[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","rijoxqfcnknpgq6jlzcj7ev8q","revision",2,"title","Insperity公布截至2026年9月30日季度及前九个月业绩：第三季度营收16.51亿美元，净亏损100万美元","originalTitle","INSPERITY, INC. (0001000753) (Filer)","summary","Insperity截至2026年9月30日的第三季度营收为16.51亿美元，同比增长约2%；净亏损100万美元，摊薄每股亏损0.02美元，较上年同期净亏损2,000万美元、每股亏损0.53美元收窄。","reason","材料提供了截至2026年9月30日季度及前九个月的财务表现、现金流和流动性信息，并列出公司披露的经营风险。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_77":88},"publishedAt","2026-10-29T19:37:30.000Z","discoveredAt","2026-10-29T19:48:14.888Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[82],"score",64,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fROIXSA9OQv0",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","7acba098-cb2b-440e-8a71-1f02ed6deba1","Insperity公布第三季度业绩并称毛利率恢复",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

（勾选一项）


☒	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度



或
☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

	过渡期：自 _______________ 至 _______________

委员会档案编号 1-13998

$\"LOGO_Color_RGB.jpg\"$

Insperity, Inc.

（注册人章程中规定的确切名称）


特拉华州		76-0479645
（注册成立或组织所在的州或其他司法管辖区）		（美国国税局雇主识别号）


19001 Crescent Springs Drive
Kingwood，	德克萨斯州	77339
（主要行政办公室地址）

（注册人电话号码，包括区号）： (281) 358-8986


根据该法第 12(b) 条注册的证券：
各类证券的名称	交易代码	注册交易所名称
普通股，每股面值 $0.01	NSP	纽约证券交易所
		NYSE Texas

请勾选以表明注册人是否 (1) 已在过去 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，以及 (2) 在过去 90 天内一直受此类提交要求约束。是 ☒ 否 ☐

请勾选以表明注册人是否已在过去 12 个月内（或注册人须提交此类文件的较短期间内），以电子方式提交根据 S-T 条例第 405 条要求提交的每个交互式数据文件。是 ☒ 否 ☐

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小型报告公司还是新兴成长型公司。参见《交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小型报告公司”和“新兴成长型公司”的定义。


大型加速申报公司	☒	加速申报公司	☐
非加速申报公司	☐	新兴成长型公司	☐
较小型报告公司	☐

如果属于新兴成长型公司，请勾选注册人是否已选择不采用《交易法》第 13(a) 条规定的、遵守任何新颁布或修订的财务会计准则的延长过渡期。 ☐

请勾选以表明注册人是否为壳公司（定义见《交易法》规则 12b-2）。

是 ☐ 否 ☒

截至 2026 年 10 月 22 日，注册人已发行普通股共 38,096,106 股，每股面值 $0.01。


目录


		页码

	前瞻性陈述	4
第一部分，第 1 项	财务报表	6
	合并资产负债表	6
	合并经营报表	7
	合并股东权益变动表	9
	合并现金流量表	10
	合并财务报表附注	11
第一部分，第2项。	管理层对财务状况和经营业绩的讨论与分析	20
第一部分，第3项。	关于市场风险的定量和定性披露	40
第一部分，第4项。	控制与程序	40
第二部分，第1项。	法律诉讼	41
第二部分，第1A项。	风险因素	41
第二部分，第2项。	未注册股权证券的出售及所得款项用途	41
第二部分，第5项。	其他信息	41
第二部分，第6项。	附件	42


前瞻性陈述

本文所含非历史事实的陈述均属于《1933年证券法》第27A条和《1934年证券交易法》第21E条所指的前瞻性陈述。您可以通过“预期”“预计”“打算”“计划”“预计”“相信”“估计”“预测”“可能”“或许”“很可能”“能够”“目标”“机会”“目的”“指标”“假设”“展望”“指引”“预测”“似乎”“指示”等词语及类似表达识别此类前瞻性陈述。前瞻性陈述涉及多项风险和不确定性。在正常业务过程中，为努力帮助股东和公众了解我们的运营情况，我们可能会不时以口头或书面形式发布此类前瞻性陈述。通常，这些陈述涉及业务计划或战略，包括我们与 Workday, Inc. 的战略合作伙伴关系；此类计划或战略预计或预期带来的收益或其他后果；或涉及预期收入、收益、工作场所员工平均人数（“WSEE”）、福利和工伤赔偿成本或其他经营业绩的预测。我们根据当前的预期、估计和预测作出这些前瞻性陈述。我们提醒您，这些陈述并不保证未来业绩，并涉及我们无法预测的风险、不确定性和假设。此外，我们作出许多前瞻性陈述时，依据的是对未来事件的假设，而这些假设可能被证明不准确。因此，这些前瞻性陈述中所述未来事件的实际结果可能与其所述结果存在重大差异。可能导致实际结果出现重大差异的因素包括：

•不利的经济状况；

•根据某些 COVID-19 救济计划，员工留任税收抵免不获批准或与之相关的其他责任；

•劳动力短缺、高技能员工竞争加剧，以及员工对工作场所的期望不断变化；

•通货膨胀的影响及美国贸易政策的变化；

•因地理市场集中而容易受到区域经济因素影响；

•未能遵守信贷额度协议中的约定；

•未来高传染性或传染性疾病暴发的影响；

•银行倒闭或其他影响金融机构的事件；

•我们对 WSEE 工资、工资税和福利成本的责任，或与客户公司或 WSEE 的行为相关的其他责任，包括客户未能向我们付款的情况；

•健康保险成本和工伤赔偿费率上升，以及相关索赔趋势；

•工伤赔偿保险承保人、其他保险公司或金融机构的财务偿付能力；

•调整服务费以应对州和地方税（包括州失业税税率）上升的能力；

•有关我们为税务和福利目的是否属于 WSEE 雇主的不利裁定，以及在此类裁定后无法提供替代福利计划；

•客户合同短期内被取消，或无法续签客户合同或吸引新客户；

•医疗改革造成的干扰，或当前合同到期时无法获得具有竞争力的健康保险和工伤赔偿保险替代合同；

•监管和税务方面的发展，以及各种联邦、州和地方法规可能产生的不利适用；

•未能管理运营增长，以及销售和营销工作的成效；

•竞争环境及人力资源服务行业（包括专业雇主组织（PEO）行业）的其他发展对我们增长和/或盈利能力的影响；

•针对 Insperity 的索赔产生不利的最终判决或和解；


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度 10-Q 表格	4


前瞻性陈述

•信息技术系统中断，或未能改进我们的服务和技术产品，以应对新法规或客户期望；

•因数据盗窃、网络攻击或安全漏洞导致敏感或私人信息泄露，从而产生的责任或声誉损害；

•第三方服务提供商（如金融机构、数据中心或云服务提供商）发生故障；

•我们能否充分实现与 Workday, Inc. 建立战略合作关系及联合解决方案的预期收益；以及

•我们整合或实现未来产品（包括通过收购、战略合作和投资推出的产品）预期回报的能力。

这些因素在我们截至2025年12月31日年度的 10-K 表格年度报告中作了更详细的讨论，具体见第一部分“第1A项：风险因素”和第二部分“第7项：管理层对财务状况和经营成果的讨论与分析”，以及本报告其他部分。上述任何因素或这些因素的组合，都可能对我们的经营业绩产生重大影响，也可能影响我们所作前瞻性陈述最终能否得到证实。

任何前瞻性陈述仅截至本文日期作出；除适用证券法律另有要求外，我们不承担更新或修订任何前瞻性陈述的义务，无论是因新信息、未来事件还是其他原因。


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 10-Q 表格	5

财务报表

（未经审计）

第一部分

第1项：财务报表

合并资产负债表


（百万）	2026年9月30日		2025年12月31日
资产
现金及现金等价物	$	599			$	642
受限现金	84			82
有价证券	—			18
应收账款净额	910			826
预付保险及相关资产	58			6

应收所得税	30			29
客户持有资金及其他流动资产	96			119
流动资产总额	1,777			1,722
财产和设备，扣除累计折旧后的净额	172			177
使用权（“ROU”）租赁资产	54			63
预付健康保险	9			9
健康保险押金	8			8
工伤赔偿押金	132			148
商誉及其他无形资产净额	13			13
递延所得税净额	—			22
其他资产	59			41
资产总额	$	2,224			$	2,203

负债和股东权益
应付账款	$	7			$	6
应付工资税及其他工资扣款	479			544
应计工作场所员工工资成本	801			764
应计健康保险成本	69			30
应计工伤赔偿成本	86			84
应计企业工资和佣金	77			78

客户资金负债及其他应计负债	79			114
流动负债总额	1,598			1,620
应计工伤赔偿成本，扣除流动部分	99			102
长期债务	419			369
经营租赁负债，扣除流动部分	56			66
递延所得税净额	8			—

非流动负债总额	582			537
承诺和或有事项
普通股	1			1
额外实收资本	267			257
库存股，按成本计	(829)			(850)
留存收益	605			638
股东权益总额	44			46
负债和股东权益总额	$	2,224			$	2,203

