2014 Q1 Form 10-Q Financial Statement

#000100075314000024 Filed on May 02, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $637.0M $611.8M
YoY Change 4.11% 2.8%
Cost Of Revenue $530.8M $503.7M
YoY Change 5.38% 2.34%
Gross Profit $106.2M $108.1M
YoY Change -1.8% 4.96%
Gross Profit Margin 16.67% 17.67%
Selling, General & Admin $84.40M $81.00M
YoY Change 4.2% 7.0%
% of Gross Profit 79.49% 74.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.260M $5.135M
YoY Change 2.43% 22.26%
% of Gross Profit 4.95% 4.75%
Operating Expenses $89.59M $86.11M
YoY Change 4.04% 7.77%
Operating Profit $16.59M $22.01M
YoY Change -24.62% -4.5%
Interest Expense $47.00K $69.00K
YoY Change -31.88% -77.0%
% of Operating Profit 0.28% 0.31%
Other Income/Expense, Net -$26.00K $9.000K
YoY Change -388.89%
Pretax Income $16.61M $22.09M
YoY Change -24.79% -5.21%
Income Tax $7.048M $8.914M
% Of Pretax Income 42.43% 40.36%
Net Earnings $9.564M $13.17M
YoY Change -27.4% -5.12%
Net Earnings / Revenue 1.5% 2.15%
Basic Earnings Per Share $0.37 $0.51
Diluted Earnings Per Share $0.37 $0.51
COMMON SHARES
Basic Shares Outstanding 24.82M shares 24.90M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $260.4M $278.8M
YoY Change -6.6% -4.36%
Cash & Equivalents $213.5M $227.4M
Short-Term Investments $46.90M $51.40M
Other Short-Term Assets $19.23M $81.10M
YoY Change -76.29% -0.25%
Inventory
Prepaid Expenses
Receivables $2.933M $198.6M
Other Receivables $12.10M $2.600M
Total Short-Term Assets $598.0M $561.2M
YoY Change 6.56% 2.15%
LONG-TERM ASSETS
Property, Plant & Equipment $83.93M $92.20M
YoY Change -8.97% -0.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.812M $84.10M
YoY Change -97.85% 17.29%
Total Long-Term Assets $201.4M $199.5M
YoY Change 0.93% 3.8%
TOTAL ASSETS
Total Short-Term Assets $598.0M $561.2M
Total Long-Term Assets $201.4M $199.5M
Total Assets $799.4M $760.7M
YoY Change 5.09% 2.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.591M $2.200M
YoY Change 17.77% -35.29%
Accrued Expenses $25.69M $440.5M
YoY Change -94.17% 8.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $474.9M $447.5M
YoY Change 6.12% 8.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $71.30M $65.70M
YoY Change 8.52% 6.14%
Total Long-Term Liabilities $77.18M $65.70M
YoY Change 17.47% 6.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $474.9M $447.5M
Total Long-Term Liabilities $77.18M $65.70M
Total Liabilities $552.1M $521.3M
YoY Change 5.9% 7.44%
SHAREHOLDERS EQUITY
Retained Earnings $261.2M
YoY Change
Common Stock $136.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $150.0M
YoY Change
Treasury Stock Shares
Shareholders Equity $247.3M $239.4M
YoY Change
Total Liabilities & Shareholders Equity $799.4M $760.7M
YoY Change 5.09% 2.58%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $9.564M $13.17M
YoY Change -27.4% -5.12%
Depreciation, Depletion And Amortization $5.260M $5.135M
YoY Change 2.43% 22.26%
Cash From Operating Activities $8.891M $17.47M
YoY Change -49.11% -47.53%
INVESTING ACTIVITIES
Capital Expenditures $2.379M $2.843M
YoY Change -16.32% -183.62%
Acquisitions
YoY Change
Other Investing Activities -$1.100M -$34.90M
YoY Change -96.85% 1838.89%
Cash From Investing Activities -$3.452M -$37.75M
YoY Change -90.86% 625.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$17.68M -$16.83M
YoY Change 5.0% 258.17%
NET CHANGE
Cash From Operating Activities $8.891M $17.47M
Cash From Investing Activities -$3.452M -$37.75M
Cash From Financing Activities -$17.68M -$16.83M
Net Change In Cash -$12.24M -$37.11M
YoY Change -67.03% -258.6%
FREE CASH FLOW
Cash From Operating Activities $8.891M $17.47M
Capital Expenditures $2.379M $2.843M
Free Cash Flow $6.512M $14.63M
YoY Change -55.49% -60.14%

Facts In Submission

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611836000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2310000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2400000 USD
CY2014Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
111272 shares
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
