INSPERITY INC
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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FY2023 · Filed Feb 9, 2024
NSP$50.87+3.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income | $171,382 | $179,350 | $124,080 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 42,708 | 40,660 | 38,547 |
| Stock-based compensation | 52,996 | 50,080 | 40,623 |
| Deferred income taxes | (4,814) | (10,641) | 4,711 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (71,114) | (109,458) | (120,560) |
| Prepaid insurance and related assets | 4,693 | (421) | (1,121) |
| Other current assets | (14,215) | (5,206) | (13,851) |
| Other assets and ROU assets | 23,523 | 2,600 | 5,240 |
| Accounts payable | 2,961 | 1,320 | 209 |
| Payroll taxes and other payroll deductions payable | 10,288 | 88,193 | 89,932 |
| Accrued worksite employee payroll costs | 45,797 | 103,744 | 74,817 |
| Accrued health insurance costs | (6,942) | 3,401 | 17,316 |
| Accrued workers’ compensation costs | (9,787) | (10,114) | (197) |
| Accrued corporate payroll, commissions and other accrued liabilities | (44,620) | (5,179) | 14,716 |
| Income taxes payable/receivable | (4,368) | 19,362 | (14,307) |
| Total adjustments | 27,106 | 168,341 | 136,075 |
| Net cash provided by operating activities | 198,488 | 347,691 | 260,155 |
| Cash flows from investing activities | |||
| Marketable securities: | |||
| Purchases | (47,983) | (46,748) | (58,202) |
| Proceeds from maturities | 38,635 | 44,955 | 60,045 |
| Proceeds from dispositions | 27,735 | — | — |
| Property and equipment purchases | (40,117) | (30,329) | (32,856) |
| Net cash used in investing activities | (21,730) | (32,122) | (31,013) |
| Cash flows from financing activities | |||
| Purchase of treasury stock | (131,519) | (73,285) | (69,725) |
| Dividends paid | (84,219) | (76,592) | (144,179) |
| Client funds liability and other | 60,726 | 8,727 | 5,831 |
| Net cash used in financing activities | (155,012) | (141,150) | (208,073) |
| Net increase in cash, cash equivalents, restricted cash and funds held for clients | 21,746 | 174,419 | 21,069 |
| Cash, cash equivalents, restricted cash and funds held for clients beginning of year | 1,013,919 | 839,500 | 786,699 |
| Cash, cash equivalents, restricted cash and funds held for clients end of year | $1,035,665 | $1,013,919 | $807,768 |
CONSOLIDATED FINANCIAL STATEMENTS
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Supplemental cash flow information: | |||
| Income taxes, net | $62,879 | $57,354 | $53,835 |
| Cash paid for interest | 22,067 | 13,402 | 7,268 |
| ROU assets obtained in exchange for lease obligations | 22,177 | 9,736 | 19,572 |
| Excise tax liability accrued for common stock repurchases | 544 | — | — |
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