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Insperity Announces Record First Quarter Results

Published

5 years ago

April 29, 2019

Reading Time: 12 minutes

HOUSTON–(BUSINESS WIRE)–Insperity,
Inc. (NYSE: NSP), a leading provider of human
resources and business performance solutions for America’s best
businesses, today reported results for the first quarter ended Mar. 31,
2019:

Q1 WSEE growth of 15% on strong sales and client retention
Q1 net income and EPS up 53% and 57%, to $76 million and $1.85,
respectively
Q1 adjusted EPS up 40% to $1.98
Q1 adjusted EBITDA up 21% to $101 million

First Quarter Results

First quarter 2019 net income and diluted earnings per share of $76.3
million and $1.85 represented increases of 53% and 57%, respectively,
compared to the first quarter of 2018. Adjusted EPS was $1.98, a 40%
increase over the first quarter of 2018. Adjusted EBITDA increased 21%
over the first quarter of 2018 to $101.4 million.

“Our record first quarter results reflect the strength of our business
model and continued excellent execution of our strategic plan,” said
Paul J. Sarvadi, Insperity chairman and chief executive officer. “These
results further demonstrate the sustainability of our rapid growth and
profitability experienced over the last several years into 2019.”

Revenues increased 14% over the first quarter of 2018 to $1,153.0
million on a 15% increase in the average number of worksite employees
(“WSEEs”) paid per month. The continued double-digit worksite employee
growth was the result of the enrollment of new clients coming off a
successful 2018 fall sales campaign and a high level of client retention
during our heavy first quarter client renewal period. Additionally, we
experienced net hiring in our client base during the first quarter of
2019, although at lower levels than experienced during the first quarter
of 2018.

Gross profit increased 14% over the first quarter of 2018 to $226.7
million, and included favorable workers’ compensation and benefit cost
trends and stronger pricing. Operating expenses increased 5% over the
first quarter of 2018, while adjusted operating expenses increased 12%
to $141.3 million, and included continued investments in our growth,
technology and product and service offerings.

“Worksite employee growth in the mid-teens, combined with effective
management of pricing, direct cost programs and operating costs,
produced adjusted EBITDA and cash flow at record levels,” said Douglas
S. Sharp, senior vice president of finance, chief financial officer and
treasurer. “We ended the first quarter with $141 million of adjusted
cash, up from $129 million at December 31, 2018, after the repurchase of
230,000 shares at a cost of $29 million and the payment of our regular
cash dividend totaling $12 million.”

2019 Guidance

The company also announced its updated guidance for 2019, including the
second quarter of 2019. 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.


	Q2 2019			Full Year 2019

Average WSEEs paid	232,500	—	234,500	238,400	—	242,600
Year-over-year increase	14.0%	—	15.0%	14.0%	—	16.0%

Adjusted EPS	$0.81	—	$0.86	$4.55	—	$4.80
Year-over-year increase	19%	—	26%	21%	—	28%

Adjusted EBITDA (in millions)	$55	—	$58	$276	—	$289
Year-over-year increase	18%	—	24%	15%	—	21%

Definition of Key Metrics

Average WSEEs paid – Determined by calculating the company’s cumulative
worksite employees 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 and costs associated with a one-time tax reform bonus paid
to corporate employees.

Adjusted EBITDA – Represents net income computed in accordance with
GAAP, plus interest expense, income taxes, depreciation and amortization
expense, non-cash stock-based compensation and costs associated with a
one-time tax reform bonus paid to corporate employees.

