Insperity Announces Second Quarter Results

HOUSTON–(BUSINESS WIRE)–Insperity, Inc. (NYSE: NSP), a leading provider of human resources and business performance solutions for America’s best businesses, today reported results for the second quarter ended Jun. 30, 2019:

  • Q2 net income and diluted EPS up 16% and 19%, to $29 million and $0.69, respectively
  • Q2 adjusted EPS up 22% to $0.83
  • Q2 adjusted EBITDA up 22% to $57 million
  • YTD net income and EPS up 41% and 44%, to $105 million and $2.54, respectively
  • YTD adjusted EBITDA up 21% to $158 million

Second Quarter Results

Second quarter 2019 net income and diluted earnings per share (“EPS”) of $28.6 million and $0.69 represented increases of 16% and 19%, respectively, compared to the second quarter of 2018. Adjusted EPS was $0.83, a 22% increase over the second quarter of 2018. Adjusted EBITDA increased 22% over the second quarter of 2018 to $56.7 million.

Revenues increased 13% over the second quarter of 2018 to $1.04 billion on a 14% increase in the average number of worksite employees (“WSEEs”) paid per month. The continued double-digit WSEE growth resulted from new client sales driven by an 11% increase in the average number of Business Performance Advisors. Additionally, client retention averaged just above 99%, near our historical high level. Net gains in our client base were lower than expected, particularly during the last month of the quarter, due primarily to less hiring of full-time and seasonal employees.

We are pleased with our solid sales and client retention in Q2 delivering 14% worksite employee growth in spite of lower than expected hiring in our client base,” said Paul J. Sarvadi, Insperity chief executive officer and chairman. “We expect to continue our office expansion plan and increase the number of Business Performance Advisors over the balance of the year to continue double digit growth into 2020.”

Gross profit increased 12% over the second quarter of 2018 to $173.7 million, and included higher than expected benefits costs, driven by large claim activity. This was partially offset by favorable claims development in our workers’ compensation program and slightly higher pricing. Operating expenses increased 12% over the second quarter of 2018, and included continued investments in our growth, including costs associated with an increase in the number of Business Performance Advisors and the opening of eight new sales offices over the past four quarters. We have also continued to invest in our technology and product and service offerings.

Year-to-Date Results

For the six months ended Jun. 30, 2019, net income increased 41% over the first six months of 2018 to $104.8 million, and diluted EPS increased 44% to $2.54. Adjusted EPS increased 34% over the first six months of 2018 to $2.81. Adjusted EBITDA increased 21% to $158.1 million.

Revenues for the first six months of 2019 increased 13% to $2.2 billion, on a 14% increase in the average number of WSEEs paid per month over the 2018 period. Gross profit for the first six months of 2019 increased 13% to $400.5 million. Operating expenses increased 8% to $276.3 million over the 2018 period and adjusted operating expenses increased 12% over the 2018 period.

Net income per WSEE per month increased 23% from $62 in the 2018 period to $76 in the 2019 period. Adjusted EBITDA per WSEE per month increased 6% from $109 in the 2018 period to $115 in the 2019 period.

Cash outlays in the first six months of 2019 included the repurchase of approximately 315,000 shares of stock at a cost of $38.8 million, dividends totaling $24.7 million and capital expenditures of $17.2 million. Adjusted cash, cash equivalents and marketable securities at Jun. 30, 2019 were $130.7 million.

Our earnings outlook for 2019 is in line with our previous forecast as we come off a strong performance in the first half of the year and effectively manage our business in response to emerging trends,” said Douglas S. Sharp, Insperity senior vice president of finance, chief financial officer and treasurer. “We expect to continue to generate over 20% growth in adjusted EPS, as we effectively execute our long-term strategic plan.”

2019 Guidance

The company also announced its updated guidance for 2019, including the third quarter of 2019. Please refer to the accompanying financial tables at the end of this press release for the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures.

