Insperity, Inc. (NYSE: NSP), a leading provider of human
resources and business performance for America’s best businesses,
today reported results for the fourth quarter and year ended Dec.
31, 2017.
Fourth Quarter and Full Year 2017 Results (reflecting a 2-for-1
stock split in Q4):
- Q4 EPS up 57% to $0.36; adjusted EPS up
90% to $0.55
- Q4 net income increased 63% to $15.6
million
- Q4 adjusted EBITDA up 67% to $38.5
million
- 2017 EPS increased 31% to $2.01;
adjusted EPS up 37% to $2.45
- 2017 net income increased 28% to $84.4
million
- 2017 adjusted EBITDA up 26% over 2016
to $177.7 million
Fourth Quarter Results
The fourth quarter per share results reflect the two-for-one
stock split effective December 18, 2017. Fourth quarter 2017 net
income and diluted earnings per share of $15.6 million and $0.36
represented increases of 63% and 57%, respectively, compared to the
fourth quarter of 2016. Adjusted diluted earnings per share were
$0.55, a 90% increase over the fourth quarter of 2016. Adjusted
EBITDA increased 67% to $38.5 million.
“We are pleased with these record 2017 financial results capped
off with a very strong fall sales and client retention campaign,”
said Paul J. Sarvadi, Insperity chairman and chief executive
officer. “A higher starting point of paid worksite employees in
January positions Insperity for growth acceleration and continued
exceptional financial performance in 2018.”
Revenues for the fourth quarter of 2017 increased 13% to $826.5
million compared to the fourth quarter of 2016 primarily due to a
10% increase in the average number of worksite employees paid per
month. The worksite employee growth was the result of new client
sales driven by an increase in the number of trained Business
Performance Advisors, combined with a continuing high level of
client retention. Net hiring of worksite employees by our clients
was minimal, as a net loss during the first month of the quarter
was followed by slight gains in each of the following two
months.
Gross profit for the fourth quarter of 2017 increased 29% over
the fourth quarter of 2016 to $142.9 million, primarily due to the
10% worksite employee growth, increases in overall pricing and
improved results in our benefits, workers’ compensation and payroll
tax areas. Operating expenses increased 24% over the fourth quarter
of 2016 to $119.2 million, and included additional accruals for
incentive compensation programs tied to our outperformance and an
acceleration of the vesting of restricted shares from the first
quarter of 2018 to take advantage of higher tax deductibility.
Net income and adjusted EBITDA per worksite employee per month
increased 50% and 51%, respectively, over the fourth quarter of
2016 to $27 and $68.
The fourth quarter and full year 2017 effective income tax rates
were both 35% and included a charge associated with the enactment
of U.S. tax reform of $2.5 million offset by tax benefits
associated with the acceleration of restricted stock and other
credits.
Full Year Results
For the year ended Dec. 31, 2017, reported net income increased
28% over 2016 to $84.4 million, and diluted net income per share
increased 31% to $2.01. Adjusted diluted earnings per share
increased 37% over 2016 to $2.45. Adjusted EBITDA increased 26% to
$177.7 million.
Revenues in 2017 increased to $3.3 billion, on a 10% increase in
the average number of worksite employees paid per month over 2016.
This growth was driven by an increase in worksite employees paid
from new sales on a 13% increase in the average number of trained
Business Performance Advisors. Additionally, worksite employee
retention was 85% in 2017. Gross profit for the year ended Dec. 31,
2017 increased 17% to $572.7 million. Operating expenses increased
15% to $442.8 million over 2016. Adjusted operating expenses
increased 14% to $440.8 million over 2016.
Adjusted EBITDA per worksite employee per month increased 14%
from $71 in 2016 to a record high of $81 in 2017 primarily as a
result of double-digit worksite employee growth, effective pricing
and direct cost and operating expense management.
Cash outlays in 2017 included the repurchase of approximately
901,000 shares of stock at a cost of $38.7 million, dividends
totaling $65.8 million, including both our regular quarterly
dividend and the $1.00 per share special dividend declared in
December. We also had capital expenditures of $33.3 million.
Adjusted cash, cash equivalents and marketable securities at Dec.
31, 2017 was $61.1 million.
