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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TriNet Group Inc | NYSE:TNET | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.18 | 0.18% | 101.93 | 103.05 | 100.71 | 102.51 | 317,104 | 23:16:29 |
Delaware
|
95-3359658
|
||||||||||
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
||||||||||
One Park Place, | Suite 600 | ||||||||||
Dublin,
|
CA
|
94568
|
|||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock par value $0.000025 per share
|
TNET
|
New York Stock Exchange
|
Large accelerated filer
|
x | Accelerated filer | o | ||||||||
Non-accelerated filer |
o
|
Smaller reporting company
|
☐ | ||||||||
Emerging growth company | ☐ |
TABLE OF CONTENTS |
Form 10-Q
Cross Reference
|
Page
|
|||||||
Part I, Item 1. | ||||||||
Part I, Item 2. | ||||||||
Part I, Item 3. | ||||||||
Part I, Item 4. | ||||||||
Part II, Item 1. | ||||||||
Risk Factors
|
Part II, Item 1A. | |||||||
Part II, Item 2. | ||||||||
Part II, Item 3. | ||||||||
Part II, Item 4. | ||||||||
Part II, Item 5. | ||||||||
Part II, Item 6. | ||||||||
GLOSSARY |
2021 Credit Program | A 2021 program potentially provide credits to certain 2021 customers, subject to certain predefined conditions and based on the existence of certain pandemic related excess health care cost savings. | ||||
2018 Term Loan | Our $425 million term loan A that we entered into in June 2018 | ||||
AFS | Available-for-sale | ||||
CARES Act | Coronavirus Aid Relief and Economic Security Act | ||||
CEO | Chief Executive Officer | ||||
CFO | Chief Financial Officer | ||||
COBRA | Consolidated Omnibus Budget Reconciliation Act | ||||
COPS | Cost of providing services | ||||
COVID-19 | Novel coronavirus | ||||
D&A | Depreciation and amortization expenses | ||||
EBITDA | Earnings before interest expense, taxes, depreciation and amortization of intangible assets | ||||
EPS | Earnings Per Share | ||||
ERISA | Employee Retirement Income Security Act | ||||
ESAC | Employer Services Assurance Corporation | ||||
ETR | Effective tax rate | ||||
FFCRA | Families First Coronavirus Response Act | ||||
G&A | General and administrative | ||||
GAAP | Generally Accepted Accounting Principles in the United States | ||||
HR | Human Resources | ||||
IRS | Internal Revenue Service | ||||
ISR | Insurance service revenues | ||||
LIBOR | London Inter-bank Offered Rate | ||||
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||
OE | Operating expenses | ||||
PEO | Professional Employer Organization | ||||
PFC | Payroll funds collected | ||||
PPP | Paycheck Protection Program, a loan program administered by the U.S. Small Business Administration | ||||
PSR | Professional service revenues | ||||
Recovery Credit | 2020 Program to provide clients with one-time reductions against fees for future services | ||||
Reg FD | Regulation Fair Disclosure | ||||
ROU | Right-of-use | ||||
RSA | Restricted Stock Award | ||||
RSU | Restricted Stock Unit | ||||
SBC | Stock Based Compensation | ||||
S&M | Sales and marketing | ||||
S&P | Standard & Poor's | ||||
SD&P | Systems development and programming | ||||
SEC | U.S. Securities and Exchange Commission | ||||
SMB | Small and medium-size business | ||||
U.S. | United States | ||||
WSE | Worksite employee | ||||
YTD | Year to date | ||||
FORWARD LOOKING STATEMENTS AND OTHER FINANCIAL INFORMATION |
FORWARD LOOKING STATEMENTS AND OTHER FINANCIAL INFORMATION |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
$1.1B | $121M | $91M | ||||||||||||||||||||||||
Total revenues | Operating income | Net income | ||||||||||||||||||||||||
16 | % | increase | (30) | % | decrease | (28) | % | decrease | ||||||||||||||||||
$1.37 | $104M | |||||||||||||||||||||||||
Diluted EPS | Adjusted Net income * | |||||||||||||||||||||||||
(27) | % | decrease | (24) | % | decrease | |||||||||||||||||||||
* |
Non-GAAP measure. See definitions below under the heading "Non-GAAP Financial Measures".
|
332,719 | 339,935 | ||||||||||||||||
Average WSEs | Total WSEs | ||||||||||||||||
6 | % | increase | 9 | % | increase | ||||||||||||
$2.2B | $259M | $192M | ||||||||||||||||||||||||
Total revenues | Operating income | Net income | ||||||||||||||||||||||||
8 | % | increase | (12) | % | decrease | (12) | % | decrease | ||||||||||||||||||
$2.87 | $215M | |||||||||||||||||||||||||
Diluted EPS | Adjusted Net income * | |||||||||||||||||||||||||
(8) | % | decrease | (9) | % | decrease | |||||||||||||||||||||
* |
Non-GAAP measure. See definitions below under the heading "Non-GAAP Financial Measures".
