The following is a summary of the Barrett Business Services, Inc. (BBSI) Q1 2024 Earnings Call Transcript:
Financial Performance:
BBSI reported a 7% increase in Q1 gross billings compared to the prior year.
The company's investments earned $3.2 million in Q1, an improvement of $0.9 million from the previous year.
BBSI experienced a net loss of $0.1 million or $0.02 per diluted share in Q1, versus a net income of $0.8 million or $0.12 per diluted share in the previous year's corresponding quarter.
PEO gross billings increased by 7% while staffing revenues declined by 12%.
The number of PEO worksite employees grew by 3.1% versus the year-ago quarter, attributed to growth from new PEO clients and modest hiring within the existing customer base.
Business Progress:
BBSI reported an uptick in its sales prospects as it continued to execute various growth strategies.
Customer retention has improved and is better than the pre-pandemic levels due to BBSI's strong customer support.
The company is broadening its market presence through an asset-light model, entering new markets, and hiring new Market Development Managers.
BBSI announced a strategic multi-year partnership with Kaiser Permanente, starting from July 2024, to enhance its health insurance offerings.
For 2024, BBSI expects a gross billings increase of 6-8%, remaining consistent with their prior outlook.
More details: Barrett Business Services IR
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