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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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| For the quarterly period ended | September 30, 2023 |
| or |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| | |
| For the transition period from _______________ to _______________ |
Commission File No. 1-13998
Insperity, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 76-0479645 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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19001 Crescent Springs Drive |
Kingwood, | Texas | 77339 |
(Address of principal executive offices) |
(Registrant’s Telephone Number, Including Area Code): (281) 358-8986
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Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | Ticker symbol(s) | Name of each exchange on which registered |
Common Stock, $.01 par value per share | NSP | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer”, “non-accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Emerging growth company | ☐ |
Smaller reporting company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
As of October 24, 2023, 37,280,637 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.
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Part I, Item 1. | | |
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Part I, Item 2. | | |
Part I, Item 3. | | |
Part I, Item 4. | | |
Part II, Item 1. | | |
Part II, Item 1A. | | |
Part II, Item 2. | | |
Part II, Item 5. | | |
Part II, Item 6. | | |
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FORWARD LOOKING STATEMENTS |
The statements contained herein that are not historical facts are forward-looking statements within the meaning of 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 “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “likely,” “possibly,” “probably,” “could,” “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, in an effort to help keep our stockholders and the public informed about our operations, from time to time, we may 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, average number of worksite employees (“WSEEs”), benefits and workers’ compensation costs, or other operating results. We base these forward-looking statements on our current expectations, estimates and projections. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties and assumptions 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;
•impact of the COVID-19 pandemic, or other future pandemics, including the scope, severity and duration of the pandemic; government responses; regulatory developments; and the related disruptions and economic impact to our business and the small and medium-sized businesses that we serve;
•labor shortages and increasing competition for highly skilled workers;
•impact of inflation;
•vulnerability to regional economic factors because of our geographic market concentration;
•failure to comply with covenants under our credit facility;
•our liability for WSEE payroll, payroll taxes and benefits costs, or other liabilities associated with actions of our client companies or WSEEs, including if our clients fail to pay us;
•bank failures or other events affecting financial institutions;
•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;
•an adverse determination regarding our status as the employer of our WSEEs for tax and benefit purposes and an inability to offer alternative benefit plans following such a determination;
•cancellation of client contracts on short notice, or the inability to renew client contracts or attract new clients;
•the ability to secure competitive replacement contracts for health insurance and workers’ compensation insurance at expiration of current contracts;
•regulatory and tax developments and possible adverse application of various federal, state and local regulations;
•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 professional employer organization (or PEO) industry, on our growth and/or profitability;
•an adverse final judgment or settlement of claims against Insperity;
•disruptions of our information technology systems or failure to enhance our service and technology offerings to address new regulations or client expectations;
| | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 4 |
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FORWARD LOOKING STATEMENTS |
•our liability or damage to our reputation relating to disclosure of sensitive or private information as a result of data theft, cyberattacks or security vulnerabilities;
•failure of third-party providers, such as financial institutions, data centers or cloud service providers; and
•our ability to integrate or realize expected returns on future product offerings, including through acquisition and investment.
These factors are discussed in further detail in our Annual Report on Form 10-K for the year ended December 31, 2022 under “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, and elsewhere in this report. 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.
Any forward-looking statements are made only as of the date hereof and, unless otherwise required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Insperity | 2023 Third Quarter Form 10-Q | 5 |
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FINANCIAL STATEMENTS (Unaudited) |
PART I
Item 1. Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | |
(in thousands) | September 30, 2023 | | December 31, 2022 |
Assets | | | |
Cash and cash equivalents | $ | 678,588 | | | $ | 732,828 | |
Restricted cash | 51,263 | | | 49,779 | |
Marketable securities | 13,837 | | | 33,068 | |
Accounts receivable, net | 656,695 | | | 622,764 | |
Prepaid insurance and related assets | 21,260 | | | 11,706 | |
| | | |
| | | |
Other current assets | 56,037 | | | 61,728 | |
Total current assets | 1,477,680 | | | 1,511,873 | |
Property and equipment, net of accumulated depreciation | 190,672 | | | 199,992 | |
Right-of-use (“ROU”) leased assets | 53,949 | | | 56,532 | |
Prepaid health insurance | 9,000 | | | 9,000 | |
Deposits – health insurance | 7,900 | | | 7,900 | |
Deposits – workers’ compensation | 197,466 | | | 196,370 | |
Goodwill and other intangible assets, net | 12,707 | | | 12,707 | |
Deferred income taxes, net | 10,066 | | | 15,533 | |
Other assets | 37,030 | | | 29,354 | |
Total assets | $ | 1,996,470 | | | $ | 2,039,261 | |
Liabilities and stockholders' equity | | | |
Accounts payable | $ | 7,207 | | | $ | 7,732 | |
Payroll taxes and other payroll deductions payable | 518,061 | | | 556,085 | |
Accrued worksite employee payroll costs | 559,931 | | | 513,397 | |
Accrued health insurance costs | 50,760 | | | 53,402 | |
Accrued workers’ compensation costs | 55,005 | | | 53,485 | |
Accrued corporate payroll and commissions | 65,082 | | | 89,147 | |
Income taxes payable | 428 | | | 6,949 | |
Other accrued liabilities | 64,883 | | | 73,173 | |
Total current liabilities | 1,321,357 | | | 1,353,370 | |
Accrued workers’ compensation costs, net of current | 170,609 | | | 179,629 | |
Long-term debt | 369,400 | | | 369,400 | |
Operating lease liabilities, net of current | 51,985 | | | 55,587 | |
| | | |
| | | |
Total noncurrent liabilities | 591,994 | | | 604,616 | |
Commitments and contingencies | | | | | |
Common stock | 555 | | | 555 | |
Additional paid-in capital | 173,307 | | | 151,144 | |
Treasury stock, at cost | (830,988) | | | (725,532) | |
Retained earnings | 740,245 | | | 655,108 | |
Total stockholders' equity | 83,119 | | | 81,275 | |
Total liabilities and stockholders’ equity | $ | 1,996,470 | | | $ | 2,039,261 | |
See accompanying notes.
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Insperity | 2023 Third Quarter Form 10-Q | 6 |
| | |
FINANCIAL STATEMENTS (Unaudited) |
CONSOLIDATED STATEMENTS OF OPERATIONS
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands, except per share amounts) | 2023 | 2022 | | 2023 | 2022 |
| | | | | |
Revenues(1) | $ | 1,550,887 | | $ | 1,439,160 | | | $ | 4,905,668 | | $ | 4,449,104 | |
Payroll taxes, benefits and workers’ compensation costs | 1,292,956 | | 1,194,607 | | | 4,090,952 | | 3,678,909 | |
Gross profit | 257,931 | | 244,553 | | | 814,716 | | 770,195 | |
Salaries, wages and payroll taxes | 113,074 | | 109,525 | | | 348,557 | | 323,486 | |
Stock-based compensation | 15,210 | | 13,341 | | | 41,676 | | 38,818 | |
Commissions | 10,773 | | 11,068 | | | 33,828 | | 32,121 | |
Advertising | 7,240 | | 9,790 | | | 29,775 | | 30,812 | |
General and administrative expenses | 41,504 | | 38,115 | | | 132,699 | | 115,215 | |
Depreciation and amortization | 10,666 | | 10,083 | | | 31,903 | | 30,367 | |
Total operating expenses | 198,467 | | 191,922 | | | 618,438 | | 570,819 | |
Operating income | 59,464 | | 52,631 | | | 196,278 | | 199,376 | |
Other income (expense): | | | | | |
Interest income | 7,950 | | 2,808 | | | 24,693 | | 3,901 | |
Interest expense | (7,047) | | (4,082) | | | (19,939) | | (8,698) | |
Income before income tax expense | 60,367 | | 51,357 | | | 201,032 | | 194,579 | |
Income tax expense | 16,035 | | 13,688 | | | 49,211 | | 53,427 | |
Net income | $ | 44,332 | | $ | 37,669 | | | $ | 151,821 | | $ | 141,152 | |
| | | | | |
Net income per share of common stock | | | | | |
Basic | $ | 1.17 | | $ | 0.99 | | | $ | 4.00 | | $ | 3.70 | |
Diluted | $ | 1.16 | | $ | 0.98 | | | $ | 3.94 | | $ | 3.66 | |
____________________________________
(1)Revenues are comprised of gross billings less WSEE payroll costs as follows:
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | 2022 | | 2023 | 2022 |
| | | | | |
Gross billings | $ | 10,067,191 | | $ | 9,528,695 | | | $ | 31,762,946 | | $ | 29,111,243 | |
Less: WSEE payroll cost | 8,516,304 | | 8,089,535 | | | 26,857,278 | | 24,662,139 | |
Revenues | $ | 1,550,887 | | $ | 1,439,160 | | | $ | 4,905,668 | | $ | 4,449,104 | |
See accompanying notes.
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Insperity | 2023 Third Quarter Form 10-Q | 7 |
| | |
FINANCIAL STATEMENTS (Unaudited) |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | |
| Nine Months Ended September 30, |
(in thousands) | 2023 | 2022 |
| | |
Cash flows from operating activities | | |
Net income | $ | 151,821 | | $ | 141,152 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 31,903 | | 30,367 | |
Stock-based compensation | 41,676 | | 38,818 | |
Deferred income taxes | 5,467 | | 4,144 | |
Changes in operating assets and liabilities: | | |
Accounts receivable | (33,931) | | (45,394) | |
Prepaid insurance and related assets | (9,554) | | (19,083) | |
Other current assets | 584 | | 1,839 | |
Other assets and ROU assets | 3,740 | | (1,985) | |
Accounts payable | (525) | | (946) | |
Payroll taxes and other payroll deductions payable | (38,024) | | (115,763) | |
Accrued worksite employee payroll costs | 46,534 | | 85,333 | |
Accrued health insurance costs | (2,642) | | 14,857 | |
Accrued workers’ compensation costs | (7,500) | | (11,541) | |
Accrued corporate payroll, commissions and other accrued liabilities | (42,757) | | (12,636) | |
Income taxes payable/receivable | (6,521) | | 12,868 | |
Total adjustments | (11,550) | | (19,122) | |
Net cash provided by operating activities | 140,271 | | 122,030 | |
| | |
Cash flows from investing activities | | |
Marketable securities: | | |
Purchases | (39,596) | | (35,618) | |
Proceeds from maturities | 32,105 | | 32,215 | |
Proceeds from dispositions | 27,735 | | — | |
Property and equipment purchases | (22,526) | | (16,448) | |
Net cash used in investing activities | (2,282) | | (19,851) | |
| | |
Cash flows from financing activities | | |
Purchase of treasury stock | (131,473) | | (63,420) | |
Dividends paid | (62,969) | | (56,866) | |
Other | (314) | | (3,130) | |
Net cash used in financing activities | (194,756) | | (123,416) | |
Net decrease in cash, cash equivalents, restricted cash and funds held for clients | (56,767) | | (21,237) | |
Cash, cash equivalents, restricted cash and funds held for clients beginning of period | 1,013,919 | | 839,500 | |
Cash, cash equivalents, restricted cash and funds held for clients end of period | $ | 957,152 | | $ | 818,263 | |
| | | | | | | | |
Supplemental cash flow information: | | |
ROU assets obtained in exchange for lease obligations | $ | 11,678 | | $ | 4,513 | |
Excise tax liability accrued for common stock repurchases | 545 | | — | |
See accompanying notes.
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Insperity | 2023 Third Quarter Form 10-Q | 8 |
| | |
FINANCIAL STATEMENTS (Unaudited) |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Nine Months Ended September 30, 2023 and 2022
| | | | | | | | | | | | | | | | | | | | |
| Common Stock Issued | Additional Paid-In Capital | Treasury Stock | Retained Earnings and AOCI | Total |
(in thousands) | Shares | Amount |
| | | | | | |
Balance at December 31, 2022 | 55,489 | | $ | 555 | | $ | 151,144 | | $ | (725,532) | | $ | 655,108 | | $ | 81,275 | |
Purchase of treasury stock, at cost | — | | — | | — | | (132,018) | | — | | (132,018) | |
Issuance of equity-based incentive awards and dividend equivalents | — | | — | | (21,231) | | 25,024 | | (3,793) | | — | |
Stock-based compensation expense | — | | — | | 41,360 | | 316 | | — | | 41,676 | |
Other | — | | — | | 2,034 | | 1,222 | | — | | 3,256 | |
Dividends paid | — | | — | | — | | — | | (62,969) | | (62,969) | |
Unrealized gain on marketable securities, net of tax | — | | — | | — | | — | | 78 | | 78 | |
Net income | — | | — | | — | | — | | 151,821 | | 151,821 | |
Balance at September 30, 2023 | 55,489 | | $ | 555 | | $ | 173,307 | | $ | (830,988) | | $ | 740,245 | | $ | 83,119 | |
| | | | | | |
Balance at December 31, 2021 | 55,489 | | $ | 555 | | $ | 109,179 | | $ | (665,089) | | $ | 553,581 | | $ | (1,774) | |
Purchase of treasury stock, at cost | — | | — | | — | | (63,420) | | — | | (63,420) | |
Issuance of equity-based incentive awards and dividend equivalents | — | | — | | (9,285) | | 10,443 | | (1,158) | | — | |
Stock-based compensation expense | — | | — | | 37,866 | | 952 | | — | | 38,818 | |
Other | — | | — | | 1,610 | | 1,068 | | — | | 2,678 | |
Dividends paid | — | | — | | — | | — | | (56,866) | | (56,866) | |
Unrealized loss on marketable securities, net of tax | — | | — | | — | | — | | (85) | | (85) | |
Net income | — | | — | | — | | — | | 141,152 | | 141,152 | |
Balance at September 30, 2022 | 55,489 | | $ | 555 | | $ | 139,370 | | $ | (716,046) | | $ | 636,624 | | $ | 60,503 | |
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Insperity | 2023 Third Quarter Form 10-Q | 9 |
| | |
FINANCIAL STATEMENTS (Unaudited) |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
For the Three Months Ended September 30, 2023 and 2022
| | | | | | | | | | | | | | | | | | | | |
| Common Stock Issued | Additional Paid-In Capital | Treasury Stock | Retained Earnings and AOCI | Total |
(in thousands) | Shares | Amount |
| | | | | | |
Balance at June 30, 2023 | 55,489 | | $ | 555 | | $ | 157,526 | | $ | (744,788) | | $ | 717,226 | | $ | 130,519 | |
Purchase of treasury stock, at cost | — | | — | | — | | (86,645) | | — | | (86,645) | |
Issuance of equity-based incentive awards and dividend equivalents | — | | — | | (54) | | 62 | | (8) | | — | |
Stock-based compensation expense | — | | — | | 15,209 | | 1 | | — | | 15,210 | |
Other | — | | — | | 626 | | 382 | | — | | 1,008 | |
Dividends paid | — | | — | | — | | — | | (21,338) | | (21,338) | |
Unrealized gain on marketable securities, net of tax | — | | — | | — | | — | | 33 | | 33 | |
Net income | — | | — | | — | | — | | 44,332 | | 44,332 | |
Balance at September 30, 2023 | 55,489 | | $ | 555 | | $ | 173,307 | | $ | (830,988) | | $ | 740,245 | | $ | 83,119 | |
| | | | | | |
Balance at June 30, 2022 | 55,489 | | $ | 555 | | $ | 125,622 | | $ | (709,810) | | $ | 618,765 | | $ | 35,132 | |
Purchase of treasury stock, at cost | — | | — | | — | | (6,615) | | — | | (6,615) | |
Issuance of equity-based incentive awards and dividend equivalents | — | | — | | (37) | | 44 | | (7) | | — | |
Stock-based compensation expense | — | | — | | 13,339 | | 2 | | — | | 13,341 | |
Other | — | | — | | 446 | | 333 | | — | | 779 | |
Dividends paid | — | | — | | — | | — | | (19,769) | | (19,769) | |
Unrealized loss on marketable securities, net of tax | — | | — | | — | | — | | (34) | | (34) | |
Net income | — | | — | | — | | — | | 37,669 | | 37,669 | |
Balance at September 30, 2022 | 55,489 | | $ | 555 | | $ | 139,370 | | $ | (716,046) | | $ | 636,624 | | $ | 60,503 | |
See accompanying notes.
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Insperity | 2023 Third Quarter Form 10-Q | 10 |
| | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Insperity, Inc., a Delaware corporation (“Insperity,” “we,” “our,” and “us”), provides an array of human resources (“HR”) and business solutions designed to help improve business performance. Our most comprehensive HR services offerings are provided through our professional employer organization (“PEO”) services, known as our Workforce Optimization® and Workforce SynchronizationTM solutions (together, our “PEO HR Outsourcing Solutions”), which we provide by entering into a co-employment relationship with our clients. Our PEO HR Outsourcing Solutions encompass a broad range of HR functions, including payroll and employment administration, employee benefits, workers’ compensation, government compliance, performance management, and training and development services, along with our cloud-based human capital management solution, the Insperity PremierTM platform.
In addition to our PEO HR Outsourcing Solutions, we offer a comprehensive traditional payroll and human capital management solution, known as our Workforce AccelerationTM solution (our “Traditional Payroll Solution”). We also offer a number of other business performance solutions, including Recruiting Services, Employment Screening, Retirement Services, and Insurance Services. These other products or services are offered separately or with our other solutions.
The Consolidated Financial Statements include the accounts of Insperity, Inc. and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
The accompanying Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements at and for the year ended December 31, 2022. Our Condensed Consolidated Balance Sheet at December 31, 2022 has been derived from the audited financial statements at that date, but does not include all of the information or footnotes required by GAAP for complete financial statements. Our Condensed Consolidated Balance Sheet at September 30, 2023 and our Consolidated Statements of Operations for the three and nine month periods ended September 30, 2023 and 2022, our Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2023 and 2022 and our Consolidated Statements of Stockholders’ Equity for the three and nine month periods ended September 30, 2023 and 2022, have been prepared by us without audit. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows have been made, and all such adjustments are of a normal recurring nature.
The results of operations for the interim periods are not necessarily indicative of the operating results for a full year or of future operations.
Revenue and Direct Cost Recognition
We enter into contracts with our customers for human resources services based on a stated rate and price in the contract. Our contracts generally establish pricing for a period of 12 months and are generally cancellable at any time by either party with 30-days’ notice. Our performance obligations are satisfied as services are rendered each month. The term between invoicing and when our performance obligations are satisfied is not significant. Our payment terms typically require payment concurrently with the invoicing of our PEO services. We do not have significant financing components or significant payment terms.
Our revenue is generally recognized ratably over the payroll period as WSEEs perform their service at the client worksite in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Customers are invoiced concurrently with each periodic payroll of its WSEEs. Revenues that have been recognized but not invoiced represent unbilled accounts receivable of $644.4 million and $600.4 million at September 30, 2023 and December 31, 2022, and are included in accounts receivable, net on our Condensed Consolidated Balance Sheets.
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Insperity | 2023 Third Quarter Form 10-Q | 11 |
| | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Pursuant to the “practical expedients” provided under ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers, we expense sales commissions when incurred because the terms of our contracts are cancellable by either party with a 30-day notice. These costs are recorded in commissions in our Consolidated Statements of Operations.
Our revenue for our PEO HR Outsourcing Solutions by geographic region and for our other products and services offerings are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change |
| | | | | | | |
Northeast | $ | 415,318 | | $ | 385,541 | | 7.7 | % | | $ | 1,333,456 | | $ | 1,224,142 | | 8.9 | % |
Southeast | 221,930 | | 197,131 | | 12.6 | % | | 681,866 | | 592,116 | | 15.2 | % |
Central | 282,248 | | 256,150 | | 10.2 | % | | 885,960 | | 779,500 | | 13.7 | % |
Southwest | 295,142 | | 280,299 | | 5.3 | % | | 942,929 | | 869,073 | | 8.5 | % |
West | 320,567 | | 305,465 | | 4.9 | % | | 1,013,669 | | 940,617 | | 7.8 | % |
| 1,535,205 | | 1,424,586 | | 7.8 | % | | 4,857,880 | | 4,405,448 | | 10.3 | % |
Other revenue | 15,682 | | 14,574 | | 7.6 | % | | 47,788 | | 43,656 | | 9.5 | % |
Total revenue | $ | 1,550,887 | | $ | 1,439,160 | | 7.8 | % | | $ | 4,905,668 | | $ | 4,449,104 | | 10.3 | % |
Health Insurance Costs
We provide group health insurance coverage under a single-employer plan that covers both our WSEEs in our PEO HR Outsourcing Solutions and our corporate employees and utilizes a national network of carriers, including UnitedHealthcare (“United”), UnitedHealthcare of California, Kaiser Permanente, Blue Shield of California, HMSA BlueCross BlueShield of Hawaii, and Tufts, all of which provide fully insured policies or service contracts.