163000 USD
CY2014Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
991385 shares
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
247316000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
253272000 USD
CY2014Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-318000 USD
CY2014Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
358184 shares
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
150039000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
138688000 USD
CY2014Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
-13884000 USD
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24897000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24823000 shares
CY2014Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
53387000 USD
CY2013Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
52930000 USD
CY2014Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
123448000 USD
CY2013Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
113076000 USD
CY2012Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
111685000 USD
CY2013Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
120833000 USD
CY2014Q1 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
71285000 USD
CY2013Q4 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
68905000 USD
CY2013Q1 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
65702000 USD
CY2013Q4 nsp Accrued Corporate Payroll And Commissions Earned
AccruedCorporatePayrollAndCommissionsEarned
21611000 USD
CY2014Q1 nsp Accrued Corporate Payroll And Commissions Earned
AccruedCorporatePayrollAndCommissionsEarned
16225000 USD
CY2014Q1 nsp Accrued Corporate Payroll Commissions And Other Accrued Liabilities
AccruedCorporatePayrollCommissionsAndOtherAccruedLiabilities
5340000 USD
CY2013Q1 nsp Accrued Corporate Payroll Commissions And Other Accrued Liabilities
AccruedCorporatePayrollCommissionsAndOtherAccruedLiabilities
-3978000 USD
CY2013Q4 nsp Accrued Health Insurance Costs
AccruedHealthInsuranceCosts
5103000 USD
CY2014Q1 nsp Accrued Health Insurance Costs
AccruedHealthInsuranceCosts
25708000 USD
CY2013Q4 nsp Accrued Payroll Taxes And Other Payroll Deductions Current
AccruedPayrollTaxesAndOtherPayrollDeductionsCurrent
165604000 USD
CY2014Q1 nsp Accrued Payroll Taxes And Other Payroll Deductions Current
AccruedPayrollTaxesAndOtherPayrollDeductionsCurrent
163985000 USD
CY2014Q1 nsp Accrued Worksite Employee Payroll Costs
AccruedWorksiteEmployeePayrollCosts
187311000 USD
CY2013Q4 nsp Accrued Worksite Employee Payroll Costs
AccruedWorksiteEmployeePayrollCosts
173801000 USD
CY2013Q1 nsp Adjusted Weighted Average Common Shares Outstanding
AdjustedWeightedAverageCommonSharesOutstanding
24927000 shares
CY2014Q1 nsp Adjusted Weighted Average Common Shares Outstanding
AdjustedWeightedAverageCommonSharesOutstanding
24830000 shares
CY2014Q1 nsp Cash Equivalents And Marketable Securities At Carrying Value
CashEquivalentsAndMarketableSecuritiesAtCarryingValue
253306000 USD
CY2013Q4 nsp Cash Equivalents And Marketable Securities At Carrying Value
CashEquivalentsAndMarketableSecuritiesAtCarryingValue
281293000 USD
CY2013Q4 nsp Cash Held In Demand Accounts
CashHeldInDemandAccounts
23054000 USD
CY2014Q1 nsp Cash Held In Demand Accounts
CashHeldInDemandAccounts
17493000 USD
CY2013Q4 nsp Client Prepayments Included In Cash Balance
ClientPrepaymentsIncludedInCashBalance
24500000 USD
CY2014Q1 nsp Client Prepayments Included In Cash Balance
ClientPrepaymentsIncludedInCashBalance
14900000 USD
CY2014Q1 nsp Computer Hardware And Software
ComputerHardwareAndSoftware
85181000 USD
CY2013Q4 nsp Computer Hardware And Software
ComputerHardwareAndSoftware
85241000 USD
CY2014Q1 nsp Decrease Increase In Accrued Workers Compensation Costs For Changes In Estimated Losses
DecreaseIncreaseInAccruedWorkersCompensationCostsForChangesInEstimatedLosses
700000 USD
CY2013Q1 nsp Decrease Increase In Accrued Workers Compensation Costs For Changes In Estimated Losses
DecreaseIncreaseInAccruedWorkersCompensationCostsForChangesInEstimatedLosses
