NSP - Earnings call transcript Q1 2024

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

Operator

Good morning. My name is Jenny, and I will be your conference operator today. I would like to welcome everyone to the Insperity First Quarter 2024 Earnings Conference call. [Operator Instructions] Please note conference is being recorded. At this time, I would like to introduce today's speakers.

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

Douglas Sharp

Thank appreciate us. joining We you. you

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

the made comment our update guidance. financial year results. XXXX implementing I'm to on recent strategic I First, our quarter partnership going have and guidance full discuss provide will first the the progress accomplishments, Workday our return an including will second the quarter in our details then we for behind solution. to Paul financial to

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

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

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

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

we benefit employees discuss $X.XX. EBITDA and budget. of quarter first These let's lower-than-expected in results earnings operating line range and the per within ] share our paid average QX of results continued number worksite earnings end adjusted Now reflect with the pricing, costs the expenses [ above forecast, of strong high of our in our which reported our We million guidance. reported adjusted $XXX of

of QX XXXX. was in of number when paid compared approximately to As employees of for our average X% the $XXX,XXX, decline a than growth QX less metric, worksite

the transition. recall of call, accounts to and half during year-end decline loss may XXXX the our second our expected over of a our in this you large handful due slight client into XXXX of earnings base from January As net layoffs was prior of

of hiring from levels. employees net of compared QX client our X% XXXX, over forecasted compared cost in in a our renewing first Worksite level at subsequent a decline lower-than-expected accounts XXXX. XXXX new of when with was a experienced the QX we claims in to profit strong XXXX. QX transition to when paid was lower of benefit end end the of in associated primarily sales benefit client at through came our with of year-end trend. pricing of on combined increased QX And retention 'XX. This runoff February favorable Gross based by and XXXX Additionally, with combined at cost XX% the a reserves adjustment to similar a base through of quarter

Regarding payroll generally initial in increasing Workday partnership. million of levels investment of of insurance have to cost impact QX, over Upon The of direct cybersecurity Operating under believe we amounts we our not expenses Healthcare. and operating with our the payments additional related the yet but affected due last impact data detailed strategic were compensation of of $X plan a by reflected claims of and in for XX% combination of we carrier, technology workers' this our costs service our QX other XXXX in phase managed appropriately offerings, budgeted discussions were approximately incurred expenses continued QX and with including XXXX. the breach. reported areas, the including claims our to were our growth also implementation of our line reserved claim the March Change timing to forecast. in the QX our believe industry-wide at breach review month of our taxes

changes February. XX%. came at end stock which of and XXXX in due of forecasted QX rate price of rate our vesting higher rate tax of to stock at resulted employee was the our on in effective less benefit XX% tax was our XX%, quarter's awards First in than that primarily This

financial Now shareholders. growth our returns and remains while we continue to to believe in plans invest that liquidity providing we position our strong our long-term as

During at December a out and of in have million QX XXX,XXX stock $XXX cost ended under quarter, an continue credit dividends. balance. cash, with million paid available shares XXXX And over repurchased of we of million our to million $XXX adjusted the of We cash million $XX we facility. $XX $XX the increase XX,

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

Paul Sarvadi

and Thank Today, plans performance, call. initiatives I'll our you, quarter our for begin first comments supporting future all growth. our thank joining Doug, including solid for with you on

the provide the view I'll and the small our business insights reactions as Second, and from economic midsized within community. climate

provide strategic I'll provided new Investor initiation and on with Day. the [indiscernible] our of partnership upcoming Workday our update an Third,

