Core Viewpoint - Insperity (NSP) is a founder-led company with a strong net-cash balance sheet and a history of generating robust returns on capital while returning a significant portion of earnings to shareholders [1] Group 1: Company Overview - Insperity has historically demonstrated strong financial performance and capital efficiency [1] - The company has a net-cash balance sheet, indicating a solid financial position [1] Group 2: Investment Perspective - The author manages multiple portfolios that have outperformed the S&P 500 index since their inception in 2020, indicating a successful investment strategy [1] - The evaluation of companies is approached from a business perspective rather than merely as stock tickers, focusing on market mispricing opportunities [1]

Core Insights - Insperity (NSP) is a founder-led company with a net-cash balance sheet that has historically generated strong returns on capital while returning a significant share of earnings to shareholders [1] Group 1 - The company has outperformed the S&P 500 index since inception in 2020 across multiple portfolios [1] - Insperity is evaluated as a business rather than just a stock ticker, with investments made when the market misprices the company [1] - The company has a strong historical performance in capital returns and shareholder earnings distribution [1]

Investment Activity - RAB Capital Jersey Limited purchased 1,250,000 units of Viva Gold Corp. at a price of C$0.16 per unit for a total of C$200,000 on December 30, 2025 [1] - Each unit consists of one common share and one-half non-transferable common share purchase warrant, with each warrant exercisable at C$0.24 per share until December 29, 2028 [1] Ownership Structure - Mr. Philip Richards now beneficially owns and controls 22,220,000 common shares and 5,775,000 warrants, representing approximately 12.94% of the outstanding shares on a non-diluted basis and approximately 16.31% on a partially-diluted basis [2] - Prior to this acquisition, Mr. Richards owned 20,971,500 common shares and 4,150,000 warrants [2] Investment Strategy - The units were acquired for investment purposes, with a long-term view, and RAB Capital may consider acquiring additional securities of Viva Gold or selling existing securities based on market conditions [3] - RAB Capital focuses on investments in small companies and real estate development opportunities based on fundamental analysis [4] Company Information - Viva Gold is a British Columbia company with its registered office located in Vancouver, Canada [5]

Core Insights - Insperity, Inc. (NSP) is experiencing significant challenges due to rising healthcare costs, which have led to a sharp decline in earnings [1] - Despite current difficulties, there is a belief that the company is positioned for a rebound in earnings [1] Company Analysis - Insperity operates in the HR and human capital resources outsourcing sector, which is currently facing pressures from increasing operational costs [1] - The company's financial performance is being closely monitored, particularly in light of the impact of healthcare expenses on profitability [1] Investment Perspective - The investment philosophy focuses on identifying mispriced securities by analyzing the underlying drivers of a company's financials, often utilizing a DCF model for valuation [1] - This approach allows for a flexible investment strategy that encompasses various aspects of a stock's potential, rather than adhering strictly to traditional investment categories [1]

Core Insights - Insperity, Inc. (NSP) is experiencing significant challenges due to rising healthcare costs, which have led to a sharp decline in earnings [1] - Despite current difficulties, there is a belief that the company is positioned for a rebound in earnings [1] Company Analysis - Insperity operates in the HR and human capital resources outsourcing sector, which is currently facing pressures from increasing operational costs [1] - The company's financial performance is being closely monitored, particularly in light of the impact of healthcare expenses on profitability [1] Investment Perspective - The investment philosophy focuses on identifying mispriced securities by analyzing the underlying financial drivers of companies, which can be effectively evaluated through a DCF model [1] - This approach allows for a comprehensive assessment of a stock's potential, considering various investment strategies beyond traditional value, dividend, or growth investing [1]

Core Insights - Insperity, Inc. has been recognized on the Inc. Best in Business list for its excellence in customer service and community initiatives [1] Company Recognition - The recognition highlights Insperity's North Star Network (NSN) thought leadership program, which has made a significant impact in the human resources industry [1] - The NSN program delivers research-driven insights, expert guidance, and practical resources to enhance business performance [1]

We came across a bullish thesis on Insperity, Inc. on Valueinvestorsclub.com by Supernova. In this article, we will summarize the bulls’ thesis on NSP. Insperity, Inc.'s share was trading at $34.63 as of December 2nd. NSP’s trailing and forward P/E were 73.58 and 10.91 respectively according to Yahoo Finance. 25 Countries with the Lowest Unemployment Rates in the World Rawpixel.com/Shutterstock.com Insperity (NSP) is a leading provider of HR outsourcing solutions for small and medium-sized businesses, o ...

