INSPERITY, INC. NSP Cash Flow

Insperity, inc. (NSP)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities
Net income
136,902	151,099	155,359	165,707	161,711	135,413	126,312	109,307	98,765	84,402	78,368	73,231	68,926	65,991	62,810	60,695	58,296	39,390	41,215	37,650	32,227	28,004	25,129	26,826	28,423	32,032	36,188	37,558	39,691	40,402	41,801	34,448	35,568	30,470	27,415	30,550	28,927	22,440	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
29,634	28,723	27,436	25,748	24,320	22,842	21,162	20,216	19,141	18,182	17,505	16,856	16,627	16,644	16,697	17,137	17,551	18,565	19,922	20,737	21,438	21,387	21,199	21,212	21,163	21,064	20,627	19,975	19,173	18,250	17,198	16,324	15,482	15,218	15,019	14,929	15,071	14,950	0	0	0
Impairment charges and other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-551	-836	-1,150	-1,514	-1,697	-1,891	-1,996	-2,096	-2,188	-2,119	-2,065	-2,045	-2,079	-2,295	-2,464	-2,466	-2,322	-2,172	-2,037	-1,995	-1,909	-1,650	0	0	0
Stock-based compensation
24,512	24,000	26,557	25,809	23,305	20,400	22,566	23,381	22,932	24,300	20,506	18,113	17,571	16,643	15,698	15,217	14,497	13,345	12,881	11,872	11,076	11,053	11,098	11,146	11,193	11,103	10,780	10,460	9,969	9,814	9,531	9,211	8,966	8,601	8,433	8,294	8,148	8,126	0	0	0
Deferred income taxes
8,749	4,860	4,717	3,982	-2,978	-4,533	3,331	1,022	13,130	9,742	1,566	2,002	1,701	2,951	376	-69	-15,349	-14,733	-13,936	-11,758	-2,526	-1,733	-1,139	206	847	-2,288	-4,852	-4,463	-7,832	-5,743	2,309	-424	3,283	-46	-609	-2,015	635	1,179	0	0	0
Changes in operating assets and liabilities:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,277	-7,661	-4,871	-6,622	-14,166	-4,554	-7,010	-7,888	6,905	5,974	4,788	4,779	4,248	2,887	2,306	2,412	3,257	3,249	4,261	3,533	3,151	3,587	4,571	4,768	0	0	0
Accounts receivable
99,448	65,156	83,889	72,381	84,749	66,642	97,710	90,185	72,413	63,697	60,882	16,557	28,767	69,619	-32,012	-20,619	-24,410	25,549	28,607	42,736	37,379	-34,893	25,852	22,491	21,199	19,623	15,854	23,976	25,239	19,453	40,770	41,339	19,899	28,826	10,440	-42,594	-16,558	18,874	0	0	0
Prepaid insurance
20,597	2,007	8,406	6,821	-10,751	-2,371	-5,223	-9,422	20,582	-4,259	1,382	525	3,543	7,624	-2,581	10,086	-25,106	-13,884	-10,436	-8,354	1,867	10,663	13,264	7,071	17,906	-4,982	-6,390	-410	-7,775	-5,680	8,557	-6,371	277	-3,678	-587	2,604	13,482	10,494	0	0	0
Other current assets
3,811	15,772	2,164	7,154	8,221	730	5,014	4,647	5,324	7,465	834	-561	-5,379	2,391	3,170	3,032	7,367	-514	2,405	2,446	1,853	5,596	2,754	3,692	5,469	2,402	1,964	1,251	2,230	-1,837	-2,832	-1,710	-512	2,862	2,253	1,569	1,326	2,141	0	0	0
Other assets
-1,189	3,023	2,954	2,081	862	2,005	1,061	2,078	-3,193	2,496	4,778	7,996	5,302	1,465	15,124	21,049	24,231	22,069	27,079	20,763	30,691	32,013	18,446	20,507	17,946	18,091	18,024	13,698	12,530	12,991	11,901	11,552	2,257	652	-706	-321	-5,355	-4,180	0	0	0
Accounts payable
-1,614	-6,057	57	2,425	2,337	4,175	2,246	991	975	2,258	-964	-414	-671	-1,192	1,421	1,163	2,152	707	-642	562	470	1,996	-56	-784	389	-982	223	-268	-1,235	-1,425	429	449	809	1,776	465	781	443	1,136	0	0	0
Payroll taxes and other payroll deductions payable
-39,817	16,082	-23,469	31,262	31,489	-42,081	18,630	23,492	26,726	55,481	23,380	48,727	47,492	42,373	45,819	18,338	25,688	29,052	11,231	13,711	12,682	10,737	2,738	-20,518	-19,526	-12,930	-5,620	7,132	5,560	9,922	3,744	24,380	26,428	23,556	24,802	20,107	32,521	17,499	0	0	0
