BBSI - Earnings call transcript Q4 2021 | Barrett Business Services, Inc.

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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, 2021.

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.

please the of Securities meaning Act XXXX. further, Harbor Company's Litigation go of within Statement of we take the note Safe Reform Before the Private cautions statements. The regarding provides important statement forward-looking today's conference The Company's remarks call include forward-looking will statements. during presented other facts, to of These number not uncertainties. and subject does information along reflect that statements, a risks with historical are Actual statements. results these by forward-looking may differ implied materially from those and the Exchange the actual Company's those for that with recent Company's to quarterly the by to and filed uncertainties and or statements. refer expressed about Please the results information release Securities Commission more and from the reports annual earnings implied forward-looking to risks differ cause could XXXX to I Eastern will that PM available starting tonight. remind call X, this at everyone would X:XX for like be April replay through be webcast via available as the will A provided release, press in as the also www.bbsi.com. available at well replay today's Company's website on link

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

Gary Kramer

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

fourth operational the were growth, financial retention, our resulted better client estimates client financial and capped year. results consistently results. exceptional than internal for in a all exceeded worksite and of and employee adds net We off which Our expected great in quarter

our and of to accomplishments conversion for results, I recap We My clients I operational completed BBSI financial the our the new the key strategic Before some the speak would over like of platform. to successfully to year. existing

feedback the the appreciative continues with be more are positive. of We our and platform, importantly, but are the clients to investment pleased

I compensation, place volunteerism. product lessons this campaign, their of grow initiative which department our packaged and referral than features, executed generation well roadmap an ultimately and we our our digital great we clients out November, in just technology our out brought pleased well, train our by with years. people, funnel in that in as with hire time. digital larger average done We new retain new previous sales have People year how apply and announce our offering benefits, certified rolled invested and omni enhancements investment In market robust environment focusing not a vacation, IT on remotely them we new top offer. for We penetration. partners. successfully and asset with to the choice built and any employer to have training as the for via packaged attract, on our best on has and and to nationwide of mentioned. were first corporate on in work are markets, We new a lead encapsulates channel everything that the great initiatives to new to with operate a clients our products. increase and Attract brought enhancements, as are an we employees We which PEO of We the train and the employees were light we learned COVID on help

innovation culture family the still our efforts. that foster that upside we thank want any I execution. and program. in in predictability. our and We into insurance entered out we Plainly base. that stated, them compensation for will are underwriting. a or am clients financial infrastructure can manner our in transactions, serve share workers and better of an transactions BBSI as insurance they But These client We to up a everyone corporate results of I exceptional their downside invest the greatly proud which potential branch their adjacent model build limit again the of a embraces disciplined as de-risk and in structured behind business

financial our to Moving results.

the prior over During increased the quarter and years our exceeded our expectations. quarter XX% billings gross

worksite up average were the Our over quarter. X% year prior employees

worksite in This internal levels year-end business our the with have clients and the highest the of pre-pandemic to and history. We for net well be head finished employee we is BBSI’s XXXX continue forecast hiring our due our new as year worksite employees as exceeded to our stack.

business over staffing labor of We prior with the year more, grown Our quarter. increased but orders the have challenges tightness could continued to XX% the have filling market.

employees. seeing applicants more more wages attract applicants, increasing placing to We and are companies are

improving. ratio unable We of are but our our to still orders fill all fill

growth by So $X back and X.X%. long-term the reduced our shareholders. earnings to billings our gross fabulous return dividends outstanding line $XX These year, totaling summarize We shares with shares is performance results per in and a our increased by in grew returned million are XX%, which for our XX% bought million, plans. for share our financial by and great which

branch Moving updates. to the operational

Our footprint total three branch decreased to XX by branches.

