NSP - Earnings call transcript Q1 2019

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Operator

Good morning. My name is Colandra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Insperity First Quarter 2019 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 [Operator Instructions]. would introduce I speakers. time, this like today's to At

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

Douglas Sharp

joining Thank this morning. appreciate you us We you.

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

results. Paul our results First, second financial provide full I'm the the quarter for first XXXX the key year. the to behind to and the financial will I the for QX year guidance. then going quarter will and drivers discuss details plans remainder our an on of guidance to our return comment XXXX behind our update

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

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

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

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

of QX slightly and the programs let's These management QX operating worksite forecasted and XX%. our highs employees XX.X% driven paid XXXX employee which behind of were the of and above pricing, of of costs. by worksite $XXX XXXX, cost Now, discuss EBITDA an direct of in over effective XX% midpoint another record increase range. growth Average mid-teens increased over details adjusted in we $X.XX a achieved the strong quarter increase in million, results adjusted, of

heavy the is quarter, This campaign, our fall quarter's of consistent client growth client the prior successful year. attrition totaled during a our driven coming the renewal which XXXX X.X% off only attrition Client and low sales during both QX of period. enrollment of level clients by new with was

lower stronger experienced month and worksite expected low XXXX due that increased base in Additionally, the our in of by gross QX $XXX at results The in was XXXX QX and the levels than profit in in XXXX our benefit period. of areas per quarter, although, over slight cost employees and profit favorable compensation included we cost client in experienced QX achieved decrease QX Gross benefit hiring the prior from pricing. of reported workers' net to $XXX per by XX% of to during the reported XXXX.

expenses growth, new continued XX% operating quarter and with of in business number advisors sales included adjusted and investments associated performance our the offices. increased in First including increase costs the

client technology. continued also invest service and office in and our back personnel growth facing to client cyber have in security We with

spend XXXX in a our in discussed included leverage to investments will of per QX in As minutes, other XXXX. further with operating per month Paul recent of amount $XXX in worksite we the areas significant resulted from employee as a offering. analytics enhance $XXX adjusted decrease Operating a in few leverage our associated robust further data expense service QX business of data technology to tool in HR of

benefit keep rate came forecasted at lower below tax due XX.X%. vesting QX XX%, rate of than the rate rate that in typically QX tax stock incentive during associated effective the our slightly to is quarter. And of our year long-term with the Our in our mind awards tax in full

XX%, tax a we rate equates For a rate the estimate continue remaining of to full-year to then of XX%. which quarters,

payment cost $XXX This cash million of of XXX,XXX million repurchase strong flow, at the XX, is of flow million inhering stock of in from the of As adjusted in shares for model. reflecting the our our quarter balance up business cash the and dividends. XXXX $XXX Further, $XX sheet and ended December a we at cash. after $XX cash million with

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

Paul Sarvadi

covering Thank you, us. Doug. And thank comments will three provide Today, topics. for all you joining I

First, first year. our and strong quarter some results guidance for to increase our color surrounding provide I'll our the subsequent

Second, an the with delivering have update of discussion outstanding several our two sustainability I last will the of provide And key initiatives. results I'll on we XXXX of the finish progress years. been a of over

model first due our excellent historical QX at This increase of to same the transition this heaviest reported year-over-year QX quarter key renewals period growth year XX% for metric. sales, renewal client the paid retention. more employees and first strong set the up high stage converting full X.X% of by year-end months during highs sets year-end. driving for In attrition very XXXX. our of was than Doug two for Our our number the the The the of worksite as levels year concentration of of is in unit QX an in the retention went well, continuing

XXXX high came year at an level ultimately Our metric. another year on we of full good this solid in track historically a with but for retention XX% were in QX

continue the than sales as side growth as we our BPA. efficient of our trained Our of services, more get The success of our of the us worksite and number business. business more -- leverage at combined mid-market XX% rate size now outperforming core or bid to increase is continue in sales Activity increase the allowing mid-market growth advisors. by the sales a with came the new this opportunities in QX growth of with business expectations. sales model, model This maturity was rate employees we driven profile faster in organization strong performance to to XX% is our in in budget number at XXX% and with both efficient a grow

up in targeting We of number BPAs increase this nine expect average to continue for open year. to BPAs new ramp full up offices of year, the as an trained we XX% the

