NSP - Earnings call transcript Q4 2018

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Operator

Good morning. My name is Kyle, and I will be your conference operator for today. I would like to welcome everyone to the Insperity Fourth Quarter 2018 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

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

Douglas Sharp

We this morning. you. us appreciate joining you Thank

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

full of I'm and financial quarter year our going first of and the and to I fourth First, provide recap discuss year return guidance plan. will initiatives XXXX details Paul XXXX our full then the major will our year results. XXXX for financial to quarter discuss the the XXXX.

with session. call a We question-and-answer will end then the

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

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

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

operating million. and We, $X.XX the direct a our discuss QX management in and XX% results of increase cost and details worksite effective results, in driven Now These let's employee costs. reporting XX% were acceleration to of pricing, achieved fourth increase once EBITDA quarter behind record results. again, a operating by over $XX.X growth to high adjusted programs XXXX continued adjusted EPS

XXXX forecasted the XX% average over retention paid strong, range. high for again over fourth end quarter QX employees worksite for our quarter. details, increased the the XX% remained averaging Client of by at of As

employees our and sales the Advisors segments. new in mid-market worksite trained both on XX% XX% a number from increased for core average momentum Performance on increase paid efforts, continued in sales by sales of our As Business clients

will a Paul starting discuss XXXX. a in to client few end momentum point in fall with minutes, campaign successful leading detail and this year strong period, As sales a for continued through renewal

Our QX tax results favorable cost of pricing workers' over partially in and compensation continued claims. direct areas strength results medical by payroll higher-than-expected was in slightly our areas. gross profit XXXX, and offset these increased XX% on QX Positive by

additional increased with Our of X% sales number included opening new continued XXXX adjusted higher over and associated $XXX of the XXXX, our seven Advisors, expenses Business sales to fourth and operating commissions million XX% in volume, QX QX service quarter of increase sales in Performance a product offering. and and throughout offices the technology investment

in just of rate rate came slightly XX%. in than our tax QX effective lower forecasted at Our XX.X%

the recent During from taking XXX the $XX of Index. the the quarter, of Mid-Cap repurchased shares approximately advantage XXX of price at market during Small-Cap million to and volatility period weakness cost we a XXX,XXX share our transition the

over XXXX rate by of employees me operating XX% year's million. I before paid XXXX high XX% and turn to Paul, to XXXX accelerating record over XX.X% $XXX EPS full prior year to the the adjusted EBITDA worksite $X.XX increased summarize let over results. off increased XX%. Now, our of growth Adjusted call increased Average

over the improved cost from of plan direct trend. XXXX. of all The remained benefit in Client trained low Our increases in for number expectations. new profit the client health XX% our X% segment. We our Performances three mid-market worksite and employee retention exceeded on growth in base in growth our programs of managed we improved employees at XX% highs XX% of as average initial this our Business historical mix, and XX% gains of pricing, effectively in the increase worksite results the increase was driven Gross initial XX.X% paid increased cost at and on by managed metric. in client end cost changes our sales net outcome a range to direct just Advisors

XXXX per per Putting metric percentage record of due client cost selection declined to worksite expenses Additionally, on from non-bonus high month to as around pieces in of $XX employee Adjusted in and worksite our levels increased month over discipline XXXX $XX XXXX key to XXXX XXXX. XXXX. a increased continued per the our profitability basis XX% from payroll, employee and EBITDA $XXX $XXX in management. per claims adjusted XX% all a and from workers' declined together, in compensation operating safety a

our us programs. return strong repurchase We dividend Now sheet of $XXX total with combined a million solid a flow allowed providing in our XXXX our a shareholders XXXX share repurchased and to X.X strong cash during at shares of million. cost balance to continue to

our with and we XXXX of dividend ended Additionally, should to year us under our by availability, continue of increased return cash level out in $XXX liquidity shareholders $XX availability excellent combined of $XXX allow and for adjusted to of This flow, provide XXXX. in rate the facility. with We credit our million paid forecast February strong cash the and million of million total credit in continued dividends. XX% to a

