Company: NSP
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001000753-25-000008
Chunk: 67

Company: INSPERITY, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 67
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 were 6% in both 2023 and 2022.

  482024   Form 10-K

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

Operating Expenses

2024 Compared to 2023

The following table presents certain information related to our operating expenses:

Year Ended December 31,per WSEE(in millions, except per WSEE)20242023% Change20242023% ChangeSalaries$521 $461 13 %$141 $123 15 %Stock-based compensation61 53 15 %17 14 21 %Commissions47 47 — 13 13 — Advertising38 37 3 %10 10 — General and administrative:Amortization of SaaS implementation costs11 6 83 %3 2 50 %Workday SaaS licensing and implementation expenses29 — — 8 — — All other general and administrative184 171 8 %49 46 7 %Total general and administrative224 177 27 %60 48 25 %Depreciation and amortization44 43 2 %12 11 9 %Total operating expenses$935 $818 14 %$253 $219 16 %

Operating expenses for 2024 increased 14% to $935 million compared to $818 million in 2023. Operating expenses per WSEE per month for 2024 increased 16% to $253 compared to $219 in 2023.

•Salaries of corporate and sales staff for 2024 increased 13% to $521 million, or $18 per WSEE per month, compared to 2023. The increase was primarily due to a 5% increase in BPA, service, technology and support headcount and staff compensation levels in 2024 compared to 2023. 

•Stock-based compensation expense for 2024 increased 15% to $61 million, or $3 per WSEE per month, compared to 2023. The increase was primarily due to time-based restricted stock unit awards issued under our incentive plan.  Please read Note 1 “Accounting Policies” and Note 9 “Incentive Plans,” to the Consolidated Financial Statements for additional information.

•General and administrative expenses for 2024 increased 27% to $224 million,