Administaff Inc. (ASF, Financial) filed Annual Report for the period ended 2011-12-31.
Administaff Inc. has a market cap of $700.44 million; its shares were traded at around $0 with a P/E ratio of 15.4. The dividend yield of Administaff Inc. stocks is 1.8%.
Our revenues, which represent gross billings net of worksite employee payroll cost, increased 14.9% compared to 2010, due to a 5.3%, or $71 increase in revenues per worksite employee per month and a 9.2% increase in the average number of worksite employees paid per month. The 5.3% increase in revenues per worksite employee per month was due primarily to increases in the benefits and payroll tax pricing to offset increases in these direct costs.
Gross profit increased 17.8% to $351.8 million compared to 2010. The average gross profit per worksite employee increased 8.2% to $251 per month in 2011 versus $232 in 2010. Our pricing objectives attempt to maintain or improve the gross profit per worksite employee by increasing revenue per worksite employee to match or exceed changes in primary direct costs and operating expenses.
Our revenues, which represent gross billings net of worksite employee payroll cost, increased 4.0% compared to 2009, due to a 5.7%, or $72 increase in revenues per worksite employee per month, offset in part by a 1.6% decrease in the average number of worksite employees paid per month. The 5.7% increase in revenues per worksite employee per month was due primarily to increases in the benefits and payroll tax pricing to offset anticipated increases in these direct costs.
Gross profit increased 3.7% to $298.5 million compared to 2009. The average gross profit per worksite employee increased 5.0% to $232 per month in 2010 versus $221 in 2009. Our pricing objectives attempt to maintain or improve the gross profit per worksite employee by increasing revenue per worksite employee to match or exceed changes in primary direct costs and operating expenses.
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Administaff Inc. has a market cap of $700.44 million; its shares were traded at around $0 with a P/E ratio of 15.4. The dividend yield of Administaff Inc. stocks is 1.8%.
Highlight of Business Operations:
Our Workforce Optimization solution is designed to improve the productivity and profitability of small and medium-sized businesses. It relieves business owners and key executives of many employer-related administrative and regulatory burdens, which enables them to focus on the core competencies of their businesses. It also promotes employee performance through human resources management techniques designed to improve employee satisfaction. We provide our Workforce Optimization solution by entering into a Client Service Agreement (“CSA”), which establishes a three-party relationship whereby we and our client act as co-employers of the employees who work at the client s location (“worksite employees”). Under the CSA, we assume responsibility for personnel administration and compliance with most employment-related governmental regulations, while the client retains the employees services in its business and remains the employer for various other purposes. We charge a comprehensive service fee (“comprehensive service fee” or “gross billing”), which is invoiced concurrently with the processing of payroll for the worksite employees of the client. The comprehensive service fee consists of the payroll of our worksite employees and a markup computed as a percentage of the payroll cost of the worksite employees. - 2 - Table Of Contents We accomplish the objectives of our Workforce Optimization solution through a “high-touch/high-tech” approach to service delivery. In advisory areas, such as recruiting, employee performance management and our employee training, we employ a high-touch approach designed to ensure that our clients receive the personal attention and expertise needed to create a customized human resources solution. For transactional processing, we employ a high-tech approach that provides secure, convenient information exchange among Insperity, our clients and our worksite employees, creating efficiencies for all parties. The primary component of the high-tech portion of our strategy is the Employee Service CenterSM (“ESC”). The ESC is our web-based interactive Workforce Optimization solution delivery platform, which is designed to provide automated, personalized Workforce Optimization solutions to our clients and worksite employees. As of December 31, 2011, we had 48 sales offices in 24 markets. Our long-term strategy is to operate approximately 90 sales offices located in 40 strategically selected markets. Our national expansion strategy also includes multiple service centers, which coordinate Workforce Optimization solutions for clients on a regional basis and localized face-to-face human resources services. As of December 31, 2011, we had four regional service centers along with human resources and client service personnel located in a majority of our 24 sales markets, which serviced an average of 122,065 worksite employees per month in the fourth quarter of 2011.Our revenues, which represent gross billings net of worksite employee payroll cost, increased 14.9% compared to 2010, due to a 5.3%, or $71 increase in revenues per worksite employee per month and a 9.2% increase in the average number of worksite employees paid per month. The 5.3% increase in revenues per worksite employee per month was due primarily to increases in the benefits and payroll tax pricing to offset increases in these direct costs.
Gross profit increased 17.8% to $351.8 million compared to 2010. The average gross profit per worksite employee increased 8.2% to $251 per month in 2011 versus $232 in 2010. Our pricing objectives attempt to maintain or improve the gross profit per worksite employee by increasing revenue per worksite employee to match or exceed changes in primary direct costs and operating expenses.
Our revenues, which represent gross billings net of worksite employee payroll cost, increased 4.0% compared to 2009, due to a 5.7%, or $72 increase in revenues per worksite employee per month, offset in part by a 1.6% decrease in the average number of worksite employees paid per month. The 5.7% increase in revenues per worksite employee per month was due primarily to increases in the benefits and payroll tax pricing to offset anticipated increases in these direct costs.
Gross profit increased 3.7% to $298.5 million compared to 2009. The average gross profit per worksite employee increased 5.0% to $232 per month in 2010 versus $221 in 2009. Our pricing objectives attempt to maintain or improve the gross profit per worksite employee by increasing revenue per worksite employee to match or exceed changes in primary direct costs and operating expenses.
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