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Barrett Business Services, Inc. (BBSI) (NASDAQ: BBSI) is a prominent provider of business management solutions, merging elements of human resource outsourcing and professional management consulting. This integration forms a unique operational platform that sets BBSI apart from its competitors. The company specializes in payroll administration, employee benefits, workers' compensation coverage, risk management, workplace safety programs, and human resource management.
BBSI supports over 7,500 clients across various industries in 23 states, helping small and medium-sized businesses optimize their human capital investments and operational efficiency. By offering professional employer services and staffing solutions, BBSI ensures comprehensive support for its clients.
Professional Employer Services:
- Payroll management and tax services
- Workers' compensation coverage
- Employment management including hiring and termination
Staffing Services:
- Temporary and contract staffing
- Long-term or indefinite on-site management
- Direct placement services
In the latest quarterly reports, BBSI demonstrated strong financial performance despite a slight dip in staffing services revenue due to market conditions. The company's net income for Q3 2023 was $18.2 million, showcasing an increase from the previous year. BBSI's gross billings grew by 3%, driven by the expansion of PEO services and the addition of new clients.
Notably, BBSI maintains a robust financial position with unrestricted cash and investments totaling $129.2 million as of September 30, 2023. The company continues to reward shareholders with regular quarterly dividends and stock repurchases, affirming its commitment to shareholder value.
Looking ahead, BBSI's strategic partnership with Kaiser Permanente to include comprehensive health plans as part of its benefits portfolio highlights its dedication to enhancing client offerings and ensuring employee well-being. This partnership reflects BBSI's ongoing efforts to provide top-tier healthcare solutions to its clients.
For more information, visit BBSI's official website.
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