Insperity, Inc. (NYSE: NSP), a leading provider of human
resources and business performance solutions for America’s best
businesses, today reported results for the fourth quarter and year
ended Dec. 31, 2018.
- 2018 WSEE growth accelerates to
14%
- 2018 net income and EPS each up
60%
- 2018 adjusted EPS and adjusted EBITDA
up 53% and 35%, respectively
- Q4 net income and EPS up 59% and 64%,
to $25 million and $0.59, respectively
- Q4 adjusted EPS up 25% to $0.69
- Q4 repurchase of 986,000 shares
Full Year Results
For the year ended Dec. 31, 2018, reported net income increased
60% over 2017 to $135.4 million, and diluted net income per share
increased 60% to $3.22. Adjusted EPS increased 53% over 2017 to
$3.75. Adjusted EBITDA increased 35% to $239.6 million.
“These results reflect our fourth year in a row with growth in
adjusted EBITDA above 25%, increasing from $84 million to $240
million demonstrating effective execution of our strategic plan,”
said Paul J. Sarvadi, Insperity chairman and chief executive
officer. “As a result of our successful fall selling and retention
campaign, we are starting 2019 with 15% worksite employee growth
and are well positioned to continue our strong financial
performance.”
Revenues in 2018 increased 16% to $3.8 billion, on a 14%
increase in the average number of worksite employees (“WSEEs”) paid
per month over 2017. This growth was primarily driven by an
increase in WSEEs paid from new sales on a 16% increase in the
average number of trained Business Performance Advisors.
Additionally, WSEE retention was maintained at recent historical
highs of 86% and we experienced an improvement in net hiring within
our client base in 2018.
Gross profit for the year ended Dec. 31, 2018 increased 19% to
$681.9 million on improved pricing and effective management of our
direct cost programs. Operating expenses increased 14% to $502.9
million over 2017 and adjusted operating expenses increased 12% to
$493.6 million over 2017.
Net income per WSEE per month increased 42% from $38 in 2017 to
$54 in 2018. Adjusted EBITDA per WSEE per month increased 17% from
$81 in 2017 to $95 in 2018.
“Acceleration of worksite employee growth into the mid-teens,
improved pricing and effective management of our direct costs and
operating expenses has resulted in significant improvement in our
profitability over the past four years,” said Douglas S. Sharp,
senior vice president of finance, chief financial officer and
treasurer. “This is demonstrated by an increase in adjusted EBITDA
per worksite employee per month in each of the past four years,
from $54 in 2014 to $95 in 2018.”
Cash outlays in 2018 included the repurchase of approximately
1,198,000 shares of stock at a cost of $113.3 million, dividends
totaling $33.4 million and capital expenditures of $35.3 million
offset by borrowings of $40.0 million under our facility. Adjusted
cash, cash equivalents and marketable securities at Dec. 31, 2018
was $128.9 million.
Fourth Quarter Results
Fourth quarter 2018 net income and diluted earnings per share of
$24.7 million and $0.59 represented increases of 59% and 64%,
respectively, compared to the fourth quarter of 2017. Adjusted EPS
was $0.69, a 25% increase over the fourth quarter of 2017. Adjusted
EBITDA increased 24% over the fourth quarter of 2017 to $47.6
million.
Revenues increased 17% over the fourth quarter of 2017 to $966.8
million on a 17% increase in the average number of WSEEs paid per
month. An acceleration of WSEE growth throughout 2018 has been the
result of increased new client sales in both our core and midmarket
client segments, a continued high level of client retention and an
improvement in net hiring of WSEEs by our client base.
Gross profit increased 13% over the fourth quarter of 2017 to
$161.6 million, while operating expenses increased only 8%. These
results reflect improved pricing, effective management of our
direct cost programs, and continued investment in our growth,
technology and product and service offerings, while leveraging
other areas of the business. Our growth investment has included the
opening of seven new sales offices in 2018, along with a 13%
increase in the average number of trained Business Performance
Advisors over the fourth quarter of 2017.
Share repurchases during the fourth quarter totaled 986,000
shares at a cost of $97.1 million.
2019 Guidance
The company also announced its guidance for 2019, including the
first quarter of 2019. Please refer to the accompanying financial
tables at the end of this press release for the reconciliation of
non-GAAP financial measures to the comparable GAAP financial
measures.