请参阅随附附注。


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 10-Q 表格	6

财务报表

（未经审计）

合并经营报表


	截至9月30日的三个月	截至9月30日的九个月
（百万，股份金额除外）	2026	2025		2026	2025

收入	$	1,651		$	1,623		$	5,232	$	5,144
工资税、福利及工伤赔偿成本	1,444		1,428			4,506	4,416
毛利	207		195			726	728
薪金、工资及工资税	119		125			374	396
基于股票的薪酬	12		16			38	47
佣金	10		13			30	34
广告	11		10			36	28
一般及行政费用	47		45			151	154
折旧和摊销	10		11			31	33
营业费用总额	209		220			660	692
营业收入（亏损）	(2)		(25)			66	36
其他收入（费用）：
利息收入	8		7			20	24
利息费用	(7)		(6)			(19)	(18)
所得税（收益）费用前收入（亏损）	(1)		(24)			67	42
所得税（收益）费用	—		(4)			31	16
净收入（亏损）	$	(1)		$	(20)		$	36	$	26

普通股每股净收入（亏损）
基本	$	(0.02)		$	(0.53)		$	0.96	$	0.69
摊薄	$	(0.02)		$	(0.53)		$	0.95	$	0.69

参见随附附注。


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度10-Q表	7

财务报表

（未经审计）

股东权益合并报表

截至2026年和2025年9月30日的九个月


	已发行普通股	额外实收资本	库存股	留存收益及累计其他综合收益	总计
（百万）	股数	金额

2025年12月31日余额	55		$	1		$	257	$	(850)		$	638	$	46
按成本购入库存股	—		—		—		(10)	—		(10)
发行股权激励奖励及股息等价物	—		—		(26)		27	(1)		—
股票薪酬费用	—		—		38		—	—		38
其他	—		—		(2)		4	1		3
已付股息	—		—		—		—	(69)		(69)

净收入	—		—		—		—	36		36
2026年9月30日余额	55		$	1		$	267	$	(829)		$	605	$	44

2024年12月31日余额	55		$	1		$	222	$	(864)		$	738	$	97
按成本购入库存股	—		—		—		(19)	—		(19)
发行股权激励奖励及股息等价物	—		—		(25)		28	(3)		—
股票薪酬费用	—		—		46		1	—		47
其他	—		—		1		2	1		4
已付股息	—		—		—		—	(68)		(68)

净收入	—		—		—		—	26		26
2025年9月30日余额	55		$	1		$	244	$	(852)		$	694	$	87


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度10-Q表	8

财务报表

（未经审计）

股东权益合并报表（续）

截至2026年和2025年9月30日的三个月


	已发行普通股	额外实收资本	库存股	留存收益及累计其他综合收益	总计
（百万）	股数	金额

2026年6月30日余额	55		$	1		$	255	$	(824)		$	629	$	61
按成本购入库存股	—		—		—		(6)	—		(6)

股票薪酬费用	—		—		12		—	—		12
其他	—		—		—		1	—		1
已付股息	—		—		—		—	(23)		(23)

净亏损	—		—		—		—	(1)		(1)
2026年9月30日余额	55		$	1		$	267	$	(829)		$	605	$	44

2025年6月30日余额	55		$	1		$	228	$	(853)		$	736	$	112


股票薪酬费用	—		—		16		—	—		16
其他	—		—		—		1	1		2
已付股息	—		—		—		—	(23)		(23)

净亏损	—		—		—		—	(20)		(20)
2025年9月30日余额	55		$	1		$	244	$	(852)		$	694	$	87

参见随附附注。


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度10-Q表	9

财务报表

（未经审计）

合并现金流量表


	截至9月30日的九个月
（百万）	2026	2025

经营活动现金流量
净收入	$	36		$	26
将净收入调节为经营活动所用现金净额的调整项目：
折旧和摊销	31		33
股票薪酬	38		47
递延所得税	30		31
经营性资产和负债变动：
应收账款	(84)		(65)
预付保险及相关资产	(52)		8
其他流动资产	(9)		—
其他资产及使用权资产	(4)		(6)
应付账款	1		(2)
应付工资税及其他工资扣款	(65)		(567)
应计工作场所员工薪酬成本	37		44
应计健康保险成本	39		12
应计工伤赔偿成本	(1)		(18)
应计公司员工薪酬、佣金及其他应计负债	(19)		(23)
应付/应收所得税	(1)		(53)
调整总额	(59)		(559)
经营活动使用的现金净额	(23)		(533)
投资活动产生的现金流
有价证券：
购买	(10)		(25)
到期收回款项	6		17
处置所得款项	22		8
购置房产和设备	(26)		(22)
投资活动使用的现金净额	(8)		(22)
融资活动产生的现金流
回购库存股	(10)		(19)
已支付股息	(69)		(68)
循环信贷额度借款	50		—
客户资金负债及其他	(26)		(14)
融资活动使用的现金净额	(55)		(101)
现金、现金等价物、受限现金、代客户持有的资金以及工伤赔偿存款净减少额	(86)		(656)
期初现金、现金等价物、受限现金、代客户持有的资金以及工伤赔偿存款	945		1,344
期末现金、现金等价物、受限现金、代客户持有的资金以及工伤赔偿存款	$	859		$	688
补充现金流信息：
通过租赁义务换取的使用权资产	$	5		$	15

请参阅附注。


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 10-Q 表	10


合并财务报表附注


1.	列报基础

Insperity, Inc. 是一家特拉华州公司（“Insperity”“我们”“我们的”和“本公司”），提供一系列人力资源（“HR”）和业务解决方案，旨在帮助提升企业绩效。我们通过专业雇主组织（“PEO”）服务提供全面的人力资源服务产品，包括 Insperity® HR360 解决方案、Insperity® HR360 Select Edition，以及 Insperity HRScale® 解决方案（统称为“PEO HR 解决方案”）；我们通过与客户建立共同雇佣关系提供这些服务。我们的 PEO HR 解决方案涵盖广泛的人力资源职能，包括薪资和雇佣管理、员工福利、工伤赔偿、政府合规、绩效管理以及培训和发展服务。Insperity HR360 解决方案和 Insperity HR360 Select Edition 可使用我们的网络化人力资本管理平台 Insperity PremierTM 平台，而 Insperity HRScale 解决方案则可使用 Workday Human Capital Management 平台。

除 PEO HR 解决方案外，我们还提供全面的传统薪资和人力资本管理解决方案，即 Insperity HRCore® 解决方案，我们称之为“传统 HR 解决方案”。我们还提供多种其他业务绩效解决方案，包括人才招聘服务、退休服务、保险服务、承包商管理和 Perks+。这些其他产品和服务通常仅与我们的其他解决方案一同提供。

合并财务报表包括 Insperity, Inc. 及其全资子公司的账户。合并时已抵销公司间账户和交易。

按照美国公认会计原则（“GAAP”）编制财务报表，要求管理层作出估计和假设，这些估计和假设会影响财务报表及其附注中报告的金额。实际结果可能与这些估计不同。

随附的合并财务报表应与我们截至2025年12月31日止年度的经审计合并财务报表一并阅读。我们截至2025年12月31日的合并资产负债表源自该日的经审计财务报表，但未包含GAAP要求完整财务报表提供的所有信息或脚注。我们截至2026年9月30日的合并资产负债表；截至2026年和2025年9月30日止三个月和九个月的合并经营报表；截至2026年和2025年9月30日止九个月的合并现金流量表；以及截至2026年和2025年9月30日止各三个月和九个月的合并股东权益表，均由我们编制，未经审计。管理层认为，为公允列报合并财务状况、经营成果和现金流量所需的所有调整均已作出，且所有此类调整均属正常经常性调整。

中期的经营成果不一定能代表全年或未来的经营成果。


2.	会计政策

医疗保险成本

我们通过一项单一雇主计划提供团体医疗保险，该计划覆盖我们PEO HR Solutions中的WSEE以及公司员工，并利用由全国性承保机构组成的网络，包括UnitedHealthcare（“United”）、UnitedHealthcare of California、Kaiser Permanente、Blue Shield of California、HMSA BlueCross BlueShield of Hawaii和Harvard Pilgrim Health Care，所有这些机构均提供全额保险保单或服务合同。

我们约86%的医疗保险相关成本发生在与United签订的保单项下。虽然与United签订的保单属于全额保险计划，但由于某些合同条款，自该计划设立以来，我们一直采用部分自保保险会计模型核算该计划。自2020年1月1日至2025年12月31日，我们对每位参保人年度索赔成本承担的财务责任上限为$1 million（“个人索赔上限”）。自2026年1月1日起，我们可以选择每年将对每位参保人索赔成本的责任上限设为$500,000、$750,000或$1,000,000（“所选索赔上限”），并根据该上限的成本及


