15% Growth in Total Revenues to $1.2 Billion
27% Growth in Professional Service Revenues to $194 million
Net Income per Diluted Share of $2.21 and Adjusted Net Income per Diluted Share $2.55
DUBLIN, Calif., April 26, 2022 /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 first quarter ended March 31, 2022. The first quarter highlights below include non-GAAP financial measures which are reconciled later in this release.
First quarter highlights include:
"TriNet successfully executed several strategic initiatives during the first quarter, which have positioned us for a strong 2022 and beyond," said Burton M. Goldfield, TriNet's President and CEO. "Our dynamic customer base continued to grow, add employees, and drive our first quarter revenue growth. Through our acquisition of Zenefits, we diversified and elevated our SMB product offering and positioned the company for a digital transformation. Finally, we returned capital to shareholders through a $316 million tender offer optimizing our balance sheet in the process."
Mr. Goldfield added, "We strive to act in the best interests of all of our stakeholders. We are committed to helping our customers navigate the many HR complexities they are facing. Through the acquisition of Zenefits, we are expanding our product offering, serving our customers throughout their business lifecycle, all while continuing to deliver strong financial performance."
Second Quarter and Full-Year 2022 Guidance
In addition to announcing our first quarter 2022 results, we provide our second quarter and full-year 2022 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.
Q2 2022 |
Full Year 2022 |
|||||||
Low |
High |
Low |
High |
|||||
Total Revenues |
8% |
9% |
7% |
9% |
||||
Professional Service Revenues |
14% |
15% |
15% |
18% |
||||
Insurance Cost Ratio |
88.5% |
87.5% |
89.0% |
88.0% |
||||
Diluted net income per share of common stock |
$ 0.69 |
$ 0.80 |
$ 3.28 |
$ 3.91 |
||||
Adjusted Net Income per share - diluted |
$ 1.10 |
$ 1.21 |
$ 4.70 |
$ 5.35 |
Quarterly Report on Form 10-Q
We anticipate filing our Quarterly Report on Form 10-Q ("Form 10-Q") for the three months ended March 31, 2022 with the U.S. Securities and Exchange Commission (SEC) and making it available at http://www.trinet.com today, April 26, 2022. 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 first quarter results for 2022 and provide second quarter and full-year financial guidance for 2022. 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/10165328/f237e25d40. 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 two weeks following the conference call at +1 (412) 317-0088 conference ID: 3514623.
TriNet provides small and medium-size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll, all enabled by industry leading technology capabilities. TriNet's suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, Benefits, Employee Engagement, Payroll and Time & Attendance. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business and enabling their people. TriNet, incredible starts here. For more information, visit TriNet.com or follow us on Twitter.
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 guidance and expectations regarding future financial performance, the potential impact of the strategic initiatives executed by TriNet during the first quarter, TriNet's expectations regarding client hiring rates, the financial impact of our tender offer, and the impact of our newly expanded product offerings on future growth in TriNet's installed base. 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 manage unexpected changes in workers' compensation and health insurance claims and costs by worksite employees; our ability to mitigate the business risks we face as a co-employer; 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; loss of clients for reasons beyond our control; the short-term contracts we typically use with our clients; the impact of regional or industry-specific economic an health factors on our operations; the impact of failures or limitations in the business systems we rely upon; the impact of our 2020 Recovery Credit program and 2021 Credit Program; adverse changes in our insurance coverage or our relationships with key insurance carriers; our ability to improve our services and 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 |
(510) 875-7201 |
(925) 965-8441 |
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 March 31, |
||||||
(in millions, except per share and Operating Metrics data) |
2022 |
2021 |
% Change |
|||
Income Statement Data: |
||||||
Total revenues |
$ 1,218 |
$ 1,060 |
15 |
% |
||
Operating income |
204 |
138 |
48 |
|||
Net income |
146 |
101 |
45 |
|||
Diluted net income per share of common stock |
2.21 |
1.51 |
46 |
|||
Non-GAAP measures (1): |
||||||
Adjusted EBITDA |
242 |
163 |
48 |
|||
Adjusted Net income |
168 |
111 |
51 |
|||
Operating Metrics: |
||||||
Insurance Cost Ratio |
80% |
83% |
(3) |
% |
||
Average WSEs |
343,245 |
321,295 |
7 |
|||
Total WSEs at period end |
348,349 |
326,216 |
7 |
|||
Average HCM Users (2) |
253,766 |
N/A |
N/A |
|||
(1) Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures". |
||||||
(2) From February 15, 2022, the date on which we acquired Zenefits, to the end of the period. |
||||||
(in millions) |
March 31, |
December 31, |
% |
|||
Balance Sheet Data: |
||||||
Working capital |
$ 305 |
700 |
(56) |
% |
||
Total assets |
3,204 |
3,309 |
(3) |
|||
Debt |
495 |
495 |
— |
|||
Total stockholders' equity |
695 |
881 |
(21) |
|||
Three Months Ended March 31, |
||||||
(in millions) |
2022 |
2021 |
% Change |
