Insperity Files 2024 10-K, Details Financials

Ticker: NSP · Form: 10-K · Filed: Feb 11, 2025 · CIK: 1000753

Insperity, Inc. 10-K Filing Summary
FieldDetail
CompanyInsperity, Inc. (NSP)
Form Type10-K
Filed DateFeb 11, 2025
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, financials, human-resources

TL;DR

Insperity dropped its 2024 10-K. Financials look solid.

AI Summary

Insperity, Inc. filed its 2024 10-K on February 11, 2025, detailing its financial performance for the fiscal year ending December 31, 2024. The company, formerly known as AdminiStaff Inc., operates in the human resources and payroll services sector. The filing provides financial data for the years 2021 through 2024, including details on common stock, additional paid-in capital, treasury stock, and retained earnings.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Insperity's financial health and operational performance for the 2024 fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

  • 2024 — Fiscal Year (The period covered by the 10-K filing.)
  • 2023 — Previous Fiscal Year (For comparative financial analysis.)
  • 2022 — Prior Fiscal Year (For trend analysis.)
  • 2021 — Earlier Fiscal Year (To establish longer-term financial trends.)

Key Players & Entities

  • INSPERITY, INC. (company) — Filer of the 10-K
  • ADMINISTAFF INC (company) — Former name of Insperity, Inc.
  • 2024-12-31 (date) — Fiscal year end date
  • 2025-02-11 (date) — Filing date

FAQ

What is the primary business of Insperity, Inc.?

Insperity, Inc. operates in the Services-Help Supply Services sector, specifically providing human resources and related services.

When was the 10-K filing for the fiscal year 2024 submitted?

The 10-K filing for the fiscal year ending December 31, 2024, was filed on February 11, 2025.

What was Insperity, Inc. formerly known as?

Insperity, Inc. was formerly known as AdminiStaff Inc.

What are the key financial components detailed in the filing for the years 2021-2024?

The filing details components such as Common Stock, Additional Paid-In Capital, Treasury Stock, and Retained Earnings for the fiscal years 2021 through 2024.

Where is Insperity, Inc. headquartered?

Insperity, Inc. is headquartered at 19001 Crescent Springs Dr, Kingwood, TX 77339.

Filing Stats: 4,338 words · 17 min read · ~14 pages · Grade level 17.4 · Accepted 2025-02-10 21:01:14

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value per share NSP New York Stock

Filing Documents

Risk Factors

Item 1A. Risk Factors 18

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 30

Cybersecurity

Item 1C. Cybersecurity 30

Properties

Item 2. Properties 32

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34 Item S-K 401(b). Executive Officers of the Registrant 35 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

[Reserved]

Item 6. [Reserved] 37

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 55

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56

Controls and Procedures

Item 9A. Controls and Procedures 56

Other Information

Item 9B. Other Information 56

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 56 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 57

Executive Compensation

Item 11. Executive Compensation 57

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 57

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 57 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 58

Form 10-K Summary

Item 16. Form 10-K Summary 61

BUSINESS

BUSINESS PART I Unless otherwise indicated, "Insperity," "we," "our" and "us" are used in this annual report to refer to Insperity, Inc. and its consolidated subsidiaries. This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). 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. 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 in this annual report, or elsewhere, could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are the risks and uncertainties discussed in this annual report, including, with

Business

Item 1. Business. General We provide an array of human resources ("HR") and business solutions designed to help improve business performance. Since our formation in 1986, we have evolved from being solely a professional employer organization ("PEO"), an industry we pioneered, to our current position as a comprehensive business performance solutions provider. Our long-term strategy is to provide the best small and medium-sized businesses in the United States with our specialized human resources service offerings and to leverage our buying power and expertise to provide additional valuable services to clients. Our most comprehensive HR services offerings are provided through our Workforce Optimization and Workforce Synchronization TM solutions (together, our "PEO HR Outsourcing Solutions"), which encompass a broad range of human resources functions, including payroll and employment administration, employee benefits, workers' compensation, government compliance, performance management, and training and development services, along with our cloud-based human capital management platform, our Insperity Premier TM platform. Workforce Optimization is our most comprehensive HR outsourcing solution and is our primary offering. Workforce Synchronization, which generally is offered only to our middle market client segment, is a lower cost offering with a typically longer commitment that includes the same compliance and administrative services as Workforce Optimization and allows those clients to select, for an additional fee, from the strategic HR products and services that are included with Workforce Optimization. In addition to our PEO HR Outsourcing Solutions, we offer a comprehensive traditional payroll and human capital management solution, known as our Workforce Acceleration TM solution. We also offer a number of other business performance solutions, including Recruiting Services, Employment Screening, Retirement Services, and Insurance Services. These other products a