|
327,007 | ||||||||
Average WSEs | ||||||||
1 | % | increase | ||||||
MANAGEMENT'S DISCUSSION AND ANALYSIS |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions, except operating metrics data) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||
Income Statement Data: | |||||||||||||||||||||||
Professional service revenues | $ | 156 | $ | 121 | 29 | % | $ | 309 | $ | 277 | 12 | % | |||||||||||
Insurance service revenues | 944 | 827 | 14 | 1,851 | 1,719 | 8 | |||||||||||||||||
Total revenues | 1,100 | 948 | 16 | 2,160 | 1,996 | 8 | |||||||||||||||||
Insurance costs | 798 | 613 | 30 | 1,549 | 1,378 | 12 | |||||||||||||||||
Operating expenses | 181 | 162 | 12 | 352 | 325 | 8 | |||||||||||||||||
Total costs and operating expenses | 979 | 775 | 26 | 1,901 | 1,703 | 12 | |||||||||||||||||
Operating income | 121 | 173 | (30) | 259 | 293 | (12) | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, bank fees and other | (5) | (4) | 25 | (10) | (8) | 25 | |||||||||||||||||
Interest income | 1 | 2 | (50) | 3 | 7 | (57) | |||||||||||||||||
Income before provision for income taxes | 117 | 171 | (32) | 252 | 292 | (14) | |||||||||||||||||
Income taxes | 26 | 45 | (42) | 60 | 75 | (20) | |||||||||||||||||
Net income | $ | 91 | $ | 126 | (28) | % | $ | 192 | $ | 217 | (12) | % | |||||||||||
Cash Flow Data: | |||||||||||||||||||||||
Net cash used in operating activities | (190) | $ | (130) | 46 | |||||||||||||||||||
Net cash used in investing activities | (135) | (121) | 12 | ||||||||||||||||||||
Net cash provided by financing activities | 43 | 122 | (65) | ||||||||||||||||||||
Non-GAAP measures (1):
|
|||||||||||||||||||||||
Net Service Revenues | $ | 302 | $ | 335 | (10) | % | $ | 611 | $ | 618 | (1) | % | |||||||||||
Net Insurance Service Revenues | $ | 146 | $ | 214 | (32) | $ | 302 | $ | 341 | (11) | |||||||||||||
Net Insurance Margin | 15 | % | 26 | % | (42) | 16 | % | 20 | % | (20) | |||||||||||||
Adjusted EBITDA | $ | 154 | 199 | (23) | $ | 317 | $ | 344 | (8) | ||||||||||||||
Adjusted Net income | $ | 104 | 136 | (24) | $ | 215 | $ | 235 | (9) | ||||||||||||||
Corporate Operating Cash Flows | 240 | 315 | (24) | ||||||||||||||||||||
Operating Metrics: | |||||||||||||||||||||||
Average WSEs | 332,719 | 313,701 | 6 | % | 327,007 | 325,024 | 1 | % | |||||||||||||||
Total WSEs | 339,935 | 313,104 | 9 | 339,935 | 313,104 | 9 | |||||||||||||||||
(in millions) |
June 30,
2021 |
December 31,
2020 |
% Change | |||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Working capital | $ | 554 | $ | 290 | 91 | % | ||||||||||||||
Total assets | 2,978 | 3,043 | (2) | |||||||||||||||||
Debt | 495 | 370 | 34 | |||||||||||||||||
Total stockholders’ equity | 744 | 607 | 23 |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
Non-GAAP Measure | Definition |
How We Use The Measure
|
||||||
Net Service Revenues
|
• Sum of professional service revenues and Net Insurance Service Revenues,
or total revenues less insurance costs. |
• Provides a comparable basis of revenues on a net basis. Professional service revenues are presented net of client payroll costs whereas insurance service revenues are presented gross of insurance costs for financial reporting purposes.
• Acts as the basis to allocate resources to different functions and evaluates the effectiveness of our business strategies by each business function.
• Provides a measure, among others, used in the determination of incentive compensation for management.
|
||||||
Net Insurance Service Revenues
|
• Insurance service revenues less insurance costs.
|
• Is a component of Net Service Revenues.
• Provides a comparable basis of revenues on a net basis. Professional service revenues are presented net of client payroll costs whereas insurance service revenues are presented gross of insurance costs for financial reporting purposes. Promotes an understanding of our insurance services business by evaluating insurance service revenues net of our WSE related costs which are substantially pass-through for the benefit of our WSEs. Under GAAP, insurance service revenues and costs are recorded gross as we have latitude in establishing the price, service and supplier specifications.
|
||||||
Net Insurance Margin
|
• Net Insurance Margin is the ratio of Net Insurance Services Revenues to insurance service revenues.
|
• Provides a comparable basis of Net Insurance Service Revenues relative to insurance service revenues. Promotes an understanding of our pricing to risk performance. |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
Adjusted EBITDA
|
• Net income, excluding the effects of:
- income tax provision,
- interest expense, bank fees and other,
- depreciation,
- amortization of intangible assets, and
- stock based compensation expense.
|
• Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates the effectiveness of our business strategies by excluding certain non-cash charges such as depreciation and amortization, and stock-based compensation recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations.
• Enhances comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects.
• Provides a measure, among others, used in the determination of incentive compensation for management.
• We also sometimes refer to Adjusted EBITDA margin, which is the ratio of Adjusted EBITDA to total revenues.
|
||||||
Adjusted Net Income
|
• Net income, excluding the effects of:
- effective income tax rate (1),
- stock based compensation,
- amortization of intangible assets,
- non-cash interest expense (2), and
- the income tax effect (at our effective tax rate (1) of these pre-tax adjustments.
|
• Provides information to our stockholders and board of directors to understand how our management evaluates our business, to monitor and evaluate our operating results, and analyze profitability of our ongoing operations and trends on a consistent basis by excluding certain non-cash charges.
|
||||||
Corporate Operating Cash Flows |
• Net cash provided by (used in) operating activities, excluding the effects of:
- Assets associated with WSEs (accounts receivable, unbilled revenue, prepaid expenses and other current assets) and - Liabilities associated with WSEs (client deposits and other client liabilities, accrued wages, payroll tax liabilities and other payroll withholdings, accrued health benefit costs, accrued workers' compensation costs, insurance premiums and other payables, and other current liabilities). |
• Provides information that our stockholders and management can use to evaluate our cash flows from operations independent of the current assets and liabilities associated with our WSEs.
