$NSP
INSPERITY, INC.

2023 Q3 Form 10-Q Financial Statement

#000100075323000040 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.551B $1.585B
YoY Change 7.76% 10.69%
Cost Of Revenue $1.293B $1.360B
YoY Change 8.24% 14.11%
Gross Profit $257.9M $224.6M
YoY Change 5.47% -6.35%
Gross Profit Margin 16.63% 14.17%
Selling, General & Admin $187.8M $198.1M
YoY Change 3.28% 9.19%
% of Gross Profit 72.81% 88.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.70M $10.74M
YoY Change 6.12% 6.34%
% of Gross Profit 4.15% 4.78%
Operating Expenses $198.5M $208.8M
YoY Change 3.41% 9.04%
Operating Profit $59.46M $15.81M
YoY Change 12.98% -67.31%
Interest Expense $7.047M $1.279M
YoY Change 72.64% -52.47%
% of Operating Profit 11.85% 8.09%
Other Income/Expense, Net
YoY Change
Pretax Income $60.37M $17.09M
YoY Change 17.54% -63.34%
Income Tax $16.04M $4.192M
% Of Pretax Income 26.56% 24.53%
Net Earnings $44.33M $12.89M
YoY Change 17.69% -61.62%
Net Earnings / Revenue 2.86% 0.81%
Basic Earnings Per Share $1.17 $0.34
Diluted Earnings Per Share $1.16 $0.33
COMMON SHARES
Basic Shares Outstanding 38.14M shares 38.22M shares
Diluted Shares Outstanding 38.20M shares 38.58M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $692.4M $616.1M
YoY Change 16.05% 13.74%
Cash & Equivalents $678.6M $580.1M
Short-Term Investments $13.80M $36.00M
Other Short-Term Assets $56.04M $130.9M
YoY Change 8.87% 83.87%
Inventory
Prepaid Expenses
Receivables $656.7M $605.1M
Other Receivables $0.00 $11.59M
Total Short-Term Assets $1.478B $1.364B
YoY Change 14.64% -3.33%
LONG-TERM ASSETS
Property, Plant & Equipment $190.7M $245.0M
YoY Change -3.02% 22.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.03M $243.9M
YoY Change 23.83% 767.89%
Total Long-Term Assets $518.8M $501.6M
YoY Change 5.34% 4.02%
TOTAL ASSETS
Total Short-Term Assets $1.478B $1.364B
Total Long-Term Assets $518.8M $501.6M
Total Assets $1.996B $1.865B
YoY Change 12.07% -1.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.207M $6.807M
YoY Change 31.85% 12.81%
Accrued Expenses $64.88M $1.129B
YoY Change -0.26% 1250.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.321B $1.136B
YoY Change 17.85% -8.9%
LONG-TERM LIABILITIES
Long-Term Debt $369.4M $369.4M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $222.6M $229.7M
YoY Change -3.37% -1.26%
Total Long-Term Liabilities $592.0M $599.1M
YoY Change -1.29% -1.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.321B $1.136B
Total Long-Term Liabilities $592.0M $599.1M
Total Liabilities $1.913B $1.735B
YoY Change 11.18% -6.62%
SHAREHOLDERS EQUITY
Retained Earnings $740.2M $717.2M
YoY Change 16.28% 15.91%
Common Stock $173.9M $158.1M
YoY Change 24.25% 25.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $831.0M $744.8M
YoY Change 16.05% 4.93%
Treasury Stock Shares
Shareholders Equity $83.12M $130.5M
YoY Change
Total Liabilities & Shareholders Equity $1.996B $1.865B
YoY Change 12.07% -1.46%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $44.33M $12.89M
YoY Change 17.69% -61.62%
Depreciation, Depletion And Amortization $10.70M $10.74M
YoY Change 6.12% 6.34%
Cash From Operating Activities $209.9M -$109.0M
YoY Change 111.5% 202.23%
INVESTING ACTIVITIES
Capital Expenditures $8.500M $7.168M
YoY Change -214.79% -264.52%
Acquisitions
YoY Change
Other Investing Activities $22.50M -$178.0K
YoY Change -692.11% -111.12%
Cash From Investing Activities $14.00M -$7.346M
YoY Change -224.94% 166.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -109.8M -38.14M
YoY Change 245.46% -20.11%
NET CHANGE
Cash From Operating Activities 209.9M -109.0M
Cash From Investing Activities 14.00M -7.346M
Cash From Financing Activities -109.8M -38.14M
Net Change In Cash 114.1M -154.5M
YoY Change 102.82% 78.46%
FREE CASH FLOW
Cash From Operating Activities $209.9M -$109.0M
Capital Expenditures $8.500M $7.168M
Free Cash Flow $201.4M -$116.2M
YoY Change 88.84% 266.37%