made consolidated to clients, and into Valley These were while efficiencies continue We mindful operating be revenue doing with cost in and grow to of intention manner. into servicing a Pasadena. the efficient Glendale of continuing decisions so Phoenix, Valencia into our but Eugene Willamette more

mature rates as between million. emerging Our in million up to $XXX and we $XX branch of consider $XXX run running stratification XX branches branches XX million, developing follows. rates $XX with run XX excess with is branches million,

units previously total and consolidations mentioned. business XX Our the incorporates

serve end migration member employees us and management to less into years. continued as the To two business our clients the At branches. our on of branch XXXX, revised XX had we our with structure unit, over summarize our payroll. past management footprint which more of increases allows XX We also return

we branches will be over XXXX branches. and markets. in the Over our XX markets, consolidated asset-light investing that new end the By in XX% of SGMA within billings only be our payroll by gross XXXX forecast we includes X% by up fuel finishing expanded XX existing XXXX, that with years, approximately past two up and but will the markets XX five branches

asset-light graduated is Speaking and the first-class new to our four in selling markets. model, has currently

but we through February, during innings have the eight added early clients in still are new We contracting.

approximately and in in and model invest trends we're actively markets XXXX seeing not in XX in now. are We are in recruiting new markets positive intend to this

to Moving and client our WSE stack.

that pre-pandemic do the than with in ever our to I this to changing continues retention complex value and attribute we in to levels. like stronger environment. economic teams clients our bring work client be the Our

almost to our business normal. distribution channels, back is Regarding

and our prospects quarter in than was highest history. quarter Our were a greater our quarter leads WSE the in best fourth had the and previous the stack We post-pandemic. quarter our and strong year-end

and January More this new one-one the business was capitalized our five pre-pandemic. best selling on past for importantly, season we than January years. Better net in the

generation focusing refine partners target of campaign, initiatives far and an longer-term markets. invest the the on top channel digital we via clients omni and different in to lead continue new are increasing of both where our thus funnel We by Results positive. referral

and clients that to via partners have referral our new up signing us would traditional channels. are come new not We

net trends and We These company was further X,XXX will and continue in adding XXXX. for in investments this optimistic over positive resulted outlook worksite in initiative the our which the XXXX. make supports quarter, employees our new further forecast of ahead

As is We XXXX. never in optimistic carrying been the future, I've I it trajectory. think to into more had and momentum about XXXX great BBSI

the more And prospects. Our best on retention we're closing in is been. seeing ever it's client

stack, to Our because coupled offering. prospects of nationwide technology continue with our be larger our

continue invest And we We growth technology. will initiatives. invest in in will to continue to

for And that have hinder can only honestly, is We to the results risk. speak fabulous risk our the company. execution progress our themselves. minimized insurance And thing now the

turn going to the I'm prepared Now Anthony over remarks. to his call for

Anthony Harris

billion our return with Thanks, SG&A Starting $X.X and the to increased XX% the in the I to our to increased with earnings more sustainable Hello, and Gary. and XXXX even diluted in levels low seen in noted XXXX quarter to to strong increase billings expectations. year. XX% pleased from we the Both report $X per $X.XX prior share exceeded as year The everyone. achieved uniquely levels am with finished the in full was strong Gary leverage first, the year XXXX. EPS results compared momentum. gross

Focusing on increased XX% net $X.X to PEO quarter billings million to QXXX our XX. quarter billion. $XX.X the income $XX prior QX Staffing QX compared gross over to in XX% increased for revenues $X.X million million. was the numbers, year

Our our higher average PEO base WSE. by from than billings clients quarter, in growth stronger the was increase customer gross new continued per billing and within net hiring in driven expected strong

Southern increased fourth XX%, quarter year X% California increased while gross X%, year-over-year, primarily average follows. PEO our the for X%. as grew higher the versus Northern WSEs WSE by billing XX% States average grew prior wages. Coast region were Northwest grew driven grew grew QX billings and East Our XX%, Mountain California growth by XX%, Pacific

fewer is quarters, prior the sales Southern in are of in growth, clients our in California other lower new same discussed regions. primary growth employees than the slower as As customer adding driver

and sequential actual XXXX. determined of expense this we trend the estimated of in trends continue the However, in $X.X favorably QX we continue to to and than to early quarter. QX region, growth year Workers' faster in see an included liabilities prior in momentum million quarter into including the continue compensation in reduction positive expect

remains and below Our quarter remains in also rates. well our relative and trended claims rate down the performance frequency again, once favorable historical