Approximately 87% of our costs related to health insurance coverage are provided under our policy with United. While the policy with United is a fully insured plan, as a result of certain contractual terms, we have accounted for this plan since its inception using a partially self-funded insurance accounting model. Effective January 1, 2020, under the amended agreement with United, we no longer have financial responsibilities for a participant’s annual claim costs that exceed $1 million (“Pooling Limit”). Accordingly, we record the cost of the United plan, including an estimate of the incurred claims, taxes and administrative fees (collectively the “Plan Costs”), as benefits expense, which is a component of direct costs, in our Consolidated Statements of Operations. The estimated incurred but not reported claims are based upon: (1) the level of claims processed during the quarter; (2) estimated completion rates based upon recent claim development patterns under the plan; and (3) the number of participants in the plan, including both active and COBRA enrollees. Each reporting period, changes in the estimated ultimate costs resulting from claim trends, plan design and migration, participant demographics, and other factors are incorporated into the benefits costs, which requires a significant level of judgment.
Additionally, since the plan’s inception, under the terms of the contract, United establishes cash funding rates 90 days in advance of the beginning of a reporting quarter. If the Plan Costs for a reporting quarter are greater than the premiums paid and owed to United, a deficit in the plan would be incurred and a liability for the excess costs would be accrued in our Condensed Consolidated Balance Sheets. On the other hand, if the Plan Costs for the reporting quarter are less than the premiums paid and owed to United, a surplus in the plan would be incurred and we would record an asset for the excess premiums in our Condensed Consolidated Balance Sheets. The terms of the arrangement require us to maintain an accumulated cash surplus in the plan of $9.0 million, which is reported as long-term prepaid health insurance. In addition, United requires a deposit equal to approximately one day of claims funding activity, which was $6.5 million at September 30, 2023, and is included in deposits - health insurance as a long-term asset on our Condensed Consolidated Balance Sheets. As of September 30, 2023, Plan Costs were less than the net premiums paid and owed to United by $18.8 million. As this amount is in excess of the agreed-upon $9.0 million surplus maintenance level, the $9.8 million difference is included in prepaid insurance, a current asset, in our Condensed Consolidated Balance Sheets. The premiums, including the additional quarterly premiums, owed to United at September 30, 2023 were $42.9 million, which is included in accrued health insurance costs, a current liability in our Condensed Consolidated Balance Sheets. Our benefits costs incurred in the first nine months of 2023 included a decrease of $13.9 million for changes in estimated run-off related to prior periods, net of Pooling Limit. Our
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Insperity | 2023 Third Quarter Form 10-Q | 12 |
| | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
benefits costs incurred in the first nine months of 2022 included an increase of $12.8 million for changes in estimated run-off related to prior periods.
Workers’ Compensation Costs
Our workers’ compensation coverage for our WSEEs in our PEO HR Outsourcing Solutions has been provided through an arrangement with the Chubb Group of Insurance Companies or its predecessors (the “Chubb Program”) since 2007. The Chubb Program is fully insured in that Chubb has the responsibility to pay all claims incurred under the policy regardless of whether we satisfy our responsibilities. Under the Chubb Program for claims incurred on or before September 30, 2019, we have financial responsibility to Chubb for the first $1 million layer of claims per occurrence and, for claims over $1 million, up to a maximum aggregate amount of $6 million per policy year for claims that exceed $1 million. Chubb bears the financial responsibility for all claims in excess of these levels. Effective for claims incurred on or after October 1, 2019, we have financial responsibility to Chubb for the first $1.5 million layer of claims per occurrence and, for claims over $1.5 million, up to a maximum aggregate amount of $6 million per policy year for claims that exceed $1.5 million.
Because we bear the financial responsibility for claims up to the levels noted above, such claims, which are the primary component of our workers’ compensation costs, are recorded in the period incurred. Workers’ compensation insurance includes ongoing health care and indemnity coverage whereby claims are paid over numerous years following the date of injury. Accordingly, the accrual of related incurred costs in each reporting period includes estimates, which take into account the ongoing development of claims and therefore requires a significant level of judgment.
We utilize a third-party actuary to estimate our loss development rate, which is primarily based upon the nature of WSEEs’ job responsibilities, the location of WSEEs, the historical frequency and severity of workers’ compensation claims, and an estimate of future cost trends. Each reporting period, changes in the actuarial assumptions resulting from changes in actual claims experience and other trends are incorporated into our workers’ compensation claims cost estimates. During the nine months ended September 30, 2023 and 2022, we reduced accrued workers’ compensation costs by $26.2 million and $35.3 million, respectively, for changes in estimated losses related to prior periods. Workers’ compensation cost estimates are discounted to present value at a rate based upon the U.S. Treasury rates that correspond with the weighted average estimated claim payout period (the average discount rate utilized in the 2023 period was 4.2% and in the 2022 period was 2.5%) and are accreted over the estimated claim payment period and included as a component of direct costs in our Consolidated Statements of Operations.
The following table provides the activity and balances related to incurred but not paid workers’ compensation claims:
| | | | | | | | | | | |
| Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 |
| | | |
Beginning balance, January 1, | $ | 229,408 | | | $ | 239,623 | |
Accrued claims | 44,292 | | | 33,467 | |
Present value discount, net of accretion | (10,233) | | | (6,485) | |
Paid claims | (41,595) | | | (40,112) | |
Ending balance | $ | 221,872 | | | $ | 226,493 | |
| | | |
Current portion of accrued claims | $ | 51,263 | | | $ | 51,829 | |
Long-term portion of accrued claims | 170,609 | | | 174,664 | |
Total accrued claims | $ | 221,872 | | | $ | 226,493 | |
The current portion of accrued workers’ compensation costs on our Condensed Consolidated Balance Sheets at September 30, 2023 includes $3.7 million of workers’ compensation administrative fees.
The undiscounted accrued workers’ compensation costs were $249.5 million as of September 30, 2023 and $245.5 million as of September 30, 2022.
At the beginning of each policy period, the workers’ compensation insurance carrier establishes monthly funding requirements comprised of premium costs and funds to be set aside for payment of future claims (“claim funds”). The level of claim funds is primarily based upon anticipated WSEE payroll levels and expected workers’ compensation
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Insperity | 2023 Third Quarter Form 10-Q | 13 |
| | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
loss rates, as determined by the insurance carrier. Monies funded into the program for incurred claims expected to be paid within one year are recorded as restricted cash, a short-term asset, while the remainder of claim funds are included in deposits – workers’ compensation, a long-term asset in our Condensed Consolidated Balance Sheets. During the first nine months of 2023, we received $43.4 million for the return of excess claim funds related to the workers’ compensation program, which resulted in a decrease to deposits - workers’ compensation. At September 30, 2023, we had restricted cash of $51.3 million and deposits – workers’ compensation of $197.5 million.
Our estimate of incurred claim costs expected to be paid within one year is included in short-term liabilities, while our estimate of incurred claim costs expected to be paid beyond one year is included in long-term liabilities on our Condensed Consolidated Balance Sheets.
| | | | | |
3. | Other Balance Sheet Information |
Cash, Cash Equivalents and Marketable Securities
The following table summarizes our cash and investments in cash equivalents and marketable securities held by investment managers and overnight investments:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
(in thousands) | Cash & Cash Equivalents | Marketable Securities | Total | | Cash & Cash Equivalents | Marketable Securities | Total |
| | | | | | | |
Overnight holdings | $ | 577,070 | | $ | — | | $ | 577,070 | | | $ | 678,512 | | $ | — | | $ | 678,512 | |
Investment holdings | 102,833 | | 13,837 | | 116,670 | | | 56,963 | | 33,068 | | 90,031 | |
Total financial assets | 679,903 | | 13,837 | | 693,740 | | | 735,475 | | 33,068 | | 768,543 | |
Cash in demand accounts | 14,523 | | — | | 14,523 | | | 41,047 | | — | | 41,047 | |
Outstanding checks | (15,838) | | — | | (15,838) | | | (43,694) | | — | | (43,694) | |
Total | $ | 678,588 | | $ | 13,837 | | $ | 692,425 | | | $ | 732,828 | | $ | 33,068 | | $ | 765,896 | |
Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Our cash, cash equivalents and marketable securities at September 30, 2023 and December 31, 2022 included $482.7 million and $504.8 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $20.2 million and $36.8 million, respectively, in client prepayments. At September 30, 2023, our cash, cash equivalents and marketable securities included $149.3 million of funds we received in late September 2023 from the Internal Revenue Service for employee retention tax credits claimed by our PEO clients under the COVID relief programs, that were distributed to clients in early October 2023.
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Insperity | 2023 Third Quarter Form 10-Q | 14 |
| | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Cash, Cash Equivalents, Restricted Cash and Funds Held for Clients
The following table summarizes our cash, cash equivalents, restricted cash and funds held for clients as reported in our Consolidated Statements of Cash Flows:
| | | | | | | | | | | | | | |
| Nine Months Ended September 30, | |
(in thousands) | 2023 | | 2022 | |
| | | | |
Supplemental schedule of cash and cash equivalents, restricted cash and funds held for clients | | | |
Cash and cash equivalents | $ | 732,828 | | | $ | 575,812 | | |
Restricted cash | 49,779 | | | 46,929 | | |
Other current assets - funds held for clients(1) | 34,942 | | | 31,732 | | |
Deposits – workers’ compensation | 196,370 | | | 185,027 | | |
Cash, cash equivalents, restricted cash and funds held for clients beginning of period | $ | 1,013,919 | | | $ | 839,500 | | |
| | | | |
Cash and cash equivalents | $ | 678,588 | | | $ | 562,143 | | |
Restricted cash | 51,263 | | | 51,829 | | |
Other current assets - funds held for clients(1) | 29,835 | | | 25,277 | | |
Deposits – workers’ compensation | 197,466 | | | 179,014 | | |
Cash, cash equivalents, restricted cash and funds held for clients end of period | $ | 957,152 | | | $ | 818,263 | | |
____________________________________(1)Funds held for clients represent amounts held on behalf of our Traditional Payroll Solution customers that are restricted for the purpose of satisfying obligations to remit funds to clients’ employees and various tax authorities.
Please read Note 2. “Accounting Policies,” for a discussion of our accounting policies for deposits – workers’ compensation and restricted cash. Payroll Taxes and Other Payroll Deductions Payable
As a co-employer, we generally assume responsibility for the withholding and remittance of federal and state payroll taxes and other payroll deductions with respect to wages and salaries paid to our WSEEs. As of September 30, 2023 and December 31, 2022, payroll taxes and other payroll deductions payable were $518.1 million and $556.1 million, respectively. The balance at September 30, 2023 includes $149.3 million of funds we received in late September 2023 from the Internal Revenue Service for employee retention tax credits claimed by our PEO clients under the COVID relief programs, that were distributed to clients in early October 2023.
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4. | Fair Value Measurements |
We account for our financial assets in accordance with Accounting Standard Codification 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors:
•Level 1 - quoted prices in active markets using identical assets
•Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs
•Level 3 - significant unobservable inputs
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Insperity | 2023 Third Quarter Form 10-Q | 15 |
| | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Fair Value of Instruments Measured and Recognized at Fair Value
The following table summarizes the levels of fair value measurements of our financial assets:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
(in thousands) | Total | Level 1 | Level 2 | | Total | Level 1 | Level 2 |
| | | | | | | |
Money market funds | $ | 679,903 | | $ | 679,903 | | $ | — | | | $ | 735,475 | | $ | 735,475 | | $ | — | |
U.S. Treasury bills | 13,837 | | 13,837 | | — | | | 29,703 | | 29,703 | | — | |
Municipal bonds | — | | — | | — | | | 3,365 | | — | | 3,365 | |
Total financial assets | $ | 693,740 | | $ | 693,740 | | $ | — | | | $ | 768,543 | | $ | 765,178 | | $ | 3,365 | |
The municipal bond securities valued as Level 2 are primarily pre-refunded municipal bonds that are secured by escrow funds containing U.S. government securities. Our valuation techniques used to measure fair value for these securities during the period consisted primarily of third-party pricing services that utilized actual market data such as trades of comparable bond issues, broker/dealer quotations for the same or similar investments in active markets and other observable inputs.
The following is a summary of our available-for-sale marketable securities:
| | | | | | | | | | | | | | |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
| | | | |
September 30, 2023 | | | | |
U.S. Treasury bills | $ | 13,842 | | $ | 1 | | $ | (6) | | $ | 13,837 | |
| | | | |
| | | | |
December 31, 2022 | | | | |
U.S. Treasury bills | $ | 29,782 | | $ | — | | $ | (79) | | $ | 29,703 | |
Municipal bonds | 3,369 | | — | | (4) | | 3,365 | |
As of September 30, 2023, the contractual maturities of the marketable securities in our portfolio were less than one year.
Fair Value of Other Financial Instruments
The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments.
As of September 30, 2023, the carrying value of borrowings under our revolving credit facility approximates fair value and was classified as Level 2 in the fair value hierarchy. Please read Note 5, “Long-Term Debt,” for additional information. We have a revolving credit facility (the “Facility”) with a borrowing capacity of up to $650 million. The Facility may be further increased to $700 million based on the terms and subject to the conditions set forth in the agreement relating to the Facility (as amended, the “Credit Agreement”). The Facility is available for working capital and general corporate purposes, including acquisitions, stock repurchases and issuances of letters of credit. Our obligations under the Facility are secured by 100% of the stock of our captive insurance subsidiary and are guaranteed by all of our subsidiaries other than our captive insurance subsidiary and certain other excluded subsidiaries. At September 30, 2023, our outstanding balance on the Facility was $369.4 million, and we had an outstanding $1.0 million letter of credit issued under the Facility, resulting in an available borrowing capacity of $279.6 million.
The Facility matures on June 30, 2027. Borrowings under the Facility bear interest at an annual rate equal to an alternate base rate or Adjusted Term SOFR for term SOFR loans, in either case plus an applicable margin. Adjusted
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Insperity | 2023 Third Quarter Form 10-Q | 16 |
| | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Term SOFR is a forward-looking term rate based on the secured overnight financing rate plus a spread adjustment, which ranges from 0.10% to 0.25% depending on the interest period and type of loan. Depending on our leverage ratio, the applicable margin varies (1) in the case of SOFR loans, from 1.50% to 2.25% and (2) in the case of alternate base rate loans, from 0.00% to 0.50%. The alternate base rate is the highest of (1) the prime rate most recently published in The Wall Street Journal, (2) the federal funds rate plus 0.50%; and (3) the Adjusted Term SOFR rate plus 2.00%. We also pay an unused commitment fee on the average daily unused portion of the Facility at a rate of 0.25% per year. The average interest rate for the nine month period ended September 30, 2023 was 6.75%. Interest expense and unused commitment fees are recorded in other income (expense).
The Facility contains both affirmative and negative covenants that we believe are customary for arrangements of this nature. Covenants include, but are not limited to, limitations on our ability to incur additional indebtedness, sell material assets, retire, redeem or otherwise reacquire our capital stock, acquire the capital stock or assets of another business, make investments and pay dividends. In addition, the Credit Agreement requires us to comply with financial covenants limiting our total funded debt, minimum interest coverage ratio, and maximum leverage ratio. We were in compliance with all financial covenants under the Credit Agreement at September 30, 2023.
During the first nine months of 2023, we repurchased or withheld an aggregate of 1,258,702 shares of our common stock, as described below.
Repurchase Program
Our Board of Directors (the “Board”) has authorized a program to repurchase shares of our outstanding common stock (“Repurchase Program”). The purchases may be made from time to time in the open market or directly from stockholders at prevailing market prices based on market conditions and other factors. During the nine months ended September 30, 2023, 1,062,598 shares were repurchased under the Repurchase Program. On August 1, 2023, we announced that our Board authorized an increase of 2,000,000 shares that may be repurchased under the Repurchase Program. As of September 30, 2023, we were authorized to repurchase an additional 1,969,562 shares under the Repurchase Program.
The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposes a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the nine months ended September 30, 2023, we recorded the applicable excise tax in treasury stock as part of the cost basis of stock repurchased and recorded a corresponding liability for the excise tax payable in other accrued liabilities in our Condensed Consolidated Balance Sheet.
Withheld Shares
During the nine months ended September 30, 2023, we withheld 196,104 shares to satisfy tax withholding obligations for the vesting of long-term incentive and restricted stock awards.
Dividends
The Board declared quarterly dividends as follows:
| | | | | | | | | | | |
(amounts per share) | 2023 | | 2022 |
| | | |
First quarter | $ | 0.52 | | | $ | 0.45 | |
Second quarter | 0.57 | | | 0.52 | |
Third quarter | 0.57 | | | 0.52 | |
During the nine months ended September 30, 2023 and 2022, we paid dividends totaling $63.0 million and $56.9 million, respectively.
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Insperity | 2023 Third Quarter Form 10-Q | 17 |
| | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period, plus the dilutive effect of time-vested and performance-based restricted stock units (“RSUs”).
The following table summarizes the net income and the basic and diluted shares used in the earnings per share computations:
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | 2022 | | 2023 | 2022 |
| | | | | |
Net income | $ | 44,332 | | $ | 37,669 | | | $ | 151,821 | | $ | 141,152 | |
Less distributed and undistributed earnings allocated to participating securities | — | | — | | | — | | (27) | |
Net income allocated to common shares | $ | 44,332 | | $ | 37,669 | | | $ | 151,821 | | $ | 141,125 | |
| | | | | |
Weighted average common shares outstanding | 37,758 | | 38,017 | | | 37,991 | | 38,177 | |
Incremental shares from assumed time-vested and performance-based RSU awards | 438 | | 529 | | | 503 | | 431 | |
Adjusted weighted average common shares outstanding | 38,196 | | 38,546 | | | 38,494 | | 38,608 | |
| | | | | |
Potentially dilutive securities not included in weighted average share calculation due to anti-dilutive effect | 14 | | 15 | | | 6 | | 13 | |
| | | | | |
8. | Commitments and Contingencies |
Litigation
We are a defendant in various lawsuits and claims arising in the normal course of business. Management believes it has valid defenses in these cases and is defending them vigorously. While the results of litigation cannot be predicted with certainty, management believes the final outcome of such litigation will not have a material adverse effect on our financial position or results of operations.
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Insperity | 2023 Third Quarter Form 10-Q | 18 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022, as well as our Consolidated Financial Statements and notes thereto included in this Quarterly Report on Form 10-Q.
Executive Summary
Overview
Insperity, Inc. (“Insperity,” “we,” “our,” and “us”) provides an array of human resources (“HR”) and business solutions designed to help improve business performance. Our most comprehensive HR services offerings are provided through our professional employer organization (“PEO”) services, known as our Workforce Optimization® and Workforce SynchronizationTM solutions (together, our “PEO HR Outsourcing Solutions”), which we provide by entering into a co-employment relationship with our clients. Our PEO HR Outsourcing Solutions encompass a broad range of HR functions, including payroll and employment administration, employee benefits, workers’ compensation, government compliance, performance management, and training and development services, along with our cloud-based human capital management solution, the Insperity PremierTM platform.
