TriNet Group, Inc. (TNET) · 10+ Years of Financial statements

Income Statement	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	840	1,019	1,644	2,194	2,659	3,060	3,275	3,503	3,856	4,034	4,540	4,885	4,922
+ Sales & Services Revenue	840	1,019	1,644	2,194	2,659	3,060	3,275	3,503	3,856	4,034	4,540	4,885	4,922
- Cost of Revenue	710	814	1,333	1,821	2,263	2,604	2,679	2,839	3,172	3,241	3,603	3,766	3,820
+ Cost of Goods & Services	710	814	1,333	1,821	2,263	2,604	2,679	2,839	3,172	3,241	3,603	3,766	3,820
Gross Profit	130	205	311	373	396	456	596	664	684	793	937	1,119	1,102
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	107	144	245	286	318	332	379	413	416	425	482	620	633
+ Selling, General & Admin	70	98	162	194	236	265	301	324	327	338	378	483	496
+ Research & Development	16	17	20	26	28	31	45	49	43	40	50	73	65
+ Other Operating Expense	22	29	63	66	54	35	33	40	46	47	54	64	72
Operating Income (Loss)	23	62	66	87	78	124	217	251	268	368	455	499	469
- Non-Operating (Income) Loss	3	10	45	54	18	20	17	10	-2	11	14	17	-32
+ Interest Expense, Net	1	10	46	54	19	20	17	10	-2	11	14	17	-32
+ Interest Expense	1	10	46	54	19	20	20	22	21	21	20	39	40
- Interest Income	- -	- -	- -	- -	- -	- -	3	12	23	10	6	22	72
+ Other Non-Op (Income) Loss	2	- -	- -	- -	-1	-1	- -	- -	- -	- -	- -	- -	- -
Pretax Income	20	52	21	33	60	104	200	241	270	357	441	482	501
- Income Tax Expense (Benefit)	5	20	8	18	28	43	22	49	58	85	103	127	126
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	15	32	13	15	32	61	178	192	212	272	338	355	375
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	15	32	13	15	32	61	178	192	212	272	338	355	375
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	15	32	13	15	32	61	178	192	212	272	338	355	375
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	15	32	13	15	32	61	178	192	212	272	338	355	375
Basic Weighted Avg Shares	65	65	68	56	70	70	69	70	70	67	66	63	57
Basic EPS, GAAP	0.23	0.49	0.19	0.28	0.45	0.88	2.58	2.74	3.03	4.06	5.12	5.63	6.58
Basic EPS from Cont Ops	0.23	0.49	0.19	0.28	0.45	0.88	2.58	2.74	3.03	4.06	5.12	5.63	6.58
Diluted Weighted Avg Shares	69	69	68	60	73	72	71	72	71	68	67	64	57
Diluted EPS, GAAP	0.21	0.46	0.19	0.26	0.44	0.85	2.51	2.67	2.99	4	5.04	5.55	6.58
Diluted EPS from Cont Ops	0.21	0.46	0.19	0.26	0.44	0.85	2.51	2.67	2.99	4	5.04	5.55	6.58
EBITDA	43	93	140	171	131	163	252	297	325	449	549	625	550
EBITDA Margin (%)	5.17	9.13	8.53	7.8	4.93	5.33	7.69	8.48	8.43	11.13	12.09	12.79	11.17
EBITA	23	62	66	87	78	124	217	251	268	368	455	499	469
EBIT	23	62	66	87	78	124	217	251	268	368	455	499	469
Gross Margin (%)	15.46	20.16	18.92	17	14.9	14.9	18.2	18.96	17.74	19.66	20.64	22.91	22.39
Operating Margin (%)	2.76	6.07	4.03	3.96	2.95	4.05	6.63	7.17	6.95	9.12	10.02	10.21	9.53
Profit Margin (%)	1.76	3.12	0.8	0.71	1.19	2.01	5.44	5.48	5.5	6.74	7.44	7.27	7.62
Sales per Employee	- -	- -	922,196	1,066,374	1,063,715	1,177,043	1,212,963	1,130,000	1,329,655	1,494,074	1,621,429	1,356,944	1,093,778
Dividend per Share	0.78	1.15	5.23	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	20	31	74	84	53	39	35	46	57	81	94	126	81