• Enhances comparisons to prior periods and, accordingly, used as a liquidity measure to manage liquidity between corporate and WSE related activities, and to help determine and plan our cash flow and capital strategies.
|
||||||
MANAGEMENT'S DISCUSSION AND ANALYSIS |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in millions)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||
Total revenues
|
$ | 1,100 | $ | 948 | $ | 2,160 | $ | 1,996 | |||||||||
Less: Insurance costs
|
798 | 613 | 1,549 | 1,378 | |||||||||||||
Net Service Revenues
|
$ | 302 | $ | 335 | $ | 611 | $ | 618 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in millions)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||
Insurance service revenues
|
$ | 944 | $ | 827 | $ | 1,851 | $ | 1,719 | |||||||||
Less: Insurance costs
|
798 | 613 | 1,549 | 1,378 | |||||||||||||
Net Insurance Service Revenues
|
$ | 146 | $ | 214 | $ | 302 | $ | 341 | |||||||||
Net Insurance Margin | 15 | % | 26 | % | 16 | % | 20 | % |
Three Months Ended June 30, |
Six Months Ended
June 30, |
||||||||||||||||
(in millions)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income
|
$ | 91 | $ | 126 | $ | 192 | $ | 217 | |||||||||
Provision for income taxes
|
26 | 45 | 60 | 75 | |||||||||||||
Stock based compensation
|
13 | 11 | 24 | 20 | |||||||||||||
Interest expense, bank fees and other | 5 | 4 | 10 | 8 | |||||||||||||
Depreciation and amortization of intangible assets ¹
|
19 | 13 | 31 | 24 | |||||||||||||
Adjusted EBITDA
|
$ | 154 | $ | 199 | $ | 317 | $ | 344 | |||||||||
Adjusted EBITDA Margin
|
14.0 | % | 21.0 | % | 14.7 | % | 17.2 | % |
Three Months Ended June 30, |
Six Months Ended
June 30, |
||||||||||||||||
(in millions)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income
|
$ | 91 | $ | 126 | $ | 192 | $ | 217 | |||||||||
Effective income tax rate adjustment | (4) | 1 | (4) | 1 | |||||||||||||
Stock based compensation | 13 | 11 | 24 | 20 | |||||||||||||
Amortization of intangible assets ¹
|
9 | 1 | 10 | 3 | |||||||||||||
Non-cash interest expense | 1 | — | 3 | — | |||||||||||||
Income tax impact of pre-tax adjustments | (6) | (3) | (10) | (6) | |||||||||||||
Adjusted Net Income | $ | 104 | $ | 136 | $ | 215 | $ | 235 |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
Six Months Ended
June 30, |
||||||||
(in millions)
|
2021 | 2020 | ||||||
Net cash used in operating activities | $ | (190) | $ | (130) | ||||
Less: Change in WSE related other current assets | (96) | (74) | ||||||
Less: Change in WSE related liabilities | (334) | (371) | ||||||
Net cash used in operating activities - WSE | $ | (430) | $ | (445) | ||||
Net cash provided by operating activities - Corporate | $ | 240 | $ | 315 |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
PSR | ||||||||||||||
ISR - % represents proportion of ISR to total revenues | ||||||||||||||
MANAGEMENT'S DISCUSSION AND ANALYSIS |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
(in millions) | |||||||||||
$173 | Second Quarter 2020 Operating Income | ||||||||||
+152 |
Higher total revenues primarily driven by higher Average WSEs, rate increases and the $51 million decrease in the Recovery Credit recognized.
|
||||||||||
-185 | Higher insurance costs primarily as a result of more typical medical services utilization, compared to the prior year period, which had lower than typical medical services utilization due to stay-at-home orders and social distancing practices due to the COVID-19 pandemic. | ||||||||||
-19 | Higher OE primarily as a result of increased payroll tax compliance costs and D&A, together with higher compensation and consulting expenses to support initiatives to improve client experience, enhance service offerings, and improve processes. | ||||||||||
$121 | Second Quarter 2021 Operating Income |
(in millions) | |||||||||||
$293 | YTD 2020 Operating Income | ||||||||||
+164 |
Higher total revenues primarily driven by higher Average WSEs, rate increases and the $39 million decrease in the Recovery Credit recognized. This was partially offset by the $25 million reduction in revenue recognized for the 2021 Credit Program in the first quarter of 2021.
|
||||||||||
-171 | Higher insurance costs primarily as a result of more typical medical services utilization, compared to the prior year period, which had lower than typical medical services utilization due to stay-at-home orders and social distancing practices due to the COVID-19 pandemic. | ||||||||||
-27 | Higher OE primarily as a result of increased payroll tax compliance costs, technology services and D&A, together with higher compensation and consulting expenses to support initiatives to improve client experience, enhance service offerings, and improve processes. | ||||||||||
$259 | YTD 2021 Operating Income |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
% represents portion of compensation related expense included in operating expenses |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
(in millions) | ||||||||
$162 | Q2 2020 Operating Expenses | |||||||
+6 | COPS increased, driven primarily by increased compensation, partially offset by a decrease in rent expense. | |||||||
+5 | G&A increased, driven primarily by increased payroll tax compliance costs and technology services expenses to improve our client experience, our systems and processes, and to enhance our service offerings. | |||||||
+2 | SD&P increased, driven primarily by higher consulting expenses as we continue to work to improve our client experience and our systems and processes. | |||||||
+6 |
D&A increased, driven primarily by the impairment of customer relationship intangibles.
|
|||||||
$181 | Q2 2021 Operating Expenses |
(in millions) | |||||||||||
$325 | YTD 2020 Operating Expenses | ||||||||||
+6 | COPS increased, driven primarily by increased compensation, partially offset by decreased consulting and rent expenses. | ||||||||||
+8 | G&A increased, driven primarily by increased compensation, payroll tax compliance costs and technology services expenses. | ||||||||||
+6 | SD&P increased, driven primarily by increased compensation and consulting expenses as we continue to work to improve our client experience and our systems and processes. | ||||||||||
+7 |
D&A increased, driven primarily by the impairment of customer relationship intangibles.
