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TriNet Group Inc (TNET) delivers human resources solutions to small and midsize businesses through its professional employer organization model. This page serves as the definitive source for TriNet-related news, providing investors and industry professionals with timely updates on corporate developments.
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TriNet Group, Inc. (TNET) reported a 15% increase in total revenues, reaching $1.2 billion for Q1 2022. Professional service revenues surged by 27% to $194 million. Net income grew to $146 million or $2.21 per diluted share, compared to $101 million last year. Adjusted net income was $168 million or $2.55 per diluted share. The company closed the acquisition of Zenefits and returned $316 million to shareholders. TriNet also projects a robust revenue growth outlook for Q2 and the full year, amid strategic expansions and increasing user base.
TriNet (NYSE: TNET) announced that Maria Contreras-Sweet, managing director of Rockway Equity Partners, will speak at its inaugural Small Business Week Summit from May 2-5, 2022. This virtual event celebrates small businesses' role in the U.S. economy. Contreras-Sweet will participate in a conversation about embracing diversity in business with TriNet's President and CEO, Burton M. Goldfield, on May 5 at 2:45 p.m. ET. The summit will feature discussions on finance, HR innovation, and more, aimed at empowering SMBs. Registration for free streaming is available on TriNet's website.
TriNet (NYSE: TNET) has announced its inaugural Small Business Week Summit scheduled from May 2-5, 2022. This virtual event aims to support small and medium-sized businesses by providing valuable insights into finance, human resources, and innovative business strategies. The summit will feature discussions with industry leaders and successful entrepreneurs addressing pressing issues like capital access, HR technology, and employment law challenges. TriNet emphasizes its commitment to empowering SMBs to succeed in a rapidly evolving economy.
TriNet (NYSE: TNET) will release its first-quarter financial results for the period ending March 31, 2022, after U.S. market hours on April 26, 2022. A conference call to discuss these results is scheduled for 2:00 p.m. PT (5:00 p.m. ET) on the same day. Participants are encouraged to pre-register for expedited access. The event will be available via live webcast, with a replay accessible for a year on TriNet's Investor Relations website.
TriNet Group, Inc. (TNET) announced the final results of its modified Dutch auction tender offer, which expired on March 17, 2022. The company will purchase a total of 3,653,690 shares at $86.50 each, totaling approximately $316 million. This represents about 5.5% of its outstanding shares. Following the tender offer, TNET will have approximately $217 million remaining in its stock repurchase program. Notably, the company's largest stockholder, Atairos Group, did not participate in the tender offer.
TriNet Group, Inc. (NYSE: TNET) has announced the results of its modified "Dutch auction" tender offer, which aimed to buy back up to $300 million of its common stock at a price between $83.00 and $97.00 per share. The offer expired on March 17, 2022, with approximately 3,656,578 shares tendered at a preliminary purchase price of $86.50 per share, totaling about $316.3 million. After this purchase, $217 million will remain available under its existing stock repurchase program.
TriNet Group, Inc. (TNET) announced a modified Dutch auction tender offer to repurchase up to $300 million of its common stock, with a price range of $83.00 to $97.00 per share. The tender offer is open until March 17, 2022. If fully subscribed, TriNet could acquire approximately 4.7% to 5.5% of its outstanding shares, depending on the average price per share. This initiative aims to enhance shareholder value and provide liquidity options for investors, with no minimum share condition. The offer is not contingent on financing and allows stockholders to choose their tender price within the set range.
TriNet (NYSE: TNET) has announced an exclusive partnership with WeWork (NYSE: WE) to serve as its professional employer organization (PEO) partner in the United States. This collaboration allows WeWork's small and medium-sized business members to access TriNet's full-service HR solutions. Additionally, TriNet employees and its 23,000 SMB clients can avail discounted WeWork All Access memberships. This partnership aims to support the shift towards remote and hybrid work models, enabling businesses to operate efficiently while focusing on their growth.
On February 15, 2022, TriNet (NYSE: TNET) announced the acquisition of Zenefits, a SaaS-based human capital management solution, effective immediately. Zenefits will operate as TriNet Zenefits, enhancing TriNet's HR service offerings for small and medium-sized businesses (SMBs). The acquisition aims to streamline HR workflows through a centralized platform, providing greater flexibility and comprehensive services. Former Zenefits CFO Shaun Wiley joins as Senior Vice President of TriNet Zenefits, contributing to TriNet's mission of empowering SMB growth and enhancing its technology capabilities.
TriNet Group, Inc. (TNET) reported strong financial results for Q4 and FY 2021, marking a record year of growth. Professional service revenues rose 23% to $174 million, and total revenues increased 16% to $1.2 billion. Net income surged to $69 million, translating to $1.03 per diluted share, a significant rise from $22 million, or $0.32 per diluted share, year-over-year. Additionally, adjusted net income reached $74 million with an adjusted EBITDA margin of 9.4%. The company also announced a $300 million increase in its stock repurchase program and provided optimistic guidance for Q1 and FY 2022.
