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TriNet Announces Second Quarter 2024 Results

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1% Growth in Total Revenues to $1.2 Billion

5% Growth in Professional Service Revenues to $186 million

Net Income per Diluted Share of $1.20 and Adjusted Net Income per Diluted Share $1.53

DUBLIN, Calif., July 26, 2024 /PRNewswire/ — TriNet Group, Inc. (NYSE: TNET), a leading provider of comprehensive human resources solutions for small and medium-size businesses, today announced financial results for the second quarter ended June 30, 2024. The second quarter highlights below include non-GAAP financial measures which are reconciled later in this release.

Second quarter highlights include:

Total revenues increased 1% to $1.2 billion as compared to the same period last year.Professional service revenues increased 5% to $186 million as compared to the same period last year.Net income was $60 million, or $1.20 per diluted share, compared to net income of $83 million, or $1.38 per diluted share, in the same period last year.Adjusted Net Income was $78 million, or $1.53 per diluted share, compared to Adjusted Net Income of $105 million, or $1.74 per diluted share, in the same period last year.Adjusted EBITDA was $136 million, compared to Adjusted EBITDA of $161 million, in the same period last year.Average WSEs increased 7% as compared to the same period last year, to approximately 351,000 and includes 18,000 PEO Platform Users.Average HRIS Users for the period was approximately 191,000.At June 30, 2024, TriNet had unrestricted cash and cash equivalents of $177 million, unrestricted investments of $228 million and total debt of $1.1 billion.

“The strength and resiliency of TriNet’s business model was once again on display with a strong second quarter,” said Mike Simonds, TriNet’s President and CEO. “In a challenging business environment for SMBs, our exceptional  service model and proprietary technology drove improved customer retention and encouraging sales results.”

Mr. Simonds continued, “As a business whose customer base is predominantly professional SMBs, TriNet is managing through the challenges of limited customer hiring and accelerated insurance cost growth. We, however, remain focused on efficient execution and delivering financial results that our investors have come to expect. Also in the quarter, we returned a considerable amount of capital to shareholders through dividends and significant share repurchases as we believe TriNet is undervalued at current prices. Looking to the second half, the TriNet team will remain focused on our customers, maintain our expense and pricing discipline, and map the path to accelerated growth in 2025 and beyond.”

Third Quarter and Full-Year 2024 Guidance

In addition to announcing our second quarter 2024 results, we provide our third quarter and full-year 2024 guidance. Non-GAAP financial measures are reconciled later in this release. Percentages reflect the increase or (decrease) from the prior year quarter and prior year end.

Q3 2024

Full Year 2024

Low

High

Low

High

Total Revenues

— %

3 %

(1) %

4 %

Professional Service Revenues

— %

3 %

1 %

5 %

Insurance Cost Ratio

91.0 %

88.0 %

89.5 %

87.5 %

Diluted net income per share of common stock

$        0.70

$        1.20

$        3.94

$        5.46

Adjusted Net Income per share – diluted

$        1.00

$        1.50

$        5.25

$        6.80

Quarterly Report on Form 10-Q

We anticipate filing our Quarterly Report on Form 10-Q (“Form 10-Q”) for the first half of 2024 with the U.S. Securities and Exchange Commission (SEC) and making it available at http://www.trinet.com today, July 26, 2024. This press release should be read in conjunction with the Form 10-Q and the related Notes to 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 5:30 a.m. PT (8:30 a.m. ET) today to discuss its second quarter results for 2024 and provide third quarter and full-year financial guidance for 2024. 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: https://dpregister.com/sreg/10190552/fcfbde6c00. 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. Participants can pre-register for the webcast by going to: https://events.q4inc.com/attendee/742072839. A replay of the webcast will be available on this website for approximately one year. A telephonic replay will be available for two weeks following the conference call at +1 (412) 317-0088 conference ID: 1675204.

