Barrett Business Services, Inc. (NASDAQ:BBSI) Q4 2022 Earnings Conference Call March 1, 2023 5:00 PM ET
Company Participants
Gary Kramer - President, CEO & Director
Anthony Harris - EVP, CFO, Principal Accounting Officer & Treasurer
Conference Call Participants
Jeffrey Martin - ROTH MKM Partners
Vincent Colicchio - Barrington Research Associates
Marc Riddick - Sidoti & Company
Operator
Good afternoon, everyone, and thank you for participating in today's conference call to discuss BBSI's financial results for the fourth quarter and full year ended December 31, 2022.
Joining us today are BBSI's President and CEO, Mr. Gary Kramer; and the company's CFO, Mr. Anthony Harris. Following their remarks, we will 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 results, 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 April 1, 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'd 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. Good afternoon, everyone, and thank you for joining the call. We had a successful quarter, both financially and operationally, which capped off a record year. We consistently exceeded our internal estimates for client retention, net client adds and work-side employee growth, all of which led to better-than-expected financial results. Before I speak to the financial performance, I would like to recap some of the key operational and strategic accomplishments for the year.
We continue to build out our corporate sales effort and increase the top of the funnel by focusing on lead generation via an omnichannel digital campaign, which brought on new clients and new referral partners. We continue to invest in new geographies, and we are now operational in 14 asset-light markets. We have refined our expansion model where we attract and hire great people, train them well, apply the lessons we learned in a COVID environment for how to operate remotely and package with our digital initiatives to help grow their market penetration. We launched 3 new products.