 

Q3 2019

 

Full Year 2019

 

 

 

 

 

 

 

 

Average WSEEs paid

243,000

244,100

 

237,350

239,500

Year-over-year increase

13.0%

13.5%

 

13.5%

14.5%

 

 

 

 

 

 

 

 

Adjusted EPS

$1.00

$1.04

 

$4.59

$4.74

Year-over-year increase

4%

8%

 

22%

26%

 

 

 

 

 

 

 

 

Adjusted EBITDA (in millions)

$66.5

$69.0

 

$278

$286

Year-over-year increase

8%

12%

 

16%

19%

Definition of Key Metrics

Average WSEEs paid – 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 stock-based compensation and costs associated with a one-time tax reform bonus paid to corporate employees.

Adjusted EBITDA – Represents net income computed in accordance with GAAP, plus interest expense, income taxes, depreciation and amortization expense, non-cash stock-based compensation and costs associated with a one-time tax reform bonus paid to corporate employees.

Insperity will be hosting a conference call today at 10 a.m. ET to discuss these results, provide guidance for the third quarter and an update to the full year guidance, and answer questions from investment analysts. To listen in, call 877-651-0053 and use conference i.d. number 4585972. 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. 4585972. The webcast will be archived for one year.

About Insperity

Insperity, a trusted advisor to America’s best businesses for more than 33 years, provides an array of human resources and business solutions designed to help improve business performance. Insperity® Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. Insperity delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity through its premier Workforce Optimization® solution. Additional company offerings include Traditional Payroll and Human Capital Management, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Expense Management, Retirement Services and Insurance Services. Insperity business performance solutions support more than 100,000 businesses with over 2 million employees. With 2018 revenues of $3.8 billion, Insperity operates in 77 offices throughout the United States. For more information, visit http://www.insperity.com.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements within the meaning of the federal securities laws (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). You can identify such forward-looking statements by the words “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “likely,” “possibly,” “probably,” “goal,” “opportunity,” “objective,” “target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,” “indicator” and similar expressions. Forward-looking statements involve a number of risks and uncertainties. In the normal course of business, Insperity, Inc., in an effort to help keep our stockholders and the public informed about our operations, may from time to time issue such forward-looking statements, either orally or in writing. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of such plans or strategies, or projections involving anticipated revenues, earnings, unit growth, profit per worksite employee, pricing, operating expenses or other aspects of operating results. We base the forward-looking statements on our expectations, estimates and projections at the time such statements are made. These statements are not guarantees of future performance and involve risks and uncertainties that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Therefore, the actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are:

  • adverse economic conditions;
  • regulatory and tax developments and possible adverse application of various federal, state and local regulations;
  • the ability to secure competitive replacement contracts for health insurance and workers’ compensation insurance at expiration of current contracts;
  • cancellation of client contracts on short notice, or the inability to renew client contracts or attract new clients;
  • vulnerability to regional economic factors because of our geographic market concentration;
  • increases in health insurance costs and workers’ compensation rates and underlying claims trends, health care reform, financial solvency of workers’ compensation carriers, other insurers or financial institutions, state unemployment tax rates, liabilities for employee and client actions or payroll-related claims;
  • failure to manage growth of our operations and the effectiveness of our sales and marketing efforts;
  • the impact of the competitive environment and other developments in the human resources services industry, including the PEO industry, on our growth and/or profitability;
  • our liability for worksite employee payroll, payroll taxes and benefits costs;
  • our liability for disclosure of sensitive or private information;
  • our ability to integrate or realize expected returns on our acquisitions;
  • failure of our information technology systems;
  • an adverse final judgment or settlement of claims against Insperity; and
  • disruptions to our business resulting from the actions of certain stockholders.

These factors are discussed in further detail in Insperity’s filings with the U.S. Securities and Exchange Commission. Any of these factors, or a combination of such factors, could materially affect the results of our operations and whether forward-looking statements we make ultimately prove to be accurate.

Except to the extent otherwise required by federal securities law, we do not undertake any obligation to update our forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.

