TriNet Introduces HR Solution Tailored for Life Sciences
Apr 1 15
TriNet announced the launch of TriNet Life Sciences, a bundled cloud-based HR solution tailored to the specific HR needs of small and medium-sized businesses (SMBs) in the burgeoning life sciences industry. The bundled solution is designed to solve unique problems faced by SMBs in the life sciences industry. In this vertical, companies often compete with large pharmaceutical organizations and research universities for top talent. In addition, they need to navigate an increasingly complex set of HR-related federal and state regulations. Often lacking robust internal HR departments and systems, SMBs can spend excessive amounts of time managing the business on spreadsheets and can expose themselves to increased risk associated with managing complex HR issues and evolving government legislation. Key features of TriNet Life Sciences include access to enterprise-level benefits via a variety of health plans and other programs, resulting in more competitive benefits packages that help attract and retain top talent. Simplified hiring via a centralized database, customizable workflows and candidate screening automation uniquely honed to manage the complexities of recruiting for life sciences talent. Better workers' compensation and risk management policies and plans that protect life sciences-specific workplaces, including laboratories and medical device manufacturing, from costly employment related lawsuits. Customized reporting for compliance, such as those required by NIH grant recipients, as well as more routine functions, including time, costing and other day-to-day administration. Modular and scalable HR cloud infrastructure that enables life sciences companies to grow while minimizing time, cost and complexity. This frees up time for doctors, researchers and innovators to focus on improving and saving lives.
TriNet Group, Inc. Appoints Craig Flower as Chief Technology Officer and Sateesh Chilukuri as Vice President of Software Development
Mar 9 15
TriNet Group, Inc. announced that Craig Flower joins the company as chief technology officer, while Sateesh Chilukuri is taking on the role of vice president of software development. Both executives will concentrate on further enhancing the client experience by advancing the company's leading HR technology. The company's unique HR productivity solutions enable small and medium-sized companies to focus their time on advancing their businesses, rather than on onerous HR tasks. Prior to the company, Flower worked in management positions for nearly two decades at Hewlett-Packard, most recently as senior vice president and chief information officer.
TriNet Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the first quarter and full Year 2015
Mar 3 15
TriNet Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total revenues of $603,662,000 against $481,656,000 a year ago. Operating income was $20,239,000 against $23,535,000 a year ago. Income before provision for income taxes was $15,441,000 against $10,064,000 a year ago. Net income was $7,011,000 against $6,007,000 a year ago. Net earnings per basic and diluted share were $0.10 against $0.11 a year ago. Adjusted EBITDA was $40,117,000 against $43,722,000 a year ago. Adjusted net income was $19,222,000 against $17,097,000 a year ago. Pro forma adjusted net income per diluted share was $0.26 against $0.24 a year ago. The company generated $51.4 million in free cash flow, which is defined as operating cash flow of $54.9 million less CapEx of $3.6 million. GAAP effective tax rate was 54.6%, primarily due to a discrete tax charge of $1.2 million for the revaluation of deferred taxes based on final state tax return filings.
For the year, the company reported total revenues of $2,193,531,000 against $1,644,275,000 a year ago. Operating income was $86,791,000 against $66,337,000 a year ago. Income before provision for income taxes was $33,076,000 against $21,084,000 a year ago. Net income was $15,497,000 against $13,147,000 a year ago. Diluted net earnings per share were $0.22 against $0.24 a year ago. Adjusted EBITDA was $165,319,000 against $136,027,000 a year ago. Adjusted net income was $74,392,000 against $57,456,000 a year ago. Pro forma adjusted net income per diluted share was $1.03 against $0.81 a year ago. Net cash provided by operating activities was $153,838,000 against $100,721,000 a year ago. Purchase of property and equipment were $20,552,000 against $10,690,000 a year ago. GAAP effective tax rate for 2014 was 53.1% due to the revaluation of deferred taxes based on an income tax accounting method change in third quarter, final state tax return filings in fourth quarter and the increase in nondeductible stock-based compensation expense for the year. The company generated $133.3 million in free cash flow.
For the year 2015, the company remains confident in business outlook and believes that it can achieve net service revenue growth in excess of 15% for 2015. The company expects non-GAAP effective tax rate to continue to be approximately 39.5%. The company expects net service revenue in the range of $590 million to $600 million, which represents growth of 16% to 18%, adjusted EBITDA in the range of $192 million to $202 million in line with target margin range of 33% to 34% and adjusted net income in the range of $98 million to $104 million or $1.32 to $1.40 per share.
Based on 2015 full year guidance, the company expects first quarter net service revenue in the range of $142 million to $147 million, which represents growth of 11% to 15%, adjusted EBITDA in the range of $44 million to $49 million and adjusted net income in the range of $22 million to $25 million or $0.30 to $0.34 per share.