PR Newswire | Jul 26, 2021 04:16PM EDT

07/26 15:15 CDT

TriNet Announces Second Quarter 2021 Results16% Growth in Total Revenues to $1.1 Billion for the Second Quarter 2021$1.37 in Net Income per Diluted Share and $1.56 in Adjusted Net Income per Diluted Share for the Second Quarter 2021 DUBLIN, Calif., July 26, 2021

DUBLIN, Calif., July 26, 2021 /PRNewswire/ -- TriNet Group, Inc. (NYSE: 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.

Third Quarter and Full-Year 2021 Guidance

In addition to announcing our second quarter 2021 results, we provide our third quarter and full-year 2021 guidance. Non-GAAP financial measures are reconciled later in this release. Percentages reflect the increase or (decrease) from the prior year quarter and prior year end.

Q3 2021 Full Year 2021

Low High Low High

Total Revenues 15 %17 %10 %12 %

Professional Service Revenues 15 %20 %13 %15 %

Net Insurance Margin 8.5 %10.5 %11.5 %12.5 %

Ratio of Insurance Costs to Insurance Service91.5 %89.5 %88.5 %87.5 %Revenues

Diluted net income per share of common stock $0.48 $0.72 $3.60 $4.03

Adjusted Net Income per share - diluted $0.62 $0.87 $4.25 $4.70

Quarterly Report on Form 10-Q

We anticipate filing our Quarterly Report on Form 10-Q ("Form 10-Q") for the first half of 2021 with the U.S. Securities and Exchange Commission (SEC) and making it available at http://www.trinet.com today, July 26, 2021. This press release should be read in conjunction with the Form 10-Q and the related Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in the Form 10-Q.

Earnings Conference Call and Audio Webcast

TriNet will host a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its second quarter results for 2021 and provide third quarter and full-year financial guidance for 2021. TriNet encourages participants to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. To pre-register, go to: https://dpregister.com/sreg/10158467/eae2c96f47. For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (412) 317-5426 and requesting the "TriNet Conference Call." The live webcast of the conference call can be accessed on the Investor Relations section of TriNet's website at http://investor.trinet.com. A replay of the webcast will be available on this website for approximately one year. A telephonic replay will be available for one week following the conference call at +1 (412) 317-0088 conference ID: 10158467.

About TriNet

TriNet is a leading provider of a comprehensive human resources solution for small to medium-size businesses, or SMBs. We enhance business productivity by enabling our clients to outsource their human resources, or HR, function to us, allowing them to focus on operating and growing their core businesses. Our HR solutions include services such as payroll processing, human capital consulting, employment law compliance and employee benefits, including health insurance, retirement plans and workers compensation insurance. Our services are delivered by our expert team of HR professionals and enabled by our technology platform, with online and mobile tools, which allow our clients and their employees to efficiently conduct their HR transactions anytime and anywhere. For more information, please visit http://www.trinet.com.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to TriNet's financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled "Non-GAAP Financial Measures."

Forward-Looking Statements

This press release contains, and statements made during the above referenced conference call will contain, statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among other things, TriNet's expectations and assumptions regarding: TriNet's financial guidance for the second quarter and full-year 2021 and the underlying assumptions, and the extent, length and growth impact of economic reopening efforts. Forward-looking statements are often identified by the use of words such as, but not limited to, "ability," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "guidance," "impact," "intend," "may," "plan," "predict," "project," "seek," "should," "strategy," "target," "value," "will," "would" and similar expressions or variations. Examples of forward-looking statements include, among others, TriNet's expectations regarding client hiring practices, the impact of our customer selection process, and the impact of our operational focus and priorities. These statements are not guarantees of future performance, but are based on management's expectations as of the date hereof and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past or future results, performance or achievements. Investors are cautioned not to place undue reliance upon any forward-looking statements.

Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include: the economic, health and business disruption caused by the COVID-19 pandemic; the impact of the COVID-19 pandemic on our clients and prospects, insurance costs and operations; the impact of the COVID-19 pandemic on the laws and regulations that impact our industry and clients; our ability to mitigate the business risks we face as a co-employer; our ability to manage unexpected changes in workers' compensation and health insurance claims and costs by worksite employees; the effects of volatility in the financial and economic environment on the businesses that make up our client base, and the concentration of our clients in certain geographies and industries; the impact of failures or limitations in the business systems we rely upon; the impact of our Recovery Credit program; adverse changes in our insurance coverage or our relationships with key insurance carriers; our ability to improve our technology to satisfy regulatory requirements and meet the expectations of our clients and manage client attrition; our ability to effectively integrate businesses we have acquired or may acquire in the future; our ability to effectively manage and improve our operational processes; our ability to attract and retain qualified personnel; the effects of increased competition and our ability to compete effectively; the impact on our business of cyber-attacks and security breaches; our ability to secure our information technology infrastructure and our confidential, sensitive and personal information; our ability to comply with constantly evolving data privacy and security laws; our ability to manage changes in, uncertainty regarding, or adverse application of the complex laws and regulations that govern our business; changing laws and regulations governing health insurance and employee benefits; our ability to be recognized as an employer of worksite employees under federal and state regulations; changes in the laws and regulations that govern what it means to be an employer, employee or independent contractor; our ability to comply with the laws and regulations that govern PEOs and other similar industries; the outcome of existing and future legal and tax proceedings; fluctuation in our results of operation and stock price due to factors outside of our control, such as the volume and severity of our workers' compensation and health insurance claims and the amount and timing of our insurance costs, operating expenses and capital expenditure requirements; our ability to comply with the restrictions of our credit facility and meet our debt obligations; and the impact of concentrated ownership in our stock. Any of these factors could cause our actual results to differ materially from our anticipated results.