X.X our XX% sales Marketing productive effort. times generated leads. discovery efficient, consistency channel the self Our programs. drive Digital, loyalty more are and partners increased calls converting in sales were marketing continue QX be to to three programs and and effective, programs source helping most in

an marketing and new targeted our at we of Care of of authority our staples are Authority a and adding three these blogs released mix. marketing ways Insperity plan, have social in we to use program to media in addition Take expertise book, advertising to the variety marketing the leverages In People. Your of recently

higher a initiative way prospects Our is this goal on different with level. reach cast net the and wider to a starting a conversation in

to slightly of focuses and and strategy the up establish ramp a our a the new metrics follow team historical of on our growing sales Net client, commissions advertising to slightly than year. designed the business marketing client closely, are QX a flow tagline, to multiplier from Our to that base slower pace compared new percentage we makes our continued, within although, of initiatives period in effective as in down average an paid to pay including two base a recent force success. continue Other These people highs. levels, as however, last sales time pay HR hiring to increases, at continue value difference. over support lead strength staff the show

XXXX. client sentiment. of outlook Another is business medium-size early small In around current annual April, entertainment the marketplace found and our event important the largest decidedly conditions point data and personal for in positive we owner the a health interaction at for tone business

combined business this a wide with a was geographic of among from solid scientific with Although, spectrum rather of a an a this retention types companies. in anecdotal included wide community. in sales representation and From size the survey, we're small strong environment medium perspective, than climate in operating terms a and economic growth an

Now at our were a of adjusted as first drives growth solid higher did unit also quarter operating pricing, in ability factors to our again and Effective rate management than EBITDA we quarter. once direct the management this results of costs grow expenses. the these

to tool, our and for HR first year So are seeing into guidance acceleration updating trends the in initiatives WX Two Visier the we key Premier. business. due ramp are the excellent of of analytics in our an or and for introduction our the are new integrating XXXX our increasing workforce quarter we Insperity start up corresponding the simply

WX on is early Our was at our launched pipeline read and sales encouraging. sales initiative convention January, in our the

the recommend WX in more or for sales the optional early is process the ready process, allows just embracing are of not WX a in and not two optimization. to workforce qualify event prospect the BPAs Our bundles, natural WO which does for introduction the

insights, service higher ramp more rate instant experts our and is announced We as tremendous point. clients consultative this believe to bundle. for the expect drives a analytics clients and coupled get the to to Last tool to and information. this increase in new selected highlighting with from the changer powerful capability WX up sales on view we as activity approach capable of BPAs this throughout balance this engine. to new at beta sales unique data advantage quarter, provide a test our of begin software tool game new HR selling competitive Insperity this FX home support new converting We a continue help with a act the We year a HR with

and We are to This on a continuing Insperity the HCM into built Visier support the quarter offering. predictive analytics platform, this clients. first training of the the data our for information is our use Premier capability of HR tool professionals

seamless shows new in additional first Insperity to Premier. within navigation clients. data and we've no service technology quarter, been our just demonstrable This substantial management adding perspective addition, to demo offering analytics clients and the the and or for have up single In this our premium setup, positioning. mid-market the on with administration, costs, sign value discussion as adds capability reinforces Late data

rate plan the this is win lifetime for increasing through of mid-market technology improving this within value of monetizing clients our accounts sales retention, Our segment. and increasing new and

market taken impressive than continue prospects important the are we EBITDA excited move our growth, been natural of years predictable and HR four from are a in and our our Comments performance; very mid-market two are of These and process strong these After sales forward to opportunity. profitability. these run business results. encouraging. have in potential about pillars to how and clients consistent the our perspective by because on from to row costs, management increasing response We very immediate size There our sustainability they XX%, early price high is enterprise growth leverage are question by anecdotal to sustainable analytics supporting four action initiatives of in share the operating are our reaction the a contribute demo. the adjusted model more to

generate platform achieving high this exemplary performance competency promises from combination retention delivering sales organization, years capability This the sustainability the many also to consistent drive profitability, our double-digit and sales proficiency at over element of success on for to managing service proven is clients. BPAs performance. achieve at to levels cost costs organization our targeted proven targeted unit business more levels. dedicated pricing a and supporting level stable of model. essential Our hiring, And a professional, of matching effectively comes a growth predictable results. for to sustaining is the providing This clients high employment to of We've performance our the also and environment of while training

also XX% variable. are fixed built approximately along of model expenses growth readily as balance service, can compliance increasing business in growth, while to with and leverage our or variable managed semi profitability. XX% in has other Our are Investments growth, technology operating or be our the

market. recent the and At in this United XX% addressable for million this Doug. like high in and growing fourth our call pass services exemplary to growth States unique has a XX is the for pillar, I'd work opportunity market the capitalize in vast or Insperity to continuing been time, opportunity. on to years, Demand position allowing back is for in Over our companies people profitability. Our

