Barrett Business Services, Inc. (NASDAQ:BBSI) Q1 2022 Earnings Conference Call May 4, 2022 5:00 PM ET

Company Participants

Gary Kramer - President & CEO

Anthony Harris - CFO

Conference Call Participants

Vincent Colicchio - Barrington Research

Chris Moore - CJS Securities

Jeff Martin - ROTH Capital Partners

Operator

Good afternoon, everyone, and thank you for participating in today's Conference Call to discuss BBSI's Financial Results for the First Quarter ended March 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'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 June 4, 2022, starting at 8:00 p.m. Eastern Time 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. Thank you, sir. Please go ahead.

Gary Kramer

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

Our positive momentum continued into 2022 as we had a fantastic start to the year. Our financial and operational results exceeded most of our internal and external metrics. We exceeded our internal estimates for client retention, net client adds and worksite employee growth, all of which resulted in better than expected financial results.

Regarding our client and WSE stack. Over the past 18 months, we have been executing a strategy to increase the top of the sales funnel, and I'm pleased to say that our sales leads exceeded our expectations in Q1. This is the result of our three-pronged strategy. First, to mature and deepen relationships with our existing referral partners; second, to utilize technology and digital campaigns to target and nurture new referral partners; and third, to utilize technology and digital campaigns to target potential clients directly.