1、1256650.0012660.06417330.0642555 -1.51 0.1275830.0012860.06545880.0655217 -1.50 0.1295180.0013050.06676370.0668072 -1.49 0.1314680.0013250.06808830.0681121 -1.48 0.1334350.0013440.06943250.0694367 -1.47 0.1354180.0013640.07079670.0707809 -1.46 0.1374170.0013840.07218090.0721451 -1.45 0.1394310.00140
2、40.07358540.0735293 -1.440.141460.0014250.07501020.0749337 -1.43 0.1435050.0014450.07645560.0763586 -1.42 0.1455640.0014660.07792160.0778039 -1.41 0.1476390.0014870.07940840.0792699 -1.40 0.1497270.0015080.08091620.0807567 -1.39 0.1518310.0015290.08244510.0822645 -1.38 0.1539480.0015500.08399520.083
3、7934 -1.370.156080.0015720.08556670.0853435 -1.36 0.1582250.0015930.08715980.0869150 -1.35 0.1603830.0016150.08877450.0885081 -1.34 0.1625550.0016360.09041100.0901227 -1.330.164740.0016580.09206930.0917592 -1.32 0.1669370.0016800.09374980.0934176 -1.31 0.1691470.0017030.09545230.0950980 -1.30 0.1713
4、690.0017250.09717720.0968005 -1.29 0.1736020.0017470.09892440.0985254 -1.28 0.1758470.0017700.10069420.1002726 -1.27 0.1781040.0017920.10248660.1020424 -1.26 0.1803710.0018150.10430170.1038347 -1.25 0.1826490.0018380.10613960.1056498 -1.24 0.1849370.0018610.10800050.1074878 -1.23 0.1872350.0018840.1
5、0988440.1093486 -1.22 0.1895430.0019070.11179140.1112325 -1.210.191860.0019300.11372160.1131395 -1.20 0.1941860.0019540.11567510.1150697 -1.190.196520.0019770.11765210.1170233 -1.18 0.1988630.0020000.11965240.1190002 -1.17 0.2012140.0020240.12167640.1210005 -1.16 0.2035710.0020480.12372390.1230245 -
6、1.15 0.2059360.0020710.12579510.1250720 -1.14 0.2083080.0020950.12789010.1271432 -1.13 0.2106860.0021190.13000890.1292382 -1.12 0.2130690.0021430.13215150.1313569 -1.11 0.2154580.0021670.13431800.1334996 -1.10 0.2178520.0021910.13650860.1356661 -1.09 0.2202510.0022150.13872310.1378566 -1.08 0.222653
7、0.0022390.14096170.1400711 -1.070.225060.0022630.14322430.1423097 -1.060.227470.0022870.14551110.1445723 -1.05 0.2298820.0023110.14782200.1468591 -1.04 0.2322970.0023350.15015700.1491700 -1.03 0.2347140.0023590.15251620.1515050 -1.02 0.2371320.0023830.15489970.1538642 -1.01 0.2395510.0024080.1573073
8、0.1562477 -1.00 0.2419710.0024320.15973910.1586553 -0.990.244390.0024560.16219510.1610871 -0.98 0.2468090.0024800.16467530.1635431 -0.97 0.2492280.0025040.16717960.1660232 -0.96 0.2516440.0025290.16970810.1685276 -0.95 0.2540590.0025530.17226080.1710561 -0.94 0.2564710.0025770.17483750.1736088 -0.93
9、 0.2588810.0026010.17743840.1761855 -0.92 0.2612860.0026250.18006320.1787864 -0.91 0.2636880.0026490.18271210.1814112 -0.90 0.2660850.0026730.18538490.1840601 -0.89 0.2684770.0026970.18808160.1867329 -0.88 0.2708640.0027210.19080220.1894296 -0.87 0.2732440.0027440.19354650.1921502 -0.86 0.2756180.00
10、27680.19631450.1948945 -0.85 0.2779850.0027920.19910610.1976625 -0.84 0.2803440.0028150.20192130.2004541 -0.83 0.2826940.0028390.20476000.2032693 -0.82 0.2850360.0028620.20762200.2061080 -0.81 0.2873690.0028850.21050730.2089700 -0.80 0.itional headcount. The client can expand its operations to new m
11、arkets without sacrificing customer satisfaction, and maintain its leadership position in the global logistics and transportation industry.For Internal Use OnlyFee information is strictly for internal use and should not be used as a foundation for determining pricing in new proposals. Solutions: e-C
12、RM; data warehousing Fee: $235,000, plus $100,000 add on. Engagement status: Phase I completed, Phase II pending Engagement start and end dates: Start: October, 2000; end: December 2000, January $80,000. Qual creation date: December, 2000 Engagement managing director: John Toms Engagement manager: J
13、oe Westermeyer, 612-305-5194 Can client be contacted for a reference? Contact Joe WestermeyerCreated by the Business Development and Knowledge Center, 610-902-3848.效果 宣誓效果宣誓效果 實質效果實質效果 儀式的分類儀式的分類 遷入儀式遷入儀式 : e.g.美國軍隊美國軍隊 黜職儀式黜職儀式 :e.g. Nixon, Jobs 褒揚儀式褒揚儀式 : e.g. Nobel price 革新儀式革新儀式 : e.g. Organizat
14、ional development activ45 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. ACCOUNTING POLICIES Description of BusinessAdministaff, Inc. (“the Company”) is a professional employer organization (“PEO”) that provides a comprehensive Personnel Management System encompassing a broad range of services,
15、including benefits and payroll administration, medical and workers compensation insurance programs, personnel records management, employer liability management, employee recruiting and selection, performance management, and training and develop- ment services to small and medium-sized businesses in
16、strategically selected markets. During 2000, 1999 and 1998, revenues from the Companys Texas markets represented 50%, 61% and 72% of the Companys total revenues, respectively. Segment ReportingThe Company operates in one reportable segment under the Statement of Financial Accounting Standards (“SFAS