Q1 2019 Full Year 2019
Average WSEEs 224,000 —
226,000 238,400 — 242,600 Year-over-year increase 14.5% — 15.5% 14%
— 16% Adjusted EPS $1.85 — $1.91 $4.37 — $4.69
Year-over-year increase 31% — 35% 17% — 25% Adjusted EBITDA
(in millions) $96 — $99 $268 — $285 Year-over-year increase 15% —
18% 12% — 19%
Definition of Key Metrics
Average WSEEs - Determined by calculating the company’s
cumulative WSEEs paid during the period divided by the number of
months in the period.
Adjusted EPS - Represents diluted net income per share computed
in accordance with GAAP, excluding the impact of non-cash
impairment and other charges, one-time tax reform bonus and
stock-based compensation.
Adjusted EBITDA - Represents net income computed in accordance
with GAAP, plus interest expense, income taxes, depreciation and
amortization expense, non-cash impairment and other charges,
one-time tax reform bonus and stock-based compensation.
Insperity will be hosting a conference call today at 10 a.m. ET
to discuss these results, provide guidance for the first quarter
and full year 2019 and answer questions from investment analysts.
To listen in, call 877-651-0053 and use conference i.d. number
4355906. The call will also be webcast at http://ir.insperity.com.
The conference call script will be available at the same website
later today. A replay of the conference call will be available at
855-859-2056, conference i.d. 4355906. The webcast will be archived
for one year.
About Insperity
Insperity, a trusted advisor to America’s best businesses for
more than 32 years, provides an array of human resources and
business solutions designed to help improve business performance.
Insperity® Business Performance Advisors offer the most
comprehensive suite of products and services available in the
marketplace. Insperity delivers administrative relief, better
benefits, reduced liabilities and a systematic way to improve
productivity through its premier Workforce Optimization® solution.
Additional company offerings include Traditional Payroll and Human
Capital Management, Time and Attendance, Performance Management,
Organizational Planning, Recruiting Services, Employment Screening,
Expense Management, Retirement Services and Insurance Services.
Insperity business performance solutions support more than 100,000
businesses with over 2 million employees. With 2018 revenues of
$3.8 billion, Insperity operates in 73 offices throughout the
United States. For more information, visit
http://www.insperity.com.
Forward-Looking Statements
The statements contained herein that are not historical facts
are forward-looking statements within the meaning of the federal
securities laws (Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934). You can
identify such forward-looking statements by the words “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “likely,”
“possibly,” “probably,” “goal,” “opportunity,” “objective,”
“target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,”
“indicator” and similar expressions. Forward-looking statements
involve a number of risks and uncertainties. In the normal course
of business, Insperity, Inc., in an effort to help keep our
stockholders and the public informed about our operations, may from
time to time issue such forward-looking statements, either orally
or in writing. Generally, these statements relate to business plans
or strategies, projected or anticipated benefits or other
consequences of such plans or strategies, or projections involving
anticipated revenues, earnings, unit growth, profit per worksite
employee, pricing, operating expenses or other aspects of operating
results. We base the forward-looking statements on our
expectations, estimates and projections at the time such statements
are made. These statements are not guarantees of future performance
and involve risks and uncertainties that we cannot predict. In
addition, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
Therefore, the actual results of the future events described in
such forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are:
- adverse economic conditions;
- regulatory and tax developments and
possible adverse application of various federal, state and local
regulations;
- the ability to secure competitive
replacement contracts for health insurance and workers’
compensation insurance at expiration of current contracts;
- cancellation of client contracts on
short notice, or the inability to renew client contracts or attract
new clients;
- vulnerability to regional economic
factors because of our geographic market concentration;
- increases in health insurance costs and
workers’ compensation rates and underlying claims trends, health
care reform, financial solvency of workers’ compensation carriers,
other insurers or financial institutions, state unemployment tax
rates, liabilities for employee and client actions or
payroll-related claims;
- failure to manage growth of our
operations and the effectiveness of our sales and marketing
efforts;
- the impact of the competitive
environment and other developments in the human resources services
industry, including the PEO industry, on our growth and/or
profitability;
- our liability for WSEE payroll, payroll
taxes and benefits costs;
- our liability for disclosure of
sensitive or private information;
- our ability to integrate or realize
expected returns on our acquisitions;
- failure of our information technology
systems;
- an adverse final judgment or settlement
of claims against Insperity; and
- disruptions to our business resulting
from the actions of certain stockholders.
