- \n
- \nQ4 average number of WSEEs paid of 309,000 within our expected range<\/p>\n<\/li>\n
- \nQ4 net loss of $9 million; adjusted EBITDA of $23 million<\/p>\n<\/li>\n
- \nQ4 diluted EPS of $(0.22); adjusted EPS of $0.05<\/p>\n<\/li>\n
- \n2024 average number of paid WSEEs of 307,000<\/p>\n<\/li>\n
- \n2024 net income of $91 million; adjusted EBITDA of $270 million<\/p>\n<\/li>\n
- \n2024 diluted EPS of $2.42; adjusted EPS of $3.58<\/p>\n<\/li>\n
- \nReturn to shareholders of $152 million during 2024 through the repurchase of 697,000 shares at a cost of $63 million and $89 million in cash dividends<\/p>\n<\/li>\n<\/ul>\n
Fourth Quarter Results<\/b><\/p>\n
\nThe average number of worksite employees (\u201cWSEE\u201d) paid per month decreased 2% from Q4 2023 to 309,093 WSEEs. Revenues in Q4 2024 increased 2% to $1.6 billion on a 4% increase in revenue per WSEE on higher pricing, offset by the 2% decrease in paid WSEEs.<\/p>\n
\n\u201cWe are pleased with our fourth quarter and full year 2024 results including an exceptional year-end sales and client retention campaign, accomplishing an important growth inflection point entering the new year,\u201d said Paul J. Sarvadi, Insperity chairman and chief executive officer. \u201cWe expect to build on this momentum with growth acceleration in 2025. We are also focused on reaching significant milestones in our Workday strategic partnership this year, with the goal of enhancing our growth trajectory in 2026 and beyond.\u201d<\/p>\n
\nGross profit decreased 2% from Q4 2023 to $218 million. Q4 2024 gross profit per employee was in line with the prior year period.<\/p>\n
\nOperating expenses increased 17% over Q4 2023, in line with our forecast, and included approximately $19 million associated with the implementation of our Workday strategic partnership.<\/p>\n
\nReported net loss and diluted EPS were $9 million and $(0.22), respectively. Adjusted EBITDA and adjusted EPS were $23 million and $0.05, respectively.<\/p>\n
Full Year Results<\/b><\/p>\n
\nThe average number of WSEEs paid per month decreased 2% from 2023 to 307,261 WSEEs. Revenues increased by 1% to $6.6 billion on a 3% increase in revenue per WSEE, offset in part by the 2% decrease in paid WSEEs.<\/p>\n
\nGross profit increased 1% on a 3% increase in gross profit per WSEE per month, primarily due to increased pricing and more favorable results from our benefits costs program and payroll taxes.<\/p>\n
\nOperating expenses increased 14% over 2023. Operating expenses for 2024 include approximately $57 million associated with the implementation of our Workday strategic partnership as well as ongoing investments in our sales, service and technology areas, and the impact of the recent inflationary environment.<\/p>\n
\nReported net income and diluted EPS were $91 million and $2.42, respectively. Adjusted EBITDA and adjusted EPS were $270 million and $3.58, respectively.<\/p>\n
\n\u201cWe are pleased with our 2024 financial results, particularly considering the macroeconomic conditions that impacted our growth,\u201d said James D. Allison, executive vice president of finance, chief financial officer and treasurer. \u201cOur balance sheet remains strong, as we balance investments in our long-term business strategy and returns to shareholders through dividends and share repurchases.\u201d<\/p>\n
\nCash outlays in 2024 included the repurchase of approximately 697,000 shares of our common stock at a cost of $63 million, dividends totaling $89 million, and capital expenditures of $38 million. Adjusted cash at December 31, 2024 totaled $134 million and $280 million remains available under our $650 million credit facility.<\/p>\n
2025 Guidance<\/b><\/p>\n
\nThe company also announced its guidance for 2025, including the first quarter of 2025. 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.<\/p>\n
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