- TriNet (TNET +6.7%) reports Q1 total revenue increase of 12% Y/Y to $1B and net service revenues increased 13% Y/Y to $283M.
- Total WSEs increased 6% Y/Y, at ~337K; Average WSEs increased 8% Y/Y, at ~336K & Total WSEs payroll and payroll taxes processed were $13.14M (+13% Y/Y).
- Net Insurance Service Revenues consisted of insurance service revenues of $892M, less insurance costs of $765M.
- Operating margin increased 267 bps to 11.5% & Adj. EBITDA also increased 228 bps to 13.8%.
- Net Insurance Service Revenue margin was flat to 14%.
- Professional service revenues increased 15% Y/Y, and Net Insurance Service Revenues also increased 10% Y/Y.
- At Mar. 31, 2020, TriNet had cash and equivalents of $521M and total debt of $620M.
- "Our strong Q1 financial results highlighted the strength of our vertical market platform and disciplined approach to client selection and cost management.” said Burton M. Goldfield, President and CEO.
- Previously: TriNet EPS beats by $0.50, beats on revenue (April 28)