Douglas Sharp

Paul. Thanks

the for year our Now before an up questions, second begin forecast. quarter provide for guidance to call update XXXX like our we financial and open to the with I'd full

growth forecast year first consistent to growth of just employees work site with average paid XX% and Paul a continue we to in XX% quarter's in As mentioned, range our mid-teens. full the

year. the increasing the the our plan based over execution and remainder in QX our upon outperformance and of full growth are guidance year's the earnings We of operating

While from workers' approach conservatively typical favorable the take year. trends, to quarter's compensation included some upside our we intend results direct the first our benefits costs cost forecasting remainder the over to and of

full EBITDA over $X approximately This to of forecasting XXXX EBITDA to range of a of improvement XX% outlook increase $XXX an in to our $XXX initial now of over an are We adjusted adjusted million, XX% XX% XXXX. million XX% year is million growth.

updated with are XX% $X.XX year growth initial to up XXXX $X.XX, full of adjusted to initial XXXX. And We slightly budget. to XX% increase a XX% XX% end forecasting EPS guidance of our the guidance low this over from of our is our exceeding

over second average paid XX% employees the XX% QX XXXX. quarter, forecasting in growth worksite for As we of are to

million, XX% of of conclusion, In QX the $XX QX forward XX% a EBITA XXXX, $X.XX to XX% We of EPS over in in our to to an $XX strong are start forecasting XX% progress due over gross by from down profit. million of are is seasonality our updating to projected a we adjusted our range sequentially adjusted we and $X.XX, throughout on increase QX you encouraged look of to prior an year. increase and the the year, year. to to typical

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

Operator

first Your Jim of from comes Instructions] question MacDonald. line [Operator the

Jim MacDonald

profit? comp pricing Could the you of about the benefits talk contribution relative a little workers' improved bit and gross to

Douglas Sharp

we last both comp a did as I'd reported we in year benefits. of say benefit from quarter for nicely came and and bit little workers' have pricing Well, the

movement there, a little on higher. speaking, it slightly in to down profits the generally and always in gross factors and taxes quarter all than on a was just expected. You have certain side came But up around payroll good better

Jim MacDonald

on an get update terms now back BPA, you total BPAs in where BPAs, where And give are in trained And and us could we the going? of of queue. the I'll just you and are

Douglas Sharp

we First we the basically trained little the will are in that. and of of first in to have of bit be. We're XXX, sales to XXX on BPA about quarter then BPA BPAs we’re where always the But a course quarter, that XX% on the little total count. and if around of housecleaning convention you you count intend do year, our

of We year the our for course to will the XX% up the year ramp average expecting increase year-over-year. around over where we're

Operator

Martin. And your next question comes from Jeff the of line

Jeff Martin

of just the sense on But rollout this HR a that nearing that get you the like want mid-market phase. year. you're analytics to engine? course taking of It could of elaborate plays Paul, out data timing you're of the and sounds the how commercialization to and through

Paul Sarvadi

across going been that of some explanations went lean came were insights really sizes, we quarter. to continue a Jeff, of group and information, at has the to make. demos first through of different out it's well. we that extend all in accounts specific of happened picked our the wanted started conversations and data lot out We training and will of training able that We and of team that a their

have number of of segment. the market that the all our year, through year, discussion. we of with second get So clients as all the the end balance accounts out mid will we'll start this of toward to the course clients, setting type times expect way have our substantial a of should group. quarter, through this enterprise do more our I the of this we roll on individual at And work market mid throughout

Jeff Martin

assume retention Any early this could improve stab this mid at effort. what have I to on ability has impact there a retention? result of an as market