Overall, excellent the quarter, high an we of against of exceeding economic slowdown. adjusted the had an range our end backdrop EBITDA

and of the solid, are help to the small- target on we expect the clients. the mitigate effects fundamentals medium-sized climate Our economic for balance will year business our our plan of

sales and budget. period reflecting of improvement Booked the the advisers quarter. the Business team year, of continued Performance their team. highlight New They and over excellent quarter. increase closing rates last This in half for since driving were by the improvement by the year incentives last growth gained solution mid-market a same last exceeding and sales strong over business year, the performance experience book the of in for effective first Optimization double-digit sales an clients reflects the our experienced the sales last Workforce BPA was efficiency. Consultants We performance prospective our

from timed The and over will of BPCs into growing this number partnership our for improvement. This the process is of year. steady become for is few leads discuss this the minutes. reason more Sales well Workday a our new larger accounts qualified strategic consistent flow in BPA's funneling our have I last

discussed a Total for accounts in the last We quarter. quarter Workforce improvement strong traditional as count retention same year, Acceleration notable including we line increased Optimization also with had the client the last our WX was business in year, employee retention. service first a on Workforce over our business for our employment in quarter in last this XX% period except client large

marketing also objective an lead generation the quarter. goal We for important our achieved exceeding

conversion of these of target, XX% appointments objectives challenging environment. activity remains was call reaching sales discovery into just leads this However, in under

buyer sales force leverage the improve to signed have initiatives sales quarter our can launch by which We signals prospects. activity, account-based from BPA relationships makers. with front decision qualified lead of client of our more with more BPA and accounts we insights approach in drive the effectiveness. This possible and profile is building including time This sales research, high-value made several experience, All a technologies target to to strategy. accounts advanced investment this marketing planning in sales ideal believe and intent to execution key will strategic begin a on approach focused and in BPAs provides

insights have the AI-enabled We quality clients business. and technology efficiencies, additional and in -- Salesforce drive incentives initiatives leveraging our as our to and our they speed, underway, serve teams for investment grow operate and

that predictive other our platform data and implementation emerging strategy will put as capabilities. underway, The of data analytics to analytics, place our move to technologies well engineering modern as in AI a believe Salesforce enterprise-wide and well accelerate we allowing are us

economic data small, data, medium-sized hiring, elements interaction Now assess overtime net climate paid commissions staff let recent me client clients with monitor clients. climate, the our our directly owners wage evident worked from to The we to insight business the the our our business national our some regarding key are and our facing, inflation, and provide survey. sales hours of

commissions number organization. in important X%, paid was to metric in through regular the metric the continued half the lowest first the of to mentioned, base this of client of is years. provides has XXXX, the in to XXXX, of downward also last net in near-term layoffs that lowest way has nearly inflation, insight most a businesses a and few X%. over into to their their Over as Doug X% sales years. the down As trend second number slightly down revenues couple incurred client below a year. continued Wage This X%, in time, peaked our pay quarter some sales percentage The all which is

we've have with clients. the representative of opportunity the direct to Recently, had also discussions number

While slowdown in of rates, well, normal still optimism interest comments about business economic inflation and common. is alive owner the were the effect

for ago. these respondents client who the across a to X/X to will base. percent the own from XX% own XX% economic we're have at during impact. looking Our which optimism X climate X/X better the increased about feel The while and XXXX still of expect perform client organization impact survey that of anecdotal XX% January. comments XX% Clients business with their than anticipate for quarters broader to just on year exceeds was their has dropped their somewhat past ago. forward client staffing company their to of a expectations decreased XX% negative least optimistic a nationwide their performance of client to compared to quarter XXXX, Consistent positive performance, organization survey, expected reinforce recent economy. XXXX who has clients to similar during

significant to newest Now growth, Workday let our our me partnership. update catalyst for exciting about exclusive shift the strategic

this evident has working call last client was enthusiasm after been and opportunity My feedback reaffirmed. months gathering and for our together the on X first

partnership driving Insperity strategic strengthened. and at elevating creation the the for of long-term the and of a profitability our view time, marketplace growth, changer been Our same company, as game potential trajectory significantly this value in has

committed -- preeminent to partnership, technology businesses the Workday developing, combines our As a this HR Workday's for are jointly Insperity's through that marketing, selling small reminder, HR services. solution supporting Insperity and targeted and and medium-sized and strategic with

objectives: to expense, and running market implementation solution these currently on to and offer All of businesses. be months just [indiscernible] and We Insperity ongoing to the solution after X capital first the major strategic time available expect complexity less disruptive. off partners this new few target this the now are believe focused We X Workday those working are upfront priorities to together. has unique potential cost, combined for and