|
||||||||||
$352 | YTD 2021 Operating Expenses |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in millions) | Corporate | WSE | Total | Corporate | WSE | Total | |||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 464 | $ | — | $ | 464 | $ | 301 | $ | — | $ | 301 | |||||||||||
Investments | 131 | — | 131 | 57 | — | 57 | |||||||||||||||||
Restricted cash, cash equivalents and investments | 15 | 943 | 958 | 15 | 1,373 | 1,388 | |||||||||||||||||
Other current assets | 80 | 451 | 531 | 59 | 355 | 414 | |||||||||||||||||
Total current assets | $ | 690 | $ | 1,394 | $ | 2,084 | $ | 432 | $ | 1,728 | $ | 2,160 | |||||||||||
Total current liabilities | $ | 136 | $ | 1,394 | $ | 1,530 | $ | 142 | $ | 1,728 | $ | 1,870 | |||||||||||
Working capital | $ | 554 | $ | — | $ | 554 | $ | 290 | $ | — | $ | 290 | |||||||||||
MANAGEMENT'S DISCUSSION AND ANALYSIS |
Six Months Ended June 30, | |||||||||||||||||||||||
(in millions)
|
2021 | 2020 | |||||||||||||||||||||
Corporate | WSE | Total | Corporate | WSE | Total | ||||||||||||||||||
Net cash provided by (used in):
|
|||||||||||||||||||||||
Operating activities
|
$ | 240 | $ | (430) | $ | (190) | $ | 315 | $ | (445) | $ | (130) | |||||||||||
Investing activities
|
(128) | (7) | (135) | (35) | (86) | (121) | |||||||||||||||||
Financing activities
|
43 | — | 43 | 122 | — | 122 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents, unrestricted and restricted
|
$ | 155 | $ | (437) | $ | (282) | $ | 402 | $ | (531) | $ | (129) | |||||||||||
Cash and cash equivalents, unrestricted and restricted:
|
|||||||||||||||||||||||
Beginning of period
|
352 | 1,291 | 1,643 | 291 | 1,165 | 1,456 | |||||||||||||||||
End of period
|
$ | 507 | $ | 854 | $ | 1,361 | $ | 693 | $ | 634 | $ | 1,327 | |||||||||||
Net increase (decrease) in cash and cash equivalents:
|
|||||||||||||||||||||||
Unrestricted
|
$ | 163 | $ | — | $ | 163 | $ | 424 | $ | — | $ | 424 | |||||||||||
Restricted
|
(8) | (437) | (445) | (22) | (531) | (553) |
Six Months Ended June 30, | ||||||||
(in millions) | 2021 | 2020 | ||||||
Net cash used in operating activities | $ | (190) | $ | (130) | ||||
Net cash used in operating activities - WSE | (430) | $ | (445) | |||||
Net cash provided by operating activities - Corporate | 240 | 315 |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
Six Months Ended June 30, | ||||||||
(in millions) | 2021 | 2020 | ||||||
Investments: | ||||||||
Purchases of investments | (267) | (222) | ||||||
Proceeds from sale and maturity of investments | 149 | 119 | ||||||
Cash used in investments | $ | (118) | $ | (103) | ||||
Capital expenditures: | ||||||||
Software and hardware | $ | (14) | $ | (17) | ||||
Office furniture, equipment and leasehold improvements | (3) | (1) | ||||||
Cash used in capital expenditures | $ | (17) | $ | (18) | ||||
Cash used in investing activities | $ | (135) | $ | (121) |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
Six Months Ended June 30, | ||||||||
(in millions) | 2021 | 2020 | ||||||
Financing activities | ||||||||
Repurchase of common stock, net of issuance | $ | (78) | $ | (101) | ||||
Draw down from revolving credit facility
|
— | 234 | ||||||
Payment of long-term financing fees | (2) | — | ||||||
Payment of debt issuance costs | (7) | — | ||||||
Proceeds from issuance of 2029 Notes | 500 | — | ||||||
Repayment of borrowings | (370) | (11) | ||||||
Cash provided by financing activities | $ | 43 | $ | 122 |
MANAGEMENT'S DISCUSSION AND ANALYSIS |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
AND CONTROLS AND PROCEDURES
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
AND CONTROLS AND PROCEDURES
|
FINANCIAL STATEMENTS |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in millions except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Professional service revenues
|
$ | 156 | $ | 121 | $ | 309 | $ | 277 | |||||||||
Insurance service revenues
|
944 | 827 | 1,851 | 1,719 | |||||||||||||
Total revenues
|
1,100 | 948 | 2,160 | 1,996 | |||||||||||||
Insurance costs
|
798 | 613 | 1,549 | 1,378 | |||||||||||||
Cost of providing services
|
66 | 60 | 130 | 124 | |||||||||||||
Sales and marketing
|
45 | 45 | 91 | 91 | |||||||||||||
General and administrative
|
40 | 35 | 76 | 68 | |||||||||||||
Systems development and programming
|
11 | 9 | 24 | 18 | |||||||||||||
Depreciation and amortization of intangible assets
|
19 | 13 | 31 | 24 | |||||||||||||
Total costs and operating expenses
|
979 | 775 | 1,901 | 1,703 | |||||||||||||
Operating income
|
121 | 173 | 259 | 293 | |||||||||||||
Other income (expense):
|
|||||||||||||||||
Interest expense, bank fees and other
|
(5) | (4) | (10) | (8) | |||||||||||||
Interest income
|
1 | 2 | 3 | 7 | |||||||||||||
Income before provision for income taxes
|
117 | 171 | 252 | 292 | |||||||||||||
Income taxes
|
26 | 45 | 60 | 75 | |||||||||||||
Net income
|
$ | 91 | $ | 126 | $ | 192 | $ | 217 | |||||||||
