Insperity, Inc. (NYSE: NSP), a leading provider of human
resources and business performance solutions for America’s best
businesses, today reported results for the fourth quarter and year
ended Dec. 31, 2019.
- 2019 revenue increased 13% on worksite employee growth of
13%
- 2019 diluted EPS and adjusted EPS increased 15% and 11% to
$3.70 and $4.15, respectively
- 2019 net income and adjusted EBITDA increased 12% and 4% to
$151.1 million and $250.0 million, respectively
- 2019 repurchase of 2.1 million shares; Q4 repurchase of 643,000
shares
- Q4 revenue increased 11% on worksite employee growth of
10%
- Q4 diluted EPS and adjusted EPS of $0.51 and $0.57,
respectively
- Q4 net income and adjusted EBITDA of $20.4 million and $40.7
million, respectively
- New health insurance policy feature added to help mitigate
large claim risk in 2020
Full Year Results
For the year ended Dec. 31, 2019, reported net income increased
12% over 2018 to $151.1 million, and diluted net income per share
increased 15% to $3.70. Adjusted EPS increased 11% over 2018 to
$4.15. Adjusted EBITDA increased 4% to $250.0 million.
“In 2019, we made important progress on key strategic
initiatives that will allow us to continue to capitalize on our
vast and dynamic market opportunity in the years ahead,” said Paul
J. Sarvadi, Insperity chairman and chief executive officer. “At the
same time, we have experienced some unusual and unexpected
challenges over the past year. We have responded decisively and
have a plan in place to regain our momentum in growth and
profitability as we move through 2020.”
Revenues in 2019 increased 13% to $4.3 billion, on a 13%
increase in the average number of worksite employees (“WSEEs”) paid
per month over 2018. This growth was driven by WSEEs paid from new
sales on a 12% increase in the average number of trained Business
Performance Advisors and client retention of 85%. We also
experienced 9% fewer WSEEs added from our client base due primarily
to the tight labor market.
Gross profit for the year ended Dec. 31, 2019 increased 7% to
$732.9 million on a 13% increase in the average number of paid
WSEEs. The average gross profit per WSEE per month declined from
$272 in 2018 to $259 in 2019 on a higher than expected benefits
cost trend due to elevated large healthcare claim activity. This
was partially offset by improvements in pricing and favorable
results in our workers’ compensation programs.
“We recently added a new feature in our health plan with our
national health insurance carrier to limit our exposure on our
largest claims. Beginning in 2020, we will not have financial
responsibility for any amount of a participant’s annual claim costs
that exceed $1 million,” said Douglas S. Sharp, senior vice
president of finance, chief financial officer and treasurer.
“Although this type of coverage does not address an increase in
frequency of large claims below $1 million, it does provide a level
of protection against significant large claims and helps to
mitigate the overall risk in our health plan.”
Operating expenses increased 9% to $546.3 million over 2018 and
adjusted operating expenses increased 11% to $546.3 million over
2018. Adjusted operating expense per WSEE per month decreased 2%
from $197 in 2018 to $193 in 2019.
Cash outlays in 2019 included the repurchase of approximately
2,125,000 shares of stock at a cost of $203.0 million, dividends
totaling $48.6 million and capital expenditures of $56.3 million
partially offset by borrowings of $125.0 million under our credit
facility. Adjusted cash, cash equivalents and marketable securities
at Dec. 31, 2019 was $107.9 million, and $269.4 million was
outstanding under our $500 million credit facility.
Fourth Quarter Results
Fourth quarter 2019 net income and diluted earnings per share of
$20.4 million and $0.51 represented decreases of 17% and 14%,
respectively, compared to the fourth quarter of 2018. Adjusted EPS
was $0.57, a 17% decrease over the fourth quarter of 2018. Adjusted
EBITDA decreased 14% over the fourth quarter of 2018 to $40.7
million.
Revenues increased 11% over the fourth quarter of 2018 to $1.1
billion on a 10% increase in the average number of WSEEs paid per
month.
Gross profit increased slightly compared to the fourth quarter
of 2018 to $161.9 million. The number of large healthcare claims
declined over the past two quarters after a significant increase in
the second quarter of 2019; however, the frequency of large claims
and related costs remained elevated when compared to levels in
prior years. Higher benefit costs were partially offset by
continued improvements in pricing. Operating expenses increased 4%
to $134.2 million over the 2018 period, largely reflecting reduced
incentive compensation costs.
