Growth in the average number of WSEs of 7% to 8%, increased from 4% to 6% in the prior outlook.Gross billings growth of 11% to 13%, increased from 10% to 12% in the prior outlook.In light of the strong performance in the second quarter, BBSI is increasing its outlook for 2022 and now expects the following: In the second quarter, BBSI repurchased 269,581 shares at an average price of $73.88 per share. On February 28, 2022, BBSI’s board of directors approved a new stock repurchase program authorizing the Company to purchase up to $75 million of its stock over a two-year period. The cash dividend will be paid on September 2, 2022, to all stockholders of record as of August 19, 2022. The decline was due to the timing of payroll tax payments and stock repurchases. BBSI is debt free at quarter end.īBSI’s board of directors has confirmed its regular quarterly cash dividend of $0.30 per share. The increase is primarily attributable to higher revenue, lower workers’ compensation expense and favorable payroll tax rates.Īs of June 30, 2022, unrestricted cash and investments were $111.4 million compared to $127.4 million in the prior quarter. Net income for the second quarter of 2022 was $18.0 million, or $2.48 per diluted share, compared to $17.1 million, or $2.24 per diluted share, in the year-ago quarter. This compares to 2.9% in the second quarter of 2021. Non-GAAP gross workers’ compensation expense as a percent of gross billings was 2.6% in the second quarter and benefited from a favorable adjustment of prior accident year liability of $6.5 million. The increase was driven by higher WSEs from net client additions and net client hiring, as well as from higher average billings per WSE. Total gross billings in the second quarter increased 14% to $1.83 billion compared to $1.60 billion in the same year-ago quarter (see “Key Performance Metrics and Non-GAAP Financial Measures” below). Net revenues in the second quarter of 2022 increased 12% to $262.2 million compared to $233.2 million in the second quarter of 2021. The ability to offer health insurance benefits to clients further enhances our value proposition and will aid in helping clients attract and retain employees.” “Looking even further ahead, I am also excited about BBSI’s new health benefits offering, which will launch in 2023. Given these positive results, we are again pleased to raise our outlook for the year. “Our sales and marketing efforts continue to bring in more WSEs from client additions than prior years, and clients continued their pace of strong hiring. “Our strong performance trends have continued across the business, and we have once again exceeded our expectations for the quarter,” said BBSI President and CEO, Gary Kramer. Net income up to $18.0 million, or $2.48 per diluted share, compared to $17.1 million, or $2.24 per diluted share.Average worksite employees (“WSEs”) up 9%.Gross billings up 14% to $1.83 billion.Second Quarter 2022 Financial Summary vs. (“BBSI” or the “Company”) (NASDAQ: BBSI), a leading provider of business management solutions, reported financial results for the second quarter ended June 30, 2022. 03, 2022 (GLOBE NEWSWIRE) - Barrett Business Services, Inc. The Certificate of Analysis (COA) is a signed document that includes the storage temperature, expiration date and quality controls for an individual lot.- Q2 2022 Net Income of $18.0 Million, or $2.48 per Diluted Share.
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