Latest news with #Simonds
CNBC
24-04-2025
- Business
- CNBC
Asia-Pacific markets set to open higher after Wall Street gains as investors assess trade climate
Pedestrians walking across a crowded traffic at Shibuya crossing square in Tokyo, Japan. Jaczhou | E+ | Getty Images Asia-Pacific markets were set to mostly climb Friday after Wall Street gained for a third straight day as tech stocks rallied. Japan's benchmark Nikkei 225 is set to open higher, with the futures contract in Chicago at 35,690 while its counterpart in Osaka last traded at 35,560, against the index's last close of 35,039.15. Futures for Hong Kong's Hang Seng index stood at 22,158, higher than HSI's last close of 21,909.76. Australian markets are closed for a holiday. Futures linked to the S&P 500 were 0.3% higher, while Nasdaq-100 futures gained 0.4%. Futures tied to the Dow Jones Industrial Average hovered around the flatline. Overnight stateside, the three major averages closed higher thanks to strong gains in megacap tech names, as investors continued to look for signs of progress on the global trade front. The S&P 500 ended up 2.03% at 5,484.77, while the tech-heavy Nasdaq Composite added 2.74% to finish at 17,166.04. The Dow Jones Industrial Average lagged the other two indexes, weighed down by a 6.6% drop in IBM, but still added 486.83 points, or 1.23%, at 40,093.40. Shares of Nvidia, Meta, Amazon, Tesla and Microsoft all closed higher, propelling the major averages to their third day of gains in a row "Investors are becoming more comfortable with the uncertainties of tariffs as earnings roll in," said Louis Navellier, chairman and founder of Navellier & Associates. "The market seems to be positioning itself for a near-term reduction in the current sky-high China tariffs," he added. — CNBC's Lisa Kailai Han and Pia Singh contributed to this report. Stocks rallied on Thursday, notching their third day of gains in a row. The S&P 500 rallied 2.03%, closing at 5,484.77. The Nasdaq Composite rose 2.74% to settle at 17,166.04. The Dow Jones Industrial Average gained 486.83 points, or 1.23%, finishing at 40,093.40. — Lisa Kailai Han In a Thursday note, UBS strategist Sean Simonds wrote that the U.S. is increasingly approaching a recessionary regime. "Markets pricing rapidly in a 'recessionary' direction," he wrote. Simonds added that tariff-sensitive stocks are being "aggressively repriced" and are now down 20% relative to the market. Meanwhile, consumer discretionary stocks could take an even bigger hit going forward. "Consumer discretionary stocks are typically sensitive to growth slowdowns/recessions and have underperformed recently as the market pushes quickly in this direction. Earnings expectations have also been rapidly revised lower and hedge fund positioning has adjusted significantly," Simonds said. "Our models suggest more consumer discretionary downside momentum (eg. Kohls) and relative outperformance coming from communication services and utilities (eg. Live Nation and Ameren)." — Lisa Kailai Han The International Monetary Fund lowered its Asia economic growth forecast to 3.9% in 2025 from a 4.6% forecast made last year. Uncertainty surrounding trade policy is a major headwind for the region, Krishna Srinivasan, the IMF's Asia and Pacific Department director, told reporters Thursday. However, Srinivasan noted the central banks in the region have some scope to ease monetary policy that can help protect against some of the damage from trade policy. — Hakyung Kim
The Guardian
25-02-2025
- Sport
- The Guardian
Bouldering equipment for beginners: the gear you need to crush it at the climbing wall – and the stuff you don't
Bouldering and climbing have become hugely popular. What was once a niche hobby is now an Olympic sport, and with bouldering gyms popping up across the UK, it's an exciting time to join the climbing community. The Guardian's journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more. Various weird and wonderful products that promise to up your climbing game are now available, but which ones do you need? As an avid climber who's tried countless training tools over the past eight years, I have a good idea of what works and what doesn't – because I've spent a lot of money finding out the hard way. But first I need to tackle the subject of climbing footwear: if there's one thing you can't go bouldering without, it's a decent pair of climbing shoes. I've owned plenty of climbing shoes over the years, but I sought help from an expert here: Imi Bagnall-Smith is a professional route setter and coach at Catalyst Climbing, a London-based team offering coaching for all levels. Climbing shoes can vary widely, and I've not tried on nearly as many as Bagnall-Smith. Crucially, through working with her clients, she has been able to see the types of shoes that work best for new climbers. £54.99 at Decathlon Climbing shoes aren't cheap. 'Nowadays, very few – if any – of the specialist climbing brands offer shoes for less than £100,' says Bagnall-Smith. 'For a low-budget first pair of shoes, I'd look to Decathlon's Simond.' I've owned a pair of Simonds for years, so I have to agree. At only £55, the Simond climbing shoe lacks the premium features of pricier options, such as elasticised tension systems or specialised rubber for heel and toe hooking, but it's still a good starting point. It's comfortable and easy to adjust, with soles coated in industry-standard XS Grip rubber to keep your feet secure on the wall. If you're a beginner, though, renting shoes is a good starting point. 'Most people will do this for a month or two,' says Bagnall-Smith. 