planned to expect X, of zero for into insured a our historical the $XX incurred as operating the the reminder, our to our BBSI. as favorable or compensation insured retained after exposure are workers covered insured our in paid. our liabilities we fully workers by claims insured programs. strategy now through of clients, approximately clients million workers these of our continue a X all with of be market, program Approximately either insured covered your remaining by results continue not de self decreased July are fully effective states by describe XXX% program new into The insurance We results. quarter, claims coverage insured favorable compensation And claims program for this All including, cost being majority fourth As this is we XXXX. entered workers clients. our compensation in as July Because operations California under to XX% program, move by the compensation with risking program. these

new the consistent prior seeing Looking billing at pricing, with we margin year. and at levels rates for are

now at compensation And market margin after year. But market compensation in have relative low-levels, decreasing lower Looking have to these Rates more the at largely for remained our the historical rates lower broadly, rates expense coverage for flattened remain offset pricing worker's years. stable. rate. by several workers been has

the and in value We our creating maintain continue beyond, demonstrates we're our for which and clients fourth pricing client supports ability environments. strong competitive margins retention even to to see quarter the

the at as approximately of the levels Moving expectations, quarter to line came operating same QX XXXX. in with expenses, SG&A for

much As of in abnormal faster XXXX. growth in quarters, QX prior discussed of the to in compare year-over-year SG&A, due saw and XXXX QX

to half approximately of our of we growth our rate, in expect to line target ahead more growth. with normalized SG&A return we top XXXX, As to look billings line

average wages to higher SGA increased Our including in initiatives. will headcount, growth largest in increase primarily and employee related from expenses come XXXX, support

continue in to expenses manage our below closely operating employee and that of management XXXX. our We headcount, ended still XXXX,

Our quarter, the investment in million portfolios year $X.X fourth compared earn in $X.X million prior to quarter. the

manage to continue average conservatively, investment at investments quality X.X%. have duration an book Our years of average yield of of AA, and average X.X

to we plan, million at the capital had December compared cash sheet to and unrestricted $XXX XXth. investments at our $XXX XXst, Turning September balance of million

to of efficient As we favorable Wells capacity increase the with agreement the incremental previously, of and changes, fee June most from to $XX of our With line XXXX. come evaluate credit Fargo will with arrangements, cost. capital to agreement, the our maturity little our extend increased continue the $XX to million credit agreement we million renegotiated

in Claims covenants our optimize show the will that restructured for are on have has de result, operations including and appropriate leased. we have We our going the To of mitigation. expense certain as Compensation will assets decreased QX off remaining needed we free. of level the with we model in now we increase required Workers capital share purchased mortgage, year-end, operating can corporate say to headquarters We overall to retain balance company result maintain us in to continually were This capital provide we our and This as repurchases. CapEx, capital assess forward. more risk now exposure. flexibility, it our debt that less subsequent business a lower commitments, risked paid And formerly also further effective level completely an minimum

general investments cash of We benefit available I on recap long-term allocation. the our shareholders. company philosophy our will ways and health are committed capital excess that to deploying our the in

business. Our is the first invest in to priority

new we software to in form client on and Our focus opportunities is growth operating infrastructure IT year continue and of typically will in focus our and experience. growth order and leverage out effectively. the And investment to scale, through in best strategic This the comes path hiring to invest earnings initiatives. as investment in scale consistently it seek continued also we product enhancing and continue to to include our

open are have to right to Second, shareholders we are acquisitions our in any inorganic our this said growth that and also acquisition we true, is we committed company that and investing potential but long-term. for for remains through the ensuring

the year for Directors was XX will repurchase repurchase commitment million, our XX%. generate two-year to a repurchases. $XX million, To $XX as income steadily committed has to to to remain through XXXX, stock This continues we combination to effect. equates program our positive three-year new stock value, free BBSI of program, shareholders. shareholder in approved flow, solidify dividends approximately and a replace Third, drive which an returning cash Board In previously shareholders million to the of that returned payout ratio capital we

and quarterly also dividend of $X.XX In its share to addition, committed dividend April to Board Xst. per the be our BBSI reconfirmed remains paid

the XXXX, billings year. to the for between expect we and now gross X% X% Turning outlook to for increase

We to expect and X% average X%. between WLC increase

XX% We Gary for XX%. of expect turn call percentage annual be rate our as remarks. margin be effective to And between I to and tax expect X.X%. now closing gross will X.X% gross between back we and the a to billing

