Company: NSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001000753-25-000023
Chunk: 37

Company: INSPERITY, INC.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 7
Chunk 37
---
124 $134 

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

Three Months Ended March 31,(in millions, except per WSEE per month)20252024Per WSEEPer WSEENet income$51 $56 $79 $87 Income tax expense21 22 32 35 Interest expense6 7 7 8 Amortization of SaaS implementation costs2 2 3 3 Depreciation and amortization11 12 11 12 EBITDA91 99 132 145 Stock-based compensation11 12 10 11 Adjusted EBITDA$102 $111 $142 $156 Net income % change period over period(35)%(36)%(17)%(16)%Adjusted EBITDA % change period over period(28)%(29)%(7)%(5)%

Insperity | 2025 First Quarter Form 10-Q30

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

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

Three Months Ended March 31,(in millions)20252024Net income$51 $79 Non-GAAP adjustments:Stock-based compensation11 10 Tax effect(3)(3)Total non-GAAP adjustments, net8 7 Adjusted net income$59 $86 Net income % change period over period(35)%(17)%Adjusted net income % change period over period(31)%(17)%

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

Three Months Ended March 31,(amounts per share)20252024Diluted EPS$1.35 $2.08 Non-GAAP adjustments:Stock-based compensation0.30 0.28 Tax effect(0.08)(0.09)Total non-GAAP adjustments, net0.22 0.19 Adjusted EPS$1.57 $2.27 Diluted EPS % change period over period(35)%(15)%Adjusted EPS % change period over period(31)%(15)%

Liquidity and Capital Resources

We periodically evaluate our liquidity requirements, capital needs and availability of resources in view of, among other things, our expansion plans