Facts In Submission

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-10800000 usd
CY2023Q2 nsp Benefits Costs Incurred Reduced Relatedto Runoff
BenefitsCostsIncurredReducedRelatedtoRunoff
-9800000 usd
CY2022Q2 nsp Benefits Costs Incurred Reduced Relatedto Runoff
BenefitsCostsIncurredReducedRelatedtoRunoff
10200000 usd
CY2019Q3 nsp Workers Compensation Maximum Economic Burden First Layer Of Claims Per Occurrence
WorkersCompensationMaximumEconomicBurdenFirstLayerOfClaimsPerOccurrence
1000000 usd
CY2019Q3 nsp Workers Compensation Maximum Economic Burden First Layer Of Claims Per Occurrence
WorkersCompensationMaximumEconomicBurdenFirstLayerOfClaimsPerOccurrence
1000000 usd
CY2019Q3 nsp Workers Compensation Maximum Aggregate Economic Burden For Claims In Excess Of First Layer Cap Per Policy Year
WorkersCompensationMaximumAggregateEconomicBurdenForClaimsInExcessOfFirstLayerCapPerPolicyYear
6000000 usd
CY2019Q3 nsp Workers Compensation Maximum Economic Burden First Layer Of Claims Per Occurrence
WorkersCompensationMaximumEconomicBurdenFirstLayerOfClaimsPerOccurrence
1000000 usd
CY2019Q4 nsp Workers Compensation Maximum Economic Burden First Layer Of Claims Per Occurrence
WorkersCompensationMaximumEconomicBurdenFirstLayerOfClaimsPerOccurrence
1500000 usd
CY2019Q4 nsp Workers Compensation Maximum Economic Burden First Layer Of Claims Per Occurrence
WorkersCompensationMaximumEconomicBurdenFirstLayerOfClaimsPerOccurrence
1500000 usd
CY2019Q4 nsp Workers Compensation Maximum Aggregate Economic Burden For Claims In Excess Of First Layer Cap Per Policy Year
WorkersCompensationMaximumAggregateEconomicBurdenForClaimsInExcessOfFirstLayerCapPerPolicyYear
6000000 usd
CY2019Q4 nsp Workers Compensation Maximum Economic Burden First Layer Of Claims Per Occurrence
WorkersCompensationMaximumEconomicBurdenFirstLayerOfClaimsPerOccurrence
1500000 usd
nsp Decrease Increase In Accrued Workers Compensation Costs For Changes In Estimated Losses
DecreaseIncreaseInAccruedWorkersCompensationCostsForChangesInEstimatedLosses
-15000000 usd
nsp Decrease Increase In Accrued Workers Compensation Costs For Changes In Estimated Losses
DecreaseIncreaseInAccruedWorkersCompensationCostsForChangesInEstimatedLosses
-26800000 usd
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseOpeningBalanceAdjustments
229408000 usd
CY2021Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseOpeningBalanceAdjustments
239623000 usd
nsp Workers Compensation Expense
WorkersCompensationExpense
30980000 usd
nsp Workers Compensation Expense
WorkersCompensationExpense
18780000 usd
nsp Workers Compensation Discount Changed During Period
WorkersCompensationDiscountChangedDuringPeriod
6465000 usd
nsp Workers Compensation Discount Changed During Period
WorkersCompensationDiscountChangedDuringPeriod
3501000 usd
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
26344000 usd
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
27899000 usd
CY2023Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
227579000 usd
CY2022Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
227003000 usd
CY2023Q2 nsp Workers Compensation Liability Net Of Admin Fees Current
WorkersCompensationLiabilityNetOfAdminFeesCurrent
48002000 usd
CY2022Q2 nsp Workers Compensation Liability Net Of Admin Fees Current
WorkersCompensationLiabilityNetOfAdminFeesCurrent
53317000 usd
CY2023Q2 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
179577000 usd
CY2022Q2 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
173686000 usd
CY2023Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
227579000 usd
CY2022Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
227003000 usd
CY2023Q2 nsp Workers Compensation Administrative Fees Accrued
WorkersCompensationAdministrativeFeesAccrued
3400000 usd
nsp Undiscounted Accrued Workers Compensation Costs
UndiscountedAccruedWorkersCompensationCosts
252600000 usd
nsp Undiscounted Accrued Workers Compensation Costs
UndiscountedAccruedWorkersCompensationCosts
243900000 usd
nsp Time Period Incurred Claims Expected To Be Paid Recorded As Restricted
TimePeriodIncurredClaimsExpectedToBePaidRecordedAsRestricted
P1Y
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
nsp Return Of Excess Claim Funds
ReturnOfExcessClaimFunds
43400000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
48000000 usd
CY2023Q2 nsp Deposits Workers Compensation
DepositsWorkersCompensation
181000000 usd
nsp Time Period Estimate Of Incurred Claim Costs To Be Paid Included In Short Term Liabilities
TimePeriodEstimateOfIncurredClaimCostsToBePaidIncludedInShortTermLiabilities
P1Y
CY2023Q2 nsp Unbilled
Unbilled
590600000 usd
CY2022Q4 nsp Unbilled