17、”) No. 131, Disclosures about Segments of an Enterprise and Related Informa- tion due to its centralized structure. Principles of ConsolidationThe consolidated financial statements include the accounts of Administaff, Inc. and its wholly owned subsidiaries. Intercompany accounts and transactions hav
18、e been eliminated in consolidation. Use of EstimatesThe preparation of financial state- ments in conformity with generally accepted account- ing principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actua
19、l results could differ from those estimates. Cash and Cash EquivalentsCash and cash equiva- lents include bank deposits and short-term investments with original maturities of three months or less at the date of purchase. Concentrations of Credit RiskFinancial instruments that could potentially subje
20、ct the Company to concen- tration of credit risk include accounts receivable. The Company generally requires clients to pay invoices for service fees no later than one day prior to the applicable payroll date. As such, the Company generally does not require collateral. Marketable SecuritiesThe Compa
21、ny accounts for marketable securities in accordance with SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities. The Company determines the appropriate classification of all marketable securities as held-to- maturity, available-for-sale or trading at the time of purchase and
22、re-evaluates such classification as of each balance sheet date. At December 31, 2000 and 1999, all of the Companys investments in marketable securities were classified as available-for-sale, and as a result, were reported at fair value. Unrealized gains and losses are reported as a component of accu
23、mulated other comprehensive income (loss) in stockholders equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts from the date of purchase to maturity. Such amortization is included in interest income as an addition to or deduc- tion from th
24、e coupon interest earned on the investments. The cost of investments sold is based on the average cost method, and realized gains and losses are included in other income (expense). 46 Property and EquipmentProperty and equipment is recorded at cost and is depreciated over the estimated useful lives
25、of the related assets using the straight-line method. The estimated useful lives of property and equipment for purposes of computing depreciation are as follows: Buildings and improvements530 years Computer hardware and software25 years Software development costs35 years Furniture and fixtures57 yea
26、rs Vehicles5 years Software development costs relate primarily to the Companys proprietary professional employer informa- tion system and its Internet-based service delivery plat- form, Administaff Assistant, and are accounted for in accordance with Statement of Position (“SOP”) 98-1, Accounting for
27、 the Costs of Computer Software Devel- oped or Obtained for Internal Use. The Company peri- odically evaluates its capitalized software development costs for impairment in accordance with SFAS No. 121, Accounting for Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of. During the
28、 fourth quarter of 1999, the Company wrote off $1,438,000 related to two terminated projects after evaluating the costs incurred to date, expected cost of completion, expected maintenance costs and the availability of alternative software packages. PEO Service Fees and Worksite Employee Payroll Cost
29、s The Companys revenues consist of service fees paid by its clients under its Client Service Agreements. In consideration for payment of such service fees, the Company agrees to pay the following direct costs asso- ciated with the worksite employees: (i) salaries and wages; (ii) employment-related t
30、axes; (iii) employee benefit plan premiums; and (iv) workers compensation insurance premiums. The Company accounts for PEO service fees and the related direct payroll costs using the accrual method. Under the accrual method, PEO service fees relating to worksite employees with earned but unpaid wage
31、s at the end of each period are recognized as unbilled revenues and the related direct payroll costs for such wages are accrued as a liability during the period in which wages are earned by the worksite employee. Subsequent to the end of each period, such wages are paid and the related PEO service f
32、ees are billed. Unbilled receivables at December 31, 2000 and 1999 are net of prepay- ments received prior to year-end of $5,716,000 and $3,338,000, respectively. During 1999, the Securities and Exchange Com- mission issued Staff Accounting Bulletin (“SAB”) No. 101, Revenue Recognition. Additionally
33、, the Emerging Issues Task Force (“EITF”) reached a consensus during 2000 on EITF 99-19, Reporting Revenue Gross as a Principal versus Net as an Agent. The Company evaluated its revenue recognition policies, and the effect of adopting SAB 101 and the EITF resulted in no revisions to the Companys pre