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

Paul Sarvadi

like which a competitive for than $XXX year-end are with across to EBITDA in increasing XX% continue years to in growth XXXX. $XX business today set us from with Insperity. in transition with ever are on color of discuss These strategic reporting by for our to for cover how I'd strong our Doug. the being advantage outstanding today. represent We're excellent strength continuing fall how comments in million our and marketplace. And this in view market our performance and my pleased our extending I'll profitability. in and and adjusted vast finish thank up metric key and including the momentum our intended campaign opportunity results we XX% Thank impressive very the execution also demonstrating Today growth results more million to capped-off some model this we row, best four our are plan you, of our we want us which you successful I year year priorities XXXX.

and very and including; Our Advisors management. worksite This the accounts. XX%, sales, our pricing clearly and a as effectiveness QX This efficiency retention XXX% count increase that is the demonstrating in successfully and amazing we sales, by sold fall new XXXX. of represents core Performance while BPA retention accomplishment, Business improving for campaign key year trained of on mid-market X%. XX% both forecast was sales four an grew achieved quite and a areas for successful We client renewing or training and sales employees selling in our XXX% a full

channel and key Our played proposals and a this of in provided than accounts XX% sales collaboration mid-market sold a sold prospects These a results more in strong qualified this with of pipeline in efforts produced increase segment. our segment. increase XXXX BPA an in XXX% in as a in role employees XX% increase worksite

three-pronged BPAs. XX% increase to Our and year channel fall in also a digital, approach of results than delivering programs strong our to leads programs contributed an more campaign including; loyalty marketing and full

than improvements XX% the several in which this year which resulted continued last the of Our XX% areas better XXXX years we the very over clearly key as is in in level for is at normal. significantly new retention experienced trend step positive several now a the standard. came Systemic up many This years. for full our

Our our campaign. a was of highlight client concentration year-end of retention fall results through renewals our also

Some of the year-end final February attrition not complete so into yet. over spills numbers are

the levels line was retention our in January of low with our prior record years. However, few

current The base third year. January growth and client contributing the is layoffs. from employee within from new hires factor This was our down metric December net to to change slightly to last worksite similar the

to sales at increases levels staff of including and to commissions However, overtime, our hiring pointing are the for other this paid metrics wage continued year. clients

elements pricing campaign see measure the this of of able client confirm Insperity addition workers' accounting are in can the other end. HR of excellent fees smaller to important week for full into benefits, after and volume to occurring the business on fall the items. year for terminations a payroll picture and the for sales, each all allocation of view shape including book the in in This our costs and first for we XXXX. pricing We're service of includes starting renewals, the Another at February, change of year compensation and new point tax, is client successful of we effect direct

results year course side ever gross cost other employee, expected in the gross year. of over is strongest job in total these cost last XXXX our profit determines pricing managing expectations for The equation worksite the which both to and major driving did our of our per excellent was as team direct gross in the an dollars profit profit. favorable evaluate ultimate components,

our process. in conservative routine always We are budget

employee So allow gross to the guidance the cost this in than results year. last manage we'll course continue for over and year's we our expectation with per of this start for upside pricing year, lower as profit

So paid when picture XX% XX% growth unit for together, our our employees starting the in you XXXX. to worksite point entire put expectation for supports

factors we layoffs, have continuing We conservative. retention, incorporated and our slightly new contribution and be lower to expect strong just and sales controllable a from hires

year-over-year faster point we client some for this expect is EBITDA XXXX. This the growth effect of in and our grow midyear due with slightly to expect the adding at guidance. X,XXX employees largely adjusted leverage, our year, ramp-up more than nearly unit even quarter each growth combine largest starting be year. experience We to When midpoint of last the our you also to unlike gross operating profit

to both to several So going. service. employment fuel and to off our nine trained growth XX% growth in include new open priorities momentum excellent to our XXXX, sales leveraging future priorities have we and in capabilities for BPAs. traditional the our of keep are accelerating and growth, year, start This expect analytics data offices solutions, continuing an support we These important to

rate sales year, a at to grow off overall sales last leverage the is Las efficiency the model new and our Success Tampa, our balance important business enter including markets in improvement allows future. markets. in with will than Portland, step-up offices BPA effectiveness existing Providence mid-market also to in We're and our us in a adding this coming worksite year. we the confidence in to in grow operating This the We with improve mid-market team. employees ability new faster Sacramento quite entering segment new Vegas,

annual convention month. recent our at sales palpable was in momentum last Houston growth Our