Unbilled
600400000 usd
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1432107000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3354781000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3009944000 usd
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
732828000 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
49779000 usd
CY2022Q4 us-gaap Funds Held For Clients
FundsHeldForClients
34942000 usd
CY2022Q4 nsp Deposits Workers Compensation
DepositsWorkersCompensation
196370000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1013919000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
580093000 usd
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
48002000 usd
CY2023Q2 us-gaap Funds Held For Clients
FundsHeldForClients
33924000 usd
CY2023Q2 nsp Deposits Workers Compensation
DepositsWorkersCompensation
180982000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
843001000 usd
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
571178000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
735475000 usd
CY2023Q2 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
35998000 usd
CY2022Q4 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
29703000 usd
CY2023Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
0 usd
CY2022Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
3365000 usd
CY2023Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
607176000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
768543000 usd
CY2023Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
650000000 usd
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
700000000 usd
nsp Percentage Of Subsidiary Stock Securing Debt
PercentageOfSubsidiaryStockSecuringDebt
0.65 conversionratio
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
369400000 usd
CY2023Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1000000 usd
CY2023Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
279600000 usd
CY2023Q2 us-gaap Long Term Debt Maturity Date
LongTermDebtMaturityDate
2027-06-30
CY2023Q2 nsp Applicable Margin Federal Funds Rate
ApplicableMarginFederalFundsRate
0.0050
CY2023Q2 nsp Adjusted Term Sofr Rate Plus Applicable Margin
AdjustedTermSOFRRatePlusApplicableMargin
0.0200
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0025
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0657
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
12894000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
33599000 usd
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
nsp Aggregatenumberofsharesrepurchasedduringtheperiod
Aggregatenumberofsharesrepurchasedduringtheperiod
386090 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
190338 shares
CY2023Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
841822 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
195752 shares
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.52
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.45
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.57
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.52
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
41600000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
37100000 usd
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
us-gaap Net Income Loss
NetIncomeLoss
107489000 usd
us-gaap Net Income Loss
NetIncomeLoss
103483000 usd
CY2023Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
0 usd
CY2022Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
-1000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
0 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
31000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12894000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
33598000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
107489000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
103452000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38195000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38229000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38259000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
387000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
359000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
535000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
382000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38582000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38588000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38635000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38641000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13000 shares

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