Barrett Business Services, Inc. (NASDAQ:BBSI) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET

Company Participants

Gary Kramer - President and CEO

Anthony Harris - CFO

Conference Call Participants

Chris Moore - CJS

Jeff Martin - ROTH MKM

Vincent Colicchio - Barrington Research

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss BBSI's Financial Results for the Second Quarter Ended June 30, 2023.

Joining us today are BBSI's President and CEO, Mr. Gary Kramer; and the company's CFO, Mr. Anthony Harris. Following their remarks, we'll open the call for your questions.

Before we go further, please take note of the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995. The statement provides important cautions regarding forward-looking statements. The company's remarks during today's conference call will include forward-looking statements. These statements, along with other information presented that does not reflect historical fact, are subject to a number of risks and uncertainties. Actual results may differ materially from those implied by these forward-looking statements. Please refer to the company's recent earnings release and to the company's quarterly and annual reports filed with the Securities and Exchange Commission for more information about the risks and uncertainties that could cause actual results to differ from those expressed or implied by the forward-looking statements.

I would like to remind everyone that this call will be available for replay through September 2, 2023, starting at 8:00 p.m. ET tonight. A webcast replay will also be available via the link provided in today's press release, as well as available on the company's website at www.bbsi.com.

Now, I would like to turn the call over to the President and Chief Executive Officer of BBSI, Mr. Gary Kramer. Sir, please go ahead.

Gary Kramer

Thank you, and good afternoon, everyone, and thank you for joining the call.

We had a strong second quarter, and I'm pleased with our results. We continued to execute on our short term and long-term objectives and we exceeded all of our internal controllable key performance indicators.

Regarding our client and WSE stack, our controllable growth exceeded our expectations in the quarter as we continued to execute on our various strategies to increase the top of the sales funnel, and I'm pleased to say that we once again exceeded our expectations in new clients and in new worksite employees.

As discussed previously, we have been able to sell and support larger clients with our upgraded technology stack and national PEO licenses. This continues to progress favorably, and the average size of the clients that we are adding are larger than the average size of the clients that are running off.