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Mar 31, 2024
BBSI Q1 2024 Earnings Report
BBSI reported first quarter financial results with revenues of $265.8 million and gross billings up 7%.
Key Takeaways
BBSI's first quarter 2024 shows a 4% increase in revenues to $265.8 million and a 7% increase in gross billings to $1.91 billion. However, the company experienced a net loss of $0.1 million, or $(0.02) per diluted share, compared to a net income of $0.8 million, or $0.12 per diluted share, in the same quarter last year.
Revenues increased by 4% to $265.8 million.
Gross billings increased by 7% to $1.91 billion.
Average worksite employees (WSEs) increased by 3%.
Net loss was $0.1 million, or $(0.02) per diluted share, compared to a net income of $0.8 million, or $0.12 per diluted share, in the year-ago quarter.
Revenue by Segment
Forward Guidance
BBSI continues to expect gross billings growth of 6% to 8%, growth in the average number of WSEs of 4% to 5%, gross margin as a percent of gross billings of 2.95% to 3.15%, and an effective annual tax rate to remain at 26% to 27% for 2024.
Positive Outlook
- Gross billings growth of 6% to 8%
- Growth in the average number of WSEs of 4% to 5%
- Gross margin as a percent of gross billings of 2.95% to 3.15%
- Effective annual tax rate to remain at 26% to 27%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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