NSP - Earnings call transcript Q3 2017

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning. My name is Jesse, and I will be your conference operator today. I would like to welcome everyone to the Insperity Third Quarter 2017 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. time, like this speakers. introduce At Instructions] I to would today's [Operator

Senior Finance, us of At call Rawson, to Officer; Sharp, Chairman Paul this ahead President; please go Douglas President Board Douglas Joining to Sarvadi, over Executive time, the I’d are turn and Financial Chief Officer and like Chief and Sharp. Vice Treasurer. Sharp, of the Richard Mr.

Douglas Sharp

this you. morning. joining We Thank Yes. us appreciate you

morning’s me begin our outlining Let plan for call. this by

details our of provide Paul XXXX. the third we I’m quarter on fourth results. discuss First, return our going into financial our will the for our quarter. XXXX to to head guidance will I recent plan comment financial then results and as

Paul, I We available. Richard be will end session, and call then will the with a where question-and-answer

we to to during assumptions. forward-looking uncertainties make that I remind myself Rawson, subject before statements Mr. begin, like are you risks, or which would Sarvadi, Mr. may and today’s call Now,

include addition, non-GAAP In discussion some measures. financial of our may

the our a of non-GAAP actual any the reconciliations are X-K detailed and For filed the more materially statements, including measures, on forward-looking today, risks discussion please filings, to and differ Company’s available results see financial could website. Form from cause that uncertainties public which of

nine the XXXX initial high over increase of the adjusted budget XX% forecasted to by million, Now, QX a EPS first we $X.XX. XX% months generated in increased are to third our both adjusted of and discussing let XX% Through ranges. significantly XXXX today’s $XX of me quarter having end XXXX, ahead begin call increased EBITDA over record above our results. our of Adjusted to $X.XX EPS

of Florida. client employees Texas The from employee worksite growth continued the over Advisors spite of the number hurricanes employee a in in caused trained client for QX the a by new details, by disruption Double-digit XX.X% XX% As increased driven recent increase retention headwind of average average XX% worksite the resulted the during paid sales, of Business and growth quarter. in Performance and from worksite XXXX.

growth, net our the associated in employee a XX% overall we Gross by programs and net on exceeded and loss direct the in XX.X% with trended base levels. our healthcare and in during an our as favorably Benefit XXXX. of cost forecasted pricing significantly QX worksite terminations increased forecast. hiring Additionally, of profit employee particular QX experienced allocations claims, came below over quarter XXXX compared gain to client costs,

to associated of claims in The develop of Additionally, approximately a with favorably million. FUTA and expected services. safety workers’ level effective SBEA FICA management and law the continued $X taxation of double of compensation costs an came result as elimination at

relief quarter Harvey forecasted our operating to outside Hurricane were accrual charitable outperformance for of giving efforts. compensation and associated expenses levels, below with incentive during managed tied quarter additional the an Third

an growth, We including to including Premier technology, invest our continue Performance in our number HCM the increase our Insperity in of platform. and Business in Advisors new

XX% increased in management month, profitability, EBITDA Now, result $XX and our and employee XXXX as growth our of per EBITDA of growth adjusted adjusted QX XXXX profit the of to costs, EBITDA XXXX is operating This strong in just of XX% million QX this operating to is $XXX to of and from measure period performance. a effective year. of per dollars due have dollars $XX Year-to-date increased continued our which million. a gross our worksite over couple below adjusted unit

line have $XXX available ended about up sheet, XXXX, our our strong $XX adjusted under on due quarter and generation, Now, of million $XX the end cash, flow continue of million with moving million the at cash to to of our credit. from balance we to

shares far in of strength return stock our dividend cash repurchased XXX,XXX through continues shareholder share million million $XX cost programs. we allow repurchase in on and a focus and dividends. financial to at of Thus $XX Our have to paid us XXXX,

to call time, to the turn Paul. like at I’d Now, this over

Paul Sarvadi

comments you, Thank cover primary my Today, Doug. three will topics.