Share repurchases during the fourth quarter totaled 643,000
shares at a cost of $49.4 million.
2020 Guidance
The company also announced its guidance for 2020, including the
first quarter of 2020. Please refer to the accompanying financial
tables at the end of this press release for the reconciliation of
non-GAAP financial measures to the comparable GAAP financial
measures.
Please note that 2020 adjusted EPS guidance includes a full year
effective tax rate of 28% compared to 20% in 2019 due primarily to
less tax benefit associated with the vesting of long-term incentive
plan and time-vested restricted shares. The higher effective tax
rate is expected to reduce both our Q1 and full year 2020 earnings
by approximately $0.28 per share.
Q1 2020
Full Year 2020
Average WSEEs
238,000
—
240,200
249,700
—
254,400
Year-over-year increase (decrease)
5.5%
—
6.5%
6%
—
8%
Adjusted EPS(1)
$1.61
—
$1.70
$3.73
—
$4.16
Year-over-year increase (decrease)
(18.7)%
—
(14.1)%
(10)%
—
—
Adjusted EBITDA (in millions)
$98
—
$103
$250
—
$274
Year-over-year increase (decrease)
(3.4)%
—
1.5%
—
—
10%
____________________________________
(1)
Reflects a $0.28 per share impact related to a higher effective tax
rate as discussed above.
Definition of Key Metrics
Average WSEEs - Determined by calculating the company’s
cumulative WSEEs paid during the period divided by the number of
months in the period.
Adjusted EPS - Represents diluted net income per share computed
in accordance with GAAP, excluding the impact of non-cash
impairment and other charges, one-time tax reform bonus and
stock-based compensation.
Adjusted EBITDA - Represents net income computed in accordance
with GAAP, plus interest expense, income taxes, depreciation and
amortization expense, non-cash impairment and other charges,
one-time tax reform bonus and stock-based compensation.
Insperity will be hosting a conference call today at 5 p.m. ET
to discuss these results, provide guidance for the first quarter
and full year 2020 and answer questions from investment analysts.
To listen in, call 877-651-0053 and use conference i.d. number
5744718. The call will also be webcast at http://ir.insperity.com.
The conference call script will be available at the same website
later today. A replay of the conference call will be available at
855-859-2056, conference i.d. 5744718. The webcast will be archived
for one year.
About Insperity
Insperity, a trusted advisor to America’s best businesses for
more than 33 years, provides an array of human resources and
business solutions designed to help improve business performance.
Insperity® Business Performance Advisors offer the most
comprehensive suite of products and services available in the
marketplace. Insperity delivers administrative relief, better
benefits, reduced liabilities and a systematic way to improve
productivity through its premier Workforce Optimization® solution.
Additional company offerings include Traditional Payroll and Human
Capital Management, Time and Attendance, Performance Management,
Organizational Planning, Recruiting Services, Employment Screening,
Expense Management, Retirement Services and Insurance Services.
Insperity business performance solutions support more than 100,000
businesses with over 2 million employees. With 2019 revenues of
$4.3 billion, Insperity operates in 81 offices throughout the
United States. For more information, visit
http://www.insperity.com.