2023 Highlights
Third Quarter 2023 Compared to Third Quarter 2022
•Average number of WSEEs paid per month increased 4.0%
•Net income and diluted earnings per share (“diluted EPS”) increased 17.7% and 18.4% to $44.3 million and $1.16, respectively
•Adjusted EPS increased 18.7% to $1.46
•Adjusted EBITDA increased 18.2% to $94.3 million
First Nine Months 2023 Compared to First Nine Months 2022
•Average number of WSEEs paid per month increased 7.0%
•Net income and diluted EPS increased 7.6% and 7.7% to $151.8 million and $3.94, respectively
•Adjusted EPS increased 8.7% to $4.76
•Adjusted EBITDA increased 8.9% to $297.6 million
Please read “Non-GAAP Financial Measures” for a reconciliation of adjusted EBITDA and adjusted EPS to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). | | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 19 |
| | |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Key Financial and Statistical Data
| | | | | | | | | | | | | | | | | | | | | | | |
(in thousands, except per share, WSEE and statistical data) | Three Months Ended September 30, | | Nine Months Ended September 30, |
2023 | 2022 | % Change | | 2023 | 2022 | % Change |
| | | | | | | |
Financial data: | | | | | | | |
Revenues | $ | 1,550,887 | | $ | 1,439,160 | | 7.8 | % | | $ | 4,905,668 | | $ | 4,449,104 | | 10.3 | % |
Gross profit | 257,931 | | 244,553 | | 5.5 | % | | 814,716 | | 770,195 | | 5.8 | % |
Operating expenses | 198,467 | | 191,922 | | 3.4 | % | | 618,438 | | 570,819 | | 8.3 | % |
Operating income | 59,464 | | 52,631 | | 13.0 | % | | 196,278 | | 199,376 | | (1.6) | % |
Other income (expense), net | 903 | | (1,274) | | 170.9 | % | | 4,754 | | (4,797) | | 199.1 | % |
Net income | 44,332 | | 37,669 | | 17.7 | % | | 151,821 | | 141,152 | | 7.6 | % |
Diluted EPS | 1.16 | | 0.98 | | 18.4 | % | | 3.94 | | 3.66 | | 7.7 | % |
| | | | | | | |
Non-GAAP financial measures(1): | | | | | | |
Adjusted net income | $ | 55,582 | | $ | 47,420 | | 17.2 | % | | $ | 183,295 | | $ | 169,311 | | 8.3 | % |
Adjusted EBITDA | 94,315 | | 79,811 | | 18.2 | % | | 297,622 | | 273,410 | | 8.9 | % |
Adjusted EPS | 1.46 | | 1.23 | | 18.7 | % | | 4.76 | | 4.38 | | 8.7 | % |
| | | | | | | |
Average WSEEs paid | 315,340 | | 303,347 | | 4.0 | % | | 311,112 | | 290,838 | | 7.0 | % |
| | | | | | | |
Statistical data (per WSEE per month): | | | | | | |
Revenues(2) | $ | 1,639 | | $ | 1,581 | | 3.7 | % | | $ | 1,752 | | $ | 1,700 | | 3.1 | % |
Gross profit | 273 | | 269 | | 1.5 | % | | 291 | | 294 | | (1.0) | % |
Operating expenses | 210 | | 211 | | (0.5) | % | | 221 | | 218 | | 1.4 | % |
Operating income | 63 | | 58 | | 8.6 | % | | 70 | | 76 | | (7.9) | % |
Net income | 47 | | 41 | | 14.6 | % | | 54 | | 54 | | — | |
____________________________________
(1)Please read “Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. (2)Revenues per WSEE per month are comprised of gross billings per WSEE per month less WSEE payroll costs per WSEE per month as follows:
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(per WSEE per month) | 2023 | 2022 | | 2023 | 2022 |
Gross billings | $ | 10,642 | | $ | 10,470 | | | $ | 11,344 | | $ | 11,122 | |
Less: WSEE payroll cost | 9,003 | | 8,889 | | | 9,592 | | 9,422 | |
Revenues | $ | 1,639 | | $ | 1,581 | | | $ | 1,752 | | $ | 1,700 | |
| | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 20 |
| | |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations
Key Operating Metrics
We monitor certain key metrics to measure our performance, including:
•WSEEs
•Adjusted EBITDA
•Adjusted EPS
Our growth in the number of WSEEs paid is affected by three primary sources: new client sales, client retention and the net change in WSEEs paid at existing clients through new hires and employee terminations.
•During Q3 2023, WSEEs paid increased 4.0% compared to Q3 2022. The net gain in our client base declined when compared to Q3 2022, while client retention and the number of WSEEs paid from new client sales remained consistent compared to Q3 2022.
•During the first nine months of 2023 (“YTD 2023”), WSEEs paid increased 7.0% compared to the first nine months of 2022 (“YTD 2022”). The number of WSEEs paid from new client sales slightly declined and the net gain in our client base significantly declined when compared to YTD 2022, while client retention remained consistent compared to YTD 2022.
Average WSEEs Paid and
Year-over-Year Growth Percentage
| | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 21 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
| | | | | |
Adjusted EBITDA and Year-over-Year Growth Percentage (in thousands) |
| | | | | |
Adjusted EPS and Year-over-Year Growth Percentage (amounts per share) |
Revenues
Our PEO HR Outsourcing Solutions revenues are primarily derived from our gross billings, which are based on (1) the payroll cost of our WSEEs and (2) a monthly markup component.
Our revenues are primarily dependent on the number of clients enrolled, the resulting number of WSEEs paid each period and the number of WSEEs enrolled in our benefit plans. Because our monthly markup is computed in part as a percentage of payroll cost, certain revenues are also affected by the payroll cost of WSEEs, which may fluctuate based on the composition of the WSEE base, inflationary effects on wage levels and differences in the local economies of our markets.
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Insperity | 2023 Third Quarter Form 10-Q | 22 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Revenue and
Year-over-Year Growth Percentage
(in thousands)
Third Quarter 2023 Compared to Third Quarter 2022
Our revenues for Q3 2023 were $1.6 billion, an increase of 7.8%, primarily due to the following:
•Average WSEEs paid increased 4.0%.
•Revenues per WSEE per month increased 3.7%, or $58.
First Nine Months 2023 Compared to First Nine Months 2022
Our revenues for YTD 2023 were $4.9 billion, an increase of 10.3%, primarily due to the following:
•Average WSEEs paid increased 7.0%.
•Revenues per WSEE per month increased 3.1%, or $52.
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Insperity | 2023 Third Quarter Form 10-Q | 23 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
We provide our PEO HR Outsourcing Solutions to small and medium-sized businesses throughout the United States. Our PEO HR Outsourcing Solutions revenue distribution by region follows:
PEO HR Outsourcing Solutions Revenue by Region
(in thousands)
________________________________________________________
(1)The Southwest region includes Texas.
The percentage of total PEO HR Outsourcing Solutions revenue in our significant markets includes the following:
Significant Markets
The middle market sector, which we generally define as those companies with approximately 150 to 5,000 WSEEs, includes smaller clients whose number of WSEEs has grown to approximately 150 or more WSEEs. Currently, we have a dedicated sales management, service personnel, and consulting staff who concentrate solely on the middle market sector. Our average number of WSEEs per month in our middle market sector increased 13.4% during YTD 2023 compared to YTD 2022, representing approximately 26.1% and 24.6% of our total average paid WSEEs during YTD 2023 and YTD 2022, respectively.
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Insperity | 2023 Third Quarter Form 10-Q | 24 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Gross Profit
In determining the pricing of the markup component of our gross billings, we take into consideration our estimates of the costs directly associated with our WSEEs, including payroll taxes, benefits and workers’ compensation costs, plus an acceptable gross profit margin. As a result, our operating results are significantly impacted by our ability to accurately estimate our direct costs relative to the revenues derived from the markup component of our gross billings.
Our gross profit per WSEE is primarily determined by our ability to accurately estimate direct costs and our ability to incorporate changes in these costs into the gross billings charged to PEO HR Outsourcing Solutions clients, which are subject to pricing arrangements that are typically renewed annually. We use gross profit per WSEE per month as our principal measurement of relative performance at the gross profit level.
| | | | | |
Gross Profit and Year-over-Year Growth Percentage (in thousands) |
| | | | | |
Gross Profit per WSEE per Month and Year-over-Year Growth Percentage |
| | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 25 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Third Quarter 2023 Compared to Third Quarter 2022
Gross profit for Q3 2023 increased 5.5% to $257.9 million compared to $244.6 million in Q3 2022. Gross profit per WSEE per month for Q3 2023 increased $4 to $273 compared to $269 in Q3 2022 due primarily to higher average pricing, offset in part by higher direct costs, as discussed below.
Our pricing objectives attempt to achieve a level of revenue per WSEE that matches or exceeds changes in primary direct costs and operating expenses. Our revenues per WSEE per month increased $58 due to higher average pricing of 3.7%.
The net decrease in direct costs between Q3 2023 and Q3 2022 attributable to the changes in cost estimates for benefits and workers’ compensation totaled $7.6 million as discussed below. The $54 per WSEE per month increase in direct costs is due primarily to the direct cost components changes as follows:
Benefits costs
•The cost of group health insurance and related employee benefits increased $39 per WSEE per month and increased 5.4% on a cost per covered employee basis in Q3 2023 as compared to Q3 2022.
•The percentage of WSEEs covered under our health insurance plans was 64.6% in Q3 2023 compared to 64.7% in Q3 2022.
•Reported results include changes in estimated claims run-off related to prior periods, which was a reduction in costs of $23.0 million, or $24 per WSEE per month, in Q3 2023 compared to a decrease in costs of $16.6 million, or $18 per WSEE per month, in Q3 2022.
Workers’ compensation costs
Our continued discipline around our client selection, workplace safety and claims management has allowed for claims within our policy periods to be closed out at amounts below our original cost estimates.
•Workers’ compensation costs decreased $3 per WSEE per month in Q3 2023 compared to Q3 2022 on a 6.4% increase in non-bonus payroll costs.
•As a percentage of non-bonus payroll cost, workers’ compensation costs were 0.21% in Q3 2023 and 0.25% in Q3 2022.
•We recorded a reduction in workers’ compensation costs of $10.6 million, or 0.13% of non-bonus payroll costs in Q3 2023, as a result of closing out claims at lower than expected costs. In Q3 2022, we recorded a reduction of $9.4 million, or 0.12% of non-bonus payroll costs.
Payroll tax costs
•Payroll taxes increased 7.1% on a 5.3% increase in payroll costs, or $17 per WSEE per month.
•Payroll taxes as a percentage of payroll costs were 6.2% in Q3 2023 and 6.1% in Q3 2022.
First Nine Months 2023 Compared to First Nine Months 2022
Gross profit for YTD 2023 increased 5.8% to $814.7 million compared to $770.2 million in YTD 2022. Gross profit per WSEE per month for YTD 2023 decreased $3 to $291 compared to $294 in YTD 2022 due primarily to higher direct costs, offset in part by higher average pricing, as discussed below.
Our pricing objectives attempt to achieve a level of revenue per WSEE that matches or exceeds changes in primary direct costs and operating expenses. Our revenues per WSEE per month increased $52 due to higher average pricing of 3.1%.
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Insperity | 2023 Third Quarter Form 10-Q | 26 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
The net decrease in direct costs between YTD 2023 and YTD 2022 attributable to the changes in cost estimates for benefits and workers’ compensation totaled $17.6 million as discussed below. The $55 per WSEE per month increase in direct costs is due primarily to the direct cost components changes as follows:
Benefits costs
•The cost of group health insurance and related employee benefits increased $37 per WSEE per month and increased 5.8% on a cost per covered employee basis.
•The percentage of WSEEs covered under our health insurance plans was 65.0% in YTD 2023 compared to 65.5% in YTD 2022.
•Reported results include changes in estimated claims run-off related to prior periods, which was a decrease in costs of $13.9 million, or $5 per WSEE per month, in YTD 2023 compared to an increase in costs of $12.8 million, or $5 per WSEE per month, in YTD 2022.
Workers’ compensation costs
Our continued discipline around our client selection, workplace safety and claims management contributed to the decrease in our cost per WSEE and, as a result, has allowed for claims within our policy periods to be closed out at amounts below our original cost estimates.
•Workers’ compensation costs increased 14.3%, or $1 per WSEE per month, in YTD 2023 compared to YTD 2022.
•As a percentage of non-bonus payroll cost, workers’ compensation costs in YTD 2023 were 0.23% compared to 0.22% in YTD 2022.
•We recorded a reduction in workers’ compensation costs of $26.2 million, or 0.11% of non-bonus payroll costs, in YTD 2023 compared to a reduction of $35.3 million, or 0.16% of non-bonus payroll costs, in YTD 2022, primarily as a result of closing out claims at lower than expected costs.
Payroll tax costs
•Payroll taxes increased 10.0% on an 8.9% increase in payroll costs, or $18 per WSEE per month.
•Payroll taxes as a percentage of payroll costs increased to 6.9% in YTD 2023 compared to 6.8% in YTD 2022.
Operating Expenses
•Salaries, wages and payroll taxes — Salaries, wages and payroll taxes (“Salaries”) are primarily a function of the number of corporate employees, their associated average pay and any incentive compensation.
•Stock-based compensation — Our stock-based compensation relates to the recognition of non-cash compensation expense over the requisite service period of time-vested and performance-based awards.
•Commissions — Commissions expense consists primarily of amounts paid to sales managers and other sales personnel, including business performance advisors (“BPAs”), as well as channel referral fees. Commissions are based on new accounts sold and a percentage of revenue generated by such personnel.
•Advertising — Advertising expense primarily consists of media advertising and other business promotions in our current and anticipated sales markets.
•General and administrative expenses — Our general and administrative expenses primarily include:
◦rent expenses related to our service centers and sales offices
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Insperity | 2023 Third Quarter Form 10-Q | 27 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
◦outside professional service fees related to legal, consulting and accounting services
◦administrative costs, such as postage, printing and supplies
◦employee travel and training expenses
◦facility costs, including repairs and maintenance
◦technology costs, including software-as-a-service (“SaaS”) subscription costs and amortization of SaaS implementation costs
•Depreciation and amortization — Depreciation and amortization expense is primarily a function of our capital investments in corporate facilities, service centers, sales offices, software development, and technology infrastructure.
Third Quarter 2023 Compared to Third Quarter 2022
The following table presents certain information related to our operating expenses:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, |
| | | per WSEE |
(in thousands, except per WSEE) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change |
| | | | | | | |
Salaries | $ | 113,074 | | $ | 109,525 | | 3.2 | % | | $ | 120 | | $ | 120 | | — | |
Stock-based compensation | 15,210 | | 13,341 | | 14.0 | % | | 16 | | 15 | | 6.7 | % |
Commissions | 10,773 | | 11,068 | | (2.7) | % | | 11 | | 12 | | (8.3) | % |
Advertising | 7,240 | | 9,790 | | (26.0) | % | | 8 | | 11 | | (27.3) | % |
General and administrative | 41,504 | | 38,115 | | 8.9 | % | | 44 | | 42 | | 4.8 | % |
Depreciation and amortization | 10,666 | | 10,083 | | 5.8 | % | | 11 | | 11 | | — | |
Total operating expenses | $ | 198,467 | | $ | 191,922 | | 3.4 | % | | $ | 210 | | $ | 211 | | (0.5) | % |
•Operating expenses for Q3 2023 increased 3.4% to $198.5 million compared to $191.9 million in Q3 2022. Operating expenses per WSEE per month for Q3 2023 decreased 0.5% to $210 compared to $211 in Q3 2022.
•Salaries of corporate and sales staff for Q3 2023 increased 3.2% to $113.1 million, but remained flat on a per WSEE per month basis, compared to Q3 2022. The increase was primarily due to an increase in BPA, service and support headcount in Q3 2023 compared to Q3 2022, which was partially offset by lower incentive compensation accruals in Q3 2023.
•Stock-based compensation expense for Q3 2023 increased 14.0% to $15.2 million, or $1 per WSEE per month, compared to Q3 2022. The increase was primarily due to an increase in awards issued under our restricted stock program, partially offset by a decrease in the number of stock awards anticipated to be earned related to performance-based awards granted under our long-term incentive plans based on our lower than expected year-to-date operating results in Q3 2023.
•Advertising expense for Q3 2023 decreased 26.0% to $7.2 million, or $3 per WSEE per month, compared to Q3 2022. This decrease was primarily due to a change in timing associated with advertising.
•General and administrative expenses for Q3 2023 increased 8.9% to $41.5 million, or $2 per WSEE per month, compared to Q3 2022. The increase was primarily due to increased software licensing, maintenance costs and professional services fees.
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Insperity | 2023 Third Quarter Form 10-Q | 28 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
First Nine Months 2023 Compared to First Nine Months 2022
The following table presents certain information related to our operating expenses:
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| | | per WSEE |
(in thousands, except per WSEE) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change |
| | | | | | | |
Salaries | $ | 348,557 | | $ | 323,486 | | 7.8 | % | | $ | 124 | | $ | 123 | | 0.8 | % |
Stock-based compensation | 41,676 | | 38,818 | | 7.4 | % | | 15 | | 15 | | — | |
Commissions | 33,828 | | 32,121 | | 5.3 | % | | 12 | | 12 | | — | |
Advertising | 29,775 | | 30,812 | | (3.4) | % | | 11 | | 12 | | (8.3) | % |
General and administrative | 132,699 | | 115,215 | | 15.2 | % | | 48 | | 44 | | 9.1 | % |
Depreciation and amortization | 31,903 | | 30,367 | | 5.1 | % | | 11 | | 12 | | (8.3) | % |
Total operating expenses | $ | 618,438 | | $ | 570,819 | | 8.3 | % | | $ | 221 | | $ | 218 | | 1.4 | % |
Operating expenses for YTD 2023 increased 8.3% to $618.4 million compared to $570.8 million in YTD 2022. Operating expenses per WSEE per month for YTD 2023 increased 1.4% to $221 compared to $218 in YTD 2022.
•Salaries of corporate and sales staff for YTD 2023 increased 7.8% to $348.6 million, or $1 per WSEE per month, compared to YTD 2022. The increase was primarily due to an increase in BPA, service and support headcount, which was partially offset by lower incentive compensation expense in YTD 2023 compared to YTD 2022.
•Stock-based compensation expense for YTD 2023 increased 7.4% to $41.7 million, but remained flat on a per WSEE per month basis, compared to YTD 2022. The increase was primarily due to awards issued under our restricted stock program, partially offset by a decrease in the number of stock awards anticipated to be earned related to performance-based awards granted under our long-term incentive plans based on our lower than expected year-to-date operating results in YTD 2023.
•Commissions expense for YTD 2023 increased 5.3% to $33.8 million, but remained flat on a per WSEE per month basis, compared to YTD 2022. The increase was primarily due to commissions associated with our PEO HR Outsourcing Solutions, as well as an increase in the amount of sales channel referral fees paid during YTD 2023.
•Advertising expense for YTD 2023 decreased 3.4% to $29.8 million, or $1 per WSEE per month, compared to YTD 2022. This decrease was primarily due to a change in timing associated with advertising.
•General and administrative expenses for YTD 2023 increased 15.2% to $132.7 million, or $4 per WSEE per month, compared to YTD 2022. The increase was primarily due to increased travel and event costs, software licensing and maintenance costs, and amortization of SaaS implementation costs.
Other Income (Expense)
Interest income increased $20.8 million in YTD 2023 compared to YTD 2022 due to interest rate increases on overnight, investment and deposit holdings.
Interest expense increased $11.2 million in YTD 2023 compared to YTD 2022 due to increases in interest rates charged on borrowings under our credit facility.
Income Tax Expense
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | 2022 | | 2023 | 2022 |
| | | | | |
Effective income tax rate | 26.6% | 26.7% | | 24.5% | 27.5% |
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Insperity | 2023 Third Quarter Form 10-Q | 29 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
For the nine months ended September 30, 2023, our provision for income taxes differed from the U.S. statutory rate primarily due to state income taxes, non-deductible expenses and vesting of restricted and long-term incentive stock awards. During the first nine months of 2023 and 2022, we recognized an income tax benefit of $4.9 million and $0.2 million, respectively, related to the vesting of long-term incentive and restricted stock awards.
