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Insperity Announces Full Year and Fourth Quarter 2021 Results

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, 2021. Insperity will be hosting a conference call today at 5 p.m. ET to discuss these results and our 2022 outlook, and has posted an accompanying presentation to its investor website at http://ir.insperity.com.

  • 2021 average number of paid WSEEs and revenues up 7% and 16%, respectively
  • 2021 net income and diluted EPS of $124.1 million and $3.18, respectively
  • 2021 adjusted EBITDA and adjusted EPS of $254.9 million and $3.95, respectively
  • Continued strong sales and client retention drives 2022 worksite employee forecast to range of 14.5% to 16.5%

Fourth Quarter Results

Worksite employee (“WSEE”) growth continued to accelerate with a Q4 2021 increase of 12.4% over Q4 2020, above the high end of our expected range. Revenues in Q4 2021 increased 22% to $1.3 billion on the 12% increase in paid WSEEs and a 9% increase in revenue per WSEE, which reflects a 5% increase in pricing and the non-recurrence of the 2020 FICA deferral credits instituted as part of the CARES Act.

“Our growth acceleration driven by the improved sales efficiency of our Business Performance Advisors, a high level of client retention and strong hiring by our clients sets us up for impressive growth in 2022,” said Paul J. Sarvadi, Insperity chairman and chief executive officer. “Insperity is poised to capitalize on increased awareness and demand for our premium HR services, when combined with outstanding sales and service execution, positions us for an excellent start to our new five year plan.”

In addition to the WSEE growth, our payroll tax and workers’ compensation areas contributed favorably to Q4 2021 gross profit, and operating costs were managed to forecasted levels. However, approximately $27 million in higher benefits costs driven by utilization related to the ongoing pandemic, including treatment, vaccination and testing costs associated with the recent COVID-19 variants, more than offset these favorable results and led to a Q4 2021 earnings shortfall from our expectations. Accordingly, Q4 2021 net income and diluted EPS were $9.7 million and $0.25, respectively. Adjusted EBITDA and adjusted EPS were $30.4 million and $0.34, respectively.

“We continued to produce strong cash flow through a difficult period allowing us to invest in our business while returning $214 million to our shareholders through our regular dividend program, a special $2 per share dividend at year-end and ongoing share repurchases,” said Douglas S. Sharp, senior vice president of finance, chief financial officer and treasurer. “We ended 2021 with a solid balance sheet and are projecting continued strong cash flow in 2022 as we execute on our long-term strategy.”

Full Year Results

Reported net income and diluted earnings per share (“EPS”) were $124.1 million and $3.18, respectively. Adjusted EBITDA and adjusted EPS were $254.9 million and $3.95, respectively.

The average number of WSEEs paid per month increased 7% over 2020 to 250,745 WSEEs. Revenues in 2021 increased by 16% to $5.0 billion on the 7% increase in paid WSEEs and an 8% increase in revenue per WSEE, which reflects a 5% increase in pricing and the non-recurrence of the 2020 FICA deferral credits instituted as part of the CARES Act.

Gross profit per WSEE per month of $273 came in slightly higher than budget for 2021, declining from $287 in 2020, a period with unusually low healthcare utilization.

Operating expenses increased 6% over 2020 to $646.8 million and included increased compensation costs associated with the acceleration of our growth, increased investment in marketing, and increased travel and event costs from the unusual low levels at the outset of the pandemic in 2020.

Cash outlays in 2021 included dividends totaling $144.2 million, including both our regular quarterly dividend and the $2.00 per share special dividend declared in December. We also repurchased approximately 716,000 shares of our common stock at a cost of $69.7 million and had capital expenditures of $32.9 million. Adjusted cash, cash equivalents and marketable securities at Dec. 31, 2021 was $162.7 million and $369.4 million was outstanding under our $500 million credit facility.

2022 Guidance

The company also announced its guidance for 2022, including the first quarter of 2022. 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.

 

Q1 2022

 

Full Year 2022

 

 

 

 

 

 

 

 

Average WSEEs paid

275,100

277,500

 

287,100

292,200

Year-over-year increase

18.0%

19.0%

 

14.5%

16.5%

 

 

 

 

 

 

 

 

Adjusted EPS

$1.56

$2.12

 

$3.74

$4.86

Year-over-year increase (decrease)

(14)%

16%

 

(5)%

23%

 

 

 

 

 

 

 

 

Adjusted EBITDA (in millions)

$95

$125

 

$251

$311

Year-over-year increase (decrease)

(9)%

20%

 

(2)%

22%

Definition of Key Metrics

Average WSEEs paid - 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 stock-based compensation.