sign nearly readily training, XXXX. an marketing to resulted and our team of team There practices was best was building no and apparent. including recent aligned quite sales highly mobilized in opposite all days for of the laurels professionals sharing our and Three success. XXX on on Our fact were operations, XXX management, BPAs recognition resting engaged in of committed sales and

bundle employment Workforce consistently central positive. priority convention or breakout delivered across to the the dive elements sales of and clear, the WX. leadership, our and to and of We sales Acceleration XXXX deep on messaging One was BPA Manager. our sales sessions to executive WX ramp-up District traditional reinforced has three been feedback model overall very dedicated every of The was

tools total for the and Insperity understand has Another offering. the of We emphasis client offering situations, our rate our around already competitive increasing flagship renewal the lifetime new support potentially and of system industry, and training most the will was and company. manage, Optimization helping cost. billing win impressive PEO sales clients employment and pricing improve value our in believe convention our deep the these training pricing Workforce insights, transparency sophisticated

Premier. companies for features and worksite to training extend and combined at managers, supervisors new employees for analytics HR at will service a XXXX a human position, support Premier functionality between be we data is new In HR of and is in system a co-employment providers Insperity introducing year our the software the HR, specifically professionals management with to service priority deliver unique designed to this technology Another with marketplace. Insperity only collaboration powerful introducing Insperity. client within capital and leadership level

information Our and offer will service for will changer. proactively be that insights game providers able clients believe powerful be to a actionable I

the compensation to Insperity a will analytics tagline HR and experts key have myriad space. providers our introduced month, to overtime, our new HR of access in to that data able from monitor predictive headcount metrics business and our HR Insperity and technology and be on unique a turnover Difference. has service over allowing HR deliver truly to last advantage Specifically Makes

the HR leading learn provides literally then the service, use model allows succeed. experts our with businesses for to real and help clients client to business companies Our technology actually to Insperity their objectives technology allowing years software potential business of or over will services the in business believe provide. realize a latest HR insights analytics company ahead. technology and the an from HR We the from win HR can out company

to addressable market. and Our expand market as total capabilities our increase opportunity continues our offerings

leadership space, set in in the our We PEO, success our stage mid-market employment core offering competitive the advantage position solution. for have taken traditional extended the and

of success. to is a drivers continued the three successes, a our the extraordinary book, we've to distill HR the in poised a speaking, Insperity, called success, makes designed into Insperity's in but degree the effort people Books other our time how high-growth, earned delivery force to the released for a know business for through to and year past to business learned qualified it's the these business increase conversation at follow. services proving in for operations what an drives ultimately Care extend People. areas roadmap this also capitalize demand believe on people business finance. I we've and marketplace, the This services. them for made wider all book This specifically leverage written on is An leadership a and our and helping marketing the With leads the multiplier strategy figuratively difference. to clients, technology over same. HR effective between of XX of results an have and thought we and net our we effective in the strategy effort of in our achieving elevate Forbes resulted order book from We over from recently other Since own authority cast likelihood businesses Take experience, sales of link HR Your growing direct do by and years We

several return years, in Over the total amongst one last Insperity number companies. is shareholder peer identified public

confidence people continuing is to our to shareholders. businesses of effort, and directly in At our plan future position is Doug. X,XXX to amazing advantage attributable performance for to success to time, past Insperity cast This our net succeed, provides innovation, drove aligned a extraordinary for deliver wider the back competitive of and for than these attitude leadership marketplace, our around the discretionary more formidable in caring our our the extend help this pass more the and employees. dedicated like Insperity. Our I'd team call returns The

Douglas Sharp

Paul. Thanks,

Now, XX% mentioned range of worksite me XXXX XX% XXX,XXX. to let increase in our just with average paid are beginning the full over year. a employees provide to to we guidance a XXXX Paul forecasting XXX,XXX

new continued Our of maintaining upon and Business successful our levels, recent growth sales in is in average segment. based transition accounts, renewing of forecast the year-end XX% and our mid-market trained number success client while Performance Advisors, efficiency

the full we slightly consistent and net we intend more the conservative as budgeting to with hiring the metric year. are For XXXX client client year a in approach take base retention this of of XXXX, our at outset less to

year our budget direct prior As for years, we have and our to compensation process budget gross claim profit gone usual trends. pricing, through mix, is to analyzing developments area, cost, healthcare our leave cost course forecast and workers' client we including a direct Similar of direct manage favorable for and with the the intended pricing the year. process conservative and upside to cost begin trends of as over the