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度10-Q表格	11


合并财务报表附注

我们对该限额水平下预期收益的估算。Selected Claims Limit 的成本在全年均匀确认，而 Selected Claims Limit 带来的理赔回收收益预计会在全年逐步增加；Selected Claims Limit 越低，预期增幅的影响越大。2026 年，我们选择的 Selected Claims Limit 为每位索赔人每年已支付理赔的前 $500,000。因此，我们将 United 计划的成本（包括对已发生理赔、税费和管理费的估算，统称为“计划成本”）记为福利费用，该费用是直接成本的一部分，列示于合并经营报表中。已发生但尚未报告的理赔估算依据如下：(1) 每季度处理的理赔水平；(2) 根据该计划近期理赔发展模式估算的结案率；以及 (3) 计划参与人数，包括在职员工和 COBRA 参保人员。每个报告期，我们都会将由理赔趋势、计划设计及变更、参与者人口统计特征和其他因素导致的最终成本估算变化计入福利成本，这需要作出大量判断。

此外，自该计划启动以来，根据合同条款，United 会在报告季度开始前 90 天确定现金拨款费率。如果某个报告季度的计划成本高于已支付及应付给 United 的保费，计划将出现赤字，我们会在合并资产负债表中计提超额成本负债。反之，如果该报告季度的计划成本低于已支付及应付给 United 的保费，计划将出现盈余，我们会在合并资产负债表中将超额保费确认为资产。该安排要求我们在计划中维持累计现金盈余 $9 million，并将其作为长期预付健康保险列示于合并资产负债表中。此外，United 要求缴纳相当于约一天理赔拨款金额的押金；截至 September 30, 2026，该金额为 $7 million，并作为长期资产计入合并资产负债表中的“押金——健康保险”。截至 September 30, 2026，计划成本比已支付及应付给 United 的净保费低 $50 million，该金额作为流动资产计入截至 September 30, 2026 的合并资产负债表中的预付保险。此外，截至 September 30, 2026，应付给 United 的保费为 $63 million，作为流动负债计入合并资产负债表中的应计健康保险成本。2026 年前九个月发生的福利成本包括因调整前期相关的预计结算尾款而减少 $4 million。2025 年前九个月发生的福利成本包括因调整前期相关的预计结算尾款而增加 $9 million（扣除 Individual Claims Limit 后）。

工伤赔偿成本

自2007年以来，我们通过与 Chubb Group of Insurance Companies 或其前身安排，为 PEO HR Solutions 中的 WSEE 提供工伤赔偿保险（“Chubb 计划”）。Chubb 计划为全额保险，即无论我们是否履行自身责任，Chubb 均有责任支付保单项下发生的所有索赔。根据 Chubb 计划，对于截至2019年9月30日发生的索赔，我们需对每次事故索赔的首个 $1 million 层承担财务责任；对于超过 $1 million 的索赔，我们还需承担每个保单年度最高总额为 $6 million 的财务责任。超过这些限额的所有索赔均由 Chubb 承担财务责任。对于自2019年10月1日起发生的索赔，我们需对每次事故索赔的首个 $1.5 million 层承担财务责任；对于超过 $1.5 million 的索赔，我们还需承担每个保单年度最高总额为 $6 million 的财务责任。

由于我们承担上述限额内索赔的财务责任，而此类索赔是我们工伤赔偿成本的主要组成部分，因此在发生索赔的期间予以记录。工伤赔偿保险包括持续的医疗和伤残补偿保障，索赔款项会在受伤日期之后的多年内支付。因此，各报告期相关已发生成本的应计金额包含估计数，这些估计数考虑了索赔的持续发展情况，因而需要作出判断。

我们聘请第三方精算师估算损失发展率，该比率主要依据 WSEE 的工作职责性质、所在地、工伤赔偿索赔的历史发生频率和严重程度，以及未来成本趋势估计。每个报告期，我们都会根据实际索赔经验及其他趋势变化所导致的精算假设变动，调整工伤赔偿索赔成本估计。在截至2026年和2025年9月30日的九个月内，我们分别因修订以前期间相关的估计损失而减少应计工伤赔偿成本 $7 million 和 $20 million。工伤赔偿成本估计按与预计索赔加权平均支付期限相对应的美国国债利率折现至现值（2026年和2025年期间采用的平均折现率均为4.0%），并在预计索赔支付期限内逐步增值，计入合并经营报表中的直接成本项目。


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度 Form 10-Q	12


合并财务报表附注

下表列示已发生但尚未支付的工伤赔偿索赔相关的变动和余额：


	截至9月30日的九个月，
（百万）	2026		2025

1月1日的期初余额	$	184			$	204
应计索赔净额	71			52
现值折扣，扣除增值后的净额	(9)			(9)
已支付索赔	(63)			(61)
期末余额	$	183			$	186

应计索赔流动部分	$	84			$	79
应计索赔长期部分	99			107
应计索赔总额	$	183			$	186

截至2026年和2025年9月30日，我们合并资产负债表中应计工伤赔偿成本的流动部分包括2 million的工伤赔偿管理费。

截至2026年9月30日和2025年9月30日，应计工伤赔偿成本未折现金额分别为229 million和227 million。

每个保单期开始时，工伤赔偿保险承保方会确定每月资金要求，包括保费成本以及为支付未来索赔而预留的资金（“索赔资金”）。索赔资金的金额主要依据预期的 WSEE 工资水平和预期工伤赔偿损失率确定，由保险承保方评估。截至2026年9月30日，我们为预计在一年内支付的已发生索赔注入计划的资金主要以现金和货币市场基金（现金等价物）形式持有，并作为受限现金计入流动资产；其余索赔资金计入“存款——工伤赔偿”，作为合并资产负债表中的长期资产。截至2026年9月30日，我们有84 million受限现金和132 million工伤赔偿存款，其中211 million存放在信托银行账户中。

预计一年内支付的已发生索赔成本估计额计入合并资产负债表中的流动负债，而预计一年后支付的已发生索赔成本估计额计入长期负债。

收入和直接成本确认

我们与 PEO HR Solutions 客户签订合同，按合同规定的费率和价格提供人力资源服务。我们的合同通常规定为期12个月的定价，且任一方通常均可提前30天通知随时取消合同。我们的履约义务在每月提供服务时履行。开票与履行履约义务之间的期限并不重大。我们的付款条款通常要求客户在 PEO 服务开票时同时付款。我们没有重大的融资组成部分或付款条款。

根据《会计准则汇编》（“ASC”）606《客户合同收入》，我们的收入通常在 WSEE 于客户工作场所提供服务期间，按工资发放周期直线确认。每次定期发放 WSEE 工资时，我们会同时向客户开票。截至2026年9月30日和2025年12月31日，已确认但尚未开票的收入分别形成900 million和810 million未开票应收账款，并计入合并资产负债表中的应收账款净额。

根据 ASC 340-40《其他资产和递延成本——客户合同》规定的“实务简便方法”，由于合同任一方均可提前30天通知取消，我们在发生销售佣金时即予以费用化。这些成本记入合并经营报表中的佣金。


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度 Form 10-Q	13


合并财务报表附注

我们的 PEO HR Solutions 按地理区域划分的收入，以及其他产品和服务的收入如下：


	截至9月30日止三个月		截至9月30日止九个月
（百万）	2026	2025	变动百分比		2026	2025	变动百分比

东北部	$	429		$	440		(3)	%	$	1,402		$	1,418	(1)	%
东南部	242		236		3	%		763	731		4	%
中部	302		295		2	%		952	931		2	%
西南部	312		304		3	%		976	962		1	%
西部	349		333		5	%		1,088	1,049		4	%
	1,634		1,608		2	%		5,181	5,091		2	%
其他收入	17		15		13	%		51	53		(4)	%
总收入	$	1,651		$	1,623		2	%	$	5,232		$	5,144	2	%

我们的 PEO HR Solutions 收入主要来自总账单金额，该金额基于：(1) 我们的 WSEE 的工资成本；以及 (2) 按工资成本百分比计算的加价。总账单金额与每次定期发放 WSEE 工资同时开具发票。收入不包括总账单金额中的工资成本部分，因此仅由加价构成；随着 WSEE 在客户工作场所提供服务，收入在工资周期内按比例确认。

在确定总账单金额中加价部分的定价时，我们会考虑与 WSEE 直接相关成本的估算，包括工资税、福利和工伤赔偿成本，以及可接受的毛利率。因此，我们的经营业绩会受到重大影响，具体取决于我们能否准确估算直接成本与总账单金额加价部分所产生收入之间的关系。

收入由总账单金额减去 WSEE 工资成本构成，具体如下：


	截至9月30日止三个月		截至9月30日止九个月
（百万）	2026	2025		2026	2025

总账单金额	$	11,059		$	10,729		$	34,116	$	33,431
减：WSEE 工资成本	9,408		9,106			28,884	28,287
收入	$	1,651		$	1,623		$	5,232	$	5,144

与我们的收入确认政策一致，我们的直接成本不包括 WSEE 的工资成本。与创收活动相关的直接成本主要包括与 WSEE 相关的所有其他成本，例如雇主承担的工资相关税费、员工福利计划保费和工伤赔偿保险成本。

分部报告

ASC 280，分部报告规定了按照与内部组织结构一致的基础报告经营分部信息，以及报告地理区域和业务分部信息的标准。根据管理层的评估，我们认定只有一个经营分部，因此根据 ASC 280，我们只有一个应报告分部，即 HR Solutions。