response First, storm. I Hurricane to devastation will the provide Insperity, our Harvey and the caused detail regarding by some how affected

will continuing excellent and key our financial the year-to-date. drivers I performance Secondly, to QX discuss in

will the campaign and impression discuss I season shaping how our and selling Lastly, retention our first for outlook of is XXXX fall up.

when even considerably the week a and plan during since degree can that a Our still of in Insperity was the recovery progress. operational work has to by the considerable continued real manner the a equal storm recovery week strong a home No but the expectations waned hit. efforts and with week some now, team across year. unprecedented result following This disaster are has to continues then double-digit around week disruption of incredibly as and this plan excellence. week and service our hurricane immediately and as performed storm. respond and entire the spite but QX agility Harvey storm in of corporate nearly to possible a to event in anticipate during performance calamity Houston poured well This circumstances an area In surrounding does hit, management the workloads rain sustained and XXst strong an externally. the and the to event the ways. financial internally a was direct ongoing accelerated up hit plan a disruption in the emergency pricing number lingered caused attention requirements radius appropriately, several team growth, costs, plans the The of the in to of totals Houston, reduce for rainfall effective a occur. our disaster This before epic headquarters. all unit in of potential the considerable for includes required leading rebuilding beginning communicated and exact August the both weeks, that on for intensified XXX-mile whatever of storm,

families. department clients, information as due employees, are occurred we priority emergency welfare the meeting own of our dams and the their Since a ensuring the corporate to repository for and reservoirs. the and an including continual of clients, once immediate and actually rain and people safety. flooding HR of disaster contact strikes, The first everyone’s our was we is a safety in our are This widespread employees, and worksite facilitator many necessary for opening ongoing process need days for

the three corporate top from line to our over disaster areas, our over We with employees the X,XXX of of have and the substantial. the effort affected was outcomes employees nearly spare just the clients details X,XXX the this agility so and X,XXX bottom am response, on focus the XX,XXX I to worksite meet in and you of about stages going priority experience.

storm client request I the during our event. duration considering of went entire truly team. a of unfulfilled corporate must from and amazing across and the base service our credit that to First, we are of aware our employees recovery not entirety this give and amazing is single disaster scale this This

the people’s of corporate event. and of counted meet professionalism display the challenges really was at throughout it stake. on that for at commitments, caring the Insperity and were and lives and Secondly, including employees, business This to the special support culture when colors this performed with full to flying goals overcomes culture demonstration the clients our community large financial meet

with XX% business limited growth change employee from interruption, growth, the our The we worksite the paid in for net unit in of performance was of disruption Year-to-date, although three All a employment and achieved sales we of the growth employees QX. third from quarter, trained worksite with social unique capability ahead slightly were QX. BPAs forecast drivers and disaster the month cue, sales in we advisors, Corporate and a third of slightly we more are of the media year. our XX% to to last in quarter. marketing we below quarter. in third BPAs support locations solid were than double-digit forecast to demonstrates the and XXX%, efforts. leads, necessary and employee number retention. quarter and at outcome paid and This at dealt nearly to over in expectations September range all for the temporary increase distraction the of up sales in visitors of continued year-to-date are growth In for level hired XX% followers increase BPAs efficiency, below effective them total while the XX% the retention, recruit storm of the average client resulting insperity.com train maintaining as by slightly same growth and spite efficiency maintaining driven sales the below expected a in In the at worksite

an performing we a of very accounts sold all Our one digital, due high accounts continued the discussed channels, XX% of year-to-date. acquisition, included of however Retention at level quarter. worksite loyalty and well are last of to customer programs XX%, contributing termination largest which marketing of programs our including employees,

high services levels very these for see driving client to results. are We strong demand continuing and our satisfaction

remain growth our So, unit primary strong. to drivers

quarter we noting. in saw within the worth dynamic this hiring also However, a client our base

for growth driver, the and growth to out the our the in -- three owners historical months of was sales in largely has control, about with what in the clients is below economy the XX% and nearly of of and robust This third of along This X% continued net percentage typically is staff expectations, with to or fact, two of run terminating a paid our combination hiring four would from to loss The growth employees. clients pay our nine sentiment of This gain negative Overtime third out months this base quarter from hiring. the out metric employment as driver contrast commissions indicators was business positive year. coincides was predict. and QX.

