TriNet Group (TNET) Tops Q1 EPS by 41c

TriNet Group (NYSE: TNET) reported Q1 EPS of $1.31, $0.41 better than the analyst estimate of $0.90.

First quarter highlights include:

• Total revenues increased 12% to $1.0 billion and Net Service Revenues increased 13% to $283 million, as compared to the same period last year.
• Net income was $91 million, or $1.31 per diluted share, compared to net income of $63 million, or $0.89 per diluted share, in the same period last year.
• Adjusted Net Income was $97 million, or $1.41 per diluted share, compared to Adjusted Net Income of $69 million, or $0.98 per diluted share, in the same period last year.
• Adjusted EBITDA was $145 million, representing an Adjusted EBITDA Margin of 51%.
• Average Worksite Employees (WSEs) increased 8% as compared to the same period last year, to approximately 336,000.
• Total WSEs increased 6% compared to the same period last year, to approximately 337,000.

"Over the last two months, we have witnessed the devastating impact of COVID-19," said Burton M. Goldfield, TriNet's President and CEO. \"Our thoughts are with all those of hurt by this pandemic. As a leader in providing SMBs with comprehensive HR services, we recognize the enormity of what they are facing. We are leveraging our resources to help businesses navigate this difficult environment. Simultaneously, we have taken steps to secure our business, including ensuring the safety of our employees, maintaining the strength of our balance sheet, and continuing to strategically invest in our platform.

Mr. Goldfield continued, "Our strong first quarter financial results highlighted the strength of our vertical market platform and disciplined approach to client selection and cost management. While the environment has changed, our team is united in working through this crisis and positioning our company for long-term success."

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

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