TriNet Announces Second Quarter 2020 Results and the Acquisition of Little Bird HR
TriNet Group , a leading provider of comprehensive human resources solutions for small to midsize businesses, announced financial results for the second quarter ended June 30, 2020. The second quarter highlights below include non-GAAP financial measures which are reconciled later in this release.
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Second quarter highlights include:
- Total revenues increased 1% to $0.9 billion and Net Service Revenues increased 45% to $335 million, as compared to the same period last year.
- Net income was $126 million, or $1.87 per diluted share, compared to net income of $46 million, or $0.64 per diluted share, in the same period last year.
- Adjusted Net Income was $136 million, or $2.03 per diluted share, compared to Adjusted Net Income of $50 million, or $0.70 per diluted share, in the same period last year.
- Adjusted EBITDA was $199 million, representing an Adjusted EBITDA Margin of 59%.
- Average Worksite Employees (WSEs) decreased 2% as compared to the same period last year, to approximately 314,000.
- Total WSEs decreased 3% compared to the same period last year, to approximately 313,000.
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Acquisition of Little Bird HR:
- TriNet acquired Little Bird HR, a privately held PEO specializing in benefits and human resource solutions for the educational institution industry in the Greater New York area & East Coast regions.
“During the second quarter, we successfully executed our strategy while navigating the COVID-19 crisis and its impact on our customers,” said Burton M. Goldfield, TriNet’s President and CEO. “Our financial performance reflects the strength of our business model, strategy, execution, and, most importantly, the resilience of our customers. I am also pleased to announce the acquisition of Little Bird HR. This acquisition reflects our ability to identify attractive verticals and industries where our value proposition is particularly well-suited.”
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