What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-11-04 compared with 2025-08-01 · 84 added, 87 removed, 324 unchanged (35% of the section changed)

7 unchanged sentences

2025 Highlights

Second Quarter 2025 Compared to Second Quarter 2024

Third Quarter 2025 Compared to Third Quarter 2024

• Average number of WSEEs paid per month increased 1%

• Net income (loss) and diluted earnings per share (“EPS”) decreased 128% and 129% to $(5) million and $(0.14), respectively

• Adjusted net income and adjusted EPS both decreased 70% to $10 million and $0.26, respectively

• Net income (loss) and diluted earnings per share (“EPS”) decreased to $(20) million and $(0.53), respectively

• Adjusted net income (loss) and adjusted EPS decreased 153% and 151% to $(8) million and $(0.20), respectively

• Adjusted EBITDA decreased 74% to $10 million

First Six Months 2025 Compared to First Six Months 2024

First Nine Months 2025 Compared to First Nine Months 2024

• Average number of WSEEs paid per month increased 1%

• Net income and diluted EPS decreased 53% and 52% to $46 million and $1.22, respectively

• Net income and diluted EPS both decreased 74% to $26 million and $0.69, respectively

• Adjusted net income and adjusted EPS both decreased 54% to $61 million and $1.63, respectively

1 unchanged sentence

Please read “ Non-GAAP Financial Measures ” for a reconciliation of adjusted EBITDA, adjusted net income, and adjusted EPS to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”).

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

2 unchanged sentences

Key Financial and Statistical Data

(in millions, except per share, WSEE and statistical data) Three Months Ended June 30, Six Months Ended June 30,

(in millions, except per share, WSEE and statistical data) Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 % Change 2025 2024 % Change

4 unchanged sentences

Operating income (loss) (25) 1 — 36 132 (73) %

(7) 23 (130) % 61 131 (53) %

Other income (expense), net 1 2 (50) % 5 5 —

Other income 1 2 (50) % 6 7 (14) %

Net income (loss) (20) 3 (767) % 26 100 (74) %

(0.53) 0.07 (857) % 0.69 2.63 (74) %

(0.14) 0.48 (129) % 1.22 2.56 (52) %

Non-GAAP financial measures (1) :

Adjusted net income $ 10 $ 33 (70) % $ 69 $ 119 (42) %

Adjusted net income (loss)

$ (8) $ 15 (153) % $ 61 $ 134 (54) %

Adjusted EBITDA 10 39 (74) % 144 247 (42) %

7 unchanged sentences

Operating income (loss) (27) 1 — 13 48 (73) %

(8) 25 (132) % 33 71 (54) %

Net income (loss) (21) 3 (800) % 9 36 (75) %

____________________________________

(1) Please read “ Non-GAAP Financial Measures ” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP.

(2) Revenues per WSEE per month are comprised of gross billings per WSEE per month less WSEE payroll costs per WSEE per month as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(per WSEE per month) 2025 2024 2025 2024

2 unchanged sentences

Revenues $ 1,729 $ 1,683 $ 1,848 $ 1,800

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

7 unchanged sentences

• During Q3 2025, average WSEEs paid increased 1% compared to Q3 2024.

The number of WSEEs paid from new client sales and the net change in our client base increased compared with Q2 2024, while client retention remained consistent with Q2 2024.

• During the first six months of 2025 (“YTD 2025”), average WSEEs paid increased 1% compared to the first six months of 2024 (“YTD 2024”).

The number of WSEEs paid from new client sales and the net change in our client base slightly decreased compared with Q3 2024, while client retention remained consistent with Q3 2024.

• During the first nine months of 2025 (“YTD 2025”), average WSEEs paid increased 1% compared to the first nine months of 2024 (“YTD 2024”).

The number of WSEEs paid from new client sales, client retention and the net change in our client base increased when compared to YTD 2024.

1 unchanged sentence

Year-over-Year Growth Percentage

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

6 unchanged sentences

(in millions)

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

5 unchanged sentences

(amounts per share)

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

5 unchanged sentences

(in millions)

Second Quarter 2025 Compared to Second Quarter 2024

Third Quarter 2025 Compared to Third Quarter 2024

Our revenues for Q3 2025 were $1.6 billion, an increase of 4%, primarily due to the following:

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• Revenues per WSEE per month increased 3%, or $46.

First Six Months 2025 Compared to First Six Months 2024

First Nine Months 2025 Compared to First Nine Months 2024

Our revenues for YTD 2025 were $5.1 billion, an increase of 4%, primarily due to the following:

1 unchanged sentence

• Revenues per WSEE per month increased 3%, or $48.