HR Solutions 分部的会计政策与重大会计政策摘要中所述相同。分部资产按我们合并资产负债表中列报的总资产报告；首席经营决策者（“CODM”）根据合并经营报表中列报的净利润评估业绩并决定资源分配。

CODM 审查合并层面的收入和费用（如合并经营报表所披露），并使用净利润评估分部资产产生的收益（资产回报率），从而决定是将利润再投资于 HR Solutions 分部，还是用于实体的其他领域，例如收购或


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度 10-Q 表	14


合并财务报表附注

用于支付股息。净利润还用于监控预算与实际业绩，并通过与竞争对手进行基准比较开展竞争分析。竞争分析以及对预算与实际业绩的监控用于评估该部门的业绩，并确定管理层薪酬。

近期采用的会计公告

2025年9月，财务会计准则委员会发布了第2025-06号会计准则更新（“ASU”），无形资产——商誉及其他——内部使用软件（子主题350-40）：内部使用软件会计处理的针对性改进。ASU 2025-06删除了所有关于软件开发阶段的引用，并要求在管理层已承诺启动软件项目，且软件很可能完成并实现其预期用途时，将软件成本资本化。ASU 2025-06适用于2027年12月15日之后开始的财政年度及这些年度期间内的中期期间，并允许提前采用。我们于2026年1月1日按未来适用法提前采用ASU 2025-06，该准则的采用对我们的合并财务报表影响不重大。


3.	其他资产负债表信息

现金、现金等价物和有价证券

下表汇总了由投资经理持有的现金及现金等价物和有价证券投资，以及隔夜投资：


	2026年9月30日		2025年12月31日
（百万美元）	现金及现金等价物	有价证券	总计		现金及现金等价物	有价证券	总计

隔夜持有资产	$	518		$	—		$	518		$	638	$	—	$	638
投资持有资产	79		—		79			22	18		40
	597		—		597			660	18		678
活期账户中的现金	25		—		25			22	—		22
未兑现支票	(23)		—		(23)			(40)	—		(40)
总计	$	599		$	—		$	599		$	642	$	18	$	660

我们的现金和隔夜持有资产会随着客户工资处理周期的时间安排而波动。我们截至2026年9月30日和2025年12月31日的现金、现金等价物和有价证券分别包括4.26亿美元和4.68亿美元的资金，这些资金与联邦和州所得税预扣款、就业税及其他工资扣款有关；此外，还分别包括5400万美元和1.35亿美元的客户预付款。


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度10-Q表	15


合并财务报表附注

现金、现金等价物、受限现金、为客户持有的资金及工伤赔偿存款

下表汇总了现金流量合并报表中列报的现金、现金等价物、受限现金、为客户持有的资金及工伤赔偿存款：


	截至9月30日的九个月
（百万美元）	2026		2025

现金及现金等价物、受限现金、为客户持有的资金及工伤赔偿存款补充明细表
现金及现金等价物	$	642			$	1,039
受限现金	82			69
其他流动资产——为客户持有的资金(1)	73			58
工伤赔偿存款	148			178
期初现金、现金等价物、受限现金、为客户持有的资金及工伤赔偿存款	$	945			$	1,344

现金及现金等价物	$	599			$	422
受限现金	84			79
其他流动资产——为客户持有的资金(1)	44			40
存款——工伤赔偿	132			147
期末现金、现金等价物、受限现金、为客户持有的资金及存款——工伤赔偿	$	859			$	688

____________________________________

(1)为客户持有的资金是指代表传统人力资源解决方案客户持有的款项，这些款项受到限制，仅用于履行向客户员工及各税务机关汇付资金的义务。

有关存款——工伤赔偿及受限现金的会计政策，请参阅附注2“会计政策”。


4.	公允价值计量

我们根据 ASC 820《公允价值计量》对金融资产进行会计处理。该准则对公允价值作出定义，建立了公允价值计量框架，并扩展了有关公允价值计量的披露。公允价值计量披露根据估值因素分为以下三个层级：

•第1级——活跃市场中相同资产的报价

•第2级——其他重要可观察输入值，例如类似资产或负债的报价、非活跃市场中的报价或其他可观察输入值

•第3级——重要不可观察输入值


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度 Form 10-Q	16


合并财务报表附注

按公允价值计量并确认的工具的公允价值

下表汇总了我们金融资产公允价值计量的层级：


	2026年9月30日		2025年12月31日
（百万）	总计	第1级			总计	第1级

货币市场基金	$	597		$	597			$	660	$	660
美国国库券	—		—				18	18

	597		597				678	678
存款——货币市场基金	211		211				230	230
总计	$	808		$	808			$	908	$	908

更多信息请参阅附注3“其他资产负债表信息”。

以下为可供出售有价证券概要：


（百万）	摊余成本	未实现收益总额	未实现损失总额	估计公允价值

2026年9月30日
美国国库券	$	—		$	—	$	—	$	—


2025年12月31日
美国国库券	$	18		$	—	$	—	$	18

其他金融工具的公允价值

由于现金、现金等价物、受限现金、应收账款、存款及应付账款的期限较短，其账面金额接近公允价值。

截至2026年9月 30日，我们循环信贷额度项下借款的账面价值接近公允价值，在公允价值层级中归类为第2级。更多信息请参阅附注5“长期债务”。


5.	长期债务

我们有一项循环信贷额度（“该额度”），循环信贷承诺额为 $750 million。根据与该额度相关的协议（经修订后称为“信贷协议”）中规定的条款并受其条件约束，该额度还可进一步增至 $800 million。该额度可用于营运资金和一般公司用途，包括收购、股票回购以及开立信用证。我们在该额度项下的义务以我们专属保险子公司 100% 的股权作担保，并由除该专属保险子公司及若干其他被排除子公司以外的所有子公司提供保证。截至 2026 年 9 月 30 日，我们在该额度项下的未偿余额为 $419 million，且有一份在该额度项下开立的 $1 million 未偿信用证，因此未使用承诺额为 $330 million。

该额度包含我们认为此类安排通常具备的肯定性和否定性契约。契约包括但不限于，对我们新增债务、出售重大资产、注销、赎回或以其他方式回购股本、收购其他企业的股本或资产、进行投资及支付股息的能力作出限制。此外，信贷协议要求我们遵守限制总融资债务、最低利息覆盖率和最高杠杆率的财务契约。截至 2026 年 9 月 30 日，我们遵守了信贷协议项下的所有财务契约。


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 10-Q 表格	17


合并财务报表附注

该额度于 2028 年 12 月 15 日到期。该额度项下的借款按年利率计息，利率为替代基准利率或定期 SOFR（适用于定期 SOFR 贷款），两者均加上适用利差。定期 SOFR 是基于担保隔夜融资利率的前瞻性期限利率。适用利差根据我们的杠杆率而有所不同：（1）SOFR 贷款为 1.50% 至 2.50%；（2）替代基准利率贷款为 0.50% 至 1.50%。替代基准利率为以下各项中的最高者：（1）《华尔街日报》最近公布的最优惠利率；（2）联邦基金利率加 0.50%；以及（3）定期 SOFR 利率加 2.00%。我们还按每年 0.25% 的利率，就该额度每日平均未使用部分支付未使用承诺费。截至 2026 年 9 月 30 日的九个月期间，平均利率为 5.8%。利息支出和未使用承诺费计入其他收入（费用）。


6.	所得税

截至 2026 年 9 月 30 日的九个月期间，我们的所得税拨备与美国法定税率存在差异，主要是由于州所得税、不可抵扣费用以及某些受限股票奖励和长期激励股票奖励归属所致。2026 年前九个月，我们确认了 $9 million 与某些长期激励和受限股票奖励归属相关的所得税费用，主要是由于归属日股价低于授予日股价。2025 年前九个月，我们确认了 $1 million 与某些长期激励和受限股票奖励归属相关的所得税费用。


7.	股东权益

截至2026年9月30日的九个月内，我们回购或扣留了共计302,258股普通股，详情如下。

回购计划

我们的董事会（“董事会”）已授权一项计划，用于回购已发行普通股（“回购计划”）。根据市场状况及其他因素，可不时按当时市场价格在公开市场或直接向股东购买股票。截至2026年9月30日的九个月内，我们根据回购计划回购了130,000股。截至2026年9月30日，我们获授权根据回购计划额外回购1,277,764股。

扣留股份

截至2026年9月30日的九个月内，我们扣留了172,258股，以满足长期激励和限制性股票单位奖励归属时的预扣税款义务。

股息

董事会宣布并支付的季度股息如下：


（每股金额）	2026		2025

第一季度	$	0.60			$	0.60
第二季度	0.60			0.60
第三季度	0.60			0.60

截至2026年和2025年9月30日的九个月内，我们宣布并支付的股息总额分别为69 million和68 million。


8.	每股收益

基本每股收益的计算方法是用净收益（亏损）除以该期间普通股加权平均流通股数。稀释每股收益的计算方法是用净收益（亏损）除以该期间普通股加权平均流通股数，再加上基于时间和业绩的限制性股票单位（“RSU”）的稀释影响。