Adjusted EBITDA - Represents net income computed in accordance with GAAP, plus interest expense, income taxes, depreciation and amortization expense and non-cash 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 2022 and answer questions from investment analysts. To listen in, call 833-797-3715 and use conference i.d. number 4079734. 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. 4079734. The webcast will be archived for one year.

About Insperity

Since 1986, Insperity’s mission has been to help businesses succeed so communities prosper. Offering the most comprehensive suite of scalable HR solutions available in the marketplace, Insperity is defined by an unrivaled breadth and depth of services and level of care. Through an optimal blend of premium HR service and technology, Insperity delivers the administrative relief, reduced liabilities and better benefit solutions that businesses need for sustained growth. With 2021 revenues of $5.0 billion and more than 80 offices throughout the U.S., Insperity is currently making a difference in thousands of businesses and communities nationwide. 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 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 “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “likely,” “possibly,” “probably,” “could,” “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, in an effort to help keep our stockholders and the public informed about our operations, from time to time, we may 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, average number of worksite employees, benefits and workers’ compensation costs, or other operating results. We base the forward-looking statements on our current expectations, estimates and projections. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties and assumptions 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;
  • impact of the COVID-19 pandemic, or other future pandemics, including the scope, severity and duration of the pandemic; government responses; regulatory developments; and the related disruptions and economic impact to our business and the small and medium-sized businesses that we serve;
  • labor shortages and increasing competition for highly skilled workers;
  • impact of inflation;
  • vulnerability to regional economic factors because of our geographic market concentration;
  • failure to comply with covenants under our credit facility;
  • our liability for WSEE payroll, payroll taxes and benefits costs, or other liabilities associated with actions of our client companies or WSEEs;
  • increases in health insurance costs and workers’ compensation rates and underlying claims trends, health care reform, financial solvency of workers’ compensation carriers, other insurers or financial institutions, state unemployment tax rates, liabilities for employee and client actions or payroll-related claims;
  • an adverse determination regarding our status as the employer of our WSEEs for tax and benefit purposes and an inability to offer alternative benefit plans following such a determination;
  • cancellation of client contracts on short notice, or the inability to renew client contracts or attract new clients;
  • the ability to secure competitive replacement contracts for health insurance and workers’ compensation insurance at expiration of current contracts;
  • regulatory and tax developments 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 growth and/or profitability;
  • an adverse final judgment or settlement of claims against Insperity;
  • disruptions of our information technology systems or failure to enhance our service and technology offerings to address new regulations or client expectations;
  • our liability or damage to our reputation relating to disclosure of sensitive or private information as a result of data theft, cyberattacks or security vulnerabilities;
  • failure of third-party providers, data centers or cloud service providers; and
  • our ability to integrate or realize expected returns on our acquisitions.

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.

Any forward-looking statements are made only as of the date hereof and, unless otherwise required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Insperity, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

Dec. 31,

Dec. 31,

(in thousands)

 

2021

 

 

2020

 

 

 

 

Assets

 

 

Cash and cash equivalents

$

575,812

 

$

554,846

 

Restricted cash

 

46,929

 

 

45,522

 

Marketable securities

 

31,791

 

 

34,529

 

Accounts receivable, net

 

513,306

 

 

392,746

 

Prepaid insurance

 

11,285

 

 

10,164

 

Other current assets

 

53,312

 

 

39,461

 

Income taxes receivable

 

12,413

 

 

 

Total current assets

 

1,244,848

 

 

1,077,268

 

Property and equipment, net

 

210,723

 

 

216,256

 

Right-of-use leased assets

 

62,830

 

 

60,663

 

Prepaid health insurance

 

9,000

 

 

9,000

 

Deposits

 

192,927

 

 

194,231

 

Goodwill and other intangible assets, net

 

12,707

 

 

12,707

 

Deferred income taxes, net

 

4,892

 

 

9,603

 

Other assets

 

15,158

 

 

4,548

 

Total assets

$

1,753,085

 

$

1,584,276

 

 

 

 

Liabilities and stockholders' equity

 

 

Accounts payable

$

6,412

 

$

6,203

 

Payroll taxes and other payroll deductions payable

 

467,892

 

 

377,960

 

Accrued worksite employee payroll cost

 

409,653

 

 