Balance Sheet	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	- -	502	899	1,824	1,571	1,535	1,991	1,646	1,871	2,160	2,439	2,326	2,578
+ Cash, Cash Equivalents & STI	- -	64	94	134	166	184	336	282	281	358	747	430	352
+ Cash & Cash Equivalents	- -	64	94	134	166	184	336	228	213	301	612	354	287
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	54	68	57	135	76	65
+ Accounts & Notes Receiv	- -	- -	- -	- -	- -	- -	318	315	294	264	339	394	465
+ Accounts Receivable, Net	- -	- -	- -	- -	- -	- -	21	11	9	18	15	19	18
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	297	304	285	246	324	375	447
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	438	804	1,690	1,404	1,351	1,337	1,049	1,296	1,538	1,353	1,502	1,761
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	386	536	523	528	560	602	789	877	883	870	1,117	1,115
+ Property, Plant & Equip, Net	- -	24	26	32	38	59	70	79	-20	-64	-110	2	41
+ Property, Plant & Equip	- -	64	74	92	110	143	174	209	140	130	121	55	96
- Accumulated Depreciation	- -	39	48	60	72	84	104	130	160	194	231	53	55
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	135	125	138	168	151	143
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	135	125	138	168	151	143
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	361	511	491	490	501	532	575	772	809	812	964	931
+ Total Intangible Assets	- -	287	423	371	336	320	315	310	304	312	300	625	634
+ Goodwill	- -	196	289	289	289	289	289	289	289	294	294	462	462
+ Other Intangible Assets	- -	91	134	82	47	31	26	21	15	18	6	163	172
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	74	88	121	154	181	217	265	468	497	512	339	297
Total Assets	- -	888	1,435	2,348	2,098	2,095	2,593	2,435	2,748	3,043	3,309	3,443	3,693
+ Payables & Accruals	- -	21	34	41	42	53	85	1,145	1,332	1,472	1,402	1,639	2,050
+ Accounts Payable	- -	5	7	12	13	23	45	45	31	50	86	98	87
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	1,034	729	901	1,095	929	1,087	1,438
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	16	26	29	29	31	-994	371	400	327	387	454	525
+ ST Debt	- -	10	7	21	35	37	40	22	39	33	11	15	123
+ ST Borrowings	- -	10	7	21	35	37	40	22	22	22	- -	- -	109
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	17	11	11	15	14
+ Other ST Liabilities	- -	444	793	1,707	1,381	1,289	1,632	258	272	365	326	334	290
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	52	56	44	134	97	106	65
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	34	17	66	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	410	777	1,641	1,381	1,289	1,580	202	228	231	229	228	225
Total Current Liabilities	- -	475	833	1,769	1,458	1,379	1,757	1,425	1,643	1,870	1,739	1,988	2,463
+ LT Debt	- -	292	812	524	464	422	383	391	417	397	536	537	1,014
+ LT Borrowings	- -	292	812	524	464	422	383	391	369	348	495	496	984
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	48	49	41	41	30
+ Other LT Liabilities	- -	187	59	80	168	259	247	244	213	169	153	143	138
+ Accrued Liabilities	- -	18	9	59	55	92	68	68	61	22	11	8	13
+ Pension Liabilities	- -	39	45	75	105	159	165	158	144	138	135	128	120
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	130	5	-54	8	8	14	18	8	9	7	7	5
Total Noncurrent Liabilities	- -	479	872	605	632	682	630	635	630	566	689	680	1,152
Total Liabilities	- -	953	1,705	2,374	2,090	2,061	2,387	2,060	2,273	2,436	2,428	2,668	3,615
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	45	197	443	494	535	583	641	694	747	808	899	976
+ Common Stock	- -	45	197	443	494	535	583	641	694	747	808	899	976
+ Additional Paid in Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	-111	-467	-468	-486	-500	-377	-266	-219	-144	74	-119	-896
+ Other Equity	- -	- -	- -	- -	-1	-1	- -	- -	- -	4	-1	-5	-2
Equity Before Minority Interest	- -	-66	-270	-26	8	35	206	375	475	607	881	775	78
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	- -	-66	-270	-26	8	35	206	375	475	607	881	775	78
Total Liabilities & Equity	- -	888	1,435	2,348	2,098	2,095	2,593	2,435	2,748	3,043	3,309	3,443	3,693
Shares Outstanding	69	69	68	70	70	69	70	71	69	66	66	61	51
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	65	60	52	56	44
Net Debt	- -	238	725	411	334	275	87	185	178	69	-117	142	806
Net Debt to Equity	- -	-362.4	-267.98	-1,594.82	4,127.43	795.17	42.23	49.33	37.47	11.37	-13.28	18.32	1,033.33
Tangible Common Equity Ratio	- -	-58.68	-68.51	-20.05	-18.61	-16.1	-4.78	3.06	7	10.8	19.31	5.32	-18.18
Current Ratio	- -	1.06	1.08	1.03	1.08	1.11	1.13	1.16	1.14	1.16	1.4	1.17	1.05
Cash Conversion Cycle	- -	-1.18	-1.72	-1.96	-2.03	-2.48	-3.43	-4.12	-3.43	-3.34	-5.56	-7.65	-7.47
Number of Employees	- -	- -	1,783	2,057	2,500	2,600	2,700	3,100	2,900	2,700	2,800	3,600	4,500