Further information on risks that could affect TriNet's results is included in our filings with the SEC, including under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on our investor relations website at http://investor.trinet.com and on the SEC website at www.sec.gov. Copies of these filings are also available by contacting TriNet Corporation's Investor Relations Department at (510) 875-7201. Except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this press release, and any forward-looking statements in this press release speak only as of the date of this press release. In addition, we do not assume any obligation, and do not intend, to update any of our forward-looking statements, except as required by law.

Contacts:

Investors: Media:

Alex Bauer Renee Brotherton

TriNet TriNet

Investorrelations@TriNet.comRenee.Brotherton@TriNet.com

(510) 875-7201 (408) 646-5103

Key Financial and Operating Metrics

We regularly review certain key financial and operating metrics to evaluate growth trends, measure our performance and make strategic decisions. These key financial and operating metrics may change over time. Our key financial and operating metrics for the periods presented were as follows:

Three Months Ended June 30, Six Months Ended June 30,

(in millions, except per share and WSE data) 2021 2020 % Change 2021 2020 % Change

Income Statement Data:

Total revenues $1,100 $948 16 %$2,160 $1,996 8 %

Operating income 121 173 (30) 259 293 (12)

Net income 91 126 (28) 192 217 (12)

Diluted net income per share of common stock 1.37 1.87 (27) 2.87 3.13 (8)

Non-GAAP measures^ (1):

Net Service Revenues 302 335 (10) 611 618 (1)

Net Insurance Service Revenues 146 214 (32) 302 341 (11)

Adjusted EBITDA 154 199 (23) 317 344 (8)

Adjusted Net income 104 136 (24) 215 235 (9)

Operating Metrics:

Average WSEs 332,719 313,7016 %327,007 325,024 1 %

Total WSEs at period end 339,935 313,1049 339,935 313,104 9



(1) Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures".

(in millions) June 30, 2021December 31,% 2020 Change

Balance Sheet Data:

Working capital $554 290 91 %

Total assets 2,978 3,043 (2)

Debt 495 370 34

Total stockholders' equity744 607 23

Six Months Ended June 30,

(in millions) 2021 2020 % Change

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 activities43 122 (65)

Non-GAAP measure ^(1):

Corporate Operating Cash Flows 240 315 (24)

(1) Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures".

TRINET GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)

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

TRINET GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions) June 30, December 31, 2021 2020

Assets

Current assets:

Cash and cash equivalents $464 $301

Investments 131 57

Restricted cash, cash equivalents and investments958 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 179 210 investments, noncurrent

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 572 1,095 withholdings

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, 133 138 net

Deferred taxes 21 22

Operating lease liabilities, noncurrent 46 49

Other non-current liabilities 9 9

Total liabilities 2,234 2,436

Stockholders' equity:

Preferred stock - -

Common stock and additional paid-in capital 776 747

Accumulated deficit (35) (144)

Accumulated other comprehensive income 3 4

Total stockholders' equity 744 607

Total liabilities and stockholders' equity $2,978 $3,043

TRINET GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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 asset 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





Non-GAAP Financial Measures

In addition to the selected financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), we monitor other non-GAAP financial measures that we use to manage our business, to make planning decisions, to allocate resources and to use as performance measures in our executive compensation plan. These key financial measures provide an additional view of our operational performance over the long term and provide information that we use to maintain and grow our business.

The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. In subsequent filings, we will no longer provide Net Service Revenues, Net Insurance Service Revenues and Net Insurance Margin. Our consolidated statements of income and comprehensive income will continue to disclose total revenues, insurance service revenues and insurance cost, determined in accordance with GAAP, which are the key components of these non-GAAP measures.

Non-GAAP Measure Definition How We Use The Measure

? 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 ? Sum of for financial reporting professional servicepurposes. revenues and Net Net Service Revenues Insurance Service ? Acts as the basis to Revenues, or total allocate resources to revenues less different functions and insurance costs. 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.

? 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 ? Insurance service purposes. Promotes an Net Insurance Service Revenuesrevenues less understanding of our insurance costs. 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.

? Provides a comparable ? Net Insurance basis of Net Insurance Margin is the ratio Service Revenues relativeNet Insurance Margin of Net Insurance to insurance service Services Revenues torevenues. Promotes an insurance service understanding of our revenues. pricing to risk performance.