Gary Kramer

think was be XXXX great Anthony. Thanks better. we XXXX a going and year is even to

to of been first position the the I for client things great continue and the future advocate the of We to business success in We've we're for a right think working owner. think growth. and on always

over call for to questions. like I'd operator Now the the turn to

Operator

session. you. Thank [Operator now We'll question-and-answer Instructions] be conducting you. a Thank

question first Chris proceed Moore question. from with securities. CJS with Please comes Our your

Chris Moore

for XXXX, investment how given the trust at with guys. Chubb Yes, a that Hey, with taking XXXX? changes income rates, does rising good couple Thanks you’re afternoon questions. so the compare and looking for when

Anthony Harris

investments have we We've previously go we will fully down, down, Yes. expect with to requirements going as question, insured restricted be said the great That's a model, our Chris. that capital our case.

a are rising year. interest short-term On in rates seeing the other we hand,

So those our income. XXXX are for forecast effectively investment of terms offsetting in in

Chris Moore

Got talk quarter-to-quarter your of little it. the a in All XXXX? shape you right. versus can Maybe about bit fiscal XXXX earnings

Anthony Harris

Absolutely. Yes.

look So always QX. payroll of by timing it into those is taxes if seasonal, front-loaded and are that's at you driven when incurred, the our and are income, primarily

So growth but we're each some XXXX, quarter. QX One thing is, will quarter, if always our usually you this is in expecting variance lower profits. profit in you look quarter. be And in that QX when will profit typically sequential year, look true Correspondingly, QX our be QX similar, at at and quarters. again year. growth our lowest highest compare top But the line the from be there the will and

will year-over-year at QX if will be less because XXXX actually And line growth business you quarter, day. top strongest be part, the have does in QX our compares. look So one lower

business in a that billings a half one that growth that that point to of So equates less QX. will about percentage lose that of day in because XXXX, occurs and

weakest, be more and on line. top QX basis, QX the So be QX QX year-over-year consistent be will strongest, on a will will

Chris Moore

back I'll I guys. appreciate in is extremely it line. helpful. That jump

Gary Kramer

Thanks, Chris.

Operator

you. Thank

comes your Martin question. question Capital next from with Partners. Our Please ROTH with Jeff proceed

Jeff Martin

employee dive the -- Good curious net was Thanks. little versus me, primary factors? there I breakout during if any a hiring guys. if afternoon, could growth just wages, the any into are other how you and two quarter those excuse more drivers worksite

Gary Kramer

controllable track over And quarter, of I call my pleased we the last with. strong I we up. organic one that a quarter would well what the the the very and right, they as and resulted worksite and employees off we very us quarters had, that's growth, script. it ran clients January that here, had clean our proud clients had, they we're of I'm X,XXX into employees record in that added we've And the records of most in worksite that in in say, which strong mentioned start that an going can worksite employees minus it I'll more that added is Anthony Yes. the our, having right? off couple is track the in

sales, you sales. you So same customer controllable What's Anthony? customer our and take if the same add organic then the

Anthony Harris

X%.

Gary Kramer

X%.

Anthony Harris

for year. this for increase mean, billing to average in? X.X% Well, of, sort the jump WSE Is I

Gary Kramer

clean me Yes, up. Yes.

Anthony Harris

the figures figures, figures, been and WSE number average that'll annual Gary net for the Jeff. that. figures, we new gave from within it's WSEs the but net of in growth, that on annual client for also So ads years portion X.X% for the it new quarterly and client was highest But include ads. as And hiring, said, is client

news. fantastic So, that's

average at right WCS and was mix shift towards the growth bat attributable driven the WSC, year-over-year billings employee But wage partly higher per inflation. saw later in was early the year the we seeing X.X% off especially On for to by genuinely year were for that billing we high in year the wages. that and that

inflation through seeing into we're And XXXX. through that's wage of we QX. part So, particularly talked come in going momentum the about

Jeff Martin

Yes, yes.

of Okay. average And for is clients then interesting. the prospects new size

You think was become in new could the future. us you're I of bringing on if just too now fairly maybe the perspective distant give that in XXXX? or significant would curious XXXX relative clients tailwind not on growth a would size you versus some

