4 unchanged sentences
In the normal course of business, Insperity, Inc., in an effort to help keep our stockholders and the public informed about our operations, may from time to time issue such forward-looking statements, either orally or in writing.
−Removed: Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of such plans or strategies, or projections involving anticipated revenues, earnings, unit growth, profit per worksite employee, pricing, operating expenses or other aspects of operating results.
+Added: Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of such plans or strategies, or projections involving anticipated revenues, earnings, unit growth, profit per worksite employee, pricing, operating expenses, benefits and workers’ compensation costs, or other aspects of operating results.
We base the forward-looking statements on our expectations, estimates and projections at the time such statements are made.
18 unchanged sentences
• our ability to integrate or realize expected returns on our acquisitions;
−Removed: failure of our information technology systems;
−Removed: Insperity | 2020 First Quarter Form 10-Q
+Added: Insperity | 2020 Second Quarter Form 10-Q 35
OTHER INFORMATION
+Added: • failure of our information technology systems;
• an adverse final judgment or settlement of claims against Insperity;
2 unchanged sentences
Risk Factors” in Part I and “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, and elsewhere in this report.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, under “Item 1A.
+Added: Risk Factors” in Part II, and elsewhere in this report.
Any of these factors, or a combination of such factors, could materially affect the results of our operations and whether forward-looking statements we make ultimately prove to be accurate.
Any forward-looking statements are made only as of the date hereof and, unless otherwise required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
−Removed: In addition, please read the following together with “Risk Factors -– Adverse economic conditions could negatively affect our industry, business, and results of operations.
−Removed: ” under “Item 1A.
−Removed: Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019 :
−Removed: The economic impact of the COVID-19 pandemic is adversely affecting our business.
−Removed: The current pandemic may have, and a future outbreak of other highly infectious or contagious diseases could have, a material and adverse impact on our business, results of operations, financial condition and cash flows.
−Removed: The spread of the COVID-19 virus has created significant volatility, uncertainty and economic disruption, including because of actions taken by businesses and governments in response to the pandemic that have resulted or could result in a significant reduction in commercial activity.
−Removed: The extent to which the COVID-19 pandemic impacts our business, operations, financial results and financial condition will depend on numerous evolving factors that are highly uncertain and that we may not be able to accurately predict, including:
−Removed: scope, severity and duration of the pandemic;
−Removed: varying impact that the pandemic has within each locality;
−Removed: actions taken by government authorities to contain the outbreak or address its impact;
−Removed: development of safe and effective treatments or vaccines for COVID-19;
−Removed: direct and indirect economic effects of the pandemic and containment measures;
−Removed: scope, significant and duration of business disruptions on small and medium-sized businesses, including any reduction in employment levels, compensation levels and employee benefit levels;
−Removed: magnitude and extent of business failures among the small and medium-sized businesses that we serve;
−Removed: ability of our clients to pay for the outsourced HR services and solutions we provide;
−Removed: any resulting impact on the demand for our outsourced HR services and solutions.
−Removed: While the COVID-19 pandemic is continuing and even after it has subsided, we may experience materially adverse impacts to our business, operations and financial results due to any existing or continuing reduction in economic activity, including a recession or depression.
−Removed: The COVID-19 pandemic has resulted in a sharp decrease in employment levels throughout the United States.
−Removed: We have begun to experience a decline in the number of paid WSEEs due primarily to layoffs and temporary leaves of absence in our client base.
−Removed: We paid 230,500 WSEEs in April 2020, which represents a 3.3% decline from March 2020 paid WSEEs.
−Removed: Based on actions taken by our clients in April 2020, we expect this trend to continue into May 2020.
−Removed: Further, if the adverse economic conditions relating to the COVID-19 pandemic persist, we may continue to experience a decline in our paid WSEEs and such declines may increase.
−Removed: Accordingly, such declines in WSEEs are likely to have a material adverse effect on our business, financial condition and results of operations.
−Removed: “Risk Factors – Adverse economic conditions could negatively affect our industry, business, and results of operations.
−Removed: ” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: Insperity | 2020 First Quarter Form 10-Q
−Removed: OTHER INFORMATION
−Removed: The spread of the COVID-19 virus has changed how and when we incur health insurance costs under our health insurance contract with United.
−Removed: We may experience changes in quarterly levels and timing of both medical and pharmaceutical health insurance claims.
−Removed: Government imposed treatment mandates, restrictions on certain elective healthcare treatments, and changes in treatment delivery options may significantly alter our healthcare claim trends.
−Removed: Our ability to estimate healthcare claim trends becomes more difficult as participant utilization of healthcare services are deferred or canceled while stay-at-home orders and social distancing requirements are enacted by state and local governments.
−Removed: Furthermore, predicting the rate at which participants will increase utilization of healthcare services in subsequent periods once stay-at-home orders and social distancing requirements are lifted, is also difficult.
−Removed: In addition, if the increased number of former WSEEs elect COBRA coverage to continue their benefits, we would expect an increase in claim activity levels, resulting in higher benefits costs incurred and decreased profitability.
−Removed: The Department of Labor and the Department of Treasury released a rule on April 29, 2020 that extends the period during which any former WSEE who became eligible for COBRA coverage in 2020 may elect such coverage and allows any former WSEEs electing COBRA coverage (including those already electing COBRA coverage) to defer payment of such coverage until a later date.
