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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Revenues(1) [1] $ 5,938,818 $ 4,973,070 $ 4,287,004
Payroll taxes, benefits and workers’ compensation costs 4,927,585 4,152,968 3,480,150
Gross profit 1,011,233 820,102 806,854
Salaries, wages and payroll taxes 430,945 379,171 353,273
Stock-based compensation 50,080 40,623 60,145
Commissions 45,672 34,922 32,835
Advertising 37,503 29,097 21,556
General and administrative expenses 156,134 124,413 113,167
Depreciation and amortization 40,660 38,547 31,189
Total operating expenses 760,994 646,773 612,165
Operating income 250,239 173,329 194,689
Other income (expense):      
Interest income 9,393 2,447 2,597
Interest expense (14,207) (7,458) (8,016)
Income before income tax expense 245,425 168,318 189,270
Income tax expense 66,075 44,238 51,033
Net income $ 179,350 $ 124,080 $ 138,237
Basic net income per share of common stock (in dollars per share) $ 4.70 $ 3.22 $ 3.57
Diluted net income per share of common stock (in dollars per share) $ 4.64 $ 3.18 $ 3.54
Gross billings $ 40,126,910 $ 33,318,693 $ 28,168,611
Worksite employee payroll cost $ 34,188,092 $ 28,345,623 $ 23,881,607
[1] Revenues are comprised of gross billings less worksite employee (“WSEE”) payroll costs as follows:
Year ended December 31,
(in thousands)
202220212020
Gross billings
$40,126,910 $33,318,693 $28,168,611 
Less: WSEE payroll cost
34,188,092 28,345,623 23,881,607 
Revenues
$5,938,818 $4,973,070 $4,287,004