$TNET
TRINET GROUP, INC.

2023 Q2 Form 10-Q Financial Statement

#000093709823000108 Filed on April 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.209B $1.246B
YoY Change 0.75% 2.3%
Cost Of Revenue $947.0M $930.0M
YoY Change 2.05% 4.14%
Gross Profit $262.0M $316.0M
YoY Change -3.68% -2.77%
Gross Profit Margin 21.67% 25.36%
Selling, General & Admin $130.0M $112.0M
YoY Change 11.11% 21.74%
% of Gross Profit 49.62% 35.44%
Research & Development $17.00M $17.00M
YoY Change -15.0% 6.25%
% of Gross Profit 6.49% 5.38%
Depreciation & Amortization $6.000M $30.00M
YoY Change -76.0% 42.86%
% of Gross Profit 2.29% 9.49%
Operating Expenses $165.0M $129.0M
YoY Change 20.44% 19.44%
Operating Profit $97.00M $169.0M
YoY Change -18.49% -17.16%
Interest Expense $14.00M $11.00M
YoY Change -566.67% -375.0%
% of Operating Profit 14.43% 6.51%
Other Income/Expense, Net
YoY Change
Pretax Income $111.0M $180.0M
YoY Change -4.31% -10.0%
Income Tax $28.00M $49.00M
% Of Pretax Income 25.23% 27.22%
Net Earnings $83.00M $131.0M
YoY Change -2.35% -10.27%
Net Earnings / Revenue 6.87% 10.51%
Basic Earnings Per Share $1.40 $2.18
Diluted Earnings Per Share $1.38 $2.17
COMMON SHARES
Basic Shares Outstanding 59.41M shares 59.98M shares
Diluted Shares Outstanding 60.00M shares 60.00M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $551.0M $796.0M
YoY Change 20.83% 104.63%
Cash & Equivalents $482.0M $707.0M
Short-Term Investments $69.00M $89.00M
Other Short-Term Assets $1.245B $44.00M
YoY Change 1238.71% -58.49%
Inventory
Prepaid Expenses $72.00M $85.00M
Receivables $381.0M $15.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.177B $2.629B
YoY Change 11.24% 25.61%
LONG-TERM ASSETS
Property, Plant & Equipment $56.00M $31.00M
YoY Change -33.33% -62.2%
Goodwill $462.0M $462.0M
YoY Change 7.44% 6.7%
Intangibles $156.0M $155.0M
YoY Change 64.21% 55.0%
Long-Term Investments $146.0M $142.0M
YoY Change -8.18% -13.94%
Other Assets $293.0M $133.0M
YoY Change 134.4% 10.83%
Total Long-Term Assets $1.113B $1.107B
YoY Change 2.39% -0.36%
TOTAL ASSETS
Total Short-Term Assets $2.177B $2.629B
Total Long-Term Assets $1.113B $1.107B
Total Assets $3.290B $3.736B
YoY Change 8.08% 16.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0M $130.0M
YoY Change -7.41% 10.17%
Accrued Expenses $1.519B $1.662B
YoY Change 9.68% 8.7%
Deferred Revenue $78.00M $131.0M
YoY Change 5.41% 5.65%
Short-Term Debt $0.00 $295.0M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.707B $2.235B
YoY Change 7.83% 25.0%
LONG-TERM LIABILITIES
Long-Term Debt $496.0M $496.0M
YoY Change 0.2% 0.2%
Other Long-Term Liabilities $165.0M $8.000M
YoY Change 1733.33% -11.11%
Total Long-Term Liabilities $661.0M $504.0M
YoY Change 31.15% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.707B $2.235B
Total Long-Term Liabilities $661.0M $504.0M
Total Liabilities $2.375B $2.911B
YoY Change 4.12% 16.02%
SHAREHOLDERS EQUITY
Retained Earnings -$13.00M -$83.00M
YoY Change -84.88% -37.59%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $915.0M $825.0M
YoY Change
Total Liabilities & Shareholders Equity $3.290B $3.736B
YoY Change 8.08% 16.6%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $83.00M $131.0M
YoY Change -2.35% -10.27%
Depreciation, Depletion And Amortization $6.000M $30.00M
YoY Change -76.0% 42.86%
Cash From Operating Activities $144.0M -$77.00M
YoY Change -261.8% -135.98%
INVESTING ACTIVITIES
Capital Expenditures $17.00M $17.00M
YoY Change -213.33% 54.55%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $9.000M -$6.000M
YoY Change -75.68% -97.03%
Cash From Investing Activities -$8.000M -$23.00M
YoY Change -136.36% -89.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $200.0M
YoY Change
Cash From Financing Activities -300.0M $200.0M
YoY Change 837.5% -156.66%
NET CHANGE
Cash From Operating Activities 144.0M -$77.00M
Cash From Investing Activities -8.000M -$23.00M
Cash From Financing Activities -300.0M $200.0M
Net Change In Cash -164.0M $100.0M
YoY Change 65.66% -128.41%
FREE CASH FLOW
Cash From Operating Activities $144.0M -$77.00M
Capital Expenditures $17.00M $17.00M
Free Cash Flow $127.0M -$94.00M
YoY Change -271.62% -146.31%

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CY2022Q1 tnet Increase Decrease In Other Payroll Assets
IncreaseDecreaseInOtherPayrollAssets
16000000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
30000000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
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10000000 usd
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
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25000000 usd
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
28000000 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
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CY2022Q1 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
188000000 usd
CY2023Q1 us-gaap Increase Decrease In Health Care Insurance Liabilities
IncreaseDecreaseInHealthCareInsuranceLiabilities
-5000000 usd
CY2022Q1 us-gaap Increase Decrease In Health Care Insurance Liabilities
IncreaseDecreaseInHealthCareInsuranceLiabilities
-8000000 usd
CY2023Q1 us-gaap Increase Decrease In Workers Compensation Liabilities
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-1000000 usd
CY2022Q1 us-gaap Increase Decrease In Workers Compensation Liabilities
IncreaseDecreaseInWorkersCompensationLiabilities
1000000 usd
CY2023Q1 us-gaap Increase Decrease In Other Employee Related Liabilities
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CY2022Q1 us-gaap Increase Decrease In Other Employee Related Liabilities
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CY2023Q1 tnet Increase Decreasein Operating Lease Liabilities
IncreaseDecreaseinOperatingLeaseLiabilities
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CY2022Q1 tnet Increase Decreasein Operating Lease Liabilities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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214000000 usd
CY2023Q1 us-gaap Payments To Acquire Marketable Securities
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82000000 usd
CY2022Q1 us-gaap Payments To Acquire Marketable Securities
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91000000 usd
CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
76000000 usd
CY2022Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
72000000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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17000000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11000000 usd
CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 usd
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