'However, once you start climbing more regularly, it can be nicer to have your own pair of shoes that fit your foot shape well, and have only been worn by your feet.' Buying a pair is particularly worth it once you start climbing regularly, because you know you'll save money in the long run (renting shoes is £4 a go at my gym). Men's £99 at La Sportiva£99 at Go Outdoors Women's £99 at La Sportiva£90 at Cotswold Outdoor 'If you can afford it, a beginner model from renowned climbing brands Scarpa or La Sportiva would be a great investment,' says Bagnall-Smith. The La Sportiva Tarantula Boulder, for example, has been designed with beginner boulderers in mind, featuring a neutral shape to fit all foot types. After something cheaper? Bagnall-Smith recommends the Scarpa Reflex VS (£85): 'A flat, beginner-oriented model with two Velcro straps for better fit adjustment. The rubber is sticky but durable, and they will help you transition from rentals to your own shoes. 'I'd recommend trying them on and choosing whichever fits best. While climbing shoes aren't always comfortable, a better fit makes a huge difference.' Men's £140 at Go Outdoors Women's £140 at Go Outdoors Looking for the ultimate beginner climbing shoe? These are the ones, according to Bagnall-Smith. 'Whenever I'm recommending climbing shoes to a newer indoor climber, there's one pair I pick every time: the Scarpa Veloce,' she says. 'At £140, they're slightly more expensive than other beginner shoes, but the quality is high. They make standing on indoor holds and structures feel more secure.' Bagnall-Smith describes them as 'almost like a sticky, squishy, rubber sock, with the grippiest rubber of any beginner model I've tried.' And because of the soft S72 rubber, they're more comfortable than other shoes at this price. 'They don't cause the same pressure points or dig in very much, so I find it much easier to wear them for a whole session,' she says. These shoes are also vegan-friendly, ideal for those wanting to avoid animal-based materials and glues. £8 for 300g at Tiso Most climbers will 'chalk up' before every boulder. The main purpose is to increase the friction between your skin and the climbing holds through sweat absorption, though you could argue the psychological boost is equally important. Before trying a boulder that's at my physical limit, I want to do everything I can to improve my chances. The careful application of chalk builds my confidence and makes me push that much harder on an attempt. Call it a placebo, but it works for me – and for everyone else I climb with. Moon Dust is a mid-priced chalk, but it more than holds its own against pricier versions. I've tried many chalk brands over the years, and find the grittier texture of Moon Dust helps it to stay on my hands that bit longer. Compared with finer-powder chalks, it's less prone to exploding all over the gym like a smoke grenade when you accidentally kick over your chalk bag. £38.50 at Ellis Brigham While nothing is stopping you from dipping your hands straight into the chalk packet as you make your way around the gym, a chalk bag – or boulder bucket – is a much more elegant solution. The lunch bag from Organic Climbing is a popular choice due to its modest price, sturdy construction and fetching patterns, the latter being unique to each bag. It has everything you need from a bouldering bucket, with a Velcro seal, two elastic brush holders and a zippered back pocket to store your phone and keys. Oh, and it holds loads of chalk, which is fairly important. £4.94 at SportsShoes Over time, chalk and burned shoe rubber build up on the holds of the gym wall, reducing that all-important friction between you and the plastic. Giving them a quick clean with a good brush can make all the difference when tackling a tricky boulder, especially if it's a popular (and therefore dirtier) climb. The M-16 was originally designed as a maintenance tool for assault rifles, but it also turns out to be effective at cleaning climbing holds – a much better use for a brush. The brush's large end is better for dusting off small to medium climbing holds, while the smaller brush works well for scrubbing tiny crimps and foot edges. £6 at Tiso Finger tape is primarily used for support after an injury, but it has many other uses when climbing. It's common practice to wrap tape over any cuts and blisters, for example, because a plaster won't stay in place when pulling on holds. Crack climbers use this kind of tape to cover their entire hands, almost like a glove, although this specialist type of climbing is rarely replicated in gyms. £230 at Blacks£250 at Go Outdoors Ready for real rock in the great outdoors? Then you'll need something to land on that's not the ground. There's no golden rule for buying a crash pad; they vary, and every climber has their preference. Some bouldering pads are wider than others, some have denser foam – some even have little carpets for wiping muck off your shoes. Ultimately, any will be better than no pad at all. If you don't know where to start and want something reliable, you can't go wrong with the Organic Climbing Simple pad. It looks pretty, folds in half to transport, and it's built to last. £9.95 at Vibram Climbing shoes are inherently disgusting. When you take them off after a long session on the wall, you leave behind a potent brew of sweat and skin that will fester for days unless you take immediate corrective action. The first step is to limit bacterial growth by drying out the shoes with a moisture absorber. SmellWell's freshener inserts are just the right size