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Sep 30, 2024
BBSI Q3 2024 Earnings Report
BBSI's Q3 2024 financial results were reported, showing an increase in revenue and net income compared to the same quarter last year.
Key Takeaways
BBSI reported strong Q3 2024 financial results, with revenues up 8% to $294.3 million and net income of $19.6 million, or $0.74 per diluted share. The company's performance was driven by growth in PEO services and strong client retention.
Revenues increased by 8% to $294.3 million.
Gross billings increased by 9% to $2.14 billion.
Net income was $19.6 million, or $0.74 per diluted share.
Average worksite employees increased by 5%.
Revenue by Segment
Forward Guidance
BBSI expects gross billings growth of 7% to 8%, growth in the average number of WSEs of 4% to 5%, gross margin as a percent of gross billings of 3.03% to 3.07%, and an effective annual tax rate of 26% to 27% for 2024.
Positive Outlook
- Gross billings growth expected to be 7% to 8%.
- Growth in average WSEs expected to be 4% to 5%.
- Gross margin as a percent of gross billings expected to be 3.03% to 3.07%.
- Effective annual tax rate expected to remain at 26% to 27%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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