Insperity, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(in thousands)

June 30, 2019

 

December 31, 2018

 

 

 

 

Assets

 

 

 

Cash and cash equivalents

$

324,926

 

 

$

326,773

 

Restricted cash

43,268

 

 

42,227

 

Marketable securities

61,129

 

 

60,781

 

Accounts receivable, net

424,135

 

 

400,623

 

Prepaid insurance

24,469

 

 

8,411

 

Other current assets

29,794

 

 

27,721

 

Income taxes receivable

11,456

 

 

 

Total current assets

919,177

 

 

866,536

 

Property and equipment, net

120,828

 

 

117,213

 

Right of use leased assets

54,189

 

 

 

Prepaid health insurance

9,000

 

 

9,000

 

Deposits

194,328

 

 

172,674

 

Goodwill and other intangible assets, net

12,720

 

 

12,726

 

Deferred income taxes, net

556

 

 

8,816

 

Other assets

6,197

 

 

4,851

 

Total assets

$

1,316,995

 

 

$

1,191,816

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

Accounts payable

$

6,548

 

 

$

10,622

 

Payroll taxes and other payroll deductions payable

244,694

 

 

261,166

 

Accrued worksite employee payroll cost

373,532

 

 

329,979

 

Accrued health insurance costs

20,376

 

 

35,153

 

Accrued workers’ compensation costs

47,122

 

 

45,818

 

Accrued corporate payroll and commissions

37,820

 

 

60,704

 

Other accrued liabilities

39,756

 

 

28,890

 

Total current liabilities

769,848

 

 

772,332

 

Accrued workers’ compensation cost, net of current

188,241

 

 

187,412

 

Long-term debt

169,400

 

 

144,400

 

Operating lease liabilities, net of current

54,617

 

 

 

Other accrued liabilities, net of current

 

 

9,996

 

Total noncurrent liabilities

412,258

 

 

341,808

 

Stockholders’ equity:

 

 

 

Common stock

555

 

 

555

 

Additional paid-in capital

41,009

 

 

36,752

 

Treasury stock, at cost

(383,830

)

 

(357,569

)

Retained earnings

477,155

 

 

397,938

 

Total stockholders’ equity

134,889

 

 

77,676

 

Total liabilities and stockholders’ equity

$

1,316,995

 

 

$

1,191,816

Insperity, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

(in thousands, except per share amounts)

2019

2018

Change

 

2019

2018

Change

Operating results:

 

 

 

 

 

 

 

Revenues(1)

$

1,043,316

 

$

922,295

 

13.1

%

 

$

2,196,326

 

$

1,936,667

 

13.4

%

Payroll taxes, benefits and workers’ compensation costs

869,581

 

767,751

 

13.3

%

 

1,795,874

 

1,582,403

 

13.5

%

Gross profit

173,735

 

154,544

 

12.4

%

 

400,452

 

354,264

 

13.0

%

Salaries, wages and payroll taxes

74,696

 

68,748

 

8.7

%

 

158,076

 

155,934

 

1.4

%

Stock-based compensation

8,256

 

5,752

 

43.5

%

 

14,296

 

8,887

 

60.9

%

Commissions

7,741

 

6,979

 

10.9

%

 

14,693

 

13,045

 

12.6

%

Advertising

7,548

 

6,585

 

14.6

%

 

12,579

 

10,150

 

23.9

%

General and administrative expenses

29,866

 

27,419

 

8.9

%

 

63,028

 

57,271

 

10.1

%

Depreciation and amortization

6,908

 

5,480

 

26.1

%

 

13,599

 

10,693

 

27.2

%

Total operating expenses

135,015

 

120,963

 

11.6

%

 

276,271

 

255,980

 

7.9

%

Operating income

38,720

 

33,581

 

15.3

%

 

124,181

 

98,284

 

26.3

%

Other income (expense):

 

 

 

 

 

 

 

Interest income

2,802

 

1,807

 

55.1

%

 

6,047

 

3,263

 

85.3

%

Interest expense

(1,639

)