Non-GAAP Financial Measures
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. |
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EBITDA | Represents net income computed in accordance with GAAP, plus: • interest expense, • income tax expense, • depreciation and amortization expense, and • amortization of SaaS implementation costs. |
| |
Adjusted EBITDA | Represents EBITDA plus: • non-cash stock based compensation. |
| |
Adjusted net income | Represents net income computed in accordance with GAAP, excluding: • non-cash stock-based compensation. |
| |
Adjusted EPS | Represents diluted net income per share computed in accordance with GAAP, excluding: • non-cash stock based-compensation. |
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Insperity | 2023 Third Quarter Form 10-Q | 30 |
| | |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Following is a reconciliation of payroll cost (GAAP) to non-bonus payroll costs (non-GAAP):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands, except per WSEE per month) | Three Months Ended September 30, | | Nine Months Ended September 30, |
2023 | | 2022 | | 2023 | | 2022 |
| Per WSEE | | | Per WSEE | | | Per WSEE | | | Per WSEE |
| | | | | | | | | | | |
Payroll cost | $ | 8,516,304 | | $ | 9,003 | | | $ | 8,089,535 | | $ | 8,889 | | | $ | 26,857,278 | | $ | 9,592 | | | $ | 24,662,139 | | $ | 9,422 | |
Less: Bonus payroll cost | 529,456 | | 560 | | | 583,703 | | 641 | | | 3,344,656 | | 1,195 | | | 3,236,059 | | 1,236 | |
Non-bonus payroll cost | $ | 7,986,848 | | $ | 8,443 | | | $ | 7,505,832 | | $ | 8,248 | | | $ | 23,512,622 | | $ | 8,397 | | | $ | 21,426,080 | | $ | 8,186 | |
% Change period over period | 6.4 | % | 2.4 | % | | 23.9 | % | 5.2 | % | | 9.7 | % | 2.6 | % | | 25.6 | % | 5.7 | % |
Following is a reconciliation of cash, cash equivalents and marketable securities (GAAP) to adjusted cash, cash equivalents and marketable securities (non-GAAP):
| | | | | | | | | | | |
(in thousands) | September 30, 2023 | | December 31, 2022 |
| | | |
Cash, cash equivalents and marketable securities | $ | 692,425 | | | $ | 765,896 | |
Less: | | | |
Amounts payable for withheld federal and state income taxes, employment taxes and other payroll deductions | 482,654 | | | 504,817 | |
Client prepayments | 20,172 | | | 36,800 | |
Adjusted cash, cash equivalents and marketable securities | $ | 189,599 | | | $ | 224,279 | |
Following is a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands, except per WSEE per month) | 2023 | | 2022 | | 2023 | | 2022 |
| Per WSEE | | | Per WSEE | | | Per WSEE | | | Per WSEE |
| | | | | | | | | | | |
Net income | $ | 44,332 | | $ | 47 | | | $ | 37,669 | | $ | 41 | | | $ | 151,821 | | $ | 54 | | | $ | 141,152 | | $ | 54 | |
Income tax expense | 16,035 | | 18 | | | 13,688 | | 16 | | | 49,211 | | 18 | | | 53,427 | | 20 | |
Interest expense | 7,047 | | 7 | | | 4,082 | | 4 | | | 19,939 | | 7 | | | 8,698 | | 3 | |
Amortization of SaaS implementation costs | 1,025 | | 1 | | | 948 | | 1 | | | 3,072 | | 1 | | | 948 | | — | |
Depreciation and amortization | 10,666 | | 11 | | | 10,083 | | 11 | | | 31,903 | | 11 | | | 30,367 | | 12 | |
EBITDA | 79,105 | | 84 | | | 66,470 | | 73 | | | 255,946 | | 91 | | | 234,592 | | 89 | |
Stock-based compensation | 15,210 | | 16 | | | 13,341 | | 15 | | | 41,676 | | 15 | | | 38,818 | | 15 | |
Adjusted EBITDA | $ | 94,315 | | $ | 100 | | | $ | 79,811 | | $ | 88 | | | $ | 297,622 | | $ | 106 | | | $ | 273,410 | | $ | 104 | |
% Change period over period | 18.2 | % | 13.6 | % | | 32.7 | % | 12.8 | % | | 8.9 | % | 1.9 | % | | 21.8 | % | 2.0 | % |
| | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 31 |
| | |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Following is a reconciliation of net income (GAAP) to adjusted net income (non-GAAP):
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | 2022 | | 2023 | 2022 |
| | | | | |
Net income | $ | 44,332 | | $ | 37,669 | | | $ | 151,821 | | $ | 141,152 | |
Non-GAAP adjustments: | | | | | |
Stock-based compensation | 15,210 | | 13,341 | | | 41,676 | | 38,818 | |
Tax effect | (3,960) | | (3,590) | | | (10,202) | | (10,659) | |
Total non-GAAP adjustments, net | 11,250 | | 9,751 | | | 31,474 | | 28,159 | |
Adjusted net income | $ | 55,582 | | $ | 47,420 | | | $ | 183,295 | | $ | 169,311 | |
% Change period over period | 17.2 | % | 36.3 | % | | 8.3 | % | 20.2 | % |
Following is a reconciliation of diluted EPS (GAAP) to adjusted EPS (non-GAAP):
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(amounts per share) | 2023 | 2022 | | 2023 | 2022 |
| | | | | |
Diluted EPS | $ | 1.16 | | $ | 0.98 | | | $ | 3.94 | | $ | 3.66 | |
Non-GAAP adjustments: | | | | | |
Stock-based compensation | 0.40 | | 0.35 | | | 1.08 | | 1.01 | |
Tax effect | (0.10) | | (0.10) | | | (0.26) | | (0.29) | |
Total non-GAAP adjustments, net | 0.30 | | 0.25 | | | 0.82 | | 0.72 | |
Adjusted EPS | $ | 1.46 | | $ | 1.23 | | | $ | 4.76 | | $ | 4.38 | |
% Change period over period | 18.7 | % | 38.2 | % | | 8.7 | % | 21.0 | % |
| | | | | |
Liquidity and Capital Resources
We periodically evaluate our liquidity requirements, capital needs and availability of resources in view of, among other things, our expansion plans, stock repurchases, potential acquisitions, debt service requirements and other operating cash needs. To meet short-term liquidity requirements, which are primarily the payment of direct costs and operating expenses, we rely primarily on cash from operations. Longer-term projects, large stock repurchases or significant acquisitions may be financed with public or private debt or equity. We have a revolving credit facility (“Facility”) with a syndicate of financial institutions with a current borrowing capacity of $650 million. The Facility is available for working capital and general corporate purposes, including acquisitions and stock repurchases. We have in the past sought, and may in the future seek, to raise additional capital or take other steps to increase or manage our liquidity and capital resources.
We had $692.4 million in cash, cash equivalents and marketable securities at September 30, 2023, of which approximately $482.7 million was payable in early November 2023 for withheld federal and state income taxes, employment taxes and other payroll deductions, and approximately $20.2 million represented client prepayments that were payable in November 2023. At September 30, 2023, we had working capital of $156.3 million compared to $158.5 million at December 31, 2022. We currently believe that our cash on hand, marketable securities, cash flows from operations, and availability under the Facility will be adequate to meet our liquidity requirements for the remainder of 2023. We intend to rely on these same sources, as well as public and private debt or equity financing, to meet our longer-term liquidity and capital needs.
As of September 30, 2023, we had an outstanding letter of credit and borrowings totaling $370.4 million under the Facility. Please read Note 5 to the Consolidated Financial Statements, “Long-Term Debt,” for additional information. | | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 32 |
| | |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Cash Flows from Operating Activities
Net cash provided by operating activities in the first nine months of 2023 was $140.3 million. Our primary source of cash from operations is the comprehensive service fee and payroll funding we collect from our clients. Our cash and cash equivalents, and thus our reported cash flows from operating activities, are significantly impacted by various external and internal factors, which are reflected in part by the changes in our balance sheet accounts. These include the following:
•Timing of client payments / payroll taxes — We typically collect our comprehensive service fee, along with the client’s payroll funding, from clients no later than the same day as the payment of WSEE payrolls and associated payroll taxes. Therefore, the last business day of a reporting period has a substantial impact on our reporting of operating cash flows. For example, many WSEEs are paid on Fridays; therefore, operating cash flows decrease in the reporting periods that end on a Friday or a Monday. In the period ended September 30, 2023, the last business day of the reporting period was a Friday, client prepayments were $20.2 million and employment taxes and other deductions were $482.7 million, which includes $149.3 million of funds we received in late September 2023 from the Internal Revenue Service for employee retention tax credits claimed by our PEO clients under the COVID relief programs, that were distributed to clients in early October 2023. In the period ended September 30, 2022, the last business day of the reporting period was a Friday, client prepayments were $35.8 million and employment taxes and other deductions were $321.9 million.
•Workers’ compensation plan funding — During YTD 2023, we received $43.4 million for the return of excess claim funds related to the workers’ compensation program, which resulted in an increase in working capital.
•Medical plan funding — Our health care contract with United establishes participant cash funding rates 90 days in advance of the beginning of a reporting quarter. Therefore, changes in the participation level of the United plan have a direct impact on our operating cash flows. In addition, changes to the funding rates, which are solely determined by United based primarily upon recent claim history and anticipated cost trends, also have a significant impact on our operating cash flows. As of September 30, 2023, Plan Costs were less than the net premiums paid and owed to United by $18.8 million, which is $9.8 million in excess of our agreed-upon $9.0 million surplus maintenance level. The $9.8 million difference is reflected as a current asset and $9.0 million is reflected as a long-term asset on our Condensed Consolidated Balance Sheets. The premiums, including an additional quarterly premium, owed to United at September 30, 2023 were $42.9 million, which is included in accrued health insurance costs, a current liability in our Condensed Consolidated Balance Sheets.
•Operating results — Our adjusted net income has a significant impact on our operating cash flows. Our adjusted net income increased 8.3% to $183.3 million in the nine months ended September 30, 2023, compared to $169.3 million in the nine months ended September 30, 2022. Please read “Results of Operations.” Cash Flows from Investing Activities
Net cash flows used in investing activities were $2.3 million for the nine months ended September 30, 2023, primarily due to property and equipment purchases of $22.5 million, partially offset by $20.2 million of marketable securities maturities and dispositions, net of purchases.
Cash Flows from Financing Activities
Net cash flows used in financing activities were $194.8 million for the nine months ended September 30, 2023. We paid $63.0 million in dividends and repurchased or withheld $131.5 million in stock.
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Insperity | 2023 Third Quarter Form 10-Q | 33 |
| | |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK AND CONTROLS AND PROCEDURES |
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are primarily exposed to market risks from fluctuations in interest rates and the effects of those fluctuations on the market values of our cash equivalent short-term investments, our available-for-sale marketable securities and our borrowings under our Facility, which bears interest at a variable market rate. As of September 30, 2023, we had outstanding letters of credit and borrowings totaling $370.4 million under the Facility. Please read Note 5 to the Consolidated Financial Statements, “Long-Term Debt,” for additional information. The cash equivalent short-term investments consist primarily of overnight investments, which are not significantly exposed to interest rate risk, except to the extent that changes in interest rates will ultimately affect the amount of interest income earned on these investments. Our available-for-sale marketable securities are subject to interest rate risk because these securities generally include a fixed interest rate. As a result, the market values of these securities are affected by changes in prevailing interest rates.
We attempt to limit our exposure to interest rate risk primarily through diversification and low investment turnover. Our investment policy is designed to maximize after-tax interest income while preserving our principal investment. As a result, our marketable securities consist of primarily short-term U.S. Government Securities.
Item 4. Controls and Procedures
In accordance with Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2023.
There has been no change in our internal control over financial reporting that occurred during the three months ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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Insperity | 2023 Third Quarter Form 10-Q | 34 |
PART II
Item 1. Legal Proceedings
Item 1A. Risk Factors
There have been no material changes in our risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 under “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, except as noted below:
Bank failures or other events affecting financial institutions could have a material adverse effect on our business, results of operations or financial condition, or have other adverse consequences.
We use a U.S.-based global systemically important bank (or G-SIB) for our PEO operations, including our cash balances associated with that portion of our business. All of our cash deposits are held by Federal Deposit Insurance Corporation (“FDIC”) insured banks, which amounts exceed the FDIC insurance limits. Through various overnight “sweep account” programs, we also invest a significant portion of our cash balances in U.S. Treasury-based funds, which are invested through brokerage firms affiliated with the banks at which our deposits are held. The failure of a bank or related brokerage firm that we use, or events involving limited liquidity, non-performance or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, or concerns or rumors about such events, may lead to disruptions in access to our cash balances, adversely impact our liquidity, including our ability to borrow under our credit facility, or limit our ability to process transactions related to our clients. In the event of a failure of a bank or other financial institution that holds our cash deposits, there can be no assurance that our deposits in excess of the FDIC or other comparable insurance limits will be recoverable or, even if ultimately recoverable, there may be significant delays in our ability to access those funds. Furthermore, bank failures, non-performance, or other adverse developments that affect financial institutions could impair the ability of one or more of the banks participating in our credit facility from honoring their commitments. Such events could have a material adverse effect on our financial condition or results of operations.
Similarly, our clients may be adversely affected by any bank failure or other event affecting financial institutions. For example, some of our clients had deposits with banks that were recently placed into receivership. If those clients had been unable, or if our clients in the future are unable, to meet their obligations to us as a result of a bank failure or other event affecting financial institutions, we may be exposed to potential risks that could impact our financial condition or results of operations. If we were to fail to pay the liabilities that we have assumed associated with our WSEEs, we may be subject to fines or other penalties. See “Item 1.A. Risk Factors – PEO HR Outsourcing Risks – “We assume liability for WSEE payroll, payroll taxes, benefits costs and workers’ compensation costs and are responsible for their payment regardless of the amount billed to or paid by our clients.” in our Form 10-K for the year ended December 31, 2022. Furthermore, a significant change in the liquidity or financial position of our clients could cause unfavorable trends in cash collections, which could have a material adverse effect on our financial condition or results of operations.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about purchases by Insperity during the three months ended September 30, 2023 of equity securities that are registered by Insperity pursuant to Section 12 of the Exchange Act:
| | | | | | | | | | | | | | | | | |
Period | Total Number of Shares Purchased(1)(2) | | Average Price Paid per Share | Total Number of Shares Purchased Under Announced Program(2) | Maximum Number of Shares Available for Purchase under Announced Program(2) |
07/01/2023 — 07/31/2023 | 123 | | | $ | 121.87 | | — | | 841,822 | |
08/01/2023 — 08/31/2023 | 646,489 | | | 99.05 | | 646,260 | | 2,195,562 | |
09/01/2023 — 09/30/2023 | 226,000 | | | 97.56 | | 226,000 | | 1,969,562 | |
Total | 872,612 | | | $ | 98.67 | | 872,260 | | |
____________________________________
| | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 35 |
(1)During the three months ended September 30, 2023, 352 shares of stock were withheld to satisfy tax-withholding obligations arising in conjunction with the vesting of restricted stock units. The required withholding is calculated using the closing sales price reported by the New York Stock Exchange on the date prior to the applicable vesting date. These shares are not subject to the repurchase program.
(2)Our Board of Directors has approved a program to repurchase shares of our outstanding common stock, including an additional 2,000,000 shares authorized for repurchase as announced on August 1, 2023. As of September 30, 2023, we were authorized to repurchase an additional 1,969,562 shares under the program. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have repurchased all shares authorized for repurchase under the repurchase program.
Item 5. Other Information
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
We are announcing that Daniel D. Herink, Executive Vice President of Legal, General Counsel, and Secretary intends to retire from the company. Mr. Herink will voluntarily resign his officer positions effective as of the end of the day on December 31, 2023. To support the transition of his duties and responsibilities to his successor, Mr. Herink will continue his employment with Insperity as executive counsel until his retirement on March 31, 2024. Mr. Herink will continue to receive the same compensation until his retirement. Mr. Herink first joined Insperity in 2000 and has served as general counsel since 2007.
Succeeding Mr. Herink as General Counsel will be Christian P. Callens. Mr. Callens joined Insperity in January 2014 as Managing Counsel and was named Deputy General Counsel in September 2022. Prior to joining Insperity, Mr. Callens was counsel in the corporate practice at Skadden, Arps, Slate, Meagher & Flom LLP and also previously held an executive position at a technology company. He received a Bachelor of Arts degree from The University of Texas at Austin and a Juris Doctor degree from Tulane University.
Trading Plans
During the third quarter of 2023, none of our directors or executive officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).
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Insperity | 2023 Third Quarter Form 10-Q | 36 |
Item 6. Exhibits
| | | | | | | | |
Exhibit No | | Exhibit |
10.1 | * | |
31.1 | * | |
31.2 | * | |
32.1 | ** | |
32.2 | ** | |
101.INS | * | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH | * | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL | * | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | * | Inline XBRL Extension Definition Linkbase Document. |
101.LAB | * | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | * | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104 | | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
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| ____________________________________ | |
| | |
| | |
| * | Filed with this report. |
| | | |
| ** | Furnished with this report. |
| | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 37 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
| INSPERITY, INC. |
| | |
Date: October 31, 2023 | By: | /s/ Douglas S. Sharp |
| | Douglas S. Sharp |
| | Executive Vice President of Finance, |
| | Chief Financial Officer and Treasurer |
| | (Principal Financial Officer) |
| | | | | |
Insperity | 2023 Third Quarter Form 10-Q | 38 |
Exhibit 10.1
FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment"), dated as of September 28, 2023 (the "Fifth Amendment Closing Date"), is by and among INSPERITY, INC., a Delaware corporation ("Borrower"), each of the financial institutions which is or may from time to time become a party to the Agreement (hereinafter defined) (collectively, "Lenders", and each a "Lender"), and ZIONS BANCORPORATION, N.A. dba AMEGY BANK, a national banking association, as agent for Lenders ("Agent").
RECITALS:
A. Borrower, Agent and Lenders entered into that certain Amended and Restated Credit Agreement dated as of February 6, 2018, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of September 13, 2019, that certain Second Amendment to Amended and Restated Credit Agreement dated as of March 9, 2021, that certain Third Amendment to Amended and Restated Credit Agreement dated as of April 28, 2021, and that certain Fourth Amendment to Amended and Restated Credit Agreement dated as of June 30, 2022 (as amended, the "Agreement").
B. Pursuant to the Agreement, INSPERITY HOLDINGS, INC., a Delaware corporation, ADMINISTAFF COMPANIES, INC., a Delaware corporation, ADMINISTAFF PARTNERSHIPS HOLDING, INC., a Delaware corporation ("Administaff Partnerships Inc."), ADMINISTAFF PARTNERSHIPS HOLDING II, INC., a Delaware corporation, ADMINISTAFF PARTNERSHIPS HOLDING III, INC., a Delaware corporation, INSPERITY BUSINESS SERVICES, L.P., a Delaware limited partnership, INSPERITY EMPLOYMENT SCREENING, L.L.C., a Delaware limited liability company, INSPERITY ENTERPRISES, INC., a Texas corporation, INSPERITY EXPENSE MANAGEMENT, INC., a California corporation, INSPERITY GP, INC., a Delaware corporation, INSPERITY INSURANCE SERVICES, L.L.C., a Delaware limited liability company, INSPERITY PAYROLL SERVICES, L.L.C., a Delaware limited liability company, INSPERITY PEO SERVICES, L.P., a Delaware limited partnership, INSPERITY RETIREMENT SERVICES, L.P., a Delaware limited partnership, INSPERITY SERVICES, L.P., a Delaware limited partnership, and INSPERITY SUPPORT SERVICES, L.P., a Delaware limited partnership (collectively, "Guarantors"), executed that certain Amended and Restated Guaranty Agreement dated as of February 6, 2018 (the "Guaranty Agreement"), pursuant to which Guarantors guaranteed to Agent, for the ratable benefit of Agent, Issuing Bank and Lenders, the payment and performance of the Guaranteed Indebtedness (as therein defined).
C. Zions Bancorporation, N.A. dba Amegy Bank, Bank of America, N.A., Wells Fargo Bank, N.A., PNC Capital Markets LLC, and U.S. Bank National Association have been appointed Joint Lead Arrangers for the credit facilities described in the Agreement.
D. Zions Bancorporation, N.A. dba Amegy Bank, Bank of America, N.A., Wells Fargo Bank, N.A., PNC Bank, National Association, and U.S. Bank National Association have been appointed Co-Syndication Agents for the credit facilities described in the Agreement.
E. Borrower, Agent and Lenders now desire to amend the Agreement as herein set forth.
NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE I.
Definitions
Section 1.1 Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the meanings given to such terms in the Agreement, as amended hereby.
ARTICLE II.
Amendments
Section 2.1 Amendments to Certain Definitions. Effective as of the Fifth Amendment Closing Date, (a) the definition of each of the following terms contained in Section 1.1 of the Agreement is amended to read in its respective entirety as follows:
"EBITDA" means for Borrower and its Subsidiaries, on a consolidated basis for any period, the sum of (a) Operating Income for such period, plus (b) depreciation and amortization for such period, plus (c) non-cash stock based compensation expense for such period, plus (d) Interest Income for such period, plus (e) extraordinary or non-recurring expenses or charges, in an aggregate amount not to exceed $10,000,000.00 during any consecutive four (4) quarter period, plus (f) any non-cash write-off for impairment of long lived assets (including goodwill, intangible assets and fixed assets such as property, plant and equipment), or of deferred financing fees or investments in debt and equity securities during such period, plus (g) any non-cash impact of accounting changes or restatements during such period, plus (h) amortization of expenses associated with prepaid software-as-a-service (SaaS) product implementations during such period, plus (i) transaction costs and synergies approved by Agent for such period; provided, however, that the amounts of each of the items set forth in the clauses above shall include, for the first twelve (12) months after any Acquisition, the actual historical amounts of such items for any Person which is acquired by Borrower or any Subsidiary in such Acquisition.
"Proprietary Accounts" shall mean all the depository accounts of Borrower and its Subsidiaries which are not (a) used to hold client, "worksite" employee, or "corporate" employee related payroll, payroll tax, benefits, or other payroll withholding funds, or (b) Collateral Trust Accounts. The Proprietary Accounts of Borrower and its Subsidiaries as of the date of each No Default Certificate are listed on such No Default Certificate.
(b) the following definitions shall be added to Section 1.1 of the Agreement in proper alphabetical order:
"Collateral Trust Accounts" means the depository accounts that only hold funds for payment of workers' compensation claims pursuant to arrangements with the beneficiaries of the Collateral Trust Agreement.
"Collateral Trust Agreement" means that certain Collateral Trust Agreement dated as of October 1, 2023
, among the Bermuda Subsidiary, as grantor, ACE American Insurance Company, as beneficiary, and Wilmington Trust, N.A., as trustee.