183000000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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91000000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
350000000 usd
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
495000000 usd
CY2022Q1 us-gaap Proceeds From Lines Of Credit
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0 usd
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
200000000 usd
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4000000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3000000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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200000000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
100000000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-352000000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1537000000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1738000000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1637000000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1386000000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
11000000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
9000000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4000000 usd
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-12000000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5000000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4000000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
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1 segment
CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect certain reported amounts and related disclosures. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These estimates are based on historical experience and on various other assumptions that we believe to be reasonable from the facts available to us. Some of the assumptions are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our condensed consolidated financial statements could be materially affected.</span></div>
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
75000000 usd
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
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48000000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
8000000 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
13000000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
67000000 usd
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
35000000 usd
CY2022Q4 us-gaap Prepaid Insurance
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57000000 usd
CY2023Q1 us-gaap Prepaid Insurance
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57000000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
707000000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
354000000 usd
CY2023Q1 us-gaap Short Term Investments
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89000000 usd
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
76000000 usd
CY2023Q1 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
1016000000 usd
CY2022Q4 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
1263000000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
142000000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
151000000 usd
CY2023Q1 us-gaap Restricted Cash And Investments
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2109000000 usd
CY2022Q4 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
1997000000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
114000000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
324000000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
12000000 usd
CY2022Q4 tnet Liability For Unpaid Claims And Claims Adjustment Expense Collateral
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseCollateral
7000000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
22000000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
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472000000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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32000000 usd
CY2022Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
22000000 usd
CY2023Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
44000000 usd
CY2022Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
50000000 usd
CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
76000000 usd
CY2022Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
72000000 usd
CY2023Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the accrued workers’ compensation cost activity for the three months ended March 31, 2023 and 2022:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:76.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.206%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.208%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#0073cf;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended<br/>March 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#0073cf;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(in millions)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#0073cf;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#0073cf;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total accrued costs, beginning of period</span></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">189</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">198 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Incurred</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total incurred</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Paid</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total paid</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(12)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(11)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total accrued costs, end of period</span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">187</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">199 </span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:75.473%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.614%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#0073cf;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(in millions)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#0073cf;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#0073cf;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total accrued costs, end of period</span></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">187</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">189 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Collateral paid to carriers and offset against accrued costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total accrued costs, net of carrier collateral