to pop inside your climbing shoes. By the time you get home, they should have soaked up the worst of the damage, drying out your shoes and suffusing them with a pleasing natural scent. £15 at Go Outdoors£16.50 at Amazon Once your shoes are almost dry, it's time to pop in a pair of Boot Bananas. These brightly coloured shoe fresheners carry an invigorating lavender fragrance that overpowers all but the most heinous of foot odours. They also have antimicrobial properties that can keep bacteria at bay, prolonging your shoes' lifespan. The outer fabric and inner charcoal act as additional moisture absorbers, but the effect is limited, so don't rely on this alone. Dry out the shoes first, either with the moisture absorbers above or a hairdryer. You'll know when your Boot Bananas need to be replaced because they slowly turn brown – or 'ripen' – over time. It's an intentional feature – nothing to be worried about. £4.32 at Banana Fingers Cleaning climbing shoes is a controversial topic. Naturally, you don't want to wreck their structural integrity by leaving them to soak in a bucket or – even worse – throwing them in the wash. Shoe chalk has been designed specifically to clean out the inside of climbing shoes, flushing out the grime while leaving the outer materials untouched. £12.50 for five at Lattice Training Bands are versatile training tools, allowing you to perform effective non-impact warmups to prevent injuries while improving your strength and mobility. Bands can also be used to bridge the gap if you can't yet perform pull-ups; looped around the bar and your feet, the band offsets your body weight so that you can gradually build enough strength to perform the exercise unassisted. £55 at Lattice Training As you ascend the grades, flexibility becomes increasingly important. Lattice Training's flex yoga mat is designed for climbers. Its laser-etched scales and angle markers let you measure your body's exact limitations in various poses, so you can easily track progress. The non-slip cork surface and rubber base are major plus points. £95 at Beastmaker£87 at Amazon Sooner or later you'll hit a plateau that sees you 'stuck' at a certain grade for longer than you'd like. This may be the moment to start climbing-specific finger training, AKA hangboarding. Do you need to hangboard? No. But it's the best-known way to consistently and progressively train your finger strength on small edges while avoiding injury. The Beastmaker 1000 Series is one of the more accessible hangboards because of the two large handles on the top row. Set at shoulder width, they're ideal for practising pull-ups, lock-offs and one-arm hangs before getting to grips with the smaller edges on the board. Beastmaker has an accompanying book and app, so you can follow along with the programme to incrementally increase the difficulty of your routine. £12.99 at Amazon Although climbing relies heavily on the forearm's flexor muscles, the extensor muscles play an important part in your overall grip strength. The stronger your extensors are, the better supported your fingers are while climbing. That's where a set of extensor bands comes in. The beauty of these is that you can use them anywhere; stick some in your pocket and take them out whenever you're bored. High-resistance grip trainersThe closed-hand strength that these grippers help to build isn't that transferable to climbing, where open-hand grip strength is king. A handheld grip trainer routine won't improve your climbing, with the possible exception of pulling on pinch holds. This is a lesson I learned the hard way. That said, some climbers find low-resistance grippers useful for warming up their fingers. Extremely undersized climbing shoesSome climbers believe that, for optimum performance, you need shoes so small that they're actually painful to wear. It's bad advice. 'Climbing shoes are designed to be worn with a fairly tight fit that hugs the feet closely, so you may have to downsize from your street shoe size (usually 1-2 EU sizes),' says Bagnall-Smith. But that doesn't mean downsizing to the point where you're in pain and feeling the need to take them off after every single boulder. You just want to make sure that your feet aren't sliding around, and that the shoes hold firm when performing high-tension manoeuvres, such as smearing and heel-hooking. Bagnall-Smith also recommends going in person to try on as many shoes as possible. 'Usually the staff can give helpful guidance on sizing, and foot shape can play a huge role in how shoes fit,' she says. 'Sometimes you might need to try on a few before you find one that fits just right.' On a personal note, I once watched a man spend two minutes putting on a single shoe at the gym. The grunts of pain and bulging neck veins were something to behold. Frankly, if the act of pulling on your shoes is more strenuous than the boulders you climb once they're on, you may need bigger shoes. Ankle weights, wrist weights and weighted vestsAdding weight to your body will obviously make it more difficult to pull yourself up the wall. In theory, this will result in greater strength gains and better climbing. In reality, however, adding weights may actively prevent you from improving your technique on the wall while also increasing the risk of injury, especially if you're really piling on the kilos. Instead of adding weight to make climbing harder, you should focus on efficient body movement to make climbing easier. The exception is in off-the-wall training, where adding weights to a vest or harness when doing pull-ups or max-limit hangs can be advantageous.