? 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 ? Net income, depreciation and excluding the amortization, and effects of: stock-based compensation recognized based on the - income tax estimated fair values. We provision, believe these charges are either not directly - interest expense, resulting from our core bank fees and other,operations or not Adjusted EBITDA indicative of our ongoing - depreciation, operations. - amortization of ? Enhances comparisons to intangible assets, prior periods and, and accordingly, facilitates the development of future - stock based projections and earnings compensation growth prospects. expense. ? 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.

? Net income, excluding the effects of: - effective income ? Provides information to tax rate (1), our stockholders and board of directors to - stock based understand how our compensation, management evaluates our business, to monitor and Adjusted Net Income - amortization of evaluate our operating intangible assets, results, and analyze profitability of our - non-cash interest ongoing operations and expense (2), and trends on a consistent basis by excluding - the income tax certain non-cash charges. effect (at our effective tax rate (1) of these pre-tax adjustments.

? Net cash provided by (used in) operating activities, excluding the effects of: ? Provides information that our stockholders and - Assets associated management can use to with WSEs (accounts evaluate our cash flows receivable, unbilledfrom operations revenue, prepaid independent of the expenses and other current assets and current assets) and liabilities associated with our WSEs. - Liabilities Corporate Operating Cash Flowsassociated with WSEs? Enhances comparisons to (client deposits andprior periods and, other client accordingly, used as a liabilities, accruedliquidity measure to wages, payroll tax manage liquidity between liabilities and corporate and WSE related other payroll activities, and to help withholdings, determine and plan our accrued health cash flow and capital benefit costs, strategies. accrued workers' compensation costs, insurance premiums and other payables, and other current liabilities).

Non-GAAP effective tax rate is 25.5% for the second quarters of 2021 and(1) 2020, which excludes the income tax impact from stock-based compensation, changes in uncertain tax positions, and nonrecurring benefits or expenses from federal legislative changes.

(2) Non-cash interest expense represents amortization and write-off of our debt issuance costs and loss on derivative.

Reconciliation of GAAP to Non-GAAP Measures The table below presents a reconciliation of total revenues to Net Service Revenues:

Three Months Ended Six Months Ended June June 30, 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





The table below presents a reconciliation of insurance service revenues to Net Insurance Service Revenues:

Three Months Ended Six Months Ended June June 30, 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

NIM 15 % 26 % 16 %20 %





The table below presents a reconciliation of net income to Adjusted EBITDA:

Three Months Ended Six Months Ended June 30, 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 19 13 31 24 intangible assets^ 1

Adjusted EBITDA $ 154 $ 199 $317 $ 344

Adjusted EBITDA Margin 14.0 % 21.0 % 14.7 %17.2 %

^(1) Amount includes impairment of customer relationship intangibles and amortization of cloud computing arrangements included in operating expenses.

The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share - diluted:

Three Months Ended Six Months Ended June 30, June 30,

(in millions, except per share data) 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

GAAP weighted average shares of common stock - diluted67 68 67 69

Adjusted Net Income per share - diluted $1.56 $2.03 $3.20 $3.39

^(1) Amount includes impairment of customer relationship intangibles.

The table below presents a reconciliation of net cash (used in) provided by operating activities to Corporate Operating Cash flows:

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

Reconciliation of GAAP to Non-GAAP Measures for the third quarter and full-year 2021 guidance. Low and high percentages represent increases (decreases) from the same period in the previous year. The table below presents a reconciliation of insurance service revenues to Net Insurance Service Revenues and NIM:

Q3 2020 Q3 2021 Guidance FY 2020 Year 2021 Guidance

(in millions) Actual Low High Actual Low High

Insurance service revenues $849 14 %17 %$3,490 10 % 11 %

Less: Insurance costs 759 17 17 2,979 14 14

Net Insurance Service Revenues $90 (8) %16 %$511 (14) % (5) %

NIM 10.6 %8.5 %10.5 %14.6 %11.5 % 12.5 %

Ratio of insurance costs to insurance 89 %91.5 %89.5 %85 %88.5 % 87.5 % service revenues

The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share - diluted:

Q3 2020 Q3 2021 Guidance FY 2020 Year 2021 Guidance

(in millions, except per share data) Actual Low High Actual Low High

Net income $33 (1) %49 %$272 (12) %(1) %

Effective income tax rate adjustment (4) (36) (54) (6) 13 (4)

Stock based compensation 11 32 32 43 23 23

Amortization of intangible assets^1 1 3 3 5 136 136

Non-cash interest expense 1 28 28 1 287 287

Income tax impact of pre-tax adjustments (3) 29 29 (12) 39 39

Adjusted Net Income $39 11 %55 %$303 (6) %4 %

GAAP weighted average shares of 68 68 common stock - diluted

Adjusted Net Income per share - diluted $0.56 $0.62 $0.87 $4.44 $4.25 $4.70



^(1) Guidance amounts includes impairment of customer relationship intangibles.

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SOURCE TriNet Group, Inc.