has qualified an selecting shifted a market seen number and increase We among This opportunities. of anecdotal to to finding selecting the of been with candidates from candidates from is late. have employer multiple length have indicating job difficult qualified openings recruiting consistent multiple labor they jobs of regarding filling fill but candidates, among from difficulty from the positions, more the in division The employers and data candidates time our offers. has information

on volume Hurricane weaker largest picture underlying double-digit outperform growth spite line. clients, the throughout client year-to-date, us of continue in growth than have of we spite of the gains of the of trends in in of slight interruption business the year-to-date the year allowed big quarter net one bottom the So, experienced to variance in expected to at the the other two loss and Harvey. and the In aspects base, is drive our

our and slightly strength management costs direct offsetting more has of lower unit with combined growth. leverage pricing operating Our than

and ahead business of order to midmarket at momentum is in profiles in this this fall year-end has can and over In business quarter for running so this point fall. at is to point of scheduled it This for see and sales paid change target the the this have in providing successful in in on our achieving accounts. front starting to good. Now, important payroll selling new retention achieve certainly midmarket a pace year, baseline critical worksite the for employees the This of multiyear core renewing in good are in terminations segment. ramped in a efforts we to with core so with goals at have up the be scheduled sales unprecedented our if sales of of new transition on are the January focus January trends to on far profiles an pipeline market, in confidence offsetting retention, to at metrics We to new and point important terminations. The for midmarket termination our January our in targeted look the but At number this sales we objective midmarket most in appear campaign continue pipeline strong shape notices our for financial performance. point, the and sales. sales

this plan year-end. a closing but benefits market on such encouraged but at the to in have This enrolling in plan is direct stable accounts, We we benefit comforting the to and full see supports it retention point too a measure is high our early at to execute combination including effectively minimal pipeline. pricing to get design It changes costs are historically on year for ahead. retention core due always and

announced cloud-based we this co-employment received, We our the customer on campaign across introduction this rollout and a very added is well This platform transition quarter. this of high upgrade. on this new relatively Insperity Premier, of are we confidence have of advantage of completing Therefore, of the unique the level also with HCM the been expect year-end platform selling track activity has which have retention Over year we year-end. of occurring successful ahead. reach fall by and our a of and already the upgrade we target base to one-third and

has where at our rates. period past each double-digit a row is allowed New Our confidence three Year year execution bolstered also us to years through by a growth this in the start

we guidance detailed completing will until This XXXX, quarter. not quarter, specific so our next budget provide be for will we

provide can information However, frame to we level some next year. high

exceeding expect our ahead First, hired the important target in year, will next is continue our future. are to the growth with goal we dependent growth of key growth know XXX, we most that the driving worksite double-digit range January. Performance year-end. Therefore, we the into for for Advisors which employees metric of point, total Business This in in which starting consistent was predictable on

and investments. by benefit Our profitability with in expect Act. Small investments and technology certification offset of including costs some growth, under for outlook BPA is full operating pricing some also leverage the favorable level of office marketing Business for trends year in positive We direct continue Efficiency the to expansion, would

this this We will process quarter. budgeting in determine the

these slightly put pieces growth gross and you unit profit would we EBITDA together, expect above adjusted growth when rates. So,

we conservative go build the systems last a to usual, excellent the and similar year all a costs plan we so spread, In had to the for and finish to will in an year strong control far early year XXXX. work be we are to risk summary, and few that As have years. throughout

for position the our to will retention to successful continuing time, I performance next a selling and in us for like Doug. pass believe, shareholders campaign, up returns would this financial to we back superior are and fall a We At call year. outstanding which set

Douglas Sharp

Thanks, Paul.

