TNET FY 2023 Earnings Report — TriNet Group, Inc. Revenue & Financial Results | Market Cap Arena

TriNet Group, Inc.TNET

FY 2023 Earnings

Reported February 15, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$4.9B	—	$4.9B	—	0.8%
Op. Income	$469M	—	$499M	—	-6.0%
Gross Margin	22.4%	—	22.9%	—	-0.5pp
Net Margin	7.6%	—	7.3%	—	0.4pp
EPS (Diluted)	$6.58	—	$5.61	—	17.3%
Free Cash Flow	$470M	—	$506M	—	-7.1%

Revenue Flow

Item	Amount
REVENUE	$4.9B
Cost of Revenue	$3.8B
GROSS PROFIT	$1.1B
R&D Expenses	$65M
Selling & Marketing	$285M
General & Administrative	$211M
SG&A Expenses	$496M
Other Expenses	$72M
Operating Expenses	$633M
Cost & Expenses	$4.5B
OPERATING INCOME	$469M
Interest Income	$72M
Interest Expense	$40M
Other Income/Expenses	$32M
INCOME BEFORE TAX	$501M
Income Tax Expense	$126M
Net Income from Continuing Ops	$375M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$375M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$375M
D&A	$121M
EBIT	$541M
EBITDA	$662M
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$4.9B
Cost of Revenue	$3.8B
GROSS PROFIT	$1.1B
R&D Expenses	$65M
Selling & Marketing	$285M
General & Administrative	$211M
SG&A Expenses	$496M
Other Expenses	$72M
Operating Expenses	$633M
Cost & Expenses	$4.5B
OPERATING INCOME	$469M
Interest Income	$72M
Interest Expense	$40M
Other Income/Expenses	$32M
INCOME BEFORE TAX	$501M
Income Tax Expense	$126M
Net Income from Continuing Ops	$375M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$375M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$375M
D&A	$121M
EBIT	$541M
EBITDA	$662M
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$375M
Depreciation & Amortization	$121M
Stock-Based Compensation	$59M
Deferred Income Tax	$5M
Other Non-Cash Items	$7M
Change in Working Capital	-$22M
OPERATING CASH FLOW	$545M
Capital Expenditure	-$75M
Acquisitions (Net)	$0
Purchases of Investments	-$276M
Sales/Maturities of Investments	$286M
Other Investing Activities	-$5M
NET CASH FROM INVESTING	-$70M
Net Debt Issuance	$600M
Common Stock Repurchased	-$1.1B
Common Dividends Paid	$0
Other Financing Activities	-$39M
NET CASH FROM FINANCING	-$546M
FREE CASH FLOW	$470M
Net Change in Cash	-$71M

Balance Sheet

Item	Amount
Cash & Equivalents	$287M
Short-Term Investments	$65M
Net Receivables	$465M
Inventory	$0
Other Current Assets	$1.7B
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$41M
Goodwill	$462M
Intangible Assets	$172M
Long-Term Investments	$143M
Tax Assets	$0
Other Non-Current Assets	$297M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$3.7B
Account Payables	$87M
Short-Term Debt	$109M
Deferred Revenue	$65M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$2.5B
Long-Term Debt	$984M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$13M
Other Non-Current Liabilities	$125M
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$3.6B
Common Stock	$976M
Additional Paid-In Capital	$0
Retained Earnings	-$896M
Treasury Stock	$0
Accum. Other Comp. Income	-$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$78M
Minority Interest	$0
TOTAL EQUITY	$78M
TOTAL LIABILITIES & EQUITY	$3.7B
Total Debt	$1.1B
Net Debt	$850M