“Our strong cash flow generated from our continued double-digit
worksite employee growth and direct cost and operating expense
management has allowed us to return just over $300 million to
shareholders over the past two years in the form of dividends and
share repurchases,” said Douglas S. Sharp, senior vice president of
finance, chief financial officer and treasurer. “With another
strong year anticipated in 2018, we expect to continue to provide
exceptional shareholder return while investing in our long-term
plan for growth and profitability.”
Other Matters
Today, we also announced the renewal and expansion of our credit
facility. The facility has been increased to $350 million,
increasing our borrowing ability by $150 million and extending the
maturity date to February 2023. The credit facility is available
for general corporate purposes and is subject to various covenants
that are customary for facilities of this nature.
2018 Guidance
The company also announced its guidance for 2018, including the
first quarter of 2018. Please refer to the accompanying financial
tables at the end of this press release for the reconciliation of
non-GAAP financial measures to the comparable GAAP financial
measures.
Q1 2018 Full Year 2018
Average WSEEs 193,500 — 195,300 203,700
— 207,400 Year-over-year increase 11% — 12% 11.5% — 13.5%
Adjusted EPS $1.12 — $1.16 $2.96 — $3.08 Year-over-year increase
22% — 26% 21% — 26% Adjusted EBITDA (in millions) $69 — $71
$197 — $204 Year-over-year increase 10% — 13% 11% — 15%
Definition of Key Metrics
Average WSEEs - Determined by calculating the company’s
cumulative worksite employees paid during the period divided by the
number of months in the period.
Adjusted EPS - Represents diluted net income per share computed
in accordance with GAAP, excluding the impact of non-cash
impairment and other charges, one-time tax reform bonus and
stock-based compensation.
Adjusted EBITDA - Represents net income computed in accordance
with GAAP, plus interest expense, income taxes, depreciation and
amortization expense, non-cash impairment and other charges,
one-time tax reform bonus and stock-based compensation.
Insperity will be hosting a conference call today at 10 a.m. ET
to discuss these results, provide guidance for the first quarter
and full year 2018 and answer questions from investment analysts.
To listen in, call 877-651-0053 and use conference i.d. number
6087858. The call will also be webcast at http://ir.insperity.com.
The conference call script will be available at the same website
later today. A replay of the conference call will be available at
855-859-2056, conference i.d. 6087858. The webcast will be archived
for one year.
Insperity, a trusted advisor to America’s best businesses for
more than 31 years, provides an array of human resources and
business solutions designed to help improve business performance.
Insperity® Business Performance Advisors offer the most
comprehensive suite of products and services available in the
marketplace. Insperity delivers administrative relief, better
benefits, reduced liabilities and a systematic way to improve
productivity through its premier Workforce Optimization® solution.
Additional company offerings include Human Capital Management,
Payroll Services, Time and Attendance, Performance Management,
Organizational Planning, Recruiting Services, Employment Screening,
Expense Management, Retirement Services and Insurance Services.
Insperity business performance solutions support more than 100,000
businesses with over 2 million employees. With 2017 revenues of
$3.3 billion, Insperity operates in 68 offices throughout the
United States. For more information, visit
http://www.insperity.com.
The statements contained herein that are not historical facts
are forward-looking statements within the meaning of the federal
securities laws (Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934). You can
identify such forward-looking statements by the words “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “likely,”
“possibly,” “probably,” “goal,” “opportunity,” “objective,”
“target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,”
“indicator” and similar expressions. Forward-looking statements
involve a number of risks and uncertainties. In the normal course
of business, Insperity, Inc., in an effort to help keep our
stockholders and the public informed about our operations, may from
time to time issue such forward-looking statements, either orally
or in writing. Generally, these statements relate to business plans
or strategies, projected or anticipated benefits or other
consequences of such plans or strategies, or projections involving
anticipated revenues, earnings, unit growth, profit per worksite
employee, pricing, operating expenses or other aspects of operating
results. We base the forward-looking statements on our
expectations, estimates and projections at the time such statements
are made. These statements are not guarantees of future performance
and involve risks and uncertainties that we cannot predict. In
addition, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
Therefore, the actual results of the future events described in
such forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are: (i) adverse
economic conditions; (ii) regulatory and tax developments and
possible adverse application of various federal, state and local
regulations; (iii) the ability to secure competitive replacement
contracts for health insurance and workers’ compensation insurance
at expiration of current contracts; (iv) cancellation of client
contracts on short notice, or the inability to renew client
contracts or attract new clients; (v) vulnerability to regional
economic factors because of our geographic market concentration;
(vi) 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; (vii)
failure to manage growth of our operations and the effectiveness of
our sales and marketing efforts; (viii) the impact of the
competitive environment in the PEO industry on our growth and/or
profitability; (ix) our liability for worksite employee payroll,
payroll taxes and benefits costs; (x) our liability for disclosure
of sensitive or private information; (xi) our ability to integrate
or realize expected returns on our acquisitions; (xii) failure of
our information technology systems; (xiii) an adverse final
judgment or settlement of claims against Insperity; and (xiv)
disruptions to our business resulting from the actions of certain
stockholders. These factors are discussed in further detail in
Insperity’s filings with the U.S. Securities and Exchange
Commission. Any of these factors, or a combination of such factors,
could materially affect the results of our operations and whether
forward-looking statements we make ultimately prove to be
accurate.