−Removed: Depending on the number of participants electing COBRA and the resulting claim activity levels, COBRA-related claims have the potential to increase total plan costs in future periods as well.
−Removed: The extended period during which former WSEEs may elect COBRA coverage, and their ability to defer payment of related premiums, may further result in increased costs to us and we may ultimately be unable to collect premiums from those former WSEEs or from our clients.
−Removed: “Risk Factors – Increases in health insurance costs or our inability to secure replacement health insurance coverage on competitive terms could have a material adverse effect on our business, financial condition or results of operations.
−Removed: ” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: The recent increase in U.S.
−Removed: unemployment levels has resulted in a significant increase in unemployment claims with state unemployment agencies.
−Removed: A continuous increase in unemployment claims is likely to increase state unemployment rates.
−Removed: In addition, some states have the authority to increase unemployment tax rates retroactively.
−Removed: Any such increases, which are reflected in our comprehensive service fee, may result in client attrition due to increased prices or we may have to reduce our overall pricing, which would adversely affect our profitability, to assist clients with these additional costs.
−Removed: “Risk Factors – Our ability to adjust and collect service fees for increases in unemployment tax rates may be limited.
−Removed: ” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: The COVID-19 economic disruptions may cause customers to have difficulty meeting their financial obligations to us or increase business failures.
−Removed: As a co-employer, we assume the obligation to pay the salaries, wages and related benefits and taxes of the WSEEs.
−Removed: An increase in the number of clients unable to pay us would result in an increase in bad debts, which could have a material adverse effect on our financial condition and results of operations.
−Removed: “Risk Factors – We assume liability for WSEE payroll, payroll taxes, and benefits costs and are responsible for their payment regardless of the amount billed to or paid by our clients.
−Removed: ” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: In addition, we have modified certain business and workforce practices (including those related to employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences) to conform to government restrictions and best practices encouraged by governmental and regulatory authorities.
−Removed: While most of our operations can be performed remotely, there is no guarantee that we will be as effective while working remotely because our team is dispersed, many employees may have additional personal needs to attend to and employees may become sick themselves and be unable to work.
−Removed: Further, our increased reliance on remote access to our information systems as our employees work remotely decreases our control over cybersecurity protection and service stability and performance, which increases our exposure to cybersecurity and privacy issues and to disruptions to employee productivity.
−Removed: We may take further actions as government authorities require or recommend or as we determine to be in the best interests of our employees, clients, partners and vendors.
−Removed: There is no certainty that such measures will be sufficient to mitigate the risks posed by COVID-19, in which case our ability to perform critical functions could be harmed, and we may be unable to respond to the needs of our business.
−Removed: “Risk Factors – Disruptions of our information technology systems could damage our reputation and materially disrupt our business operations.
−Removed: ” and “Risk Factors – We could be subject to reduced revenues, increased costs, liability claims, or harm to our competitive position as a result of data theft, cyberattacks or other security vulnerabilities.
−Removed: ” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: The Families First Coronavirus Response Act and the Coronavirus, Aid, Relief, and Economic Security Act, or the CARES Act, which both became law in March 2020, created various programs and incentives to assist businesses and individuals manage through the COVID-19 pandemic.
−Removed: Certain of these programs and incentives have required us
−Removed: Insperity | 2020 First Quarter Form 10-Q
−Removed: OTHER INFORMATION
−Removed: to make changes to our systems that manage leave, payroll and payroll-related tax calculation and reporting and invoicing and collection of service fees.
−Removed: In addition, various states and localities are considering further legislation that may require further changes to our processes and systems or that may expand the coverage afforded to WSEEs under our health and workers’ compensation programs.
−Removed: If we are unable to timely make these changes, incur substantial additional costs in doing so, or are otherwise adversely affected by these requirements, then we may face fines, penalties, other regulatory action, or litigation relating to such failure, which could further adversely impact our PEO state licenses, our certified PEO status, our results of operations and our ability to attract and retain clients.
−Removed: “Risk Factors – Evolving regulations, market trends and client expectations require us to constantly enhance and expand our service and technology offerings.
−Removed: ” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: The COVID-19 pandemic business interruptions and associated economic impact has adversely and disproportionately affected certain industries, including the oil and gas industry.
−Removed: The substantial decrease in the global demand for oil contributed to a significant decline in its commodity price, which has materially and adversely impacted businesses dependent on oil production, including those with operations in Texas.
−Removed: While our oil and gas related customers account for approximately 3% of our customer base, our Texas market accounts for approximately 20% of our revenues.
−Removed: The impact of the COVID-19 pandemic on oil prices and the resulting impact on regional economies with oil-focused businesses could aggravate our risk factors for clients operating in the oil and gas sector as well as other clients who operate in the Texas market.
−Removed: “Risk Factors – Geographic market concentration makes our results of operations vulnerable to regional economic factors.
−Removed: ” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: The impact and evolving nature of the COVID-19 pandemic precludes any prediction as to its full adverse impact.
−Removed: Nevertheless, the COVID-19 pandemic presents material uncertainty and risk with respect to our business, including as a result of the forgoing reasons, and may have a material adverse effect on our financial condition, results of operations, cash flows and business.
−Removed: Further, many risk factors discussed in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 should be interpreted as heightened risks as a result of the impact of the COVID-19 pandemic.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.