Paul Sarvadi

question to have whether this of it. hard no new costly. there's have to be other so it would but Once about that tell, want way you're you going type to pretty information, do brand it, to and access it's It's hard some because you

insights us in it's have people, business. you we've have I well. data have more been staff, X,XXX, the you're to system should business. retention the it for is with then in this that new this believe in segment. we more corporate enough and interesting true the where intuitively, own we're retention -- Insperity benefit the as connected the information mean, key your long counting that And you and So that's the our And from here selling we on that's in really for and monetizing run also and really us X,XXX

think So on to it's going and bringing see and we we retention we're new larger benefit accounts. valuable know

Jeff Martin

that useful. is for there, And would slightly then quarter side last XXXX? help on trend work profit the each question with it to employee more Doug expect compared guidance costs. for gross the down year-over-year we be Should for It'll to

Douglas Sharp

that -- talked sequentially quarter is fact The way I -- gross that QX. metric works about per that the it's from typical down from is down seasonality in profit employee second

generally quarter than lower consistent we the participants plans QX. fairly of being it's been and than have. third typically -- when is picking QX that's up with medical due plans costs it But With QX, QX more is in the to -- because when you're each that the

Jeff Martin

quarter relative second should to year this QX trend little relative But a bit last second to guide? to year, quarter expect that down we a using as

Douglas Sharp

correct. Yes,

Operator

from question comes Instructions] your ahead. [Operator go Please next And Marcon. Mark

Mark Marcon

a talk you about bit you're your growth to what base. client if seeing wondering employee can I'm with little within regards the

about seen ago. bit should sales little a than and think that? of commission? year it How was you overtime terms slower What it's mentioned we You do in a

Douglas Sharp

We went other XX%, lot. underlying if the year still And X% in not that the quarter of Average in. XX%. I as it's highest for client lower expect so. a I'm staff of strong -- the pay should everything within it's as budgeted metrics saw what that is is what the and glad contribution it's in of fruition a clients, to we've strong. over looks base. we Over much, running we for going which think come XX.X% But we that the we ahead time the were bit terms around forward, sales quite a we ever existing commissions or base from of to from seen as running expecting, it's is pay percentage and not But it's growth far built little terms in but

that's in that. very basis little a so And X.X% over year-over-year strong, compensation all on

And sentiment. other uncertainty bit -- things in was really are next think first around think that there's I that look bit little sentiment once the were lot And pretty of I shutdown and you a what thing government talk most we data, the owner the from a business So positive that I've is quarter, And much on, we those be may the the had really our little strong. it coming. or use at then going we April, that's of The passed. it may I be really entertainment ever. think doing of heard was sentiment economy about event client lot a had early what in large

for position full of in and this strong ahead. steam think the certainly we're we year moving for So, a balance

Mark Marcon

an that from you any acceptant? can then you're of bit And about PEO you're what where seeing seeing perspective a in areas regards any with regional talk to terms little differences, a acceleration

Douglas Sharp

basis. generally stronger do at Not growing of acceptability industry at really average rate of the on growing a We're that demand, we just mean see higher geographic idea I the a is decent the a industry. than guess I the rate.

rates that growing plan of been a in huge demand market such to and think and no But to that growing. strong at game are keep opportunity, really I we're So our just do we want part where be. sight has end

Mark Marcon

to XX.X% Can confusing is revenue dynamics about fees. one then your a and WX net you some that is in XX.X% thing that? the And talk increase perhaps bit increased around little

Paul Sarvadi

year, a from very strong you perspective. a had benefits quarter Well, last

a really revenue is net And on meaningful not line at that got there big so that going you've comparison in in picture. the

if its mid-teens. working units grow look on does. the full our measure, that at adjusted we're business EBITDA where as it So total the in targeting typically year for the you for We'll

from the at year grow adjusted And course our from your to XX% a is going original in can XX%, budget. today, You're higher to of XX% XX% the which we're as looking at full for guidance you EBITDA to range up rates. see of

Douglas Sharp

Another revenue item is thing, plans in seen the we've today's migration environment. health taking deductible the higher participants in some Mark, line impacting

are reasons lower allocations picking higher the cost they're pricing lower too. plans, of when that's the that deductible our health obviously, So healthcare why trends but are part

effectively addition, managing think In area. that I

costs types through those got line you've item. revenue of the So running

mind just also. -- So that keep bear in

Mark Marcon

your that I that's to just Is How relates year? really seeing results? think to administration the out the the with rolling you Doug. And you that that the regards anticipation do to for What appreciate going? workforce early are then based on it as What's core. there?