Forward-Looking Statements
The statements contained herein that are not historical facts
are forward-looking statements within the meaning of the federal
securities laws (Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934). You can
identify such forward-looking statements by the words “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “likely,”
“possibly,” “probably,” “goal,” “opportunity,” “objective,”
“target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,”
“indicator” and similar expressions. Forward-looking statements
involve a number of risks and uncertainties. In the normal course
of business, Insperity, Inc., in an effort to help keep our
stockholders and the public informed about our operations, may from
time to time issue such forward-looking statements, either orally
or in writing. Generally, these statements relate to business plans
or strategies, projected or anticipated benefits or other
consequences of such plans or strategies, or projections involving
anticipated revenues, earnings, unit growth, profit per worksite
employee, pricing, operating expenses or other aspects of operating
results. We base the forward-looking statements on our
expectations, estimates and projections at the time such statements
are made. These statements are not guarantees of future performance
and involve risks and uncertainties that we cannot predict. In
addition, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
Therefore, the actual results of the future events described in
such forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are:
- adverse economic conditions;
- our liability for WSEE payroll, payroll taxes and benefits
costs;
- increases in health insurance costs and workers’ compensation
rates and underlying claims trends, and state unemployment tax
rates;
- the inability to secure competitive replacement contracts for
health insurance and workers’ compensation insurance at expiration
of current contracts or in the event of the insolvency of such
carriers;
- vulnerability to regional economic factors because of our
geographic market concentration;
- cancellation of client contracts on short notice, or the
inability to renew client contracts or attract new clients;
- our potential liability for client and employee actions due to
the co-employment arrangement;
- regulatory and tax developments, including health care reform,
and possible adverse application of various federal, state and
local regulations;
- failure to manage growth of our operations and the
effectiveness of our sales and marketing efforts;
- the impact of the competitive environment and other
developments in the human resources services industry, including
the PEO industry, on our service and technology offerings, growth
and/or profitability;
- disruptions of our information technology systems;
- the impact of data theft, cyberattacks or other security
vulnerabilities on us or our vendors;
- failure to comply with privacy, data protection and
cybersecurity laws;
- failure of certain third-party providers, such as financial
institutions, data centers or cloud-service providers;
- our ability to integrate or realize expected returns on our
acquisitions;
- an adverse final judgment or settlement of claims against us;
and
- disruptions to our business resulting from the actions of
certain stockholders.
These factors are discussed in further detail in Insperity’s
filings with the U.S. Securities and Exchange Commission. Any of
these factors, or a combination of such factors, could materially
affect the results of our operations and whether forward-looking
statements we make ultimately prove to be accurate.
Except to the extent otherwise required by federal securities
law, we do not undertake any obligation to update our
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated events.
Insperity, Inc.
CONSOLIDATED BALANCE SHEETS
Dec. 31,
Dec. 31,
(in thousands)
2019
2018
Assets
Cash and cash equivalents
$
367,342
$
326,773
Restricted cash
49,295
42,227
Marketable securities
34,728
60,781
Accounts receivable, net
465,779
400,623
Prepaid insurance
10,418
8,411
Other current assets
43,493
27,721
Income taxes receivable
3,691
—
Total current assets
974,746
866,536
Property and equipment, net
147,706
117,213
Right-of-use leased assets
56,886
—
Prepaid health insurance
9,000
9,000
Deposits
184,013
172,674
Goodwill and other intangible assets,
net
12,714
12,726
Deferred income taxes, net
3,956
8,816
Other assets
5,975
4,851
Total assets
$
1,394,996
$
1,191,816
Liabilities and stockholders'
equity
Accounts payable
$
4,565
$
10,622
Payroll taxes and other payroll deductions
payable
277,248
261,166
Accrued worksite employee payroll cost
401,859
329,979
Accrued health insurance costs
21,180
35,153
Accrued workers’ compensation costs
52,868
45,818
Accrued corporate payroll and
commissions
52,612
60,704
Other accrued liabilities
58,713
28,890
Total current liabilities
869,045
772,332
Accrued workers’ compensation costs
193,609
187,412
Long-term debt
269,400
144,400
Operating lease liabilities, net of
current
58,863
—
Other accrued liabilities, net of
current
—
9,996
Total noncurrent liabilities
521,872
341,808
Stockholders’ equity:
Common stock
555
555
Additional paid-in capital
48,141
36,752
Treasury stock, at cost
(544,102
)
(357,569
)
Accumulated other comprehensive income,
net of tax
12
(9
)
Retained earnings
499,473
397,947
Total stockholders’ equity
4,079
77,676
Total liabilities and stockholders’
equity
$
1,394,996
$
1,191,816
Insperity, Inc.
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended Dec.
