Exhibit

Exhibit 99.1

TriNet Announces First Quarter 2019 Results

9% Growth in GAAP Total Revenues and 14% Growth in Net Service Revenues for the First Quarter

17% Growth in GAAP Net Income and 20% Growth in Adjusted Net Income for the First Quarter

DUBLIN, Calif. — April 29, 2019 — TriNet Group, Inc. (NYSE: TNET), a leading provider of comprehensive human resources solutions for small to midsize businesses, today announced financial results for the first quarter ended March 31, 2019. The first quarter highlights below include non-GAAP financial measures which are reconciled later in this release.

First quarter highlights include:


•	Total revenues increased 9% to $934 million and Net Service Revenues increased 14% to $251 million, each as compared to the same period last year.


•	Net income was $63 million, or $0.89 per diluted share, compared to net income of $54 million, or $0.75 per diluted share, in the same period last year.


•	Adjusted Net Income was $69 million, or $0.98 per diluted share, compared to Adjusted Net Income of $58 million, or $0.80 per diluted share, in the same period last year.


•	Adjusted EBITDA was $108 million, a 18% increase from the same period last year.


•	Total WSEs remained flat compared to the same period last year, at approximately 317,000.


•	Average WSEs decreased 1% as compared to the same period last year, at approximately 313,000.

"We delivered strong financial results during the first quarter as we benefited from the strategic investments we’ve made in our platform, people and processes over the past year,” said Burton M. Goldfield, TriNet's President and CEO. "Our sales team successfully introduced our unique value proposition to a diverse group of new clients, and we saw early benefits to retention as a result of our process improvement initiatives. By leveraging our scale to deliver a level of HR typically only available to large enterprises, we are empowering small and medium size companies to focus on growing their businesses, attracting and retaining talent in a tight labor market, while we deliver profitable returns for our shareholders."

TriNet’s total revenues for the first quarter of 2019 increased 9% from the first quarter of 2018 to $934 million, while Net Service Revenues (Total revenues less insurance costs) for the first quarter of 2019 increased 14% from the first quarter of 2018 to $251 million. Net Insurance Service Revenues consisted of insurance service revenues of $798 million, less insurance costs of $683 million. Professional service revenues for the first quarter of 2019 increased 6%, and Net Insurance Service Revenues for the first quarter of 2019 increased 26%, each as compared to the first quarter of 2018.

At March 31, 2019, TriNet had cash and cash equivalents of $251 million and total debt of $407 million.

Quarterly Report on Form 10-Q

We anticipate filing our Quarterly Report on Form 10-Q (“Form 10-Q”) for the three months ended March 31, 2019 with the SEC and making it available at www.trinet.com today, April 29, 2019. This press release should be read in conjunction with the Form 10-Q and the related Notes to Condensed Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in the Form 10-Q.

Earnings Conference Call and Audio Webcast

TriNet will host a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its quarterly results and its outlook for the second quarter and 2019. TriNet encourages participants to pre-register for the conference call. 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: http://dpregister.com/10130359. For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (412) 317-5426 and requesting the “TriNet Conference Call.” The live webcast of the conference call can be accessed on the Investor Relations section of TriNet’s website at http://investor.trinet.com. A replay of the webcast will be available on this site for approximately one year. A telephonic replay will be available for one week following the conference call at +1 (412) 317-0088 conference ID: 10130359.

About TriNet

TriNet is a leading provider of a comprehensive human resources solution for small to midsize businesses, or SMBs. We enhance business productivity by enabling our clients to outsource their human resources, or HR, function to us, allowing them to focus on operating and growing their core businesses. 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 technology platform, with online and mobile tools, which allow our clients and their employees to efficiently conduct their HR transactions anytime and anywhere. For more information, please visit http://www.trinet.com.