|||
Cash Flow Data: |
||||||
Net cash provided by (used in) operating activities |
$ 214 |
$ (175) |
(222) |
% |
||
Net cash used in investing activities |
(213) |
(3) |
7,000 |
|||
Net cash provided by (used in) financing activities |
(353) |
56 |
(730) |
|||
Non-GAAP measure (1): |
||||||
Corporate Operating Cash Flows |
193 |
131 |
47 |
|||
(1) Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures". |
TRINET GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) |
||
Three Months Ended March 31, |
||
(in millions except per share data) |
2022 |
2021 |
Professional service revenues |
$ 194 |
$ 153 |
Insurance service revenues |
1,024 |
907 |
Total revenues |
1,218 |
1,060 |
Insurance costs |
823 |
751 |
Cost of providing services |
70 |
64 |
Sales and marketing |
45 |
46 |
General and administrative |
47 |
36 |
Systems development and programming |
16 |
13 |
Depreciation and amortization of intangible assets |
13 |
12 |
Total costs and operating expenses |
1,014 |
922 |
Operating income |
204 |
138 |
Other income (expense): |
||
Interest expense, bank fees and other |
(5) |
(5) |
Interest income |
1 |
2 |
Income before provision for income taxes |
200 |
135 |
Income taxes |
54 |
34 |
Net income |
$ 146 |
$ 101 |
Other comprehensive loss, net of income taxes |
(8) |
(1) |
Comprehensive income |
$ 138 |
$ 100 |
Net income per share: |
||
Basic |
$ 2.23 |
$ 1.53 |
Diluted |
$ 2.21 |
$ 1.51 |
Weighted average shares: |
||
Basic |
65 |
66 |
Diluted |
66 |
67 |
TRINET GROUP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|||
(In millions) |
March 31, 2022 |
December 31, 2021 |
|
Assets |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 235 |
$ 612 |
|
Investments |
154 |
135 |
|
Restricted cash, cash equivalents and investments |
1,216 |
1,195 |
|
Accounts receivable, net |
10 |
15 |
|
Unbilled revenue, net |
317 |
324 |
|
Prepaid expenses, net |
55 |
67 |
|
Other current assets |
106 |
91 |
|
Total current assets |
2,093 |
2,439 |
|
Restricted cash, cash equivalents and investments, noncurrent |
163 |
166 |
|
Investments, noncurrent |
165 |
168 |
|
Property, equipment and software, net |
82 |
79 |
|
Operating lease right-of-use asset |
48 |
42 |
|
Goodwill |
433 |
294 |
|
Other intangible assets, net |
100 |
6 |
|
Other assets |
120 |
115 |
|
Total assets |
$ 3,204 |
$ 3,309 |
|
Liabilities and stockholders' equity |
|||
Current liabilities: |
|||
Accounts payable and other current liabilities |
$ 118 |
$ 86 |
|
Client deposits and other client liabilities |
124 |
97 |
|
Accrued wages |
561 |
369 |
|
Accrued health insurance costs, net |
166 |
174 |
|
Accrued workers' compensation costs, net |
48 |
55 |
|
Payroll tax liabilities and other payroll withholdings |
739 |
929 |
|
Operating lease liabilities |
15 |
11 |
|
Insurance premiums and other payables |
17 |
18 |
|
Total current liabilities |
1,788 |
1,739 |
|
Long-term debt, noncurrent |
495 |
495 |
|
Accrued workers' compensation costs, noncurrent, net |
143 |
135 |
|
Deferred taxes |
26 |
11 |
|
Operating lease liabilities, noncurrent |
48 |
41 |
|
Other non-current liabilities |
9 |
7 |
|
Total liabilities |
2,509 |
2,428 |
|
Stockholders' equity: |
|||
Preferred stock |
— |
— |
|
Common stock and additional paid-in capital |
837 |
808 |
|
Retained earnings (Accumulated deficit) |
(133) |
74 |
|
Accumulated other comprehensive loss |
(9) |
(1) |
|
Total stockholders' equity |
695 |
881 |
|
Total liabilities and stockholders' equity |
$ 3,204 |
$ 3,309 |
TRINET GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||
Three Months Ended March 31, |
||
(in millions) |
2022 |
2021 |
Operating activities |
||
Net income |
$ 146 |
$ 101 |
Adjustments to reconcile net income to net cash provided by operating activities: |
||
Depreciation and amortization |
21 |
19 |
Stock based compensation |
12 |
11 |
Amortization of ROU asset, lease modification and impairment |
3 |
3 |
Deferred income taxes |
2 |
— |
Other |
2 |
2 |
Changes in operating assets and liabilities: |
||
Accounts receivable, net |
8 |
13 |
Unbilled revenue, net |
7 |
(94) |
Other assets and prepaid expenses, net |
(11) |
(19) |
Accounts payable and other liabilities |
10 |
29 |
Client deposits and other client liabilities |
28 |
17 |
Accrued wages |
188 |
179 |
Accrued health insurance costs, net |
(8) |
(7) |
Accrued workers' compensation costs, net |
1 |
— |
Payroll taxes payable and other payroll withholdings |
(191) |
(426) |
Operating lease liabilities |
(4) |
(3) |
Net cash provided by (used in) operating activities |
214 |
(175) |
Investing activities |
||
Purchases of marketable securities |
(91) |
(82) |
Proceeds from sale and maturity of marketable securities |
72 |
84 |
Purchases of property and equipment |
(11) |
(5) |
Acquisition of Zenefits, net of cash acquired |
(183) |
— |
Net cash used in investing activities |
(213) |
(3) |
Financing activities |
||
Repurchase of common stock |
(350) |
(60) |
Awards effectively repurchased for required employee withholding taxes |
(3) |
(5) |
Payment of long-term financing fees |
— |
(9) |
Proceeds from issuance of 2029 Notes |
— |
500 |
Repayment of debt |
— |
(370) |
Net cash provided by (used in) financing activities |
(353) |
56 |
Net decrease in cash and cash equivalents, unrestricted and restricted |
(352) |
(122) |
Cash and cash equivalents, unrestricted and restricted: |
||
Beginning of period |
1,738 |
1,643 |
End of period |
$ 1,386 |
$ 1,521 |
Supplemental disclosures of cash flow information |
||
Interest paid |
$ 9 |
$ 2 |
Income taxes (refund) paid, net |
$ (12) |
$ 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.