Insperity will be hosting a conference call today at 10 a.m. ET to
discuss these results, provide guidance for the second quarter and an
update to the full year guidance, and answer questions from investment
analysts. To listen in, call 877-651-0053 and use conference i.d. number
2122429. 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. 2122429. 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 2018 revenues of $3.8
billion, Insperity operates in 74 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;
regulatory and tax developments and possible adverse application of
various federal, state and local regulations;
the ability to secure competitive replacement contracts for health
insurance and workers’ compensation insurance at expiration of current
contracts;
cancellation of client contracts on short notice, or the inability to
renew client contracts or attract new clients;
vulnerability to regional economic factors because of our geographic
market concentration;
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;
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;
our liability for worksite employee payroll, payroll taxes and
benefits costs;
our liability for disclosure of sensitive or private information;
our ability to integrate or realize expected returns on our
acquisitions;
failure of our information technology systems;
an adverse final judgment or settlement of claims against Insperity;
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. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands)	March 31, 2019			December 31, 2018

Assets
Cash and cash equivalents	$	398,936		$	326,773
Restricted cash	44,705			42,227
Marketable securities	53,599			60,781
Accounts receivable, net	421,297			400,623
Prepaid insurance	24,928			8,411
Other current assets	36,616			27,721
Total current assets	980,081			866,536
Property and equipment, net	116,131			117,213
Right of use leased assets	50,259			—
Prepaid health insurance	9,000			9,000
Deposits	177,105			172,674
Goodwill and other intangible assets, net	12,723			12,726
Deferred income taxes, net	145			8,816
Other assets	5,534			4,851
Total assets	$	1,350,978		$	1,191,816

Liabilities and stockholders’ equity
Accounts payable	$	7,854		$	10,622
Payroll taxes and other payroll deductions payable	308,062			261,166
Accrued worksite employee payroll cost	363,862			329,979
Accrued health insurance costs	45,832			35,153
Accrued workers’ compensation costs	47,973			45,818
Accrued corporate payroll and commissions	27,562			60,704
Other accrued liabilities	49,244			28,890
Total current liabilities	850,389			772,332
Accrued workers’ compensation cost, net of current	186,624			187,412
Long-term debt	144,400			144,400
Operating lease liabilities, net of current	50,371			—
Other accrued liabilities, net of current	—			9,996
Total noncurrent liabilities	381,395			341,808
Stockholders’ equity:
Common stock	555			555
Additional paid-in capital	33,833			36,752
Treasury stock, at cost	(376,097		)	(357,569		)
Retained earnings	460,903			397,938
Total stockholders’ equity	119,194			77,676
Total liabilities and stockholders’ equity	$	1,350,978		$	1,191,816


Insperity, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended March 31,
(in thousands, except per share amounts)	2019			2018			Change
Operating results:
Revenues⁽¹⁾	$	1,153,010		$	1,014,372		13.7	%
Payroll taxes, benefits and workers’ compensation costs	926,293			814,652			13.7	%
Gross profit	226,717			199,720			13.5	%
Salaries, wages and payroll taxes	83,380			87,186			(4.4	)%
Stock-based compensation	6,040			3,135			92.7	%
Commissions	6,952			6,066			14.6	%
Advertising	5,031			3,565			41.1	%
General and administrative expenses	33,162			29,852			11.1	%
Depreciation and amortization	6,691			5,213			28.4	%
Total operating expenses	141,256			135,017			4.6	%
Operating income	85,461			64,703			32.1	%
Other income (expense):
Interest income	3,245			1,456			122.9	%
Interest expense	(1,681		)	(1,070		)	57.1	%
Income before income tax expense	87,025			65,089			33.7	%
Income tax expense	10,736			15,098			(28.9	)%
Net income	$	76,289		$	49,991		52.6	%
Less distributed and undistributed earnings allocated to participating securities	(1,031		)	(585		)	76.2	%
Net income allocated to common shares	$	75,258		$	49,406		52.3	%

Net income per share of common stock
Basic	$	1.86		$	1.20		55.0	%
Diluted	$	1.85		$	1.18		56.8	%

____________________________________
⁽¹⁾		Revenues are comprised of gross billings less WSEE payroll costs as follows:


	Three Months Ended March 31,
(in thousands)	2019		2018

Gross billings	$	6,871,670	$	5,923,356
Less: WSEE payroll cost	5,718,660		4,908,984
Revenues	$	1,153,010	$	1,014,372