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 of the tables 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: its ability to execute its strategic operational plan, including its vertical strategy and process and common platform improvement initiative, its ability to successfully leverage its scale, and its ability to deliver profitable growth. 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,” “impact,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “value,” “will,” “would” and similar expressions or variations. 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. 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: risks associated with changes in, uncertainty regarding, or adverse application of the complex laws and regulations that govern our business; our ability to be recognized as an employer of worksite employees under federal and state regulations; our ability to mitigate business risks associated with our co-employment relationship with our worksite employees; our ability to secure private and confidential client and worksite employee data and our information technology infrastructure against cyber-attacks and security breaches; our ability to manage unexpected changes in workers’ compensation and health insurance claims by worksite employees; fluctuation in our results of operation and stock price as a result of numerous factors, many of which are outside of our control, such as the volume and severity of our workers’ compensation and health insurance claims and the amount and timing of our insurance costs, operating expenses and capital expenditure requirements; failures or limitations in the business systems we rely upon; our ability to improve our technology to meet the expectations of our clients; our ability to properly manage our internal controls over financial reporting; our ability to effectively integrate businesses we have acquired and new businesses we may acquire in the future; the effects of volatility in the financial and economic environment on the businesses that make up our client base; our ability to effectively manage and improve our operational processes; market acceptance of our vertical strategy; our ability to manage our sales force effectively; the ability of our products and services to compete effectively in our industry; the concentration of our clients in certain geographies and industries; the outcome of existing and future legal proceedings; changes in our income tax positions or adverse outcomes from on-going and future audits; adverse changes in our insurance coverage or our relationships with key insurance carriers; our ability to manage our client attrition; our ability to comply with the restrictions of our credit facility and meet our debt obligations; the impact of concentrated ownership in our stock; and the effects of increased competition and our ability to compete effectively.

Further information on risks that could affect TriNet’s results is included in our filings with the U.S. Securities and Exchange Commission (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 http://investor.trinet.com and on the SEC website at www.sec.gov. 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	Fatima Afzal
TriNet	TriNet
Investorrelations@TriNet.com	Fatima.Afzal@TriNet.com
(510) 875-7201	(510) 875-7265

TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet.

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:



FINANCIAL HIGHLIGHTS



	Three Months Ended March 31,				%
(in millions, except per share and WSE data)	2019		2018		Change
Income Statement Data:
Total revenues	$	934	$	861	9		%
Operating income	82		71		17
Net income	63		54		17
Diluted net income per share of common stock	0.89		0.75		19
Non-GAAP measures⁽¹⁾:
Net Service Revenues	251		220		14
Net Insurance Service Revenues	115		91		26
Adjusted EBITDA	108		91		18
Adjusted Net income	69		58		20
Operating Metrics:
Average WSEs	312,760		314,561		(1	)
Total WSEs	316,906		316,715		—



(in millions)	March 31, 2019		December 31, 2018		% Change
Balance Sheet Data:
Cash and cash equivalents	$	251	$	228	10		%
Working capital	226		221		2
Total assets	2,345		2,435		(4	)
Long-term debt	407		413		(1	)
Total liabilities	1,939		2,060		(6	)
Total stockholders’ equity	406		375		8



	Three Months Ended March 31,						%
(in millions)	2019			2018			Change
Cash Flow Data:
Net cash used in operating activities	$	(142	)	$	(536	)	(73	)	%
Net cash (used in) provided by investing activities	(11		)	2			(661	)
Net cash used in financing activities	(47		)	(19		)	145
Non-GAAP measures⁽¹⁾:
Corporate operating cash flows	78			45			73


(1)	Refer to Non-GAAP Financial Measures section in the following pages for definitions and reconciliations from GAAP measures.



FINANCIAL STATEMENTS

TRINET GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)



	Three Months Ended March 31,
(In millions, except share and per share data)	2019			2018
Professional service revenues	$	136		$	129
Insurance service revenues	798			732
Total revenues	934			861
Insurance costs	683			641
Cost of providing services	64			57
Sales and marketing	46			39
General and administrative	36			31
Systems development and programming	12			13
Depreciation and amortization of intangible assets	11			9
Total costs and operating expenses	852			790
Operating income	82			71
Other income (expense):
Interest expense, bank fees and other	(5		)	(6		)
Interest income	6			2
Income before provision for income taxes	83			67
Income tax expense	20			13
Net income	$	63		$	54
Net income per share:
Basic	$	0.91		$	0.77
Diluted	$	0.89		$	0.75
Weighted average shares:
Basic	69,909,984			70,047,752
Diluted	71,247,427			72,274,821