Other comprehensive (loss) income, net of income taxes | — | 3 | (1) | 5 | |||||||||||||
Comprehensive income
|
$ | 91 | $ | 129 | $ | 191 | $ | 222 | |||||||||
Net income per share:
|
|||||||||||||||||
Basic
|
$ | 1.38 | $ | 1.88 | $ | 2.91 | $ | 3.16 | |||||||||
Diluted
|
$ | 1.37 | $ | 1.87 | $ | 2.87 | $ | 3.13 | |||||||||
Weighted average shares:
|
|||||||||||||||||
Basic
|
66 | 67 | 66 | 69 | |||||||||||||
Diluted
|
67 | 68 | 67 | 70 |
FINANCIAL STATEMENTS |
June 30, | December 31, | |||||||||||||
(in millions, except share and per share data) | 2021 | 2020 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents
|
$ | 464 | $ | 301 | ||||||||||
Investments
|
131 | 57 | ||||||||||||
Restricted cash, cash equivalents and investments
|
958 | 1,388 | ||||||||||||
Accounts receivable, net
|
8 | 18 | ||||||||||||
Unbilled revenue, net
|
346 | 246 | ||||||||||||
Prepaid expenses, net
|
68 | 63 | ||||||||||||
Other current assets
|
109 | 87 | ||||||||||||
Total current assets | 2,084 | 2,160 | ||||||||||||
Restricted cash, cash equivalents and investments, noncurrent
|
179 | 210 | ||||||||||||
Investments, noncurrent
|
194 | 138 | ||||||||||||
Property, equipment and software, net
|
76 | 79 | ||||||||||||
Operating lease right-of-use asset
|
48 | 51 | ||||||||||||
Goodwill
|
294 | 294 | ||||||||||||
Other intangible assets, net
|
9 | 18 | ||||||||||||
Other assets
|
94 | 93 | ||||||||||||
Total assets | $ | 2,978 | $ | 3,043 | ||||||||||
Liabilities and stockholders' equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and other current liabilities
|
$ | 81 | $ | 50 | ||||||||||
Long-term debt
|
— | 22 | ||||||||||||
Client deposits and other client liabilities
|
132 | 134 | ||||||||||||
Accrued wages
|
506 | 309 | ||||||||||||
Accrued health insurance costs, net
|
155 | 172 | ||||||||||||
Accrued workers' compensation costs, net
|
57 | 59 | ||||||||||||
Payroll tax liabilities and other payroll withholdings
|
572 | 1,095 | ||||||||||||
Operating lease liabilities
|
12 | 11 | ||||||||||||
Insurance premiums and other payables
|
15 | 18 | ||||||||||||
Total current liabilities | 1,530 | 1,870 | ||||||||||||
Long-term debt, noncurrent
|
495 | 348 | ||||||||||||
Accrued workers' compensation costs, noncurrent, net
|
133 | 138 | ||||||||||||
Deferred taxes
|
21 | 22 | ||||||||||||
Operating lease liabilities, noncurrent
|
46 | 49 | ||||||||||||
Other non-current liabilities
|
9 | 9 | ||||||||||||
Total liabilities | 2,234 | 2,436 | ||||||||||||
Commitments and contingencies (see Note 7) | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock | — | — | ||||||||||||
($0.000025 par value per share; 20,000,000 shares authorized; no shares issued or outstanding at June 30, 2021 and December 31, 2020)
|
||||||||||||||
Common stock and additional paid-in capital | 776 | 747 | ||||||||||||
($0.000025 par value per share; 750,000,000 shares authorized; 65,864,116 and 66,456,663 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively)
|
||||||||||||||
Accumulated deficit | (35) | (144) | ||||||||||||
Accumulated other comprehensive income
|
3 | 4 | ||||||||||||
Total stockholders' equity | 744 | 607 | ||||||||||||
Total liabilities & stockholders' equity | $ | 2,978 | $ | 3,043 |
FINANCIAL STATEMENTS |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in millions)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||
Total Stockholders' Equity, beginning balance | $ | 653 | $ | 533 | $ | 607 | $ | 475 | |||||||||
Common Stock and Additional Paid-In Capital | |||||||||||||||||
Beginning balance
|
758 | 703 | 747 | 694 | |||||||||||||
Issuance of common stock for employee stock purchase plan
|
5 | 5 | 5 | 5 | |||||||||||||
Stock based compensation expense
|
13 | 11 | 24 | 20 | |||||||||||||
Ending balance
|
776 | 719 | 776 | 719 | |||||||||||||
Accumulated Deficit
|
|||||||||||||||||
Beginning balance
|
(108) | (172) | (144) | (219) | |||||||||||||
Net income
|
91 | 126 | 192 | 217 | |||||||||||||
Repurchase of common stock
|
(14) | (60) | (74) | (100) | |||||||||||||
Awards effectively repurchased for required employee withholding taxes
|
(4) | (2) | (9) | (6) | |||||||||||||
Ending balance
|
(35) | (108) | (35) | (108) | |||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
Beginning balance
|
3 | 2 | 4 | — | |||||||||||||
Other comprehensive (loss) income | — | 3 | (1) | 5 | |||||||||||||
Ending balance
|
3 | 5 | 3 | 5 | |||||||||||||
Total Stockholders' Equity, ending balance
|
$ | 744 | $ | 616 | $ | 744 | $ | 616 | |||||||||
FINANCIAL STATEMENTS |
Six Months Ended June 30, | ||||||||
(in millions) | 2021 | 2020 | ||||||
Operating activities
|
||||||||
Net income
|
$ | 192 | $ | 217 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
45 | 32 | ||||||
Amortization of ROU
|
6 | 8 | ||||||
Accretion of discount rate on lease liabilities
|
1 | 1 | ||||||
Amortization of premium of investments | 1 | — | ||||||
Stock based compensation
|
24 | 20 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