Gary Kramer

for mentioned running that back got And you X,XXX. we're the to go up what unit adding as lot want if what were and WCS, running running that to our to Where clients counts consistent earlier at than clients, are about off they we're add we're had if it counts to off. I I'll far than lost. more say three unit say one two I we clients you rather adding perspective, as with now past, meant, I we're smaller positive clients the or is the I are and that clients WCS, adding make in getting you clients larger the go our it back larger off the to that Yes, put are they to what to had to had now. In

average employee north -- our on we're per of average if now. say XX, client So, worksite you our adding XX of is about WSCs

but try business that. we not then now. small and we on that one clients than marginal. smaller if big don't on And to make majority still done the of make We the love business to small to clients than have seem adequate the clients been some that love clients the become margin we larger plans things the smaller is we we're be larger adequate -- focus But have or they can that, we the we've have making decision to grow, too

Jeff Martin

Yes, yes.

Okay. role And operationally the was you've or of business the and strategically some perspective, do affecting now typical things two the just how for and/or phases cycle been almost CEO are I years your cycle? it's curious in been part from a two what you see you maybe as of the the different market years. of

Gary Kramer

Grow we like get, cycle income increase topline place in at think been on long with and and normal the has the can general, is over Good machine years up we the bottom. put way what two the got in XX% hyperinflation hard a But no pandemic about the grow equates that right to we on question. Europe. net bottom-line to capable in that over is. of in to annually, I'll just it And visualize top I'll -- it of normal the then keep we've our about And or we're what and talk, the XX%. SG&A conflict it's or do XX% to topline results year is round consistently and XX% try feel approximate, of numbers a market because what what and to a half we is where the way think in the right, last businesses simple. Kind

Jeff Martin

be happen. it and SG&A like this it know That should been the you're a rooting the point. for to nice. That's see at over leverage I of have lot that great years sounds that

this just employee be you a the comment this to yet that in may year or year? that a and year factor case, leverage this experience of parts -- normal did a retention that environment. you where make able wage you'll Now not that be in expect or inflation become does Do

Gary Kramer

to XX% modeled other that bottom of you adding we million the that gross mentioned modeled you $XX new growth all it that that's pretty how a and if new show in how the invest so markets investments about we're we down even just margin we'll income we've keep confident net in investments layering leverage that. investments in of simple, X% mindful We've if margin growth. be I at and the the mean, in in, do it. in headcount, And able also up and company, of for adding I XX we we put -- feel SG&A

Jeff Martin

taking questions. Okay, great. my Thanks for

Operator

Instructions] you. [Operator Thank

from Our Vincent your Research. proceed with Colicchio with next Barrington Please comes question question.

Vincent Colicchio

quarter. Yes, Gary. Nice

I just you optimism in on think That XX be XXXX. heard I your take through -- that pretty the helpful. aggressive investing you're sounds markets more that Can us is past. versus you maybe say in it thinking would new thoughts any

Gary Kramer

Yeah.

So this remarks our talked where I prepared model, into ties right. kind asset about of light my

assist training out support And good of So able that what talent. invested up as corporate one sell we in in them to is then do them adjacent they were go have business their we they sell market. market emerging when one with training good either can speed market. them We with or their really, to get that's we market, our where And digital in we We've in campaigns. an talent, salesperson well. attract

to in program. as in on will we and mass as XXXX are invest critical market to get putting that behind for is experimenting this call is, them in And XXXX light far seeing And in we begin -- because idea is that the we're after we people locally. So double are with they infrastructure what where comfortable asset XX saying, really them business right, once successful feel and they down with going we XX what We're we're the XXXX. far in hiring folks got to service doing help the then all results and markets. we what so this the

Vincent Colicchio

talk changed markets all a at has same get focused the bit pricing look? And little or still acquisitions you does and about you're you how can

Gary Kramer

of Not much update there. an

we look look active. right? not acquisition, comes how we across, We any thoughtful we put our just capital make with risk everything You on shareholder, just that we and that are at are right to have and and equity of to we're sure that comes know acquisition capital. need we thoughtful, the to the at that down But we take

So we are active.

continue lot in to we got be quarters active, will of that a said We're to still We be but frogs. kiss will I you mindful. prior kissing frogs.