strategic Workday to on dynamic solution. company important step ready launch Workday our to growth. is for it's which be new effective is First, the employed a customer X,XXX our support entire partnership becoming for We to our this for our be staff have ideal this as believe clients with we future corporate to Insperity foundational staff

the to progressing the build configuration milestone effectively and use up the foundation for Our as corporate order be started Workday development schedule. session. to and running. tenant workbook completed tenant data in and completion Workday submitted project A This plan in site to HR to is on this initial corporate the significant is was of

solution as are our the embedding and Workday joint larger of client-facing we an within technology developing offering new to HR target for accounts. Second, Optimization instance this create the of market Workforce

implementation. detailed planning and significantly work happened how Now client It's new this much challenging to tenant is has Insperity-Workday this project. a more instance even already describe complex on

for plan master very significant teams project pleased extremely this been accomplished, are detailing the well. We has together working and progress the out are

Third, Service deployment the enablement and the Workday. within we're a help establishing team of Insperity organization with

new this provide to to to co-branding, target goal go-to-market this deliver team establishing We're of the similar, plan. manner implementations The make partnership effective ensure Our also partnership of for and and Workday pleased support and solution address efficient been significant from a commitment responsibilities teams in both the co-marketing the as launch is off and the and we to most start do Insperity today. great already significant for have a a and strategic a the companies' since with co-selling. success The effective is and organization, roles this go-to-market objective very effort to including the market, for staffing leadership demonstrated has professionals plan and dynamic of Insperity strategic major this the completed this service accomplished enablement this team, training both alignment fourth in programs to partnership number team. reflected of companies. We're a our this establish of for foundation

The been first companies. of for X has both months as establishing partnership this this relationship new strategic is a challenges without to framework type not

remotely the X potential around the reaffirm the highly this about However, HR interaction the to is and with for upcoming from energy our solution up discussions corporate a a Dialogue firms, also this client-centric business market. about exceptional. be like partnership and confidence the call focus new point, my pass May to Investor technology have recent be confidence nature prospects personal back opportunity of My excited supported at likelihood between ways an to model speed our expect the Doug. owners improve very business clients to this service available was strategic future. At over powerful the client recent on at degree specific the significantly to the been partnership update long-term corporate and fundamental and coming and and Day has our of client our continues these our on to scalable drivers culture catalyst with event into will XX We We're also solution XXX were the to Workday The encouraging. our office to deliver our by I'd at match we online. able a to event, strategic this success. underserved of a and success

Douglas Sharp

Paul. Thanks,

Now to XXXX provide guidance QX let and guidance. me update our our year full an

outperformed we QX. While our guidance earnings in

adjusted initial the guidance. consistent are remainder over our of EBITDA the forecasting We year, with

We worksite are weakness flat to of outlook and remainder Based of growth and going we environment persist into macroeconomic X%. a now for thinking year. could our our point XXXX the the starting have uncertainty in range factors QX, upon to reduced the these employee over

costs continued our and year XXXX now direct on we by earnings expect operating a impact expenses. strong full range of mostly full to adjusted in year pricing $XXX $XXX However, the be of million lower lower million. to offset and We're EBITDA slightly forecasting growth rate this

million. While our operating budget, expenses of remain the partnership we from to our have $XX neighborhood in overall initial we strategic XXXX our costs to lowered relating Workday operating expect

XXXX now in $X.XX. to XX% This employee adjusted and $X.XX to QX, range our forecasting previously tax revised guidance assumes from XXXX effective rate XX% we as are As increase in EPS, year a for less on have an vesting tax due primarily to income benefit I stock awards mentioned. full of in

about remain we QX X% worksite QX, XXXX. are down paid of for employees As to compared forecasting by to

forecasting costs in step payroll the higher a quarters considers typical range and wage their pattern are our QX over to QX in worksite $XX are adjusted million deductibles EPS benefit our $X.XX. a in $XX to lower and as met. reaching are As $X.XX than EBITDA the earnings typically of -- from typically earnings, to limits, of we up QX and employees are million This for subsequent adjusted guidance we results higher where taxable as are tax remainder level of step surplus year over prior quarterly