These factors are discussed in further detail in Insperity’s
filings with the U.S. Securities and Exchange Commission. Any of
these factors, or a combination of such factors, could materially
affect the results of our operations and whether forward-looking
statements we make ultimately prove to be accurate.
Except to the extent otherwise required by federal securities
law, we do not undertake any obligation to update our
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated events.
Insperity, Inc. CONSOLIDATED BALANCE SHEETS
Dec. 31, Dec. 31, (in thousands)
2018 2017 Assets Cash and
cash equivalents $ 326,773 $ 354,260 Restricted cash 42,227 41,137
Marketable securities 60,781 1,960 Accounts receivable, net 400,623
333,981 Prepaid insurance 8,411 10,782 Other current assets 27,721
26,991 Income taxes receivable — 9,824
Total current assets 866,536 778,935 Property
and equipment, net 117,213 95,659 Prepaid health insurance 9,000
9,000 Deposits 172,674 159,515 Goodwill and other intangible
assets, net 12,726 12,762 Deferred income taxes, net 8,816 4,283
Other assets 4,851 3,541
Total
assets $ 1,191,816 $
1,063,695 Liabilities and stockholders'
equity Accounts payable $ 10,622 $ 6,447 Payroll taxes and
other payroll deductions payable 261,166 303,247 Accrued worksite
employee payroll cost 329,979 267,402 Accrued health insurance
costs 35,153 26,075 Accrued workers’ compensation costs 45,818
42,974 Accrued corporate payroll and commissions 60,704 52,595
Other accrued liabilities 28,890 25,989 Income taxes payable
— —
Total current liabilities
772,332 724,729 Accrued workers’ compensation
costs 187,412 166,493 Long-term debt 144,400 104,400 Other accrued
liabilities 9,996 1,752
Total
noncurrent liabilities 341,808 272,645
Stockholders’ equity: Common stock 555 555 Additional paid-in
capital 36,752 25,337 Treasury stock, at cost (357,569 ) (256,363 )
Accumulated other comprehensive income, net of tax (9 ) (5 )
Retained earnings 397,947 296,797
Total stockholders’ equity 77,676 66,321
Total liabilities and
stockholders’ equity $ 1,191,816
$ 1,063,695 Insperity,
Inc. CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Dec. 31, Year Ended Dec.
31, (in thousands, except per share amounts)
2018
2017 Change 2018
2017 Change
Operating results:
Revenues(1) $
966,756 $ 826,494 17.0 %
$ 3,828,549 $ 3,300,223 16.0
% Direct costs: Payroll taxes, benefits and workers’
compensation costs 805,165 683,628
17.8 % 3,146,640 2,727,492
15.4 %
Gross profit 161,591 142,866
13.1 % 681,909 572,731 19.1
% Salaries, wages and payroll taxes 74,541 70,393 5.9 %
301,027 259,531 16.0 % Stock-based compensation 5,769 7,955 (27.5
)% 20,425 24,345 (16.1 )% Commissions 9,094 6,958 30.7 % 28,957
22,773 27.2 % Advertising 4,558 3,063 48.8 % 18,554 16,686 11.2 %
General and administrative expenses 28,503 25,958 9.8 % 111,068
101,273 9.7 % Depreciation and amortization 6,507
4,827 34.8 % 22,842
18,182 25.6 %
Total operating expenses
128,972 119,154
8.2 % 502,873
442,790 13.6 % Operating income
32,619 23,712 37.6 % 179,036
129,941 37.8 % Other income (expense):
Interest income 2,701 1,255 115.2 % 7,992 3,413 134.2 % Interest
expense (1,316 ) (893 ) 47.4 % (4,668 )
(3,213 ) 45.3 %
Income before income tax
expense 34,004 24,074 41.2 %
182,360 130,141 40.1 % Income tax
expense 9,349 8,520 9.7 %
46,947 45,739 2.6 %
Net income
$ 24,655 $ 15,554
58.5 % $ 135,413
$ 84,402 60.4
% Less distributed and undistributed earnings allocated to
participating securities (341 ) (827 ) (58.8
)% (1,875 ) (1,517 ) 23.6 %
Net income
allocated to common shares $ 24,314
$ 14,727 65.1 %
$ 133,538 $ 82,885
61.1 % Net income per share
of common stock Basic $ 0.59 $ 0.36 63.9 % $ 3.24 $ 2.02 60.4 %
Diluted $ 0.59 $ 0.36 63.9 % $ 3.22 $ 2.01 60.2 %