Non-GAAP Measure |
Definition |
How We Use The Measure |
Adjusted EBITDA |
• Net income, excluding the effects of: - income tax provision, - interest expense, bank fees and other, - depreciation, - amortization of intangible assets, - stock based compensation expense, and - transaction and integration costs.
|
• 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-recurring costs, such as transaction and integration costs, and non-cash charges, such as depreciation and amortization, and stock-based compensation recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations. • Enhances comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. • 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.
|
Adjusted Net Income |
• Net income, excluding the effects of: - effective income tax rate (1), - stock based compensation, - amortization of other intangible assets, net, - non-cash interest expense (2), - transaction and integration costs, and - the income tax effect (at our effective tax rate (1) of these pre-tax adjustments. |
• Provides information to our stockholders and board of directors to understand how our management evaluates our business, to monitor and evaluate our operating results, and analyze profitability of our ongoing operations and trends on a consistent basis by excluding certain non-recurring costs and non-cash charges.
|
Corporate Operating Cash Flows |
• Net cash provided by (used in) operating activities, excluding the effects of: - Assets associated with WSEs (accounts receivable, unbilled revenue, prepaid expenses and other current assets) and - Liabilities associated with WSEs (client deposits and other client liabilities, accrued wages, payroll tax liabilities and other payroll withholdings, accrued health benefit costs, accrued workers' compensation costs, insurance premiums and other payables, and other current liabilities). |
• Provides information that our stockholders and management can use to evaluate our cash flows from operations independent of the current assets and liabilities associated with our WSEs. • Enhances comparisons to prior periods and, accordingly, used as a liquidity measure to manage liquidity between corporate and WSE related activities, and to help determine and plan our cash flow and capital strategies. |
(1) |
Non-GAAP effective tax rate is 25.5% for the first quarters of 2022 and 2021, 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 a terminated derivative. |
Reconciliation of GAAP to Non-GAAP Measures The table below presents a reconciliation of net income to Adjusted EBITDA: |
||
Three Months Ended |
||
(in millions) |
2022 |
2021 |
Net income |
$ 146 |
$ 101 |
Provision for income taxes |
54 |
34 |
Stock based compensation |
12 |
11 |
Interest expense, bank fees and other |
6 |
5 |
Depreciation and amortization of intangible assets ¹ |
14 |
12 |
Transaction and integration costs |
10 |
— |
Adjusted EBITDA |
$ 242 |
$ 163 |
Adjusted EBITDA Margin |
19.9% |
15.4% |
(1) Amount includes 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 |
||
(in millions, except per share data) |
2022 |
2021 |
Net income |
$ 146 |
$ 101 |
Effective income tax rate adjustment |
4 |
— |
Stock based compensation |
12 |
11 |
Amortization of intangible assets |
3 |
1 |
Non-cash interest expense |
— |
2 |
Transaction and integration costs |
10 |
— |
Income tax impact of pre-tax adjustments |
(7) |
(4) |
Adjusted Net Income |
$ 168 |
$ 111 |
GAAP weighted average shares of common stock - diluted |
66 |
67 |
Adjusted Net Income per share - diluted |
$ 2.55 |
$ 1.66 |
The table below presents a reconciliation of net cash provided by (used in) operating activities to Corporate Operating Cash flows:
Three Months Ended March 31, |
||
(in millions) |
2022 |
2021 |
Net cash provided by (used in) operating activities |
$ 214 |
$ (175) |
Less: Change in WSE related other current assets |
(9) |
(85) |
Less: Change in WSE related liabilities |
30 |
(221) |
Net cash provided by (used in) operating activities - WSE |
$ 21 |
$ (306) |
Net cash provided by operating activities - Corporate |
$ 193 |
$ 131 |
Reconciliation of GAAP to Non-GAAP Measures for the second quarter and full-year 2022 guidance.
Low and high percentages represent increases (decreases) from the same period in the previous year and excludes transaction and integration cost percentages as there is no comparative amount in the second quarter and full year of 2021, respectively, and no percentages can be provided. Adjusted Net Income excludes transaction and integration costs for 2022.
The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share - diluted:
Q2 2021 |
Q2 2022 Guidance |
FY 2021 |
Year 2022 Guidance |
||||||
(in millions, except per share data) |
Actual |
Low |
High |
Actual |
Low |
High |
|||
Net income |
$ 91 |
(52)% |
(45)% |
$ 338 |
(37)% |
(25)% |
|||
Effective income tax rate adjustment |
(4) |
(100) |
(107) |
(10) |
(90) |
(104) |
|||
Stock based compensation |
13 |
35 |
35 |
50 |
29 |
29 |
|||
Amortization of intangible assets |
9 |
(42) |
(42) |
12 |
48 |
48 |
|||
Non-cash interest expense |
1 |
— |
— |
3 |
(65) |
(65) |
|||
Income tax impact of pre-tax adjustments |
(6) |
57 |
57 |
(17) |
92 |
92 |
|||
Adjusted Net Income |
$ 104 |
(33)% |
(26)% |
$ 376 |
(19)% |
(8)% |
|||
GAAP weighted average shares of |
67 |
67 |
|||||||
Adjusted Net Income per share - diluted |
$ 1.56 |
$ 1.10 |
$ 1.21 |
$ 5.64 |
$ 4.70 |
$ 5.35 |
SOURCE TriNet Group, Inc.