Section 2.2 Amendment to Section 8.2. Effective as of the Fifth Amendment Closing Date, subsection (g) contained in Section 8.2 of the Agreement is amended to read in its entirety as follows:
(g) Liens consisting of pledges or deposits (i) of Collateral Trust Accounts only to secure obligations to the insurance company beneficiaries of the Collateral Trust Agreement for payment of workers' compensation claims, or (ii) in the ordinary course of business in connection with (without duplication) workers' compensation, unemployment insurance or other social security, old age pension or public liability obligations, and
Section 2.3 Addition of Section 8.19. Effective as of the Fifth Amendment Closing Date, Section 8.19 shall be added to the Agreement and shall read in its entirety as follows:
Section 8.19 Deposits in Collateral Trust Accounts. Neither Borrower nor any Subsidiary shall deposit or hold any funds or other amounts in the Collateral Trust Accounts, except that Bermuda Subsidiary may hold funds in the Collateral Trust Accounts pursuant to the Collateral Trust Agreement for payment of workers' compensation claims as required by the insurance company beneficiaries of the Collateral Trust Agreement.
Section 2.4 Amendment to Exhibits. Effective as of the Fifth Amendment Closing Date, Exhibit "D" (No Default Certificate) to the Agreement is amended to conform in its entirety to Annex "A" to this Amendment.
ARTICLE III.
Condition Precedent
Section 3.1 Conditions. The effectiveness of this Amendment is subject to the receipt by Agent of the following in form and substance satisfactory to Agent:
(a) Certificates - Borrower.
(i) A certificate of the Secretary or Assistant Secretary of Borrower (or another officer of Borrower acceptable to Agent) certifying (A) resolutions of the board of directors of Borrower which authorize the execution, delivery and performance by Borrower of this Amendment and the other Loan Documents to which Borrower is or is to be a party in connection herewith, and (B) the names of the officers of Borrower authorized to sign this Amendment and each of the other Loan Documents to which Borrower is or is to be a party as of the date of this Amendment, together with specimen signatures of such officers.
(ii) A certificate of the Chief Financial Officer of Borrower certifying (A) that all representations and warranties in this Amendment and the other Loan Documents are true and correct as of the Fifth Amendment Closing Date, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case such representations and warranties are true and correct as of such earlier date, (B) that no Event of
Default or Unmatured Event of Default has occurred and is continuing, (C) that no Material Adverse Effect has occurred since December 31, 2021, and (D) that no event has occurred and no condition exists which could reasonably be expected to have a Material Adverse Effect.
(b) Governmental Certificates. Certificates issued by the appropriate government officials of the state of incorporation or organization, as applicable, of Borrower and each Guarantor as to the existence and good standing of Borrower and such Guarantor in such state.
(c) Fees and Expenses. Evidence that the costs and expenses (including reasonable attorneys' fees) referred to in Section 12.1 of the Agreement, to the extent invoiced prior to the closing of this Amendment, have been paid in full by Borrower.
Section 3.2 Additional Conditions. The effectiveness of this Amendment is also subject to the satisfaction of the additional conditions precedent that (a) the representations and warranties contained herein and in all other Loan Documents, as amended hereby, shall be true and correct as of the Fifth Amendment Closing Date as if made on the Fifth Amendment Closing Date, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case such representations and warranties shall continue to be true and correct as of such earlier date, and (b) no Event of Default or Unmatured Event of Default shall have occurred and be continuing.
ARTICLE IV.
Ratifications, Representations, and Warranties
Section 4.1 Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Borrower, Agent and Lenders agree that the Agreement as amended hereby, and the other Loan Documents shall continue to be the legal, valid and binding obligation of such Persons enforceable against such Persons in accordance with its terms.
Section 4.2 Representations and Warranties. Borrower hereby represents and warrants to Agent and Lenders that (a) the execution, delivery, and performance of this Amendment and any and all other Loan Documents executed or delivered in connection herewith have been authorized by all requisite corporate action on the part of Borrower and will not violate the Organizational Documents of Borrower, (b) the representations and warranties contained in the Agreement as amended hereby, and all other Loan Documents are true and correct on and as of the Fifth Amendment Closing Date as though made on and as of the Fifth Amendment Closing Date, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case such representations and warranties shall continue to be true and correct as of such earlier date, (c) no Event of Default or Unmatured Event of Default has occurred and is continuing, (d) Borrower is indebted to Lenders pursuant to the terms of the Notes, as the same may have been increased, renewed, modified, extended, or rearranged, including, without limitation, any increases, renewals, modifications, and extensions made pursuant to this Amendment, (e) the liens, security interests, encumbrances and assignments created and evidenced by the Loan Documents are, respectively, valid and subsisting liens, security interests,
encumbrances and assignments and secure the Notes, as the same may have been increased, renewed, modified, extended, or rearranged, including, without limitation, any increases, renewals, modifications, and extensions made pursuant to this Amendment, and (f) to the knowledge of the Authorized Representatives and Financial Officers of Borrower, Borrower has no claims, credits, offsets, defenses or counterclaims arising from the Loan Documents or Agent's or any Lender's performance under the Loan Documents. Borrower hereby represents and warrants to Agent and Lenders that this Amendment and all Loan Documents executed in connection herewith have not been executed in the state of Florida.
ARTICLE V.
Consent and Agreement to Redomestication of Bermuda Subsidiary
Section 5.1 Consent and Agreement. (a) Borrower has requested that, in connection with the planned redomestication of the Bermuda Subsidiary from a Bermuda exempted company to a Texas corporation (the "Redomestication of Bermuda Subsidiary"), Agent and Lenders consent to the Redomestication of Bermuda Subsidiary.
(b) In connection with the Redomestication of Bermuda Subsidiary, upon the consummation thereof, the Bermuda Subsidiary will be a Domestic Subsidiary and the Agreement requires such Subsidiary to comply with Section 8.4(a) of the Agreement. Borrower has requested that Agent and Lenders agree to exclude the Bermuda Subsidiary as a Guarantor under the Agreement and waive the requirement to comply with Section 8.4(a) of the Agreement with respect to such Subsidiary.
(c) Effective as of the Fifth Amendment Closing Date, Agent and Lenders hereby consent to the Redomestication of Bermuda Subsidiary.
(d) Upon the consummation of the Redomestication of Bermuda Subsidiary, Agent and Lenders agree that, upon Agent's receipt of the items set forth immediately below (the date on which Agent receives all such items herein called the "Receipt Date"), the Bermuda Subsidiary is excluded as a Guarantor under the Agreement and Agent and Lenders waive the requirement to comply with Section 8.4(a) of the Agreement with respect to such Subsidiary.
(e) The agreements and waivers set forth in clause (d) are subject to the following terms and conditions:
(i) Receipt by Agent, in form and substance acceptable to Agent, of:
(A) evidence that the Redomestication of Bermuda Subsidiary has occurred;
(B) copies of the governmental certificates of Bermuda Subsidiary as to the existence and active standing of Bermuda Subsidiary in the Texas Secretary of State;
(C) a Pledge Agreement executed by Administaff Partnerships Inc. pledging one hundred percent (100%) of its ownership interests in the Bermuda Subsidiary to Agent to secure the Obligations and all other obligations set out in such Pledge Agreement;
(D) the original stock certificate for the Bermuda Subsidiary and the related stock power executed by Administaff Partnerships Inc.;
(E) a certificate of the Secretary or Assistant Secretary of Administaff Partnerships Inc. (or another officer of Administaff Partnerships Inc. acceptable to Agent) certifying (i) resolutions of the board of directors of Administaff Partnerships Inc. which authorize the execution, delivery and performance by Administaff Partnerships Inc. of a Pledge Agreement and the other Loan Documents to which Administaff Partnerships Inc. is or is to be a party in connection herewith, and (B) the names of the officers of Administaff Partnerships Inc. authorized to sign a Pledge Agreement and each of the other Loan Documents to which Administaff Partnerships Inc. is or is to be a party as of the date of this Amendment, together with specimen signatures of such officers;
(F) a UCC financing statement showing Administaff Partnerships Inc. as debtor, and Agent as secured party, covering the Bermuda Subsidiary; and
(G) a UCC search showing all financing statements and other documents or instruments on file against Administaff Partnerships Inc. in the office of the Secretary of State of Delaware.
(ii) no Event of Default or Unmatured Event of Default has occurred and is continuing.
(f) On the Receipt Date, Borrower, Agent, and Lenders agree that:
(i) all references to "Bermuda Subsidiary" in the Agreement shall be automatically changed to refer to "Insurance Subsidiary", without any further action by Borrower, Agent or any Lender;
(ii) the text "(other than the Bermuda Subsidiary)" shall be deleted from the definition of "Pledged Foreign Subsidiary", without any further action by Borrower, Agent or any Lender; and
(iii) the below defined terms shall be added to the Agreement or amended and restated, as applicable, in each case without any further action by Borrower, Agent or any Lender:
"Insurance Subsidiary" means Insperity Captive Insurance Companies Limited, a Texas corporation, formerly a Bermuda exempted company.
"Pledge Agreement" means (a) that certain Amended and Restated Pledge Agreement, dated as of the Redomestication Date, executed by Administaff Partnerships Holding, Inc., a Delaware corporation, in favor of Agent, as the same may be restated, amended, supplemented or modified from time to time and (b) any other Pledge Agreement executed by Borrower or a Domestic Subsidiary after the Closing Date in favor of Agent pursuant to Section 8.4, in substantially the form of Exhibit "G", as the same may be amended, supplemented or modified from time to time, and "Pledge Agreements" shall mean, collectively, all such agreements.
"Redomestication Date" means the date of the redomestication of the Bermuda Subsidiary from a Bermuda exempted company to a Texas corporation.
ARTICLE VI.
Miscellaneous
Section 6.1 Survival of Representations and Warranties. All representations and warranties made in this Amendment or any other Loan Documents including any Loan Document furnished in connection with this Amendment shall fully survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Agent or any Lender or any closing shall affect the representations and warranties or the right of Agent or any Lender to rely on them.
Section 6.2 Reference to Agreement. Each of the Loan Documents, including the Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement, as amended hereby, are hereby amended so that any reference in such Loan Documents to the Agreement shall mean a reference to the Agreement, as amended hereby.
Section 6.3 Expenses; Indemnification. Borrower agrees that this Amendment is a Loan Document to which Sections 12.1 and 12.2 of the Agreement shall apply.
Section 6.4 Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid, illegal or unenforceable shall not impair or invalidate the remaining provisions hereof and the effect of such invalidity, illegality or unenforceability shall be confined to the provision held to be invalid, illegal or unenforceable.
Section 6.5 APPLICABLE LAW. THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED PURSUANT HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. THIS AMENDMENT HAS BEEN ENTERED INTO IN HARRIS COUNTY, TEXAS AND IT SHALL BE PERFORMABLE FOR ALL PURPOSES IN HARRIS COUNTY, TEXAS.
Section 6.6 Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Agent, Issuing Bank, each Lender and Borrower and their respective successors and assigns, except that (a) Borrower may not assign or transfer any of its rights or obligations hereunder without prior written consent of Agent and Lenders, and (b) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with Section 12.19 of the Agreement or as required under Section 2.21 of the Agreement.
Section 6.7 ORIGINALLY EXECUTED DOCUMENTS; COUNTERPARTS. As an express condition to Agent and Lenders entering into this Amendment and the other Loan Documents based upon Agent's receipt of fully-executed imaged copies of such Loan Documents, Borrower shall deliver to Agent original hand-written signatures (i.e., wet signatures) of Borrower and Guarantors with respect to this Amendment and any other Loan Documents signed in connection therewith on or before the date that is no later than ten (10) days from the Fifth Amendment Closing Date (or such later date as Agent may permit in its sole discretion). Notwithstanding the foregoing, Borrower, Agent and Lenders
agree that this Amendment and the other Loan Documents may be signed and transmitted by electronic mail of a .PDF document and thereafter maintained in imaged or electronic form, and that such imaged or electronic record shall be valid and effective to bind the party so signing as a paper copy bearing such party's hand-written signature. Borrower, Agent and Lenders further agree that the signatures appearing on this Amendment and the other Loan Documents (whether in imaged or other electronic format) shall be treated, for purpose of validity, enforceability and admissibility, the same as hand-written signatures. This Amendment and the other Loan Documents may be executed in one or more counterparts, each of which shall be an original, and all of which together shall constitute a single instrument.
Section 6.8 Effect of Waiver. No consent or waiver, express or implied, by Agent or any Lender to or for any breach of or deviation from any covenant, condition or duty by Borrower shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty.
Section 6.9 Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
Section 6.10 Dispute Resolution Provision. This Section contains a jury waiver and a class action waiver. This Section should be carefully read.
This dispute resolution provision shall supersede and replace any prior "Jury Waiver", "Judicial Reference", "Class Action Waiver", "Dispute Resolution" or similar alternative dispute agreement or provision between or among the parties.
(a) JURY TRIAL WAIVER; CLASS ACTION WAIVER. AS PERMITTED BY APPLICABLE LAW, EACH OF BORROWER, EACH GUARANTOR, AGENT, AND EACH LENDER (EACH A "PARTY" AND TOGETHER THE "PARTIES") WAIVES ITS RIGHTS TO A TRIAL BEFORE A JURY IN CONNECTION WITH ANY DISPUTE (AS "DISPUTE" IS HEREINAFTER DEFINED), AND DISPUTES SHALL BE RESOLVED BY A JUDGE SITTING WITHOUT A JURY. IF PERMITTED BY APPLICABLE LAW, EACH PARTY ALSO WAIVES THE RIGHT TO LITIGATE IN COURT OR ARBITRATE ANY CLAIM OR DISPUTE AS A CLASS ACTION, EITHER AS A MEMBER OF A CLASS OR AS A REPRESENTATIVE, OR TO ACT AS A PRIVATE ATTORNEY GENERAL. A "Dispute" as used in this clause (a) shall mean any claim, dispute, or controversy arising out of or relating to this Amendment, the Agreement, or any other Loan Document or the transaction contemplated hereby or thereby (whether based on contract, tort, or any other theory).
(b) RELIANCE. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT OR THE AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS, AND CERTIFICATIONS IN THIS SECTION.
Section 6.11 WAIVER OF DEFENSES AND RELEASE OF CLAIMS. Each of Borrower and each Guarantor hereby (a) represents that none of Borrower, any Guarantor, or any affiliate or principal of Borrower or any Guarantor has any defenses to or setoffs against any of the Obligations set forth in clause (a) or clause (b) of the definition thereof owing by Borrower or any other Loan Party to Agent, Issuing Bank, or any Lender (the "Collective-Obligations"), nor any claims against Agent, Issuing Bank, or any Lender for any matter related to the Collective-Obligations, and (b) releases Agent, Issuing Bank, each Lender,
and each of Agent's, Issuing Bank's, and each Lender's affiliates, officers, directors, employees and agents from all claims, causes of action, and costs, in law or equity, known or unknown, whether or not matured or contingent, existing as of the Fifth Amendment Closing Date that Borrower or any Guarantor has or may have by reason of any matter of any conceivable kind or character whatsoever, related or unrelated to the Collective-Obligations, including the subject matter of this Amendment or the Agreement. The foregoing release does not apply, however, to claims for future performance of express contractual obligations that mature after the Fifth Amendment Closing Date that are owing to Borrower or any Guarantor by Agent, Issuing Bank, any Lender, or any of Agent's, Issuing Bank's, or any Lender's affiliates. Borrower and each Guarantor acknowledges that Agent, Issuing Bank, and Lenders have been induced to enter into or continue the Collective-Obligations by, among other things, the waivers and releases in this Section.
Section 6.12 ENTIRE AGREEMENT. THIS AMENDMENT, THE AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL OTHER INSTRUMENTS, DOCUMENTS, AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT AND THE AGREEMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, THE AGREEMENT OR THE OTHER LOAN DOCUMENTS AND THE OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT AND THE AGREEMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]
Executed as of the date first written above.
BORROWER:
INSPERITY, INC.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
AGENT:
ZIONS BANCORPORATION, N.A. dba
AMEGY BANK, as Agent
By: /s/ Ryan K. Hightower
Ryan K. Hightower
Executive Vice President
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
LENDERS:
ZIONS BANCORPORATION, N.A. dba
AMEGY BANK
By: /s/ Ryan K. Hightower
Ryan K. Hightower
Executive Vice President
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
BANK OF AMERICA, N.A.
By: /s/ Karen S. Vivani
Name: Karen S. Vivani
Title: Senior Vice President
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
WELLS FARGO BANK, N.A.
By: /s/ Robert Corder
Name: Robert Corder
Title: SVP
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
PNC BANK, NATIONAL ASSOCIATION
By: /s/ Andrea Kinnick
Name: Andrea Kinnick
Title: Senior Vice President
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Marty McDonald
Name: Marty McDonald
Title: Vice President
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
WOODFOREST NATIONAL BANK
By: /s/ Jeffrey Mitchell
Name: Jeffrey Mitchell
Title: Executive Vice President
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
Each of the undersigned Guarantors hereby consents and agrees to this Amendment and agrees that the Guaranty Agreement executed by Guarantors shall remain in full force and effect and shall continue to be the legal, valid and binding obligations of such Guarantor, enforceable against such Guarantor in accordance with its terms and shall evidence such Guarantor's guaranty of the Guaranteed Indebtedness (as therein defined), as renewed, extended, and increased from time to time.
In addition, each of the undersigned Guarantors agrees to be bound by Section 6.10 and Section 6.11 of this Amendment.
INSPERITY HOLDINGS, INC.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
ADMINISTAFF COMPANIES, INC.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
ADMINISTAFF PARTNERSHIPS HOLDING, INC.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
ADMINISTAFF PARTNERSHIPS HOLDING II, INC.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
ADMINISTAFF PARTNERSHIPS HOLDING III, INC.
By: /s/ Douglas S. Sharp
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY BUSINESS SERVICES, L.P.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY EMPLOYMENT SCREENING, L.L.C.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY ENTERPRISES, INC.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY EXPENSE MANAGEMENT, INC.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY GP, INC.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
INSPERITY INSURANCE SERVICES, L.L.C.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY PAYROLL SERVICES, L.L.C.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY PEO SERVICES, L.P.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY RETIREMENT SERVICES, L.P.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
INSPERITY SERVICES, L.P.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
INSPERITY SUPPORT SERVICES, L.P.