(1,108

)

47.9

%

 

(3,320

)

(2,178

)

52.4

%

Income before income tax expense

39,883

 

34,280

 

16.3

%

 

126,908

 

99,369

 

27.7

%

Income tax expense

11,327

 

9,720

 

16.5

%

 

22,063

 

24,818

 

(11.1

)%

Net income

$

28,556

 

$

24,560

 

16.3

%

 

$

104,845

 

$

74,551

 

40.6

%

Less distributed and undistributed earnings allocated to participating securities

(309

)

(346

)

(10.7

)%

 

(1,183

)

(1,064

)

11.2

%

Net income allocated to common shares

$

28,247

 

$

24,214

 

16.7

%

 

$

103,662

 

$

73,487

 

41.1

%

 

 

 

 

 

 

 

 

Net income per share of common stock

 

 

 

 

 

 

 

Basic

$

0.69

 

$

0.59

 

16.9

%

 

$

2.55

 

$

1.78

 

43.3

%

Diluted

$

0.69

 

$

0.58

 

19.0

%

 

$

2.54

 

$

1.77

 

43.5

%

____________________________________

(1) Revenues are comprised of gross billings less WSEE payroll costs as follows:

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands)

2019

2018

 

2019

2018

 

 

 

 

 

 

Gross billings

$

6,377,014

 

$

5,550,342

 

 

$

13,248,684

 

$

11,473,698

 

Less: WSEE payroll cost

5,333,698

 

4,628,047

 

 

11,052,358

 

9,537,031

 

Revenues

$

1,043,316

 

$

922,295

 

 

$

2,196,326

 

$

1,936,667

 

Insperity, Inc.

KEY FINANCIAL AND STATISTICAL DATA

(Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

2018

Change

 

2019

2018

Change

 

 

 

 

 

 

 

 

Average WSEEs paid

232,010

 

203,950

 

13.8

%

 

228,768

 

199,816

 

14.5

%

Statistical data (per WSEE per month):

 

 

 

 

 

 

 

Revenues(1)

$

1,499

 

$

1,507

 

(0.5

)%

 

$

1,600

 

$

1,615

 

(0.9

)%

Gross profit

250

 

253

 

(1.2

)%

 

292

 

295

 

(1.0

)%

Operating expenses

194

 

198

 

(2.0

)%

 

201

 

214

 

(6.1

)%

Operating income

56

 

55

 

1.8

%

 

90

 

82

 

9.8

%

Net income

41

 

40

 

2.5

%

 

76

 

62

 

22.6

%

____________________________________

(1) Revenues per WSEE per month are comprised of gross billings per WSEE per month less WSEE payroll costs per WSEE per month follows:

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(per WSEE per month)

2019

2018

 

2019

2018

Gross billings

$

9,162

 

$

9,071

 

 

$

9,652

 

$

9,570

 

Less: WSEE payroll cost

7,663

 

7,564

 

 

8,052

 

7,955

 

Revenues

$

1,499

 

$

1,507

 

 

$

1,600

 

$

1,615

 

Insperity, Inc.

Non-GAAP Financial Measures

(Unaudited)

 

Non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of the non-GAAP financial measures used to their most directly comparable GAAP financial measures as provided in the tables below.

 

Non-GAAP Measure

Definition

Benefit of Non-GAAP Measure

Non-bonus payroll cost

Non-bonus payroll cost is a non-GAAP financial measure that excludes the impact of bonus payrolls paid to our WSEEs.

 

Bonus payroll cost varies from period to period, but has no direct impact to our ultimate workers’ compensation costs under the current program.

Our management refers to non-bonus payroll cost in analyzing, reporting and forecasting our workers’ compensation costs.

 

We include these non-GAAP financial measures because we believe they are useful to investors in allowing for greater transparency related to the costs incurred under our current workers’ compensation program.

Adjusted cash, cash equivalents and marketable securities

Excludes funds associated with:

• federal and state income tax withholdings,

• employment taxes,

• other payroll deductions, and

• client prepayments.

