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Jun 30, 2023
Insperity Q2 2023 Earnings Report
Insperity's financial performance decreased in Q2 2023 due to higher healthcare costs, despite revenue growth and strong execution in key drivers.
Key Takeaways
Insperity reported a decrease in net income and adjusted EBITDA for Q2 2023, primarily due to substantially higher-than-expected benefits costs. However, the average number of WSEEs paid and revenues increased, reflecting strong execution in sales, pricing, client service, and retention.
Average number of WSEEs paid increased by 7.2% year-over-year.
Revenues increased by 10.7% year-over-year.
Net income and diluted EPS decreased by 62% year-over-year.
Adjusted EBITDA decreased by 32.2% year-over-year.
Forward Guidance
Insperity updated its guidance for 2023, reflecting the potential impact of elevated healthcare costs on future performance.
Positive Outlook
- Q3 2023 Average WSEEs paid between 315,500 and 317,000
- Q3 2023 Adjusted EPS between $0.69 and $1.14
- Q3 2023 Adjusted EBITDA between $57 million and $81 million
- Full Year 2023 Average WSEEs paid between 314,200 and 315,600
- Full Year 2023 Adjusted EPS between $4.35 and $5.32
Challenges Ahead
- Q3 2023 Adjusted EPS year-over-year decrease between (44%) and (7%)
- Q3 2023 Adjusted EBITDA year-over-year change between (29%) and 1%
- Full Year 2023 Adjusted EPS year-over-year decrease between (22%) and (5%)
- Full Year 2023 Adjusted EBITDA year-over-year change between (15%) and (1%)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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