 

Workers' compensation claims liabilities

 

 

113,623

 

 

 

109,319

 

Safety incentives liability

 

 

27,727

 

 

 

29,210

 

Total current liabilities

 

 

367,789

 

 

 

326,738

 

Long-term workers' compensation claims liabilities

 

 

316,423

 

 

 

304,078

 

Long-term debt

 

 

3,785

 

 

 

3,951

 

Long-term operating lease liabilities

 

 

17,906

 

 

 

 

Customer deposits and other long-term liabilities

 

 

4,106

 

 

 

2,285

 

Total liabilities

 

 

710,009

 

 

 

637,052

 

Commitments and contingencies (Notes 4, 5 and 7)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $.01 par value; 20,500 shares authorized, 7,494

   and 7,395 shares issued and outstanding

 

 

75

 

 

 

74

 

Additional paid-in capital

 

 

18,259

 

 

 

15,437

 

Accumulated other comprehensive income (loss)

 

 

2,619

 

 

 

(5,068

)

Retained earnings

 

 

139,218

 

 

 

108,594

 

Total stockholders' equity

 

 

160,171

 

 

 

119,037

 

 

 

$

870,180

 

 

$

756,089

 

 

 

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,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional employer service fees

 

$

214,156

 

 

$

206,320

 

 

$

607,840

 

 

$

592,559

 

Staffing services

 

 

33,806

 

 

 

40,967

 

 

 

89,319

 

 

 

110,307

 

Total revenues

 

 

247,962

 

 

 

247,287

 

 

 

697,159

 

 

 

702,866

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct payroll costs

 

 

25,464

 

 

 

30,842

 

 

 

67,298

 

 

 

83,265

 

Payroll taxes and benefits

 

 

104,847

 

 

 

100,348

 

 

 

321,341

 

 

 

322,784

 

Workers' compensation

 

 

46,887

 

 

 

56,412

 

 

 

154,290

 

 

 

172,388

 

Total cost of revenues

 

 

177,198

 

 

 

187,602

 

 

 

542,929

 

 

 

578,437

 

Gross margin

 

 

70,764

 

 

 

59,685

 

 

 

154,230

 

 

 

124,429

 

Selling, general and administrative expenses

 

 

41,352

 

 

 

36,670

 

 

 

113,517

 

 

 

101,713

 

Depreciation and amortization

 

 

970

 

 

 

949

 

 

 

2,909

 

 

 

3,228

 

Income from operations

 

 

28,442

 

 

 

22,066

 

 

 

37,804

 

 

 

19,488

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income, net

 

 

2,882

 

 

 

2,235

 

 

 

9,286

 

 

 

6,455

 

Interest expense

 

 

(394

)

 

 

(465

)

 

 

(1,352

)

 

 

(574

)

Other, net

 

 

 

 

 

10

 

 

 

12

 

 

 

15

 

Other income, net

 

 

2,488

 

 

 

1,780

 

 

 

7,946

 

 

 

5,896

 

Income before income taxes

 

 

30,930

 

 

 

23,846

 

 

 

45,750

 

 

 

25,384

 

Provision for income taxes

 

 

5,959

 

 

 

4,759

 

 

 

9,172

 

 

 

4,178

 

Net income

 

$

24,971

 

 

$

19,087

 

 

$

36,578

 

 

$

21,206

 

Basic income per common share

 

$

3.34

 

 

$

2.59

 

 

$

4.92

 

 

$

2.89

 

Weighted average number of basic common shares

     outstanding

 

 

7,483

 

 

 

7,369

 

 

 

7,433

 

 

 

7,327

 

Diluted income per common share

 

$

3.24

 

 

$

2.50

 

 

$

4.76

 

 

$

2.77

 

Weighted average number of diluted common

     shares outstanding

 

 

7,711

 

 

 

7,643

 

 

 

7,686

 

 

 

7,652

 

 

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,

 

 

 

2019

 

 

2018

 

Net income

 

$

24,971

 

 

$

19,087

 

Unrealized gains (losses) on investments, net of tax of $376 and ($396) in 2019

   and 2018, respectively

 

 

987

 

 

 

(1,037

)

Comprehensive income

 

$

25,958

 

 

$

18,050

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

Net income

 

$

36,578

 

 

$

21,206

 

Unrealized gains (losses) on investments, net of tax of $2,935 and ($2,325) in 2019 and

   2018, respectively

 

 

7,687

 

 

 

(5,976

)

Comprehensive income

 

$

44,265

 

 

$

15,230

 

 

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, 2018

(Unaudited)

(In Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

(Loss)

 

 

Retained

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Earnings

 

 

Total

 

Balance, December 31, 2017

 

7,301

 

 

$

73

 

 

$

12,311

 

 

$

(1,430

)

 

$

77,880

 

 

$

88,834

 

Common stock issued on exercise of options

   and vesting of restricted stock units

 

7

 

 

 

 

 

 

53

 

 

 

 

 

 

 

 

 

53

 

Common stock repurchased on vesting of

   restricted stock units

 

(1

)

 

 

 

 

 

(76

)

 

 

 

 

 

 

 

 

(76

)

Share-based compensation expense

 

 

 

 

 

 

 

1,542

 