Insperity | 2025 Third Quarter Form 10-Q

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.

1 unchanged sentence

PEO HR Solutions Revenue by Region

Insperity | 2025 Second Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(in millions)

5 unchanged sentences

Currently, 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 3% during YTD 2025 compared to YTD 2024, representing approximately 26% and 25% of our total average paid WSEEs in YTD 2025 and YTD 2024, respectively.

Insperity | 2025 Second Quarter Form 10-Q

Our average number of WSEEs per month in our middle market sector increased 3% during YTD 2025 compared to YTD 2024, representing approximately 26% of our total average paid WSEEs in both YTD 2025 and YTD 2024.

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

6 unchanged sentences

(in millions)

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

2 unchanged sentences

Year-over-Year Growth Percentage

Second Quarter 2025 Compared to Second Quarter 2024

Third Quarter 2025 Compared to Third Quarter 2024

Gross profit for Q3 2025 decreased 15% to $195 million compared to $229 million in Q3 2024.

5 unchanged sentences

Benefits costs

• The cost of group health insurance and related employee benefits increased $65 per WSEE per month and increased 9.6% on a cost per covered employee basis driven by continued elevated pharmacy trends and frequency of large claim activity in Q2 2025 as compared to Q2 2024.

• The cost of group health insurance and related employee benefits increased $60 per WSEE per month and increased 9.1% on a cost per covered employee basis driven by elevated inpatient, outpatient and pharmacy trends and frequency of large claim activity in Q3 2025 as compared to Q3 2024.

• The percentage of WSEEs covered under our health insurance plans was 62% in Q3 2025 compared to 63% in Q3 2024.

3 unchanged sentences

• Workers’ compensation costs increased 15%, or $3 per WSEE per month, in Q3 2025 compared to Q3 2024.

• As a percentage of non-bonus payroll cost, workers’ compensation costs were 0.23% in both Q2 2025 and Q2 2024.

Insperity | 2025 Second Quarter Form 10-Q

• As a percentage of non-bonus payroll cost, workers’ compensation costs were 0.27% in Q3 2025 compared to 0.25% in Q3 2024.

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

compensation costs of $8 million, or 0.09% of non-bonus payroll costs in Q2 2025, compared to a reduction of $7 million, or 0.09% of non-bonus payroll costs in Q2 2024.

• Our continued discipline around our client selection, workplace safely 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 $5 million, or 0.05% of non-bonus payroll costs in Q3 2025, compared to a reduction of $8 million, or 0.09% of non-bonus payroll costs in Q3 2024.

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

2 unchanged sentences

• Payroll taxes as a percentage of payroll costs were 6% in both Q3 2025 and Q3 2024.

First Six Months 2025 Compared to First Six Months 2024

First Nine Months 2025 Compared to First Nine Months 2024

Gross profit for YTD 2025 decreased 13% to $728 million compared to $834 million in YTD 2024.

5 unchanged sentences

Benefits costs

• The cost of group health insurance and related employee benefits increased $60 per WSEE per month, or 9.0% on a cost per covered employee basis driven by continued elevated inpatient, outpatient, and pharmacy trends and frequency of large claim activity in YTD 2025 as compared to YTD 2024.

• The cost of group health insurance and related employee benefits increased $60 per WSEE per month, or 9.0% on a cost per covered employee basis driven by elevated inpatient, outpatient and pharmacy trends and frequency of large claim activity in YTD 2025 as compared to YTD 2024.

• The percentage of WSEEs covered under our health insurance plans was 63% in YTD 2025 compared to 64% in YTD 2024.

3 unchanged sentences

• Workers’ compensation costs increased 11%, or $2 per WSEE per month, in YTD 2025 compared to YTD 2024.

• As a percentage of non-bonus payroll cost, workers’ compensation costs were 0.24% in YTD 2025 and 0.23% in YTD 2024.

• As a percentage of non-bonus payroll cost, workers’ compensation costs were 0.25% in YTD 2025 compared to 0.23% in YTD 2024.

• Our continued discipline around our client selection, workplace safely 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 $20 million, or 0.08% of non-bonus payroll costs, in YTD 2025 compared to a reduction of $25 million, or 0.11% of non-bonus payroll costs, in YTD 2024.

2 unchanged sentences

• Payroll taxes increased 5% on a 4% increase in payroll costs, or $26 per WSEE per month.

• Payroll taxes as a percentage of payroll costs were 7% in both YTD 2025 and YTD 2024.

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

• Payroll taxes as a percentage of payroll costs were 7% in both YTD 2025 and YTD 2024.