comments our on like open as the financial general for XXXX. we quarter our head some we up to call into fourth outlook before and questions, Now, for guidance the provide I’d

to to off range expect for to worksite a worksite of sales the storm impacted remainder and fourth coming strong As in paid of with over the When combined quarter, growth, we client starting our growth continue employee for of quarter are XX%. average retention third now XXXX. employee point XX% we forecasting be QX,

and We our EPS full based improved direct an our outlook are programs. adjusted results increasing QX year upon in our and guidance cost strong year-to-date pricing

over projected forecasting of increase $X.XX EPS XXXX. are for guidance We in of to to the $X.XX, now XX% up our to XX% XX% adjusted EPS over our QX initial from is XXXX, QX of of of XXXX a and to XX%. XXXX XX% year an XX% adjusted in approximately previous an guidance increase XX% full of range

$XX to $XX to the XX% This million EBITDA, which million operating XXXX. is forecasting record a and our metric adjusted a we worksite per measure per ability levels. risk for on is are QX to XXXX quarter, $XXX month EBITDA adjusted as manage range As for Adjusted million, of puts employee over employee us direct while of it XX% increase worksite of increase per EBITDA worksite our year for target a over level to targeted for effectively is $XX at XX% a pricing, and approximately business, of key costs, expenses month. employees per fourth a XXXX a in full growing

a in our in while $XX now profit XXXX have $XX XXXX, from of demonstrates and double-digit over management years. XXXX. improvement growth consistent successful We the in forecasting in cost $XX XXXX gross to past employee metric achieving $XX to worksite the experienced three leverage and in of This structure this

year-end In strong and campaign to conclusion, position XXXX renewal focused are us on continued improved As EBITDA slightly worksite leverage. sales out management our closing forward for pricing, to strong XXXX strategic be successful costs, with operating a to with fall higher on execute we plan, growth XXXX. we of our now a growth look period continue double-digit direct goal employee beyond growth in continue and adjusted will our effective profitability and pleased are and and

our and be earnings you detailed our call will look to guidance providing then. forward XXXX on to next talking We

to Now, this questions. open time, at the I'd like up call for

Operator

first from Jim Your with question Instructions] comes Macdonald [Operator Analysis. First

open. is line Your

Jim Macdonald

guys. the morning, way hiring, was how tease out due your you’re me, a little a bit for to much much Good due tease lower of quarter. that little and there kind Could guidance, Good was to below out? how is bit to so employee worksite any hurricane, you

Paul Sarvadi

the we look bit just like enrollments, of pipeline said little the it Jim, about across it’s of pushing that was the out flat on as at to back really all were full I three a of weeks, basically growth Yes. it in the -- interruption But detail. below down parse And board September, three it’s storm. level expectation. it’s drivers the it our perspective, the to hard to from sometimes, related

Jim Macdonald

due if layoffs, accounts, some the existing the were to were will storm well? you as of And they the at

Paul Sarvadi

Well, we in our we a month were possible, have September. that in businesses down, of that quite month local who literally paid employees shut folks all few report paid Certainly, for got Even reopen. it’s at didn’t worksite the some area, month-to-month. some

our Things large not see in and I’m degree temporary it to and back happened -- a interruption. we those thing. But, like who in representatively some for of as of area. to some those about do talking about work were running, that client are obviously community everybody Now have affected they talking has just is bit and more our base, there’s to little a just working, it’s up very where this But, an stuff. across rebuild

to what and But, through doing normal that You a the do three little the good stuff numbers fall this shape. campaign weeks area flowed in of stuff that the different had completely and in races we than you are for off bit.

Jim Macdonald

me. just you have quarter? you a then, the us Okay. give BPAs the more of trained And one at Can for end number

Paul Sarvadi

a that minute get or for in We’ll you Yes. two.

