0000937098-25-000185
SEC filingQ3营收下滑2%至$1.2B，净利降24%，主因WSE减少。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $1,232M | $1,252M | -2% |
| Insurance costs | $943M | $949M | -1% |
| Operating expenses | $226M | $230M | -2% |
| Income before tax | $50M | $58M | -14% |
| Net income | $34M | $45M | -24% |
| Diluted EPS | $0.70 | $0.89 | -21% |
| Adjusted EBITDA | $100M | $109M | -8% |
| Adjusted Net income | $55M | $59M | -7% |
| Operating cash flow | $242M | $214M | +13% |
| Free Cash Flow | $191M | $154M | +24% |
注：Free Cash Flow = Operating cash flow - Capex ($242M - $51M)，Capex为YTD值。
Q3营收下滑2%至$1.2B，主因co-employed Average WSEs同比降9%，部分被rate increases抵消。PSR降8%至$169M，受WSE减少及Clarus R+D停售影响；ISR微降1%至$1,046M，因health plan enrollment下降。Interest income增13%至$17M，受益于payroll tax refunds利息。
利润率方面，Insurance Cost Ratio持平于90%，但YTD升至90% vs 88%，反映保险成本增速超过ISR。Operating expenses降2%，因headcount减少约400人，但G&A增5%受process optimization及severance影响。Net income降24%，主因收入下滑及ETR升至32%（去年同期23%），后者受SBC tax benefits减少影响。
盈利质量：Operating cash flow增13%至$242M，FCF增24%至$191M，现金流表现优于净利，反映营运资本管理改善。剔除restructuring costs $2M后，run-rate净利约$36M。
公司仅有一个reportable segment，未披露分部数据。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $321M | -11% |
| Total debt | $895M | -9% |
| Working capital | $249M | +25% |
| Total assets | $3,425M | -17% |
| Total stockholders' equity | $110M | +59% |
| Operating cash flow | $242M | +13% |
| Capex | $51M | -15% |
| Free Cash Flow | $191M | +24% |
Net Debt = $895M - $321M = $574M（计算值）。7月偿清$90M循环信贷，2021 Revolver余额为零。