34、vious recognition policies. In accordance with the EITF, the Company is at risk for the payment of its direct costs, whether or not the Companys clients pay the Company on a timely basis or at all, and the Company assumes a significant amount of other risks and liabilities as a co-employer of its wo
35、rksite employees, and therefore, is deemed to be a principal in its personnel management services. Fair Value of Financial InstrumentsThe carrying amounts of cash, cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturities of these instr
36、uments. Stock-Based CompensationThe Company accounts for stock-based compensation arrangements with employees under the provisions of Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees. Employee Savings PlanEffective January 1, 1999, the Company amended the employer
37、 matching contribution and vesting features of its 401(k) plan. The Company matches 50% of an eligible worksite employees contri- butions and 100% of an eligible corporate employees contributions, both up to 6% of the employees eligible 47 compensation. In addition, for active employees on or after
38、January 1, 1999, the vesting schedule for employer matching contributions was changed from five-year graded vesting to immediate vesting. During 2000, 1999 and 1998, the Company made employer- matching contributions of $7,433,000, $4,646,000 and $2,805,000, respectively. Of these contributions, $6,0
39、19,000, $3,761,000 and $2,805,000 were made on behalf of worksite employees. The remainder represents employer contributions made on behalf of corporate employees. AdvertisingThe Company expenses all advertis- ing costs as incurred. Income TaxesThe Company uses the liability method in accounting for
40、 income taxes. Under this method, deferred tax assets and liabilities are deter- mined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expe
41、cted to reverse. ReclassificationsCertain prior year amounts have been reclassified to conform to the 2000 presentation. GrossGross AmortizedUnrealizedUnrealizedEstimated (in thousands)CostGainsLossesFair Value DECEMBER 31, 2000 Fixed income mutual funds$ 13,025$ 101$ 13,126 Obligations of state and
42、 local government agencies11,8731111,884 Commercial paper8,277(4)8,273 U.S. corporate debt securities3,761293,790 U.S. Treasury securities and obligations of U.S. government agencies1,845351,880 $ 38,781$ 176$(4)$ 38,953 DECEMBER 31, 1999 Fixed income mutual funds$1,763$(14)$1,749 Obligations of sta
43、te and local government agencies21,953(125)21,828 U.S. corporate debt securities4,487(41)4,446 U.S. Treasury securities and obligations of U.S. government agencies2,732(38)2,694 $ 30,935$ (218)$ 30,717 NOTE 2. MARKETABLE SECURITIES As of December 31, 2000, the Companys investments in marketable secu
44、rities consisted of debt securities with maturities ranging from 91 days to five years from the date of purchase. Approximately 34.4% of the marketable securities mature within one year of the balance sheet date. However, all of the Companys marketable securities are available to fund the Companys c
45、urrent operations. The following is a summary of the Companys available-for-sale marketable securities as of December 31, 2000 and 1999: For the years ended December 31, 2000, 1999 and 1998, net realized gains (losses) on sales of available-for- sale marketable securities were $(31,000), $92,000 and
46、 $72,000, respectively. 48 NOTE 3. NOTES RECEIVABLE FROM EMPLOYEES In June 1995, an officer and director of the Com- pany exercised options to purchase 897,334 shares of common stock at a price of $0.375 per share. The pur- chase price was paid in cash by the officer. In connec- tion with the exerci
47、se, the Company entered into a loan agreement with the officer, whereby the Company paid certain federal income tax withholding requirements related to the stock option exercise on behalf of the officer in the amount of $694,000. The loan agreement called for an additional amount to be advanced to t
48、he officer in the event the ultimate tax liability resulting from the exercise exceeded the statutory withholding requirements. In April 1996, the Company loaned the officer an additional $300,000 relating to this transac- tion. The loans are repayable on June 22, 2002 and April 11, 2001, respective
49、ly, accrue interest at 6.83% and are secured by 48,982 shares of the Companys common stock. NOTE 4. OTHER ASSETS During 2000, the Company made equity invest- ments in two privately-held development stage compa- nies. The Company purchased 5,864,566 shares of con- vertible preferred stock of Virtual
50、Growth, Inc. (“VGI”), along with 219,512 detachable preferred stock purchase warrants, for a total cost of $3 million. The VGI preferred stock is convertible into an equal number of shares of VGI common stock, subject to antidilution provisions. The Company also received 600,000 common stock purchase warrants from VGI with exercise prices rang- ing from $10 to $45 per