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度 Form 10-Q	18


合并财务报表附注

下表汇总了每股收益计算中使用的净收益（亏损）以及基本和稀释股数：


	截至9月30日的三个月		截至9月30日的九个月
（百万）	2026	2025		2026	2025

净收益（亏损）	$	(1)		$	(20)		$	36	$	26

普通股加权平均流通股数	38		38			38	38
假设授予基于时间和业绩的RSU奖励产生的增量股数	—		—			1	—
调整后的普通股加权平均流通股数	38		38			39	38

因具有反稀释影响而未计入加权平均股数计算的潜在稀释性证券	—		1			1	1


9.	承诺和或有事项

诉讼

我们是正常业务过程中产生的各类诉讼和索赔的被告。管理层认为，在这些案件中我们有有效的抗辩理由，并正在积极应诉。尽管无法确定地预测诉讼结果，管理层认为，此类诉讼的最终结果不会对我们的财务状况或经营业绩产生重大不利影响。


$\"LOGO_Color_RGB.jpg\"$	2026年第三季度 Form 10-Q	19

管理层对财务状况及经营业绩的讨论与分析

财务状况及经营业绩

第2项：管理层对财务状况及经营业绩的讨论与分析

请结合我们截至2025年12月31日年度的 Form 10-K 年度报告，以及本季度 Form 10-Q 报告中所载的合并财务报表及其附注，阅读以下讨论内容。

执行摘要

概述

Insperity, Inc.（“Insperity”、“我们”及“本公司”）提供多种人力资源（“HR”）和业务解决方案，旨在帮助提升企业绩效。我们通过专业雇主组织（“PEO”）服务提供全面的人力资源服务，包括 Insperity® HR360 解决方案、Insperity® HR360 Select Edition，以及 Insperity HRScale® 解决方案（统称“PEO HR 解决方案”）。我们通过与客户建立共同雇佣关系来提供这些服务。PEO HR 解决方案涵盖广泛的人力资源职能，包括薪资和雇佣管理、员工福利、工伤赔偿、政府合规、绩效管理以及培训与发展服务。Insperity HR360 解决方案和 Insperity HR360 Select Edition 可使用我们的云端人力资本管理平台 Insperity PremierTM 平台，而 Insperity HRScale 解决方案可使用 Workday 人力资本管理平台。

2026 年亮点

2026 年第三季度与 2025 年第三季度相比

•每月支付薪酬的 WSEE 平均人数下降 2%

•净利润（亏损）和摊薄后每股收益（亏损）（“EPS”）分别增长 95% 和 96%，至 $(1) 百万美元和 $(0.02)

•调整后 EBITDA 增长 210%，至 $31 百万美元

•调整后净利润（亏损）和调整后 EPS 分别增长 200% 和 210%，至 $8 百万美元和 $0.22

2026 年前九个月与 2025 年前九个月相比

•每月支付薪酬的 WSEE 平均人数下降 1%

•净利润和摊薄后 EPS 均增长 38%，分别至 $36 百万美元和 $0.95

•调整后 EBITDA 增长 18%，至 $170 百万美元

•调整后净利润（亏损）和调整后 EPS 分别增长 16% 和 13%，至 $71 百万美元和 $1.85

请阅读“非 GAAP 财务指标”，了解调整后 EBITDA、调整后净利润（亏损）和调整后 EPS 与依据美国公认会计原则（“GAAP”）计算并列报的最直接可比财务指标之间的对账。


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 Form 10-Q	20

管理层对财务状况及

经营成果的讨论与分析

经营成果

关键财务和统计数据


（百万美元，每股、WSEE 和统计数据除外）	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
2026	2025	变动百分比		2026	2025	变动百分比

财务数据：
收入	$	1,651		$	1,623		2	%	$	5,232		$	5,144	2	%
毛利	207		195		6	%		726	728		—
营业费用	209		220		(5)	%		660	692		(5)	%
营业利润（亏损）	(2)		(25)		92	%		66	36		83	%
其他收入	1		1		—			1	6		(83)	%
净利润（亏损）	(1)		(20)		95	%		36	26		38	%
摊薄后 EPS	(0.02)		(0.53)		96	%		0.95	0.69		38	%

非 GAAP 财务指标(1)：
调整后净利润（亏损）	$	8		$	(8)		200	%	$	71		$	61	16	%
调整后 EBITDA	31		10		210	%		170	144		18	%
调整后每股收益	0.22		(0.20)		210	%		1.85	1.63		13	%

已支付的平均 WSEE 数量	307,265		312,842		(2)	%		305,359	309,327		(1)	%

统计数据（每名 WSEE 每月）：
收入(2)	$	1,791		$	1,729		4	%	$	1,904		$	1,848	3	%
毛利润	225		208		8	%		264	261		1	%
运营费用	227		235		(3)	%		240	248		(3)	%
营业收入（亏损）	(2)		(27)		93	%		24	13		85	%
净收入（亏损）	(1)		(21)		95	%		13	9		44	%

____________________________________

(1)请参阅“非 GAAP 财务指标”，了解非 GAAP 财务指标与按照 GAAP 计算并列报的最直接可比财务指标之间的调节。

(2)每名 WSEE 每月收入由每名 WSEE 每月总账单额减去每名 WSEE 每月工资成本构成，具体如下：


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
（每名 WSEE 每月）	2026	2025		2026	2025
总账单额	$	11,997		$	11,432		$	12,414	$	12,009
减：WSEE 工资成本	10,206		9,703			10,510	10,161
收入	$	1,791		$	1,729		$	1,904	$	1,848


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 Form 10-Q	21

管理层讨论与分析：关于

财务状况及经营业绩

关键运营指标

我们监控某些关键指标以衡量我们的业绩，包括：

•WSEE

•调整后 EBITDA

•调整后每股收益

已支付 WSEE 数量的增长受三个主要因素影响：新客户销售、客户留存，以及现有客户通过新招聘和员工离职导致的已支付 WSEE 数量净变化。

•2026 年第三季度，已支付的平均 WSEE 数量较 2025 年第三季度下降 2%。新客户销售和客户留存带来的已支付 WSEE 数量有所下降，部分原因是我们的利润率恢复工作；相比 2025 年第三季度，我们客户群的净变化有所增加。

2026 年前九个月（“2026 年年初至今”），已支付的平均 WSEE 数量较 2025 年前九个月（“2025 年年初至今”）下降 1%。新客户销售和客户留存带来的已支付 WSEE 数量有所下降，部分原因是我们的利润率恢复工作；与 2025 年年初至今相比，我们客户群的净变化有所增加。

已支付的平均 WSEE 数量及

同比增长百分比

$\"01$


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 Form 10-Q	22

管理层讨论与分析：关于

财务状况及经营业绩

净收入（亏损）及

同比增长百分比

（百万美元）

$\"02$

调整后 EBITDA 及

同比增长百分比

（百万美元）

$\"03$


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 Form 10-Q	23

管理层讨论与分析：关于

财务状况及经营业绩

每股收益及

同比增长百分比

（每股金额）

$\"04$


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 Form 10-Q	24

管理层讨论与分析：关于

财务状况及经营业绩

调整后每股收益及

同比增长百分比

（每股金额）

$\"05$


$\"LOGO_Color_RGB.jpg\"$	2026 年第三季度 Form 10-Q	25

管理层讨论与分析：关于

财务状况及经营业绩

收入

我们的 PEO 人力资源解决方案收入主要来自总账单额，该金额基于 (1) 我们 WSEE 的工资成本和 (2) 月度加价部分。

Our revenues are primarily dependent on the number of clients enrolled, the resulting number of WSEEs paid each period and the number of WSEEs enrolled in our benefit plans. Because our monthly markup is computed in part as a percentage of payroll cost, certain revenues are also affected by the payroll cost of WSEEs, which may fluctuate based on the composition of the WSEE base, inflationary effects on wage levels and differences in the local economies of our markets.

Revenue and

Year-over-Year Growth Percentage

(in millions)

$\"63\"$

Third Quarter 2026 Compared to Third Quarter 2025

Our revenues for Q3 2026 were $1.7 billion, an increase of 2%, primarily due to the following:

•Revenues per WSEE per month increased 4%, or $62, while the average WSEEs paid decreased 2%

First Nine Months 2026 Compared to First Nine Months 2025

Our revenues for YTD 2026 were $5.2 billion, an increase of 2%, primarily due to the following:

•Revenues per WSEE per month increased 3%, or $56, while the average WSEEs paid decreased 1%


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	26

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We provide our PEO HR Solutions to small and medium-sized businesses throughout the United States. Our PEO HR Solutions revenue distribution by region follows:

PEO HR Solutions Revenue by Region

(in millions)

$\"171\"$ $\"174\"$

________________________________________________________

(1)The Southwest region includes Texas.

The percentage of total PEO HR Solutions revenue in our significant markets includes the following:

Significant Markets

$\"384\"$ $\"388\"$

We generally define the middle market sector as those companies with approximately 150 to 5,000 WSEEs. We have a dedicated sales management, service personnel, and consulting staff who concentrate solely on the middle market sector. Our average number of WSEEs per month in our middle market sector increased 10% during YTD 2026 compared to YTD 2025, representing approximately 29% and 26% of our total average paid WSEEs in YTD 2026 and YTD 2025, respectively.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	27

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Gross Profit

In determining the pricing of the markup component of our gross billings, we take into consideration our estimates of the costs directly associated with our WSEEs, including payroll taxes, benefits and workers’ compensation costs, plus an acceptable gross profit margin.