Jim Macdonald

Okay. Thanks much. very

Operator

with Tobey question SunTrust. comes Sommer Your next from

is line open. Your

Tobey Sommer

the with be you if the was what cost growth, next year? the may at wondering in healthcare update the outlook rate of growth I what and for you’re on may us market, be can hearing differential Company

Richard Rawson

trends is very X.XX% going that year-over-year than of well. trends tell we're running of really couple is plan costs are XXXX of the at when covered is this to end we the I employee year higher we've be our we that a benefits solid Richard. range. would look pharmacy have to comparing seeing when Tobey, probably years, seen for in the And per on the but the past component Yes. medical X in

out plan things to us Company software So, we've a some of tools take too early the to inside and into much a relates for far What doing bit the it look XXXX. seen little that as help we're so it's they really what new figure to product should it's help Insperity We we of benefit XXXX. people the be that those with the actually our premier launched platform. intuitive cost out tool should new a manage buying, us think for to combination

so, big significant And at we're looking increases. not

Tobey Sommer

what XXXX. Thanks. for Could to for sense market X you be rate me to give would of to X.XX% growth compare the a that

Richard Rawson

I going look We but business, excuse Sure. and to off it’s business ours in are. book, that in I'm Foundation Kaiser last don't say, about large trend -- And vicinity business, me, every the that small we we at and somewhere group, my head small and in year to compare it’s have the compare off their X.X%, year. or the Family large the business it is in large their the about X.X% book the business X.X% top numbers for what this

Tobey Sommer

That’s helpful.

Paul Sarvadi

season terms playing good in of into that’s real to the marketplace. feeling about going what's the actually and on We're even compared our pricing Yes. cost in fall stability of this how campaign

Tobey Sommer

changes impact let you of to the much how the need payroll Great. an think taxation from IRS of for do assessment regarding double taxes? of time accurate Paul, pass the we

Paul Sarvadi

June the half a for the so certified remember, our I the and in the here, on had have the of last that's pretty We've we in handle expecting quarter. and have books numbers kind were that think year that. we you in of -- were we good

about mentioned, it a $X think I Doug million. was

Tobey Sommer

impact not the sales actually seasonality, I the growth meant near-term. the cost necessarily and on the savings

Paul Sarvadi

next going quite It's to better bit Especially quite that. edge to It'll the a transition months, great. interesting have goes. to better to X I get while. even we start, would that you a to of regard for months we're some this have with of X can't you next a get feel But, those we're March, a that kind whole push that you see that's to little Yes, have be And -- over ones that, or say, in would but you have year. know going continuing how be XX the Jan year-end into the over you of out lot to the delay the now used have hopeful that pushed that have don't year then a of year out. a closing early effort times more that February, considerably those close

Tobey Sommer

internal My acquisitions? Are raise et stock investments, and areas or your balance the to the any building back may of be cash ask tools, even question. development buy I ability software of there that either in dividend cetera? last context and

Paul Sarvadi

eyes other open something to things. to to Yes. have the we’ve We move we’re way. world, like going model do keep needle some this beautifully. got that, possible In our do If at working our we’d substantially

our So, we can have we keep But do open high a that. we threshold do. for for pretty eyes things

is -- on factor another there As far also, technology as side. the the

try Our there of are with for a development is of you our that now to threshold also strong we to own. mid-sized it -- our and customers small able what do would our rate do raises on what out development buy we where at are and so we right efforts a own our output are can

do got look really to point, to our I Board so, am will take and And shareholders. down that again, cash continue at sit building we’re what I up, return in we think to a sure you’ve and

adjusted EBITDA which form same look returned over three to million, years, EBITDA equal period. shareholders back $XXX buying the of amount you over of or to the of If the back and adjusted that is the dividends last amount slightly we shares nearly in

a do can flow business in of about is track to record continue shareholders. thing and beautiful have returning cash history The we that to this we strong that. So, the

Tobey Sommer

internal So, organic sounds towards for bias like now? a it growth

Paul Sarvadi

Yes, there is.

Operator

Capital Partners. Your next question Roth with comes Martin Jeff from

line is open. Your

Jeff Martin

a up. could revenue comment month but bit has little quarters this the per morning, last Good for for peel some is was worksite Thanks. you into trended if a maybe question I if two -- Curious insight that or layer and the the get Paul, sustainable? of that’s the to employee Doug, onion wondering guys. and

Douglas Sharp

Yes.

