Fortune Magazine Names TriNet One of the Fastest-Growing Companies for 2017
SAN LEANDRO, CA--(Marketwired - October 10, 2017) - TriNet (NYSE: TNET), a leading provider of HR services, was included in Fortune Magazine's 100 Fastest-Growing Companies for 2017. The list includes domestic and foreign publicly traded companies. Ranked at 57, TriNet stands among such household brands as Facebook and Amazon.
Each company's overall rank on Fortune's 100 Fastest-Growing Companies list is determined based on three areas of performance over a three-year period, ending June 30, 2017: average annual revenue growth, average increase in earnings per share and total stock return. TriNet has consistently delivered strong financial results, while further improving its profitable business model. TriNet's growth statistics include:
- Total revenues for the second quarter of 2017 increased 7 percent over the second quarter of 2016 to $800.5 million.1
- Net service revenues increased 35 percent from the second quarter of 2016 to $201 million. Ibid
- TriNet's three-year annual growth rate from 2014 to 2016 of diluted earnings per share showed a 286 percent increase, while revenue increased by 40 percent over the same three-year period.2
TriNet provides HR solutions for small and midsize businesses (SMBs) tailored by industry, delivered by a team of HR professionals and enabled by a cloud-based technology platform.
Supporting Quotes
Burton Goldfield, President and CEO, TriNet
"TriNet has experienced explosive growth over the last few years and we owe it to our clients, who entrust us to help them achieve their own business success and to our TriNet colleagues, who work hard to build extraordinary products and services tailored by industry. I believe TriNet's strong financial performance is due to our team's focus on building great customer relationships, offering personalized HR expertise and from the passionate vision we all share to improve humanity through business growth and innovation."
About TriNet
TriNet is a leading provider of comprehensive human resources solutions for small and midsize businesses (SMBs). We enhance business productivity by enabling our clients to outsource their human resources (HR) function to one strategic partner, which allows them to focus on operating and growing their core business. Our HR solution includes services such as payroll processing, human capital consulting, employment law compliance and employee benefits, including health insurance, retirement plans and workers' compensation insurance. Our services are delivered by our expert team of HR professionals and enabled by our cloud-based technology platform, which allows our clients and their employees to efficiently conduct transactions anytime, anywhere. For more information, please visit http://www.trinet.com.
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For current HR news, visit the TriNet Blog.
Use of Non-GAAP Financial Measures
Net service revenues, referred to above, is a non-GAAP financial measure derived by subtracting insurance costs from total revenues. Please see below for a tabular reconciliation of total revenues to net service revenues:
| Three Months Ended June 30, |
Change 2017 vs. 2016 |
|||||||||
| (in thousands) | 2017 | 2016 | $ | % | ||||||
| Total revenues | $ | 800,541 | $ | 745,846 | $ | 54,695 | 7 | % | ||
| Less: Insurance costs | 599,535 | 596,673 | 2,862 | - | ||||||
| Net Service Revenues | $ | 201,006 | $ | 149,173 | $ | 51,833 | 35 | % | ||
TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
1 According to Q2 '17 TriNet Financial Results.
2 Calculated from TriNet annual reports from 2014-2016.
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