 

 

 

 

 

 

 

 

1,542

 

Cash dividends on common stock ($0.25 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,826

)

 

 

(1,826

)

Unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

(3,964

)

 

 

 

 

 

(3,964

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,123

)

 

 

(9,123

)

Balance, March 31, 2018

 

7,307

 

 

$

73

 

 

$

13,830

 

 

$

(5,394

)

 

$

66,931

 

 

$

75,440

 

Common stock issued on exercise of options

   and vesting of restricted stock units

 

5

 

 

 

 

 

 

48

 

 

 

 

 

 

 

 

 

48

 

Common stock repurchased on vesting of

   restricted stock units

 

(1

)

 

 

 

 

 

(92

)

 

 

 

 

 

 

 

 

(92

)

Share-based compensation expense

 

 

 

 

 

 

 

1,041

 

 

 

 

 

 

 

 

 

1,041

 

Cash dividends on common stock ($0.25 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,827

)

 

 

(1,827

)

Unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

(975

)

 

 

 

 

 

(975

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

11,240

 

 

 

11,240

 

Balance, June 30, 2018

 

7,311

 

 

$

73

 

 

$

14,827

 

 

$

(6,369

)

 

$

76,344

 

 

$

84,875

 

Common stock issued on exercise of options

   and vesting of restricted stock units

 

100

 

 

 

1

 

 

 

222

 

 

 

 

 

 

 

 

 

223

 

Common stock repurchased on vesting of

   restricted stock units

 

(30

)

 

 

 

 

 

(2,784

)

 

 

 

 

 

 

 

 

(2,784

)

Share-based compensation expense

 

 

 

 

 

 

 

1,409

 

 

 

 

 

 

 

 

 

1,409

 

Cash dividends on common stock ($0.25 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,844

)

 

 

(1,844

)

Unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

(1,037

)

 

 

 

 

 

(1,037

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

19,087

 

 

 

19,087

 

Balance, September 30, 2018

 

7,381

 

 

$

74

 

 

$

13,674

 

 

$

(7,406

)

 

$

93,587

 

 

$

99,929

 

 

 

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, 2019

(Unaudited)

(In Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

(Loss)

 

 

Retained

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Earnings

 

 

Total

 

Balance, December 31, 2018

 

7,395

 

 

$

74

 

 

$

15,437

 

 

$

(5,068

)

 

$

108,594

 

 

$

119,037

 

Common stock issued on exercise of options

   and vesting of restricted stock units and

   performance awards

 

17

 

 

 

 

 

 

122

 

 

 

 

 

 

 

 

 

122

 

Common stock repurchased on vesting of

   restricted stock units and performance

   awards

 

(2

)

 

 

 

 

 

(178

)

 

 

 

 

 

 

 

 

(178

)

Share-based compensation expense

 

 

 

 

 

 

 

1,387

 

 

 

 

 

 

 

 

 

1,387

 

Cash dividends on common stock ($0.25 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,852

)

 

 

(1,852

)

Unrealized gain on investments, net of tax

 

 

 

 

 

 

 

 

 

 

3,657

 

 

 

 

 

 

3,657

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,300

)

 

 

(2,300

)

Balance, March 31, 2019

 

7,410

 

 

$

74

 

 

$

16,768

 

 

$

(1,411

)

 

$

104,442

 

 

$

119,873

 

Common stock issued on exercise of options

   and vesting of restricted stock units

 

4

 

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

56

 

Share-based compensation expense

 

 

 

 

 

 

 

2,441

 

 

 

 

 

 

 

 

 

2,441

 

Cash dividends on common stock ($0.25 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,853

)

 

 

(1,853

)

Unrealized gain on investments, net of tax

 

 

 

 

 

 

 

 

 

 

3,043

 

 

 

 

 

 

3,043

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

13,907

 

 

 

13,907

 

Balance, June 30, 2019

 

7,414

 

 

$

74

 

 

$

19,265

 

 

$

1,632

 

 

$

116,496

 

 

$

137,467

 

Common stock issued on exercise of options

   and vesting of restricted stock units

 

116

 

 

 

1

 

 

 

279

 

 

 

 

 

 

 

 

 

280

 

Common stock repurchased on vesting of

   restricted stock units

 

(36

)

 

 

 

 

 

(2,958

)

 

 

 

 

 

 

 

 

(2,958

)

Share-based compensation expense

 

 

 

 

 

 

 

1,673

 

 

 

 

 

 

 

 

 

1,673

 

Cash dividends on common stock ($0.30 per

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,249

)

 

 

(2,249

)

Unrealized gain on investments, net of tax

 

 

 

 

 

 

 

 

 

 

987

 

 

 

 

 

 

987

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

24,971

 

 

 

24,971

 

Balance, September 30, 2019

 

7,494

 

 

$

75

 

 

$

18,259

 

 

$

2,619

 

 

$

139,218

 

 

$

160,171

 

 

 

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

 

7


 

Barrett Business Services, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In Thousands)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

36,578

 

 

$

21,206

 

Reconciliations of net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,909

 

 

 

3,228

 

Non-cash lease expense

 

 

5,243

 

 

 

 

Investment (accretion) amortization and (gains) losses recognized

 

 

940