I that goes improvement gross the -- we’re in some the the comment, in getting my to as profit. mentioned the various in of script think it I about pricing pieces

our as along with of service some So, that the direct a allocations fees number moving in up. cost

I think pricing that’s really strength. about some

Richard Rawson

Yes.

I realizing Jeff, thing is up period. that, when signals. less they our customers that because look translates that going and migration of positive allocations revenues expensive are are think our when the the is growing that side cost punctuates lower those on the plans are price benefits we plans, that cost to the to at selecting strength; of in in great our Revenues and two revenues year-over-year future the and a pay are actually

Paul Sarvadi

improvements. I And premium will really our to and ability administration allocation new able accounts a taking that even up the in of And business are Premier the think with it’s some we’re our the well-received. are demonstrate from deploying the perspective, those in demos of the were other and sales system, the offering we think service pricing. really new And extra customers our on that with premium to our strength HCM technology side. I When workforce core renew through the same been value for again lines that some pricing also offering. forward going we the Insperity in with present we hopeful that added

Jeff Martin

unprecedented sales and profiles of Great, around I start was tenure relative that's business longer? of Paul, campaign. your new or there that comment to more the more you've got ramp helpful. any getting is pace if curious of driving is their is BPAs particular trained then, fall that And if that's the

Paul Sarvadi

the a the pretty and kind kind even off here of green That's into Yes. into, number fresh of quarter. press hot fourth

year that So, to than last wait our business. we've really got XX% profile’s for new I'm out. pipeline And going a are hired. is a business BPAs the more mature increase in that fantastic to increase lot But let over

demand It’s at opportunities, we of beginning are sign sign do that always campaign. lot opportunities sure now, going increasing is good the the the we a marketing a a do, that lot fall a effort of what field things. getting programs good on So, right of in a of which of for

that's year to looking gives you you so, hey, And that time business go of have profiles, as this for boost and the in opportunities. into what unprecedented exactly you're of kind that

closing effective have and accounts. enrolling just you Now, to that be

Jeff Martin

you Great. among And like is, and warning having are they the have at numbers? in issues last anything issues potential my credit any your business seeing signs seen that of all question small liquidity are in then, you base Houston,

Douglas Sharp

No, of from we of lines along the has haven't. base. uptick not seen any Texas department Credit kind defaults any the

So, we're that. that at working Texas XX% addition, the stand the retention really in in levels well through clients. And think no I and aberrations

along good are looking fronts. things So, those

Jeff Martin

Great, that's great Thanks news. guys.

Douglas Sharp

Thank you.

Operator

next [Operator Instructions] The with question Mendez comes from Greg Baird.

Your line is open.

Greg Mendez

Thanks for question. Hi. This Mark taking is Greg Marcon. my for on

there? But, can It and about thoughts we using thoughts it cash? dividends, your but of benefit, earlier you about happen get just to any how me sounds you're maybe think kind you off thinking and that just buybacks how an give would the question. this goes reform if be like would Just tax

Paul Sarvadi

Yes.

our be be to probably lot that be it increase Obviously, accelerate the all, we an of really I'm we a anything think long effect jobs. plans sure of think employment moving But, would And not a But we would forward of also off have that small, for to would and do high fill as I rate we huge priority. on tax just able our more get is allows can reform, I would we buybacks spin do dollars. I to of would us, midsized to their tax and can can faster. which and rate that shareholders growth us the at in for for First can. plans as ways businesses think dividends. find if people that Return

about. can come hopeful we So, are that

been will stalemate it’s Washington, in see not. or we Although, comes over and real anything there if of it out

Greg Mendez

to plan Sure. they October, to business be are September? following And trends or back dip we you’ve would you where getting what back in specific are to then, thought seen still

Paul Sarvadi

areas as pretty and people obviously, the Well, things I seeing business. normal were much on trying repair hurricane business affected on really still the far from by to any there’s more are think et cetera, back front. And to effect in recover the as not we’re that but storm the the

Greg Mendez

And early sounds How timeline the over on pretty hearing going, thinking just feedback It moving -- like, are positive migration great. last from is Okay, processes the question. and Premier. about the the how clients my client that is on base you wise? you’re

Paul Sarvadi

Yes.