3600000 USD
CY2013Q4 nsp Deposits Health Insurance
DepositsHealthInsurance
3700000 USD
CY2014Q1 nsp Deposits Health Insurance
DepositsHealthInsurance
3700000 USD
CY2013Q4 nsp Deposits Workers Compensation
DepositsWorkersCompensation
81878000 USD
CY2014Q1 nsp Deposits Workers Compensation
DepositsWorkersCompensation
84871000 USD
CY2014Q1 nsp Fut Ataxassociatedwith Bcr Add On
FUTAtaxassociatedwithBCRAddOn
3600000 USD
CY2013Q4 nsp Goodwill And Other Intangible Assets Net
GoodwillAndOtherIntangibleAssetsNet
18434000 USD
CY2014Q1 nsp Goodwill And Other Intangible Assets Net
GoodwillAndOtherIntangibleAssetsNet
18036000 USD
CY2014Q1 nsp Gross Billings
GrossBillings
3588000000 USD
CY2013Q1 nsp Gross Billings
GrossBillings
3332000000 USD
CY2014Q1 nsp Increase Decrease In Restricted Cash Net From Acquisitions
IncreaseDecreaseInRestrictedCashNetFromAcquisitions
234000 USD
CY2013Q1 nsp Increase Decrease In Restricted Cash Net From Acquisitions
IncreaseDecreaseInRestrictedCashNetFromAcquisitions
225000 USD
CY2013Q1 nsp Incremental Shares From Assumed Conversions Of Common Stock Options
IncrementalSharesFromAssumedConversionsOfCommonStockOptions
30000 shares
CY2014Q1 nsp Incremental Shares From Assumed Conversions Of Common Stock Options
IncrementalSharesFromAssumedConversionsOfCommonStockOptions
7000 shares
CY2014Q1 nsp Marketable Securities Proceeds From Dispositions
MarketableSecuritiesProceedsFromDispositions
0 USD
CY2013Q1 nsp Marketable Securities Proceeds From Dispositions
MarketableSecuritiesProceedsFromDispositions
4138000 USD
CY2013Q4 nsp Money Market Funds Overnight Holdings At Carrying Value
MoneyMarketFundsOvernightHoldingsAtCarryingValue
192040000 USD
CY2014Q1 nsp Money Market Funds Overnight Holdings At Carrying Value
MoneyMarketFundsOvernightHoldingsAtCarryingValue
164000000 USD
CY2014Q1 nsp Net Income Loss Available To Common Shareholders Basic
NetIncomeLossAvailableToCommonShareholdersBasic
9282000 USD
CY2013Q1 nsp Net Income Loss Available To Common Shareholders Basic
NetIncomeLossAvailableToCommonShareholdersBasic
12790000 USD
CY2014Q1 nsp Number Of Days In Advance Of Beginning Of Reporting Quarter Carrier Establishes Cash Funding Rates
NumberOfDaysInAdvanceOfBeginningOfReportingQuarterCarrierEstablishesCashFundingRates
P90D
CY2013Q1 nsp Payroll Taxes Benefits And Workers Compensation Costs
PayrollTaxesBenefitsAndWorkersCompensationCosts
503718000 USD
CY2014Q1 nsp Payroll Taxes Benefits And Workers Compensation Costs
PayrollTaxesBenefitsAndWorkersCompensationCosts
530823000 USD
CY2013Q4 nsp Payroll Withholdings Included In Cash Balance
PayrollWithholdingsIncludedInCashBalance
143000000 USD
CY2014Q1 nsp Payroll Withholdings Included In Cash Balance
PayrollWithholdingsIncludedInCashBalance
148500000 USD
CY2014Q1 nsp Premiums Owed To United
PremiumsOwedToUnited
22300000 USD
CY2014Q1 nsp Prepaid Health Insurance Current
PrepaidHealthInsuranceCurrent
25100000 USD
CY2014Q1 nsp Prepaid Health Insurance Current And Noncurrent
PrepaidHealthInsuranceCurrentAndNoncurrent
34100000 USD
CY2014Q1 nsp Prepaid Health Insurance Noncurrent
PrepaidHealthInsuranceNoncurrent
9000000 USD
CY2013Q4 nsp Prepaid Health Insurance Noncurrent
PrepaidHealthInsuranceNoncurrent
9000000 USD
CY2014Q1 nsp Required Deposit For Health Care Costs
RequiredDepositForHealthCareCosts
3500000 USD
CY2014Q1 nsp Salaries Wages And Payroll Taxes
SalariesWagesAndPayrollTaxes
51032000 USD
CY2013Q1 nsp Salaries Wages And Payroll Taxes
SalariesWagesAndPayrollTaxes
48211000 USD
CY2014Q1 nsp Software Development Costs
SoftwareDevelopmentCosts
39161000 USD
CY2013Q4 nsp Software Development Costs
SoftwareDevelopmentCosts
38522000 USD
CY2014Q1 nsp Time Period Estimate Of Incurred Claim Costs To Be Paid Included In Long Term Liabilities
TimePeriodEstimateOfIncurredClaimCostsToBePaidIncludedInLongTermLiabilities
Greater than 1 year
CY2014Q1 nsp Time Period Estimate Of Incurred Claim Costs To Be Paid Included In Short Term Liabilities
TimePeriodEstimateOfIncurredClaimCostsToBePaidIncludedInShortTermLiabilities