By: /s/ Douglas S. Sharp
Douglas S. Sharp
Executive Vice President of Finance,
Chief Financial Officer and Treasurer
SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
Exhibit 31.1
CERTIFICATION
I, Paul J. Sarvadi, certify that:
| | | | | |
1. | I have reviewed this quarterly report on Form 10-Q of Insperity, Inc.; |
| | | | | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| | | | | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| | | | | |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
| | | | | |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 31, 2023
| | | | | |
| /s/ Paul J. Sarvadi |
| Paul J. Sarvadi |
| Chairman of the Board & Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Douglas S. Sharp, certify that:
| | | | | |
1. | I have reviewed this quarterly report on Form 10-Q of Insperity, Inc.; |
| | | | | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| | | | | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| | | | | |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
| | | | | |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 31, 2023
| | | | | |
| /s/ Douglas S. Sharp |
| Douglas S. Sharp |
| Executive Vice President, Finance, Chief Financial Officer & Treasurer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Insperity, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2023, (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Paul J. Sarvadi, Chairman of the Board & Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
/s/ Paul J. Sarvadi | |
Paul J. Sarvadi | |
Chairman of the Board & Chief Executive Officer |
October 31, 2023 | |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Insperity, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2023, (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Douglas S. Sharp, Executive Vice President, Finance, Chief Financial Officer & Treasurer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
/s/ Douglas S. Sharp | |
Douglas S. Sharp |
Executive Vice President, Finance, Chief Financial Officer & Treasurer |
October 31, 2023 |
v3.23.3
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Oct. 24, 2023 |
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v3.23.3
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Assets |
|
|
|
|
Cash and cash equivalents |
$ 678,588
|
$ 732,828
|
$ 562,143
|
$ 575,812
|
Restricted cash |
51,263
|
49,779
|
|
|
Marketable securities |
13,837
|
33,068
|
|
|
Accounts receivable, net |
656,695
|
622,764
|
|
|
Prepaid insurance and related assets |
21,260
|
11,706
|
|
|
Other current assets |
56,037
|
61,728
|
|
|
Total current assets |
1,477,680
|
1,511,873
|
|
|
Property and equipment, net of accumulated depreciation |
190,672
|
199,992
|
|
|
Right-of-use (“ROU”) leased assets |
53,949
|
56,532
|
|
|
Prepaid health insurance |
9,000
|
9,000
|
|
|
Deposits – health insurance |
7,900
|
7,900
|
|
|
Deposits – workers’ compensation |
197,466
|
196,370
|
179,014
|
185,027
|
Goodwill and other intangible assets, net |
12,707
|
12,707
|
|
|
Deferred income taxes, net |
10,066
|
15,533
|
|
|
Other assets |
37,030
|
29,354
|
|
|
Total assets |
1,996,470
|
2,039,261
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
7,207
|
7,732
|
|
|
Payroll taxes and other payroll deductions payable |
518,061
|
556,085
|
|
|
Accrued worksite employee payroll cost |
559,931
|
513,397
|
|
|
Accrued health insurance costs |
50,760
|
53,402
|
|
|
Accrued workers’ compensation costs |
55,005
|
53,485
|
|
|
Accrued corporate payroll and commissions |
65,082
|
89,147
|
|
|
Income taxes payable |
428
|
6,949
|
|
|
Other accrued liabilities |
64,883
|
73,173
|
|
|
Total current liabilities |
1,321,357
|
1,353,370
|
|
|
Noncurrent liabilities: |
|
|
|
|
Accrued workers’ compensation costs |
170,609
|
179,629
|
174,664
|
|
Long-term debt |
369,400
|
369,400
|
|
|
Operating Lease, Liability, Noncurrent |
51,985
|
55,587
|
|
|
Total noncurrent liabilities |
591,994
|
604,616
|
|
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock |
555
|
555
|
|
|
Additional paid-in capital |
173,307
|
151,144
|
|
|
Treasury stock, at cost |
(830,988)
|
(725,532)
|
|
|
Retained earnings |
740,245
|
655,108
|
|
|
Total stockholders’ equity |
83,119
|
81,275
|
$ 60,503
|
$ (1,774)
|
Total liabilities and stockholders’ equity |
$ 1,996,470
|
$ 2,039,261
|
|
|
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v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues(1) |
$ 1,550,887
|
$ 1,439,160
|
$ 4,905,668
|
$ 4,449,104
|
Payroll taxes, benefits and workers’ compensation costs |
1,292,956
|
1,194,607
|
4,090,952
|
3,678,909
|
Gross profit |
257,931
|
244,553
|
814,716
|
770,195
|
Salaries, wages and payroll taxes |
113,074
|
109,525
|
348,557
|
323,486
|
Stock-based compensation |
15,210
|
13,341
|
41,676
|
38,818
|
Commissions |
10,773
|
11,068
|
33,828
|
32,121
|
Advertising |
7,240
|
9,790
|
29,775
|
30,812
|
General and administrative expenses |
41,504
|
38,115
|
132,699
|
115,215
|
Depreciation and amortization |
10,666
|
10,083
|
31,903
|
30,367
|
Total operating expenses |
198,467
|
191,922
|
618,438
|
570,819
|
Operating income |
59,464
|
52,631
|
196,278
|
199,376
|
Other income (expense): |
|
|
|
|
Interest income |
7,950
|
2,808
|
24,693
|
3,901
|
Interest expense |
(7,047)
|
(4,082)
|
(19,939)
|
(8,698)
|
Income before income tax expense |
60,367
|
51,357
|
201,032
|
194,579
|
Income tax expense |
16,035
|
13,688
|
49,211
|
53,427
|
Net income |
$ 44,332
|
$ 37,669
|
$ 151,821
|
$ 141,152
|
Basic net income per share of common stock (in dollars per share) |
$ 1.17
|
$ 0.99
|
$ 4.00
|
$ 3.70
|
Diluted net income per share of common stock (in dollars per share) |
$ 1.16
|
$ 0.98
|
$ 3.94
|
$ 3.66
|
Revenue Composition [Abstract] |
|
|
|
|
Gross billings |
$ 10,067,191
|
$ 9,528,695
|
$ 31,762,946
|
$ 29,111,243
|
Worksite employee payroll cost |
8,516,304
|
8,089,535
|
26,857,278
|
24,662,139
|
Revenues(1) |
$ 1,550,887
|
$ 1,439,160
|
$ 4,905,668
|
$ 4,449,104
|
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v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Net Cash Provided by (Used in) Operating Activities [Abstract] |
|
|
Net income |
$ 151,821
|
$ 141,152
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
31,903
|
30,367
|
Stock-based compensation |
41,676
|
38,818
|
Deferred income taxes |
5,467
|
4,144
|
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] |
|
|
Accounts receivable |
(33,931)
|
(45,394)
|
Prepaid insurance and related assets |
(9,554)
|
(19,083)
|
Other current assets |
584
|
1,839
|
Other assets and ROU assets |
3,740
|
(1,985)
|
Accounts payable |
(525)
|
(946)
|
Payroll taxes and other payroll deductions payable |
(38,024)
|
(115,763)
|
Accrued worksite employee payroll costs |
46,534
|
85,333
|
Accrued health insurance costs |
(2,642)
|
14,857
|
Accrued workers’ compensation costs |
(7,500)
|
(11,541)
|
Accrued corporate payroll, commissions and other accrued liabilities |
(42,757)
|
(12,636)
|
Income taxes payable/receivable |
(6,521)
|
12,868
|
Total adjustments |
(11,550)
|
(19,122)
|
Net cash provided by operating activities |
140,271
|
122,030
|
Marketable securities: |
|
|
Purchases |
(39,596)
|
(35,618)
|
Proceeds from maturities |
32,105
|
32,215
|
Proceeds from dispositions |
27,735
|
0
|
Proceeds from Sale of Property, Plant, and Equipment [Abstract] |
|
|
Property and equipment purchases |
(22,526)
|
(16,448)
|
Net cash used in investing activities |
(2,282)
|
(19,851)
|
Cash flows from financing activities: |
|
|
Purchase of treasury stock |
(131,473)
|
(63,420)
|
Dividends paid |
(62,969)
|
(56,866)
|
Other |
(314)
|
(3,130)
|
Net cash used in financing activities |
(194,756)
|
(123,416)
|
Net decrease in cash, cash equivalents, restricted cash and funds held for clients |
(56,767)
|
(21,237)
|
Cash, cash equivalents, restricted cash and funds held for clients beginning of period |
1,013,919
|
839,500
|
Cash, cash equivalents, restricted cash and funds held for clients end of period |
957,152
|
818,263
|
Supplemental cash flow information: |
|
|
ROU assets obtained in exchange for lease obligations |
11,678
|
4,513
|
Excise tax liability accrued for common stock repurchases |
$ 545
|
$ 0
|
X |
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v3.23.3
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Treasury Stock, Common |
Retained Earnings [Member] |
Balance at Dec. 31, 2021 |
$ (1,774)
|
$ 555
|
$ 109,179
|
$ (665,089)
|
$ 553,581
|
Balance (shares) at Dec. 31, 2021 |
55,489
|
|
|
|
|
Treasury Stock, Value, Acquired, Cost Method |
$ (63,420)
|
0
|
0
|
(63,420)
|
0
|
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture |
0
|
0
|
(9,285)
|
10,443
|
(1,158)
|
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition |
38,818
|
0
|
37,866
|
952
|
0
|
Stockholders' Equity, Other |
2,678
|
0
|
1,610
|
1,068
|
0
|
Dividends, Common Stock, Cash |
(56,866)
|
0
|
0
|
0
|
(56,866)
|
Unrealized gain (loss) on marketable securities, net of tax |
(85)
|
0
|
0
|
0
|
(85)
|
Net income |
141,152
|
0
|
0
|
0
|
141,152
|
Balance at Sep. 30, 2022 |
$ 60,503
|
555
|
139,370
|
(716,046)
|
636,624
|
Balance (shares) at Sep. 30, 2022 |
55,489
|
|
|
|
|
Balance at Jun. 30, 2022 |
$ 35,132
|
555
|
125,622
|
(709,810)
|
618,765
|
Balance (shares) at Jun. 30, 2022 |
55,489
|
|
|
|
|
Treasury Stock, Value, Acquired, Cost Method |
$ (6,615)
|
0
|
0
|
(6,615)
|
0
|
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture |
0
|
0
|
(37)
|
44
|
(7)
|
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition |
13,341
|
0
|
13,339
|
2
|
0
|
Stockholders' Equity, Other |
779
|
0
|
446
|
333
|
0
|
Dividends, Common Stock, Cash |
(19,769)
|
0
|
0
|
0
|
(19,769)
|
Unrealized gain (loss) on marketable securities, net of tax |
(34)
|
0
|
0
|
0
|
(34)
|
Net income |
37,669
|
0
|
0
|
0
|
37,669
|
Balance at Sep. 30, 2022 |
$ 60,503
|
555
|
139,370
|
(716,046)
|
636,624
|
Balance (shares) at Sep. 30, 2022 |
55,489
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 81,275
|
555
|
151,144
|
(725,532)
|
655,108
|
Balance (shares) at Dec. 31, 2022 |
55,489
|
|
|
|
|
Treasury Stock, Value, Acquired, Cost Method |
$ (132,018)
|
0
|
0
|
(132,018)
|
0
|
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture |
0
|
0
|
(21,231)
|
25,024
|
(3,793)
|
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition |
41,676
|
0
|
41,360
|
316
|
0
|
Stockholders' Equity, Other |
3,256
|
0
|
2,034
|
1,222
|
0
|
Dividends, Common Stock, Cash |
(62,969)
|
0
|
0
|
0
|
(62,969)
|
Unrealized gain (loss) on marketable securities, net of tax |
78
|
0
|
0
|
0
|
78
|
Net income |
151,821
|
0
|
0
|
0
|
151,821
|
Balance at Sep. 30, 2023 |
$ 83,119
|
555
|
173,307
|
(830,988)
|
740,245
|
Balance (shares) at Sep. 30, 2023 |
55,489
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 130,519
|
555
|
157,526
|
(744,788)
|
717,226
|
Balance (shares) at Jun. 30, 2023 |
55,489
|
|
|
|
|
Treasury Stock, Value, Acquired, Cost Method |
$ (86,645)
|
0
|
0
|
(86,645)
|
0
|
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture |
0
|
0
|
(54)
|
62
|
(8)
|
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition |
15,210
|
0
|
15,209
|
1
|
0
|
Stockholders' Equity, Other |
1,008
|
0
|
626
|
382
|
0
|
Dividends, Common Stock, Cash |
(21,338)
|
0
|
0
|
0
|
(21,338)
|
Unrealized gain (loss) on marketable securities, net of tax |
33
|
0
|
0
|
0
|
33
|
Net income |
44,332
|
0
|
0
|
0
|
44,332
|
Balance at Sep. 30, 2023 |
$ 83,119
|
$ 555
|
$ 173,307
|
$ (830,988)
|
$ 740,245
|
Balance (shares) at Sep. 30, 2023 |
55,489
|
|
|
|
|
X |
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v3.23.3
Basis of Presentation (Notes)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Insperity, Inc., a Delaware corporation (“Insperity,” “we,” “our,” and “us”), provides an array of human resources (“HR”) and business solutions designed to help improve business performance. Our most comprehensive HR services offerings are provided through our professional employer organization (“PEO”) services, known as our Workforce Optimization® and Workforce SynchronizationTM solutions (together, our “PEO HR Outsourcing Solutions”), which we provide by entering into a co-employment relationship with our clients. Our PEO HR Outsourcing Solutions encompass a broad range of HR functions, including payroll and employment administration, employee benefits, workers’ compensation, government compliance, performance management, and training and development services, along with our cloud-based human capital management solution, the Insperity PremierTM platform. In addition to our PEO HR Outsourcing Solutions, we offer a comprehensive traditional payroll and human capital management solution, known as our Workforce AccelerationTM solution (our “Traditional Payroll Solution”). We also offer a number of other business performance solutions, including Recruiting Services, Employment Screening, Retirement Services, and Insurance Services. These other products or services are offered separately or with our other solutions. The Consolidated Financial Statements include the accounts of Insperity, Inc. and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements at and for the year ended December 31, 2022. Our Condensed Consolidated Balance Sheet at December 31, 2022 has been derived from the audited financial statements at that date, but does not include all of the information or footnotes required by GAAP for complete financial statements. Our Condensed Consolidated Balance Sheet at September 30, 2023 and our Consolidated Statements of Operations for the three and nine month periods ended September 30, 2023 and 2022, our Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2023 and 2022 and our Consolidated Statements of Stockholders’ Equity for the three and nine month periods ended September 30, 2023 and 2022, have been prepared by us without audit. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows have been made, and all such adjustments are of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the operating results for a full year or of future operations.
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v3.23.3
Accounting Policies (Notes)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Accounting Policies |
Revenue and Direct Cost Recognition We enter into contracts with our customers for human resources services based on a stated rate and price in the contract. Our contracts generally establish pricing for a period of 12 months and are generally cancellable at any time by either party with 30-days’ notice. Our performance obligations are satisfied as services are rendered each month. The term between invoicing and when our performance obligations are satisfied is not significant. Our payment terms typically require payment concurrently with the invoicing of our PEO services. We do not have significant financing components or significant payment terms. Our revenue is generally recognized ratably over the payroll period as WSEEs perform their service at the client worksite in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Customers are invoiced concurrently with each periodic payroll of its WSEEs. Revenues that have been recognized but not invoiced represent unbilled accounts receivable of $644.4 million and $600.4 million at September 30, 2023 and December 31, 2022, and are included in accounts receivable, net on our Condensed Consolidated Balance Sheets. Pursuant to the “practical expedients” provided under ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers, we expense sales commissions when incurred because the terms of our contracts are cancellable by either party with a 30-day notice. These costs are recorded in commissions in our Consolidated Statements of Operations.Our revenue for our PEO HR Outsourcing Solutions by geographic region and for our other products and services offerings are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change | | | | | | | | | Northeast | $ | 415,318 | | $ | 385,541 | | 7.7 | % | | $ | 1,333,456 | | $ | 1,224,142 | | 8.9 | % | Southeast | 221,930 | | 197,131 | | 12.6 | % | | 681,866 | | 592,116 | | 15.2 | % | Central | 282,248 | | 256,150 | | 10.2 | % | | 885,960 | | 779,500 | | 13.7 | % | Southwest | 295,142 | | 280,299 | | 5.3 | % | | 942,929 | | 869,073 | | 8.5 | % | West | 320,567 | | 305,465 | | 4.9 | % | | 1,013,669 | | 940,617 | | 7.8 | % | | 1,535,205 | | 1,424,586 | | 7.8 | % | | 4,857,880 | | 4,405,448 | | 10.3 | % | Other revenue | 15,682 | | 14,574 | | 7.6 | % | | 47,788 | | 43,656 | | 9.5 | % | Total revenue | $ | 1,550,887 | | $ | 1,439,160 | | 7.8 | % | | $ | 4,905,668 | | $ | 4,449,104 | | 10.3 | % |
Health Insurance Costs We provide group health insurance coverage under a single-employer plan that covers both our WSEEs in our PEO HR Outsourcing Solutions and our corporate employees and utilizes a national network of carriers, including UnitedHealthcare (“United”), UnitedHealthcare of California, Kaiser Permanente, Blue Shield of California, HMSA BlueCross BlueShield of Hawaii, and Tufts, all of which provide fully insured policies or service contracts. Approximately 87% of our costs related to health insurance coverage are provided under our policy with United. While the policy with United is a fully insured plan, as a result of certain contractual terms, we have accounted for this plan since its inception using a partially self-funded insurance accounting model. Effective January 1, 2020, under the amended agreement with United, we no longer have financial responsibilities for a participant’s annual claim costs that exceed $1 million (“Pooling Limit”). Accordingly, we record the cost of the United plan, including an estimate of the incurred claims, taxes and administrative fees (collectively the “Plan Costs”), as benefits expense, which is a component of direct costs, in our Consolidated Statements of Operations. The estimated incurred but not reported claims are based upon: (1) the level of claims processed during the quarter; (2) estimated completion rates based upon recent claim development patterns under the plan; and (3) the number of participants in the plan, including both active and COBRA enrollees. Each reporting period, changes in the estimated ultimate costs resulting from claim trends, plan design and migration, participant demographics, and other factors are incorporated into the benefits costs, which requires a significant level of judgment. Additionally, since the plan’s inception, under the terms of the contract, United establishes cash funding rates 90 days in advance of the beginning of a reporting quarter. If the Plan Costs for a reporting quarter are greater than the premiums paid and owed to United, a deficit in the plan would be incurred and a liability for the excess costs would be accrued in our Condensed Consolidated Balance Sheets. On the other hand, if the Plan Costs for the reporting quarter are less than the premiums paid and owed to United, a surplus in the plan would be incurred and we would record an asset for the excess premiums in our Condensed Consolidated Balance Sheets. The terms of the arrangement require us to maintain an accumulated cash surplus in the plan of $9.0 million, which is reported as long-term prepaid health insurance. In addition, United requires a deposit equal to approximately one day of claims funding activity, which was $6.5 million at September 30, 2023, and is included in deposits - health insurance as a long-term asset on our Condensed Consolidated Balance Sheets. As of September 30, 2023, Plan Costs were less than the net premiums paid and owed to United by $18.8 million. As this amount is in excess of the agreed-upon $9.0 million surplus maintenance level, the $9.8 million difference is included in prepaid insurance, a current asset, in our Condensed Consolidated Balance Sheets. The premiums, including the additional quarterly premiums, owed to United at September 30, 2023 were $42.9 million, which is included in accrued health insurance costs, a current liability in our Condensed Consolidated Balance Sheets. Our benefits costs incurred in the first nine months of 2023 included a decrease of $13.9 million for changes in estimated run-off related to prior periods, net of Pooling Limit. Our benefits costs incurred in the first nine months of 2022 included an increase of $12.8 million for changes in estimated run-off related to prior periods.Workers’ Compensation Costs Our workers’ compensation coverage for our WSEEs in our PEO HR Outsourcing Solutions has been provided through an arrangement with the Chubb Group of Insurance Companies or its predecessors (the “Chubb Program”) since 2007. The Chubb Program is fully insured in that Chubb has the responsibility to pay all claims incurred under the policy regardless of whether we satisfy our responsibilities. Under the Chubb Program for claims incurred on or before September 30, 2019, we have financial responsibility to Chubb for the first $1 million layer of claims per occurrence and, for claims over $1 million, up to a maximum aggregate amount of $6 million per policy year for claims that exceed $1 million. Chubb bears the financial responsibility for all claims in excess of these levels. Effective for claims incurred on or after October 1, 2019, we have financial responsibility to Chubb for the first $1.5 million layer of claims per occurrence and, for claims over $1.5 million, up to a maximum aggregate amount of $6 million per policy year for claims that exceed $1.5 million. Because we bear the financial responsibility for claims up to the levels noted above, such claims, which are the primary component of our workers’ compensation costs, are recorded in the period incurred. Workers’ compensation insurance includes ongoing health care and indemnity coverage whereby claims are paid over numerous years following the date of injury. Accordingly, the accrual of related incurred costs in each reporting period includes estimates, which take into account the ongoing development of claims and therefore requires a significant level of judgment. We utilize a third-party actuary to estimate our loss development rate, which is primarily based upon the nature of WSEEs’ job responsibilities, the location of WSEEs, the historical frequency and severity of workers’ compensation claims, and an estimate of future cost trends. Each reporting period, changes in the actuarial assumptions resulting from changes in actual claims experience and other trends are incorporated into our workers’ compensation claims cost estimates. During the nine months ended September 30, 2023 and 2022, we reduced accrued workers’ compensation costs by $26.2 million and $35.3 million, respectively, for changes in estimated losses related to prior periods. Workers’ compensation cost estimates are discounted to present value at a rate based upon the U.S. Treasury rates that correspond with the weighted average estimated claim payout period (the average discount rate utilized in the 2023 period was 4.2% and in the 2022 period was 2.5%) and are accreted over the estimated claim payment period and included as a component of direct costs in our Consolidated Statements of Operations. The following table provides the activity and balances related to incurred but not paid workers’ compensation claims: | | | | | | | | | | | | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | | | | Beginning balance, January 1, | $ | 229,408 | | | $ | 239,623 | | Accrued claims | 44,292 | | | 33,467 | | Present value discount, net of accretion | (10,233) | | | (6,485) | | Paid claims | (41,595) | | | (40,112) | | Ending balance | $ | 221,872 | | | $ | 226,493 | | | | | | Current portion of accrued claims | $ | 51,263 | | | $ | 51,829 | | Long-term portion of accrued claims | 170,609 | | | 174,664 | | Total accrued claims | $ | 221,872 | | | $ | 226,493 | |
The current portion of accrued workers’ compensation costs on our Condensed Consolidated Balance Sheets at September 30, 2023 includes $3.7 million of workers’ compensation administrative fees. The undiscounted accrued workers’ compensation costs were $249.5 million as of September 30, 2023 and $245.5 million as of September 30, 2022. At the beginning of each policy period, the workers’ compensation insurance carrier establishes monthly funding requirements comprised of premium costs and funds to be set aside for payment of future claims (“claim funds”). The level of claim funds is primarily based upon anticipated WSEE payroll levels and expected workers’ compensation loss rates, as determined by the insurance carrier. Monies funded into the program for incurred claims expected to be paid within one year are recorded as restricted cash, a short-term asset, while the remainder of claim funds are included in deposits – workers’ compensation, a long-term asset in our Condensed Consolidated Balance Sheets. During the first nine months of 2023, we received $43.4 million for the return of excess claim funds related to the workers’ compensation program, which resulted in a decrease to deposits - workers’ compensation. At September 30, 2023, we had restricted cash of $51.3 million and deposits – workers’ compensation of $197.5 million. Our estimate of incurred claim costs expected to be paid within one year is included in short-term liabilities, while our estimate of incurred claim costs expected to be paid beyond one year is included in long-term liabilities on our Condensed Consolidated Balance Sheets.