We believe that the exclusion of the identified items helps us reflect the fundamentals of our underlying business model and analyze results against our expectations, against prior period, 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 operating expense

Represents operating expenses excluding the impact of the following:

• costs associated with a one-time tax reform bonus paid to corporate employees.

 

 

EBITDA

Represents net income computed in accordance with GAAP, plus:

• interest expense,

• income tax expense, and

• depreciation and amortization expense.

 

 

Adjusted EBITDA

Represents EBITDA plus:

• non-cash stock based compensation, and

• costs associated with a one-time tax reform bonus paid to corporate employees.

 

 

Adjusted Net Income

Represents net income computed in accordance with GAAP, excluding:

• non-cash stock based compensation, and

• costs associated with a one-time tax reform bonus paid to corporate employees.

 

 

Adjusted EPS

Represents diluted net income per share computed in accordance with GAAP, excluding:

• non-cash stock based compensation, and

• costs associated with a one-time tax reform bonus paid to corporate employees.

Following is a reconciliation of payroll cost (GAAP) to non-bonus payroll costs (non-GAAP):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands, except per WSEE per month)

2019

 

2018

 

2019

 

2018

$

WSEE

 

$

WSEE

 

$

WSEE

 

$

WSEE

 

 

 

 

 

 

 

 

 

 

 

 

Payroll cost

$

5,333,698

 

$

7,663

 

 

$

4,628,047

 

$

7,564

 

 

$

11,052,358

 

$

8,052

 

 

$

9,537,031

 

$

7,955

 

Less: Bonus payroll cost

451,828

 

649

 

 

372,225

 

608

 

 

1,442,406

 

1,051

 

 

1,203,086

 

1,003

 

Non-bonus payroll cost

$

4,881,870

 

$

7,014

 

 

$

4,255,822

 

$

6,956

 

 

$

9,609,952

 

$

7,001

 

 

$

8,333,945

 

$

6,952

 

% Change period over period

14.7

%

0.8

%

 

16.9

%

3.4

%

 

15.3

%

0.7

%

 

16.4

%

3.3

%

Following is a reconciliation of cash, cash equivalents and marketable securities (GAAP) to adjusted cash, cash equivalents and marketable securities (non-GAAP):

(in thousands)

June 30, 2019

 

December 31, 2018

 

 

 

 

Cash, cash equivalents and marketable securities

$

386,055

 

 

$

387,554

 

Less:

 

 

 

Amounts payable for withheld federal and state income taxes, employment taxes and other payroll deductions

218,037

 

 

224,487

 

Client prepayments

37,357

 

 

34,177

 

Adjusted cash, cash equivalents and marketable securities

$

130,661

 

 

$

128,890

 

Following is a reconciliation of operating expenses (GAAP) to adjusted operating expenses (non-GAAP):

 

Six Months Ended June 30,

(in thousands, except per WSEE per month)

2019

 

2018

$

WSEE

 

$

WSEE

 

 

 

 

 

 

Operating expenses

$

276,271

 

$

201

 

 

$

255,980

 

$

214

 

Less:

 

 

 

 

 

One-time tax reform bonus

 

 

 

9,306

 

8

 

Adjusted operating expenses

$

276,271

 

$

201

 

 

$

246,674

 

$

206

 

% Change period over period

12.0

%

(2.4

)%

 

15.6

%

2.5

%

Following is a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands, except per WSEE per month)

2019

 

2018

 

2019

 

2018

$

WSEE

 

$

WSEE

 

$

WSEE

 

$

WSEE

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

28,556

 

$

41

 

 

$

24,560

 

$

40

 

 

$

104,845

 

$

76

 

 

$

74,551

 

$

62

 

Income tax expense

11,327

 

16

 

 

9,720

 

16

 

 

22,063

 

16

 

 

24,818

 

21

 

Interest expense

1,639

 

2

 

 

1,108

 

2

 

 

3,320

 

2

 

 

2,178

 

2

 

