巴瑞特商业服务 2025年度报告

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ State the aggregate market value of the common equity held by non-affiliates of the registrant: $1,025,988,565 at June 30, 2025Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety DisclosuresPART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesItem 7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 7A.Quantitative and Qualitative Disclosures About Market RiskItem 8.Financial Statements and Supplementary DataItem 9.Changes in and Disagreements With Accountants on Accounting and Financial DisclosureItem 9A.Controls and ProceduresItem 9B.Other InformationItem 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsPART IIIItem 10.Directors, Executive Officers and Corporate GovernanceItem 11.Executive CompensationItem 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13.Certain Relationships and Related Transactions, and Director IndependenceItem 14.Principal Accountant Fees and ServicesPART IVItem 15.Exhibits and Financial Statement SchedulesItem 16.Form 10-K SummarySignatures PART I Item 1. General Company Background Barrett Business Services, Inc. (“BBSI,” the “Company,” “our” or “we”), is a leading provider of business managementsolutions for small and mid-sized companies. The Company has developed a management platform that integrates aknowledge-based approach from the management consulting industry with tools from the human resource outsourcingindustry. This platform, through the effective leveraging of human capital, helps our business owner clients run their Certain statements below contain forward-looking information that is subject to risks and uncertainties. See “Forward-Looking Information” in Item 7 of Part II of this report and “Risk Factors” in Item 1A of Part I of this report. Business Strategy Our strategy is to align local operations teams with the mission of small and mid-sized business owners, driving valueto their business. To do so, BBSI: •partners with business owners to leverage their investment in human capital through a high-touch, results-oriented approach; •brings predictability to each client organization through a three-tiered management platform; and•enables business owners to focus on their core business by reducing organizational complexity andmaximizing productivity. Business Organization We operate a decentralized delivery model using operationally-focused business teams, typically located within 50miles of our client companies. These teams are led by experienced business generalists and include senior levelprofessionals with expertise in human resources, organizational development, risk mitigation and workplace safety,recruiting, employee benefits, and various types of administration, including payroll. These teams are responsible for Services Overview BBSI’s core purpose is to advocate for business owners, particularly in the small and mid-sized business segment. Ourevolution from an entrepreneurially run company to a professionally managed organization has helped to form our viewthat all businesses experience inflection points at key stages of growth. The insights gained through our own growth,along with the trends we see in working with more than8,200 companies each day, define our approach to guiding Tier 1: Tactical Alignment The first stage focuses on the mutual setting of expectations and is essential to a successful client relationship. Itbegins with a process of assessment and discovery in which the business owner’s business objectives, philosophies and culture are aligned with BBSI’s processes, controls and culture. This stageincludes an implementation process, which addresses the administrative components of emp