offset</span></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">181</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">182 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Payable in less than 1 year<br/>(net of collateral paid to carriers of </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$2 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">at March 31, 2023 and December 31, 2022, respectively)</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">54</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Payable in more than 1 year <br/>(net of collateral paid to carriers of </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> and $5 at March 31, 2023 and December 31, 2022, respectively)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">127</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total accrued costs, net of carrier collateral offset</span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">181</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">182 </span></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div>
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CY2021Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
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CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
16000000 usd
CY2022Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
17000000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
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CY2022Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
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CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
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10000000 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
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CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
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1000000 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
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0 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
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11000000 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
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11000000 usd
CY2023Q1 us-gaap Payments For Losses And Loss Adjustment Expense
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CY2022Q1 us-gaap Payments For Losses And Loss Adjustment Expense
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11000000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
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187000000 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
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199000000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
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187000000 usd
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
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CY2023Q1 tnet Liability For Unpaid Claims And Claims Adjustment Expense Collateral
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CY2022Q4 tnet Liability For Unpaid Claims And Claims Adjustment Expense Collateral
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CY2023Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
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CY2022Q4 us-gaap Workers Compensation Liability Current And Noncurrent
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CY2022Q4 tnet Collateral Paid To Insurance Carriers Net Of Workers Compensation Loss Reserves Current
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CY2023Q1 tnet Collateral Paid To Insurance Carriers Net Of Workers Compensation Loss Reserves Current
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CY2023Q1 us-gaap Workers Compensation Liability Current
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CY2022Q4 us-gaap Workers Compensation Liability Current
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CY2023Q1 tnet Collateral Paid To Insurance Carriers Net Of Workers Compensation Loss Reserves Noncurrent
CollateralPaidToInsuranceCarriersNetOfWorkersCompensationLossReservesNoncurrent
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CY2023Q1 us-gaap Workers Compensation Liability Noncurrent
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CY2023Q1 us-gaap Workers Compensation Liability Current And Noncurrent
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CY2022Q4 us-gaap Workers Compensation Liability Current And Noncurrent
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CY2022Q4 tnet Collateral Held By Insurance Carriers
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CY2023Q1 tnet Collateral Held By Insurance Carriers
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CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q4 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q1 us-gaap Stock Issued During Period Shares Acquisitions
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CY2022Q1 us-gaap Stock Issued During Period Shares Acquisitions
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CY2023Q1 us-gaap Stock Repurchased During Period Shares
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CY2023Q1 us-gaap Common Stock Shares Issued
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CY2023Q1 us-gaap Common Stock Shares Outstanding
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CY2022Q1 us-gaap Common Stock Shares Issued
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CY2022Q1 us-gaap Common Stock Shares Outstanding
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CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2022Q1 tnet Increase Decrease In Effective Income Tax Rate Percent
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CY2023Q1 tnet Increase Decrease In Effective Income Tax Rate Percent
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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146000000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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60000000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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65000000 shares
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2.18
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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146000000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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60000000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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65000000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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