10 | 4 | ||||||
Unbilled revenue, net
|
(100) | (67) | ||||||
Prepaid expenses, net
|
(5) | 2 | ||||||
Accounts payable and other current liabilities
|
29 | 69 | ||||||
Client deposits and other client liabilities
|
(2) | 102 | ||||||
Accrued wages
|
197 | 20 | ||||||
Accrued health insurance costs, net
|
(17) | (22) | ||||||
Accrued workers' compensation costs, net
|
(7) | (2) | ||||||
Payroll taxes payable and other payroll withholdings
|
(523) | (475) | ||||||
Operating lease liabilities
|
(6) | (10) | ||||||
Other assets
|
(32) | (32) | ||||||
Other liabilities
|
(3) | 3 | ||||||
Net cash used in operating activities | (190) | (130) | ||||||
Investing activities
|
||||||||
Purchases of marketable securities
|
(267) | (222) | ||||||
Proceeds from sale and maturity of marketable securities | 149 | 119 | ||||||
Acquisitions of property and equipment
|
(17) | (18) | ||||||
Net cash used in investing activities
|
(135) | (121) | ||||||
Financing activities
|
||||||||
Repurchase of common stock
|
(74) | (100) | ||||||
Proceeds from issuance of common stock
|
5 | 5 | ||||||
Awards effectively repurchased for required employee withholding taxes
|
(9) | (6) | ||||||
Proceeds from revolving credit agreement borrowings
|
— | 234 | ||||||
Payment of long-term financing fees | (2) | — | ||||||
Payment of debt issuance costs | (7) | — | ||||||
Proceeds from issuance of 2029 Notes | 500 | — | ||||||
Repayment of debt
|
(370) | (11) | ||||||
Net cash provided by financing activities | 43 | 122 | ||||||
Net decrease in cash and cash equivalents, unrestricted and restricted | (282) | (129) | ||||||
Cash and cash equivalents, unrestricted and restricted:
|
||||||||
Beginning of period
|
1,643 | 1,456 | ||||||
End of period
|
$ | 1,361 | $ | 1,327 | ||||
Supplemental disclosures of cash flow information
|
||||||||
Interest paid
|
$ | 2 | $ | 7 | ||||
Income taxes paid, net
|
45 | 6 | ||||||
Supplemental schedule of noncash investing and financing activities
|
||||||||
Payable for purchase of property and equipment
|
$ | 2 | $ | 2 |
FINANCIAL STATEMENTS |
FINANCIAL STATEMENTS |
June 30, 2021 | ||||||||
(in millions) | Three Months Ended | Six Months Ended | ||||||
Balance at beginning of period | $ | 77 | $ | 92 | ||||
(+) Accruals | 5 | 17 | ||||||
(-) Distributions to clients | (19) | (46) | ||||||
Balance at end of period | $ | 63 | $ | 63 |
FINANCIAL STATEMENTS |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(in millions) | Cash and cash equivalents | Available-for-sale marketable securities | Total | Cash and cash equivalents | Available-for-sale marketable securities | Total | |||||||||||||||||||||||
Cash and cash equivalents | $ | 464 | $ | — | $ | 464 | $ | 301 | $ | — | $ | 301 | |||||||||||||||||
Investments | — | 131 | 131 | — | 57 | 57 | |||||||||||||||||||||||
Restricted cash, cash equivalents and investments: | |||||||||||||||||||||||||||||
Payroll funds collected | 783 | — | 783 | 1,228 | — | 1,228 | |||||||||||||||||||||||
Collateral for health benefits claims | 23 | 89 | 112 | 16 | 82 | 98 | |||||||||||||||||||||||
Collateral for workers' compensation claims | 61 | — | 61 | 60 | — | 60 | |||||||||||||||||||||||
Other security deposits | 2 | — | 2 | 2 | — | 2 | |||||||||||||||||||||||
Total restricted cash, cash equivalents and investments | 869 | 89 | 958 | 1,306 | 82 | 1,388 | |||||||||||||||||||||||
Investments, noncurrent | — | 194 | 194 | — | 138 | 138 | |||||||||||||||||||||||
Restricted cash, cash equivalents and investments, noncurrent | |||||||||||||||||||||||||||||
Collateral for workers' compensation claims | 28 | 151 | 179 | 36 | 174 | 210 | |||||||||||||||||||||||
Total | $ | 1,361 | $ | 565 | $ | 1,926 | $ | 1,643 | $ | 451 | $ | 2,094 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
Asset-backed securities | $ | 44 | $ | — | $ | — | $ | 44 | $ | 24 | $ | — | $ | — | $ | 24 | |||||||||||||
Corporate bonds | 167 | 2 | — | 169 | 126 | 2 | — | 128 | |||||||||||||||||||||
U.S. government agencies and government-
sponsored agencies |
19 | — | — | 19 | 27 | 1 | — | 28 | |||||||||||||||||||||
U.S. treasuries | 312 | 3 | — | 315 | 261 | 4 | — | 265 | |||||||||||||||||||||
Certificate of deposit | 10 | — | — | 10 | — | — | — | — | |||||||||||||||||||||
Other debt securities | 8 | — | — | 8 | 6 | — | — | 6 | |||||||||||||||||||||
Total | $ | 560 | $ | 5 | $ | — | $ | 565 | $ | 444 | $ | 7 | $ | — | $ | 451 |
FINANCIAL STATEMENTS |
(in millions) | June 30, 2021 | ||||||||||
One year or less | $ | 188 | |||||||||
Over one year through five years | 340 | ||||||||||
Over five years through ten years | 7 | ||||||||||
Over ten years | 30 | ||||||||||
Total fair value | $ | 565 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Gross proceeds from sales | $ | 39 | $ | 12 | $ | 80 | $ | 52 | |||||||||
Gross proceeds from maturities | 32 | 40 | 75 | 67 | |||||||||||||
Total | $ | 71 | $ | 52 | $ | 155 | $ | 119 |
FINANCIAL STATEMENTS |
