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Sep 30, 2023
Insperity Q3 2023 Earnings Report
Insperity's financial performance rebounded strongly, with revenue and average WSEEs paid increasing. Net income and adjusted EPS also saw significant growth.
Key Takeaways
Insperity reported strong Q3 2023 results, with revenues up 7.8% to $1.6 billion and a 4.0% increase in average worksite employees (WSEEs) paid. Net income rose by 18% to $44.3 million, and adjusted EPS increased by 18.7% to $1.46. The company also updated its 2023 guidance, projecting continued growth.
Q3 average number of WSEEs paid and revenues up 4% and 8%, respectively
Q3 net income and diluted EPS up 18% to $44.3 million and $1.16, respectively
Q3 adjusted EBITDA up 18% to $94.3 million; adjusted EPS up 19% to $1.46
Return to shareholders of $194.4 million in YTD period through the repurchase of 1,259,000 shares at a cost of $131.4 million and $63.0 million in cash dividends
Forward Guidance
Insperity provided updated guidance for Q4 2023 and full year 2023.
Positive Outlook
- Q4 Average WSEEs paid: 316,750—318,250
- Q4 Year-over-year increase: 3.0%—3.5%
- Q4 Adjusted EPS: $0.44—$0.82
- Q4 Adjusted EBITDA (in millions): $43—$63
- Full Year Adjusted EBITDA (in millions): $340—$360
Challenges Ahead
- Q4 Year-over-year decrease Adjusted EPS: (64%)—(32%)
- Q4 Adjusted EBITDA Year-over-year increase (decrease): (45%)—(20%)
- Full Year 2023Average WSEEs paid: 312,600—312,800
- Full Year Adjusted EPS: $5.20—$5.60
- Full Year Adjusted EBITDA Year-over-year increase (decrease): (3%)—2%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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