334,836

 

Accrued health insurance costs

 

50,001

 

 

32,685

 

Accrued workers’ compensation costs

 

50,534

 

 

48,186

 

Accrued corporate payroll and commissions

 

74,778

 

 

44,277

 

Other accrued liabilities

 

69,303

 

 

60,777

 

Total current liabilities

 

1,128,573

 

 

904,924

 

Accrued workers’ compensation costs, net of current

 

192,694

 

 

195,239

 

Long-term debt

 

369,400

 

 

369,400

 

Operating lease liabilities, net of current

 

64,192

 

 

64,289

 

Other accrued liabilities, net of current

 

 

 

6,292

 

Total noncurrent liabilities

 

626,286

 

 

635,220

 

Stockholders’ equity (deficit):

 

 

Common stock

 

555

 

 

555

 

Additional paid-in capital

 

109,179

 

 

95,528

 

Treasury stock, at cost

 

(665,089

)

 

(626,984

)

Accumulated other comprehensive income (loss), net of tax

 

(9

)

 

5

 

Retained earnings

 

553,590

 

 

575,028

 

Total stockholders' equity (deficit)

 

(1,774

)

 

44,132

 

Total liabilities and stockholders’ equity

$

1,753,085

 

$

1,584,276

 

Insperity, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

Three Months Ended Dec. 31,

 

Year Ended Dec. 31,

(in thousands, except per share amounts)

 

2021

 

 

2020

 

Change

 

 

2021

 

 

2020

 

Change

 

 

 

 

 

 

 

 

Operating results:

 

 

 

 

 

 

 

Revenues(1)

$

1,291,236

 

$

1,056,335

 

22.2

%

 

$

4,973,070

 

$

4,287,004

 

16.0

%

Payroll taxes, benefits and workers’ compensation costs

 

1,120,612

 

 

888,785

 

26.1

%

 

 

4,152,968

 

 

3,480,150

 

19.3

%

Gross profit

 

170,624

 

 

167,550

 

1.8

%

 

 

820,102

 

 

806,854

 

1.6

%

Salaries, wages and payroll taxes

 

92,502

 

 

86,633

 

6.8

%

 

 

379,171

 

 

353,273

 

7.3

%

Stock-based compensation

 

4,658

 

 

22,035

 

(78.9

) %

 

 

40,623

 

 

60,145

 

(32.5

) %

Commissions

 

10,228

 

 

9,178

 

11.4

%

 

 

34,922

 

 

32,835

 

6.4

%

Advertising

 

5,293

 

 

6,222

 

(14.9

) %

 

 

29,097

 

 

21,556

 

35.0

%

General and administrative expenses

 

32,432

 

 

27,913

 

16.2

%

 

 

124,413

 

 

113,167

 

9.9

%

Depreciation and amortization

 

10,832

 

 

7,860

 

37.8

%

 

 

38,547

 

 

31,189

 

23.6

%

Total operating expenses

 

155,945

 

 

159,841

 

(2.4

) %

 

 

646,773

 

 

612,165

 

5.7

%

Operating income

 

14,679

 

 

7,709

 

90.4

%

 

 

173,329

 

 

194,689

 

(11.0

) %

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

217

 

 

246

 

(11.8

) %

 

 

2,447

 

 

2,597

 

(5.8

) %

Interest expense

 

(1,921

)

 

(1,704

)

12.7

%

 

 

(7,458

)

 

(8,016

)

(7.0

) %

Income before income tax expense

 

12,975

 

 

6,251

 

107.6

%

 

 

168,318

 

 

189,270

 

(11.1

) %

Income tax expense

 

3,267

 

 

1,966

 

66.2

%

 

 

44,238

 

 

51,033

 

(13.3

) %

Net income

$

9,708

 

$

4,285

 

126.6

%

 

$

124,080

 

$

138,237

 

(10.2

) %

Less distributed and undistributed earnings allocated to participating securities

 

(129

)

 

(78

)

65.4

%

 

 

(210

)

 

(782

)

(73.1

) %

Net income allocated to common shares

$

9,579

 

$

4,207

 

127.7

%

 

$

123,870

 

$

137,455

 

(9.9

) %

 

 

 

 

 

 

 

 

Net income per share of common stock

 

 

 

 

 

 

 

Basic

$

0.25

 

$

0.11

 

127.3

%

 

$

3.22

 

$

3.57

 

(9.8

) %

Diluted

$

0.25

 

$

0.11

 