____________________________________
(1) Revenues are comprised of gross billings less WSEE
payroll costs as follows:
Three Months Ended Dec. 31,
Year Ended Dec. 31, (in thousands)
2018
2017 2018 2017
Gross billings $ 6,546,253 $ 5,518,267 $ 23,830,731 $
20,173,812 Less: WSEE payroll cost 5,579,497
4,691,773 20,002,182 16,873,589
Revenues $ 966,756
$ 826,494 $ 3,828,549
$ 3,300,223 Three
Months Ended Dec. 31, Year Ended Dec. 31,
2018 2017 Change
2018 2017 Change
Average WSEEs paid 221,809 189,513 17.0 %
209,123 182,696 14.5 %
Statistical data (per WSEE per
month)
: Revenues(1) $ 1,453 $ 1,454 (0.1 )% $ 1,526 $ 1,505
1.4 % Gross profit 243 251 (3.2 )% 272 261 4.2 % Operating expenses
194 209 (7.2 )% 201 202 (0.5 )% Operating income 49 42 16.7 % 71 59
20.3 % Net income 37 27 37.0 % 54 38 42.1 %
____________________________________
(1) Revenues per WSEE per month are comprised of gross
billings per WSEE per month less WSEE payroll costs per WSEE per
month follows:
Three Months Ended Dec. 31, Year
Ended Dec. 31, (per WSEE per month)
2018 2017
2018 2017 Gross billings $ 9,838 $
9,706 $ 9,496 $ 9,202 Less: WSEE payroll cost 8,385 8,252
7,970 7,697
Revenues $
1,453 $ 1,454 $
1,526 $ 1,505
Insperity, Inc.
Non-GAAP Financial Measures
(Unaudited)
Non-GAAP financial measures are not prepared in accordance with
GAAP and may be different from non-GAAP financial measures used by
other companies. Non-GAAP financial measures should not be
considered as a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP. Investors
are encouraged to review the reconciliation of the non-GAAP
financial measures used to their most directly comparable GAAP
financial measures as provided in the tables below.
Non-GAAP Measure Definition Benefit
of Non-GAAP Measure Non-bonus payroll cost Non-bonus
payroll cost is a non-GAAP financial measure that excludes the
impact of bonus payrolls paid to our WSEEs.
Bonus payroll cost varies from period to
period, but has no direct impact to our ultimate workers’
compensation costs under the current program.
Our management refers to non-bonus payroll cost in
analyzing, reporting and forecasting our workers’ compensation
costs.
We include these non-GAAP financial
measures because we believe they are useful to investors in
allowing for greater transparency related to the costs incurred
under our current workers’ compensation program.
Adjusted cash, cash equivalents and marketable securities
Excludes funds associated with:
• federal and state income tax
withholdings,
• employment taxes,
• other payroll deductions, and
• client prepayments.
We believe that the exclusion of the identified items helps
us reflect the fundamentals of our underlying business model and
analyze results against our expectations, against prior periods,
and to plan for future periods by focusing on our underlying
operations. We believe that the adjusted results provide relevant
and useful information for investors because they allow investors
to view performance in a manner similar to the method used by
management and improves their ability to understand and assess our
operating performance. Adjusted EBITDA is used by our lenders to
assess our leverage and ability to make interest payments. Adjusted
operating expense Represents operating expenses excluding the
impact of the following:
• costs associated with a one-time tax
reform bonus paid to corporate employees and
• charitable donations to Hurricane Harvey
relief efforts.
EBITDA Represents net income computed in accordance with GAAP,
plus:
• interest expense,
• income tax expense, and
• depreciation and amortization
expense.
Adjusted EBITDA Represents EBITDA plus:
• non-cash stock based compensation,
• costs associated with a one-time tax
reform bonus paid to corporate employees, and
• charitable donations to Hurricane Harvey
relief efforts.