BUSINESS

BUSINESS We accomplish the objectives of our PEO HR Outsourcing Solutions through a "high-touch/high-tech" approach to service delivery. In advisory areas, such as recruiting, employee performance management and employee training, we employ a high-touch approach designed to ensure that our clients receive the personal attention and expertise needed to create a customized human resources solution. We utilize a variety of information technology capabilities to deliver our PEO HR Outsourcing Solutions, including Insperity Premier through which we, along with our clients and WSEEs, manage employee administration, payroll, payroll tax, benefits, retirement solutions and other HR-related information, creating efficiencies for all parties. As of December 31, 2024, we had 83 physical office locations in 48 markets. To take advantage of economic efficiencies, multiple sales offices may share a physical location. In addition, we had four regional service centers along with human resources and client service personnel located in a majority of our 48 sales markets, which serviced an average of 309,093 WSEEs per month in the fourth quarter of 2024 . Our service centers coordinate PEO HR Outsourcing Solutions for clients on a regional basis and localized face-to-face human resources services. We were organized as a corporation in 1986. Our principal executive offices are located at 19001 Crescent Springs Drive, Kingwood, Texas 77339. Our telephone number at that address is (281) 358-8986, and our website address is www.insperity.com. Our stock is traded on the New York Stock Exchange under the symbol "NSP." We file or furnish periodic reports with the Securities and Exchange Commission ("SEC"), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Through the investor relations section of our website, we ma

BUSINESS

BUSINESS governmental entities for the establishment of a regulatory framework that protects clients and employees, discourages unscrupulous and financially unsound PEOs, and promotes further development of the industry. Currently, 42 states have enacted legislation either recognizing PEOs or requiring licensing, registration, or certification, and several others are considering such regulation. Such laws vary from state to state but generally provide for monitoring the fiscal responsibility of PEOs. State regulation assists in screening insufficiently capitalized PEO operations and helps to resolve interpretive issues concerning employer/employee status for specific purposes under applicable state law. We have actively supported such regulatory efforts and are currently recognized, licensed, registered, certified or pursuing registration in all of these states. The cost of compliance with these regulations is not material to our financial position or results of operations. The Small Business Efficiency Act ("SBEA") created a federal regulatory framework for the payment of wages to WSEEs and the reporting and remittance of federal payroll taxes on those wages paid by PEOs certified under the Internal Revenue Code as meeting certain requirements ("CPEOs"). We actively supported the enactment of this law. The SBEA clarified that a CPEO, rather than the client, is treated as the employer for purposes of reporting and remitting payroll taxes. It also clarified that a CPEO is treated as a successor employer for purposes of the wage base of WSEEs on which federal payroll taxes are applied. In addition, the law clarified that clients of a CPEO remain eligible for specified tax credits for which they would have been eligible absent the CPEO relationship. Following the establishment of the voluntary certification program by the Internal Revenue Service of the United States ("IRS") and Treasury Department, our PEO subsidiary, Insperity PEO Services, L.P., received its desi

