TRINET GROUP, INC. (TNET) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues	4,540.0	4,034.0	3,856.0	3,503.0	3,275.0	3,060.0	2,659.0	2,193.5
Revenue growth	12.5%	4.6%	10.1%	7.0%	7.0%	15.1%	21.2%	33.4%
Cost of goods sold [+]	54.0	47.0	46.0	40.0	33.0	225.0	179.0	160.4
Cost of services						190.0	151.0	134.3
Cost of technology services							28.0	26.1
Cost of services, excluding D&A						190.0
Depreciation and amortization						35.0
Gross profit	4,486.0	3,987.0	3,810.0	3,463.0	3,242.0	2,835.0	2,480.0	2,033.2
Gross margin	98.8%	98.8%	98.8%	98.9%	99.0%	92.6%	93.3%	92.7%
Selling, general and administrative [+]	3,717.0	3,317.0	3,254.0	2,934.0	2,767.0	2,680.0	2,348.0	1,880.2
Sales and marketing	202.0	186.0	190.0	182.0	187.0	174.0	167.0	140.0
General and administrative [+]	3,515.0	3,131.0	3,064.0	2,752.0	2,580.0	2,506.0	2,181.0	1,740.2
General and administrative expenses	176.0	152.0	137.0	142.0	114.0	92.0	69.0	53.9
Insurance expense	3,339.0	2,979.0	2,927.0	2,610.0	2,466.0	2,414.0	2,112.0	1,686.3
Other selling, general and administrative
Research and development	50.0	40.0	43.0	49.0	45.0	31.0
Other operating expenses	264.0	262.0	245.0	229.0	213.0		54.0	66.1
Adjusted EBITDA	587.0	478.0	366.0	341.0	284.0	189.0	149.0	182.2
Adjusted EBITDA margin	12.9%	11.8%	9.5%	9.7%	8.7%	6.2%	5.6%	8.3%
Stock-based compensation	50.0	43.0	41.0	44.0	32.0	26.0	18.0	11.0
EBITDA [+]	537.0	435.0	325.0	297.0	252.0	163.0	131.0	171.2
EBITDA growth	23.4%	33.8%	9.4%	17.9%	54.6%	24.4%	-23.5%	22.1%
EBITDA margin	11.8%	10.8%	8.4%	8.5%	7.7%	5.3%	4.9%	7.8%
Depreciation	77.0	62.0	52.0	41.0	30.0	23.0	14.0	32.1
EBITA	460.0	373.0	273.0	256.0	222.0	140.0	117.0	139.1
EBITA margin	10.1%	9.2%	7.1%	7.3%	6.8%	4.6%	4.4%	6.3%
Amortization of intangibles	5.0	5.0	5.0	5.0	5.0	16.0	39.0	52.3
EBIT [+]	455.0	368.0	268.0	251.0	217.0	124.0	78.0	86.8
EBIT growth	23.6%	37.3%	6.8%	15.7%	75.0%	59.0%	-10.1%	30.8%
EBIT margin	10.0%	9.1%	7.0%	7.2%	6.6%	4.1%	2.9%	4.0%
Interest expense, net [+]	14.0	11.0	-2.0	10.0	17.0	20.0	19.0	54.2
Interest expense	20.0	21.0	21.0	22.0	20.0	20.0	19.0	54.2
Interest income	6.0	10.0	23.0	12.0	3.0
Other income (expense), net							1.0	0.5
Pre-tax income	441.0	357.0	270.0	241.0	200.0	104.0	60.0	33.1
Income taxes	103.0	85.0	58.0	49.0	22.0	43.0	28.0	17.6
Tax rate	23.4%	23.8%	21.5%	20.3%	11.0%	41.3%	46.7%	53.1%
Net income	338.0	272.0	212.0	192.0	178.0	61.0	32.0	15.5
Net margin	7.4%	6.7%	5.5%	5.5%	5.4%	2.0%	1.2%	0.7%

Basic EPS [+]	$5.12	$4.06	$3.03	$2.74	$2.58	$0.87	$0.46	$0.28
Growth	26.1%	34.0%	10.4%	6.3%	196.7%	90.2%	65.7%	-74.1%
Diluted EPS [+]	$5.04	$4.00	$2.99	$2.67	$2.51	$0.85	$0.44	$0.26
Growth	26.1%	34.0%	12.0%	6.4%	195.9%	92.3%	69.4%	-68.9%

Growth								-100.0%

Shares outstanding (basic) [+]	66.0	67.0	70.0	70.0	69.0	70.2	70.0	56.2
Growth	-1.5%	-4.3%	0.0%	1.4%	-1.7%	0.2%	24.6%	354.6%
Shares outstanding (diluted) [+]	67.0	68.0	71.0	72.0	71.0	72.0	72.6	59.6
Growth	-1.5%	-4.2%	-1.4%	1.4%	-1.4%	-0.9%	21.9%	278.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.