Adjusted net income Represents net income computed in accordance
with GAAP, excluding:
• non-cash stock based compensation,
• costs associated with a one-time tax
reform bonus paid to corporate employees, and
• charitable donations to Hurricane Harvey
relief efforts.
Adjusted EPS Represents diluted net income per share
computed in accordance with GAAP, excluding:
• non-cash stock based compensation,
• costs associated with a one-time tax
reform bonus paid to corporate employees, and
• charitable donations to Hurricane Harvey
relief efforts.
Following is a reconciliation of payroll cost (GAAP) to
non-bonus payroll costs (non-GAAP):
Three Months Ended Dec. 31, Year Ended Dec.
31, (in thousands, except per WSEE per month)
2018
2017 2018 2017
$ WSEE $ WSEE
$ WSEE $
WSEE Payroll cost $ 5,579,497 $ 8,385 $
4,691,773 $ 8,252 $ 20,002,182 $ 7,971 $ 16,873,589
$ 7,697 Less: Bonus payroll cost 860,847
1,294 725,226 1,275
2,498,875 996 1,959,053
894
Non-bonus payroll cost $
4,718,650 $ 7,091
$ 3,966,547 $ 6,977
$ 17,503,307 $
6,975 $ 14,914,536
$ 6,803 % Change period over period
19.0 % 1.6 % 11.3 %
1.3 % 17.4 % 2.5 %
11.8 % 1.5 %
Following is a reconciliation of cash, cash equivalents and
marketable securities (GAAP) to adjusted cash, cash equivalents and
marketable securities (non-GAAP):
December 31, December 31, (in
thousands)
2018 2017 Cash, cash
equivalents and marketable securities $ 387,554 $ 356,220 Less:
Amounts payable for withheld federal and state income taxes,
employment taxes and other payroll deductions 224,487 271,547
Customer prepayments 34,177 23,603
Adjusted
cash, cash equivalents and marketable securities
$ 128,890 $ 61,070
Following is a reconciliation of operating expenses (GAAP) to
adjusted operating expenses (non-GAAP):
Three Months Ended Dec 31, Year Ended Dec.
31, (in thousands, except per WSEE per month)
2018
2017 2018 2017 $
WSEE $ WSEE
$ WSEE $ WSEE
Operating expenses $ 128,972 $ 194 $
119,154 $ 209 $ 502,873 $ 201 $ 442,790 $ 202 Less: One-time tax
reform bonus — — — — 9,306 4 — — Charitable donations to Hurricane
Harvey relief efforts — — 782
1 — — 2,000
1
Adjusted operating expenses
$ 128,972 $ 194
$ 118,372 $ 208
$ 493,567 $
197 $ 440,790
$ 201 % Change period over period
9.0 % (6.7 )% 23.2 %
11.8 % 12.0 % (2.0 )%
14.5 % 4.1 %
Following is a reconciliation of net income (GAAP) to EBITDA
(non-GAAP) and adjusted EBITDA (non-GAAP):
Three Months Ended Dec. 31,
(in thousands, except per WSEE per
month)
2018 2017 $ WSEE
$ WSEE Net income $ 24,655 $ 37
$ 15,554 $ 27 Income tax expense 9,349 14 8,520 15 Interest expense
1,316 2 893 2 Depreciation and amortization 6,507
10 4,827 8
EBITDA
41,827 63 29,794 52 Stock-based
compensation 5,769 9 7,955 15 Charitable donations to Hurricane
Harvey relief efforts — — 782 1 Stockholder advisory expenses
— — — —
Adjusted EBITDA $ 47,596
$ 72 $ 38,531
$ 68 % Change period over period
23.5 % 5.9 % 67.0 %
51.1 % (in thousands, except per WSEE per month)
Year Ended December 31, 2018
2017 2016 2015
2014 $ WSEE $
WSEE $ WSEE
$ WSEE $ WSEE
Net income $ 135,413 $ 54 $
84,402 $ 38 $ 65,991 $ 33 $ 39,390 $ 23 $ 28,004 $ 18 Income tax
expense 46,947 19 45,739 21 39,186 19 26,229 14 19,623 13 Interest
expense 4,668 2 3,213 1 2,396 1 459 — 370 — Depreciation and
amortization 22,842 9 18,182