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v3.23.3
Other Balance Sheet Information (Notes)
|
9 Months Ended |
Sep. 30, 2023 |
OtherBalanceSheetDisclosuresAbstract [Abstract] |
|
Other Balance Sheet Disclosures [Text Block] |
| | | | | | 3. | Other Balance Sheet Information |
Cash, Cash Equivalents and Marketable Securities The following table summarizes our cash and investments in cash equivalents and marketable securities held by investment managers and overnight investments: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | (in thousands) | Cash & Cash Equivalents | Marketable Securities | Total | | Cash & Cash Equivalents | Marketable Securities | Total | | | | | | | | | Overnight holdings | $ | 577,070 | | $ | — | | $ | 577,070 | | | $ | 678,512 | | $ | — | | $ | 678,512 | | Investment holdings | 102,833 | | 13,837 | | 116,670 | | | 56,963 | | 33,068 | | 90,031 | | Total financial assets | 679,903 | | 13,837 | | 693,740 | | | 735,475 | | 33,068 | | 768,543 | | Cash in demand accounts | 14,523 | | — | | 14,523 | | | 41,047 | | — | | 41,047 | | Outstanding checks | (15,838) | | — | | (15,838) | | | (43,694) | | — | | (43,694) | | Total | $ | 678,588 | | $ | 13,837 | | $ | 692,425 | | | $ | 732,828 | | $ | 33,068 | | $ | 765,896 | |
Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Our cash, cash equivalents and marketable securities at September 30, 2023 and December 31, 2022 included $482.7 million and $504.8 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $20.2 million and $36.8 million, respectively, in client prepayments. At September 30, 2023, our cash, cash equivalents and marketable securities included $149.3 million of funds we received in late September 2023 from the Internal Revenue Service for employee retention tax credits claimed by our PEO clients under the COVID relief programs, that were distributed to clients in early October 2023. Cash, Cash Equivalents, Restricted Cash and Funds Held for Clients The following table summarizes our cash, cash equivalents, restricted cash and funds held for clients as reported in our Consolidated Statements of Cash Flows: | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | (in thousands) | 2023 | | 2022 | | | | | | | Supplemental schedule of cash and cash equivalents, restricted cash and funds held for clients | | | | Cash and cash equivalents | $ | 732,828 | | | $ | 575,812 | | | Restricted cash | 49,779 | | | 46,929 | | | Other current assets - funds held for clients(1) | 34,942 | | | 31,732 | | | Deposits – workers’ compensation | 196,370 | | | 185,027 | | | Cash, cash equivalents, restricted cash and funds held for clients beginning of period | $ | 1,013,919 | | | $ | 839,500 | | | | | | | | Cash and cash equivalents | $ | 678,588 | | | $ | 562,143 | | | Restricted cash | 51,263 | | | 51,829 | | | Other current assets - funds held for clients(1) | 29,835 | | | 25,277 | | | Deposits – workers’ compensation | 197,466 | | | 179,014 | | | Cash, cash equivalents, restricted cash and funds held for clients end of period | $ | 957,152 | | | $ | 818,263 | | | ____________________________________(1)Funds held for clients represent amounts held on behalf of our Traditional Payroll Solution customers that are restricted for the purpose of satisfying obligations to remit funds to clients’ employees and various tax authorities.
Please read Note 2. “Accounting Policies,” for a discussion of our accounting policies for deposits – workers’ compensation and restricted cash. Payroll Taxes and Other Payroll Deductions Payable As a co-employer, we generally assume responsibility for the withholding and remittance of federal and state payroll taxes and other payroll deductions with respect to wages and salaries paid to our WSEEs. As of September 30, 2023 and December 31, 2022, payroll taxes and other payroll deductions payable were $518.1 million and $556.1 million, respectively. The balance at September 30, 2023 includes $149.3 million of funds we received in late September 2023 from the Internal Revenue Service for employee retention tax credits claimed by our PEO clients under the COVID relief programs, that were distributed to clients in early October 2023.
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v3.23.3
Fair Value Measurements Fair Value Measurements (Notes)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Disclosures [Text Block] |
| | | | | | 4. | Fair Value Measurements |
We account for our financial assets in accordance with Accounting Standard Codification 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors: •Level 1 - quoted prices in active markets using identical assets •Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs •Level 3 - significant unobservable inputs Fair Value of Instruments Measured and Recognized at Fair Value The following table summarizes the levels of fair value measurements of our financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | (in thousands) | Total | Level 1 | Level 2 | | Total | Level 1 | Level 2 | | | | | | | | | Money market funds | $ | 679,903 | | $ | 679,903 | | $ | — | | | $ | 735,475 | | $ | 735,475 | | $ | — | | U.S. Treasury bills | 13,837 | | 13,837 | | — | | | 29,703 | | 29,703 | | — | | Municipal bonds | — | | — | | — | | | 3,365 | | — | | 3,365 | | Total financial assets | $ | 693,740 | | $ | 693,740 | | $ | — | | | $ | 768,543 | | $ | 765,178 | | $ | 3,365 | |
The municipal bond securities valued as Level 2 are primarily pre-refunded municipal bonds that are secured by escrow funds containing U.S. government securities. Our valuation techniques used to measure fair value for these securities during the period consisted primarily of third-party pricing services that utilized actual market data such as trades of comparable bond issues, broker/dealer quotations for the same or similar investments in active markets and other observable inputs. The following is a summary of our available-for-sale marketable securities: | | | | | | | | | | | | | | | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | | | | | | September 30, 2023 | | | | | U.S. Treasury bills | $ | 13,842 | | $ | 1 | | $ | (6) | | $ | 13,837 | | | | | | | | | | | | December 31, 2022 | | | | | U.S. Treasury bills | $ | 29,782 | | $ | — | | $ | (79) | | $ | 29,703 | | Municipal bonds | 3,369 | | — | | (4) | | 3,365 | |
As of September 30, 2023, the contractual maturities of the marketable securities in our portfolio were less than one year. Fair Value of Other Financial Instruments The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments. As of September 30, 2023, the carrying value of borrowings under our revolving credit facility approximates fair value and was classified as Level 2 in the fair value hierarchy. Please read Note 5, “Long-Term Debt,” for additional information.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
Long-term Debt (Notes)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Revolving Credit Facility |
We have a revolving credit facility (the “Facility”) with a borrowing capacity of up to $650 million. The Facility may be further increased to $700 million based on the terms and subject to the conditions set forth in the agreement relating to the Facility (as amended, the “Credit Agreement”). The Facility is available for working capital and general corporate purposes, including acquisitions, stock repurchases and issuances of letters of credit. Our obligations under the Facility are secured by 100% of the stock of our captive insurance subsidiary and are guaranteed by all of our subsidiaries other than our captive insurance subsidiary and certain other excluded subsidiaries. At September 30, 2023, our outstanding balance on the Facility was $369.4 million, and we had an outstanding $1.0 million letter of credit issued under the Facility, resulting in an available borrowing capacity of $279.6 million. The Facility matures on June 30, 2027. Borrowings under the Facility bear interest at an annual rate equal to an alternate base rate or Adjusted Term SOFR for term SOFR loans, in either case plus an applicable margin. Adjusted Term SOFR is a forward-looking term rate based on the secured overnight financing rate plus a spread adjustment, which ranges from 0.10% to 0.25% depending on the interest period and type of loan. Depending on our leverage ratio, the applicable margin varies (1) in the case of SOFR loans, from 1.50% to 2.25% and (2) in the case of alternate base rate loans, from 0.00% to 0.50%. The alternate base rate is the highest of (1) the prime rate most recently published in The Wall Street Journal, (2) the federal funds rate plus 0.50%; and (3) the Adjusted Term SOFR rate plus 2.00%. We also pay an unused commitment fee on the average daily unused portion of the Facility at a rate of 0.25% per year. The average interest rate for the nine month period ended September 30, 2023 was 6.75%. Interest expense and unused commitment fees are recorded in other income (expense). The Facility contains both affirmative and negative covenants that we believe are customary for arrangements of this nature. Covenants include, but are not limited to, limitations on our ability to incur additional indebtedness, sell material assets, retire, redeem or otherwise reacquire our capital stock, acquire the capital stock or assets of another business, make investments and pay dividends. In addition, the Credit Agreement requires us to comply with financial covenants limiting our total funded debt, minimum interest coverage ratio, and maximum leverage ratio. We were in compliance with all financial covenants under the Credit Agreement at September 30, 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
Stockholders' Equity (Notes)
|
9 Months Ended |
Sep. 30, 2023 |
Stockholders' Equity Note [Abstract] |
|
Stockholders Equity |
During the first nine months of 2023, we repurchased or withheld an aggregate of 1,258,702 shares of our common stock, as described below. Repurchase Program Our Board of Directors (the “Board”) has authorized a program to repurchase shares of our outstanding common stock (“Repurchase Program”). The purchases may be made from time to time in the open market or directly from stockholders at prevailing market prices based on market conditions and other factors. During the nine months ended September 30, 2023, 1,062,598 shares were repurchased under the Repurchase Program. On August 1, 2023, we announced that our Board authorized an increase of 2,000,000 shares that may be repurchased under the Repurchase Program. As of September 30, 2023, we were authorized to repurchase an additional 1,969,562 shares under the Repurchase Program. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposes a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the nine months ended September 30, 2023, we recorded the applicable excise tax in treasury stock as part of the cost basis of stock repurchased and recorded a corresponding liability for the excise tax payable in other accrued liabilities in our Condensed Consolidated Balance Sheet. Withheld Shares During the nine months ended September 30, 2023, we withheld 196,104 shares to satisfy tax withholding obligations for the vesting of long-term incentive and restricted stock awards. Dividends The Board declared quarterly dividends as follows: | | | | | | | | | | | | (amounts per share) | 2023 | | 2022 | | | | | First quarter | $ | 0.52 | | | $ | 0.45 | | Second quarter | 0.57 | | | 0.52 | | Third quarter | 0.57 | | | 0.52 | |
During the nine months ended September 30, 2023 and 2022, we paid dividends totaling $63.0 million and $56.9 million, respectively.
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v3.23.3
Net Income Per Share (Notes)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Income per Share |
Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period, plus the dilutive effect of time-vested and performance-based restricted stock units (“RSUs”). The following table summarizes the net income and the basic and diluted shares used in the earnings per share computations: | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | 2022 | | 2023 | 2022 | | | | | | | Net income | $ | 44,332 | | $ | 37,669 | | | $ | 151,821 | | $ | 141,152 | | Less distributed and undistributed earnings allocated to participating securities | — | | — | | | — | | (27) | | Net income allocated to common shares | $ | 44,332 | | $ | 37,669 | | | $ | 151,821 | | $ | 141,125 | | | | | | | | Weighted average common shares outstanding | 37,758 | | 38,017 | | | 37,991 | | 38,177 | | Incremental shares from assumed time-vested and performance-based RSU awards | 438 | | 529 | | | 503 | | 431 | | Adjusted weighted average common shares outstanding | 38,196 | | 38,546 | | | 38,494 | | 38,608 | | | | | | | | Potentially dilutive securities not included in weighted average share calculation due to anti-dilutive effect | 14 | | 15 | | | 6 | | 13 | |
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v3.23.3
Commitments and Contingencies (Notes)
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
| | | | | | 8. | Commitments and Contingencies |
Litigation We are a defendant in various lawsuits and claims arising in the normal course of business. Management believes it has valid defenses in these cases and is defending them vigorously. While the results of litigation cannot be predicted with certainty, management believes the final outcome of such litigation will not have a material adverse effect on our financial position or results of operations.
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v3.23.3
Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Revenue Recognition |
Revenue and Direct Cost Recognition We enter into contracts with our customers for human resources services based on a stated rate and price in the contract. Our contracts generally establish pricing for a period of 12 months and are generally cancellable at any time by either party with 30-days’ notice. Our performance obligations are satisfied as services are rendered each month. The term between invoicing and when our performance obligations are satisfied is not significant. Our payment terms typically require payment concurrently with the invoicing of our PEO services. We do not have significant financing components or significant payment terms. Our revenue is generally recognized ratably over the payroll period as WSEEs perform their service at the client worksite in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Customers are invoiced concurrently with each periodic payroll of its WSEEs. Revenues that have been recognized but not invoiced represent unbilled accounts receivable of $644.4 million and $600.4 million at September 30, 2023 and December 31, 2022, and are included in accounts receivable, net on our Condensed Consolidated Balance Sheets. Pursuant to the “practical expedients” provided under ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers, we expense sales commissions when incurred because the terms of our contracts are cancellable by either party with a 30-day notice. These costs are recorded in commissions in our Consolidated Statements of Operations.Our revenue for our PEO HR Outsourcing Solutions by geographic region and for our other products and services offerings are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change | | | | | | | | | Northeast | $ | 415,318 | | $ | 385,541 | | 7.7 | % | | $ | 1,333,456 | | $ | 1,224,142 | | 8.9 | % | Southeast | 221,930 | | 197,131 | | 12.6 | % | | 681,866 | | 592,116 | | 15.2 | % | Central | 282,248 | | 256,150 | | 10.2 | % | | 885,960 | | 779,500 | | 13.7 | % | Southwest | 295,142 | | 280,299 | | 5.3 | % | | 942,929 | | 869,073 | | 8.5 | % | West | 320,567 | | 305,465 | | 4.9 | % | | 1,013,669 | | 940,617 | | 7.8 | % | | 1,535,205 | | 1,424,586 | | 7.8 | % | | 4,857,880 | | 4,405,448 | | 10.3 | % | Other revenue | 15,682 | | 14,574 | | 7.6 | % | | 47,788 | | 43,656 | | 9.5 | % | Total revenue | $ | 1,550,887 | | $ | 1,439,160 | | 7.8 | % | | $ | 4,905,668 | | $ | 4,449,104 | | 10.3 | % |
|
Health Insurance Costs |
Health Insurance Costs We provide group health insurance coverage under a single-employer plan that covers both our WSEEs in our PEO HR Outsourcing Solutions and our corporate employees and utilizes a national network of carriers, including UnitedHealthcare (“United”), UnitedHealthcare of California, Kaiser Permanente, Blue Shield of California, HMSA BlueCross BlueShield of Hawaii, and Tufts, all of which provide fully insured policies or service contracts. Approximately 87% of our costs related to health insurance coverage are provided under our policy with United. While the policy with United is a fully insured plan, as a result of certain contractual terms, we have accounted for this plan since its inception using a partially self-funded insurance accounting model. Effective January 1, 2020, under the amended agreement with United, we no longer have financial responsibilities for a participant’s annual claim costs that exceed $1 million (“Pooling Limit”). Accordingly, we record the cost of the United plan, including an estimate of the incurred claims, taxes and administrative fees (collectively the “Plan Costs”), as benefits expense, which is a component of direct costs, in our Consolidated Statements of Operations. The estimated incurred but not reported claims are based upon: (1) the level of claims processed during the quarter; (2) estimated completion rates based upon recent claim development patterns under the plan; and (3) the number of participants in the plan, including both active and COBRA enrollees. Each reporting period, changes in the estimated ultimate costs resulting from claim trends, plan design and migration, participant demographics, and other factors are incorporated into the benefits costs, which requires a significant level of judgment. Additionally, since the plan’s inception, under the terms of the contract, United establishes cash funding rates 90 days in advance of the beginning of a reporting quarter. If the Plan Costs for a reporting quarter are greater than the premiums paid and owed to United, a deficit in the plan would be incurred and a liability for the excess costs would be accrued in our Condensed Consolidated Balance Sheets. On the other hand, if the Plan Costs for the reporting quarter are less than the premiums paid and owed to United, a surplus in the plan would be incurred and we would record an asset for the excess premiums in our Condensed Consolidated Balance Sheets. The terms of the arrangement require us to maintain an accumulated cash surplus in the plan of $9.0 million, which is reported as long-term prepaid health insurance. In addition, United requires a deposit equal to approximately one day of claims funding activity, which was $6.5 million at September 30, 2023, and is included in deposits - health insurance as a long-term asset on our Condensed Consolidated Balance Sheets. As of September 30, 2023, Plan Costs were less than the net premiums paid and owed to United by $18.8 million. As this amount is in excess of the agreed-upon $9.0 million surplus maintenance level, the $9.8 million difference is included in prepaid insurance, a current asset, in our Condensed Consolidated Balance Sheets. The premiums, including the additional quarterly premiums, owed to United at September 30, 2023 were $42.9 million, which is included in accrued health insurance costs, a current liability in our Condensed Consolidated Balance Sheets. Our benefits costs incurred in the first nine months of 2023 included a decrease of $13.9 million for changes in estimated run-off related to prior periods, net of Pooling Limit. Our benefits costs incurred in the first nine months of 2022 included an increase of $12.8 million for changes in estimated run-off related to prior periods.
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Workers' Compensation Costs |
Workers’ Compensation Costs Our workers’ compensation coverage for our WSEEs in our PEO HR Outsourcing Solutions has been provided through an arrangement with the Chubb Group of Insurance Companies or its predecessors (the “Chubb Program”) since 2007. The Chubb Program is fully insured in that Chubb has the responsibility to pay all claims incurred under the policy regardless of whether we satisfy our responsibilities. Under the Chubb Program for claims incurred on or before September 30, 2019, we have financial responsibility to Chubb for the first $1 million layer of claims per occurrence and, for claims over $1 million, up to a maximum aggregate amount of $6 million per policy year for claims that exceed $1 million. Chubb bears the financial responsibility for all claims in excess of these levels. Effective for claims incurred on or after October 1, 2019, we have financial responsibility to Chubb for the first $1.5 million layer of claims per occurrence and, for claims over $1.5 million, up to a maximum aggregate amount of $6 million per policy year for claims that exceed $1.5 million. Because we bear the financial responsibility for claims up to the levels noted above, such claims, which are the primary component of our workers’ compensation costs, are recorded in the period incurred. Workers’ compensation insurance includes ongoing health care and indemnity coverage whereby claims are paid over numerous years following the date of injury. Accordingly, the accrual of related incurred costs in each reporting period includes estimates, which take into account the ongoing development of claims and therefore requires a significant level of judgment. We utilize a third-party actuary to estimate our loss development rate, which is primarily based upon the nature of WSEEs’ job responsibilities, the location of WSEEs, the historical frequency and severity of workers’ compensation claims, and an estimate of future cost trends. Each reporting period, changes in the actuarial assumptions resulting from changes in actual claims experience and other trends are incorporated into our workers’ compensation claims cost estimates. During the nine months ended September 30, 2023 and 2022, we reduced accrued workers’ compensation costs by $26.2 million and $35.3 million, respectively, for changes in estimated losses related to prior periods. Workers’ compensation cost estimates are discounted to present value at a rate based upon the U.S. Treasury rates that correspond with the weighted average estimated claim payout period (the average discount rate utilized in the 2023 period was 4.2% and in the 2022 period was 2.5%) and are accreted over the estimated claim payment period and included as a component of direct costs in our Consolidated Statements of Operations. The following table provides the activity and balances related to incurred but not paid workers’ compensation claims: | | | | | | | | | | | | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | | | | Beginning balance, January 1, | $ | 229,408 | | | $ | 239,623 | | Accrued claims | 44,292 | | | 33,467 | | Present value discount, net of accretion | (10,233) | | | (6,485) | | Paid claims | (41,595) | | | (40,112) | | Ending balance | $ | 221,872 | | | $ | 226,493 | | | | | | Current portion of accrued claims | $ | 51,263 | | | $ | 51,829 | | Long-term portion of accrued claims | 170,609 | | | 174,664 | | Total accrued claims | $ | 221,872 | | | $ | 226,493 | |
The current portion of accrued workers’ compensation costs on our Condensed Consolidated Balance Sheets at September 30, 2023 includes $3.7 million of workers’ compensation administrative fees. The undiscounted accrued workers’ compensation costs were $249.5 million as of September 30, 2023 and $245.5 million as of September 30, 2022. At the beginning of each policy period, the workers’ compensation insurance carrier establishes monthly funding requirements comprised of premium costs and funds to be set aside for payment of future claims (“claim funds”). The level of claim funds is primarily based upon anticipated WSEE payroll levels and expected workers’ compensation loss rates, as determined by the insurance carrier. Monies funded into the program for incurred claims expected to be paid within one year are recorded as restricted cash, a short-term asset, while the remainder of claim funds are included in deposits – workers’ compensation, a long-term asset in our Condensed Consolidated Balance Sheets. During the first nine months of 2023, we received $43.4 million for the return of excess claim funds related to the workers’ compensation program, which resulted in a decrease to deposits - workers’ compensation. At September 30, 2023, we had restricted cash of $51.3 million and deposits – workers’ compensation of $197.5 million. Our estimate of incurred claim costs expected to be paid within one year is included in short-term liabilities, while our estimate of incurred claim costs expected to be paid beyond one year is included in long-term liabilities on our Condensed Consolidated Balance Sheets.