FINANCIAL STATEMENTS

TRINET GROUP, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)



(In millions)	March 31, 2019			December 31, 2018
Assets
Current assets:
Cash and cash equivalents	$	251		$	228
Investments	56			54
Restricted cash, cash equivalents and investments	722			942
Accounts receivable, net	12			11
Unbilled revenue, net	314			304
Prepaid expenses	58			48
Other current assets	81			59
Total current assets	1,494			1,646
Restricted cash, cash equivalents and investments, noncurrent	184			187
Investments, noncurrent	133			135
Property & equipment, net	82			79
Operating lease right-of-use asset	59			—
Goodwill	289			289
Other intangible assets, net	19			21
Other assets	85			78
Total assets	$	2,345		$	2,435
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	55		$	45
Long-term debt	22			22
Client deposits	38			56
Accrued wages	369			352
Accrued health insurance costs, net	135			135
Accrued workers' compensation costs, net	67			67
Payroll tax liabilities and other payroll withholdings	550			729
Operating lease liabilities	16			—
Insurance premiums and other payables	16			19
Total current liabilities	1,268			1,425
Long-term debt, noncurrent	385			391
Accrued workers' compensation costs, noncurrent, net	156			158
Deferred taxes	65			68
Operating lease liabilities, noncurrent	54			—
Other non-current liabilities	11			18
Total liabilities	1,939			2,060
Stockholders’ equity:
Preferred stock	—			—
Common stock and additional paid-in capital	651			641
Accumulated deficit	(245		)	(266		)
Total stockholders’ equity	406			375
Total liabilities and stockholders’ equity	$	2,345		$	2,435



FINANCIAL STATEMENTS

TRINET GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)



	Three Months Ended March 31,
(In millions)	2019			2018
Operating activities
Net income	$	63		$	54
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18			10
Stock-based compensation	9			9
Changes in operating assets and liabilities:
Accounts receivable	1			13
Unbilled revenue	(9		)	11
Prepaid expenses	(12		)	(11		)
Other assets	(30		)	(24		)
Accounts payable and other current liabilities	9			(15		)
Client deposits	(19		)	(26		)
Accrued wages	17			(15		)
Accrued health insurance costs	—			(1		)
Accrued workers' compensation costs	(2		)	(3		)
Payroll taxes payable and other payroll withholdings	(180		)	(534		)
Operating lease liabilities	(4		)	—
Other liabilities	(3		)	(4		)
Net cash used in operating activities	(142		)	(536		)
Investing activities
Purchases of marketable securities	(30		)	—
Proceeds from sale and maturity of marketable securities	31			14
Acquisitions of property and equipment	(12		)	(12		)
Net cash (used in) provided by investing activities	(11		)	2
Financing activities
Repurchase of common stock	(38		)	(8		)
Proceeds from issuance of common stock	1			3
Awards effectively repurchased for required employee withholding taxes	(4		)	(4		)
Repayment of debt	(6		)	(10		)
Net cash used in financing activities	(47		)	(19		)
Net decrease in unrestricted and restricted cash and cash equivalents	(200		)	(553		)
Cash and cash equivalents, unrestricted and restricted:
Beginning of period	$	1,349		$	1,738
End of period	$	1,149		$	1,185

Supplemental disclosures of cash flow information
Interest paid	$	4		$	4
Income taxes paid, net	1			—
Supplemental schedule of noncash investing and financing activities
Payable for purchase of property and equipment	$	5		$	2



NON-GAAP FINANCIAL MEASURES

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, 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
Net Service Revenues	• Sum of professional service revenues and Net Insurance Service Revenues, or total revenues less insurance costs.	• Provides a comparable basis of revenues on a net basis. Professional service revenues are represented net of client payroll costs whereas insurance service revenues are presented gross of insurance costs for financial reporting purposes. • Acts as the basis to allocate resources to different functions and evaluates the effectiveness of our business strategies by each business function. • Provides a measure, among others, used in the determination of incentive compensation for management.
Net Insurance Service Revenues	• Insurance revenues less insurance costs.	• Is a component of Net Service Revenues. • Provides a comparable basis of revenues on a net basis. Professional service revenues are represented net of client payroll costs whereas insurance service revenues are presented gross of insurance costs for financial reporting purposes. Promotes an understanding of our insurance services business by evaluating insurance service revenues net of our WSE related costs which are substantially pass-through for the benefit of our WSEs. Under GAAP, insurance service revenues and costs are recorded gross as we have latitude in establishing the price, service and supplier specifications. • We also sometimes refer to Net Insurance Service Margin, which is the ratio of Net Insurance Revenue to Insurance Service Revenue.



