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TriNet announces second quarter 2021 results

By Hemanth on Aug 01, 2021 | 05:31 AM IST


TriNet Group, Inc. [TNET] a leading provider of comprehensive human resources solutions for small and medium-size businesses, today announced financial results for the second quarter ended June 30, 2021. The second quarter highlights below include non-GAAP financial measures which are reconciled later in this release.


Second quarter highlights include:

•Total revenues increased 16% to $1.1 billion as compared to the same period last year.

•Net income was $91 million, or $1.37 per diluted share, compared to net income of $126 million, or $1.87 per diluted share, in the same period last year.

•Adjusted Net Income was $104 million, or $1.56 per diluted share, compared to Adjusted Net Income of $136 million, or $2.03 per diluted share, in the same period last year.

•Adjusted EBITDA was $154 million, compared to Adjusted EBITDA of $199 million, in the same period last year.

•Total Worksite Employees (WSEs) increased 9% compared to the same period last year, to approximately 340,000.

•Average WSEs increased 6% as compared to the same period last year, to approximately 333,000.

"During the second quarter, TriNet once again prioritized the needs of all of our stakeholders,” said Burton M. Goldfield, TriNet’s President and CEO. “As a result, we delivered strong financial and operational results. Through our customer selection process, we have a vibrant and durable customer base. We support them with traditional HR functions as well as strategic HR questions as they navigate the economic reopening. Our customers continue to grow with us by hiring new employees at record rates. As we look to the second half of 2021, we are encouraged by the business environment, we will continue to support our customers, and we expect to continue to grow.”

TriNet’s total revenues for the second quarter of 2021 increased 16% from the second quarter of 2020 to $1.1 billion. Professional service revenues for the second quarter of 2021 increased 29% compared to the second quarter of 2020.

At June 30, 2021, TriNet had cash and cash equivalents of $464 million and total debt of $495 million.


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