TRINET GROUP INC
For the period ended Sep 30, 2024. Filed Oct 25, 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.
Sep 30, 2024 · Filed Oct 25, 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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Total Stockholders' Equity, beginning balance | $100 | $915 | $78 | $775 |
| Common Stock and Additional Paid-In Capital | ||||
| Beginning balance | 1,021 | 934 | 976 | 899 |
| Issuance of common stock from exercise of stock options | — | 3 | — | 3 |
| Issuance of common stock for employee stock purchase plan | — | — | 6 | 6 |
| Stock based compensation expense | 16 | 16 | 55 | 45 |
| Ending balance | 1,037 | 953 | 1,037 | 953 |
| Retained Earnings (Accumulated Deficit) | ||||
| Beginning balance | (916) | (13) | (896) | (120) |
| Net income | 45 | 94 | 196 | 308 |
| Common stock dividends | (12) | — | (37) | — |
| Repurchase of common stock | (21) | (1,011) | (155) | (1,109) |
| Awards effectively repurchased for required employee withholding taxes | (6) | (5) | (18) | (14) |
| Ending balance | (910) | (935) | (910) | (935) |
| Accumulated Other Comprehensive Income | ||||
| Beginning balance | (5) | (6) | (2) | (5) |
| Other comprehensive income (loss) | 7 | (2) | 4 | (3) |
| Ending balance | 2 | (8) | 2 | (8) |
| Total Stockholders' Equity, ending balance | $129 | $10 | $129 | $10 |
| TRINET | 33 | 2024 Q3 FORM 10-Q |
|---|
| FINANCIAL STATEMENTS | Table of Contents |
|---|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Operating activities | ||
| Net income | $196 | $308 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Depreciation and amortization of intangible assets | 56 | 53 |
| Amortization of deferred costs | 32 | 31 |
| Amortization of ROU asset, lease modification, impairment, and abandonment | 4 | 5 |
| Deferred income taxes | 3 | — |
| Stock based compensation | 53 | 43 |
| Other | 3 | 1 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 2 | (4) |
| Unbilled revenue, net | (64) | (29) |
| Prepaid expenses, net | 3 | (4) |
| Other assets | (44) | (44) |
| Other payroll assets | (502) | (104) |
| Accounts payable and other liabilities | (13) | 9 |
| Client deposits and other client liabilities | (27) | (33) |
| Accrued wages | 52 | 21 |
| Accrued health insurance costs, net | 18 | 9 |
| Accrued workers' compensation costs, net | (19) | (9) |
| Payroll taxes payable and other payroll withholdings | (18) | (283) |
| Operating lease liabilities | (11) | (13) |
| Net cash used in operating activities | (276) | (43) |
| Investing activities | ||
| Purchases of marketable securities | (161) | (226) |
| Proceeds from sale and maturity of marketable securities | 196 | 223 |
| Acquisitions of property and equipment and software | (60) | (54) |
| Net cash used in investing activities | (25) | (57) |
| Financing activities | ||
| Repurchase of common stock | (155) | (1,109) |
| Proceeds from issuance of common stock | 6 | 9 |
| Proceeds from revolving credit agreement borrowings | — | 695 |
| Revolver repayment | — | (495) |
| Proceeds from issuance of 2031 Notes | — | 400 |
| Awards effectively repurchased for required employee withholding taxes | (18) | (14) |
| Payment of long-term financing fees and debt issuance costs | — | (9) |
| Repayment of revolving credit agreement borrowings | (25) | — |
| Dividends paid | (25) | — |
| Net cash used in financing activities | (217) | (523) |
| Net change in cash and cash equivalents, unrestricted and restricted | (518) | (623) |
| Cash and cash equivalents, unrestricted and restricted: | ||
| Beginning of period | 1,466 | 1,537 |
| End of period | $948 | $914 |
| Supplemental disclosures of cash flow information | ||
| Interest paid | $55 | $21 |
| Income taxes paid, net | $67 | $89 |
| Supplemental schedule of noncash investing and financing activities | ||
| Cash dividend declared, but not yet paid | $12 | $— |
| Payable for purchase of property and equipment | $2 | $2 |
| TRINET | 34 | 2024 Q3 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.