Рост общей выручки на 15% до 1,2 миллиарда долларов
Доходы от профессиональных услуг выросли на 27% до 194 миллионов долларов
Чистая прибыль на разводненную акцию составила 2,21 доллара США, а Скорректированная Чистая прибыль на разводненную акцию - 2,55 доллара США
ДУБЛИН, Калифорния, 26 апреля 2022 г. /PRNewswire/ -- TriNet Group, Inc. (Нью-Йоркская фондовая биржа: TNET), ведущий поставщик комплексных кадровых решений для малого и среднего бизнеса, сегодня объявила финансовые результаты за первый квартал, закончившийся 31 марта 2022 года. Основные показатели за первый квартал, приведенные ниже, включают финансовые показатели, не относящиеся к GAAP, которые выверяются позже в этом выпуске.
Основные моменты первого квартала включают в себя:
"TriNet успешно реализовала несколько стратегических инициатив в течение первого квартала, которые обеспечили нам уверенный рост в 2022 году и далее", - сказал Бертон М. Голдфилд, президент и генеральный директор TriNet. "Наша динамично развивающаяся клиентская база продолжала расти, добавляя сотрудников и способствуя росту выручки в первом квартале. Благодаря приобретению Zenefits мы диверсифицировали и расширили наше предложение продуктов для малого и среднего бизнеса и подготовили компанию к цифровой трансформации. Наконец, мы вернули капитал акционерам через тендерное предложение на сумму 316 миллионов долларов, оптимизировав при этом наш баланс".
Г-н Голдфилд добавил: "Мы стремимся действовать в наилучших интересах всех наших заинтересованных сторон. Мы стремимся помочь нашим клиентам справиться со многими кадровыми сложностями, с которыми они сталкиваются. Благодаря приобретению Zenefits мы расширяем наше предложение продуктов, обслуживая наших клиентов на протяжении всего жизненного цикла их бизнеса, продолжая при этом обеспечивать высокие финансовые показатели".
Прогноз на второй квартал и весь 2022 год
В дополнение к объявлению наших результатов за первый квартал 2022 года, мы предоставляем наши рекомендации на второй квартал и на весь 2022 год. Финансовые показатели, не относящиеся к ОПБУ, сверяются позже в этом выпуске. Проценты отражают увеличение или (уменьшение) по сравнению с кварталом предыдущего года и концом предыдущего года.
Q2 2022 |
Full Year 2022 |
|||||||
Low |
High |
Low |
High |
|||||
Total Revenues |
8% |
9% |
7% |
9% |
||||
Professional Service Revenues |
14% |
15% |
15% |
18% |
||||
Insurance Cost Ratio |
88.5% |
87.5% |
89.0% |
88.0% |
||||
Diluted net income per share of common stock |
$ 0.69 |
$ 0.80 |
$ 3.28 |
$ 3.91 |
||||
Adjusted Net Income per share - diluted |
$ 1.10 |
$ 1.21 |
$ 4.70 |
$ 5.35 |
Ежеквартальный отчет по форме 10-Q
Мы планируем подать наш Ежеквартальный отчет по форме 10-Q ("Форма 10-Q") за три месяца, закончившихся 31 марта 2022 года, в Комиссию по ценным бумагам и биржам США (SEC) и предоставить его по адресу http://www.trinet.com сегодня, 26 апреля 2022 года. Настоящий пресс-релиз следует читать вместе с Формой 10-Q и соответствующими Примечаниями к Консолидированной финансовой отчетности, а также Обсуждением и анализом Руководством Финансового состояния и результатов деятельности, содержащимися в Форме 10-Q.
Заработок Конференц-связь и аудио-трансляция в Интернете
TriNet проведет селекторное совещание сегодня в 14:00 по североамериканскому времени (17:00 по восточному времени), чтобы обсудить результаты своего первого квартала за 2022 год и предоставить финансовые рекомендации на второй квартал и весь год на 2022 год. TriNet рекомендует участникам предварительно зарегистрироваться для участия в телефонной конференции. Абонентам, которые предварительно зарегистрируются, будет предоставлен уникальный PIN-код, чтобы получить немедленный доступ к вызову и обойти действующего оператора. Чтобы пройти предварительную регистрацию, перейдите по ссылке: https://dpregister.com/sreg/10165328/f237e25d40 . Для тех, кто хотел бы присоединиться к звонку, но не прошел предварительную регистрацию, они могут сделать это, набрав +1 (412) 317-5426 и запросив "Конференц-звонок TriNet". Прямая трансляция телефонной конференции доступна в разделе по связям с инвесторами веб-сайта TriNet по адресу http://investor.trinet.com . Воспроизведение веб-трансляции будет доступно на этом веб-сайте примерно в течение одного года. Повтор телефонного разговора будет доступен в течение двух недель после конференц-звонка по телефону +1 (412) 317-0088 идентификатор конференции: 3514623.
TriNet предоставляет малому и среднему бизнесу (SMB) кадровые решения с полным спектром услуг, адаптированные к конкретной отрасли. Чтобы избавить малый и средний бизнес от кадровых сложностей, TriNet предлагает доступ к опыту в области человеческого капитала, преимуществам, снижению рисков и соблюдению требований, начислению заработной платы, и все это благодаря передовым технологическим возможностям отрасли. Набор продуктов TriNet также включает в себя услуги и программные решения, помогающие оптимизировать рабочие процессы за счет подключения отдела кадров, льгот, Вовлеченности сотрудников, расчета заработной платы и учета рабочего времени и посещаемости. От Мейн—стрит до Уолл-стрит TriNet позволяет малым и средним предприятиям сосредоточиться на самом важном - развитии своего бизнеса и расширении возможностей своих сотрудников. ТриНет, невероятное начинается здесь. Для получения дополнительной информации посетите TriNet.com или подписывайтесь на нас в Твиттере.