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

Operator

[Operator is from William Instructions] first Andrew Blair. question Nicholas Your coming of

Andrew Nicholas

do specifically. of any you and the of opportunity out the Great. Workday months. couple way? leads detail that that and planning that start partnership, of are or I a and done pretty wanted implementation then on sounds And I insight Paul, a your Thank really have sales is in apologize to any your and on the the partnership as expected two Workday questions One, if second, like of it amount some through color first you, early with on couple it work I work funneling considerable Now for good time around missed you conversations. prepared there of kind remarks, the line? I integration additional or here but questions guess signs productivity you've

Paul Sarvadi

at pin yet -- you I'll second great. the to it's are Thank the looking well occur We you ready That's are we actually anticipated launch that launch the not all has date, to down. if certainly are question. the of will, within down start comfortable an when we frame but a first, deal down put road acceptable and to for but within of question your we Yes. for with we the detailed range time terms the what in that had elements happen

week-to-week companies as of that think kind working making again, thing that and looking at of they're this rate and progress both a are on launch. teams that So more product is super the appropriate we basis, at more clear, are this it's literally really together, -- our important really a a I great and gets the

to we're different getting approaching of line. finish the a on reference how frame it's So

so that that opportunity we're there. designing, take that a market do but we advantage getting to what fits possible in making sure And as fully as that's product there quickly out the of

of So get Investor you'll meeting, just that have a I we detail a sense our frame into but in about to a when yet, at that. we time can't better here go and doing give couple you will of we're what more weeks Day

very Now the also, front. lead exciting it's on

whole on would has and forth the quarter, it just from these a other, dumping takes what a sure names two our with one efforts lead of back rather the to the last I go-to-market The are process that make process companies. As to around and start mentioned focus between flow bunch been a planning not handoff. really group warm but

there's category, a to handoffs So on. and that but flow, we land accounts that want where both in keep lead if put appropriate firms that it. in handled people make as specific the component mind between companies co-marketing going on by that site about there's dialogue leads some have We to co-branding a sure in are just want co-selling I'd warm

well and down has we're point get flip going. to road. So where the have we advanced to stuff been can that also technology work literally that There's switch the this

original out second So to those we're that way half the results that to our target get start sales see last get was I leads -- period in a plan start that we flow for in on very first so, to within quarter the that. implemented good feel in literally of or planned this that for and year, and see

Andrew Nicholas

in I then core the And sound like to helpful. business. back It maybe initial the guess expectations what really beginning your you of wanted revert year with That's at does question, a my hiring net to expected bit I have for come the versus second Great. guidance.

end kind baked a terms on second helpful. there's of is guidance employee half worksite your of back quantify clarify And even of improvement year? then in of now decent worksite that? employee the low sequential or could the amount half. front I be also, the would in the at you the of what growth in, just That If the assumption revised think

leads kind of in warm from an stabilizes assumptions be employee improved of that embedded Workday? worksite helpful. even it macro those is some? expectation super the the that some macro environment additional on a So Any Is converting of or context would guidance function

Paul Sarvadi

Thank how sales the throughout we sales flow retention model goes is And year. that you -- question. for we business what already up. goes throughout year, the way that which our the every the get quarter sell each past and more It of simple fact got the -- budget at passed. up quarter, you work our Once the really first quarter,

that this on in discussed built really side, aligns even we're not in where have they're are we sentiment down they doing have the that the hatches. They base outlook the though optimistic that optimism. with I So client what seeing battened

built that forward into we're election backdrop. we see So as that expecting going year in a our not that an to

not speak the in net client assuming benefit from So any we're of in to base. existing change the