31,
Year Ended Dec. 31,
(in thousands, except per share
amounts)
2019
2018
Change
2019
2018
Change
Operating results:
Revenues(1)
$
1,075,090
$
966,756
11.2
%
$
4,314,804
$
3,828,549
12.7
%
Direct costs:
Payroll taxes, benefits and workers’
compensation costs
913,154
805,165
13.4
%
3,581,870
3,146,640
13.8
%
Gross profit
161,936
161,591
0.2
%
732,934
681,909
7.5
%
Salaries, wages and payroll taxes
79,784
74,541
7.0
%
317,124
301,027
5.3
%
Stock-based compensation
3,180
5,769
(44.9
)%
23,993
20,425
17.5
%
Commissions
8,693
9,094
(4.4
)%
31,420
28,957
8.5
%
Advertising
4,129
4,558
(9.4
)%
21,603
18,554
16.4
%
General and administrative expenses
30,637
28,503
7.5
%
123,438
111,068
11.1
%
Depreciation and amortization
7,794
6,507
19.8
%
28,723
22,842
25.7
%
Total operating expenses
134,217
128,972
4.1
%
546,301
502,873
8.6
%
Operating income
27,719
32,619
(15.0
)%
186,633
179,036
4.2
%
Other income (expense):
Interest income
2,036
2,701
(24.6
)%
10,657
7,992
33.3
%
Interest expense
(2,205
)
(1,316
)
67.6
%
(7,647
)
(4,668
)
63.8
%
Income before income tax
expense
27,550
34,004
(19.0
)%
189,643
182,360
4.0
%
Income tax expense
7,155
9,349
(23.5
)%
38,544
46,947
(17.9
)%
Net income
$
20,395
$
24,655
(17.3
)%
$
151,099
$
135,413
11.6
%
Less distributed and undistributed
earnings allocated to participating securities
(224
)
(341
)
(34.3
)%
(1,759
)
(1,875
)
(6.2
)%
Net income allocated to common
shares
$
20,171
$
24,314
(17.0
)%
$
149,340
$
133,538
11.8
%
Net income per share of common
stock
Basic
$
0.51
$
0.59
(13.6
)%
$
3.72
$
3.24
14.8
%
Diluted
$
0.51
$
0.59
(13.6
)%
$
3.70
$
3.22
14.9
%
____________________________________
(1)
Revenues are comprised of gross billings
less WSEE payroll costs as follows:
Three Months Ended Dec.
31,
Year Ended Dec. 31,
(in thousands)
2019
2018
2019
2018
Gross billings
$
7,407,460
$
6,546,253
$
27,212,010
$
23,830,731
Less: WSEE payroll cost
6,332,370
5,579,497
22,897,206
20,002,182
Revenues
$
1,075,090
$
966,756
$
4,314,804
$
3,828,549
Insperity, Inc.
KEY FINANCIAL AND STATISTICAL
DATA
Three Months Ended Dec.
31,
Year Ended Dec. 31,
2019
2018
Change
2019
2018
Change
Average WSEEs paid
243,715
221,809
9.9
%
235,547
209,123
12.6
%
Statistical data (per WSEE per
month):
Revenues(1)
$
1,470
$
1,453
1.2
%
$
1,527
$
1,526
0.1
%
Gross profit
221
243
(9.1
)%
259
272
(4.8
)%
Operating expenses
183
194
(5.7
)%
193
201
(4.0
)%
Operating income
38
49
(22.4
)%
66
71
(7.0
)%
Net income
28
37
(24.3
)%
53
54
(1.9
)%
____________________________________
(1)
Revenues per WSEE per month are comprised
of gross billings per WSEE per month less WSEE payroll costs per
WSEE per month follows:
Three Months Ended Dec.
31,
Year Ended Dec. 31,
(per WSEE per month)
2019
2018
2019
2018
Gross billings
$
10,131
$
9,838
$
9,627
$
9,496
Less: WSEE payroll cost
8,661
8,385
8,100
7,970
Revenues
$
1,470
$
1,453
$
1,527
$
1,526
Insperity, Inc.
Non-GAAP Financial Measures
(Unaudited)
Non-GAAP financial measures are not
prepared in accordance with GAAP and may be different from non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered as a substitute for, or superior
to, measures of financial performance prepared in accordance with
GAAP. Investors are encouraged to review the reconciliation of the
non-GAAP financial measures used to their most directly comparable
GAAP financial measures as provided in the tables below.
Non-GAAP Measure
Definition
Benefit of Non-GAAP Measure
Non-bonus payroll cost
Non-bonus payroll cost is a non-GAAP
financial measure that excludes the impact of bonus payrolls paid
to our WSEEs.
Bonus payroll cost varies from period to
period, but has no direct impact to our ultimate workers’
compensation costs under the current program.
Our management refers to non-bonus payroll
cost in analyzing, reporting and forecasting our workers’
compensation costs.
We include these non-GAAP financial
measures because we believe they are useful to investors in
allowing for greater transparency related to the costs incurred
under our current workers’ compensation program.
Adjusted cash, cash equivalents and
marketable securities
Excludes funds associated with:
• federal and state income tax
withholdings,
• employment taxes,
• other payroll deductions, and
• client prepayments.