Использование финансовых показателей, не относящихся к ОПБУ
Сверки финансовых показателей, не относящихся к GAAP, с финансовыми результатами TriNet, определенными в соответствии с GAAP, включены в конце этого пресс-релиза после прилагаемых финансовых данных. Описание этих финансовых показателей, не относящихся к GAAP, включая причины, по которым руководство использует каждую меру, см. в разделе "Финансовые показатели, не относящиеся к GAAP".
Прогнозные заявления
Этот пресс-релиз содержит, и заявления, сделанные во время вышеупомянутой телефонной конференции, будут содержать заявления, которые не являются историческими по своей природе, носят прогнозный характер или которые зависят или относятся к будущим событиям или условиям или иным образом содержат прогнозные заявления по смыслу раздела 21 Закона о ценных бумагах и биржах от 1934 года с поправками и Закон о реформе судебных разбирательств по частным ценным бумагам 1995 года, включая, среди прочего, ожидания и предположения TriNet относительно: финансовых рекомендаций TriNet на второй квартал и весь 2021 год и лежащих в их основе предположений, а также масштабов, продолжительности и влияния на экономический рост усилий по возобновлению деятельности. Прогнозные заявления часто определяются использованием таких слов, как, но не ограничиваясь ими, "способность", "предвидеть", "верить", "может", "продолжать", "мог бы", "оценить", "ожидать", "руководство", "влияние", "намереваться", "может", "планировать", "прогнозировать", "проектировать", "стремиться", "должен", "стратегия", "цель", "ценность", "воля", "хотел бы" и подобные выражения или вариации. Примеры прогнозных заявлений включают, среди прочего, рекомендации и ожидания TriNet относительно будущих финансовых показателей, потенциальное влияние стратегических инициатив, реализованных TriNet в течение первого квартала, ожидания TriNet в отношении ставок найма клиентов, финансовых последствий нашего тендерного предложения и влияния нашего нового расширенного продукта предложения о будущем росте установленной базы TriNet. Эти заявления не являются гарантией будущих результатов, но основаны на ожиданиях руководства на дату настоящего Соглашения и допущениях, которые по своей сути подвержены неопределенности, рискам и изменениям обстоятельств, которые трудно предсказать. Прогнозные заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые могут привести к тому, что фактические результаты, показатели или достижения будут существенно отличаться от наших текущих ожиданий и любых прошлых или будущих результатов, показателей или достижений. Инвесторов предостерегают от чрезмерного доверия к каким-либо прогнозным заявлениям.
Важными факторами, которые могут вызвать фактические результаты могут существенно отличаться от тех, которые сформулированы или подразумеваются под этими прогнозными заявлениями являются: экономические, медицинские и бизнес потрясения, вызванные COVID-19 пандемией; влияние COVID-19 пандемией на своих клиентов и перспективы, расходы на страхование и операций; влияние COVID-19 пандемией на законы и нормативные акты, которые влияют на нашу индустрию и клиентов; нашу способность справляться с непредвиденными изменениями в компенсации работникам и медицинского страхования и расходы на рабочем месте сотрудников; наша способность минимизировать бизнес-риски, с которыми мы сталкиваемся как со-работодателя; влияние волатильности на финансовых и экономических условий для бизнеса, которые составляют нашу клиентскую базу и концентрация наших клиентов в отдельных регионах и отраслях; потери клиентов, по независящим от нас причинам; срочный трудовой договор обычно мы используем с нашими клиентами; влияние региональных или отраслевых экономических здоровье факторов на деятельность; влияния сбоев или ограничений в бизнес-системах, на которые мы опираемся; влияние наших 2020 восстановления кредитной программы и 2021 кредитной программы; неблагоприятные изменения в страховое покрытие или наши отношения с ключевыми страхование перевозчиков; нам возможность улучшить наш сервис и технологии, удовлетворяющие нормативным требованиям и соответствовать ожиданиям наших клиентов и управлять клиентскими истощение; способность к эффективной интеграции бизнеса мы приобрели или могут приобрести в будущем; нашу способность эффективно управлять и улучшать наши операционные процессы; нашу способность привлекать и удерживать квалифицированные кадры; последствия усиления конкуренции и нашей способности эффективно конкурировать; влияние на наш бизнес кибер-атак и несанкционированного доступа; нам возможность обезопасить нашу инфраструктуру информационных технологий и тайны, конфиденциальной и личной информации; способность соблюдать постоянно развивается безопасности и конфиденциальности данных законов; нашу способность управлять изменениями, неуверенность, негативные или применение комплекса законов и подзаконных актов, которые регулируют наше дело, меняющиеся законы и нормативные акты, регулирующие медицинского страхования и льгот; нашу способность быть признан работодателем рабочих мест сотрудников в соответствии с федеральными законами и законами штата; изменения в законах и нормативных актах, которые регламентируют, что значит быть лучшим работодателем, работником или независимым подрядчиком; способность соблюдать законы и нормативные акты, регулирующие семинары и другие аналогичные отрасли; результаты существующих и будущих правовые и налоговые дела; колебания в результатах работы и цена акций из-за факторов, находящихся вне нашего контроля, такие как объем и тяжесть нашего вознаграждения работников и медицинского страхования и сумм и сроков, наши страховые расходы, операционные расходы и капитальные затраты требованиям; наша способность в соответствии с ограничениями нашего кредитного механизма и выполнить наши долговые обязательства; влияние концентрации собственности на нашем складе. Любой из этих факторов может привести к тому, что наши фактические результаты будут существенно отличаться от наших ожидаемых результатов.