Our gross profit per WSEE and operating results are significantly impacted by our ability to accurately estimate direct costs and our ability to incorporate changes in these costs into the gross billings charged to PEO HR Solutions clients, which are subject to pricing arrangements that are typically renewed annually. We use gross profit per WSEE per month as our principal measurement of relative performance at the gross profit level.


Gross Profit and Year-over-Year Growth Percentage (in millions)

$\"6\"$


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	28

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Gross Profit per WSEE per Month and

Year-over-Year Growth Percentage

$\"10\"$

Third Quarter 2026 Compared to Third Quarter 2025

Gross profit for Q3 2026 increased 6% to $207 million compared to $195 million in Q3 2025. Gross profit per WSEE per month for Q3 2026 increased $17 to $225 compared to $208 in Q3 2025 due to higher average pricing, offset in part by higher direct costs.

Our pricing objectives attempt to achieve a level of revenue per WSEE that matches or exceeds changes in primary direct costs and operating expenses. Our revenues per WSEE per month increased $62 due to higher average pricing of 4%.

The net increase in direct costs between Q3 2026 and Q3 2025 attributable to the changes in cost estimates related to prior periods for benefits and workers’ compensation totaled $5 million as discussed below.

The $45 per WSEE per month increase in direct costs is due primarily to the direct cost component changes as follows:

Benefits costs

•The cost of group health insurance and related employee benefits increased $12 per WSEE per month and increased 3.7% on a cost per covered employee basis in Q3 2026 as compared to Q3 2025.

•The percentage of WSEEs covered under our health insurance plans was 61% in Q3 2026 compared to 62% in Q3 2025.

Please read Note 2 to the Consolidated Financial Statements, “Accounting Policies – Health Insurance Costs,” for a discussion of our accounting for health insurance costs.

Workers’ compensation costs

•Workers’ compensation costs increased 27%, or $7 per WSEE per month, in Q3 2026 compared to Q3 2025 and has been impacted, in part, by elevated health care cost trends.

•As a percentage of non-bonus payroll cost, workers’ compensation costs were 0.34% in Q3 2026 compared to 0.27% in Q3 2025.

•Our continued discipline around our client selection, workplace safety and claims management has at times allowed for claims to be closed out at amounts below our original cost estimates. In Q3 2026 there was no change in


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	29

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

estimate in workers’ compensation; however, in Q3 2025, there was a reduction of $5 million, or 0.05% of non-bonus payroll costs.

Please read Note 2 to the Consolidated Financial Statements, “Accounting Policies – Workers’ Compensation Costs,” for a discussion of our accounting for workers’ compensation costs.

Payroll tax costs

•Payroll taxes increased 2% on a 3% increase in payroll costs, or $25 per WSEE per month.

•Payroll taxes as a percentage of payroll costs were 6% in both Q3 2026 and Q3 2025.

First Nine Months 2026 Compared to First Nine Months 2025

Gross profit for YTD 2026 decreased to $726 million compared to $728 million in YTD 2025. Gross profit per WSEE per month for YTD 2026 increased $3 to $264 compared to $261 in YTD 2025 due to higher average pricing, offset in part by higher direct costs.

There was no net change in direct costs between YTD 2026 and YTD 2025 attributable to the changes in cost estimates related to prior periods for benefits and workers’ compensation as discussed below. The $53 per WSEE per month increase in direct costs is due primarily to the direct cost component changes as follows:

Benefits costs

•The cost of group health insurance and related employee benefits increased $22 per WSEE per month, or 4.6% on a cost per covered employee basis in YTD 2026 as compared to YTD 2025.

•The percentage of WSEEs covered under our health insurance plans was 62% in YTD 2026 compared to 63% in YTD 2025.

•Reported results include changes in estimated claims run-off related to prior periods, which was a decrease in costs of $4 million, or $1 per WSEE per month, in YTD 2026 compared to an increase in costs of $9 million, or $3 per WSEE per month, in YTD 2025.

Please read Note 2 to the Consolidated Financial Statements, “Accounting Policies – Health Insurance Costs,” for a discussion of our accounting for health insurance costs.

Workers’ compensation costs

•Workers’ compensation costs increased 30%, or $7 per WSEE per month, in YTD 2026 compared to YTD 2025.

•As a percentage of non-bonus payroll cost, workers’ compensation costs were 0.32% in YTD 2026 compared to 0.25% in YTD 2025.

•Our continued discipline around our client selection, workplace safety and claims management has allowed for claims to be closed out at amounts below our original cost estimates, resulting in a reduction in workers’ compensation costs of $7 million, or 0.03% of non-bonus payroll costs, in YTD 2026 compared to a reduction of $20 million, or 0.08% of non-bonus payroll costs, in YTD 2025.

Please read Note 2 to the Consolidated Financial Statements, “Accounting Policies – Workers' Compensation Costs,” for a discussion of our accounting for workers’ compensation costs.

Payroll tax costs

•Payroll taxes increased 2% on a 2% increase in payroll costs, or $25 per WSEE per month.

•Payroll taxes as a percentage of payroll costs were 7% in both YTD 2026 and YTD 2025.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	30

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Operating Expenses

•Salaries, wages and payroll taxes — Salaries, wages and payroll taxes (“Salaries”) are primarily a function of the number of corporate employees, their associated average pay and any additional cash incentive compensation.

•Restructuring charges — Primarily due to severance costs, which were related to a reduction in our non-sales headcount.

•Stock-based compensation — Our stock-based compensation relates to the recognition of non-cash compensation expense over the requisite service period of time-based and performance-based awards.

•Commissions — Commissions expense consists primarily of amounts paid to sales managers and other sales personnel, including business performance advisors (“BPAs”), as well as channel referral fees. Commissions are based on new accounts sold and a percentage of revenue generated by such personnel.

•Advertising — Advertising expense primarily consists of media advertising and other business promotions in our current and anticipated sales markets.

•General and administrative expenses — Our general and administrative expenses primarily include:

◦rent expenses related to our service centers and sales offices

◦outside professional service fees related to legal, consulting and accounting services

◦administrative costs, such as postage, printing and supplies

◦employee travel and training expenses

◦facility costs, including repairs and maintenance

◦technology costs, including software-as-a-service (“SaaS”) subscription costs, amortization of SaaS implementation costs and third-party costs related to our strategic partnership with Workday, Inc.

•Depreciation and amortization — Depreciation and amortization expense is primarily a function of our capital investments in corporate facilities, service centers, sales offices, software development, and technology infrastructure.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	31

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Third Quarter 2026 Compared to Third Quarter 2025

The following table presents certain information related to our operating expenses:


	Three Months Ended September 30,
					per WSEE
(in millions, except per WSEE)	2026	2025	% Change		2026	2025	% Change

Salaries	$	119		$	125		(5)	%	$	129		$	133	(3)	%

Stock-based compensation	12		16		(25)	%		13	17		(24)	%
Commissions	10		13		(23)	%		11	14		(21)	%
Advertising	11		10		10	%		12	11		9	%

General and administrative:
Amortization of SaaS implementation costs	3		1		200	%		3	1		200	%
Workday SaaS licensing and implementation expense	4		4		—			4	4		—
All other general and administrative	40		40		—			44	43		2	%
Total general and administrative	47		45		4	%		51	48		6	%
Depreciation and amortization	10		11		(9)	%		11	12		(8)	%
Total operating expenses	$	209		$	220		(5)	%	$	227		$	235	(3)	%

Operating expenses for Q3 2026 decreased 5% to $209 million compared to $220 million in Q3 2025. Operating expenses per WSEE per month for Q3 2026 decreased 3% to $227 compared to $235 in Q3 2025.

•Salaries of corporate and sales staff for Q3 2026 decreased 5% to $119 million, or $4 per WSEE per month, compared to Q3 2025. The decrease was primarily due to a 6% decrease in BPA, service and support headcount in Q3 2026 compared to Q3 2025.

•Stock-based compensation expense for Q3 2026 decreased 25% to $12 million, or $4 per WSEE per month, compared to Q3 2025. The decrease was primarily due to lower value time-based restricted stock unit awards granted under our incentive plan in 2026.

•Commissions expense for Q3 2026 decreased 23% to $10 million, or $3 per WSEE per month, compared to Q3 2025. The decrease was primarily due to lower manager commissions associated with our PEO HR Solutions paid during Q3 2026.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	32

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

First Nine Months 2026 Compared to First Nine Months 2025

The following table presents certain information related to our operating expenses:


	Nine Months Ended September 30,
			per WSEE
(in millions, except per WSEE)	2026	2025	% Change		2026	2025	% Change

Salaries	$	365		$	396		(8)	%	$	133		$	142	(6)	%
Restructuring charges	9		—		—			3	—		—
Stock-based compensation	38		47		(19)	%		14	17		(18)	%
Commissions	30		34		(12)	%		11	12		(8)	%
Advertising	36		28		29	%		13	10		30	%
General and administrative:
Amortization of SaaS implementation costs	6		4		50	%		2	1		100	%
Workday SaaS licensing and implementation expense	12		17		(29)	%		4	6		(33)	%
All other general and administrative	133		133		—			49	48		2	%
Total general and administrative	151		154		(2)	%		55	55		—
Depreciation and amortization	31		33		(6)	%		11	12		(8)	%
Total operating expenses	$	660		$	692		(5)	%	$	240		$	248	(3)	%

Operating expenses for YTD 2026 decreased 5% to $660 million compared to $692 million in YTD 2025. Operating expenses per WSEE per month for YTD 2026 decreased 3% to $240 compared to $248 in YTD 2025.