We believe that the exclusion of the
identified items helps us reflect the fundamentals of our
underlying business model and analyze results against our
expectations, against prior periods, and to plan for future periods
by focusing on our underlying operations. We believe that the
adjusted results provide relevant and useful information for
investors because they allow investors to view performance in a
manner similar to the method used by management and improves their
ability to understand and assess our operating performance.
Adjusted EBITDA is used by our lenders to assess our leverage and
ability to make interest payments.
Adjusted operating expense
Represents operating expenses excluding
the impact of the following:
• costs associated with a one-time tax
reform bonus paid to corporate employees and
• charitable donations to Hurricane Harvey relief efforts.
EBITDA
Represents net income computed in
accordance with GAAP, plus:
• interest expense,
• income tax expense, and
• depreciation and amortization expense.
Adjusted EBITDA
Represents net income computed in
accordance with GAAP, plus:
• interest expense,
• income tax expense, and
• depreciation and amortization expense.
Adjusted net income
Represents net income computed in
accordance with GAAP, excluding:
• non-cash stock based compensation,
• costs associated with a one-time tax
reform bonus paid to corporate employees, and
• charitable donations to Hurricane Harvey relief efforts.
Adjusted EPS
Represents diluted net income per share
computed in accordance with GAAP, excluding:
• non-cash stock based compensation,
• costs associated with a one-time tax
reform bonus paid to corporate employees, and
• charitable donations to Hurricane Harvey relief efforts.
Following is a reconciliation of payroll cost (GAAP) to
non-bonus payroll costs (non-GAAP):
Three Months Ended Dec.
31,
Year Ended Dec. 31,
(in thousands, except per WSEE per
month)
2019
2018
2019
2018
$
WSEE
$
WSEE
$
WSEE
$
WSEE
Payroll cost
$
6,332,370
$
8,661
$
5,579,497
$
8,385
$
22,897,206
$
8,100
$
20,002,182
$
7,970
Less: Bonus payroll cost
1,029,342
1,408
860,847
1,294
2,880,680
1,019
2,498,875
996
Non-bonus payroll cost
$
5,303,028
$
7,253
$
4,718,650
$
7,091
$
20,016,526
$
7,081
$
17,503,307
$
6,974
% Change period over period
12.4
%
2.3
%
19.0
%
1.6
%
14.4
%
1.5
%
17.4
%
2.5
%
Following is a reconciliation of cash, cash equivalents and
marketable securities (GAAP) to adjusted cash, cash equivalents and
marketable securities (non-GAAP):
(in thousands)
December 31, 2019
December 31, 2018
Cash, cash equivalents and marketable
securities
$
402,070
$
387,554
Less:
Amounts payable for withheld federal and
state income taxes, employment taxes and other payroll
deductions
234,553
224,487
Customer prepayments
59,612
34,177
Adjusted cash, cash equivalents and
marketable securities
$
107,905
$
128,890
Following is a reconciliation of operating expenses (GAAP) to
adjusted operating expenses (non-GAAP):
Three Months Ended Dec
31,
Year Ended Dec. 31,
(in thousands, except per WSEE per
month)
2019
2018
2019
2018
$
WSEE
$
WSEE
$
WSEE
$
WSEE
Operating expenses
$
134,217
$
183
$
128,972
$
194
$
546,301
$
193
$
502,873
$
201
Less:
One-time tax reform bonus
—
—
—
—
—
—
9,306
4
Adjusted operating expenses
$
134,217
$
183
$
128,972
$
194
$
546,301
$
193
$
493,567
$
197
% Change period over period
4.1
%
(5.7
)%
9.0
%
(6.7
)%
10.7
%
(2.0
)%
12.0
%
(2.0
)%
Following is a reconciliation of net income (GAAP) to EBITDA
(non-GAAP) and adjusted EBITDA (non-GAAP):
Three Months Ended Dec.
