Company: NSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001000753-25-000023
Chunk: 15

Company: INSPERITY, INC.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 15
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 $102 million

Please read “Non-GAAP Financial Measures” for a reconciliation of adjusted EBITDA, adjusted net income, and adjusted EPS to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”).

Insperity | 2025 First Quarter Form 10-Q19

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

Results of Operations

Key Financial and Statistical Data

(in millions, except per share, WSEE and statistical data)Three Months Ended March 31,20252024% ChangeFinancial data:Revenues$1,863 $1,802 3 %Gross profit310 345 (10)%Operating expenses242 237 2 %Operating income68 108 (37)%Other income (expense), net4 3 33 %Net income51 79 (35)%Diluted EPS1.35 2.08 (35)%Non-GAAP financial measures(1):Adjusted net income$59 $86 (31)%Adjusted EBITDA102 142 (28)%Adjusted EPS1.57 2.27 (31)%Average WSEEs paid306,023 303,904 1 %Statistical data (per WSEE per month):Revenues(2)$2,029 $1,977 3 %Gross profit338 378 (11)%Operating expenses264 260 2 %Operating income74 118 (37)%Net income56 87 (36)%

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(1)Please read “Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP.

(2)Revenues per WSEE per month are comprised of gross billings per WSEE per month less WSEE payroll costs per WSEE per month as follows:

Three Months Ended March 31,(per WSEE per month)20252024Gross billings$13,228 $12,595 Less: WSEE payroll cost11,199 10,618 Revenues$2,029 $1,977 

Insperity | 2025 First Quarter Form 10-Q20

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

Key Operating Metrics

We monitor certain key metrics to measure