Yahoo
13-02-2025
- Business
- Yahoo
TriNet Announces Fourth Quarter, Fiscal Year 2024 Results, and Strategy & Medium-Term Outlook
1% Growth in Total Revenues to $1.3 billion for the Fourth Quarter of 2024 1% Growth in Total Revenues to $5.1 billion for Fiscal Year 2024 Delivered record WSE retention in 2024 DUBLIN, Calif., Feb. 13, 2025 /PRNewswire/ -- TriNet Group, Inc. (NYSE: TNET), a leading provider of comprehensive and flexible human capital management (HCM) solutions for small and medium-size businesses (SMBs), today announced financial results for the fourth quarter and full year ended December 31, 2024. The fourth quarter and full year highlights below include non-GAAP financial measures which are reconciled later in this release. "We closed out 2024 by delivering fourth quarter results in line with our guidance, excluding a strategic restructuring charge," said Mike Simonds, TriNet's President and CEO. "I am pleased that we drove strong retention in 2024 and returned over $200 million in capital to shareholders through share repurchases and dividends evidencing the strength of our business model." Simonds continued, "As we enter 2025, we have a clear strategy in place and have begun executing on a number of actions that position TriNet for growth, margin expansion, and value creation over the medium-term. We expect momentum to build through the year as we continue to reprice our insurance book and our investments in our benefits offering, go-to-market approach, and increasingly tech-enabled service model begin to yield tangible results." Fourth quarter highlights include: Total revenues increased 1% to $1.3 billion compared to the same period last year. Professional service revenues decreased 4% to $181 million compared to the same period last year. Net loss was $23 million, or $0.46 per diluted share, compared to net income of $67 million, or $1.31 per diluted share, in the same period last year. Adjusted Net Income was $22 million, or $0.44 per diluted share, compared to Adjusted Net Income of $82 million, or $1.60 per diluted share, in the same period last year. Adjusted EBITDA was $60 million, representing an Adjusted EBITDA Margin of 4.7%, compared to Adjusted EBITDA of $140 million, representing an Adjusted EBITDA Margin of 11.2% in the same period last year. Average Worksite Employees (WSEs) increased 5% as compared to the same period last year and increased 1% as compared to the previous quarter, to approximately 355,000. Full year highlights include: Total revenues increased 1% to $5.1 billion as compared to 2023. Professional service revenues increased 1% to $765 million as compared to 2023. Net income was $173 million or $3.43 per diluted share, compared to net income of $375 million or $6.56 per diluted share, in 2023. Adjusted Net income was $269 million or $5.32 per diluted share, compared to net income of $446 million or $7.81 per diluted share, in 2023. Adjusted EBITDA was $485 million, representing an Adjusted EBITDA Margin of 9.6%, compared to Adjusted EBITDA of $697 million, representing an Adjusted EBITDA Margin of 14.2% in 2023. Average Worksite Employees (WSEs) increased by 6% compared to 2023, to approximately 353,000. Full-Year 2025 Guidance In addition to announcing our fourth quarter 2024 results, we provide our full-year 2025 guidance. Non-GAAP financial measures are reconciled later in this release. Percentages reflect the increase or (decrease) from the prior year Year 2025 (dollars in millions, except for per share amounts) LowHigh Total Revenues $ 4,900$ 5,100 Professional Service Revenues $ 700$ 730 Insurance Cost Ratio 92 %90 % Adjusted EBITDA Margin 7 %9 % Diluted net income per share of common stock $ 1.90$ 3.40 Adjusted Net Income per share - diluted $ 3.25$ 4.75 Medium-Term Outlook Based on Strategy TriNet is also providing our medium-term financial performance outlook as a result of our strategy. Details of our strategy and medium-term outlook can be found on Investor Relations section of TriNet's website at Percentages for Total Revenues and Adjusted Net Income per share - diluted represent our targeted compounded annual growth rates through the period. Adjusted EBITDA Margin represents our targeted margin at the end of the period. The Value Creation Opportunity represents our targeted Adjusted Net Income per share - diluted percentage return plus our expected dividends OutlookLowHigh Total Revenues 4 %6 % Adjusted EBITDA Margin 10 %11 % Adjusted Net Income per share - diluted 12 %14 % Value Creation Opportunity 13 %15 % We are not able to provide a reconciliation of non-GAAP financial measures included in our medium-term outlook to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including but not limited to volume growth and Insurance Cost Ratio. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results. Annual Report on Form 10-K We anticipate filing our Annual Report on Form 10-K ("Form 10-K") for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission (SEC) and making it available at on or about February 13, 2025. This press release should be read in conjunction with the Form 10-K and the related Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in the Form 10-K. Earnings and Medium-Term Strategy & Outlook Conference Call and Audio Webcast TriNet will host a conference call at 5:30 a.m. PT to 6:45 a.m. PT (8:30 a.m. to 9:45 a.m. ET) today to discuss its fourth quarter and year end results for 2024, provide full-year financial guidance for 2025, and provide its Medium-Term Strategy & Outlook. TriNet encourages participants to pre-register for the webcast. The live webcast of the conference call can be accessed on the Investor Relations section of TriNet's website at Participants can pre-register for the webcast by going to: Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. To pre-register, go to: For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (404) 975-4839 and enter the access code: 174612. A replay of the webcast will be available on this website for approximately one year. About TriNet TriNet is a leading provider of Human Resources solutions for small and medium size businesses, offering advanced technology-enabled services that include human capital expertise, employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. Our long-term objective is to be the premier provider of HR services for a broad range of SMBs through industry leading benefits, sales distribution excellence, and a world class services delivery model. For more information, please visit or follow us on Facebook, LinkedIn and Instagram. Use of Non-GAAP Financial Measures Reconciliations of non-GAAP financial measures to TriNet's financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled "Non-GAAP Financial Measures." Forward-Looking Statements This press release contains, and statements made during the above referenced conference call will contain, statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among other things, TriNet's expectations and assumptions regarding: TriNet's financial guidance for the full-year 2025 and the underlying assumptions; TriNet's mid-term outlook and the underlying assumptions; TriNet's ability to help our clients successfully navigate a challenging external environment, TriNet's ability to build on our improved pricing, the continuation of our strong expense management and TriNet's ability to execute on our strategy. Forward-looking statements are often identified by the use of words such as, but not limited to, "ability," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "guidance," "impact," "intend," "may," "plan," "predict," "project," "seek," "should," "strategy," "target," "value," "will," "would" and similar expressions or variations intended to identify forward-looking statements. These statements are not guarantees of future performance but are based on management's expectations as of the date hereof and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past or future results, performance or achievements expressed or implied by the forward-looking statements. Investors are cautioned not to place undue reliance upon any forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include: our ability to manage unexpected changes in workers' compensation and health insurance claims and costs by worksite employees; our ability to mitigate the unique business risks we face as a co-employer; the effects of volatility in the financial and economic environment on the businesses that make up our client base; our inability to realize or sustain the expected benefits from our business transformation initiatives; loss of clients for reasons beyond our control and the short-term contracts we typically use with our clients; the impact of regional or industry-specific economic and health factors on our operations; the impact of failures or limitations in the business systems and service centers we rely upon; the impact of discontinuing our discretionary credits on our business and client loyalty and retention; changes in our insurance coverage or our relationships with key insurance carriers; our ability to improve our services and technology to satisfy client and regulatory expectations; our ability to effectively integrate businesses we have acquired or may acquire in the future; our ability to effectively manage and improve our operational effectiveness and resiliency; our ability to attract and retain qualified personnel; the effects of increased competition and our ability to compete effectively; the impact on our business of cyber-attacks, breaches, disclosures and other data-related incidents; our ability to comply with constantly evolving data privacy, AI and security laws; our ability to manage changes in, uncertainty regarding, or adverse application of the complex laws and regulations that govern our business; changing laws and regulations governing health insurance and employee benefits; our ability to keep pace with changes in technology or provide timely enhancements to our solutions and support; risks associated with our international operations; our ability to operate a business subject to numerous complex laws; changing laws and regulations governing health insurance and other traditional employee benefits at the federal, state, and local levels; our ability to be recognized as an employer of worksite employees and for our benefits plans to satisfy all requirements