•Salaries of corporate and sales staff for YTD 2026 decreased 8% to $365 million, or $9 per WSEE per month, compared to YTD 2025. The decrease was primarily due to a 6% decrease in BPA, service and support headcount in YTD 2026 compared to YTD 2025.

•Restructuring charges for YTD 2026 were $9 million, or $3 per WSEE per month, primarily due to severance costs related to a workforce realignment.

•Stock-based compensation expense for YTD 2026 decreased 19% to $38 million, or $3 per WSEE per month, compared to YTD 2025. The decrease was primarily due to lower value time-based restricted stock unit awards granted under our incentive plan in 2026, offset in part by an increase in LTIP awards expense.

•Commissions expense for YTD 2026 decreased 12% to $30 million, or $1 per WSEE per month, compared to YTD 2025. The decrease was primarily due to lower commissions associated with our PEO HR Solutions, as well as a decrease in the amount of sales channel referral fees paid during YTD 2026.

•Advertising expense for YTD 2026 increased 29% to $36 million, or $3 per WSEE per month, compared to YTD 2025 primarily due to a change in timing of advertising spend.

Other Income (Expense)

Interest income decreased $4 million in YTD 2026 compared to YTD 2025 primarily due to lower interest rates on overnight, investment and deposit holdings.

Interest expense increased $1 million in YTD 2026 compared to YTD 2025.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	33

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Income Tax Expense


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025

Effective income tax rate	—	17%		46%	38%

For the nine months ended September 30, 2026, our provision for income taxes differed from the U.S. statutory rate primarily due to state income taxes, non-deductible expenses and vesting of restricted and long-term incentive stock awards. During the first nine months of 2026 we recognized $9 million of income tax expense related to the vesting of certain long-term incentive and restricted stock awards, primarily due to the vesting date price being below the grant date price. During the first nine months of 2025, we recognized $1 million of income tax expense related to the vesting of long-term incentive and restricted stock awards.

On July 4, 2025, H.R.1, which is known as the “One Big Beautiful Bill Act,” was signed into federal law. This law includes significant changes to federal tax law and other regulatory provisions that may impact us. ASC 740, “Income Taxes”, requires the effect of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. We have evaluated the provisions of H.R.1 and the potential effects on our financial position, results of operations, and cash flows. Although there is no impact to our effective tax rate, we are accelerating tax deductions for unamortized software development costs.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	34

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Non-GAAP Financial Measures

Non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of the non-GAAP financial measures used to their most directly comparable GAAP financial measures as provided in the tables below.


Non-GAAP Measure	Definition	Benefit of Non-GAAP Measure
Non-bonus payroll cost	Non-bonus payroll cost is a non-GAAP financial measure that excludes the impact of bonus payrolls paid to our WSEEs.	Our management refers to non-bonus payroll cost in analyzing, reporting and forecasting our workers’ compensation costs. Bonus payroll cost varies from period to period, but has no direct impact to our ultimate workers’ compensation costs under the current program. We include these non-GAAP financial measures because we believe they are useful to investors in allowing for greater transparency related to the costs incurred under our current workers’ compensation program.
Adjusted cash, cash equivalents and marketable securities	Excludes funds associated with: • federal and state income tax withholdings, • employment taxes, • other payroll deductions, and • client prepayments.	We believe that the exclusion of the identified items helps us reflect the fundamentals of our underlying business model and analyze results against our expectations, against prior periods, and to plan for future periods by focusing on our underlying operations. We believe that the adjusted results provide relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by management and improves their ability to understand and assess our operating performance. Adjusted EBITDA is used by our lenders to assess our leverage and ability to make interest payments.

Adjusted operating expenses	Represents operating expenses excluding the impact of the following: • restructuring charges.

EBITDA	Represents net income computed in accordance with GAAP, plus: • interest expense, • income tax expense, • depreciation and amortization expense, and • amortization of SaaS implementation costs.

Adjusted EBITDA	Represents EBITDA plus: • non-cash stock-based compensation, and • restructuring charges.

Adjusted net income (loss)	Represents net income computed in accordance with GAAP, excluding: • non-cash stock-based compensation, • restructuring charges, and • non-GAAP effective tax rate.(1)

Adjusted EPS	Represents diluted net income per share computed in accordance with GAAP, excluding: • non-cash stock-based compensation, • restructuring charges, and • non-GAAP effective tax rate.(1)


____________________________________
(1)Non-GAAP effective tax rate excludes the income tax impact from stock-based compensation, restructuring charges, changes in uncertain tax positions, and nonrecurring benefits or expenses from federal legislative changes.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	35

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Following is a reconciliation of payroll cost (GAAP) to non-bonus payroll costs (non-GAAP):


(in millions, except per WSEE per month)	Three Months Ended September 30,		Nine Months Ended September 30,
2026		2025		2026		2025
	Per WSEE			Per WSEE			Per WSEE			Per WSEE

Payroll cost	$	9,408		$	10,206			$	9,106		$	9,703			$	28,884		$	10,510	$	28,287	$	10,161
Less: Bonus payroll cost	989		1,073			729		777			4,087		1,487			3,677		1,321
Non-bonus payroll cost	$	8,419		$	9,133			$	8,377		$	8,926			$	24,797		$	9,023	$	24,610	$	8,840
Payroll cost % change period over period	3	%	5	%		4	%	3	%		2	%	3	%		4	%	3	%
Non-bonus payroll cost % change period over period	1	%	2	%		4	%	3	%		1	%	2	%		4	%	3	%

Following is a reconciliation of cash, cash equivalents and marketable securities (GAAP) to adjusted cash, cash equivalents and marketable securities (non-GAAP):


(in millions)	September 30, 2026		December 31, 2025

Cash, cash equivalents and marketable securities	$	599			$	660
Less:
Amounts payable for withheld federal and state income taxes, employment taxes and other payroll deductions	426			468
Client prepayments	54			135
Adjusted cash, cash equivalents and marketable securities	$	119			$	57

Following is a reconciliation of operating expenses (GAAP) to adjusted operating expenses (non-GAAP):


(in millions, except per WSEE per month)	Three Months Ended September 30,		Nine Months Ended September 30,
2026		2025		2026		2025
	Per WSEE			Per WSEE			Per WSEE			Per WSEE

Operating expenses	$	209		$	227			$	220		$	235			$	660		$	240	$	692	$	248
Less: Restructuring charges	—		—			—		—			9		3			—		—
Adjusted operating expenses	$	209		$	227			$	220		$	235			$	651		$	237	$	692	$	248
Operating expenses % change period over period	(5)	%	(3)	%		(4)	%	(4)	%		(5)	%	(3)	%		(1)	%	(2)	%
Adjusted operating expenses % change period over period	(5)	%	(3)	%		(4)	%	(4)	%		(6)	%	(4)	%		(1)	%	(2)	%


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	36

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Following is a reconciliation of net income (loss) (GAAP) to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP):


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions, except per WSEE per month)	2026		2025		2026		2025
	Per WSEE			Per WSEE			Per WSEE			Per WSEE

Net income (loss)	$	(1)		$	(1)			$	(20)		$	(21)			$	36		$	13	$	26	$	9
Income tax (benefit) expense	—		—			(4)		(4)			31		12			16		7
Interest expense	7		8			6		6			19		7			18		6
Amortization of SaaS implementation costs	3		3			1		1			6		2			4		1
Depreciation and amortization	10		11			11		12			31		11			33		12
EBITDA	19		21			(6)		(6)			123		45			97		35
Stock-based compensation	12		13			16		17			38		14			47		17
Restructuring charges	—		—			—		—			9		3			—		—
Adjusted EBITDA	$	31		$	34			$	10		$	11			$	170		$	62	$	144	$	52
Net income (loss) % change period over period	95	%	95	%		(767)	%	(800)	%		38	%	44	%		(74)	%	(75)	%
Adjusted EBITDA % change period over period	210	%	209	%		(74)	%	(74)	%		18	%	19	%		(42)	%	(42)	%

Following is a reconciliation of net income (loss) (GAAP) to adjusted net income (loss) (non-GAAP):


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026	2025		2026	2025

Net income (loss)	$	(1)		$	(20)			$	36	$	26
Non-GAAP adjustments:
Stock-based compensation	12		16			38		47
Restructuring charges	—		—			9		—
Tax effect	(3)		(4)			(12)		(12)
Total non-GAAP adjustments, net	9		12			35		35
Adjusted net income (loss)	$	8		$	(8)			$	71	$	61
Net income (loss) % change period over period	95	%	(767)	%		38	%	(74)	%
Adjusted net income (loss) % change period over period	200	%	(153)	%		16	%	(54)	%


