TriNet Group (NYSE: TNET) reported Q2 EPS of $2.03, $0.95 better than the analyst estimate of $1.08. Revenue for the quarter came in at $335 million versus the consensus estimate of $268.46 million.

Second quarter highlights include:

• Total revenues increased 1% to $0.9 billion and Net Service Revenues increased 45% to $335 million, as compared to the same period last year.
• Net income was $126 million, or $1.87 per diluted share, compared to net income of $46 million, or $0.64 per diluted share, in the same period last year.
• Adjusted Net Income was $136 million, or $2.03 per diluted share, compared to Adjusted Net Income of $50 million, or $0.70 per diluted share, in the same period last year.
• Adjusted EBITDA was $199 million, representing an Adjusted EBITDA Margin of 59%.
• Average Worksite Employees (WSEs) decreased 2% as compared to the same period last year, to approximately 314,000.
• Total WSEs decreased 3% compared to the same period last year, to approximately 313,000.

"During the second quarter, we successfully executed our strategy while navigating the COVID-19 crisis and its impact on our customers," said Burton M. Goldfield, TriNet's President and CEO. "Our financial performance reflects the strength of our business model, strategy, execution, and, most importantly, the resilience of our customers. I am also pleased to announce the acquisition of Little Bird HR. This acquisition reflects our ability to identify attractive verticals and industries where our value proposition is particularly well-suited."

"I am very proud of the entire TriNet organization for their dedication, hard work and perseverance in helping our customers navigate through these unprecedented times," Goldfield continued. "I am equally proud of the many resilient customers we serve every day. As we partner with them in addressing the challenges ahead, we are committed to leveraging all of our resources to enable them to pursue their business goals and secure their future success."

TriNet's total revenues for the second quarter of 2020 increased 1% from the second quarter of 2019 to $0.9 billion, while Net Service Revenues (Total revenues less insurance costs) for the second quarter of 2020 increased 45% from the second quarter 2019, to $335 million. Net Insurance Service Revenues consisted of insurance service revenues of $827 million, less insurance costs of $613 million. Professional service revenues for the second quarter of 2020 decreased 5%, and Net Insurance Service Revenues for the second quarter of 2020 increased 106%, each as compared to the second quarter of 2019.

At June 30, 2020, TriNet had cash and cash equivalents of $637 million and total debt of $614 million.

For earnings history and earnings-related data on TriNet Group (TNET) click here.