Depreciation and amortization

6,908

 

11

 

 

5,480

 

9

 

 

13,599

 

11

 

 

10,693

 

9

 

EBITDA

48,430

 

70

 

 

40,868

 

67

 

 

143,827

 

105

 

 

112,240

 

94

 

Stock-based compensation

8,256

 

11

 

 

5,752

 

9

 

 

14,296

 

10

 

 

8,887

 

7

 

One-time tax reform bonus

 

 

 

 

 

 

 

 

 

9,306

 

8

 

Adjusted EBITDA

$

56,686

 

$

81

 

 

$

46,620

 

$

76

 

 

$

158,123

 

$

115

 

 

$

130,433

 

$

109

 

% Change period over period

21.6

%

6.6

%

 

39.9

%

22.6

%

 

21.2

%

5.5

%

 

35.8

%

21.1

%

Following reconciliation of net income (GAAP) to adjusted net income (non-GAAP):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands)

2019

2018

 

2019

2018

 

 

 

 

 

 

Net income

$

28,556

 

$

24,560

 

 

$

104,845

 

$

74,551

 

Non-GAAP adjustments:

 

 

 

 

 

Stock-based compensation

8,256

 

5,752

 

 

14,296

 

8,887

 

One-time tax reform bonus

 

 

 

 

9,306

 

Total non-GAAP adjustments

8,256

 

5,752

 

 

14,296

 

18,193

 

Tax effect

(2,345

)

(1,631

)

 

(3,090

)

(4,517

)

Adjusted net income

$

34,467

 

$

28,681

 

 

$

116,051

 

$

88,227

 

% Change period over period

20.2

%

66.0

%

 

31.5

%

57.8

%

Following is a reconciliation of diluted EPS (GAAP) to adjusted EPS(non-GAAP):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

2018

 

2019

2018

 

 

 

 

 

 

Diluted EPS

$

0.69

 

$

0.58

 

 

$

2.54

 

$

1.77

 

Non-GAAP adjustments:

 

 

 

 

 

Stock-based compensation

0.20

 

0.14

 

 

0.35

 

0.21

 

One-time tax reform bonus

 

 

 

 

0.22

 

Total non-GAAP adjustments

0.20

 

0.14

 

 

0.35

 

0.43

 

Tax effect

(0.06

)

(0.04

)

 

(0.08

)

(0.11

)

Adjusted EPS

$

0.83

 

$

0.68

 

 

$

2.81

 

$

2.09

 

% Change period over period

22.1

%

65.9

%

 

34.4

%

57.1

%

The following is a reconciliation of GAAP to non-GAAP financial measures for third quarter and full year 2019 guidance:

(in millions, except per share amounts)

 

Q3 2019

Guidance

 

Full Year 2019

Guidance

 

 

 

 

 

Net income

 

$36.5 – $38.0

 

$167 – $174

Income tax expense

 

14 – 15

 

47 – 48

Interest expense

 

2

 

 

7

 

Depreciation and amortization

 

7

 

 

28

 

EBITDA

 

59.5 – 62.0

 

249 – 257

Stock-based compensation

 

7

 

 

29

 

Adjusted EBITDA

 

$66.5 – $69.0

 

$278 – $286

 

 

 

 

 

Diluted net income per share of common stock

 

$0.88 – $0.92

 

$4.05 – $4.20

Non-GAAP adjustments:

 

 

 

 

Stock-based compensation

 

0.17

 

 

0.69

 

Total non-GAAP adjustments

 

0.17

 

 

0.69

 

Tax effect

 

(0.05

)

 

(0.15

)

Adjusted EPS

 

$1.00 – $1.04

 

$4.59 – $4.74

 

Contacts

Investor Relations Contact:

Douglas S. Sharp

Senior Vice President of Finance,

Chief Financial Officer and Treasurer

(281) 348-3232

Investor.Relations@Insperity.com

News Media Contact:

Suzanne Haugen

Public Relations Manager

(281) 312-3543

Media@Insperity.com

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