Дополнительная информация о рисках, которые могут повлиять на результаты TriNet, включена в наши заявки в SEC, в том числе в разделах "Факторы риска" и "Обсуждение и анализ руководством финансового состояния и результатов деятельности", а также в других разделах нашего последнего Годового отчета по форме 10-K и Квартальных отчетов по форме 10-Q, которые доступны на нашем веб-сайте по связям с инвесторами по адресу http://investor.trinet.com и на веб-сайте SEC по адресу www.sec.gov . Копии этих документов также можно получить, связавшись с Отделом по связям с инвесторами корпорации TriNet по телефону (510) 875-7201. За исключением случаев, предусмотренных законом, ни мы, ни какое-либо другое лицо не несем ответственности за точность и полноту прогнозных заявлений в этом пресс-релизе, и любые прогнозные заявления в этом пресс-релизе относятся только к дате настоящего пресс-релиза. Кроме того, мы не берем на себя никаких обязательств и не намерены обновлять какие-либо из наших прогнозных заявлений, за исключением случаев, предусмотренных законом.
Contacts: |
|
Investors: |
Media: |
Alex Bauer |
Renee Brotherton |
TriNet |
TriNet |
(510) 875-7201 |
(925) 965-8441 |
Ключевые финансовые и операционные показатели
Мы регулярно анализируем определенные ключевые финансовые и операционные показатели для оценки тенденций роста, оценки нашей эффективности и принятия стратегических решений. Эти ключевые финансовые и операционные показатели могут меняться с течением времени. Наши ключевые финансовые и операционные показатели за представленные периоды были следующими:
Three Months Ended March 31, |
||||||
(in millions, except per share and Operating Metrics data) |
2022 |
2021 |
% Change |
|||
Income Statement Data: |
||||||
Total revenues |
$ 1,218 |
$ 1,060 |
15 |
% |
||
Operating income |
204 |
138 |
48 |
|||
Net income |
146 |
101 |
45 |
|||
Diluted net income per share of common stock |
2.21 |
1.51 |
46 |
|||
Non-GAAP measures (1): |
||||||
Adjusted EBITDA |
242 |
163 |
48 |
|||
Adjusted Net income |
168 |
111 |
51 |
|||
Operating Metrics: |
||||||
Insurance Cost Ratio |
80% |
83% |
(3) |
% |
||
Average WSEs |
343,245 |
321,295 |
7 |
|||
Total WSEs at period end |
348,349 |
326,216 |
7 |
|||
Average HCM Users (2) |
253,766 |
N/A |
N/A |
|||
(1) Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures". |
||||||
(2) From February 15, 2022, the date on which we acquired Zenefits, to the end of the period. |
||||||
(in millions) |
March 31, |
December 31, |
% |
|||
Balance Sheet Data: |
||||||
Working capital |
$ 305 |
700 |
(56) |
% |
||
Total assets |
3,204 |
3,309 |
(3) |
|||
Debt |
495 |
495 |
— |
|||
Total stockholders' equity |
695 |
881 |
(21) |
|||
Three Months Ended March 31, |
||||||
(in millions) |
2022 |
2021 |
% Change |
|||
Cash Flow Data: |
||||||
Net cash provided by (used in) operating activities |
$ 214 |
$ (175) |
(222) |
% |
||
Net cash used in investing activities |
(213) |
(3) |
7,000 |
|||
Net cash provided by (used in) financing activities |
(353) |
56 |
(730) |
|||
Non-GAAP measure (1): |
||||||
Corporate Operating Cash Flows |
193 |
131 |
47 |
|||
(1) Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures". |
TRINET GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) |
||
Three Months Ended March 31, |
||
(in millions except per share data) |
2022 |
2021 |
Professional service revenues |
$ 194 |
$ 153 |
Insurance service revenues |
1,024 |
907 |
Total revenues |
1,218 |
1,060 |
Insurance costs |
823 |
751 |
Cost of providing services |
70 |
64 |
Sales and marketing |
45 |
46 |
General and administrative |
47 |
36 |
Systems development and programming |
16 |
13 |
Depreciation and amortization of intangible assets |
13 |
12 |
Total costs and operating expenses |
1,014 |
922 |
Operating income |
204 |
138 |
Other income (expense): |
||
Interest expense, bank fees and other |
(5) |
(5) |
Interest income |
1 |
2 |
Income before provision for income taxes |
200 |
135 |
Income taxes |
54 |
34 |
Net income |
$ 146 |
$ 101 |
Other comprehensive loss, net of income taxes |
(8) |
(1) |
Comprehensive income |
$ 138 |
$ 100 |
Net income per share: |
||
Basic |
$ 2.23 |
$ 1.53 |
Diluted |
$ 2.21 |
$ 1.51 |
Weighted average shares: |
||
Basic |
65 |
66 |
Diluted |
66 |
67 |
TRINET GROUP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|||
(In millions) |
March 31, 2022 |
December 31, 2021 |
|
Assets |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 235 |
$ 612 |
|
Investments |
154 |
135 |
|
Restricted cash, cash equivalents and investments |
1,216 |
1,195 |
|
Accounts receivable, net |
10 |
15 |
|
Unbilled revenue, net |
317 |
324 |
|
Prepaid expenses, net |
55 |
67 |
|