adjusted to of a profit, increase The $XXX million $XXX investment of in EBITDA $XXX leads long-term our operating our operating development. will for in XXXX. programs. Performance with million XX% forecast Our combination our software-with-a-service and our XXXX new includes we and technology growth, further XX% including of plan security, to invest to plan, Also stable to growth hiring range million personnel employee of opening of we Advisors, to from sales investment leverage marketing and execute the Business continue offices, growth improved continued in infrastructure, and gross incremental worksite in as in model nine

effect This tax a shares are incentive our in vesting million to We long-term giving to full range to from $X.XX. in of after forecast and $X.XX increase forecasting the XX% XX% with assumes plan rate stock effective a EPS in of XXXX $XX.X outstanding QX. the shares average associated adjusted tax XX% in $X.XX year benefit of to

sales As expansion technology an XXXX approximately we expenditures, service just budgeted $XX over a for million, slight have expenditures. amount and plan at XXXX investments increase and ongoing for capital totaling

planned company, it include at period This the our an the and to $XX to XX-month which due expand future a XXXX. necessary approximately of million an of expansion will corporate Additionally, expect recent facilities. of over incur is the campus of additional in growth estimated cost construction million, $XX building to we

increase range a to first resulting average in to $XXX,XXX forecasting the for $XXX,XXX. as XX.X% paid Now employees are worksite XX.X% a quarter, over we of of QX in XXXX,

$XX of from adjusted of an million, And range of an We over $XX XX% of QX XX% to XX% a $X.XX, XXXX. QX are $X.XX focusing EPS million QX in to EBITDA adjusted increase increase XX%. to to

XX.X%, of due includes occurred year rate is of which of benefit Our our full QX to shares, on forecasted each vested restricted based lower vesting the associated than tax performance year. quarter EPS adjusted during effective tax an first guidance rate the time with which tax the

in that are subsequent As surplus up for pattern, the record year positioning of period, tax client and XXXX. successful In prior met. employees of year the and particular, we we year-end earnings are great payroll in lower typically our benefit costs taxable quarterly the mind and In XXXX remainder the over QX earnings than as for renewal deductibles are their and are in conclusion, earn QX results wage in pleased a us sales earnings step to our achieved another with limits keep high reaching results higher quarters. our worksite level

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

Operator

SunTrust. Instructions] Tobey question line the first Your from [Operator comes of Sommer from

open. now is line Your

Unidentified Analyst

is morning. question the of the related mainly Thank experienced Or to seeing this is middle growth guys in mid-market What it Workforce Optimization? are on Tobey ramping that the interested this first growth? Workforce Acceleration? the you. My is this about are last market Joseph Is quarter. you clients more you driving This Hey. in for line

Paul Sarvadi

Sure.

Our mid-market the up two effectiveness is ramp things. and volume sales in in of driven really the by

having with us as all, mid-market always, the closing a on. and refined from team the in mid-market of and the tremendous prospects co-employment happy to results. of mid-market our group they Synchronization customers and follow Optimization is rates really of team up sales just of we reality up those with sales core job have a to the produced volume solved that customer results for offering and a the First year complexity all the that of both better lot you customer that But of service Workforce based really results the and providing higher seeing serves that’s Then collaboration that prospects great really a our coming combine qualified did and our have to lot last on the we're that for and expect space we're Workforce who continue. the improved

Unidentified Analyst

Thank of grow And fee mark-up how you. on me. the And Which slowest? versus service stand-alone And did bundles are I your of services from or then, are then service growing last which growing one Thank the guess more fastest? one the you. them year?

Paul Sarvadi

Sure.

have and but would it's a that – flagship then, fast, have, is, Optimization Workforce base. on of the primary we fastest the expect that. We grow to growing bundles And our that small we a continues one

So I Workforce yet behind it our kind still the consider is Acceleration. of curve

on year, in excellent sales just the we convention. offering at completed growth based this results to we Now see expect training that our

got growth that market all on fronts we're target that a and So for expect the great offerings board. of excited our across each we really

Unidentified Analyst

queue. jump in I back the will Thanks.

