Insperity reports Q1 EPS $2.67, consensus $2.48

Reports Q1 revenue $1.8B, consensus $1.76B. "We are pleased with our strong Q1 results reported today and our solid execution in the face of a softening economic environment," said Paul J. Sarvadi, Insperity chairman and chief executive officer. "We expect to continue to capitalize on our market opportunity as we help our best-in-class small-to-medium size clients succeed through today’s challenges with the support of our comprehensive and sophisticated HR solutions." The average number of worksite employees paid per month increased 10.1% over Q1 2022 to 306,691 WSEEs. Client attrition, which was near our historical lows, and WSEEs paid from new sales came in near budgeted levels. Net hiring by our clients were in line with our expectations and were about 50% less than that experienced during the first quarter of 2022 due primarily to the softer economic environment. Revenues in Q1 2023 increased 12.2% to $1.8 billion on the 10.1% increase in paid WSEEs and a 1.9% increase in revenue per WSEE.