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Barrett Business Services Inc. (BBSI-0.69%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $294.3 million from $273.3 million in the same quarter the previous year. The increase is attributed to a rise in professional employer services revenue.
Professional employer services revenue increased to $272.8 million, while staffing services revenue decreased to $21.5 million.
Cost of revenues for the quarter was $219.9 million, representing 74.7% of revenues, compared to 75.0% in the same quarter of the previous year.
Gross margin for the quarter was $74.4 million, compared to $68.3 million in the previous year.
Selling, general, and administrative expenses increased to $49.1 million from $44.2 million, primarily due to higher employee-related costs.
Net income for the quarter was $19.6 million, up from $18.2 million in the previous year. Diluted net income per share was $0.74, compared to $0.67 in the previous year.
Cash used in operating activities was $43.3 million, while cash provided by investing activities was $29.0 million.
Barrett Business Services had a cash balance of $28.7 million as of September 30, 2024.
The filing also details various financial agreements, including a revolving credit facility with Wells Fargo Bank, N.A. (WFC-0.26%), and outlines the company's exposure to market risks, particularly interest rate fluctuations.
The company does not anticipate any material changes to its tax reserve in the next 12 months.
Barrett Business Services continues to focus on providing business management solutions for small and mid-sized companies, with a strategy to align local operations teams with the mission of business owners.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Barrett Business Services Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.