127.3

%

 

$

3.18

 

$

3.54

 

(10.2

) %

____________________________________

(1)

Revenues are comprised of gross billings less WSEE payroll costs as follows:

Three Months Ended Dec. 31,

 

Year Ended Dec. 31,

(in thousands)

 

2021

 

2020

 

 

2021

 

2020

 

 

 

 

 

 

Gross billings

$

9,636,414

$

7,812,447

 

$

33,318,693

$

28,168,611

Less: WSEE payroll cost

 

8,345,178

 

6,756,112

 

 

28,345,623

 

23,881,607

Revenues

$

1,291,236

$

1,056,335

 

$

4,973,070

$

4,287,004

Insperity, Inc.

KEY FINANCIAL AND STATISTICAL DATA

 

 

Three Months Ended Dec. 31,

 

Year Ended Dec. 31,

 

 

2021

 

2020

Change

 

 

2021

 

2020

Change

 

 

 

 

 

 

 

 

Average WSEEs paid

 

268,978

 

239,232

12.4

%

 

 

250,745

 

234,223

7.1

%

 

 

 

 

 

 

 

 

Statistical data (per WSEE per month):

 

 

 

 

 

 

 

Revenues(1)

$

1,600

$

1,472

8.7

%

 

$

1,653

$

1,525

8.4

%

Gross profit

 

211

 

233

(9.4

) %

 

 

273

 

287

(4.9

) %

Operating expenses

 

193

 

222

(13.1

) %

 

 

215

 

218

(1.4

) %

Operating income

 

18

 

11

63.6

%

 

 

58

 

69

(15.9

) %

Net income

 

12

 

6

100.0

%

 

 

41

 

49

(16.3

) %

____________________________________

(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)

 

2021

 

2020

 

 

2021

 

2020

 

 

 

 

 

 

Gross billings

$

11,942

$

10,885

 

$

11,073

$

10,022

Less: WSEE payroll cost

 

10,342

 

9,413

 

 

9,420

 

8,497

Revenues

$

1,600

$

1,472

 

$

1,653

$

1,525

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.

 

 

EBITDA

Represents net income computed in accordance with GAAP, plus:

• interest expense,

• income tax expense, and

• depreciation and amortization expense.

 

 

Adjusted EBITDA

Represents EBITDA plus:

• non-cash stock based compensation.

 

 

Adjusted net income

Represents net income computed in accordance with GAAP, excluding:

• non-cash stock based compensation.

 

 

Adjusted EPS

Represents diluted net income per share computed in accordance with GAAP, excluding:

• non-cash stock based compensation,

• impact of dividends exceeding earnings under the two-class earnings per share method.

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)

2021

 

2020

 

2021

 

2020

 

Per

WSEE

 

 

Per

WSEE

 

 

Per

WSEE

 

 

Per

WSEE

 

 

 

 

 

 

 

 

 

 

 

 

Payroll cost

$

8,345,178

 

$

10,342

 

 

$

6,756,112

 

$

9,414

 

 

$

28,345,623

 

$

9,420

 

 

$

23,881,607

 

$

8,497

 

Less: Bonus payroll cost

 

1,776,400

 

 

2,202

 

 

 

1,302,334

 

 

1,815

 

 

 

4,719,217

 

 

1,568

 

 

 

3,238,284

 

 

1,152

 

Non-bonus payroll cost

$

6,568,778

 

$

8,140

 

 

$

5,453,778

 

$

7,599

 

 

$

23,626,406

 

$

7,852

 

 

$

20,643,323

 

$

7,345

 

% Change period over period

 

20.4

%

 

7.1

%

 

 

2.8

%

 

4.8

%

 

 

14.5

%

 

6.9

%

 

 

3.1

%

 

3.7

%

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,

2021

 

December 31,

2020

 

 

Cash, cash equivalents and marketable securities

$

607,603

 

$

589,375

Less:

 

 

 

Amounts payable for withheld federal and state income taxes, employment taxes and other payroll deductions

 

424,800

 

 

341,988

Client prepayments

 

20,054

 

 

35,328

Adjusted cash, cash equivalents and marketable securities

$

162,749

 

$

212,059

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)

2021

 

2020

 

Per WSEE

 

 

Per WSEE

 

 

 

 

 

 

Net income

$

9,708

 

$

12

 

 

$

4,285

 

$

6

 

Income tax expense

 

3,267

 

 

5

 

 

 

1,966

 

 