Operating Expenses

12 unchanged sentences

• 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.

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Second Quarter 2025 Compared to Second Quarter 2024

Third Quarter 2025 Compared to Third Quarter 2024

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

Three Months Ended June 30,

Three Months Ended September 30,

(in millions, except per WSEE)

6 unchanged sentences

Amortization of SaaS implementation costs

1 3 (67) % 1 3 (67) %

Workday SaaS licensing and implementation expense

9 unchanged sentences

• General and administrative expenses for Q3 2025 decreased 15% to $45 million, or $9 per WSEE per month, compared to Q3 2024.

The decrease was primarily due to decreased professional services fees, travel and training expenses, and amortization of SaaS implementation costs, partially offset by increases in software licensing and maintenance costs.

First Six Months 2025 Compared to First Six Months 2024

The decrease was primarily due to decreased professional services fees, which includes expenses related to the implementation of our Workday strategic partnership, travel and training expenses, partially offset by increases in software licensing and maintenance costs.

First Nine Months 2025 Compared to First Nine Months 2024

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

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions, except per WSEE) 2025 2024 % Change 2025 2024 % Change

12 unchanged sentences

Operating expenses per WSEE per month for YTD 2025 decreased 2% to $248 compared to $254 in YTD 2024.

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

• General and administrative expenses for YTD 2025 decreased 8% to $154 million, or $6 per WSEE per month, compared to YTD 2024.

The decrease was primarily due to decreased professional services fees, which includes expenses related to the implementation of our Workday strategic partnership, travel and training, and amortization of SaaS implementation costs, partially offset by increases in software licensing and maintenance costs.

Other Income (Expense)

2 unchanged sentences

Income Tax Expense

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Effective income tax rate 17% — 38% 28%

For the six months ended June 30, 2025, our provision for income taxes differed from the U.S.

For the nine months ended September 30, 2025, 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 six months of 2025 we recognized a $1 million income tax expense related to the vesting of long-term incentive and restricted stock awards.

During the first six months of 2024 we did not recognize an income tax benefit or expense related to the vesting of long-term incentive and restricted stock awards.

The decrease in net income without a corresponding change in non-deductible expenses resulted in a higher effective tax rate for the period.

During the first nine months of 2025 we recognized a $1 million income tax expense related to the vesting of long-term incentive and restricted stock awards.

During the first nine months of 2024 we did not recognize an income tax benefit or 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.

1 unchanged sentence

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 are currently evaluating the provisions of H.R.1 and the potential effects on our financial position, results of operations, and cash flows.

As of the date of these financial statements, we have not completed our assessment, and therefore no adjustments have been made.

Additional disclosures of any material impact will be provided in future periods as the effect of the legislation is determined.

Insperity | 2025 Second Quarter Form 10-Q

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.

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

28 unchanged sentences

• non-cash stock-based compensation.

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

1 unchanged sentence

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 June 30, Six Months Ended June 30,

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

2025 2024 2025 2024

10 unchanged sentences

(in millions)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Cash, cash equivalents and marketable securities $ 440 $ 1,055

2 unchanged sentences

Adjusted cash, cash equivalents and marketable securities $ 120 $ 134

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

1 unchanged sentence

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

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(in millions, except per WSEE per month) 2025 2024 2025 2024

1 unchanged sentence

Net income (loss) $ (20) $ (21) $ 3 $ 3 $ 26 $ 9 $ 100 $ 36

$ (5) $ (5) $ 18 $ 20 $ 46 $ 25 $ 97 $ 53

Income tax (benefit) expense (4) (4) — — 16 7 39 13

(1) (1) 7 7 20 10 39 22

Interest expense 6 6 7 8 18 6 21 8

7 unchanged sentences

Net income (loss) % change period over period (767) % (800) % (93) % (94) % (74) % (75) % (34) % (33) %

(128) % (125) % 50 % 43 % (53) % (53) % (9) % (9) %

Adjusted EBITDA % change period over period

(74) % (74) % (59) % (58) % (42) % (42) % (17) % (16) %

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

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

Net income (loss) $ (20) $ 3 $ 26 $ 100

$ (5) $ 18 $ 46 $ 97

Non-GAAP adjustments:

2 unchanged sentences

Total non-GAAP adjustments, net 12 12 35 34

Adjusted net income $ 10 $ 33 $ 69 $ 119

Net income (loss) % change period over period

Adjusted net income (loss)

$ (8) $ 15 $ 61 $ 134

Adjusted net income % change period over period

Net income (loss) % change period over period (767) % (93) % (74) % (34) %

Adjusted net income (loss) % change period over period

(153) % (73) % (54) % (27) %

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(amounts per share) 2025 2024 2025 2024

14 unchanged sentences

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 $456 million in cash, cash equivalents and marketable securities at June 30, 2025, of which approximately $316 million was payable in July 2025 for withheld federal and state income taxes, employment taxes and other payroll deductions.

