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Insperity, Inc. (NSP - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed.
Adjusted earnings (excluding 22 cents from non-recurring items) of $1.21 per share outpaced the Zacks Consensus Estimate by 33% and rose more than 100% year over year.
Revenues of $1.49 billion missed the Zacks Consensus Estimate by 1% but increased 15.4% year over year. The upside was backed by a 14.3% increase in paid worksite employee (WSEE).
The average number of worksite employees paid per month, 307,506, increased 14.3% year over year.
Gross profit grew 41.3% year over year to $241 million. The uptick was backed by a 14.3% increase in paid WSEEs and a 23.7% increase in gross profit per WSEE per month.
Operating expenses increased 22% year over year to $190.2 million. Operating expenses per worksite employee per month rose 6.7% to $206.
Operating income increased more than 100% year over year to $51 million. Operating income per WSEE per month improved more than 100% to $55 million.
Balance Sheet & Cash Flow
Insperity exited fourth-quarter 2022 with adjusted cash, cash equivalents and marketable securities of $765.9 million compared with $562.14 million at the end of the prior quarter. Long-term debt amounted to $369.40 million, flat sequentially.
During the reported quarter, NSP repurchased almost 91,000 shares for $73.3 million and paid out $19.7 million as cash dividends. Capital expenditures totaled $14 million.
Q1 Guidance 2023
Adjusted EBITDA is anticipated to be between $143 million and $153 million. Average WSEEs are expected in the range of 306,500-309,300.
The adjusted EPS guidance for the March quarter is provided between $2.40 and $2.60 per share. However, the Zacks Consensus Estimate is pegged at $2.36 per share.
2023 Guidance
Insperity now projects adjusted earnings in the band of $5.24-$6.30 per share. The current Zacks Consensus Estimate is pegged at $5.15 per share. Adjusted EBITDA is now anticipated in the range of $353-$409 million. Average WSEEs are expected to be 317,000-326,000.
Robert Half International Inc. (RHI - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed.
Quarterly earnings of $1.37 per share beat the Zacks Consensus Estimate by 1.5% but declined 9.3% year over year. Revenues of $1.73 billion missed the Zacks Consensus Estimate by 0.6% and decreased 2.4% year over year.
Automatic Data Processing, Inc. (ADP - Free Report) reported better-than-expected second-quarter fiscal 2023 results.
Adjusted earnings per share of $1.96 beat the Zacks Consensus Estimate by 0.5% and grew 19% from the year-ago fiscal quarter’s reading. Total revenues of $4.4 billion beat the Zacks Consensus Estimate by 0.3% and improved 9.1% from the year-ago fiscal quarter’s reading on a reported basis and 10% on an organic constant-currency basis.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported impressive third-quarter fiscal 2023 results, with both earnings and revenues beating the respective Zacks Consensus Estimate. Quarterly adjusted earnings (excluding 84 cents from non-recurring items) per share of $1.07 beat the Zacks Consensus Estimate by 4.9% and increased 4.9% on a year-over-year basis.
Total revenues of $2.3 billion beat the Zacks Consensus Estimate by 4% and increased 12.1% on a year-over-year basis.
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Insperity (NSP) Q4 Earnings Beat Estimates, Surge Y/Y
Insperity, Inc. (NSP - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed.
Adjusted earnings (excluding 22 cents from non-recurring items) of $1.21 per share outpaced the Zacks Consensus Estimate by 33% and rose more than 100% year over year.
Revenues of $1.49 billion missed the Zacks Consensus Estimate by 1% but increased 15.4% year over year. The upside was backed by a 14.3% increase in paid worksite employee (WSEE).
The average number of worksite employees paid per month, 307,506, increased 14.3% year over year.
Insperity, Inc. Price, Consensus and EPS Surprise
Insperity, Inc. price-consensus-eps-surprise-chart | Insperity, Inc. Quote
Operating Results
Gross profit grew 41.3% year over year to $241 million. The uptick was backed by a 14.3% increase in paid WSEEs and a 23.7% increase in gross profit per WSEE per month.
Operating expenses increased 22% year over year to $190.2 million. Operating expenses per worksite employee per month rose 6.7% to $206.
Operating income increased more than 100% year over year to $51 million. Operating income per WSEE per month improved more than 100% to $55 million.
Balance Sheet & Cash Flow
Insperity exited fourth-quarter 2022 with adjusted cash, cash equivalents and marketable securities of $765.9 million compared with $562.14 million at the end of the prior quarter. Long-term debt amounted to $369.40 million, flat sequentially.
During the reported quarter, NSP repurchased almost 91,000 shares for $73.3 million and paid out $19.7 million as cash dividends. Capital expenditures totaled $14 million.
Q1 Guidance 2023
Adjusted EBITDA is anticipated to be between $143 million and $153 million. Average WSEEs are expected in the range of 306,500-309,300.
The adjusted EPS guidance for the March quarter is provided between $2.40 and $2.60 per share. However, the Zacks Consensus Estimate is pegged at $2.36 per share.
2023 Guidance
Insperity now projects adjusted earnings in the band of $5.24-$6.30 per share. The current Zacks Consensus Estimate is pegged at $5.15 per share.
Adjusted EBITDA is now anticipated in the range of $353-$409 million. Average WSEEs are expected to be 317,000-326,000.
Currently, Insperity carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshots
Robert Half International Inc. (RHI - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed.
Quarterly earnings of $1.37 per share beat the Zacks Consensus Estimate by 1.5% but declined 9.3% year over year. Revenues of $1.73 billion missed the Zacks Consensus Estimate by 0.6% and decreased 2.4% year over year.
Automatic Data Processing, Inc. (ADP - Free Report) reported better-than-expected second-quarter fiscal 2023 results.
Adjusted earnings per share of $1.96 beat the Zacks Consensus Estimate by 0.5% and grew 19% from the year-ago fiscal quarter’s reading. Total revenues of $4.4 billion beat the Zacks Consensus Estimate by 0.3% and improved 9.1% from the year-ago fiscal quarter’s reading on a reported basis and 10% on an organic constant-currency basis.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported impressive third-quarter fiscal 2023 results, with both earnings and revenues beating the respective Zacks Consensus Estimate. Quarterly adjusted earnings (excluding 84 cents from non-recurring items) per share of $1.07 beat the Zacks Consensus Estimate by 4.9% and increased 4.9% on a year-over-year basis.
Total revenues of $2.3 billion beat the Zacks Consensus Estimate by 4% and increased 12.1% on a year-over-year basis.