9 16,644 9
18,565 11 21,387 14
EBITDA 209,870 84 151,536
69 124,217 62 84,643 48
69,384 45 Impairment charges and other — — — — — —
10,480 6 3,687 2 Stock-based compensation 20,425 8 24,345 11 16,643
8 13,345 8 11,053 7 One-time tax reform bonus 9,306 3 — — — — — — —
— Charitable donations to Hurricane Harvey relief efforts — — 2,000
1 — — — — — — Other — — (200 ) — — — — — — — Stockholder advisory
expenses — — — —
323 1 1,546
1 — —
Adjusted EBITDA
$ 239,601 $ 95
$ 177,681 $
81 $ 141,183
$ 71 $ 110,014
$ 63 $ 84,124
$ 54 % Change year over
year 34.8 % 17.3 % 25.9
% 14.1 % 28.3 % 12.7
% 30.8 % 16.7 % (8.9
)% (10.0 )%
Following reconciliation of net income (GAAP) to adjusted net
income (non-GAAP):
Three Months Ended Dec. 31, Year
Ended Dec. 31, (in thousands)
2018
2017 2018 2017 Net
income $ 24,655 $ 15,554 $ 135,413 $ 84,402 Non-GAAP adjustments:
Stock-based compensation 5,769 7,955 20,425 24,345 One-time tax
reform bonus — — 9,306 — Charitable donations to Hurricane Harvey
relief efforts — 782 — 2,000 Other — —
— (200 )
Total non-GAAP adjustments
5,769 8,737 29,731 26,145 Tax effect of
non-GAAP adjustments (1,586 ) (3,092 ) (7,608 ) (9,354 ) Enactment
of U.S. tax reform — 2,481 — 2,481 Tax effect of disaster credit
— (669 ) — (669 )
Adjusted net income $ 28,838
$ 23,011 $ 157,536
$ 103,005 % Change period
over period 25.3 % 87.8 %
52.9 % 34.3 %
Following is a reconciliation of diluted EPS (GAAP) to adjusted
EPS (non-GAAP)(1):
Three Months Ended Year Ended Dec.
31, Dec. 31, 2018
2017 2018 2017
Diluted EPS $ 0.59 $ 0.36 $ 3.22 $ 2.01 Non-GAAP adjustments:
Stock-based compensation 0.14 0.19 0.49 0.58 One-time tax reform
bonus — — 0.22 — Charitable donations to Hurricane Harvey relief
efforts — 0.02 — 0.05 Other — — — (0.01 ) Impact of dividends
exceeding earnings — 0.02 —
—
Total non-GAAP adjustments
0.14 0.23 0.71 0.62 Tax effect on
non-GAAP adjustments (0.04 ) (0.08 ) (0.18 ) (0.22 ) Enactment of
U.S. tax reform — 0.06 — 0.06 Tax effect of disaster credit
— (0.02 ) — (0.02 )
Adjusted
EPS $ 0.69 $
0.55 $ 3.75
$ 2.45 % Change period over period
25.5 % 89.7 % 53.1 %
36.9 %
____________________________________
(1)
Amounts in 2017 adjusted to reflect the
two-for-one split of our common stock effected on December 18, 2017
in the form of a stock dividend.
The following is a reconciliation of GAAP to non-GAAP financial
measures for first quarter and full year 2019 guidance:
Q1 2019 Full Year 2019 (in millions,
except per share amounts)
Guidance
Guidance Net income $71 - $74 $161 - $174 Income tax
expense 11 48 - 52 Interest expense 2 7 Depreciation and
amortization 6 26
EBITDA 90 - 93 242
- 259 Stock-based compensation 6 26
Adjusted
EBITDA $96 - $99 $268 - $285
Diluted EPS $1.72 - $1.78 $3.88 - $4.20 Non-GAAP adjustments:
Stock-based compensation 0.15 0.63
Total non-GAAP
adjustments 0.15 0.63 Tax effect (0.02)
(0.14)
Adjusted EPS $1.85 - $1.91
$4.37 - $4.69
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190211005182/en/
Investor Relations Contact:Douglas S. SharpSenior Vice
President of Finance,Chief Financial Officer and Treasurer(281)
348-3232Investor.Relations@Insperity.comNews Media
Contact:Suzanne HaugenPublic Relations Manager(281)
312-3543Media@Insperity.com
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