DUBLIN, Calif. — July 26, 2023 — TriNet Group, Inc. (NYSE: TNET), a leading provider of comprehensive and flexible human capital management (HCM) solutions for small and medium-size businesses (SMBs), today announced financial results for the second quarter ended June 30, 2023. The second quarter highlights below include non-GAAP financial measures which are reconciled later in this release.

Second quarter highlights include:

• • Total revenues increased 1% to $1.2 billion compared to the same period last year.
  • Professional service revenues decreased 3% to $177 million compared to the same period last year.
  • Net income was $83 million, or $1.38 per diluted share, compared to net income of $85 million, or $1.35 per diluted share, in the same period last year.
  • Adjusted Net Income was $105 million, or $1.74 per diluted share, compared to Adjusted Net Income of $108 million, or $1.72 per diluted share, in the same period last year.
  • Adjusted EBITDA was $161 million, representing an Adjusted EBITDA Margin of 13.3%, compared to Adjusted EBITDA of $162 million, representing an Adjusted EBITDA Margin of 13.5% in the same period last year.
  • Average Worksite Employees (WSEs) decreased 7% as compared to the same period last year, to approximately 327,000.
  • Average HRIS Users decreased 13% as compared to the same period last year, to approximately 219,000.

Stock repurchase program:

• • TriNet stock repurchase program increased by $1 billion to bring the total available for repurchase to $1.4 billion as of July 26, 2023 to be deployed subject to market conditions.

“TriNet’s second quarter financial and operational performance saw acceleration of several positive trends that began in the first quarter,” said Burton M. Goldfield, TriNet’s President and CEO. “Our service and value proposition resonated with prospects and customers alike. This resulted in a significant increase in new sales and further improvements in retention.”

Mr. Goldfield continued, “We believe our performance and outlook highlights the unique value of TriNet. Our Board of Directors concur with that sentiment and authorized an incremental $1 billion towards share repurchases. As we look to the second half, we expect to continue to deliver industry leading service to our customers and value to our shareholders.”

Quarterly Report on Form 10-Q

We anticipate filing our Quarterly Report on Form 10-Q (“Form 10-Q”) for the first half of 2023 with the U.S. Securities and Exchange Commission (SEC) and making it available at http://www.trinet.com today, July 26, 2023. This press release should be read in conjunction with the Form 10-Q and the related Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Form 10-Q.

Earnings Conference Call and Audio Webcast

TriNet will host a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its second quarter results for 2023 and provide third quarter and full-year financial guidance for 2023. TriNet encourages participants to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. To pre-register, go to: https://dpregister.com/sreg/10180383/f9d0e1588e. For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (412) 317-5426 and requesting the “TriNet Conference Call.” The live webcast of the conference call can be accessed on the Investor Relations section of TriNet’s website at https://investor.trinet.com. Participants can pre-register for the webcast by going to: https://events.q4inc.com/attendee/860240994. A replay of the webcast will be available on this website for approximately one year. A telephonic replay will be available for one week following the conference call at +1 (412) 317-0088 conference ID: 4433449.

About TriNet

TriNet provides small and medium-size businesses (SMBs) with full-service industry-specific HR solutions, providing both professional employer organization (PEO) and human resources information system (HRIS) services. TriNet offers access to human capital expertise, benefits, risk mitigation, compliance, payroll, and R&D tax credit services, all enabled by industry-leading technology. TriNet’s suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, benefits, employee engagement, payroll and time & attendance. Rooted in more than 30 years of supporting entrepreneurs and adapting to the ever-changing modern workplace, TriNet empowers SMBs to focus on what matters most—growing their business and enabling their people For more information, please visit TriNet.com or follow us on Twitter, Facebook, LinkedIn and Instagram.