About TriNet

TriNet provides small and medium-size businesses (SMBs) with full-service industry-specific HR solutions, providing both professional employer organization (PEO) and human resources information system (HRIS) services. TriNet offers access to human capital expertise, benefits, risk mitigation, compliance, payroll, and R&D tax credit services, all enabled by industry-leading technology. TriNet’s suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, benefits, employee engagement, payroll and time & attendance. Rooted in more than 30 years of supporting entrepreneurs and adapting to the ever-changing modern workplace, TriNet empowers SMBs to focus on what matters most – growing their business and enabling their people For more information, please visit TriNet.com or follow us on Facebook, LinkedIn and Instagram.

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 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: TriNet’s financial guidance for the second quarter and full-year 2024 and the underlying assumptions, the value to customers and shareholders of TriNet’s product offerings, , TriNet’s financial performance and long-term growth, and the extent, length and growth impact of current economic uncertainty. 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,” “guidance,” “impact,” “intend,” “may,” “plan,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “value,” “will,” “would” and similar expressions or variations. Examples of forward-looking statements include, among others, TriNet’s expectations regarding the future impact of its product offerings and business model, continued sales growth and client retention, the ability to maintain our expense and pricing discipline, and long-term growth. 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: our ability to manage unexpected changes in workers’ compensation and health insurance claims and costs by WSEs; our ability to mitigate the unique business risks we face as a co-employer; the effects of volatility in the financial and economic environment on the businesses that make up our client base; loss of clients for reasons beyond our control and the short-term contracts we typically use with our clients; the impact of regional or industry-specific economic and health factors on our operations; the impact of failures or limitations in the business systems and centers we rely upon; the impact of discontinuing our discretionary credits on our business and client loyalty and retention; changes in our insurance coverage or our relationships with key insurance carriers; our ability to improve our services and technology to satisfy client and regulatory expectations; our ability to effectively integrate businesses we have acquired or may acquire in the future; our ability to effectively manage and improve our operational effectiveness and resiliency; our ability to attract and retain qualified personnel; the effects of increased competition and our ability to compete effectively; the impact on our business of cyber-attacks, breaches, disclosures and other data-related incidents; our ability to protect against and remediate cyber-attacks, breaches, disclosures and other data-related incidents, whether intentional or inadvertent and whether attributable to us or our service providers; our ability to comply with evolving data privacy and security laws; our ability to manage changes in, uncertainty regarding, or adverse application of the complex laws and regulations that govern our business; changing laws and regulations governing health insurance and employee benefits; our ability to be recognized as an employer of worksite employees and for our benefits plans to satisfy all requirements under federal and state regulations; changes in the laws and regulations that govern what it means to be an employer, employee or independent contractor; the impact of new and changing laws regarding remote work; our ability to comply with the licensing requirements that govern our solutions; the outcome of existing and future legal and tax proceedings; fluctuation in our results of operations and stock price due to factors outside of our control; our ability to comply with the restrictions of our credit facility and meet our debt obligations; and the impact of concentrated ownership in our stock by Atairos and other large stockholders. Any of these factors could cause our actual results to differ materially from our anticipated results.

Further information on risks that could affect TriNet’s results is included in our filings with the 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 https://investor.trinet.com/ and on the SEC website at https://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

Renee Brotherton

TriNet

TriNet

Alex.Bauer@TriNet.com

Renee.Brotherton@TriNet.com

(510) 875-7201

(925) 965-8441

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:

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share and Operating Metrics data)

2024

2023

% Change

2024

2023

% Change

Income Statement Data:

Total revenues

$    1,226

$  1,209

1

%

$ 2,490

$   2,455

1

%

Operating income

80

97

(18)

202

267

(24)

Net income

60

83

(28)

152

214

(29)

Diluted net income per share of common stock

1.20

1.38

(13)

2.98

3.56

(16)

Non-GAAP measures (1):

Adjusted EBITDA

136

161

(16)

316

385

(18)

Adjusted Net income

78

105

(26)

189

256

(26)

Operating Metrics:

Insurance Cost Ratio

88 %

84 %

4

%

87 %

83 %

4

Average WSEs (2)

351,455

327,376

7

349,810

327,242

7

%

Total WSEs at period end (2)

354,028

334,046

6

354,028

334,046

6

Average HRIS Users  (3)

191,220

219,026

(13)

193,188

223,155

(13)

(1)

Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading “Non-GAAP Financial Measures”.