Other current assets |
106 |
91 |
|
Total current assets |
2,093 |
2,439 |
|
Restricted cash, cash equivalents and investments, noncurrent |
163 |
166 |
|
Investments, noncurrent |
165 |
168 |
|
Property, equipment and software, net |
82 |
79 |
|
Operating lease right-of-use asset |
48 |
42 |
|
Goodwill |
433 |
294 |
|
Other intangible assets, net |
100 |
6 |
|
Other assets |
120 |
115 |
|
Total assets |
$ 3,204 |
$ 3,309 |
|
Liabilities and stockholders' equity |
|||
Current liabilities: |
|||
Accounts payable and other current liabilities |
$ 118 |
$ 86 |
|
Client deposits and other client liabilities |
124 |
97 |
|
Accrued wages |
561 |
369 |
|
Accrued health insurance costs, net |
166 |
174 |
|
Accrued workers' compensation costs, net |
48 |
55 |
|
Payroll tax liabilities and other payroll withholdings |
739 |
929 |
|
Operating lease liabilities |
15 |
11 |
|
Insurance premiums and other payables |
17 |
18 |
|
Total current liabilities |
1,788 |
1,739 |
|
Long-term debt, noncurrent |
495 |
495 |
|
Accrued workers' compensation costs, noncurrent, net |
143 |
135 |
|
Deferred taxes |
26 |
11 |
|
Operating lease liabilities, noncurrent |
48 |
41 |
|
Other non-current liabilities |
9 |
7 |
|
Total liabilities |
2,509 |
2,428 |
|
Stockholders' equity: |
|||
Preferred stock |
— |
— |
|
Common stock and additional paid-in capital |
837 |
808 |
|
Retained earnings (Accumulated deficit) |
(133) |
74 |
|
Accumulated other comprehensive loss |
(9) |
(1) |
|
Total stockholders' equity |
695 |
881 |
|
Total liabilities and stockholders' equity |
$ 3,204 |
$ 3,309 |
TriNet Group, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||
Three Months Ended March 31, |
||
(in millions) |
2022 |
2021 |
Operating activities |
||
Net income |
$ 146 |
$ 101 |
Adjustments to reconcile net income to net cash provided by operating activities: |
||
Depreciation and amortization |
21 |
19 |
Stock based compensation |
12 |
11 |
Amortization of ROU asset, lease modification and impairment |
3 |
3 |
Deferred income taxes |
2 |
— |
Other |
2 |
2 |
Changes in operating assets and liabilities: |
||
Accounts receivable, net |
8 |
13 |
Unbilled revenue, net |
7 |
(94) |
Other assets and prepaid expenses, net |
(11) |
(19) |
Accounts payable and other liabilities |
10 |
29 |
Client deposits and other client liabilities |
28 |
17 |
Accrued wages |
188 |
179 |
Accrued health insurance costs, net |
(8) |
(7) |
Accrued workers' compensation costs, net |
1 |
— |
Payroll taxes payable and other payroll withholdings |
(191) |
(426) |
Operating lease liabilities |
(4) |
(3) |
Net cash provided by (used in) operating activities |
214 |
(175) |
Investing activities |
||
Purchases of marketable securities |
(91) |
(82) |
Proceeds from sale and maturity of marketable securities |
72 |
84 |
Purchases of property and equipment |
(11) |
(5) |
Acquisition of Zenefits, net of cash acquired |
(183) |
— |
Net cash used in investing activities |
(213) |
(3) |
Financing activities |
||
Repurchase of common stock |
(350) |
(60) |
Awards effectively repurchased for required employee withholding taxes |
(3) |
(5) |
Payment of long-term financing fees |
— |
(9) |
Proceeds from issuance of 2029 Notes |
— |
500 |
Repayment of debt |
— |
(370) |
Net cash provided by (used in) financing activities |
(353) |
56 |
Net decrease in cash and cash equivalents, unrestricted and restricted |
(352) |
(122) |
Cash and cash equivalents, unrestricted and restricted: |
||
Beginning of period |
1,738 |
1,643 |
End of period |
$ 1,386 |
$ 1,521 |
Supplemental disclosures of cash flow information |
||
Interest paid |
$ 9 |
$ 2 |
Income taxes (refund) paid, net |
$ (12) |
$ 2 |
Финансовые показатели, Не относящиеся к ОПБУ
В дополнение к выбранным финансовым показателям, представленным в соответствии с Общепринятыми принципами бухгалтерского учета США (GAAP), мы отслеживаем другие финансовые показатели, не относящиеся к GAAP, которые мы используем для управления нашим бизнесом, принятия решений по планированию, распределения ресурсов и использования в качестве показателей эффективности в нашем плане вознаграждения руководителей. Эти ключевые финансовые показатели дают дополнительное представление о наших операционных показателях в долгосрочной перспективе и предоставляют информацию, которую мы используем для поддержания и развития нашего бизнеса.
Представление этих финансовых показателей, не относящихся к GAAP, используется для улучшения понимания определенных аспектов наших финансовых показателей. Он не предназначен для рассмотрения в отрыве от непосредственно сопоставимых финансовых показателей, подготовленных в соответствии с GAAP, превосходящих их или заменяющих их.
