TRINET GROUP INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
TNET$66.30+2.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| FINANCIAL STATEMENTS | Table of Contents |
|---|
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Operating activities | |||
| Net income | $375 | $355 | $338 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization of intangible assets | 72 | 64 | 54 |
| Amortization of deferred costs | 40 | 38 | 31 |
| Amortization of ROU asset, lease modification, impairment, and abandonment | 9 | 25 | 12 |
| Stock based compensation | 59 | 62 | 50 |
| Accretion of discount rate on lease liabilities | 2 | 2 | 2 |
| Provision for doubtful accounts | 3 | 2 | — |
| Deferred income taxes | 5 | (22) | (9) |
| Losses from disposition of assets | 1 | 6 | — |
| Losses and impairment on investments | 1 | 18 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (2) | — | 3 |
| Unbilled revenue, net | (72) | (51) | (78) |
| Prepaid expenses, net | 4 | (2) | (5) |
| Other payroll assets | (259) | (72) | 10 |
| Accounts payable and other current liabilities | (8) | (13) | 33 |
| Client deposits and other client liabilities | (40) | 9 | (37) |
| Accrued wages | 77 | 65 | 60 |
| Accrued health insurance costs, net | 1 | — | 2 |
| Accrued workers' compensation costs, net | (12) | (8) | (7) |
| Payroll taxes payable and other payroll withholdings | 351 | 158 | (166) |
| Operating lease liabilities | (17) | (17) | (13) |
| Other assets | (38) | (55) | (60) |
| Other liabilities | (7) | (2) | (2) |
| Net cash provided by operating activities | 545 | 562 | 218 |
| Investing activities | |||
| Purchases of marketable securities | (276) | (410) | (444) |
| Proceeds from sale and maturity of marketable securities | 286 | 469 | 349 |
| Acquisitions of property and equipment and projects in process | (75) | (56) | (40) |
| Acquisitions of subsidiaries, net of cash acquired | — | (229) | — |
| Other Investments | (5) | — | — |
| Net cash used in investing activities | (70) | (226) | (135) |
| Financing activities | |||
| Repurchase of common stock | (1,122) | (523) | (94) |
| Proceeds from issuance of common stock | 15 | 11 | 11 |
| Payment of long-term financing costs and debt issuance costs | (9) | — | (9) |
| Proceeds from issuance of 2031 Notes | 400 | — | — |
| Proceeds from issuance of 2029 Notes | — | — | 500 |
| Repayment of borrowings | — | — | (370) |
| Proceeds from revolving credit agreement borrowings | 695 | — | — |
| Repayment of borrowings under revolving credit agreement | (495) | — | — |
| Awards effectively repurchased for required employee withholding taxes | (30) | (24) | (26) |
| Net cash provided by (used in) financing activities | (546) | (536) | 12 |
| Effect of exchange rate changes on cash and cash equivalents | — | (1) | — |
| Net increase (decrease) in cash and cash equivalents, unrestricted and restricted | (71) | (201) | 95 |
| Cash and cash equivalents, unrestricted and restricted: | |||
| Beginning of period | 1,537 | 1,738 | 1,643 |
| End of period | $1,466 | $1,537 | $1,738 |
| Supplemental disclosures of cash flow information | |||
| Interest paid | $25 | $18 | $12 |
| Income taxes paid, net | 114 | 128 | 129 |
| Supplemental schedule of noncash investing and financing activities | |||
| Payable for purchase of property and equipment | $4 | $6 | $3 |
| Acquisitions of subsidiaries paid in stock | $— | $17 | $— |
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