Insperity, Inc. (NSP) Bundle
An Overview of Insperity, Inc. (NSP)
General Summary of Insperity, Inc. (NSP)
Insperity, Inc., founded in 1986, is a leading provider of human resources and business solutions, primarily through its professional employer organization (PEO) services. The company offers a range of services including payroll processing, employee benefits, workers' compensation, and compliance assistance. Insperity operates through its Workforce Optimization® and Workforce Synchronization™ solutions, establishing a co-employment relationship with its clients to enhance their operational efficiency.
As of 2024, Insperity has reported sales of approximately $5.0 billion, representing a 1% increase compared to the previous year. The company serves a diverse clientele, focusing on small to medium-sized businesses across the United States.
Company's Financial Performance
In the third quarter of 2024, Insperity reported revenues of $1.56 billion, a 1% increase from $1.55 billion in Q3 2023. For the first nine months of 2024, total revenues reached $4.97 billion, also a 1% increase from $4.91 billion in the same period of 2023.
However, the company faced challenges with a decrease in net income, which fell to $3 million in Q3 2024, a decrease of 93% compared to $45 million in Q3 2023. Diluted earnings per share (EPS) decreased to $0.07 from $1.16, reflecting a 94% decline.
For the first nine months of 2024, net income totaled $100 million, down 34% from $152 million in 2023. Adjusted EBITDA for the same period decreased by 17% to $247 million from $298 million.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) | YTD 2024 | YTD 2023 | Change (%) |
|---|---|---|---|---|---|---|
| Revenues | $1.56 billion | $1.55 billion | 1% | $4.97 billion | $4.91 billion | 1% |
| Net Income | $3 million | $45 million | (93%) | $100 million | $152 million | (34%) |
| Diluted EPS | $0.07 | $1.16 | (94%) | $2.63 | $3.94 | (33%) |
| Adjusted EBITDA | $39 million | $95 million | (59%) | $247 million | $298 million | (17%) |
Introduction to Insperity as a Leader in the Industry
Insperity is recognized as one of the leading companies in the HR outsourcing industry, primarily due to its comprehensive PEO services that cater to a diverse range of businesses. The company has established a robust reputation for enhancing client performance through tailored HR solutions, which are critical for small to medium-sized enterprises looking to optimize their workforce management.
With a focus on innovation and client satisfaction, Insperity continues to expand its market share and adapt to changing business needs, positioning itself as a strategic partner for organizations seeking to enhance their operational efficiency. To explore further insights into Insperity's success and market strategies, detailed sections follow.
Mission Statement of Insperity, Inc. (NSP)
Mission Statement of Insperity, Inc. (NSP)
Insperity, Inc. is committed to providing an array of human resources and business solutions designed to improve business performance, primarily through its professional employer organization (PEO) services. The mission statement emphasizes the company's goal to help small and medium-sized businesses thrive by offering comprehensive HCM (Human Capital Management) solutions.
Core Component 1: Enhancing Business Performance
Insperity's mission focuses on enhancing business performance for its clients. The company achieves this through tailored services that include payroll processing, employee benefits administration, and compliance assistance. For instance, in the third quarter of 2024, Insperity reported revenues of $1.56 billion, marking a 1% increase from the previous year. This growth underscores Insperity's effectiveness in providing value to its clients, thereby enhancing their operational efficiency.
Core Component 2: Comprehensive HR Solutions
The second core component is the provision of comprehensive HR solutions. Insperity's offerings encompass various HR functions, including performance management and training. As of September 30, 2024, the average number of worksite employees (WSEEs) paid per month was 309,088, a slight decrease of 2% compared to the prior year. Despite this decline, the company continues to refine its service offerings to meet the evolving needs of its clients.
Core Component 3: Commitment to Client Success
The final component of Insperity's mission statement is a strong commitment to client success. This dedication is reflected in the company's focus on client satisfaction and retention. The adjusted net income for the first nine months of 2024 was $134 million, representing a decrease of 27% compared to the same period in the previous year. However, Insperity's ability to maintain a substantial client base demonstrates its commitment to delivering quality services.
| Metric | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Revenues | $1.561 billion | $1.551 billion | 1% |
| Net Income | $3 million | $45 million | (93)% |
| Average WSEEs Paid | 309,088 | 315,340 | (2)% |
| Adjusted Net Income | $15 million | $55 million | (73)% |
Vision Statement of Insperity, Inc. (NSP)
Vision Statement Overview
Insperity, Inc. (NSP) focuses on helping businesses succeed by providing comprehensive human resources solutions. The vision statement emphasizes the commitment to enhance business performance through tailored HR services.
Commitment to Excellence
The vision of Insperity includes a strong commitment to excellence in service delivery. As of 2024, the average revenue per Worksite Employee (WSEE) per month is reported at $1,683, reflecting a 3% increase from the previous year. This growth is indicative of Insperity's dedication to enhancing service quality and customer satisfaction.
Client-Centric Approach
Insperity's vision also highlights a client-centric approach, prioritizing the needs of small to medium-sized businesses. In the third quarter of 2024, Insperity reported revenues of $1.56 billion, marking a 1% increase compared to the same period in 2023. The company aims to foster strong partnerships with its clients, ensuring tailored solutions that address specific business challenges.
Innovation in HR Solutions
As part of its vision, Insperity aims to lead in innovation within the HR solutions sector. The company has invested significantly in technology, with general and administrative expenses increasing 27% to $167 million in the first nine months of 2024. This investment underscores the importance of innovative solutions in maintaining competitive advantage and delivering value to clients.
Employee Empowerment
Insperity's vision includes a focus on employee empowerment and development. The company reported an increase in salaries and wages, totaling $393 million in the first nine months of 2024, reflecting a 13% rise from the previous year. By investing in its workforce, Insperity aims to enhance service delivery and foster a culture of excellence.
Sustainability and Ethical Practices
Insperity is committed to maintaining sustainable and ethical business practices as part of its vision. This commitment is reflected in the company's operational strategies and community engagement initiatives. In 2024, Insperity has emphasized transparency and responsible management, aiming to build trust with clients and stakeholders alike.
| Key Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue ($ billion) | 1.56 | 1.55 | 1 |
| Gross Profit ($ million) | 229 | 258 | (11) |
| Operating Expenses ($ million) | 228 | 199 | 15 |
| Net Income ($ million) | 3 | 45 | (93) |
| Average WSEEs Paid | 309,088 | 315,340 | (2) |
Community Engagement
Another component of Insperity’s vision is community engagement and corporate social responsibility. The company actively participates in local initiatives and supports various charitable organizations, reflecting its commitment to the communities it serves.
Core Values of Insperity, Inc. (NSP)
Integrity
Integrity is a foundational core value for Insperity, Inc. (NSP), emphasizing honesty and ethical behavior in all aspects of business operations.
In 2024, Insperity demonstrated its commitment to integrity through the implementation of rigorous compliance training programs for employees, ensuring adherence to ethical standards. The company reported a 100% completion rate for these training sessions among its staff, reinforcing its culture of transparency and accountability.
Service Excellence
Service excellence reflects Insperity's commitment to providing exceptional service to clients and their employees.
As of Q3 2024, Insperity achieved a client satisfaction score of 92%, indicating a strong commitment to delivering high-quality HR services. The company also launched a new client onboarding program that reduced the onboarding process time by 30%, enhancing the overall client experience.
| Program/Initiative | Impact | Client Satisfaction Score |
|---|---|---|
| Client Onboarding Program | 30% reduction in onboarding time | 92% |
| Customer Support Training | Increased resolution rate to 95% | 91% |
Innovation
Innovation is a core value that drives Insperity to continuously improve its services and solutions.
In 2024, Insperity invested $15 million in technology upgrades, including enhancements to its Insperity Premier™ platform, which resulted in a 25% increase in user engagement across its digital services. The company also introduced AI-driven analytics tools that helped clients optimize their HR processes.
Teamwork
Teamwork emphasizes collaboration and unity among employees to achieve common goals.
Insperity fostered teamwork through cross-departmental initiatives that led to a 20% increase in project completion rates in 2024. The company also hosted quarterly team-building events that improved employee morale and cohesion, with a reported 85% participation rate among staff.
Respect
Respect is integral to Insperity's workplace culture, promoting diversity and inclusion.
In 2024, Insperity launched a diversity and inclusion program that resulted in a 15% increase in diverse hires within the company. The initiative included workshops and outreach programs aimed at fostering an inclusive environment, with 90% of employees reporting a positive perception of the company’s efforts in this area.
Commitment to Community
Insperity's commitment to community underscores its responsibility to give back and support local initiatives.
In 2024, Insperity contributed over $1 million to various community programs and charities. The company also encouraged employee volunteerism, resulting in 5,000 volunteer hours logged by employees in local community service projects.
Overall Commitment
Insperity's core values are integral to its identity and operations, guiding its actions and decisions as a leader in the HR outsourcing industry. The company's dedication to integrity, service excellence, innovation, teamwork, respect, and community commitment positions it as a trusted partner for its clients and a responsible corporate citizen.
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Article updated on 8 Nov 2024
Resources:
- Insperity, Inc. (NSP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Insperity, Inc. (NSP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Insperity, Inc. (NSP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.