NON-GAAP FINANCIAL MEASURES



Adjusted EBITDA	• Net income, excluding the effects of: - income tax provision, - interest expense, - depreciation, - amortization of intangible assets, and - stock-based compensation expense.	• 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-cash charges such as depreciation and amortization, and stock-based compensation 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 prior periods 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 Net Service Revenue.
Adjusted Net Income	• Net income, excluding the effects of: - effective income tax rate⁽¹⁾, - stock-based compensation, - amortization of intangible assets, - non-cash interest expense⁽²⁾, - 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.
Corporate Operating Cash Flows	• Net cash (used in) provided by operating activities, excluding the effects of: - Assets associated with WSEs (accounts receivable, unbilled revenue, prepaid expenses and other current assets) and - Liabilities associated with WSEs (client deposits, accrued wages, payroll tax liabilities and other payroll withholdings, accrued health benefit costs, accrued workers' compensation costs, insurance premiums and other payables, and other current liabilities).	• Provides information that our stockholders and management can use to evaluate our cash flows from operations independent of the current assets and liabilities associated with our WSEs. • Enhances comparisons to prior periods and, accordingly, used as a liquidity measure to manage liquidity between corporate and WSE related activities, and to help determine and plan our cash flow and capital strategies.


(1)	Non-GAAP effective tax rate is 26% for 2019 and 2018 which excludes the income tax impact from stock-based compensation, changes in uncertain tax positions, and nonrecurring benefits or expenses from federal legislative changes.


(2)	Non-cash interest expense represents amortization and write-off of our debt issuance costs.



NON-GAAP FINANCIAL MEASURES

Reconciliation of GAAP to Non-GAAP Measures

The table below presents a reconciliation of total revenues to Net Service Revenues:



	Three Months Ended March 31,
(in millions)	2019		2018
Total revenues	$	934	$	861
Less: Insurance costs	683		641
Net Service Revenues	$	251	$	220

The table below presents a reconciliation of insurance service revenues to Net Insurance Service Revenues:



	Three Months Ended March 31,
(in millions)	2019			2018
Insurance service revenues	$	798		$	732
Less: Insurance costs	683			641
Net Insurance Service Revenues	$	115		$	91
Net Insurance Service Revenues Margin	14		%	12		%

The table below presents a reconciliation of net income to Adjusted EBITDA:



	Three Months Ended March 31,
(in millions)	2019			2018
Net income	$	63		$	54
Provision for income taxes	20			13
Stock-based compensation	9			9
Interest expense and bank fees	5			6
Depreciation and amortization of intangible assets	11			9
Adjusted EBITDA	$	108		$	91
Adjusted EBITDA Margin	43		%	41		%

The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share - diluted:



	Three Months Ended March 31,
(in millions)	2019			2018
Net income	$	63		$	54
Effective income tax rate adjustment	(1		)	(4		)
Stock-based compensation	9			9
Amortization of intangible assets	1			1
Non-cash interest expense	—			1
Income tax impact of pre-tax adjustments	(3		)	(3		)
Adjusted Net Income	$	69		$	58
GAAP Weighted average shares of common stock - diluted	71			72
Adjusted Net Income per share - diluted	$	0.98		$	0.80



NON-GAAP FINANCIAL MEASURES

The table below presents a reconciliation of net cash used in operating activities to corporate operating cash flows:



	Three Months Ended March 31,
(in millions)	2019			2018
Net cash used in operating activities	$	(142	)	$	(536	)
Change in WSE related other current assets	45			15
Change in WSE related liabilities	175			566
Corporate Operating Cash Flows	$	78		$	45