under federal and state regulations; changes in the laws and regulations that govern what it means to be an employer, employee or independent contractor; the impact of new and changing laws regarding remote work; our ability to comply with the licensing requirements that govern our HCM solutions; the failure of third-party service providers performing their functions; the failure to comply with anti-corruption laws and regulations, economic and trade sanctions, and similar laws; the outcome of existing and future legal and tax proceedings; fluctuation in our results of operations and stock price due to factors outside of our control; our ability to comply with the restrictions of our indebtedness and meet our debt obligations; the need for additional capital or to restructure our existing debt; the continuation of our stock repurchase program; the impact of concentrated ownership in our stock by Atairos and other large stockholders and the anti-takeover provisions in our charter documents and under Delaware law. Any of these factors could cause our actual results to differ materially from our anticipated results. Further information on risks that could affect TriNet's results is included in our filings with the SEC, including under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on our investor relations website at and on the SEC website at Copies of these filings are also available by contacting TriNet Corporation's Investor Relations Department at (510) 875-7201. Except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this press release, and any forward-looking statements in this press release speak only as of the date of this press release. In addition, we do not assume any obligation, and do not intend, to update any of our forward-looking statements, except as required by law. Contacts:Investors: Media: Alex Bauer Renee Brotherton / Josh Gross TriNet TriNet Investorrelations@ (510) 875-7201 646-5103 Key Financial and Operating Metrics We regularly review certain key financial and operating metrics to evaluate growth trends, measure our performance and make strategic decisions. These key financial and operating metrics may change over time. Our key financial and operating metrics for the periods presented were as follows:Three Months Ended December 31,Year Ended December 31, (in millions, except per share and Operating Metrics data) 20242023% Change20242023% Change Income Statement Data:Total revenues $ 1,277$ 1,2611 %$ 5,053$ 4,9941 % Income before tax (37)86(143) 226501(55)Net (loss) income (23)67(134) 173375(54)Diluted net (loss) income per share of common stock (0.46)1.31(135) 3.436.56(48)Non-GAAP measures (1):Adjusted EBITDA 60140(57) 485697(30)Adjusted Net income 2282(73) 269446(40)Free Cash Flow201464(57)Operating Metrics:Insurance Cost Ratio 95 %87 %8 %90 %84 %6Average WSEs (2) 355,157337,9245 352,681331,4236 % Total WSEs at period end (2) 360,681347,5424 360,681347,5424(1) Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures". (2) Total WSEs and Average WSEs include incremental WSEs that were charged a platform user access fee and incremental additional service recipients. These were identified as a result of our ongoing effort to ensure that our billing practices best match the expectations of our customers. Please refer to "Management Discussion & Analysis of Financial Condition and Results of Operations" in our 2024 10-K. (in millions) December 31, 2024December 31, 2023% ChangeBalance Sheet Data: Cash and cash equivalents $ 360$ 28726 % Working capital 19911573 % Total assets 4,1193,69312Debt 9831,093(10)Total stockholders' equity 6978(12) Year Ended December 31, (in millions) 20242023% Change Cash Flow Data: Net cash provided by operating activities $ 279$ 539(48) % Net cash provided by (used in) investing activities 153(70)(319)Net cash used in financing activities (207)(540)(62) TRINET GROUP, STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) Three Months Ended December 31,Year Ended December 31, (in millions except per share data) 2024 20232024 2023 Professional service revenues $ 181 $ 189$ 765 $ 756 Insurance service revenues 1,081 1,0564,224 4,166 Interest income 15 1664 72 Total revenues 1,277 1,2615,053 4,994 Insurance costs 1,025 9193,797 3,513 Cost of providing services 76 77304 307 Sales and marketing 71 71289 285 General and administrative 92 57232 211 Systems development and programming 16 1668 65 Depreciation and amortization of intangible assets 19 1975 72 Interest expense, bank fees and other 15 1662 40 Income before tax (37) 86226 501 Income taxes (14) 1953 126 Net (loss) income $ (23) $ 67$ 173 $ 375 Other comprehensive income (loss), net of income taxes (5) 6(1) 3 Comprehensive income $ (28) $ 73$ 172 $ 378 Net (loss) income per share:Basic $ (0.46) $ 1.33$ 3.47 $ 6.61 Diluted $ (0.46) $ 1.31$ 3.43 $ 6.56 Weighted average shares:Basic 50 5150 57 Diluted 50 5150 57 TRINET GROUP, BALANCE SHEETS (Unaudited)December 31,December 31, (in millions, except share and per share data)20242023 ASSETS Current assets: Cash and cash equivalents$ 360$ 287 Investments—65 Restricted cash, cash equivalents and investments1,4131,269 Accounts receivable, net3218 Payroll funds receivable349447 Prepaid