Core Viewpoint - Insperity, Inc. reported disappointing Q3 2025 earnings, missing estimates and showing a significant decline in profitability compared to the previous year [2][5][11]. Financial Performance - Insperity registered an adjusted loss of $0.20 per share, contrasting with the consensus estimate of earnings at $0.22 per share and down from $0.39 per share a year ago [2]. - Revenues for the quarter were $1.6 billion, slightly missing the Zacks Consensus Estimate but reflecting a 4% increase year-over-year [2]. - Gross profit decreased by 15% year-over-year to $195 million, with a gross margin of 12%, down 140 basis points from Q3 2024 [4]. - Operating loss was reported at $25 million, compared to an operating income of $1 million in the same quarter last year [5]. - Adjusted EBITDA for the quarter was $10 million, representing an 87.5% decline year-over-year [5]. Employee Metrics - The average number of worksite employees paid per month increased by 1% year-over-year to 312,842 [3]. - Revenues per worksite employee (WSEE) per month rose by 3% from the previous year to $1,729 [3]. - Operating expenses decreased by 4% year-over-year to $220 million, with operating expenses per WSEE per month also falling by 4% to $246 [4]. Balance Sheet & Cash Flow - As of the end of Q3 2025, Insperity had cash and cash equivalents of $422 million, down from $441 million in the previous quarter [6]. - Long-term debt remained flat at $369 million [6]. - The company distributed $11.1 million in cash dividends during the quarter, with capital expenditures totaling $5.6 million [6]. Guidance - For Q4 2025, Insperity's guidance for loss per share is set between $0.79 and $0.16, with adjusted EBITDA expected to range from -$29 million to $9 million [7]. - The adjusted earnings per share (EPS) guidance for 2025 has been lowered to a range of $0.84 to $1.47, down from the previous estimate of $1.81 to $2.51 [7]. - Adjusted EBITDA guidance for 2025 has also been reduced to $119 million to $153 million, compared to the earlier range of $170 million to $205 million [7]. Market Sentiment - Estimates for Insperity have trended downward, with a significant shift of -241.05% in consensus estimates over the past month [8]. - The company currently holds a Zacks Rank of 5 (Strong Sell), indicating expectations of below-average returns in the coming months [11]. Industry Comparison - Insperity operates within the Zacks Staffing Firms industry, where competitor Robert Half has seen a 7.5% gain over the past month despite reporting a year-over-year revenue decline of 7.5% [12]. - Robert Half's expected earnings for the current quarter indicate a change of -43.4% from the previous year, with a Zacks Rank of 5 (Strong Sell) as well [13].

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Company Ratings and Performance - **United Parcel Service Inc (NYSE:UPS)**: - Dividend Yield: 6.89% - Citigroup analyst Ariel Rosa maintained a Buy rating and increased the price target from $112 to $120, with an accuracy rate of 69% [7] - UBS analyst Thomas Wadewitz also maintained a Buy rating, raising the price target from $110 to $113, with an accuracy rate of 72% [7] - Recent performance: Reported better-than-expected Q3 results and provided Q4 sales guidance above estimates [7] - **Insperity Inc (NYSE:NSP)**: - Dividend Yield: 6.80% - Truist Securities analyst Tobey Sommer maintained a Hold rating but reduced the price target from $50 to $35, with an accuracy rate of 71% [7] - JP Morgan analyst Andrew Polkowitz maintained an Underweight rating, cutting the price target from $51 to $34, with an accuracy rate of 71% [7] - Recent performance: Reported worse-than-expected Q3 results and lowered FY25 adjusted EPS and GAAP EPS guidance below estimates [7] - **Robert Half Inc (NYSE:RHI)**: - Dividend Yield: 8.60% - Barclays analyst Manav Patnaik maintained an Equal-Weight rating and reduced the price target from $45 to $36, with an accuracy rate of 74% [7] - BMO Capital analyst Jeffrey Silber maintained a Market Perform rating, cutting the price target from $36 to $31, with an accuracy rate of 69% [7] - Recent performance: Posted weaker-than-expected quarterly results [7]

Core Insights - Stadium Capital Management has initiated a new position in Insperity, acquiring 263,715 shares valued at approximately $13 million, making it one of the fund's largest holdings [1][2][6] - Insperity's stock has significantly underperformed, down 55% over the past year, while the S&P 500 has increased by 14% during the same period [3][8] Company Overview - Insperity provides human resources outsourcing, payroll administration, employee benefits, compliance, and cloud-based HR management solutions, primarily targeting small and mid-sized businesses in the U.S. [5] - The company reported a trailing twelve months (TTM) revenue of $6.8 billion and a net income of $17 million, with a dividend yield of 7% [4] Financial Performance - In the last quarter, Insperity's revenue rose by 4% to $1.6 billion, but the company faced a net loss of $20 million due to elevated healthcare costs, with adjusted EBITDA falling to $10 million [7][8] - Management has indicated progress on cost controls and the benefits of a new multi-year contract with UnitedHealthcare, which is expected to reduce large-claim cost exposure starting in 2026 [6][8] Investment Perspective - The significant investment by Stadium Capital suggests confidence in Insperity's potential for operational recovery rather than a structural decline, despite current challenges [6][8] - The current stock price reflects pessimism about future conditions, presenting a potential opportunity for investors who believe in the company's long-term recurring-revenue model [8]