Except to the extent otherwise required by federal securities
law, we do not undertake any obligation to update our
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated events.
Insperity, Inc.
Summary Financial Information
(in thousands, except per share amounts
and statistical data)
Dec. 31, Dec. 31, 2017 2016
Assets: Cash and cash equivalents $ 354,260 $ 286,034 Restricted
cash 41,137 42,637 Marketable securities 1,960 1,851 Accounts
receivable, net 333,981 270,284 Prepaid insurance 10,782 15,041
Other current assets 26,991 19,526 Income taxes receivable 9,824
4,949 Total current assets 778,935 640,322
Property and equipment, net 95,659 80,261 Prepaid health insurance
9,000 9,000 Deposits 159,515 148,638 Goodwill and other intangible
assets, net 12,762 13,088 Deferred income taxes, net 4,283 14,025
Other assets 3,541 1,840 Total assets $ 1,063,695
$ 907,174 Liabilities and stockholders'
equity: Accounts payable $ 6,447 $ 4,189 Payroll taxes and other
payroll deductions payable 303,247 247,766 Accrued worksite
employee payroll cost 267,402 215,214 Accrued health insurance
costs 26,075 26,360 Accrued workers’ compensation costs 42,974
44,231 Accrued corporate payroll and commissions 52,595 40,761
Other accrued liabilities 27,741 22,437 Total current
liabilities 726,481 600,958 Accrued workers’ compensation
costs 166,493 141,291 Long-term debt 104,400 104,400
Total noncurrent liabilities 270,893 245,691 Stockholders’
equity: Common stock 555 555 Additional paid-in capital 25,337
8,962 Treasury stock, at cost (256,363 ) (227,152 ) Accumulated
other comprehensive income, net of tax (5 ) (3 ) Retained earnings
296,797 278,163 Total stockholders’ equity 66,321
60,525 Total liabilities and stockholders’ equity $
1,063,695 $ 907,174
Insperity, Inc.
Summary Financial Information
(continued)
(in thousands, except per share amounts
and statistical data)
Three months ended Dec. 31, Year ended Dec.
31, 2017 2016 Change
2017 2016 Change Operating
results: Revenues (gross billings of $5.518 billion, $4.892
billion, $20.174 billion and $17.933 billion, less worksite
employee payroll cost of $4.692 billion, $4.163 billion, $16.874
billion and $14.992 billion, respectively) $ 826,494 $ 729,069 13.4
% $ 3,300,223 $ 2,941,347 12.2 % Direct costs: Payroll taxes,
benefits and workers’ compensation costs 683,628 618,530
10.5 % 2,727,492 2,449,737 11.3 % Gross profit
142,866 110,539 29.2 % 572,731 491,610 16.5 % Operating
expenses: Salaries, wages and payroll taxes 70,393 58,679 20.0 %
259,531 229,589 13.0 % Stock-based compensation 7,955 4,116 93.3 %
24,345 16,643 46.3 % Commissions 6,958 5,642 23.3 % 22,773 19,288
18.1 % Advertising 3,063 3,148 (2.7 )% 16,686 16,447 1.5 % General
and administrative expenses 25,958 20,337 27.6 % 101,273 86,693
16.8 % Depreciation and amortization 4,827 4,150 16.3
% 18,182 16,644 9.2 % Total operating expenses
119,154 96,072 24.0 % 442,790 385,304
14.9 % Operating income 23,712 14,467 63.9 % 129,941 106,306 22.2 %
Other income (expense): Interest income 1,255 340 269.1 % 3,413
1,267 169.4 % Interest expense (893 ) (481 ) 85.7 % (3,213 ) (2,396
) 34.1 % Income before income tax expense 24,074 14,326 68.0 %
130,141 105,177 23.7 % Income tax expense 8,520 4,806
77.3 % 45,739 39,186 16.7 % Net income $ 15,554
$ 9,520 63.4 % $ 84,402 $ 65,991 27.9 %
Less distributed and undistributed earnings allocated to
participating securities (827 ) (222 ) 272.5 % (1,517 ) (1,496 )
1.4 % Net income allocated to common shares $ 14,727 $ 9,298
58.4 % $ 82,885 $ 64,495 28.5 % Basic net
income per share of common stock $ 0.36 $ 0.23 56.5 %
$ 2.02 $ 1.55 30.3 % Diluted net income per share of
common stock $ 0.36 $ 0.23 56.5 % $ 2.01 $
1.54 30.5 %
Insperity, Inc.