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v3.23.3
Fair Value Measurements Fair Vlue Measurements (Policies)
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9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
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Fair Value of Financial Instruments, Policy [Policy Text Block] |
We account for our financial assets in accordance with Accounting Standard Codification 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors: •Level 1 - quoted prices in active markets using identical assets •Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs •Level 3 - significant unobservable inputs
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Fair Value Measurement, Policy |
Fair Value of Other Financial Instruments The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments. As of September 30, 2023, the carrying value of borrowings under our revolving credit facility approximates fair value and was classified as Level 2 in the fair value hierarchy. Please read Note 5, “Long-Term Debt,” for additional information.
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v3.23.3
Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
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Disaggregation of Revenue [Table Text Block] |
Our revenue for our PEO HR Outsourcing Solutions by geographic region and for our other products and services offerings are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change | | | | | | | | | Northeast | $ | 415,318 | | $ | 385,541 | | 7.7 | % | | $ | 1,333,456 | | $ | 1,224,142 | | 8.9 | % | Southeast | 221,930 | | 197,131 | | 12.6 | % | | 681,866 | | 592,116 | | 15.2 | % | Central | 282,248 | | 256,150 | | 10.2 | % | | 885,960 | | 779,500 | | 13.7 | % | Southwest | 295,142 | | 280,299 | | 5.3 | % | | 942,929 | | 869,073 | | 8.5 | % | West | 320,567 | | 305,465 | | 4.9 | % | | 1,013,669 | | 940,617 | | 7.8 | % | | 1,535,205 | | 1,424,586 | | 7.8 | % | | 4,857,880 | | 4,405,448 | | 10.3 | % | Other revenue | 15,682 | | 14,574 | | 7.6 | % | | 47,788 | | 43,656 | | 9.5 | % | Total revenue | $ | 1,550,887 | | $ | 1,439,160 | | 7.8 | % | | $ | 4,905,668 | | $ | 4,449,104 | | 10.3 | % |
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Activity and balances related to incurred but not paid workers' compensation claims |
The following table provides the activity and balances related to incurred but not paid workers’ compensation claims: | | | | | | | | | | | | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | | | | Beginning balance, January 1, | $ | 229,408 | | | $ | 239,623 | | Accrued claims | 44,292 | | | 33,467 | | Present value discount, net of accretion | (10,233) | | | (6,485) | | Paid claims | (41,595) | | | (40,112) | | Ending balance | $ | 221,872 | | | $ | 226,493 | | | | | | Current portion of accrued claims | $ | 51,263 | | | $ | 51,829 | | Long-term portion of accrued claims | 170,609 | | | 174,664 | | Total accrued claims | $ | 221,872 | | | $ | 226,493 | |
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v3.23.3
Other Balance Sheet Information (Tables)
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9 Months Ended |
Sep. 30, 2023 |
OtherBalanceSheetDisclosuresAbstract [Abstract] |
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Summary of investments in cash, cash equivalents and marketable securities |
The following table summarizes our cash and investments in cash equivalents and marketable securities held by investment managers and overnight investments: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | (in thousands) | Cash & Cash Equivalents | Marketable Securities | Total | | Cash & Cash Equivalents | Marketable Securities | Total | | | | | | | | | Overnight holdings | $ | 577,070 | | $ | — | | $ | 577,070 | | | $ | 678,512 | | $ | — | | $ | 678,512 | | Investment holdings | 102,833 | | 13,837 | | 116,670 | | | 56,963 | | 33,068 | | 90,031 | | Total financial assets | 679,903 | | 13,837 | | 693,740 | | | 735,475 | | 33,068 | | 768,543 | | Cash in demand accounts | 14,523 | | — | | 14,523 | | | 41,047 | | — | | 41,047 | | Outstanding checks | (15,838) | | — | | (15,838) | | | (43,694) | | — | | (43,694) | | Total | $ | 678,588 | | $ | 13,837 | | $ | 692,425 | | | $ | 732,828 | | $ | 33,068 | | $ | 765,896 | |
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Restrictions on Cash and Cash Equivalents |
The following table summarizes our cash, cash equivalents, restricted cash and funds held for clients as reported in our Consolidated Statements of Cash Flows: | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | (in thousands) | 2023 | | 2022 | | | | | | | Supplemental schedule of cash and cash equivalents, restricted cash and funds held for clients | | | | Cash and cash equivalents | $ | 732,828 | | | $ | 575,812 | | | Restricted cash | 49,779 | | | 46,929 | | | Other current assets - funds held for clients(1) | 34,942 | | | 31,732 | | | Deposits – workers’ compensation | 196,370 | | | 185,027 | | | Cash, cash equivalents, restricted cash and funds held for clients beginning of period | $ | 1,013,919 | | | $ | 839,500 | | | | | | | | Cash and cash equivalents | $ | 678,588 | | | $ | 562,143 | | | Restricted cash | 51,263 | | | 51,829 | | | Other current assets - funds held for clients(1) | 29,835 | | | 25,277 | | | Deposits – workers’ compensation | 197,466 | | | 179,014 | | | Cash, cash equivalents, restricted cash and funds held for clients end of period | $ | 957,152 | | | $ | 818,263 | | | ____________________________________(1)Funds held for clients represent amounts held on behalf of our Traditional Payroll Solution customers that are restricted for the purpose of satisfying obligations to remit funds to clients’ employees and various tax authorities.
Please read Note 2. “Accounting Policies,” for a discussion of our accounting policies for deposits – workers’ compensation and restricted cash. Payroll Taxes and Other Payroll Deductions Payable As a co-employer, we generally assume responsibility for the withholding and remittance of federal and state payroll taxes and other payroll deductions with respect to wages and salaries paid to our WSEEs. As of September 30, 2023 and December 31, 2022, payroll taxes and other payroll deductions payable were $518.1 million and $556.1 million, respectively. The balance at September 30, 2023 includes $149.3 million of funds we received in late September 2023 from the Internal Revenue Service for employee retention tax credits claimed by our PEO clients under the COVID relief programs, that were distributed to clients in early October 2023.
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v3.23.3
Fair Value Measurements Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] |
The following table summarizes the levels of fair value measurements of our financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | (in thousands) | Total | Level 1 | Level 2 | | Total | Level 1 | Level 2 | | | | | | | | | Money market funds | $ | 679,903 | | $ | 679,903 | | $ | — | | | $ | 735,475 | | $ | 735,475 | | $ | — | | U.S. Treasury bills | 13,837 | | 13,837 | | — | | | 29,703 | | 29,703 | | — | | Municipal bonds | — | | — | | — | | | 3,365 | | — | | 3,365 | | Total financial assets | $ | 693,740 | | $ | 693,740 | | $ | — | | | $ | 768,543 | | $ | 765,178 | | $ | 3,365 | |
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Investments Classified by Contractual Maturity Date [Table Text Block] |
As of September 30, 2023, the contractual maturities of the marketable securities in our portfolio were less than one year.
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Debt Securities, Available-for-sale |
The following is a summary of our available-for-sale marketable securities: | | | | | | | | | | | | | | | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | | | | | | September 30, 2023 | | | | | U.S. Treasury bills | $ | 13,842 | | $ | 1 | | $ | (6) | | $ | 13,837 | | | | | | | | | | | | December 31, 2022 | | | | | U.S. Treasury bills | $ | 29,782 | | $ | — | | $ | (79) | | $ | 29,703 | | Municipal bonds | 3,369 | | — | | (4) | | 3,365 | |
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v3.23.3
Net Income per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Summary of the net income allocated to common shares and the basic and diluted shares used in the net income per share computations |
The following table summarizes the net income and the basic and diluted shares used in the earnings per share computations: | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | 2022 | | 2023 | 2022 | | | | | | | Net income | $ | 44,332 | | $ | 37,669 | | | $ | 151,821 | | $ | 141,152 | | Less distributed and undistributed earnings allocated to participating securities | — | | — | | | — | | (27) | | Net income allocated to common shares | $ | 44,332 | | $ | 37,669 | | | $ | 151,821 | | $ | 141,125 | | | | | | | | Weighted average common shares outstanding | 37,758 | | 38,017 | | | 37,991 | | 38,177 | | Incremental shares from assumed time-vested and performance-based RSU awards | 438 | | 529 | | | 503 | | 431 | | Adjusted weighted average common shares outstanding | 38,196 | | 38,546 | | | 38,494 | | 38,608 | | | | | | | | Potentially dilutive securities not included in weighted average share calculation due to anti-dilutive effect | 14 | | 15 | | | 6 | | 13 | |
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v3.23.3
Accounting Policies (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
|
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 01, 2019 |
Sep. 30, 2019 |
Health Insurance Costs [Abstract] |
|
|
|
|
|
|
|
|
Percentage of our health insurance coverage provided by United |
87.00%
|
|
87.00%
|
|
|
|
|
|
Number of days in advance of the beginning of a reporting quarter United establishes cash funding rates |
|
|
90 days
|
|
|
|
|
|
Required accumulated cash surplus |
$ 9,000
|
|
$ 9,000
|
|
$ 9,000
|
|
|
|
Required deposit equal to approximately one day of claims funding activity |
6,500
|
|
6,500
|
|
|
|
|
|
Prepaid health insurance, current |
18,800
|
|
18,800
|
|
|
|
|
|
Amount which plan costs were less than the net premiums paid and owed |
9,800
|
|
9,800
|
|
|
|
|
|
Premiums owed to United |
(42,900)
|
|
(42,900)
|
|
|
|
|
|
Benefits costs incurred (reduced) related to run-off |
13,900
|
$ (12,800)
|
13,900
|
$ (12,800)
|
|
|
|
|
Workers' Compensation Costs [Abstract] |
|
|
|
|
|
|
|
|
Company's maximum economic burden for the first layer of claims per occurrence |
|
|
|
|
|
|
$ 1,500
|
$ 1,000
|
Company's maximum aggregate economic burden for claims in excess of 1 million per policy year |
|
|
|
|
|
|
$ 6,000
|
$ 6,000
|
Decrease Increase in accrued workers' compensation costs for changes in estimated losses |
|
|
$ (26,200)
|
$ (35,300)
|
|
|
|
|
U.S. Treasury rates that correspond with the weighted average estimated claim payout period (in hundredths) |
|
|
4.20%
|
2.50%
|
|
|
|
|
Incurred but not paid workers compensation liabilities [Abstract] |
|
|
|
|
|
|
|
|
Liability for Unpaid Claims and Claims Adjustment Expense, Adjustments |
|
|
|
|
229,408
|
$ 239,623
|
|
|
Workers' Compensation Expense |
|
|
$ 44,292
|
$ 33,467
|
|
|
|
|
Workers' Compensation Discount, Changed during period |
|
|
(10,233)
|
(6,485)
|
|
|
|
|
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid |
|
|
(41,595)
|
(40,112)
|
|
|
|
|
WorkersCompensationLiabilityNetOfAdminFeesCurrent |
51,263
|
51,829
|
51,263
|
51,829
|
|
|
|
|
Workers' Compensation Liability, Noncurrent |
170,609
|
174,664
|
170,609
|
174,664
|
179,629
|
|
|
|
Workers' Compensation Liability |
221,872
|
226,493
|
221,872
|
226,493
|
|
|
|
|
Workers compensation administrative fees accrued |
3,700
|
|
3,700
|
|
|
|
|
|
Undiscounted accrued workers' compensation costs |
|
|
$ 249,500
|
245,500
|
|
|
|
|
Time period incurred claims expected to be paid recorded as restricted cash |
|
|
1 year
|
|
|
|
|
|
Time period incurred claims expected to be paid included in deposits |
|
|
Greater than 1 year
|
|
|
|
|
|
ReturnOfExcessClaimFunds |
|
|
$ 43,400
|
|
|
|
|
|
Restricted cash |
51,263
|
|
51,263
|
|
49,779
|
|
|
|
Deposits workers compensation |
197,466
|
179,014
|
$ 197,466
|
179,014
|
196,370
|
$ 185,027
|
|
|
Time period estimate of incurred claim costs to be paid included in short-term liabilities |
|
|
1 year
|
|
|
|
|
|
Time period estimate of incurred claim costs to be paid included in long term liabilities |
|
|
Greater than 1 year
|
|
|
|
|
|
Revenue from Contract with Customer [Abstract] |
|
|
|
|
|
|
|
|
Unbilled |
644,400
|
|
$ 644,400
|
|
$ 600,400
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Excluding Assessed Tax |
1,550,887
|
1,439,160
|
4,905,668
|
4,449,104
|
|
|
|
|
Northeast [Member] |
|
|
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Excluding Assessed Tax |
415,318
|
385,541
|
1,333,456
|
1,224,142
|
|
|
|
|
Southeast [Member] |
|
|
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Excluding Assessed Tax |
221,930
|
197,131
|
681,866
|
592,116
|
|
|
|
|
Central [Member] |
|
|
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Excluding Assessed Tax |
282,248
|
256,150
|
885,960
|
779,500
|
|
|
|
|
Southwest [Member] |
|
|
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Excluding Assessed Tax |
295,142
|
280,299
|
942,929
|
869,073
|
|
|
|
|
West [Member] |
|
|
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Excluding Assessed Tax |
320,567
|
305,465
|
1,013,669
|
940,617
|
|
|
|
|
Other Revenues [Member] |
|
|
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Excluding Assessed Tax |
$ 15,682
|
$ 14,574
|
$ 47,788
|
$ 43,656
|
|
|
|
|
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v3.23.3
Other Balance Sheet Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] |
|
|
|
|
Overnight Holdings |
$ 577,070
|
$ 678,512
|
|
|
Short-term Investments |
116,670
|
90,031
|
|
|
Cash |
14,523
|
41,047
|
|
|
Drafts Payable |
(15,838)
|
(43,694)
|
|
|
Cash, Cash Equivalents, and Short-term Investments |
692,425
|
765,896
|
|
|
Client Prepayments Included in Cash Balance |
(20,200)
|
(36,800)
|
|
|
Payroll Withholdings Included in Cash Balance |
482,700
|
504,800
|
|
|
Supplemental cash flow information: |
|
|
|
|
Restricted cash |
51,263
|
49,779
|
$ 51,829
|
$ 46,929
|
Funds Held for Clients |
29,835
|
34,942
|
25,277
|
31,732
|
Deposits workers compensation |
197,466
|
196,370
|
179,014
|
185,027
|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents |
957,152
|
1,013,919
|
$ 818,263
|
$ 839,500
|
PayrollTaxesAndOtherPayrollDeductionsPayable [Abstract] |
|
|
|
|
Payroll taxes and other payroll deductions payable |
518,061
|
556,085
|
|
|
ERC Funds Received Included in Cash Balance |
149,300
|
|
|
|
Money Market Funds [Member] |
|
|
|
|
Cash and Cash Equivalents [Line Items] |
|
|
|
|
Overnight Holdings |
0
|
0
|
|
|
Short-term Investments |
13,837
|
33,068
|
|
|
Cash |
0
|
0
|
|
|
Drafts Payable |
0
|
0
|
|
|
Cash, Cash Equivalents, and Short-term Investments |
13,837
|
33,068
|
|
|
Cash and Cash Equivalents [Member] |
|
|
|
|
Cash and Cash Equivalents [Line Items] |
|
|
|
|
Overnight Holdings |
577,070
|
678,512
|
|
|
Short-term Investments |
102,833
|
56,963
|
|
|
Cash |
14,523
|
41,047
|
|
|
Drafts Payable |
(15,838)
|
(43,694)
|
|
|
Cash, Cash Equivalents, and Short-term Investments |
$ 678,588
|
$ 732,828
|
|
|
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v3.23.3
Fair Value Measurements Fair Value Measurements (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and Cash Equivalents, Fair Value Disclosure |
$ 679,903
|
$ 735,475
|
US Government Securities, at Carrying Value |
13,837
|
29,703
|
Investments, Fair Value Disclosure |
0
|
3,365
|
Assets, Fair Value Disclosure |
693,740
|
768,543
|
US Treasury Securities [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt Securities, Available-for-sale, Amortized Cost |
13,842
|
29,782
|
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
1
|
0
|
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
(6)
|
(79)
|
Debt Securities, Available-for-sale |
13,837
|
29,703
|
Municipal Bonds |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt Securities, Available-for-sale, Amortized Cost |
|
3,369
|
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
|
0
|
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
|
(4)
|
Debt Securities, Available-for-sale |
|
3,365
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and Cash Equivalents, Fair Value Disclosure |
679,903
|
735,475
|
US Government Securities, at Carrying Value |
13,837
|
29,703
|
Investments, Fair Value Disclosure |
0
|
0
|
Assets, Fair Value Disclosure |
693,740
|
765,178
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and Cash Equivalents, Fair Value Disclosure |
0
|
0
|
US Government Securities, at Carrying Value |
0
|
0
|
Investments, Fair Value Disclosure |
0
|
3,365
|
Assets, Fair Value Disclosure |
$ 0
|
$ 3,365
|
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v3.23.3
Long-term Debt (Details) $ in Thousands |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
conversionRatio
|
Dec. 31, 2022
USD ($)
|
Line of Credit Facility [Line Items] |
|
|
Current borrowing capacity |
$ 650,000
|
|
Maximum borrowing capacity |
$ 700,000
|
|
Percentage Of Subsidiary Stock Securing Debt | conversionRatio |
1
|
|
Long-term debt |
$ 369,400
|
$ 369,400
|
Letters of Credit Outstanding, Amount |
1,000
|
|
Line of Credit Facility, Remaining Borrowing Capacity |
$ 279,600
|
|
Long-Term Debt, Maturity Date |
Jun. 30, 2027
|
|
Applicable Margin Federal Funds Rate |
0.50%
|
|
Adjusted Term SOFR Rate Plus Applicable Margin |
2.00%
|
|
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
0.25%
|
|
Line of Credit Facility, Interest Rate During Period |
6.75%
|
|
Minimum [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Adjusted Term SOFR rate |
0.10%
|
|
Maximum [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Adjusted Term SOFR rate |
0.25%
|
|
Base Rate [Member] | Minimum [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt Instrument, Basis Spread on Variable Rate |
0.00%
|
|
Base Rate [Member] | Maximum [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt Instrument, Basis Spread on Variable Rate |
0.50%
|
|
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt Instrument, Basis Spread on Variable Rate |
1.50%
|
|
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt Instrument, Basis Spread on Variable Rate |
2.25%
|
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v3.23.3
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Stockholders' Equity Note [Abstract] |
|
|
|
|
|
|
|
|
Aggregate number of shares repurchased during the period (in shares) |
|
|
|
|
|
|
1,258,702
|
|
Shares repurchased under the program (in shares) |
|
|
|
|
|
|
1,062,598
|
|
Stock Repurchase Program, Number of Shares Authorized to be Repurchased |
2,000,000
|
|
|
|
|
|
2,000,000
|
|
Authorized to repurchased additional shares under repurchase program (in shares) |
1,969,562
|
|
|
|
|
|
1,969,562
|
|
Shares withheld for tax withholding obligations for the vesting of restricted stock awards (in shares) |
|
|
|
|
|
|
196,104
|
|
Dividends declared per share of common stock (in dollars per share) |
$ 0.57
|
$ 0.57
|
$ 0.52
|
$ 0.52
|
$ 0.52
|
$ 0.45
|
|
|
Payments of Ordinary Dividends, Common Stock |
|
|
|
|
|
|
$ (62,969)
|
$ (56,866)
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v3.23.3
Net Income per Share (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Net income |
$ 44,332
|
$ 37,669
|
$ 151,821
|
$ 141,152
|
Less distributed and undistributed earnings allocated to participating securities |
0
|
0
|
0
|
(27)
|
Net Income (Loss) Available to Common Stockholders, Basic |
$ 44,332
|
$ 37,669
|
$ 151,821
|
$ 141,125
|
Weighted average common shares outstanding basic (in shares) |
37,758
|
38,017
|
37,991
|
38,177
|
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements |
438
|
529
|
503
|
431
|
Weighted Average Number of Shares Outstanding, Diluted |
38,196
|
38,546
|
38,494
|
38,608
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
14
|
15
|
6
|
13
|
X |
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