Accrued worksite employee payroll expense
72,902	71,880	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued health insurance costs
1,009	-13,973	-219	-3,751	-963	9,078	-1,085	-2,452	22,752	-285	13,836	-341	16,306	12,717	8,046	20,636	-17,852	-4,686	-13,690	-15,040	-119	13,226	19,527	16,050	18,224	-8,839	-15,698	-4,594	-1,716	4,515	17,313	-2,557	-8,090	-5,992	-5,206	1,496	5,676	9,045	0	0	0
Accrued workers’ compensation costs
15,347	13,247	10,445	15,970	19,036	23,763	23,170	21,039	24,484	23,945	25,731	19,379	18,517	21,723	22,085	29,196	29,560	26,159	25,484	22,072	18,328	15,805	15,554	12,890	10,234	7,815	5,015	5,833	7,289	7,418	8,009	6,323	7,009	8,791	8,562	9,114	9,875	8,748	0	0	0
Accrued corporate payroll, commissions and other accrued liabilities
-16,516	6,359	-2,002	1,246	-28,787	8,941	-36,237	-11,387	29,236	17,138	54,200	-48,820	-50,468	53,297	-49,464	49,285	44,092	-30,479	40,938	39,451	36,253	18,595	26,886	16,411	18,596	23,731	9,878	27,344	23,875	19,753	43,476	-26,191	-21,420	20,620	-32,665	18,389	16,104	16,559	0	0	0
Accrued corporate payroll, commissions and other accrued liabilities
-	-	-	-	-	-	-	-	13,106	-	5,054	2,803	-8,207	3,150	-6,607	-173	2,113	4,105	6,775	10,802	5,704	18,517	9,617	2,925	9,874	556	4,048	7,865	3,737	2,353	-3,372	-5,849	1,413	-1,871	8,361	2,513	3,693	9,556	0	0	0
Income taxes payable/receivable
3,295	-4,616	-11,745	-18,440	4,118	10,749	939	13,862	-11,363	-4,875	3,206	-188	-4,859	-7,920	-8,362	-7,877	13,479	-1,060	6,858	8,752	8,928	4,039	-3,096	-8,123	-14,235	-4,825	-4,438	-1,957	4,763	6,392	4,453	1,931	-1,917	-1,597	-2,038	2,050	3,964	49	0	0	0
Total adjustments
-25,659	54,054	5,868	73,912	110,272	49,067	88,825	95,157	101,149	128,800	100,595	37,498	24,717	79,377	62,748	136,533	139,944	25,693	75,804	61,960	62,645	113,709	42,930	-397	-2,340	2,632	-4,802	34,840	35,323	50,396	43,913	-17,588	12,511	43,441	17,006	112,808	100,573	56,400	0	0	0
Net cash provided by operating activities
111,243	205,153	161,227	239,619	271,983	184,480	215,137	204,464	199,914	213,202	178,963	110,729	93,643	145,368	125,558	197,228	198,240	65,083	117,019	99,610	94,872	141,713	68,059	26,429	26,083	34,664	31,386	72,398	75,014	90,798	85,714	16,860	48,079	73,911	44,421	143,358	129,500	78,840	0	0	0
Cash flows from investing activities
Marketable securities:
Purchases
83,282	110,131	124,042	136,647	122,913	87,887	55,169	12,682	1,553	1,752	1,440	1,658	1,657	1,049	2,285	5,489	6,697	10,558	42,329	61,935	65,874	69,578	41,644	22,136	22,378	54,756	56,675	61,504	69,283	30,680	31,375	52,312	47,686	51,397	46,835	26,119	43,079	60,003	0	0	0
Proceeds from dispositions
22,814	28,313	5,799	16,359	21,798	16,299	0	0	0	-	-	-	-	7,268	15,655	18,260	24,313	17,869	55,733	63,757	57,704	56,880	10,631	3,462	3,888	8,026	43,916	27,054	40,029	35,891	0	-79	2,542	3,907	3,907	17,720	4,113	2,748	0	0	0
Proceeds from maturities
95,020	108,380	95,455	66,610	49,460	12,625	3,030	1,881	1,382	1,561	1,231	1,530	1,629	1,715	-5,611	6,732	8,763	10,593	21,604	18,401	24,519	28,494	30,486	25,909	20,795	15,201	14,974	36,855	32,770	32,619	32,631	30,341	28,154	31,706	28,605	9,803	21,461	18,301	0	0	0
Investments and acquisitions, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,410	0	0	0	-	-	-	-	-	-	-	-