expenses, net6467 Other payroll assets916381 Other current assets4644 Total current assets3,1802,578 Restricted cash, cash equivalents and investments, noncurrent145158 Investments, noncurrent—143 Property and equipment, net1017 Operating lease right-of-use asset2424 Goodwill 461462 Software and other intangible assets, net156172 Other assets143139 Total assets$ 4,119$ 3,693 Liabilities and stockholders' equity Current liabilities: Accounts payable and other current liabilities$ 89$ 87 Revolving credit agreement borrowings75109 Client deposits and other client liabilities7665 Accrued wages580515 Accrued health insurance costs, net189175 Accrued workers' compensation costs, net4450 Payroll tax liabilities and other payroll withholdings1,9061,438 Operating lease liabilities1314 Insurance premiums and other payables910 Total current liabilities2,9812,463 Long-term debt, noncurrent908984 Accrued workers' compensation costs, noncurrent, net110120 Deferred taxes1113 Operating lease liabilities, noncurrent2630 Other non current liabilities145 Total liabilities4,0503,615 Stockholders' equity: Preferred stock—— Common stock and additional paid-in capital1,056976 Retained earning (Accumulated deficit)(984)(896) Accumulated other comprehensive loss(3)(2) Total stockholders' equity6978 Total liabilities & stockholders' equity$ 4,119$ 3,693 TRINET GROUP, STATEMENTS OF CASH FLOWS (Unaudited) Year Ended December 31, (in millions) 2024 2023 2022 Operating activitiesNet income $ 173 $ 375 $ 355 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization of intangible assets 75 72 64 Amortization of deferred costs 44 40 38 Amortization of ROU asset, lease modification, impairment, and abandonment 11 9 25 Stock based compensation 65 59 62 Accretion of discount rate on lease liabilities 2 2 2 Provision for doubtful accounts 2 3 2 Deferred income taxes (2) 5 (22) Losses from disposition of assets — 1 6 Losses and impairment on investments (1) 1 18 Impairment of intangibles 25 — — Changes in operating assets and liabilities:Accounts receivable, net (2) (3) 4 Prepaid expenses, net (18) 4 19 Other payroll assets 3 (3) — Accounts payable and other current liabilities (7) (10) (13) Client deposits and other client liabilities (10) 23 — Accrued wages (5) 7 14 Accrued health insurance costs, net (2) 7 — Accrued workers' compensation costs, net (11) (8) (7) Payroll taxes payable and other payroll withholdings (3) 8 2 Operating lease liabilities (15) (17) (17) Other assets (52) (35) (54) Other liabilities 7 (1) (1) Net cash provided by operating activities 279 539 497 Investing activitiesPurchases of marketable securities (190) (276) (410) Proceeds from sale and maturity of marketable securities 421 286 469 Acquisitions of property and equipment and projects in process (78) (75) (56) Acquisitions of subsidiaries, net of cash acquired — — (229) Other Investments — (5) — Net cash provided by (used in) investing activities 153 (70) (226) Financing activitiesChange in WSE and TriNet Trust related assets and liabilities, net 139 6 65 Repurchase of common stock (183) (1,122) (523) Proceeds from issuance of common stock 12 15 11 Payment of long-term financing costs and debt issuance costs — (9) — Proceeds from issuance of 2031 Notes — 400 — Proceeds from revolving credit agreement borrowings — 695 — Repayment of borrowings under revolving credit agreement (110) (495) — Awards effectively repurchased for required employee withholding taxes (28) (30) (24) Dividends paid (37) — — Net cash used in financing activities (207) (540) (471) Effect of exchange rate changes on cash and cash equivalents — — (1) Net increase (decrease) in cash and cash equivalents, unrestricted and restricted 225 (71) (201) Cash and cash equivalents, unrestricted and restricted:Beginning of period 1,466 1,537 1,738 End of period $ 1,691 $ 1,466 $ 1,537 Supplemental disclosures of cash flow informationInterest paid $ 59 $ 25 $ 18 Income taxes paid, net 76 114 128 Supplemental schedule of noncash investing and financing activitiesCash dividend declared, but not yet paid $ 12 $ — $ — Payable for purchase of property and equipment $ 2 $ 4 $ 6 Acquisitions of subsidiaries paid in stock $ — $ — $ 17 Non-GAAP Financial Measures In addition to the selected financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), we monitor other non-GAAP financial measures that we use to manage our business, to make planning decisions, to allocate resources and to use as performance measures in our executive compensation plan. These key financial measures provide an additional view of our operational performance over the long term and provide information that we use to maintain and grow our business. