TriNet ( NYSE: TNET ) stock repurchase program increased by $300M to bring the total available for repurchase to $545M as of December 31, 2022.
"In the face of a rapidly changing business and economic environment, TriNet delivered strong financial performance in 2022 and positioned ourselves for long-term success. During the year, we made two important acquisitions which enable TriNet to offer PEO, HCM software products, and value-added services to better address our customers' needs throughout their business lifecycle. We made a series of operational changes which we believe will drive new business growth and improve retention. Finally, we repurchased over $500 million in TriNet stock as we believe our stock represented value when compared with our long-term outlook." commented President and CEO Burton M. Goldfield.
The company witnessed a 9% surge in professional revenue in Q4 to $189M, while total revenue was almost flat.
Overall in FY 2022, the company returned over $500M to shareholders through share repurchases, including two tender offers.
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TriNet announces additional buyback of $300M