Paul Sarvadi

be watching to going We're closely.

that. first step-up quarter did we activity get began, activity? The We did got the in was, a

ramp-up. really More that's rates quarter. on BPA our get in I across are we we more campaign fall team, here to the pervasive after But starting at will really and cylinders. across you be at conversion now second be to by am working prevalent the second will closely we to looking continue quarter, sustaining for or actually see the So I looking is quarter. that all what watch time fourth what And wanted

time So we we metrics fall to the want have we the to by the can, get campaign.

concrete our set can we organization be. what really across is expectations the So should objectives

and we it too. as this up and think we on track I roll are ramp we're out excited So

really bundle, sell other not it put to good at offering, right interest The as make you sure you news new and can pricing and is you service as know can But want want we you set with it get the line in can is new you to to a prospects. you rates a me And whenever want out to you the what sell in only also you can price. up the a and target. at ramping we sell

are. I we where like So

Mark Marcon

And then in what three client retention mentioned with client midpoint is to of out you quarter terms your you guidance. the would next coming anticipate for first quarters? the Where retention, of the regards

Paul Sarvadi

a balance you than the know, of generally month. X% year have less you As the

how probably And end a at And X.X% bit so then in quarter. last total, you think, little than year, which that's a range. up day the or first looks at, for X% that year XX was X% that a year a we're X% I looking below similar little the to less

Operator

question your Tobey comes Sommer. next line of And from the

Tobey Sommer

bit little impact I easier How been been to from it? you are? really has perspective? we impact last year. If the learned you've us if Where allowed throughout couple notable the of rules, on since and how changed there your the the over for that’s wondering there's been could IRS was an of years selling what update do a

Paul Sarvadi

by taxes, the with Efficiency just customers year any order on of larger customers a some no had Small what passing is double selling paid customer payroll Act. restart to There offsetting having that costs. Especially the which Business number. in on And where we question actually keep people issue payroll higher lot were the or big is the that payment a to avoided SBEA, tax, was of we were, you of a it's throughout the not

accounts, have new you'd a margin first So accounts. the those those lower on in year

eliminated, has with helped it think I So both. that

have company You impediment that the around. down, -- to that don't in on. for I matter Whenever make an think together, get really in wherever keep what can larger or doesn't month on-board a process work comes it year especially you you And a place, really get all do everybody on just transition falls-in it the the any sensible that accounts, have plan in don’t information slows the you difference.

seeing positive a is that. from benefit that So and we're the

Tobey Sommer

the differently you are are in than leads you your did how In target? prospects sales And -- those changes you the have legacy customer cycle? sourcing and mid-market,

Paul Sarvadi

not of the leads a psychographic in the And trying same coming it's profile Well, lot are BPAs XX% mid-market an from different. to our of still field. for after We're account. the the go

company our that of them so opportunities. with demonstrating and surfacing and we've to together well bringing team complex, bring size works the and So team on then our And together in buyers mid-market longer bit influencers. the mid-market really those surface on over strategic accounts sales are more sales the for going period a to got team really a effort working the and a little team what these core team and on. have takes core can more larger It that and we SWAT do the that

insights, of can that And process can or bring tool nice just great bring great operation, and lot steps this customers a bring the of not offering, the their a or great reasons a go to together HR combination one is expertise, way that that the objectives. the of accelerate way us to clients any technology increase improve benefit. work and demo lot describe how a another but there's remove impediments around the process we So see that's that's the there's people to enthusiasm In for for professionals this to help to how can the HR of help. on analytics the time, It's reach plans in fruition. you meetings to just of

Tobey Sommer

Paul, versus today through last is What question you potentially factors we upside balance your as and me. enhanced driving see of way -- guidance as your results you do to potentially the work for downside XXXX? our

Paul Sarvadi

if the risk profitability we have high at But we operate guides same right the accounts compensation way full payroll plan. the at validate business, to taxes of that steam always ahead. managing the quarter the that, few all years, in now come of renewing profit cost your leverage beyond field ahead, happens selling accounts, first budget the have a your execution look works. and the you benefits if in the out plan at you're left for you when area the overall year the programs workers' that's throughout we effectively fee move objectives Early the in have trends those year, more and model the gross and every now or the create absent, claims. from our year, the something level as line. concentration always of you over the not the of basically are that you up, of quarter-to-quarter, growing And the the and over have business. set that's that prices, in you program year, right the and we've risk targets can you last benefit the rest the time, have an it right kind terms total And It's quarter, those first out really the manage differential have and earn place how with in At go management And and earn you last and So and the but right plan. more few. you for we're benefit then can we see volatility which the that of within what back you