Insperity, Inc. KEY FINANCIAL AND STATISTICAL DATA (Unaudited)

	Three Months Ended March 31,
	2019		2018		Change

Average WSEEs paid	225,525		195,683		15.3	%
Statistical data (per WSEE per month):
Revenues⁽¹⁾	$	1,704	$	1,728	(1.4	)%
Gross profit	335		340		(1.5	)%
Operating expenses	209		230		(9.1	)%
Operating income	126		110		14.5	%
Net income	113		85		32.9	%

____________________________________
⁽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 March 31,
(per WSEE per month)	2019		2018
Gross billings	$	10,157	$	10,090
Less: WSEE payroll cost	8,453		8,362
Revenues	$	1,704	$	1,728

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 period, 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 operating expense	Represents operating expenses excluding the impact of the following: • costs associated with a one-time tax reform bonus paid to corporate employees.

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, and • costs associated with a one-time tax reform bonus paid to corporate employees.

Adjusted Net Income	Represents net income computed in accordance with GAAP, excluding: • non-cash stock based compensation, and • costs associated with a one-time tax reform bonus paid to corporate employees.

Adjusted EPS	Represents diluted net income per share computed in accordance with GAAP, excluding: • non-cash stock based compensation, and • costs associated with a one-time tax reform bonus paid to corporate employees.

Following is a reconciliation of payroll cost (GAAP) to non-bonus
payroll costs (non-GAAP):


	Three Months Ended March 31,
(in thousands, except per WSEE per month)	2019						2018
(in thousands, except per WSEE per month)	$			WSEE			$			WSEE

Payroll cost	$	5,718,660		$	8,453		$	4,908,984		$	8,362
Less: Bonus payroll cost	990,578			1,465			830,861			1,415
Non-bonus payroll cost	$	4,728,082		$	6,988		$	4,078,123		$	6,947
% Change period over period	15.9		%	0.6		%	15.9		%	3.3		%

Following is a reconciliation of cash, cash equivalents and marketable
securities (GAAP) to adjusted cash, cash equivalents and marketable
securities (non-GAAP):


(in thousands)	March 31, 2019		December 31, 2018

Cash, cash equivalents and marketable securities	$	452,535	$	387,554
Less:
Amounts payable for withheld federal and state income taxes,
employment taxes and other payroll deductions	279,641		224,487
Client prepayments	32,388		34,177
Adjusted cash, cash equivalents and marketable securities	$	140,506	$	128,890

Following is a reconciliation of operating expenses (GAAP) to adjusted
operating expenses (non-GAAP):


	Three Months Ended March 31,
(in thousands, except per WSEE per month)	2019						2018
(in thousands, except per WSEE per month)	$			WSEE			$			WSEE

Operating expenses	$	141,256		$	209		$	135,017		$	230
Less:
One-time tax reform bonus	—			—			9,306			16
Adjusted operating expenses	$	141,256		$	209		$	125,711		$	214
% Change period over period	12.4		%	(2.3		)%	18.8		%	5.9		%

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


	Three Months Ended March 31,
(in thousands, except per WSEE per month)	2019						2018
(in thousands, except per WSEE per month)	$			WSEE			$			WSEE

Net income	$	76,289		$	113		$	49,991		$	85
Income tax expense	10,736			16			15,098			26
Interest expense	1,681			2			1,070			2
Depreciation and amortization	6,691			10			5,213			9
EBITDA	95,397			141			71,372			122
Stock-based compensation	6,040			9			3,135			5
One-time tax reform bonus	—			—			9,306			16
Adjusted EBITDA	$	101,437		$	150		$	83,813		$	143
% Change period over period	21.0		%	4.9		%	33.6		%	19.2		%

