SAN LEANDRO, Calif., Nov. 10, 2016 /PRNewswire/ -- TriNet Group, Inc. (NYSE: TNET), a leading provider of comprehensive human resources solutions for small to midsize businesses, today announced that its Board of Directors has approved a $50 million incremental increase to its ongoing stock repurchase program.
The incremental increase in TriNet's stock repurchase program is the fourth since TriNet's Board of Directors launched the program in May 2014. This $50 million increase will be added to the approximately $20.5 million that currently remains available from previous authorizations approved by the Board of Directors for a total available authorization of $70.5 million. From the launch of TriNet's stock repurchase program in May 2014 through November 8, 2016, TriNet has repurchased approximately $124.5 million of its outstanding common stock, including the repurchase of approximately $61.1 million of its outstanding common stock from January 1, 2016 through November 8, 2016. Stock repurchases under the program are primarily intended to offset the dilutive effect of share-based employee incentive compensation. Under the program authorized by its Board of Directors, TriNet may repurchase shares in open-market purchases or through privately negotiated transactions as permitted under Rule 10b5-18 of the Securities Exchange Act of 1934, as amended. The extent to which TriNet repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by TriNet's management team. The purchases will be funded from existing cash balances.
TriNet is a leading provider of comprehensive human resources solutions for small to midsize businesses, or SMBs. We enhance business productivity by enabling our clients to outsource their human resources, or HR, function to one strategic partner, allowing our clients to focus on operating and growing their core businesses. Our HR solutions include services such as multi-state payroll processing and tax administration, employee benefits programs (including health insurance and retirement plans), workers' compensation insurance and claims management, federal, state and local labor, employment and benefit law compliance, risk mitigation, expense and time management, and other human capital consulting services, as well as our proprietary, cloud-based HR software systems. Our services are delivered by our expert team of HR professionals and enabled by our proprietary, cloud-based technology platform, which allows our clients and their employees to efficiently conduct their HR transactions anytime and anywhere. For more information, please visit http://www.trinet.com.
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent of TriNet's stock repurchase program, the manner, timing and extent to which TriNet repurchases shares pursuant to the program, and the source of funds for such repurchases. These statements are not guarantees and they 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 to be materially different from those expressed or implied by these forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include changes in general economic conditions and the economic conditions affecting specific industries and geographies. In addition, none of our forward-looking statements constitutes a forecast or prediction with regard to TriNet's future performance. TriNet's future performance is inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict, including without limitation: risks associated with the market acceptance of outsourcing the HR function, and the anticipated benefits associated with the use of a bundled HR solution; our ability to continue to expand our direct sales force and the efficacy of our sales and marketing efforts; our ability to gain new clients, and our clients' ability to grow and gain more employees; our ability to effectively acquire and integrate new businesses; the effects of seasonal trends on our results of operations; the unpredictable nature of our costs and operating expenses, in particular our insurance costs; changes to and our ability to comply with laws and regulations, including both those applicable to the co-employment relationship as well as those applicable to our clients' businesses and their employees; the continuing implementation of the Affordable Care Act, including its application to the co-employer relationship; our ability to effectively manage our growth; the effects of increased competition and our ability to compete effectively; and our ability to comply with the restrictions of our credit facility and meet our debt obligations.
Further information on risks that could affect TriNet's results is included in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Commission on April 1, 2016 and November 3, 2016, respectively, which could cause actual results to vary from expectations. Except as required by law, neither we nor any other person assumes responsibility for the accuracy or completeness of any of our forward-looking statements, and we do not assume any obligation, and do not intend, to update any of our forward-looking statements, whether as a result of new information or otherwise.
TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet.
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SOURCE TriNet Group, Inc.