Summary Financial Information
(continued)
(in thousands, except per share amounts
and statistical data)
Three months ended Dec. 31, Year ended Dec.
31, 2017 2016
Change 2017 2016
Change Statistical Data: Average number of
worksite employees paid per month 189,513 172,578 9.8 % 182,696
165,850 10.2 % Revenues per worksite employee per month (1) $ 1,454
$ 1,408 3.3 % $ 1,505 $ 1,478 1.8 % Gross profit per worksite
employee per month 251 214 17.3 % 261 247 5.7 % Operating expenses
per worksite employee per month 209 186 12.4 % 202 194 4.1 %
Operating income per worksite employee per month 42 28 50.0 % 59 53
11.3 % Net income per worksite employee per month 27 18 50.0 % 38
33 15.2 % (1) Gross billings of $9,706, $9,449, $9,202 and
$9,011 per worksite employee per month, less payroll cost of
$8,252, $8,041, $7,697 and $7,533 per worksite employee per month,
respectively.
Insperity, Inc.
Summary Financial Information
(continued)
(in thousands, except per share amounts
and statistical data)
(Unaudited)
GAAP to Non-GAAP Reconciliation
Tables
Three months ended Year ended Dec. 31,
Dec. 31, 2017 2016
Change 2017 2016
Change Payroll cost (GAAP) $ 4,691,773 $ 4,163,210
12.7 % $ 16,873,589 $ 14,991,510 12.6 % Less: Bonus payroll cost
725,226 598,288 21.2 % 1,959,053 1,648,936
18.8 % Non-bonus payroll cost $ 3,966,547 $ 3,564,922
11.3 % $ 14,914,536 $ 13,342,574 11.8 %
Payroll cost per worksite employee per month (GAAP) $ 8,252 $ 8,041
2.6 % $ 7,697 $ 7,533 2.2 % Less: Bonus payroll cost per worksite
employee per month 1,275 1,156 10.3 % 894 829
7.8 % Non-bonus payroll cost per worksite employee per month
$ 6,977 $ 6,885 1.3 % $ 6,803 $ 6,704
1.5 %
Non-bonus payroll cost represents payroll cost excluding the
impact of bonus payrolls paid to the company’s worksite employees.
Bonus payroll cost varies from period to period, but has no direct
impact to the company’s ultimate workers’ compensation costs under
the current program. As a result, Insperity management refers to
non-bonus payroll cost in analyzing, reporting and forecasting the
company’s workers’ compensation costs. Insperity includes these
non-GAAP financial measures because it believes they are useful to
investors in allowing for greater transparency related to the costs
incurred under the company’s workers’ compensation program.
December 31, 2017
December 31, 2016 Cash, cash equivalents and
marketable securities (GAAP) $ 356,220 $ 287,885 Less: Amounts
payable for withheld federal and state income taxes, employment
taxes and other payroll deductions 271,547 221,710 Customer
prepayments 23,603 21,256 Adjusted cash, cash equivalents
and marketable securities $ 61,070 $ 44,919
Adjusted cash, cash equivalents and marketable securities
excludes funds associated with federal and state income tax
withholdings, employment taxes and other payroll deductions, as
well as client prepayments. Insperity management believes adjusted
cash, cash equivalents and marketable securities is a useful
measure of the company’s available funds.