actually, of don't huge our prudent think the build upside in further in to But efficiency make that. about were we done because in don't just not the the I [indiscernible] that, team already new when this in from first optimistic sure just the flow, yet. their I'm budgeting leads, the execution take lead sales BPA really own this is the marketing I And evidenced have continued a a forecast efforts mentioned from that like more really on strong we're quarter. effectiveness benefit work I'm lead that but to that really our good some you that quarter. it doing And on it's based strategy haven't even and from stuff is

setting. backdrop of that of the of economic climate some the appointment Some affected

to we've specific are to a and to high-value target visit in potentially system other that specific sure effective that that assign relationships likely accounts accounts working to that area, be more define in especially solution. work to make actually ways are to and ready we we're got So more ABX

in throughout low business with So that the happens the What approach. increase is sales retention help our you the model, year, balance of year. should if that

So really driving that's what's the growth. quarter-to-quarter

Operator

is coming from question Truist. Sommer next of Your Tobey

Tobey Sommer

you do last the to by the compare transition signals new turnover enhance described that and How you around sales of come with seemingly client over sort contrast the category year-end mid-market few in momentum what mixed quarters? higher

Paul Sarvadi

Yes.

was end I X last kind those move of from technology go moved the quarter, year. it in you of large back our accounts that for at X specifically the think to reasons. if of discussion

so sold. another just X is And and being the success it's business our those penalty the due of to were

we'll a a the dialogue And that there -- their to underserved it's first community and this the That's option So your clients new just already people service. really market. talk in new contrasting for couple category, I owner what with And longer for service or option even in we're of accounts. mindset the about have in that prospects these not solution of a we these customers that some this once are secure powerfully good know elevated, We them in the for over the going this business people the fact, all much have well. Officer, the the now. and scalability but really the we're interest we've technology about in -- providing to an got larger new is two believe this not but pipeline question interaction this bring to And quarter, weeks, a even around don't that only time. HR these of more with connect ultimate Financial to of Chief both technology the period within we

potential the around very solution is high. this of energy Their

of we've that and both target. I -- so know to we've really gotten as accounts this And in this put change that front. our I now sales the in see a and dramatic just few issue retention peaked the among around interest ultimate

Tobey Sommer

Makes a of lot sense.

kind it were is fair achieved it So a the recent Is sales difference? customers size in new that that than of the churned to larger say quarters? probably

Paul Sarvadi

and them large I substantially ended on they to Yes, part X guess years them of were and actually of and I And more those into this smaller of the back We'll X went their very to ran that it evaluated interesting. significant went But interesting view half but having us. or a accounts went this we that brought they that choose we with also some about service important to over actually at had it having out to solution some between with talk are it [indiscernible]. thought was in fit of that -- more. scalable of clients have technology a -- was and Workday have give solution couple to and when talk to the up very other up average, on dozen investment weeks, these X course, a description, grew deal size that capability a

So the areas don't new [indiscernible] decision. customers make solution those that to have

feel this a I feedback, good -- So those that even customers feel of want point, about it is I anecdotal thinking. sample that at are -- it from a -- types although those to of their but good it's we among understand good

Tobey Sommer

for I give in PEO have implementation whatever in? of just performing wanted years? dimensionalize you change, I you the customers. commentary could sort care the year implementations expenses your could And envision ask a company of to strategic Paul, from a that assumption do how more change standpoint, result handful a Insperity's-Workday Could two throughout Terrific. you significant the as health be in for of questions.

So I'm trying to get a sense the TAM? for

Paul Sarvadi

on a a of that's we're time question Yes, in going more couple that spend little a weeks. to great

We've but we look worksite have the now else some and just at my we what more. always that or one the you total these this we're said, that steal an will are million best of attack in mind won't that mid-market XX no hey, will accounts that I addressable will So out thunder doing. no market anything appreciable there, like employees market solution of question some But there's that tell that in of marketplace market be can I it. with percentage it's

both because ultimate it's and -- the So scalable like in say, solution services. I it's technology

customized at that only very for [indiscernible] their natural definable and readily need a a support point, it's will there them. new working. that will which But been where clients own infrastructure. because have will they develop their be size going some us implement we already to to not of Now want servicing team solution, get version much to more progression And them helps that be

continue be going to a So for us their very service is natural provider to forward progression.

those be will to that we ready an little keep the could instance have then so that We need, we different market go really them longer be have plan. we can would that? capability, is -- do and our that's us grow And bring to for them not remain to Workday version to but out of to strategy. they the that's own The to plan service service -- their and on they're don't go We not the size.... support of much the out able service into and that a really when into that implementer

Operator

question MKM. coming of Roth from Martin next Our Jeff is

Jeff Martin

ask you then let answer i'll and Doug the question i'll mine.

