TRINET GROUP INC
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
TNET$66.30+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Stockholders' Equity
| FINANCIAL STATEMENTS | Table of Contents |
|---|
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Total Stockholders' Equity, beginning balance | $78 | $775 |
| Common Stock and Additional Paid-In Capital | ||
| Beginning balance | 976 | 899 |
| Stock based compensation expense | 20 | 11 |
| Ending balance | 996 | 910 |
| Retained Earnings (Accumulated Deficit) | ||
| Beginning balance | (896) | (119) |
| Net income | 91 | 131 |
| Dividends Declared | (13) | — |
| Repurchase of common stock | (23) | (91) |
| Awards effectively repurchased for required employee withholding taxes | (7) | (4) |
| Ending balance | (848) | (83) |
| Accumulated Other Comprehensive Income | ||
| Beginning balance | (2) | (5) |
| Other comprehensive income (loss) | (3) | 3 |
| Ending balance | (5) | (2) |
| Total Stockholders' Equity, ending balance | $143 | $825 |
| TRINET | 29 | 2024 Q1 FORM 10-Q |
|---|
| FINANCIAL STATEMENTS | Table of Contents |
|---|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Operating activities | ||
| Net income | $91 | $131 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization of intangible assets | 18 | 18 |
| Amortization of deferred costs | 11 | 12 |
| Amortization of ROU asset, lease modification, impairment, and abandonment | 2 | 2 |
| Stock based compensation | 20 | 11 |
| Provision for doubtful accounts | 1 | 1 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 6 | 3 |
| Unbilled revenue, net | (20) | 5 |
| Prepaid expenses, net | (12) | (14) |
| Other assets | (21) | (10) |
| Other payroll assets | (410) | (180) |
| Accounts payable and other liabilities | 20 | 30 |
| Client deposits and other client liabilities | (14) | 25 |
| Accrued wages | 23 | (21) |
| Accrued health insurance costs, net | (7) | (5) |
| Accrued workers' compensation costs, net | 1 | (1) |
| Payroll taxes payable and other payroll withholdings | 173 | (80) |
| Operating lease liabilities | (4) | (4) |
| Net cash used in operating activities | (122) | (77) |
| Investing activities | ||
| Purchases of marketable securities | (95) | (82) |
| Proceeds from sale and maturity of marketable securities | 66 | 76 |
| Acquisitions of property and equipment and projects in process | (18) | (17) |
| Net cash used in investing activities | (47) | (23) |
| Financing activities | ||
| Repurchase of common stock | (23) | (91) |
| Awards effectively repurchased for required employee withholding taxes | (7) | (4) |
| Proceeds from revolving credit agreement borrowings | — | 495 |
| Repayment of revolving credit agreement borrowings | — | (200) |
| Net cash provided by (used in) financing activities | (30) | 200 |
| Net change in cash and cash equivalents, unrestricted and restricted | (199) | 100 |
| Cash and cash equivalents, unrestricted and restricted: | ||
| Beginning of period | 1,466 | 1,537 |
| End of period | $1,267 | $1,637 |
| Supplemental disclosures of cash flow information | ||
| Interest paid | $26 | $11 |
| Income taxes paid, net | $7 | $4 |
| Supplemental schedule of noncash investing and financing activities | ||
| Cash dividend declared, but not yet paid | $13 | $— |
| Payable for purchase of property and equipment | $3 | $5 |
| TRINET | 30 | 2024 Q1 FORM 10-Q |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.