Barrett Business Services, Inc. (NASDAQ:BBSI) Q1 2024 Earnings Conference Call May 1, 2024 5:00 PM ET

Company Participants

Gary Kramer - President and Chief Executive Officer
Anthony Harris - Chief Financial Officer

Conference Call Participants

Jeff Martin - Roth Capital Partners
Chris Moore - CJS Securities
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 First Quarter ended March 31, 2024. Joining us today are BBSI's President and CEO, Mr. Gary Kramer; and the Company's CFO, Mr. Anthony Harris. Following the remarks, we will open the call for 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. This statement provides important questions 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 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 everybody that this call will be available for replay through June 1, 2024, starting at 08:00 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. Please go ahead, sir.

Gary Kramer

Thank you, and good afternoon everyone and thank you for joining the call. I am pleased to report that we had a strong start of the year and our financial results are in line with our full-year projections. We continued to execute our short and long-term objectives and we added a record amount of worksite employees for a first quarter.

Moving to our financial results and worksite employee status, during the quarter, our gross billings increased 7% over the prior year quarter and was in line with our expectations. We continue to execute on our various strategies to increase the top of the sales funnel and we are seeing positive results. We added 11% more WSEs from new client adds than the prior year quarter.