Three months ended Year
ended Dec. 31, Dec. 31, 2017
2016 Change 2017
2016 Change Operating expenses
(GAAP) $ 119,154 $ 96,072 24.0 % $ 442,790 $ 385,304 14.9 % Less:
Charitable donations to Hurricane Harvey relief efforts 782 — —
2,000 — — Stockholder advisory expenses — — — —
323 — Adjusted operating expenses (non-GAAP) $
118,372 $ 96,072 23.2 % $ 440,790 $ 384,981
14.5 % Operating expenses per worksite employee per
month (GAAP) $ 209 $ 186 12.4 % $ 202 $ 194 4.1 % Less: Charitable
donations to Hurricane Harvey relief efforts per worksite employee
per month 1 — — 1 — — Stockholder advisory expenses per worksite
employee per month — — — — 1 — Adjusted
operating expenses per worksite employee per month (non-GAAP) $ 208
$ 186 11.8 % $ 201 $ 193 4.1 %
Adjusted operating expenses represent operating expenses
excluding the impact of charitable contributions related to
Hurricane Harvey relief efforts and stockholder advisory expenses.
Insperity management believes adjusted operating expenses is a
useful measure of the company’s operating costs, as it allows for
additional analysis of the company’s operating expenses separate
from the impact of these items.
Three months ended Year
ended Dec. 31, Dec. 31, 2017
2016 Change 2017
2016 Change Net income (GAAP) $
15,554 $ 9,520 63.4 % $ 84,402 $ 65,991 27.9 % Income tax expense
8,520 4,806 77.3 % 45,739 39,186 16.7 % Interest expense 893 481
85.7 % 3,213 2,396 34.1 % Depreciation and amortization 4,827
4,150 16.3 % 18,182 16,644 9.2 % EBITDA
29,794 18,957 57.2 % 151,536 124,217 22.0 % Stock-based
compensation 7,955 4,116 93.3 % 24,345 16,643 46.3 % Charitable
donations to Hurricane Harvey relief efforts 782 — — 2,000 — —
Other — — — (200 ) — — Stockholder advisory expenses — —
— — 323 — Adjusted EBITDA (non-GAAP) $ 38,531
$ 23,073 67.0 % $ 177,681 $ 141,183
25.9 % Net income per worksite employee per month (GAAP) $
27 $ 18 50.0 % $ 38 $ 33 15.2 % Income tax expense per worksite
employee per month 15 10 50.0 % 21 19 10.5 % Interest expense per
worksite employee per month 2 1 100.0 % 1 1 — Depreciation and
amortization per worksite employee per month 8 8 — 9
9 — EBITDA per worksite employee per month 52 37 40.5
% 69 62 11.3 % Stock-based compensation per worksite employee per
month 15 8 87.5 % 11 8 37.5 %
Charitable donations to Hurricane Harvey
relief efforts per worksite employee per month
1 — — 1 — — Other per worksite employee per month — — — — — —
Stockholder advisory expenses per worksite employee per month —
— — — 1 — Adjusted EBITDA per worksite
employee per month (non-GAAP) $ 68 $ 45 51.1 % $ 81
$ 71 14.1 %
EBITDA represents net income computed in accordance with
generally accepted accounting principles (“GAAP”), plus interest
expense, income tax expense, depreciation and amortization expense.
Adjusted EBITDA, which represents EBITDA plus charitable donations
related to Hurricane Harvey relief efforts, other credits, costs
associated with stockholder advisory expenses and stock-based
compensation is based on our definition in our credit facility.
Insperity management believes EBITDA and Adjusted EBITDA are often
useful measures of the company’s operating performance, as they
allow for additional analysis of the company’s operating results
separate from the impact of these items and Adjusted EBITDA is used
by our lenders to assess our leverage and ability to make interest
payments.