Cash Flow Statement	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	15	32	13	15	32	61	178	192	212	272	338	355	375
+ Depreciation & Amortization	20	31	74	84	53	39	35	46	57	81	94	126	81
+ Non-Cash Items	7	10	-18	44	12	64	7	45	49	5	46	69	111
+ Stock-Based Compensation	5	4	6	11	18	26	32	44	41	43	50	62	59
+ Deferred Income Taxes	4	8	-7	44	15	42	-25	1	-7	-42	-9	-22	5
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	18	1
+ Other Non-Cash Adj	-1	-2	-17	-11	-21	-5	- -	- -	15	3	5	11	46
+ Chg in Non-Cash Work Cap	4	7	31	10	35	-20	33	-387	153	188	-260	12	-22
+ (Inc) Dec in Accts Receiv	- -	4	10	-5	3	-3	-7	-4	24	32	-75	-51	-74
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	1	-1	-8	-7	26	-41	38	-9	-5	-12	-5	-2	4
+ Inc (Dec) in Accts Payable	-1	- -	1	5	- -	12	33	-297	197	127	-78	202	409
+ Inc (Dec) in Other	4	5	28	17	5	11	-31	-77	-63	41	-102	-137	-361
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	47	81	101	154	131	145	253	-104	471	546	218	562	545
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-7	-10	-11	-21	-19	-40	-38	-43	-45	-36	-40	-56	-75
+ Acq of Fixed Prod Assets	-7	-10	-11	-21	-19	-40	-38	-43	-45	-36	-40	-56	-75
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	-27	-7	-25	-14	13	14	-157	-143	-103	-95	59	10
+ Dec in LT Investment	- -	1	1	- -	28	28	14	101	159	224	349	469	286
+ Inc in LT Investment	- -	-28	-8	-25	-42	-15	- -	-258	-302	-327	-444	-410	-276
+ Net Cash From Acq & Div	- -	-226	-195	- -	-5	- -	- -	- -	- -	-12	- -	-229	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	-226	-195	- -	-5	- -	- -	- -	- -	-12	- -	-229	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-5
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-7	-263	-212	-45	-38	-27	-24	-200	-188	-151	-135	-226	-70
+ Dividends Paid	-51	-75	-358	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-1	298	518	-274	-46	21	-38	188	-22	-256	130	- -	600
+ Cash From Debt	1	405	970	- -	- -	58	- -	210	- -	234	500	- -	1,095
+ Repayments of Debt	-2	-107	-452	-274	-46	-37	-38	-22	-22	-490	-370	- -	-495
+ Cash (Repurchase) of Equity	-1	5	-7	207	-37	-62	-28	-47	-129	-168	-83	-512	-1,107
+ Increase in Capital Stock	5	5	7	223	12	10	16	14	11	10	11	11	15
+ Decrease in Capital Stock	-6	-1	-15	-16	-49	-72	-44	-61	-140	-178	-94	-523	-1,122
+ Other Financing Activities	-1	-14	-10	-1	21	-58	-11	-226	-25	216	-35	-24	-39
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-53	214	142	-68	-61	-99	-77	-85	-176	-208	12	-536	-546
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	- -
Net Changes in Cash	-14	32	31	40	32	18	152	-389	107	187	95	-200	-71
EBITDA	43	93	140	171	131	163	252	297	325	449	549	625	550
EBITDA Margin (%)	5.17	9.13	8.53	7.8	4.93	5.33	7.69	8.48	8.43	11.13	12.09	12.79	11.17
Net Cash Paid for Acquisitions	- -	226	195	- -	5	- -	- -	- -	- -	12	- -	229	- -
Free Cash Flow	39	71	90	133	112	105	215	-147	426	510	178	506	470
Free Cash Flow to Firm	40	77	119	159	122	117	233	-129	442	526	193	535	500
Free Cash Flow to Equity	- -	369	608	-141	66	126	177	41	404	254	308	506	1,070
Free Cash Flow per Basic Share	0.6	1.08	1.32	2.37	1.6	1.49	3.12	-2.1	6.09	7.61	2.7	8.03	8.25
Price/Free Cash Flow	- -	- -	- -	10.9	9.4	10.14	10.86	-49.18	7.81	9.44	24.74	7.02	10.92
Cash Flow to Net Income	3.15	2.53	7.66	9.93	4.12	2.35	1.42	-0.54	2.22	2.01	0.64	1.58	1.45

TriNet Group, Inc.

TNET US

102.43