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TriNet Announces First Quarter 2021 Results 1 % Growth in GAAP Total Revenues and 9 % Growth in Net Service Revenues for the First Quarter 2021 11 % Growth in GAAP Net Income and 14 % Growth in Adjusted Net Income for the First Quarter 2021 $ 1.51 in Net Income and $ 1.66 in Adjusted Net Income per Diluted Share for the First Quarter 2021 DUBLIN , Calif . - April 26 , 2021 - TriNet Group , Inc. ( NYSE : TNET ) , a leading provider of comprehensive human resources solutions for small and medium - size businesses , today announced financial results for the first quarter ended March 31 , 2021. The first quarter highlights below include non - GAAP financial measures which are reconciled later in this release . First quarter highlights include : • Total revenues increased 1 % to $ 1.1 billion and Net Service Revenues increased 9 % to $ 309 million , as compared to the same period last year . Net income was $ 101 million , or $ 1.51 per diluted share , compared to net income of $ 91 million , or $ 1.31 per diluted share , in the same period last year . Adjusted Net Income was $ 111 million , or $ 1.66 per diluted share , compared to Adjusted Net Income of $ 97 million , or $ 1.41 per diluted share , in the same period last year . • • Adjusted EBITDA was $ 163 million , representing an Adjusted EBITDA Margin of 53 % . • Total Worksite Employees ( WSES ) decreased 3 % compared to the same period last year , to approximately 326,000 . Average WSEs decreased 4 % as compared to the same period last year , to approximately 321,000 . " Our business model continued to add significant value to our customers during these challenging times , " said Burton M. Goldfield , TriNet's President and CEO . “ Our customers sought help not just with traditional HR functions such as payroll , but also with strategic HR questions as they addressed the difficult economic environment . Through our vertical strategy , we have successfully aligned the right customers , with the right service model , at the right price . We once again leveraged our differentiated business model and financial performance to establish the 2021 credit program for the benefit of all of our stakeholders . We are encouraged by the economic reopening underway , and we are excited for a return to growth in 2021. " TriNet's total revenues for the first quarter of 2021 increased 1 % from the first quarter of 2020 to $ 1.1 billion , while Net Service Revenues ( total revenues less insurance costs ) for the first quarter of 2021 increased 9 % to $ 309 million compared to first quarter 2020. Net Insurance Service Revenues consisted of insurance service revenues of $ 907 million , less insurance costs of $ 751 million . Professional service revenues for the first quarter of 2021 decreased 2 % , and Net Insurance Service Revenues for the first quarter of 2021 increased 23 % , each as compared to the first quarter of 2020 . At March 31 , 2021 , TriNet had cash and cash equivalents of $ 500 million and total debt of $ 494 million . 1