(in millions) |
Level 1
|
Level 2
|
Total
|
||||||||
June 30, 2021 | |||||||||||
Cash equivalents:
|
|||||||||||
Money market mutual funds
|
$ | 3 | $ | — | 3 | ||||||
Total cash equivalents
|
3 | — | 3 | ||||||||
Investments:
|
|||||||||||
Asset-backed securities
|
— | 44 | 44 | ||||||||
Corporate bonds
|
— | 132 | 132 | ||||||||
U.S. government agencies and government-sponsored agencies
|
— | 3 | 3 | ||||||||
U.S. treasuries
|
— | 138 | 138 | ||||||||
Other debt securities
|
— | 8 | 8 | ||||||||
Total investments
|
— | 325 | 325 | ||||||||
Restricted cash equivalents:
|
|||||||||||
Money market mutual funds
|
94 | — | 94 | ||||||||
Certificate of deposit | — | — | — | ||||||||
Commercial paper
|
— | — | — | ||||||||
Total restricted cash equivalents
|
94 | — | 94 | ||||||||
Restricted investments:
|
|||||||||||
Corporate bonds | — | 37 | 37 | ||||||||
U.S. government agencies and government-sponsored agencies | — | 16 | 16 | ||||||||
U.S. treasuries | — | 177 | 177 | ||||||||
Certificate of deposit
|
— | 10 | 10 | ||||||||
Total restricted investments
|
— | 240 | 240 | ||||||||
Total cash equivalents and investments and restricted cash equivalents and investments | $ | 97 | $ | 565 | $ | 662 |
(in millions) | Level 1 | Level 2 | Total | ||||||||
December 31, 2020 | |||||||||||
Cash equivalents | |||||||||||
Money market mutual funds | $ | 2 | $ | — | $ | 2 | |||||
U.S. treasuries | — | 11 | 11 | ||||||||
Total cash equivalents | 2 | 11 | 13 | ||||||||
Investments | |||||||||||
Asset-backed securities | — | 24 | 24 | ||||||||
Corporate bonds | — | 93 | 93 | ||||||||
U.S. government agencies and government-sponsored agencies | — | 5 | 5 | ||||||||
U.S. treasuries | — | 67 | 67 | ||||||||
Other debt securities | — | 6 | 6 | ||||||||
Total investments | — | 195 | 195 | ||||||||
Restricted cash equivalents: | |||||||||||
Money market mutual funds | 99 | — | 99 | ||||||||
Total restricted cash equivalents | 99 | — | 99 | ||||||||
Restricted investments: | |||||||||||
Corporate bonds | — | 35 | 35 | ||||||||
U.S. government agencies and government-sponsored agencies | — | 23 | 23 | ||||||||
U.S. treasuries | — | 198 | 198 | ||||||||
Total restricted investments | — | 256 | 256 | ||||||||
Total investments and restricted cash equivalents and investments | $ | 101 | $ | 462 | $ | 563 |
FINANCIAL STATEMENTS |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Total accrued costs, beginning of period | $ | 205 | $ | 217 | $ | 205 | $ | 214 | |||||||||
Incurred | |||||||||||||||||
Current year | 18 | 13 | 33 | 33 | |||||||||||||
Prior years | (12) | (6) | (15) | (9) | |||||||||||||
Total incurred | 6 | 7 | 18 | 24 | |||||||||||||
Paid | |||||||||||||||||
Current year | (2) | (2) | (3) | (3) | |||||||||||||
Prior years | (11) | (11) | (22) | (24) | |||||||||||||
Total paid | (13) | (13) | (25) | (27) | |||||||||||||
Total accrued costs, end of period | $ | 198 | $ | 211 | $ | 198 | $ | 211 |
(in millions) | June 30, 2021 | December 31, 2020 | ||||||
Total accrued costs, end of period | $ | 198 | $ | 205 | ||||
Collateral paid to carriers and offset against accrued costs | (8) | (8) | ||||||
Total accrued costs, net of carrier collateral offset | $ | 190 | $ | 197 | ||||
Payable in less than 1 year
(net of collateral paid to carriers of $3 at June 30, 2021 and December 31, 2020, respectively) |
$ | 57 | $ | 59 | ||||
Payable in more than 1 year
(net of collateral paid to carriers of $5 at June 30, 2021 and December 31, 2020, respectively) |
133 | 138 | ||||||
Total accrued costs, net of carrier collateral offset | $ | 190 | $ | 197 | ||||
FINANCIAL STATEMENTS |
(in millions) | June 30, 2021 | December 31, 2020 | ||||||
2018 Term Loan A | $ | — | $ | 370 | ||||
2029 Notes | 500 | — | ||||||
Principal amount | 500 | 370 | ||||||
Deferred issuance costs | (5) | — | ||||||
Less: current portion | — | (22) | ||||||
Long-term debt, noncurrent | $ | 495 | $ | 348 | ||||
Annual contractual interest rate | 3.50 | % | 1.77 | % | ||||
Effective interest rate | 3.67 | % | 1.87 | % |
FINANCIAL STATEMENTS |
FINANCIAL STATEMENTS |
Total Number
of RSUs
|
Total Number
of RSAs
|
Total Number
of Shares
|
Weighted-Average
Grant Date
Fair Value
|
|||||||||||
Nonvested at December 31, 2020 | 1,230,071 | 30,026 | 1,260,097 | $ | 54.04 | |||||||||
Granted | 491,136 | — | 491,136 | 82.72 | ||||||||||
Vested | (343,508) | (12,797) | (356,305) | 50.45 | ||||||||||
Forfeited | (94,764) | — | (94,764) | 58.05 | ||||||||||
Nonvested at June 30, 2021 | 1,282,935 | 17,229 | 1,300,164 | $ | 65.57 |
Total Number
of RSUs
|
Total Number
of RSAs
|
Total Number of Shares |
Weighted-Average
Grant Date
Fair Value
|
|||||||||||
Nonvested at December 31, 2020 | 167,127 | 16,052 | 183,179 | $ | 52.89 | |||||||||
Granted | 246,349 | — | 246,349 | 67.70 | ||||||||||
Vested | (3,010) | (16,052) | (19,062) | 47.61 | ||||||||||
Forfeited | (9,459) | — | (9,459) | 52.86 | ||||||||||
Nonvested at June 30, 2021