Three Months Ended
Dec. 31,
Year Ended
Dec. 31,
2017 2016 Change
2017 2016 Change
Net income (GAAP) $ 15,554 $ 9,520 63.4 % $ 84,402 $ 65,991
27.9 % Stock-based compensation 7,955 4,116 93.3 % 24,345
16,643 46.3 % Charitable donations to Hurricane Harvey relief
efforts 782 — — 2,000 — — Other — — — (200 ) — — Stockholder
advisory expenses — — — — 323 — Total
non-GAAP adjustments 8,737 4,116 112.3 % 26,145 16,966 54.1 % Tax
effect of non-GAAP adjustments (3,092 ) (1,381 ) 123.9 % (9,354 )
(6,239 ) 49.9 % Enactment of U.S. tax reform 2,481 — — 2,481 — —
Tax effect of disaster credit (669 ) — — (669 ) — —
Adjusted net income (non-GAAP) $ 23,011 $ 12,255 87.8
% $ 103,005 $ 76,718 34.3 %
Three
Months Ended
Dec. 31,
Year Ended
Dec. 31,
2017 2016 Change 2017 2016
Change Diluted net income per share of common stock
(GAAP) $ 0.36 $ 0.23 56.5 % $ 2.01 $ 1.54 30.5 % Stock-based
compensation 0.19 0.09 111.1 % 0.58 0.39 48.7 % Charitable
donations to Hurricane Harvey relief efforts 0.02 — — 0.05 — —
Other — — — (0.01 ) — — Impact of dividends exceeding earnings 0.02
— — — — — Stockholder advisory expenses — — — —
0.01 —
Total non-GAAP adjustments
0.23 0.09 155.6 % 0.62 0.40 55.0 % Tax effect on non-GAAP
adjustments (0.08 ) (0.03 ) 166.7 % (0.22 ) (0.15 ) 46.7 %
Enactment of U.S. tax reform 0.06 — — 0.06 — — Tax effect of
disaster credit (0.02 ) — — (0.02 ) — — Adjusted
diluted net income per share of common stock (non-GAAP) $ 0.55
$ 0.29 89.7 % $ 2.45 $ 1.79 36.9 %
Adjusted net income and adjusted diluted net income per share of
common stock represent net income and diluted net income per share
computed in accordance with GAAP, excluding the impact of
stock-based compensation, enactment of U.S. tax reform, and
disaster credits and charitable contributions related to Hurricane
Harvey relief efforts, other credits and stockholder advisory
expenses. Insperity management believes adjusted net income and
adjusted diluted net income per share of common stock are useful
measures of the company’s operating performance in this period, as
they allow for additional analysis of the company’s operating
results separate from the impact of these items.
Non-bonus payroll, adjusted cash, cash equivalents and
marketable securities, adjusted operating expenses, EBITDA,
adjusted EBITDA, adjusted net income and adjusted diluted net
income per share of common stock are not financial measures
prepared in accordance with GAAP and may be different from similar
measures used by other companies. Non-bonus payroll, adjusted cash,
cash equivalents and marketable securities, adjusted operating
expenses, EBITDA, adjusted EBITDA, adjusted net income and adjusted
diluted net income per share of common stock 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 in this press release to their most
directly comparable GAAP financial measures as provided in the
tables above.
The following is a reconciliation of GAAP to non-GAAP financial
measures for first quarter and full year 2018 guidance (in
millions, except per share amounts):
Q1 2018 Full
Year 2018 Guidance Guidance Net income (GAAP) $37
- $39 $105 - $110 Income tax expense 12 39 - 41 Interest expense 1
5 Depreciation and amortization 5 22 EBITDA 55 - 57 171 - 178
Stock-based compensation 5 17 One-time tax reform bonus 9 9
Adjusted EBITDA (non-GAAP) $69 - $71 $197 - $204 Diluted net
income per share of common stock (GAAP) $0.89 - $0.93 $2.50 - $2.62
Stock-based compensation 0.11 0.42 One-time tax reform bonus 0.21
0.21 Total non-GAAP adjustments 0.32 0.63 Tax effect on non-GAAP
adjustments 0.09 0.17 Adjusted EPS (non-GAAP) $1.12 - $1.16 $2.96 -
$3.08
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version on businesswire.com: http://www.businesswire.com/news/home/20180212005237/en/
Insperity, Inc.Investor Relations Contact:Douglas
S. Sharp, 281-348-3232Senior Vice President of Finance,Chief
Financial Officer and TreasurerorNews Media Contact:Suzanne
Haugen, (281) 312-3543Public Relations
Managersuzanne.haugen@insperity.com
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