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	37

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Following is a reconciliation of diluted EPS (GAAP) to adjusted EPS (non-GAAP):


	Three Months Ended September 30,		Nine Months Ended September 30,
(amounts per share)	2026	2025		2026	2025

Diluted EPS	$	(0.02)		$	(0.53)			$	0.95	$	0.69
Non-GAAP adjustments:
Stock-based compensation	0.32		0.43			0.98		1.25
Restructuring charges	—		—			0.23		—
Tax effect	(0.08)		(0.10)			(0.31)		(0.31)
Total non-GAAP adjustments, net	0.24		0.33			0.90		0.94
Adjusted EPS	$	0.22		$	(0.20)			$	1.85	$	1.63
Diluted EPS % change period over period	96	%	(857)	%		38	%	(74)	%
Adjusted EPS % change period over period	210	%	(151)	%		13	%	(54)	%

Liquidity and Capital Resources

We periodically evaluate our liquidity requirements, capital needs and availability of resources in view of, among other things, our expansion plans, stock repurchases, potential acquisitions, debt service requirements and other operating cash needs. To meet short-term liquidity requirements, which are primarily the payment of direct costs and operating expenses, we rely primarily on cash from operations. Longer-term projects, large stock repurchases or significant acquisitions may be financed with public or private debt or equity. We have a revolving credit facility (“Facility”) with a syndicate of financial institutions with a revolving credit commitment of $750 million. The Facility is available for working capital and general corporate purposes, including acquisitions and stock repurchases. We have in the past sought, and may in the future seek, to raise additional capital or take other steps to increase or manage our liquidity and capital resources.

We had $599 million in cash and cash equivalents at September 30, 2026, of which approximately $426 million was payable in October 2026 for withheld federal and state income taxes, employment taxes and other payroll deductions. Approximately $54 million represented client prepayments that were invoiced in October 2026. During the second quarter 2026, we borrowed $50 million under the Facility for working capital purposes related to fluctuations in the timing of funding our direct cost programs. At September 30, 2026, we had working capital of $179 million compared to $102 million at December 31, 2025. We currently believe that our cash on hand, cash flows from operations, and availability under the Facility will be adequate to meet our liquidity requirements for at least the next 12 months and thereafter for the foreseeable future. We intend to rely on these same sources, as well as public and private debt or equity financing, to meet our longer-term liquidity and capital needs.

As of September 30, 2026, we had outstanding letters of credit and borrowings totaling $420 million under the Facility. Please read Note 5 to the Consolidated Financial Statements, “Long-Term Debt,” for additional information.

Cash Flows from Operating Activities

Net cash used in operating activities in the first nine months of 2026 was $23 million. Our primary source of cash from operations is the comprehensive service fee and payroll funding we collect from our clients. Our cash and cash equivalents, and thus our reported cash flows from operating activities, are significantly impacted by various external and internal factors, which are reflected in part by the changes in our balance sheet accounts. These include the following:


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	38

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

•Timing of client payments / payroll taxes — We typically collect our comprehensive service fee, along with the client’s payroll funding, from clients no later than the same day as the payment of WSEE payrolls and associated payroll taxes. Therefore, the last business day of a reporting period has a substantial impact on our reporting of operating cash flows. For example, many WSEEs are paid on Fridays; therefore, operating cash flows decrease in the reporting periods that end on a Friday or a Monday. In the nine months ended September 30, 2026, the last business day of the reporting period was a Wednesday, client prepayments were $54 million and employment taxes and other deductions were $426 million. In the nine months ended September 30, 2025, the last business day of the reporting period was a Tuesday, client prepayments were $36 million and employment taxes and other deductions were $284 million.

•Workers’ compensation plan funding — During YTD 2026 and YTD 2025, we received $27 million and $28 million, respectively, for the return of excess claim funds related to the workers’ compensation program, which resulted in an increase in working capital.

•Medical plan funding — Our health care contract with United establishes participant cash funding rates 90 days in advance of the beginning of a reporting quarter. Therefore, changes in the participation level of the United plan have a direct impact on our operating cash flows. In addition, changes to the funding rates, which are solely determined by United based primarily upon recent claim history and anticipated cost trends, also have a significant impact on our operating cash flows. As of September 30, 2026, Program Costs were less than the net premiums paid and owed to United by $50 million, which is included in prepaid insurance, a current asset, on our Consolidated Balance Sheet at September 30, 2026. In addition, the premiums owed to United at September 30, 2026, were $63 million, which is included in accrued health insurance costs, a current liability, on our Consolidated Balance Sheet.

•Operating results — Our net income and adjusted net income (loss) have a significant impact on our operating cash flows. Our net income increased 38% to $36 million and adjusted net income (loss) increased 16% to $71 million in the first nine months of 2026, respectively, compared to $26 million and $61 million in the first nine months of 2025, respectively. Please read “Results of Operations.”

Cash Flows from Investing Activities

Net cash used in investing activities was $8 million for the nine months ended September 30, 2026, primarily due to $26 million of property and equipment purchases, offset by marketable securities dispositions of $22 million.

Cash Flows from Financing Activities

Net cash used in financing activities was $55 million for the nine months ended September 30, 2026. We borrowed $50 million under the Facility for general corporate purposes, paid $69 million in dividends, and repurchased or withheld $10 million in stock. In addition, client funds liability and other financing activities decreased by $26 million.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	39


QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK AND CONTROLS AND PROCEDURES

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are primarily exposed to market risks from fluctuations in interest rates and the effects of those fluctuations on the market values of our cash equivalent short-term investments, and any available-for-sale marketable securities held by us. In addition, borrowings under our Facility, bear interest at a variable market rate. As of September 30, 2026, we had outstanding letters of credit and borrowings totaling $420 million under the Facility. Please read Note 5 to the Consolidated Financial Statements, “Long-Term Debt,” for additional information.

Our cash equivalent short-term investments consist primarily of overnight investments, which are not significantly exposed to interest rate risk, except to the extent that changes in interest rates will ultimately affect the amount of interest income earned on these investments.

We attempt to limit our exposure to interest rate risk primarily through diversification and low investment turnover. Our investment policy is designed to maximize after-tax interest income while preserving our principal investment. As a result, our workers’ compensation - deposits consist of cash and highly-liquid investments, primarily money market funds.

Item 4. Controls and Procedures

In accordance with Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2026.

There has been no change in our internal control over financial reporting that occurred during the three months ended September 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


$\"LOGO_Color_RGB.jpg\"$	2026 Third Quarter Form 10-Q	40


OTHER INFORMATION

PART II

Item 1. Legal Proceedings

Please read Note 9 to the Consolidated Financial Statements, “Commitments and Contingencies,” which is incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes in our risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 under “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases by Insperity during the three months ended September 30, 2026 of equity securities that are registered by Insperity pursuant to Section 12 of the Exchange Act:


Period	Total Number of Shares Purchased(1)(2)	Average Price Paid per Share	Total Number of Shares Purchased Under Announced Program(2)	Maximum Number of Shares Available for Purchase under Announced Program(2)
07/01/2026 — 07/31/2026	611		$	45.37		—		1,407,764
08/01/2026 — 08/31/2026	—		—		—		1,407,764
09/01/2026 — 09/30/2026	130,099		47.93		130,000		1,277,764
Total	130,710		$	47.91		130,000

____________________________________

(1)During the three months ended September 30, 2026, 710 shares of stock were withheld to satisfy tax-withholding obligations arising in conjunction with the vesting of restricted stock units. The required withholding is calculated using the closing sales price reported by the New York Stock Exchange on the date prior to the applicable vesting date. These shares are not subject to the repurchase program.

(2)Our Board of Directors has approved a program to repurchase shares of our outstanding common stock, which was originally announced on January 28, 1999. From time to time, our Board of Directors has increased the number of shares authorized to be repurchased under the program. On August 1, 2023, we announced that our Board of Directors had authorized an increase of 2,000,000 shares that may be repurchased under the program. As of September 30, 2026, we were authorized to repurchase an additional 1,277,764 shares under the program. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have repurchased all shares authorized for repurchase under the repurchase program.

Item 5. Other Information

Trading Plans

During the third quarter of 2026, none of our directors or executive officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).


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OTHER INFORMATION

Item 6. Exhibits


Exhibit No		Exhibit
31.1	*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	**	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	**	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	*	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	*	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	*	Inline XBRL Extension Definition Linkbase Document.
101.LAB	*	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	*	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (embedded with the Inline XBRL document).


	____________________________________


	*	Filed with this report.

	**	Furnished with this report.


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	INSPERITY, INC.

Date: October 29, 2026	By:	/s/ James D. Allison
		James D. Allison
		Executive Vice President of Finance, Chief Financial Officer & Treasurer
		(Principal Financial Officer)

	By:	/s/ Sean P. Duffy
		Sean P. Duffy
		Senior Vice President of Finance and Accounting
		(Principal Accounting Officer)


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