We are really in good shape on that front.

was remarks, a in our mentioned over was a time of all And wanted period. The are we And be of system is we Premier the the the -- that. in I bit third happening cloud-based roll old prepared off, end are kind December, parallel. plan plan ahead At able for turn what in the of of of to of we run to that’s kind now. December. for of my on in our As little through track on activity

good in are We shape there.

activity XX%. In about the over of fact, think payroll-related actual amount week I actually -- last was

it’s are our on well way, being well-received. we So,

time. use system that in to and Our and there able are with easier ability, the capabilities in co-browsing new we real click-to-chat means the help people

as well. think so, out are some And benefit of I we that getting

Operator

SunTrust. Tobey Your with next question Sommer comes from

Your is open. line

Tobey Sommer

on the from loyalty Thanks. employee could importance on was programs, just sustaining worksite if channel update an digital the partners us wondering impact seeing that are and marketing, Paul, I give double-digit of you you growth. your

Paul Sarvadi

to how highly have Performance marketing the if to they professional -- seasoned highly Business our really Advisors up effort incredible trained, their I been to It’s working small be their people mean, and in them are time we enough businesses. their of of that improving we Yes. their that’s use important you prospects their talking And recall, you. qualified will about where And increase want staff, serve we strategy success. and opportunities. is businesses odds of advisors Thank the time. front have spending best

least Advisors. know to at leads job number the efficiency the -- Performance more on our the you marketing of better to the So, can able we maintain we're Business growth high then likely in do efforts produce rate at

all are to events in working. leads has do So, where all the we work One and our prospects life, is BPAs all And strong follow cities with different - across now client loyalty are and stool our right up for the -- to in country that programs, we three that hold really together. legs on. the to nurture base have we

are rates programs we're of folks is information we're a to on of influence centers the closing these good their as the get very we on world. bring that owners us. loyalty channel program. days, way other contractual course provide, through then, relationships have working those where call well to as people that do We business and And to digital that And others others, accounts able

been And so, strong. efforts in that have our area

the We quarter. the XX% have greater than area increase third for and year-to-date in that in that track things the all for you

a I supporting well that we're don't So, there. be any our forward. going doing can't sustain in It'll big And part see XXXX. of we efforts

Operator

Your Jim next from question comes with Macdonald First Analysis.

is line open. Your

Jim Macdonald

of here Yes, quick maybe. couple just a ones

versus the your in you increase performance was the gross benefits majority the Was profit of quarter? mentioned So, expectations for than better expected. that much you

Douglas Sharp

was But, program it than Well, in nice more we than obviously than workers’ still as our we comp well. better increase, results expected a had expected. certainly,

Paul Sarvadi

the that pricing say side of well. that also doing I'd as well

Douglas Sharp

Yes.

really it's So, three. the

Jim Macdonald

any bigger? way there give us some Is one was -- which you can

Paul Sarvadi

quarter. actually bigger this The was Yes. benefits

Jim Macdonald

just And share didn't the the you in quarter. one, purchases give

quarter? Could for us You just you gave that give year-to-date. number the

Douglas Sharp

at I plan up third put second it where the in don't every the in the quarter did was the since XXbX-X that a of quarter and set existing much has exactly. the price then. as in place, place But, have so quarter. in we gone number plan sort time the was put We stock not

as quarter as back purchase hoped didn't had in to. many second we the So, quite

Paul Sarvadi

XXbX-X price our The away from ran Yes. plan. stock of kind

Operator

over time. no will turn this further the at I Mr. Sarvadi. to call back are questions There

Paul Sarvadi

today. We Well, back for you, next us again or thanks your road seeing much. the you look very the we appreciate quarter. joining Thank out call on either on interest to and forward

Operator

concludes today's conference call. This

You may now disconnect.

Insperity (NSP) 1 Nov 172017 Q3 Earnings call transcript