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Non-GAAP Measure Definition How We Use The Measure Adjusted EBITDA • Net (loss) income, excluding the effects of: - income tax provision, - interest expense, bank fees and other, - depreciation, - amortization of intangible assets, - stock based compensation expense, - amortization of cloud computing arrangements, - transaction and integration costs, and - restructuring costs. • Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates the effectiveness of our business strategies by excluding certain non-recurring costs, which include restructuring costs, as well as certain non-cash charges such as depreciation and amortization, and stock-based compensation and certain impairment charges recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations. • Enhances comparisons to the prior period and, accordingly, facilitates the development of future projections and earnings growth prospects. • Provides a measure, among others, used in the determination of incentive compensation for management. • We also sometimes refer to Adjusted EBITDA margin, which is the ratio of Adjusted EBITDA to total revenues. Adjusted Net Income • Net (loss) income, excluding the effects of: - effective income tax rate (1), - stock based compensation, - amortization of intangible assets, net, - non-cash interest expense, - transaction and integration costs, - restructuring costs, and - the income tax effect (at our effective tax rate (1) of these pre-tax adjustments.) • Provides information to our stockholders and board of directors to understand how our management evaluates our business, to monitor and evaluate our operating results, and analyze profitability of our ongoing operations and trends on a consistent basis by excluding certain non-cash charges. Free Cash Flow • Net cash provided by operating activities reduced by capital expenditures • Provides our management with a measure for capital planning, performance evaluation and resource allocation. (1) Non-GAAP effective tax rate is 25.6% for the fourth quarters and full years of 2024 and 2023, which excludes the income tax impact from stock-based compensation, changes in uncertain tax positions, and nonrecurring benefits or expenses from federal legislative changes. In 2024, we changed our presentation method in our Consolidated Statements of Cash Flows to classify changes in WSE and TriNet Trust assets and liabilities as financing activities. As a result of this change, we will no longer use Corporate Operating Cash Flows as a non-GAAP financial measure. In 2024 we also added Free Cash Flow as part of our non-GAAP financial measures. Reconciliation of GAAP to Non-GAAP Measures The table below presents a reconciliation of Net (loss) income to Adjusted EBITDA:Three Months Ended December 31,Year Ended December 31, (in millions) 2024 20232024 2023 Net (loss) income $ (23) $ 67$ 173 $ 375 Provision for income taxes (14) 1953 126 Stock based compensation 12 1665 59 Interest expense, bank fees and other 15 1662 40 Depreciation and amortization of intangible assets 19 1975 72 Amortization of cloud computing arrangements 2 18 8 Transaction and integration costs — 2— 17 Restructuring costs 49 —49 — Adjusted EBITDA $ 60 $ 140$ 485 $ 697 Adjusted EBITDA Margin 4.7 % 11.2 %9.6 % 14.2 % The table below presents a reconciliation of Net (loss) income to Adjusted Net Income and Adjusted Net Income per share - diluted:Three Months Ended December 31,Year Ended December 31, (in millions, except per share data) 2024 20232024 2023 Net (loss) income $ (23) $ 67$ 173 $ 375 Effective income tax rate adjustment (5) (3)(5) (2) Stock based compensation 12 1665 59 Amortization of intangible assets 4 519 20 Non-cash interest expense 1 13 2 Transaction and integration costs — 2— 17 Restructuring costs 49 —49 — Income tax impact of pre-tax adjustments (17) (6)(35) (25) Adjusted Net Income $ 22 $ 82$ 269 $ 446 GAAP weighted average shares of common stock - diluted 50 5150 57 Adjusted Net Income per share - diluted $ 0.44 $ 1.60$ 5.32 $ 7.81 The table below presents a reconciliation of Net cash provided by operating activities to Free Cash Flow:Year Ended December 31, (in millions) 2024 2023 2022 Net cash provided by operating activities $ 279 $ 539 $ 497 Acquisitions of property and equipment and projects in process (78) (75) (56) Free Cash Flow $ 201 $ 464 $ 441 Reconciliation of GAAP to Non-GAAP Measures for the full-year 2025 guidance. Low and high percentages represent increases (decreases) from the same period in the previous year. The table below presents a reconciliation of net income to Adjusted EBITDA: FY 2024Year 2025 Guidance (in millions)ActualLow High Net (loss) income $ 173(46) % (3) % Provision for income taxes53(41) 10 Stock based compensation6511 11 Interest expense, bank fees and other62(15) (15) Depreciation and amortization of intangible assets75(21) (21) Amortization of cloud computing arrangements8(7) (7) Restructuring costs49(80) (80) Adjusted EBITDA$ 485(31) % (10) % Total revenues$ 5,053(2.0) % 2.0 % Adjusted EBITDA Margin9.6 %6.8 % 8.5 % The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share - diluted: FY 2024Year 2025 Guidance (in millions, except per share data)ActualLow High Net income $ 173(46) % (3) % Effective income tax rate adjustment(5)(83) (105) Stock based compensation6511 11 Amortization of intangible assets19(49) (49) Non-cash interest expense3(100) (100) Restructuring costs49(80) (80) Income tax impact of pre-tax adjustments(35)(32) (32) Adjusted Net Income$ 269(40) % (12) % GAAP weighted average shares of common stock - diluted50Adjusted Net Income per share - diluted$ 5.32$3.25 $4.75 View original content to download multimedia: SOURCE TriNet Group, Inc.