Property and equipment:
Cash exchanged for acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0
Purchases
66,324	56,307	49,777	38,510	34,351	35,328	28,338	26,560	28,355	33,337	39,210	42,149	40,681	33,994	29,107	24,641	20,301	17,844	18,131	18,340	19,168	19,124	13,313	11,556	11,098	11,562	14,916	15,940	17,039	17,631	20,032	31,367	31,549	31,440	25,819	12,738	9,278	6,764	0	0	0
Net cash provided by (used in) investing activities
-31,751	-29,724	-72,414	-92,037	-85,855	-94,140	-63,900	-31,644	-28,248	-33,250	-39,377	-42,234	-40,666	-26,017	-21,195	7,174	18,390	12,372	29,158	2,005	-2,697	-3,206	-13,783	-4,264	-8,736	-43,034	-13,842	-14,676	-14,664	17,858	-21,324	-57,640	-53,412	-61,697	-53,245	-30,000	-50,447	-58,582	0	0	0
Cash flows from financing activities:
Purchase of treasury stock
235,209	203,043	250,759	90,758	150,929	113,327	82,143	-3,020	20,853	38,735	-9,416	52,407	36,218	31,669	22,469	40,533	66,162	67,113	58,557	37,399	12,604	20,769	20,868	16,847	17,615	17,229	17,133	17,154	24,018	13,773	0	0	0	-	-	-	-	-	-	-	-
Repurchase of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	144,263	144,263	144,263	144,263	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	14,607	4,252	1,208	0	0	0	0
Dividends paid
51,793	48,622	45,015	25,454	54,196	33,408	108,769	37,403	52,094	65,768	-12,556	22,181	21,219	20,599	20,665	20,743	20,961	21,153	71,290	70,697	69,986	69,493	18,362	17,895	17,388	17,386	43,124	43,137	43,178	42,728	16,514	16,074	15,670	15,742	15,250	14,705	14,127	13,527	0	0	0
Borrowings under revolving line of credit
0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings under long-term debt agreement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal repayments
-	-	-	-	-	-	-	-	-	-	-	-	-	20,000	20,000	20,000	20,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	374	376	400	490	279	562	843	1,493	1,448	2,350	2,063	1,564	2,249	1,137	1,717	2,225	3,956	5,559	5,949	6,232	7,183	0	0	0
Income tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,216	3,618	3,627	3,740	889	747	902	1,034	1,621	2,040	1,835	1,580	2,316	1,574	1,720	1,856	2,166	2,477	2,445	2,422	860	0	0	0
Other
9,590	8,312	7,859	-396	3,693	2,257	4,344	-386	885	1,554	-833	1,485	1,380	1,373	1,321	1,338	1,329	1,303	1,303	1,293	1,255	1,288	1,261	1,228	1,215	1,127	1,109	-264	-252	-222	-1,889	-1,003	-1,092	-1,136	477	866	816	822	0	0	0
Net cash used in financing activities
-52,412	-118,353	-152,915	-101,608	-161,432	-104,478	-186,568	-34,769	-72,062	-102,949	21,139	-72,505	-55,459	-90,160	-81,898	-100,557	-126,370	-84,373	-124,550	-102,776	-77,105	-87,806	-36,660	-31,769	-31,261	-30,419	-57,920	-59,819	-67,466	-55,320	-32,082	-43,821	-37,924	-35,835	-29,196	-17,549	-13,717	-12,514	0	0	0
Net increase in cash, cash equivalents and restricted cash
27,080	57,076	-64,102	40,234	57,928	-14,138	52,321	74,245	66,372	77,003	73,073	-4,010	-2,482	29,191	22,465	103,845	90,260	-6,918	21,627	-1,161	15,070	50,701	17,616	-9,604	-13,914	-38,789	-40,376	-2,097	-7,116	53,336	32,308	-84,601	-43,257	-23,621	-38,020	95,809	65,336	7,744	0	0	0
Supplemental Cash Flow Information [Abstract]
ROU assets obtained in exchange for lease obligations
28,121	24,474	21,980	11,894	3,140	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-