Company: NSP
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001000753-25-000008
Chunk: 71

Company: INSPERITY, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 71
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657 Less: Bonus payroll cost5,101 1,383 4,978 1,329 4,960 1,401 Non-bonus payroll cost$32,070 $8,698 $31,677 $8,458 $29,228 $8,256 Payroll cost % change year over year1 %3 %7 %1 %21 %3 %Non-bonus payroll cost % change year over year1 %3 %8 %2 %24 %5 %

  512024   Form 10-K

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

(in millions)December 31, 2024December 31, 2023Cash, cash equivalents and marketable securities$1,055 $709 Less:Amounts payable for withheld federal and state income taxes, employment taxes and other payroll deductions 830 510 Client prepayments91 28 Adjusted cash, cash equivalents and marketable securities$134 $171 

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

Year Ended December 31,(in millions, except per WSEE per month)202420232022Per WSEEPer WSEEPer WSEENet income$91 $25 $171 $46 $179 $51 Income tax expense35 8 54 14 66 19 Interest expense28 8 27 7 14 4 Amortization of SaaS implementation costs11 3 6 2 2 1 Depreciation and amortization44 12 43 11 41 11 EBITDA209 56 301 80 302 86 Stock-based compensation61 17 53 14 50 14 Adjusted EBITDA$270 $73 $354 $94 $352 $100 Net income % change year over year(47)%(46)%(4)%(10)%44 %24 %Adjusted EBITDA % change year over year(24)%(22)%1 %(6)%38 %18 %