Company: NSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001000753-25-000023
Chunk: 22

Company: INSPERITY, INC.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 22
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8,038 $8,755 $7,819 $8,576 Payroll Cost % change period over period6 %5 %— 1 %Non-bonus payroll cost % change period over period3 %2 %2 %3 %

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

(in millions)March 31, 2025December 31, 2024Cash, cash equivalents and marketable securities$568 $1,055 Less:Amounts payable for withheld federal and state income taxes, employment taxes and other payroll deductions 404 830 Client prepayments40 91 Adjusted cash, cash equivalents and marketable securities$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)