(2)

Total WSEs and Average WSEs include incremental WSEs that were charged a platform user access fee and incremental additional service recipients. These were identified as a result of our ongoing effort to ensure that our billing practices best match the expectations of our customers. Please refer to Management Discussion & Analysis in our 2024 10-Q.

 

(in millions)

June 30,
2024

December 31,
2023

% Change

Balance Sheet Data:

Working capital

103

115

(10)

%

Total assets

3,703

3,693

Debt

1,068

1,093

(2)

Total stockholders’ equity

100

78

28

 

Six Months Ended June 30,

(in millions)

2024

2023

% Change

Cash Flow Data:

Net cash provided by (used in) operating activities

$            (245)

$                  67

(466)

%

Net cash used in investing activities

(49)

(31)

58

Net cash used in financing activities

(178)

(100)

78

Non-GAAP measure (1):

Corporate Operating Cash Flows

$             130

$                255

(49)

(1)

Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading “Non-GAAP Financial Measures”.

 

TRINET GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(in millions except per share data)

2024

2023

2024

2023

Professional service revenues

$                   186

$                   177

$                   400

$                   382

Insurance service revenues

1,040

1,032

2,090

2,073

Total revenues

1,226

1,209

2,490

2,455

Insurance costs

916

868

1,823

1,720

Cost of providing services

75

79

154

156

Sales and marketing

72

70

144

139

General and administrative

47

60

95

103

Systems development and programming

17

17

35

34

Depreciation and amortization of intangible assets

19

18

37

36

Total costs and operating expenses

1,146

1,112

2,288

2,188

Operating income

80

97

202

267

Other income (expense):

Interest expense, bank fees and other

(16)

(6)

(32)

(13)

Interest income

17

20

35

38

Income before provision for income taxes

81

111

205

292

Income taxes

21

28

53

78

Net income

$                     60

$                     83

$                   152

$                   214

Other comprehensive income (loss), net of income taxes

(4)

(3)

(1)

Comprehensive income

$                     60

$                     79

$                   149

$                   213

Net income per share:

Basic

$                  1.21

$                  1.40

$                  3.01

$                  3.58

Diluted

$                  1.20

$                  1.38

$                  2.98

$                  3.56

Weighted average shares:

Basic

50

60

50

60

Diluted

51

60

51

60

 

TRINET GROUP, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)

June 30,

December 31,

(in millions, except share and per share data)

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$                    177

$                    287

Investments

72

65

Restricted cash, cash equivalents and investments

893

1,269

Accounts receivable, net

15

18

Unbilled revenue, net

485

447

Prepaid expenses, net

76

67

Other payroll assets

800

381

Other current assets

48

44

Total current assets

2,566

2,578

Restricted cash, cash equivalents and investments, noncurrent

163

158

Investments, noncurrent

156

143

Property and equipment, net

14

17

Operating lease right-of-use asset

21

24

Goodwill

462

462

Software and other intangible assets, net

176

172

Other assets

145

139

Total assets

$                 3,703

$                 3,693

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable and other current liabilities

$                      85

$                      87

Revolving credit agreement borrowings

84

109

Client deposits and other client liabilities

70

65

Accrued wages

558

515

Accrued health insurance costs, net

182

175

Accrued workers’ compensation costs, net

43

50

Payroll tax liabilities and other payroll withholdings

1,421

1,438

Operating lease liabilities

13

14

Insurance premiums and other payables

7

10

Total current liabilities

2,463

2,463

Long-term debt, noncurrent

984

984

Accrued workers’ compensation costs, noncurrent, net

107

120

Deferred taxes

13

13

Operating lease liabilities, noncurrent

24

30

Other non current liabilities

12

5

Total liabilities

3,603

3,615

Stockholders’ equity:

Preferred stock

Common stock and additional paid-in capital

1,021

976

Accumulated deficit

(916)

(896)

Accumulated other comprehensive loss

(5)

(2)

Total stockholders’ equity

100

78

Total liabilities & stockholders’ equity

$                 3,703

$                 3,693

 

TRINET GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Six Months Ended June 30,