|
401,007 | — | 401,007 | $ | 62.24 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Cost of providing services | $ | 3 | $ | 3 | $ | 6 | $ | 5 | |||||||||
Sales and marketing | 2 | 1 | 3 | 3 | |||||||||||||
General and administrative | 7 | 6 | 13 | 11 | |||||||||||||
Systems development and programming costs | 1 | 1 | 2 | 1 | |||||||||||||
Total stock based compensation expense | $ | 13 | $ | 11 | $ | 24 | $ | 20 | |||||||||
FINANCIAL STATEMENTS |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Shares issued and outstanding, beginning balance | 65,881,233 | 68,470,050 | 66,456,663 | 69,065,491 | |||||||||||||
Issuance of common stock from vested restricted stock units
|
130,560 | 168,621 | 346,518 | 342,250 | |||||||||||||
Issuance of common stock from exercise of stock options
|
8,894 | 11,136 | 29,735 | 40,609 | |||||||||||||
Issuance of common stock for employee stock purchase plan
|
74,070 | 130,532 | 74,070 | 130,532 | |||||||||||||
Repurchase of common stock
|
(181,250) | (1,419,984) | (925,251) | (2,167,401) | |||||||||||||
Awards effectively repurchased for required employee withholding taxes
|
(49,391) | (67,491) | (117,619) | (118,617) | |||||||||||||
Shares issued and outstanding, ending balance
|
65,864,116 | 67,292,864 | 65,864,116 | 67,292,864 |
FINANCIAL STATEMENTS |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income | $ | 91 | $ | 126 | $ | 192 | $ | 217 | |||||||||
Weighted average shares of common stock outstanding | 66 | 67 | 66 | 69 | |||||||||||||
Basic EPS | $ | 1.38 | $ | 1.88 | $ | 2.91 | $ | 3.16 | |||||||||
Net income | $ | 91 | $ | 126 | $ | 192 | $ | 217 | |||||||||
Weighted average shares of common stock outstanding | 66 | 67 | 66 | 69 | |||||||||||||
Dilutive effect of stock options and restricted stock units | 1 | 1 | 1 | 1 | |||||||||||||
Weighted average shares of common stock outstanding | 67 | 68 | 67 | 70 | |||||||||||||
Diluted EPS | $ | 1.37 | $ | 1.87 | $ | 2.87 | $ | 3.13 | |||||||||
Common stock equivalents excluded from income per diluted share because of their anti-dilutive effect
|
1 | 1 | 1 | 2 |
OTHER INFORMATION |
OTHER INFORMATION |
OTHER INFORMATION |
OTHER INFORMATION |
Period |
Total Number of
Shares
Purchased (1)
|
Weighted Average Price
Paid Per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plans (2) |
Approximate Dollar Value ($ millions)
of Shares that May Yet be Purchased Under the Plans (3) |
|||||||||||||||||||||||||
April 1 - April 30, 2021 | 132,163 | $ | 79.12 | 132,163 | $ | 287 | |||||||||||||||||||||||
May 1 - May 31, 2021 | 60,574 | $ | 79.90 | 12,905 | $ | 286 | |||||||||||||||||||||||
June 1 - June 30, 2021 | 37,904 | $ | 72.54 | 36,182 | $ | 284 | |||||||||||||||||||||||
Total | 230,641 | 181,250 |
EXHIBITS |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit No. | Exhibit | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
3.1 | Amended and Restated Certificate of Incorporation of TriNet Group, Inc. | 8-K | 001-36373 | 3.1 | 4/1/2014 | |||||||||||||||||||||||||||||||||
3.2 | Certificate of Correction of Amended and Restated Certificate of Incorporation of TriNet Group, Inc. | 10-Q | 001-36373 | 3.1 | 11/2/2017 | |||||||||||||||||||||||||||||||||
3.2 | Amended and Restated Bylaws of TriNet Group, Inc. | S-1/A | 333-192465 | 3.4 | 3/4/2014 | |||||||||||||||||||||||||||||||||
4.1 | Registration Rights Agreement, by and between TriNet Group, Inc. and AGI-T, L.P., dated as of February 1, 2017. | 8-K | 001-36373 | 4.1 | 2/2/2017 | |||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1*
|
X | |||||||||||||||||||||||||||||||||||||
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
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101.SCH
|
XBRL Taxonomy Extension Schema Linkbase Document
|
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101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|||||||||||||||||||||||||||||||||||||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
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101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|||||||||||||||||||||||||||||||||||||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
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104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
* | Document has been furnished, is deemed not filed and is not to be incorporated by reference into any of TriNet Group, Inc.’s filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, irrespective of any general incorporation language contained in any such filing. |
SIGNATURES |
TRINET GROUP, INC. | |||||||||||
Date: July 26, 2021 | By: | /s/ Burton M. Goldfield | |||||||||
Burton M. Goldfield | |||||||||||
Chief Executive Officer | |||||||||||
Date: July 26, 2021 | By: | /s/ Kelly Tuminelli | |||||||||
Kelly Tuminelli | |||||||||||
Chief Financial Officer | |||||||||||
1 Year TriNet Chart |
1 Month TriNet Chart |
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