Revenue falls 5% as repricing drives 12% WSE decline; ICR improves 4 points to 84%

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 25, 2025 · ~1 min read

Key Changes

• high

  Average worksite employees fell 12% (340,744 to 300,215) as repricing of health benefits drove client attrition above historical rates, reversing prior 2% decline.

  MD&A: Average WSEs verify on EDGAR →
• high

  Insurance Cost Ratio improved 4 points to 84% from 88%, reversing prior 2-point deterioration, driven by cumulative repricing efforts and lower prior-year claims development.

  MD&A: Insurance Cost Ratio verify on EDGAR →
• high

  Total revenues declined 5% to $1,226M from $1,292M, reversing prior 1% growth, as 12% lower WSEs offset higher service rates.

  MD&A: Total revenues verify on EDGAR →