Operator

MacDonald from line Your next of First Jim from question the Analysis. comes

Your now open. line is

Jim MacDonald

in any then XXXX? quarter, deceleration? any in in gains you're account give Yeah. yet? of guys. more expecting specifically you How Are XXXX? details Could seeing us what of you deceleration And net signs much the your more client Great on

Paul Sarvadi

over a December really It's gain in only over negative, to unusual would watched saw have interesting. The that's decrease we year-end slight Yeah. closely. couple us to that – been we year, customers slight of this have the decrease. And January. years obviously consider of for would We transitioned our And from – that from that net real driver a have a again we last not have things would January were some over issues been kind market going in other December period, all look my business average pay sentiment employees, was sentiment X% X% around the and as the employees. you over hourly for volatility at mentioned script, that – on underlying and for if of pretty the up on. at But if look metrics, I the much you example, up

commissions at be companies that sales number to we a strong. clients the of we at If to you double, to staff consider pay what that client our the was look –

that So that it if percentage a XX%. was is forefront and new XX%. it's as it of XX% base we the in over Overtime over pay, hiring over consider was

positive. drive, all So, that are the metrics underlying hiring the still

appropriate conservative. think to it's we However, be

so expectation And the from XX% by about basically compared net to we our client maybe year. XX% for base gain to took down last

total X% think and control, don't built the so we maybe base on on might it's because, expectation. So conservatism that a that's we do, thing little one in the to as appropriate well

Douglas Sharp

the in Jim activity. factor our M&A of Yeah, growth component that we're other particular seeing is

And more particularly the those segment experiencing so is where having we're as M&A activity we’re in more clients. mid-market from success

through contributor could and to base. also that are that And for XXXX it XXXX, plans be the existing so our existing client that saw base a growth what I think their with looking we in at

James Macdonald

Great.

Just one follow-up. quick

what trend in this last year? got really where health benefits -- are you You you're of X% growth thinking year,

Paul Sarvadi

year at think, around we're X%. looking of being kind I again the beginning conservative the at of --

around out try at to it can that number the start do to did So range. like look working a there, to come we X.X% of low year and last and from end range that X.X% of on we make

James Macdonald

Great. Thanks.

Operator

Marcon ahead. from Please Mark Your line last Baird. from comes the question of go

Mark Marcon

let add morning, and congratulations. my me Good

regards And seeing the country you it regions of the bit of in in that behavior matured you're are Paul, this the the Is did established you're some little sales in mature over do of your change PEO in of So terms terms with markets just where increased efficiency more can seeing, a Or a where how in sales to greatest wondering the a states? differentiate last terms offices for uplift? less while? seeing year? been new of you has

Paul Sarvadi

Yeah.

if want you the of really sales tell peel efficiency of the of training district driver and just go all back have you to efficiency to to I'll think, really the gain, our it what's I I our way effectiveness would a we keep to and really between not progressing. because seen is their different geographic team What at them they tier the the seen difference. training, of managers whatever we've are, moving that Manager's keep all ability production so sales District

You combine then that able success new because the same with and we're in grow of digits driving within But efficiency total a when BPA the mid-market we've keep our at sales training you obviously BPAs. sales higher core that's weigh that in team, lot to the a BPAs efficiency. having been and mid-double

are and and the down level. a at lot very it's tackling of driving level So training blocking that things BPA-by-BPA those it

thing qualified year. saying means our serving is prospects increase XX% other of have I in up The would time to trying team last going leads, our say marketing That those qualified front of to instead is more prospects. you're in that find qualified a terms sales of success

accomplish to of a is So together fast really the when lot those team a that you and sales growing sales amazing think able increase. efficiency things be about to having that

Mark Marcon

changes in have that you're the any really nationally? It acceptance general concept seeing occurred PEO -- of wondering the of is terms is. change if the particularly Yeah. legislative just was And there with some I of if

Paul Sarvadi

the moved capitalizing goes I behind just people to really really to business HR on acceptance adoption net, success. strategy give I downer Debbie absolutely that. moment a why recognition that's a behind the driver kind trying think that because marketplace, it. after I energy that a you the time has HR, going But of PEO is people the we really because huge remember much really leadership up in curve if say in really it it's now didn't want I but that do. we're it when theme, wider is Yes. of And a the certainly, think talk we cast center And front the about can difference. its - and just to the think makes a right, also improved, have realize, to space. thought I

Mark Marcon

Well, and by you've certainly your congratulations shown way. book, on the that

Paul Sarvadi

Thank you.