Operator

question the And MacDonald. line from of Jim your comes next

Jim MacDonald

quick follow-up. a Just

that, like talk should that you PEO I about So and to success SBUs maybe non-PEO it talking things how about we being that besides how growing leads core? up is So And or do to than is we're additive later? administration the on something sell bit area of and maybe but we update think an faster about about guess pool that? don't a sell anymore a to the think little having -- workforce

Paul Sarvadi

components. We in put More the had good individual come which going is is acceleration. to there bundle from contribution together, growth a workforce from those we the

selling selling of we haven't emphasized separate We upside entire effort a much sales concerted And the bigger to as separate bundle together across much so a force. components. our in BPA there's think

kind the we're that's quarter. a in that's meantime, contribution transition So still and in nice made the in. on going the But of

Jim MacDonald

And just a technical question.

do levels your expect the that level what and you So sort hang of of CapEx went you to Do depreciation sort expect last now? these year. at year up for

Douglas Sharp

I $XX think we $XX about is million, mentioned the million. CapEx for year the

We top we the on also of fact that. expand mentioned facilities were our campus to that having

So, with and go expenditure. we depreciation that, would with additional expect the amortization in up that to line CapEx

Operator

Marcon. the comes question from line of next your Mark And

Mark Marcon

going up the the first about quarter, We on pattern. but Can trends you that in tough profit were of do bit see balance gross a expect recognize the comp a employee here the talk would against Obviously, seasonal year? year-over-year you the how that year? the little worksite you really of you per over balance the

Douglas Sharp

say year. going I mean out the think starting we know, as into you generally I

we've end, sort of go renewal mentioned, the We've just our year of good gone Paul accounts those got for snapshot through we is. pricing where every cycle. a As through as

would a those look to costs QX if But in favorable budget. that of the dictates even talked there costs, you the very the further period. renewal the very through that extent, the comparison benefit came be difficult the We relative but about about last looking we're going direct we're when in year, looks large over our the the the talked quarter I a going still of we pricing to renewing the the year, I well accounts of look that cost to to course fact was at benefit at the say first over remainder trend. which though low. So year, on

continues over comp X% where that history maybe of in we closing And did let initially favorable remarks, X%, of doing first year said That's in quarter. results then area as workers' prepared effectively. we is And of we continues the good claims. very mentioned develop low more the the today claims remainder are and successful to I that in some my where that. work toward the we as but the end through of got have sort look I think to out a that. we We've settling an program,

And fairly So could have hopefully some basically is we the consistent in year. there. summarizing, previous XXXX upside with looking

Mark Marcon

then And regards tool, that the you Visier with a your are what you learning applying? to on folks own are

Paul Sarvadi

surface. good interesting been that There's of question. observations at a That's lot

areas the tenure next that just in in a and from interesting happen from of it at and I One perspective. look of at about workforce think from things you look of really big that think the Company than in perspective is generational us of snapshot to a was for retirements picture. happens More tenure makes your the movie is kind it the did at things. and look and other XX one can that for things years what and terms of a kind a And

internally that see very But formalization would a and somewhat program mentoring expect good some that have things. helping for informal develop. people I more it's we'll We of

haven't example say and you at an look attention. maybe much So that of paid that something you just that's

say, can the but hey, you see there's You know on, do it's be when going something at and you where helpful. that data, then information the we can you all see now you're

There I you think a too So but feel that that's an were areas it. gives for particularly interesting, other that are example.

Operator

now there Mr. the over would call closing back his this Sarvadi to questions. turn remarks. I to further At for like time, no are

Paul Sarvadi

all for All deliver again. again, And and you Once Thank to right. us you continuing road the call. on to you once part or out these being joining hopefully thank see look results forward we on today the quarter. and next of all

Operator

today's and conclude disconnect. may now conference does This call you

Insperity (NSP) 29 Apr 192019 Q1 Earnings call transcript