Douglas Sharp

Appreciate that.

Operator

Sorry.

Douglas Sharp

Okay. No problem.

but we what So particular saw side, pricing that the QX side. area, in with health the the had was do to upside on the cost care specific only side, not to

pricing targets of that's trends. been able to So our it's And so ours the pricing cost on part a side, been a of focus the exceed because of equation. experience recent we've

had we for upside the cost at to reasons first some The have got from On the of our we look we then for reserves of in you experienced first the conservative, that it the and against claim we've pieces. at got the look really quarter, end hindsight the in subsequent two upside volatility because doing side, runoffs to at really different in measure with do that of last And being to year those XXXX. quarter reserves.

at at of the looking this that, runoff runoff of also that it in cybersecurity We with felt end the the that those some -- of was but a details and know breach. appropriate expect We did that. pattern. companies February the were dive lot that the that. claim if at relative as incremental reserves end would because Change We've the you're through provide of day, And carriers. March, that of to for claim we quarter And eruption set insurance of payment And had of up. a yes, reserve claims favorable the was a some the that result between there of which of conversations intermediary insurance incurred and deep first sort the into claim yet to for reported breach Healthcare, were not therefore, is end a the in the all providers sort of

adjustment we history tell result is that per conservative participant I'll IBNR with like and a basis of event our Now IBNR have the number. a larger level ending made our as high you being we, what largest feel even on over course a the again, a of quarter that

So is were And at reserves Healthcare. issue in have with we that upside of Change that the up appropriately end again, really were the we set conservative day, hindsight handled breach feel of the at the the the end coming like the XXXX. and from

Jeff Martin

up that. Yes, so I'll QX? versus cost XXXX, last in terms benefit Good. trend commentary your of in the for that unchanged is follow with

Douglas Sharp

mean into For the the in we most trend going bit up of I X%. part, year in yes. to remarks, X.X% I cost my into prepared talk last think

near a within still still but probably range, sort And it's so But of little based bit the midpoint that the experience. QX down upon still our within range.

Jeff Martin

you of Great. able respect prior a you'd to with doing doing your still conversions how And that the will the clients? I lot view? value taking And both. relationship, clients without you initially, new straddle doing independently the combined it's then know versus of perceive Workday that early and Or to it existing secondly, expectation is in still do Workday solution going services then the be of on clients be to the provide?

Paul Sarvadi

Sure.

aspects amount and of new evaluate tremendous of to approach treating this some a with different a this launch. product and outside consultants doing research are as working even again, we So

perceived clients prospects information relationships. appropriately again, from at current value both So and and pricing gathering looking

sets that clients this And go. this a to we're current yes, had it gather these be track going has of clients once is year [ even clients nice think ready you I said, both launch I there's very that to so determine mix in ] list good between the coming appropriate that on new or to want and At several upgrade already on a already. current conversations like information dynamics. to on stage, think properly The I great here,

more our beta test customers. So even to than be happy type

how clients. clients much the to that is how involved -- to that customized going sure much pre-configured number literally We -- for for design all base got effort for versus of a the the are make in customizable configuration whole we've is have be

So be new on the I And we're backlog a to will on signed think be offering. yes, also things properly. of there'll surface that doing up mix. there customers the those But come a are

we're and So in that and kind offering of the the effective, with it's of work coming of a actually we point on, pipeline track. are on to launch time that's come timed to lot out that today. we that's There's but get a our that when for for these to sure having accounts make mindset more

