TriNet Group, Inc.

Good day, and welcome to the TriNet First Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw your question, Thank you, Operator. Good afternoon, everyone, and welcome to Trinet's 2019 First Quarter Conference Call. Joining me today are Burton M. Goldfield, our President and CEO, and Richard Beckert, our Chief Financial Officer.

Our prepared remarks were pre-recorded. Burton will begin with an overview of our first quarter operating and financial performance. Richard will then review our financial results in more detail. We will then open up the call for the Q&A session. Before we begin, please note that today's discussion will include our 2019 second quarter and full year guidance and other statements that are not historical in nature, are 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 may be 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 Thank you for joining us. 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 first quarter of 2019, which are available on our website or through the SEC website. A reconciliation of our non-GAAP forward-looking guidance to the most directly comparable GAAP measures is also available on our website. With that, I will turn the call over to Burton for his opening remarks.

Thank you, Alex. During the first quarter, we once again delivered strong financial results in line with our operating plan. The Trinet Sales and Services Organization continued to successfully promote our value in the verticals we serve. Additionally, we are seeing the benefit from our investments in our platform, people, and processes. In the first quarter, we grew GAAP total revenues 9% year-over-year to $934 million, and we grew our net service revenues by 14% year-over-year to $251 million. Professional service revenues grew 6% year-over-year to $136 Professional service revenues in the quarter continue to benefit from improved pricing and our focus on keeping our customers at the center of everything we do. A key to our long-term success is capitalizing on the current momentum and additional scale through improved processes and automation. We also grew insurance service revenues by 9% year-over-year to $798 million while net insurance service revenues grew 26% year-over-year to $115 million for the quarter. Net insurance service revenues were seasonally strong as revenues outpaced costs throughout the quarter. In the first quarter, our Q1 gap earnings per share grew 19% year over year to $0.89 per share, while our Q1 adjusted net income per share increased 21% to $0.98 per share. Finally, We finished the quarter with approximately 317,000 worksite employees, which puts us on track to deliver volume growth in the year ahead. As anticipated in the first quarter, we experienced higher than normal attrition related to the platform migration. By the end of April, Customer attrition will no longer be attributable to this migration. We offset this elevated attrition through improved new sales and continued strong hiring within our installed base. In the first quarter, we saw improvement in new sales as our team successfully sold Trinet's value into each of our six verticals. Technology, Financial Services, Professional Services, Life Sciences, Nonprofit, and Main Street. For example, in our Financial Services vertical, we won the business of a boutique investment bank as the firm valued our comprehensive services. We reduced The CFO's administrative burden and we rationalize their HR business vendors to a single vendor and a single point of contact. Their employees are benefiting from our premium service and attractive benefits solution which focuses on choice and price. Our Main Street product has matured and is beginning to deliver significant year-over-year growth in annual contract value. We target fast-growing companies in this vertical. For example, we onboarded a drone manufacturer during the first quarter who needed to attract and retain talent as they rapidly expand. Our benefits offering, platform accessibility and comprehensive services are helping to directly address these needs. Onboarding and training initiatives were high on the list of this customer's priorities. Additionally, for this manufacturer, workplace safety was a serious concern. Again, we demonstrated the value of our comprehensive solution by leveraging our risk assessment team to interact directly with the customer and help improve workplace safety. Beginning in February we saw improved customer retention which continued throughout the first quarter. During the quarter we instituted new analytics which allow us to better engage our installed base. These analytics have improved our ability to anticipate and respond to any customer concerns. For example, in Q1, we retained a 120-plus person real estate management group after our analytics identified this customer as a retention risk. The customer relied on a unique approach to compensate its employees and was frustrated they were unable to integrate this process seamlessly with our platform. Our customer experience and technology teams worked together to engage and quickly develop an automated solution that exceeded the customer's expectations. Over time, I expect to see improved retention as we further These are just a few of the many examples of how Trinet is working with a wide range of growing SMB enterprises to solve complex HR issues, enabling them to focus on growing their business. This impactful value proposition is important as we develop a world-class brand. Last year, in our third quarter earnings call, I announced TriNet's new brand identity. On April 9th, we launched the next chapter in our brand and marketing campaign, People Matter. Our campaign places at its center TriNet customers who represent a cross-section of American entrepreneurialism and celebrates our commitment The decision was made to invest in this campaign earlier in the year based on the success of the fall launch. It is anticipated that this second phase will continue throughout most of 2019. Through creative collaboration with distinguished artists, The campaign accentuates the human side of entrepreneurship. We are leveraging authentic, true-to-life depictions of real employees in their day-to-day environment, bringing important awareness and recognition to the hardworking and diverse people Trinet serves. Additionally, an important aspect of the new brand campaign has been the complete redesign of Trinet's website to deliver a dynamic user experience for mobile and other devices. All of these efforts will upgrade and strengthen our brand identity to align with the impact we have on our customers in each of the verticals we serve. With improved brand awareness, we believe we can drive further growth over the long term. Now let me turn the call over to Richard for a review of our financials. Richard?