3

 

Interest expense

 

1,921

 

 

2

 

 

 

1,704

 

 

2

 

Depreciation and amortization

 

10,832

 

 

13

 

 

 

7,860

 

 

11

 

EBITDA

 

25,728

 

 

32

 

 

 

15,815

 

 

22

 

Stock-based compensation

 

4,658

 

 

6

 

 

 

22,035

 

 

31

 

Adjusted EBITDA

$

30,386

 

$

38

 

 

$

37,850

 

$

53

 

% Change period over period

 

(19.7

) %

 

(28.3

) %

 

 

(7.1

) %

 

(5.4

) %

(in thousands, except per WSEE per month)

Year Ended December 31,

2021

 

2020

 

Per WSEE

 

 

Per WSEE

 

 

 

 

 

 

Net income

$

124,080

 

$

41

 

 

$

138,237

 

$

49

 

Income tax expense

 

44,238

 

 

15

 

 

 

51,033

 

 

19

 

Interest expense

 

7,458

 

 

2

 

 

 

8,016

 

 

3

 

Depreciation and amortization

 

38,547

 

 

13

 

 

 

31,189

 

 

11

 

EBITDA

 

214,323

 

 

71

 

 

 

228,475

 

 

82

 

Stock-based compensation

 

40,623

 

 

14

 

 

 

60,145

 

 

21

 

Adjusted EBITDA

$

254,946

 

$

85

 

 

$

288,620

 

$

103

 

% Change year over year

 

(11.7

) %

 

(17.5

) %

 

 

15.4

%

 

17.0

%

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

 

Three Months Ended

Dec. 31,

 

Year Ended Dec. 31,

(in thousands)

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

Net income

$

9,708

 

$

4,285

 

 

$

124,080

 

$

138,237

 

Non-GAAP adjustments:

 

 

 

 

 

Stock-based compensation

 

4,658

 

 

22,035

 

 

 

40,623

 

 

60,145

 

Tax effect

 

(1,191

)

 

(6,934

)

 

 

(10,677

)

 

(17,068

)

Total non-GAAP adjustments, net

 

3,467

 

 

15,101

 

 

 

29,946

 

 

43,077

 

Adjusted net income

$

13,175

 

$

19,386

 

 

$

154,026

 

$

181,314

 

% Change period over period

 

(32.0

) %

 

(14.8

) %

 

 

(15.1

) %

 

7.0

%

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

 

Three Months Ended

Dec. 31,

 

Year Ended

Dec. 31,

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

Diluted EPS

$

0.25

 

$

0.11

 

 

$

3.18

 

$

3.54

 

Non-GAAP adjustments:

 

 

 

 

 

Stock-based compensation

 

0.12

 

 

0.56

 

 

 

1.04

 

 

1.54

 

Impact of dividends exceeding earnings

 

0.01

 

 

 

 

 

 

 

 

Tax effect

 

(0.04

)

 

(0.18

)

 

 

(0.27

)

 

(0.44

)

Total non-GAAP adjustments, net

 

0.09

 

 

0.38

 

 

 

0.77

 

 

1.10

 

Adjusted EPS

$

0.34

 

$

0.49

 

 

$

3.95

 

$

4.64

 

% Change period over period

 

(30.6

) %

 

(14.0

) %

 

 

(14.9

) %

 

11.8

%

The following is a reconciliation of GAAP to non-GAAP financial measures for first quarter and full year 2022 guidance:

 

Q1 2022

 

Full Year 2022

(in millions, except per share amounts)

Guidance

 

Guidance

 

 

 

 

Net income

$54 - $76

 

$112 - $156

Income tax expense

20 - 28

 

41- 57

Interest expense

2

 

8

SaaS implementation amortization

 

1

Depreciation and amortization

10

 

42

EBITDA

86 - 116

 

204 - 264

Stock-based compensation

9

 

47

Adjusted EBITDA

$95 - $125

 

$251 - $311

 

 

 

 

Diluted EPS

$1.39 - $1.95

 

$2.86 - $3.98

Non-GAAP adjustments:

 

 

 

Stock-based compensation

0.23

 

1.21

Tax effect

(0.06)

 

(0.33)

Total non-GAAP adjustments, net

0.17

 

0.88

Adjusted EPS

$1.56 - $2.12

 

$3.74 - $4.86

 

Contacts

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:

Larry Shaffer

SVP of Marketing and Business Development

(281) 312-3020

Media@Insperity.com

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