TriNet Group, Inc. (NYSE:TNET) Q3 2020 Earnings Conference Call - Final Transcript

Oct 26, 2020 • 05:00 pm ET


TriNet Group, Inc. (NYSE:TNET) Q3 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the TriNet Third Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

And I now would like to turn the conference over to Alex Bauer of Investor Relations. Please go ahead, sir.

Alex Bauer

Thank you operator. Good afternoon everyone and welcome to TriNet's 2020 third quarter conference call. Joining me today are Burton M. Goldfield, our President and CEO; Kelly Tuminelli, our Chief Financial Officer, immediately following the filing of our third quarter Form 10-Q; and Mike Murphy, our Interim Chief Financial Officer. Our prepared remarks were pre-recorded. Burton will begin with an overview of our third quarter operating performance. Mike will then provide a review of our third quarter financial results. Finally, Kelly will provide our forward-looking guidance. We will then open up the call for the Q&A session.

Before we begin, please note that today's discussion will include our 2020 fourth quarter and full year guidance and other statements that are not historical in nature or predictive in nature or depend upon or refer to future events or conditions, such as our expectations, estimates, predictions, strategies, beliefs or other statements that might be considered forward-looking. These forward-looking statements are based on management's current expectations and assumptions and are inherently subject to risks, uncertainties and changes in circumstances that are difficult to predict and that may cause actual results to differ materially from statements being made today or in the future. Except as maybe required by law, we do not undertake to update any of these statements in light of new information, future events or otherwise. We encourage you to review our most recent public filings with the SEC, including our 10-K and 10-Q filings for a more detailed discussion of the risks, uncertainties and changes in circumstances that may affect our future results or the market price of our stock.

In addition, our discussion today will include non-GAAP financial measures including our forward-looking guidance for net insurance margin, adjusted EBITDA margin and adjusted net income per diluted share. For reconciliations of our non-GAAP financial measures to our GAAP financial results, please see our earnings release or our 10-Q filing for our third quarter, which is available on our website or through the SEC website.

With that I will turn the call over to Burton for his review of our operating performance and market environment. Burton?

Burton M. Goldfield

Thank you, Alex. I am extremely proud of TriNet's operating and financial performance during the third quarter. After navigating a difficult second quarter where we felt the full impact of COVID-19, we entered the third quarter resolved to make the best of a challenging operating environment. Customer base, operating model and prospecting processes were all disrupted and still face uncertainty. We are responding to this uncertainty by doing what we are passionate about; putting SMBs at the center of everything we do.

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