31,
(in thousands, except per WSEE per
month)
2019
2018
$
WSEE
$
WSEE
Net income
$
20,395
$
28
$
24,655
$
37
Income tax expense
7,155
9
9,349
14
Interest expense
2,205
3
1,316
2
Depreciation and amortization
7,794
11
6,507
10
EBITDA
37,549
51
41,827
63
Stock-based compensation
3,180
5
5,769
9
Adjusted EBITDA
$
40,729
$
56
$
47,596
$
72
% Change period over period
(14.4
)%
(22.2
)%
23.5
%
5.9
%
(in thousands, except per WSEE per
month)
Year Ended December
31,
2019
2018
2017
2016
2015
$
WSEE
$
WSEE
$
WSEE
$
WSEE
$
WSEE
Net income
$
151,099
$
53
$
135,413
$
54
$
84,402
$
38
$
65,991
$
33
$
39,390
$
23
Income tax expense
38,544
14
46,947
19
45,739
21
39,186
19
26,229
14
Interest expense
7,647
3
4,668
2
3,213
1
2,396
1
459
—
Depreciation and amortization
28,723
10
22,842
9
18,182
9
16,644
9
18,565
11
EBITDA
226,013
80
209,870
84
151,536
69
124,217
62
84,643
48
Impairment charges and other
—
—
—
—
—
—
—
—
10,480
6
Stock-based compensation
23,993
8
20,425
8
24,345
11
16,643
8
13,345
8
One-time tax reform bonus
—
—
9,306
3
—
—
—
—
—
—
Charitable donations to Hurricane Harvey
relief efforts
—
—
—
—
2,000
1
—
—
—
—
Other
—
—
—
—
(200
)
—
—
—
—
—
Stockholder advisory expenses
—
—
—
—
—
—
323
1
1,546
1
Adjusted EBITDA
$
250,006
$
88
$
239,601
$
95
$
177,681
$
81
$
141,183
$
71
$
110,014
$
63
% Change year over year
4.3
%
(7.4
)%
34.8
%
17.3
%
25.9
%
14.1
%
28.3
%
12.7
%
30.8
%
16.7
%
Following reconciliation of net income (GAAP) to adjusted net
income (non-GAAP):
Three Months Ended
Dec. 31,
Year Ended Dec. 31,
(in thousands)
2019
2018
2019
2018
Net income
$
20,395
$
24,655
$
151,099
$
135,413
Non-GAAP adjustments:
Stock-based compensation
3,180
5,769
23,993
20,425
One-time tax reform bonus
—
—
—
9,306
Total non-GAAP adjustments
3,180
5,769
23,993
29,731
Tax effect of non-GAAP adjustments
(826
)
(1,586
)
(5,643
)
(7,608
)
Adjusted net income
$
22,749
$
28,838
$
169,449
$
157,536
% Change period over period
(21.1
)%
25.3
%
7.6
%
52.9
%
Following is a reconciliation of diluted EPS (GAAP) to adjusted
EPS (non-GAAP):
Three Months Ended
Dec. 31,
Year Ended
Dec. 31,
2019
2018
2019
2018
Diluted EPS
$
0.51
$
0.59
$
3.70
$
3.22
Non-GAAP adjustments:
Stock-based compensation
0.08
0.14
0.59
0.49
One-time tax reform bonus
—
—
—
0.22
Total non-GAAP adjustments
0.08
0.14
0.59
0.71
Tax effect on non-GAAP adjustments
(0.02
)
(0.04
)
(0.14
)
(0.18
)
Adjusted EPS
$
0.57
$
0.69
$
4.15
$
3.75
% Change period over period
(17.4
)%
25.5
%
10.7
%
53.1
%
The following is a reconciliation of GAAP to non-GAAP financial
measures for first quarter and full year 2020 guidance:
Q1 2020
Full Year 2020
(in millions, except per share
amounts)
Guidance
Guidance
Net income
$60 - $63
$128 - $145
Income tax expense
22 - 24
49 - 56
Interest expense
3
11
Depreciation and amortization
8
34
EBITDA
93 - 98
222 - 246
Stock-based compensation
5
28
Adjusted EBITDA
$98 - $103
$250 - $274
Diluted EPS
$1.51 - $1.60
$3.22 - $3.65
Non-GAAP adjustments:
Stock-based compensation
0.13
0.71
Total non-GAAP adjustments
0.13
0.71
Tax effect
(0.03)
(0.20)
Adjusted EPS
$1.61 - $1.70
$3.73 - $4.16
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200211005944/en/
Investor Relations Contact: Douglas S. Sharp Senior Vice President
of Finance, Chief Financial Officer and Treasurer (281) 348-3232
Investor.Relations@Insperity.com
News Media Contact: Suzanne Haugen Public Relations
Manager (281) 312-3543 Media@Insperity.com
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