Barrett Business Services, Inc. (BBSI) reported a revenue increase of 7.0% for the fiscal year ending December 31, 2024, totaling $1.144 billion, compared to $1.069 billion in 2023. The growth was primarily driven by an 8.3% rise in Professional Employer Services (PEO) revenue, which reached $1.063 billion, while staffing services revenue decreased by 6.8% to $81.1 million. Net income for the year was $53.0 million, up from $50.6 million in the previous year, resulting in diluted earnings per share of $1.98, compared to $1.85 in 2023.
The company experienced significant operational changes, including a 4.2% increase in average worksite employees (WSEs), which averaged 129,577 in 2024. The total number of WSEs at year-end was 132,069, reflecting a 4.4% increase from the previous year. BBSI also expanded its service offerings in 2023 to include additional employee benefits such as medical, dental, and vision plans, which are expected to enhance client retention and attract new customers.
BBSI's organizational structure remains decentralized, with operational teams located within 50 miles of client companies, allowing for tailored service delivery. The company operates 45 branches across various states, with California accounting for approximately 72% of total revenues. This geographic concentration poses risks, as economic downturns or regulatory changes in California could significantly impact financial performance.
The filing also highlighted a strategic stock repurchase program, with the company repurchasing 162,100 shares in the fourth quarter of 2024, totaling $7.0 million. As of December 31, 2024, BBSI had repurchased a total of 1.493 million shares for $45.2 million under a two-year plan authorized in July 2023. The company maintains a strong cash position of $82.6 million, reflecting an increase from the previous year, and continues to focus on enhancing its market share and expanding into new geographic areas. Looking ahead, BBSI anticipates continued growth driven by its integrated management platform and the increasing demand for its services among small and mid-sized businesses.
About BARRETT BUSINESS SERVICES INC
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