BUSINESS

BUSINESS Internal Revenue Code (the "Code") Occupational Safety and Health Act (OSHA) Federal Income Contribution Act (FICA) Worker Adjustment and Retraining Notification Act (WARN) Federal Unemployment Tax Act (FUTA) Uniformed Services Employment and Reemployment Rights Act (USERRA) Fair Labor Standards Act (FLSA) State unemployment and employment security laws Employee Retirement Income Security Act, as amended (ERISA) State workers' compensation laws Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) Health Care and Education Reconciliation Act of 2010 (the "Reconciliation Act") Immigration Reform and Control Act (IRCA) Patient Protection and Affordable Care Act (PPACA) Title VII (Civil Rights Act of 1964) State and local law equivalents of the foregoing Health Insurance Portability and Accountability Act (HIPAA) The Families First Coronavirus Response Act (FFCRA) Age Discrimination in Employment Act (ADEA) The Coronavirus Aid, Relief and Economic Security Act, also known as the CARES Act Americans with Disabilities Act (ADA) The Consolidated Appropriations Act, 2021 (CAA) The Family and Medical Leave Act (FMLA) The American Rescue Plan Act of 2021 (ARPA) Genetic Information Nondiscrimination Act of 2008 Paycheck Protection Program and Healthcare Enhancement Act (PPP) Drug-Free Workplace Act SECURE 2.0 Act of 2022, as part of The Consolidated Appropriations Act, 2023 These laws and regulations are complex, and in some instances overlapping. We assist our PEO HR Outsourcing Solutions clients in complying with these laws and regulations by providing services in the categories set forth below: Administrative Functions . Administrative functions encompass a wide variety of processing and recordkeeping tasks, mostly related to payroll administration and regulatory compliance. Specific examples include: payroll processing payroll tax deposits payroll tax reporting employee file maintenance unemployment claims processing workers' comp

BUSINESS

BUSINESS an educational assistance program an adoption assistance program group term life insurance accidental death and dismemberment insurance critical illness and accident insurance The group health plan includes medical, dental, vision and prescription drug coverage. All benefit plans are provided to eligible employees based on the specific eligibility provisions of each plan. We are the policyholder responsible for the costs and premiums associated with any group insurance policies that provide benefits under these plans, and we act as plan sponsor and administrator of the plans. We negotiate the terms and costs of the plans, maintain the plans in accordance with applicable federal and state regulations and serve as liaison for the delivery of these benefits to WSEEs and corporate employees. COBRA coverage is extended to eligible terminated WSEEs and other eligible individuals in accordance with applicable law. We believe that the variety and comprehensive nature of our benefit plan offerings are generally not available to employees in our small and medium-sized business target market and allow our clients to compete with the type and level of benefits usually offered only by companies with a larger group of employees. As a result, we believe the availability of these benefit plans provides our clients with a competitive advantage that small and medium-sized businesses are typically unable to attain on their own. Insperity Premier. Insperity Premier is our cloud-based human capital management platform for our PEO HR Outsourcing Solutions and is available to our clients with minimal implementation effort. It is designed to provide our service providers with insight into client and WSEE HR information to better support their needs. Insperity Premier provides role-based access to a wide range of human capital management functions, along with personalized content to the managers, owners and WSEEs of our PEO HR Outsourcing Solutions clients, including: For

BUSINESS

BUSINESS e-learning web-based training links to benefits providers and other key vendors performance management tools including self-reviews and review history, if offered by client ability to submit time and attendance information, absences, and paid time off requests, if offered by client mobile access to perform a wide range of employee-specific activities such as reporting time and attendance and paid time off, view pay stubs, insurance coverage and ID cards, view 401(k) balances and other commonly accessed data People Management . In addition to the services we deliver through Insperity Premier, we provide a wide variety of human capital management services that give our clients access to HR advisors and additional resources normally found only in the human resources departments of large companies. All PEO HR Outsourcing Solutions clients have access to our advice concerning personnel policies and practices, including recruiting, discipline, and termination procedures. Other human capital management services we provide include: drafting and reviewing personnel policies and employee handbooks designing job descriptions performing prospective employee screening and background investigations designing performance appraisal processes and tools professional development and issues-oriented training diversity, equity and inclusion training employee coaching and counseling substance abuse awareness training outplacement services compensation guidance Employer Liability Management . Under the CSA, we assume many of the employment-related responsibilities associated with the administrative functions, benefit plans administration, and human capital management services we provide. For many of those employment-related responsibilities that are the responsibility of the client or of both the client and us, we may assist our clients in managing and limiting liability. This assistance may include safety-related risk management reviews as well as the implement

BUSINESS

BUSINESS Other Product and Services Offerings We offer other product and services offerings on a stand-alone basis and to our PEO HR Outsourcing Solutions clients. We also strive to leverage our relationships with our customers to enable cross-selling of our various products and services. Following are the key components of our other products and ser

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