Non-GAAP Measure |
Definition |
How We Use The Measure |
Adjusted EBITDA |
• Net income, excluding the effects of: - income tax provision, - interest expense, bank fees and other, - depreciation, - amortization of intangible assets, - stock based compensation expense, and - transaction and integration costs.
|
• 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-recurring costs, such as transaction and integration costs, and non-cash charges, such as depreciation and amortization, and stock-based compensation recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations. • Enhances comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. • 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.
|
Adjusted Net Income |
• Net income, excluding the effects of: - effective income tax rate (1), - stock based compensation, - amortization of other intangible assets, net, - non-cash interest expense (2), - transaction and integration costs, and - the income tax effect (at our effective tax rate (1) of these pre-tax adjustments. |
• Provides information to our stockholders and board of directors to understand how our management evaluates our business, to monitor and evaluate our operating results, and analyze profitability of our ongoing operations and trends on a consistent basis by excluding certain non-recurring costs and non-cash charges.
|
Corporate Operating Cash Flows |
• Net cash provided by (used in) operating activities, excluding the effects of: - Assets associated with WSEs (accounts receivable, unbilled revenue, prepaid expenses and other current assets) and - Liabilities associated with WSEs (client deposits and other client liabilities, accrued wages, payroll tax liabilities and other payroll withholdings, accrued health benefit costs, accrued workers' compensation costs, insurance premiums and other payables, and other current liabilities). |
• Provides information that our stockholders and management can use to evaluate our cash flows from operations independent of the current assets and liabilities associated with our WSEs. • Enhances comparisons to prior periods and, accordingly, used as a liquidity measure to manage liquidity between corporate and WSE related activities, and to help determine and plan our cash flow and capital strategies. |
(1) |
Non-GAAP effective tax rate is 25.5% for the first quarters of 2022 and 2021, 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 a terminated derivative. |
Reconciliation of GAAP to Non-GAAP Measures The table below presents a reconciliation of net income to Adjusted EBITDA: |
||
Three Months Ended |
||
(in millions) |
2022 |
2021 |
Net income |
$ 146 |
$ 101 |
Provision for income taxes |
54 |
34 |
Stock based compensation |
12 |
11 |
Interest expense, bank fees and other |
6 |
5 |
Depreciation and amortization of intangible assets ¹ |
14 |
12 |
Transaction and integration costs |
10 |
— |
Adjusted EBITDA |
$ 242 |
$ 163 |
Adjusted EBITDA Margin |
19.9% |
15.4% |
(1) Amount includes amortization of cloud computing arrangements included in operating expenses. |
В таблице ниже представлена сверка чистой прибыли с Скорректированной чистой прибылью и Скорректированной чистой прибылью на акцию - разводненная:
Three Months Ended |
||
(in millions, except per share data) |
2022 |
2021 |
Net income |
$ 146 |
$ 101 |
Effective income tax rate adjustment |
4 |
— |
Stock based compensation |
12 |
11 |
Amortization of intangible assets |
3 |
1 |
Non-cash interest expense |
— |
2 |
Transaction and integration costs |
10 |
— |
Income tax impact of pre-tax adjustments |
(7) |
(4) |
Adjusted Net Income |
$ 168 |
$ 111 |
GAAP weighted average shares of common stock - diluted |
66 |
67 |
Adjusted Net Income per share - diluted |
$ 2.55 |
$ 1.66 |
В таблице ниже представлена сверка чистых денежных средств, полученных от (использованных в) операционной деятельности, с операционными денежными потоками Корпорации:
Three Months Ended March 31, |
||
(in millions) |
2022 |
2021 |
Net cash provided by (used in) operating activities |
$ 214 |
$ (175) |
Less: Change in WSE related other current assets |
(9) |
(85) |
Less: Change in WSE related liabilities |
30 |
(221) |
Net cash provided by (used in) operating activities - WSE |
$ 21 |
$ (306) |
Net cash provided by operating activities - Corporate |
$ 193 |
$ 131 |
Сверка показателей GAAP с показателями, не относящимися к GAAP, за второй квартал и руководство на весь 2022 год.
Низкие и высокие проценты представляют собой увеличение (уменьшение) по сравнению с тем же периодом предыдущего года и исключают проценты затрат на транзакции и интеграцию, поскольку сравнительная сумма за второй квартал и весь 2021 год соответственно отсутствует, и проценты не могут быть предоставлены. Скорректированная чистая прибыль исключает операционные и интеграционные расходы на 2022 год.
В таблице ниже представлена сверка чистой прибыли с Скорректированной чистой прибылью и Скорректированной чистой прибылью на акцию - разводненная:
Q2 2021 |
Q2 2022 Guidance |
FY 2021 |
Year 2022 Guidance |
||||||
(in millions, except per share data) |
Actual |
Low |
High |
Actual |
Low |
High |
|||
Net income |
$ 91 |
(52)% |
(45)% |
$ 338 |
(37)% |
(25)% |
|||
Effective income tax rate adjustment |
(4) |
(100) |
(107) |
(10) |
(90) |
(104) |
|||
Stock based compensation |
13 |
35 |
35 |
50 |
29 |
29 |
|||
Amortization of intangible assets |
9 |
(42) |
(42) |
12 |
48 |
48 |
|||
Non-cash interest expense |
1 |
— |
— |
3 |
(65) |
(65) |
|||
Income tax impact of pre-tax adjustments |
(6) |
57 |
57 |
(17) |
92 |
92 |
|||
Adjusted Net Income |
$ 104 |
(33)% |
(26)% |
$ 376 |
(19)% |
(8)% |
|||
GAAP weighted average shares of |
67 |
67 |
|||||||
Adjusted Net Income per share - diluted |
$ 1.56 |
$ 1.10 |
$ 1.21 |
$ 5.64 |
$ 4.70 |
$ 5.35 |
ИСТОЧНИК TriNet Group, Inc.
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