NSPHIGH SIGNALFINANCIAL10-K

NSP experienced a dramatic financial deterioration with operating cash flow swinging from positive $520M to negative $278M and the company moving from profitability to losses.

This represents a fundamental shift in NSP's financial performance, with the company burning through cash at an alarming rate while simultaneously losing operational profitability. The 153% decline in operating cash flow combined with negative operating income suggests potential liquidity concerns and operational challenges that require immediate investor attention.

Comparing 2026-02-11 vs 2025-02-11View on EDGAR →
FINANCIAL ANALYSIS

NSP's financial position deteriorated severely across all key metrics, with operating cash flow collapsing from $520M to -$278M and the company swinging from $117M in operating income to a $10M loss. The balance sheet contracted significantly with total assets declining 15% to $2.2B, cash reserves falling 38% to $642M, and stockholders' equity cut in half to $46M. This comprehensive financial decline, combined with reduced share buyback activity, signals potential operational distress and raises serious questions about the company's near-term financial stability and business model viability.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-153.5%
$520.0M→-$278.0M

Operating cash flow fell 153.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
-108.5%
$117.0M→-$10.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-107.7%
$91.0M→-$7.0M

Net income declined 107.7% — review whether driven by operations, interest costs, or non-recurring items.

Share Buybacks
Cash Flow
-69.8%
$63.0M→$19.0M

Buyback activity reduced 69.8% — capital being redeployed elsewhere or cash conservation underway.

Stockholders Equity
Balance Sheet
-52.6%
$97.0M→$46.0M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Cash & Equivalents
Balance Sheet
-38.2%
$1.0B→$642.0M

Cash declined 38.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Accounts Receivable
Balance Sheet
-33.3%
$9.0M→$6.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Assets
Balance Sheet
-17.4%
$2.1B→$1.7B

Current assets declined 17.4% — monitor working capital adequacy and short-term liquidity.

Current Liabilities
Balance Sheet
-16.1%
$1.9B→$1.6B

Current liabilities reduced — improved short-term financial position and working capital health.

Total Assets
Balance Sheet
-15.2%
$2.6B→$2.2B

Total assets contracted 15.2% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-11
ADDED
Our comprehensive HR services offerings are provided through our Insperity HR 360 solution (formerly Workforce Optimization ), our Insperity HR 360 Select Edition solution (formerly Workforce Synchronization TM ), and our Insperity HR Scale TM solution (together, our PEO HR Solutions ) which encompass a broad range of HR functions, please read Service Offerings PEO HR Solutions .
Insperity s HR 360 solution, our largest source of revenue, is offered to small and medium-sized businesses seeking a comprehensive people strategy.
From payroll and employment administration, employee benefits, workers compensation, government compliance, performance management to training and development, our HR 360 solution offers a full range of services empowering clients to achieve a sophisticated HR function.
HR 360 provides access to our web-based human capital management platform, Insperity Premier TM .
Insperity s HR 360 Select Edition solution, which generally is offered only to our middle market client segment, is a lower cost offering with a typically longer commitment that includes the same compliance and administrative services as HR 360 and allows those clients to select, for an additional fee, from the strategic HR products and services that are included with HR 360.
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REMOVED
Our most comprehensive HR services offerings are provided through our Workforce Optimization and Workforce Synchronization TM solutions (together, our PEO HR Outsourcing Solutions ), which encompass a broad range of human resources functions, including payroll and employment administration, employee benefits, workers compensation, government compliance, performance management, and training and development services, along with our cloud-based human capital management platform, our Insperity Premier TM platform.
Workforce Optimization is our most comprehensive HR outsourcing solution and is our primary offering.
Workforce Synchronization, which generally is offered only to our middle market client segment, is a lower cost offering with a typically longer commitment that includes the same compliance and administrative services as Workforce Optimization and allows those clients to select, for an additional fee, from the strategic HR products and services that are included with Workforce Optimization.
In addition to our PEO HR Outsourcing Solutions, we offer a comprehensive traditional payroll and human capital management solution, known as our Workforce Acceleration TM solution.
We also offer a number of other business performance solutions, including Recruiting Services, Employment Screening, Retirement Services, and Insurance Services.
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