Jeff Martin

support And in progress then I are Great. how $XX spend if that? much the XXXX. planned X we then The of you million in How through of could. And anticipating staff quarters? more, incremental move as might advance that hiring

Paul Sarvadi

number very good. now process We came it on a not picture. have just a on that surge on we the much that for of also. there's we're first for the the with this. there still you versus year. And estimate need ongoing information had components And weigh whether going certain -- early is to time to it's So depending a try for out it's We're very of when people hiring basically, out to contracting also or short part in very quarter, whether do or track very in to which comfortable

type of on a thing of as that lot well. So going there's

me and a time. to mindset already the side managing in think launching has effectively new product a between expense and a short I ongoing fashion in the impressive really the investment timely But side been

So in of yet go have and at on. kind a we those there's how conservative lot feel good estimates, to this looked we about but then

So that we're much about yet. that detail not

Operator

from [Operator Baird on Marcon Instructions] Mark for & Childress in And [indiscernible] of a question Company. final Andre have we

Andre Childress

the first the look just is key pricing and what did back as question selling from at see My you particularly on period, a perspective, competitive you enrollment front?

Paul Sarvadi

of up where that more we at I see still more I saw there. was this competitive in We the so the when of both last lot kind then is like experience And evidence and you But was way through out also in the -- fall in the but the sales the the growth think effective a last double-digit combination this a quarter, BPAs year It's that this first peaked. of the incentives like of I the clients having period, factor strong did responded right from we numbers been significantly and it of think mentioned mentioned I for climate that. Yes. of a has more and and year quarter, have difficult, was approaches quarter looked for team.

well I one in to talked as be that's do that expect Workday comparison, shape a out an really competitive No good And to on have different pretty I because we're So will it would others. But really, even you -- it's able about offering there that. exclusive against front. stay are I frames relationship. the animal that think

this of we're front. it shape competitive we more our like long-term year, clients that winning on expect and the that's in we the that for on after, right remain we're to But So view great front. that

Andre Childress

BPA how leveraging you follow-up, you in even a the remarks, both about service R&D or provide as maybe AI then to prepared various the And on plan your Could just you organization? productivity. across sales you talked drive are Great. how AI and to initiatives update leverage an

Paul Sarvadi

Yes, absolutely.

I those provide put out pretty the will really and [ remarks, certain obvious. even drive strong think there that working prepared mentioned forward. that staffed processes a I insights ]. are we flush great and things away through made in things track and investments we've And front to in like possibilities, these technology possibilities. bring on to and very many are nature that main is and the And talking we're of position are efficiency so we're about begin And already organized things and us on a have point the to structured take all

it is they to a areas Now at that we we're out also on that's a But of yet. happen. as yet. flushed that really capitalize believe and We've a not be we've good looked good things in not there lot It's to position good. these certain this said, going wow,

Salesforce done for to for powerful significant place, we've That's I that's data was data lot a this, just in in great coming it's And tremendous not amount was this. in to all to timing And relative put one but of our go position think implementation which analytics a And detail us time great is work other it to place. that making we're of engineering of soon. modern do into technologies. to about but a that, and sure

Operator

the That now appears over to be the I for Sarvadi end turn of session. our conference closing Mr. remarks. to back any will question-and-answer

Paul Sarvadi

coming to link directly here love being that for Well, expectations I'd to how our Insperity a will delivering affect the today, like a partnership and out this a way how have for in degree our to an a with also a the forward opportunity on And value. a thank are in website. and we'd our also but lot everyone be linked that up drivers, those once in going not process invite later business announcement of our have again, all to put about possible, only month. forward There update. this be strategic of answering new for Day through to as like you to likelihood today I'd to us we on our within being as but successful status shareholder either look to model questions or There's Investor as remotely this person and more many go current of you special to our person is that in here and part about

forward your today. seeing participation to look you thank for So again you We soon.

Operator

conclude This everyone. much, very you conference. does today's Thank

and now disconnect phone at may Thank participation. your wonderful day. time, you have your for a lines this You

Insperity (NSP) 1 May 242024 Q1 Earnings call transcript