Vincent Colicchio

And what did the your model? mix look new WSE in additions like terms in the of quarter referrals and from

Gary Kramer

I referral if at partners, new us part ’XX. digital I attract prospects And mean, of QX So direct business brought we we that's partners. is And for and will the referral referral leads the campaign channels. a business and majority referral continue the of try are direct? to Versus to comes QX referral heavy look versus or that love come from from. ’XX channel our channels, to our QX versus where our for

times coming function are to partners, is new a seek the of us was have and technology three with that these is, the number still referral partners referral in that. one. we're versus of number to out ’XX But of assist us discipline Part ’XX. business out ’XX we new velocity pandemic, Now referral using feeding new two We of BBSI. to had were that partners

Vincent Colicchio

and does versus now how pipeline the prospects of last look And leads quarter?

Gary Kramer

the QX, net the in years. had in strongest closes close We math year, added into and about QX. of we results than momentum higher going January QX, If was were which at same. over the to far ratio in more our kind client WSE January it's that which you we XX% were our carried if just But I as keep growth look prior prospects your had strong in five we into as that adds past January our

gives QX positive tailwind clients, that us a give and revenue we the in QX real good and QX, those So which into for QX add for January early ’XX. growth us – continued things

Vincent Colicchio

good. Thanks. Sounds job. Nice

Operator

Thank you.

question. to Independent comes Analyst. [ph], Kevin Mackey question next your Analyst from Q proceed Please Unidentified – Our Yeah.

it call you technology… I last your mentioned believe was So conference new that

Gary Kramer

Hello?

Operator

of sorry. One This our is end I'm the session. question-and-answer moment.

comes next Matt Titan your question with Please Capital proceed Our Dane question. with from Management.

Matt Dane

your more to I you. to work Thank little can attract additional What clients and color with bit a CBSI? specifically drive around that? share Great. into initiative are wanted attract you those larger larger them delve doing you clients. help What to to

Gary Kramer

to is sure. bring that larger Yeah, technology The on clients. we able have

more clients and the than we foremost. had first in the appreciate That's technology our Now, what much past.

The second is, clients various have in larger exposure States.

than a client going we I'll clients. Before, be we to need do to And, sophistication so in anywhere to -- larger every technology smaller able the on with go and of state and weren't [indiscernible], our investing technology clients. technology. they investments part easier have weren't have as we a say go these and we're in invest the we'll and data that licensed make that are we to in state can a you business, continue in we different will making is as XXXX or flow invest far to -- mix. we And now know, mentioned say, better in technology support larger utilize Because larger I'll to clients we

Matt Dane

And But facilitated target telling better? them, on really that type more marketing just to today sales sales – you'd the the to them with That's targeting then compared your and I side. the is sources in Okay. helpful. technology actual them it understand specifically, referral of is regards these the interactions that past. that – really like and ideal asking -- clients those allow of other there of you or this approaches marketing them and hey, is clients telling to are and type

Gary Kramer

we're about too to the plumbing XXX to get because sales want and is marketing technology have two-fold listen using into right. on competitors I here, that call. this side. of There don't is One the And much we

come technology before, So to have get where we're clients in we've typically us especially and out we markets to -- building new that a we learned that utilize in to that lot wouldn't XXXX.

No. We for we have Is And partner who it was? the mousetrap in comfortable it better XXXX and evolve go expertise have partner Absolutely. think being you to specialty continue know, we it understand then it's, what a it's you knowing and we perfect? we referral can and been think You their we, did XXXX. referral for as it? right. Will know, are, know, your with than Yes. go right? side, than we refining you better we is we really on with a Is

that's if So like is transportation, their specialty great.

a huge have transportation. portfolio We of

can help how you transportation. because Is try how depends me work some that's it and co-marketing distribution to with align to and you and is co-branding channel them way comes the on and industry an and their on pick we you right Let do it we them. the know, what specialty with that

Matt Dane

Great. guys helpful. you, Thank That’s

Operator

Thank to to are Gary turn time. further Kramer for no I like over questions comments. closing the you. this floor back at There any would

Gary Kramer

to trajectory I to year great was BBSI and where just and hard are their feel for and want go. is that work. a and just thank everybody we And I at want wrap-up about to going good say good momentum XXXX XXXX optimistic

everybody. you, thank So

Operator

This concludes today's conference.

lines Thank your participation. for your you disconnect may this You time. at

Barrett Business Services (BBSI) 2 Mar 222021 Q4 Earnings call transcript