Approximately $26 million represented client prepayments that were invoiced in July 2025.

At June 30, 2025, we had working capital of $160 million compared to $155 million at December 31, 2024.

We had $440 million in cash, cash equivalents and marketable securities at September 30, 2025, of which approximately $284 million was payable in October 2025 for withheld federal and state income taxes, employment taxes and other payroll deductions.

Approximately $36 million represented client prepayments that were invoiced in October 2025.

At September 30, 2025, we had working capital of $172 million compared to $155 million at December 31, 2024.

We currently believe that our cash on hand, marketable securities, cash flows from operations, and availability under the Facility will be adequate to meet our liquidity requirements for the remainder of 2025.

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 June 30, 2025, we had outstanding letters of credit and borrowings totaling $370 million under the Facility.

As of September 30, 2025, we had outstanding letters of credit and borrowings totaling $370 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 six months of 2025 was $522 million.

Net cash used in operating activities in the first nine months of 2025 was $533 million.

Our primary source of cash from operations is the comprehensive service fee and payroll funding we collect from our clients.

5 unchanged sentences

therefore, operating cash flows decrease in the reporting periods that end on a Friday or a Monday.

In the six months ended June 30, 2025, the last business day of the reporting period was a Monday, client prepayments were $26 million and employment taxes and other deductions were $316 million.

In the six months ended June 30, 2024, the last business day of the reporting period was a Friday, client prepayments were $22 million and employment taxes and other deductions were $459 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.

In the nine months ended September 30, 2024, the last business day of the reporting period was a Monday, client prepayments were $19 million and employment taxes and other deductions were $255 million.

In addition, $440 million of client employee retention tax credits received on their behalf from the Internal Revenue Service during the fourth quarter of 2024 were distributed to clients in early 2025.

Insperity | 2025 Second Quarter Form 10-Q

Insperity | 2025 Third Quarter Form 10-Q

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

• Workers’ compensation plan funding — During YTD 2025 and YTD 2024, we received $28 million and $38 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.

1 unchanged sentence

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 June 30, 2025, Plan Costs were less than the net premiums paid and owed to United by $35 million, which is $26 million in excess of our agreed-upon $9 million surplus maintenance level.

The $26 million difference is therefore reflected as a current asset and $9 million is reflected as a long-term asset on our Condensed Consolidated Balance Sheets at June 30, 2025.

In addition, the premiums owed to United at June 30, 2025, were $53 million, which is included in accrued health insurance costs, a current liability, on our Condensed Consolidated Balance Sheets.

As of September 30, 2025, Plan Costs were less than the net premiums paid and owed to United by $19 million, which is $10 million in excess of our agreed-upon $9 million surplus maintenance level.

The $10 million difference is therefore reflected as a current asset and $9 million is reflected as a long-term asset on our Condensed Consolidated Balance Sheets at September 30, 2025.

In addition, the premiums owed to United at September 30, 2025, were $26 million, which is included in accrued health insurance costs, a current liability, on our Condensed Consolidated Balance Sheets.

• Operating results — Our adjusted net income has a significant impact on our operating cash flows.

Our adjusted net income decreased 42% to $69 million in the first six months of 2025, compared to $119 million in the first six months of 2024.

Our adjusted net income decreased 54% to $61 million in the first nine months of 2025, compared to $134 million in the first nine months of 2024.

Please read “ Results of Operations .”

Cash Flows from Investing Activities

Net cash flows used in investing activities were $11 million for the six months ended June 30, 2025, primarily due to property and equipment purchases.

Net cash flows used in investing activities were $22 million for the nine months ended September 30, 2025, primarily due to property and equipment purchases.

Cash Flows from Financing Activities

Net cash flows used in financing activities were $78 million for the six months ended June 30, 2025.

Net cash flows used in financing activities were $101 million for the nine months ended September 30, 2025.

We paid $68 million in dividends and repurchased or withheld $19 million in stock.

In addition, client funds liability and other financing activities decreased by $14 million.

Insperity | 2025 Second Quarter Form 10-Q

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK AND CONTROLS AND PROCEDURES

Insperity | 2025 Third Quarter Form 10-Q

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK AND CONTROLS

AND PROCEDURES

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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis