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Insperity Inc. (NSP-1.99%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The report is available for review filing.
The company reported revenues of $6.6 billion for 2024, a 1% increase from the previous year. This growth was primarily driven by a 3% increase in revenue per worksite employee, partially offset by a 2% decrease in the average number of worksite employees paid.
Gross profit for the year was $1.1 billion, reflecting a 1% increase. The gross profit per worksite employee per month rose by 3%, while operating expenses increased by 14% to $935 million.
Net income for 2024 was $91 million, a decrease of 47% compared to the previous year. Diluted earnings per share also declined by 46% to $2.42.
Insperity ended the year with $1.1 billion in cash, cash equivalents, and marketable securities. The company declared and paid dividends totaling $89 million during the year.
The company continues to focus on its PEO HR Outsourcing Solutions, which provide comprehensive human resources functions to small and medium-sized businesses in the United States.
Insperity's board of directors has authorized a stock repurchase program, under which 516,798 shares were repurchased in 2024. As of December 31, 2024, 1,452,764 shares remained authorized for repurchase under the program.
The company faces various risks, including economic conditions affecting its small and medium-sized business clients, regulatory changes, and competition in the HR services industry.
Insperity's management remains committed to maintaining effective internal controls over financial reporting, as evidenced by their assessment and the unqualified opinion from their independent registered public accounting firm.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Insperity Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.