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


	Three Months Ended March 31,
(in thousands)	2019			2018

Net income	$	76,289		$	49,991
Non-GAAP adjustments:
Stock-based compensation	6,040			3,135
One-time tax reform bonus	—			9,306
Total non-GAAP adjustments	6,040			12,441
Tax effect	(745		)	(2,886		)
Adjusted net income	$	81,584		$	59,546
% Change period over period	37.0		%	54.1		%

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


	Three Months Ended March 31,
	2019			2018

Diluted EPS	$	1.85		$	1.18
Non-GAAP adjustments:
Stock-based compensation	0.15			0.07
One-time tax reform bonus	—			0.22
Total non-GAAP adjustments	0.15			0.29
Tax effect	(0.02		)	(0.06		)
Adjusted EPS	$	1.98		$	1.41
% Change period over period	40.4		%	53.3		%

The following is a reconciliation of GAAP to non-GAAP financial measures
for second quarter and full year 2019 guidance:


(in millions, except per share amounts)	Q2 2019 Guidance		Full Year 2019 Guidance

Net income	$28 – $30		$167 – $178
Income tax expense	11 – 12		48 – 50
Interest expense	2		7
Depreciation and amortization	7		28
EBITDA	48 – 51		250 – 263
Stock-based compensation	7		26
Adjusted EBITDA	$55 – $58		$276 – $289

Diluted net income per share of common stock	$0.68 – $0.73		$4.06 – $4.31
Non-GAAP adjustments:
Stock-based compensation	0.18		0.63
Total non-GAAP adjustments	0.18		0.63
Tax effect	(0.05	)	(0.14	)
Adjusted EPS	$0.81 – $0.86		$4.55 – $4.80

Contacts

Investor Relations Contact:
Douglas S. Sharp
Senior
Vice President of Finance,
Chief Financial Officer and Treasurer
(281)
348-3232
[email protected]

News Media Contact:
Suzanne Haugen
Public
Relations Manager
(281) 312-3543
[email protected]

Cannabis

Cannabis Concentrate Market to Cross US$2.4 Billion by 2030 amid Rising Medical and Recreational Demand

Published

15 hours ago

April 18, 2024

GlobeNewswire

transfer

IMC to transfer its Oranim Pharmacy shares back to the seller

Published

3 days ago

April 16, 2024

CISION (PR Newswire)

imc-to-transfer-its-oranim-pharmacy-shares-back-to-the-seller

TORONTO and GLIL YAM, Israel, April 16, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IMC“), a leading medical cannabis company with operations in Israel and Germany, is announcing that, further to the news release dated January 12, 2024, the Company has decided not to make remaining installment payments installments (i.e. NIS 5,873K including interest or 2,154K CAD) by IMC Holdings Ltd., and as such will transfer the 51% shares held by IMC Holdings Ltd back to the seller.

“With the April 1^st cannabis legalization in Germany, we are focusing our resources on the German market, where we expect to see the biggest growth potential,” said Oren Shuster, CEO of IMC. “With both of our core markets, Germany and Israel, currently undergoing rapid evolution, we need to assure that we allocate our resources to the growth opportunities where we expect the best return on investment.”

About IM Cannabis Corp.

IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC’s products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult-use market in Canada. The Company has exited operations in Canada and considers these operations discontinued.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, the occurrence of growth opportunities and the likelihood of growth potential.

Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the development and introduction of new products; continuing demand for medical and adult-use recreational cannabis in the markets in which the Company operates; the Company’s ability to reach patients through both e-commerce and brick and mortar retail operations; the Company’s ability to maintain and renew or obtain required licenses; the effectiveness of its products for medical cannabis patients and recreational consumers; and the Company’s ability to market its brands and services successfully to its anticipated customers and medical cannabis patients.

The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward looking statements due to a number of factors and risks. These include: any failure of the Company to maintain “de facto” control over Focus Medical in accordance with IFRS 10; the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the effect of the reform on the Company; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group”) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East

Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made.

The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Company Contacts:

Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]

Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
[email protected]

Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg

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