TRINET GROUP INC
For the period ended Mar 31, 2025. Filed Apr 25, 2025.
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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, 2025 · Filed Apr 25, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number:001-36373
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 95-3359658 | ||
|---|---|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) | ||
| One Park Place, | Suite 600 | ||
| Dublin, | CA | 94568 | |
| (Address of principal executive offices) | (Zip Code) | ||
Registrant’s telephone number, including area code: (510)352-5000
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock par value $0.000025 per share | TNET | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x Noo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x Noo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | x | Accelerated filer | o |
|---|---|---|---|
| Non-accelerated filer | o | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ Nox
The number of shares of Registrant’s Common Stock outstanding as of April 18, 2025 was 48,399,165.
TABLE OF CONTENTS
Form 10-Q - Quarterly Report
For the Quarterly Period Ended March 31, 2025
TABLE OF CONTENTS
| Form 10-QCross Reference | Page | |
|---|---|---|
| Glossary | 3 | |
| Cautionary Note Regarding Forward-Looking Statements | 5 | |
| Unaudited Condensed Consolidated Financial Statements | Part I, Item 1. | 25 |
| Condensed Consolidated Statements of Income and Comprehensive Income | 25 | |
| Condensed Consolidated Balance Sheets | 26 | |
| Condensed Consolidated Statements of Stockholders' Equity | 27 | |
| Condensed Consolidated Statements of Cash Flows | 28 | |
| Notes to Condensed Consolidated Financial Statements | 29 | |
| Note 1. Description of Business and Significant Accounting Policies | 29 | |
| Note 2. Cash, Cash Equivalents and Investments - Unrestricted and Restricted | 32 | |
| Note 3. Financial Instruments and Fair Value Measurements | 33 | |
| Note 4. Accrued Workers' Compensation Costs | 34 | |
| Note 5. Commitments and Contingencies | 35 | |
| Note 6. Stock Based Compensation | 35 | |
| Note 7. Stockholders' Equity | 37 | |
| Note 8. Income Taxes | 37 | |
| Note 9. Earnings Per Share | 38 | |
| Note 10. Restructuring | 38 | |
| Note 11. Segment Information | 38 | |
| Management’s Discussion and Analysis of Financial Condition and Results of Operations | Part I, Item 2. | 7 |
| Quantitative and Qualitative Disclosures About Market Risk | Part I, Item 3. | 23 |
| Controls and Procedures | Part I, Item 4. | 24 |
| Legal Proceedings | Part II, Item 1. | 40 |
| Risk Factors | Part II, Item 1A. | 40 |
| Unregistered Sales of Equity Securities and Use of Proceeds | Part II, Item 2. | 40 |
| Defaults Upon Senior Securities | Part II, Item 3. | 41 |
| Mine Safety Disclosures | Part II, Item 4. | 41 |
| Other Information | Part II, Item 5. | 41 |
| Exhibits | Part II, Item 6. | 42 |
| TRINET | 2 | 2025 Q1 FORM 10-Q |
|---|
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