Q2 net income +43% YoY to $53M on lower insurance costs; WSEs down 11% amid repricing

Filed July 30, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 25, 2025 · ~1 min read

Key Changes

• high

  Net income rose 43% YoY to $53M as insurance cost ratio improved to 86% (down 4 points), driven by $21M one-time recovery and successful repricing that aligned rates with cost trends.

  MD&A: Profitability verify on EDGAR →
• high

  Average WSEs fell 11% YoY to 297,615 (vs. 4% decline prior year), accelerating attrition in Technology, Professional Services, and Main Street verticals partially attributable to health benefits repricing.

  MD&A: WSEs verify on EDGAR →
• high

  New ERTC risk disclosed: IRS scrutiny of pandemic-era Employee Retention Tax Credit claims could trigger repayment demands, penalties, or client reimbursement failures if claims are disallowed.

  Risk Factors: ERTC verify on EDGAR →