Mark Marcon

can of You've wondering, the about particularly gross for talk tough terms to there? you a profit a year for got first really What guidance. as are relates comp quarter was employee? bit full little quarter the it you first worksite and I the in expecting

Douglas Sharp

Yes.

generally how think, as and generated most because always would our of think, trends dollars of taxes Mark, I during speaking, know, the I work. payroll quarter, you medical quarter the have first that

the We during employees that have met being still deductibles, QX.

numbers of drivers. have me, QX would don't from in So of down I the of specific a front to but because you step similar somewhat expect QX those

Mark Marcon

about that's wondering the I am number terms just were thinking your in you QX how of embedded in guidance?

Paul Sarvadi

Yes.

into have we've our the operating quarter profit -- because seasonality, you But gross those back at two we you the of first quarter on make look employee expense strong growth strong, side, the think it I that. always at line. terms look expected in kind of if that will the and be components think if expectation first you at you just look EBITDA I and the at the growth

Mark Marcon

I on just incidents the the that. side I healthcare about favorable. thinking Yes. severity recognize year and was were last really

So per bit bit just little be probably I are higher a last year? maybe going the was little a cost -- for basis wondering, they assuming than a employee that were healthcare to on

Paul Sarvadi

trend basis. the kind claims of build year-over-year a and at on that with there look We the it in Yes. underlying on

a because exaggerated was year. so expect So little down bit, be we last it that would

Mark Marcon

Yeah.

Okay.

Paul Sarvadi

That make sense?

Mark Marcon

It want you about what with that regards does. that, to just then, said the to And sure growth was I make geographically. in fact case. the

are you growth of as Texas So you're newer the out of level seeing as faster of of out some markets?

Paul Sarvadi

it's just BPAs the we growth the is grow we rate, grow wherever the going really Actually, running where little we're are some evaluate you business. in of areas. fast to Northeast Yes. But say, probably than you're I'd in when kind the

So BPA growing we where where we're as do offices regions at -- try where to even look opening and we the base. that the out and as we're to

Mark Marcon

as side, well as And then you an training, seeing increase client expanded actually the rates? BPA retention are solution with the in enhanced

Paul Sarvadi

Yes.

a high XX%, -- them we more I to first retain seeing years breeds are a you're long were more our able XX% as and for in the retaining doing I kind the of up people would improvement XX% time may north We and We around business sometimes Success to step or room of XX% have that. improvement BPAs years are for in mid think as be effectively. success And we're in XX retention well there. even XX what XX% in call BPAs business.

Mark Marcon

Then to that over XX% is XX turn and to... XX% retention rate is the running

Paul Sarvadi

Sorry thinking right than about that. in I yes. turnover, Yes, rather but retention, am

Mark Marcon

Terrific, congratulations. Great.

Paul Sarvadi

Thank you.

Operator

Instructions] A from follow-up Tobey the question line comes [Operator SunTrust. of from Sommer

is line now open. Your

Q –Unidentified Analyst

allocation. Hey quick one capital just question about

So repurchased – than does your XQ, the implied you. do how for as higher into plans going Thank price of lot price the repurchases as for capital far allocation purchase fourth stock the being you in XXXX rank quarter? with stock how significantly a

Paul Sarvadi

fourth based price to the happening Obviously weigh year in every there think it of get -- the factors us we in outside meeting last really from quarter etcetera. Sure. advisors But we didn't that on was quarter variety a relate on stock and reality to a anything reduction business. input obvious each a at Board was

you uses increased our will And capital our shares. buying our back allocation us from different emphasize capital. we So toward see of time-to-time of

cash plenty that a we We're have still and back lot bought we’ll of wouldn’t we of lot authorization. have so our quarter. shares, accordingly a on So generating each but weigh

Unidentified Analyst

you. Thank

Operator

Sarvadi. further will hand no time. to back this I call now the at are questions Mr. Paul There

Paul Sarvadi

next. some again, interest be appreciate really we this and and Insperity Once we will the out in road on your quarter

game XXXX. talking our we plan for to forward more and you you some So about look seeing to

you participating. see again thank So out you there. for We'll

Operator

conference today's concludes This call.

Thanks. may You now disconnect.

Insperity (NSP) 11 Feb 192018 Q4 Earnings call transcript