P1Y
CY2014Q1 nsp Time Period Incurred Claims Expected To Be Paid Included In Deposits
TimePeriodIncurredClaimsExpectedToBePaidIncludedInDeposits
Greater than 1 year
CY2014Q1 nsp Time Period Incurred Claims Expected To Be Paid Recorded As Restricted
TimePeriodIncurredClaimsExpectedToBePaidRecordedAsRestricted
P1Y
CY2013Q4 nsp Total Cash Cash Equivalents And Marketable Securities
TotalCashCashEquivalentsAndMarketableSecurities
272095000 USD
CY2014Q1 nsp Total Cash Cash Equivalents And Marketable Securities
TotalCashCashEquivalentsAndMarketableSecurities
260415000 USD
CY2013Q1 nsp Treasury Stock Acquired
TreasuryStockAcquired
13498000 USD
CY2014Q1 nsp Treasury Stock Acquired
TreasuryStockAcquired
13884000 USD
CY2013Q1 nsp Us Treasury Rates That Correspond With Weighted Average Estimated Claim Payout Period
USTreasuryRatesThatCorrespondWithWeightedAverageEstimatedClaimPayoutPeriod
0.005
CY2014Q1 nsp Us Treasury Rates That Correspond With Weighted Average Estimated Claim Payout Period
USTreasuryRatesThatCorrespondWithWeightedAverageEstimatedClaimPayoutPeriod
0.010
CY2013Q4 nsp Unbilled
Unbilled
199628000 USD
CY2014Q1 nsp Unbilled
Unbilled
216360000 USD
CY2013Q1 nsp Undiscounted Accrued Workers Compensation Costs
UndiscountedAccruedWorkersCompensationCosts
124300000 USD
CY2014Q1 nsp Undiscounted Accrued Workers Compensation Costs
UndiscountedAccruedWorkersCompensationCosts
133600000 USD
CY2014Q1 nsp Workers Compensation Administrative Fees Accrued
WorkersCompensationAdministrativeFeesAccrued
1200000 USD
CY2014Q1 nsp Workers Compensation Claims Paid
WorkersCompensationClaimsPaid
-9399000 USD
CY2013Q1 nsp Workers Compensation Claims Paid
WorkersCompensationClaimsPaid
-7583000 USD
CY2014Q1 nsp Workers Compensation Discount Changed During Period
WorkersCompensationDiscountChangedDuringPeriod
-439000 USD
CY2013Q1 nsp Workers Compensation Discount Changed During Period
WorkersCompensationDiscountChangedDuringPeriod
-160000 USD
CY2014Q1 nsp Workers Compensation Expense
WorkersCompensationExpense
12453000 USD
CY2013Q1 nsp Workers Compensation Expense
WorkersCompensationExpense
9134000 USD
CY2013Q1 nsp Workers Compensation Liability Current Net
WorkersCompensationLiabilityCurrentNet
47374000 USD
CY2014Q1 nsp Workers Compensation Liability Current Net
WorkersCompensationLiabilityCurrentNet
52163000 USD
CY2010Q4 nsp Workers Compensation Maximum Aggregate Economic Burden For Claims In Excess Of First Layer Cap Per Policy Year
WorkersCompensationMaximumAggregateEconomicBurdenForClaimsInExcessOfFirstLayerCapPerPolicyYear
5000000 USD
CY2010Q3 nsp Workers Compensation Maximum Economic Burden First Layer Of Claims Per Occurrence
WorkersCompensationMaximumEconomicBurdenFirstLayerOfClaimsPerOccurrence
1000000 USD
CY2010Q4 nsp Workers Compensation Maximum Economic Burden First Layer Of Claims Per Occurrence
WorkersCompensationMaximumEconomicBurdenFirstLayerOfClaimsPerOccurrence
1000000 USD
CY2013Q1 nsp Worksite Employee Payroll Cost
WorksiteEmployeePayrollCost
2720000000 USD
CY2014Q1 nsp Worksite Employee Payroll Cost
WorksiteEmployeePayrollCost
2951000000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001000753
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
25534958 shares
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
INSPERITY, INC.
CY2014Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

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0001000753-14-000024-index-headers.html Edgar Link pending
0001000753-14-000024-index.html Edgar Link pending
0001000753-14-000024.txt Edgar Link pending
0001000753-14-000024-xbrl.zip Edgar Link pending
document-03312014x10q.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
nsp-20140331.xml Edgar Link completed
nsp-20140331.xsd Edgar Link pending
nsp-20140331_cal.xml Edgar Link unprocessable
nsp-20140331_def.xml Edgar Link unprocessable
nsp-20140331_lab.xml Edgar Link unprocessable
nsp-20140331_pre.xml Edgar Link unprocessable
nsp03312014-ex311.htm Edgar Link pending
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