(in millions)

2024

2023

Operating activities

Net income

$                      152

$                      214

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization of intangible assets

37

36

Amortization of deferred costs

21

20

Amortization of ROU asset, lease modification, impairment, and abandonment

3

2

Stock based compensation

38

28

Other

1

2

Changes in operating assets and liabilities:

Accounts receivable, net

3

(1)

Unbilled revenue, net

(38)

12

Prepaid expenses, net

(9)

(24)

Other assets

(33)

Other payroll assets

(419)

68

Accounts payable and other liabilities

(11)

Client deposits and other client liabilities

5

(27)

Accrued wages

43

Accrued health insurance costs, net

7

(5)

Accrued workers’ compensation costs, net

(21)

(9)

Payroll taxes payable and other payroll withholdings

(17)

(241)

Operating lease liabilities

(7)

(8)

Net cash provided by (used in) operating activities

(245)

67

Investing activities

Purchases of marketable securities

(139)

(170)

Proceeds from sale and maturity of marketable securities

125

173

Acquisitions of property and equipment and software

(35)

(34)

Net cash used in investing activities

(49)

(31)

Financing activities

Repurchase of common stock

(135)

(98)

Proceeds from issuance of common stock

7

7

Revolver drawdown

495

Revolver repayment

(495)

Awards effectively repurchased for required employee withholding taxes

(12)

(9)

Repayment of revolving credit agreement borrowings

(25)

Dividends paid

(13)

Net cash provided by (used in) financing activities

(178)

(100)

Net change in cash and cash equivalents, unrestricted and restricted

(472)

(64)

Cash and cash equivalents, unrestricted and restricted:

Beginning of period

1,466

1,537

End of period

$                      994

$                   1,473

Supplemental disclosures of cash flow information

Interest paid

$                        30

$                        12

Income taxes paid, net

$                        62

$                        58

Supplemental schedule of noncash investing and financing activities

Cash dividend declared, but not yet paid

$                        12

$                        —

Payable for purchase of property and equipment

$                          2

$                          5

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 from, 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

Adjusted EBITDA

• Net income, excluding the effects of:

– income tax provision,

– interest expense, bank fees and other,

– depreciation,

– amortization of intangible assets,

– stock based compensation expense,

– amortization of cloud computing arrangements, and

– transaction and integration costs.

• 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-recurring costs, which include transaction and integration costs, as well as certain non-cash charges such as depreciation and amortization, and stock-based compensation and certain impairment charges 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 the prior period 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 total revenues.

Adjusted Net Income

• Net income, excluding the effects of:

– effective income tax rate (1),

– stock based compensation,

– amortization of intangible assets, net,

– non-cash interest expense,

– transaction and integration costs, and

– 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 provided by (used in) operating activities, excluding the effects of:

– Assets associated with WSEs and TriNet Trust (accounts receivable, unbilled revenue, prepaid expenses, other payroll assets and other current assets) and

– Liabilities associated with WSEs and TriNet Trust (client deposits and other client liabilities, accrued wages, payroll tax liabilities and other payroll withholdings, accrued health insurance 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 and TriNet Trust.

• Enhances comparisons to prior periods and, accordingly, used as a liquidity measure to manage liquidity between corporate and WSE and TriNet Trust related activities, and to help determine and plan our cash flow and capital strategies.

(1)

Non-GAAP effective tax rate is 25.6% for the second quarters and full years of 2024 and 2023, 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 and loss on a terminated derivative.

Reconciliation of GAAP to Non-GAAP Measures

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

Three Months Ended
June 30,

Six Months Ended

June 30,

(in millions)

2024

2023

2024

2023

Net income

$               60

$                83

$              152

$              214

Provision for income taxes

21

28

53

78

Stock based compensation

18

17

38

28

Interest expense, bank fees and other

16

6

32

13

Depreciation and amortization of intangible assets

19

18

37

36

Amortization of cloud computing arrangements

2

2

4

4

Transaction and integration costs

7

12

Adjusted EBITDA

$             136

$              161

$              316

$              385

Adjusted EBITDA Margin

11.1 %

13.3 %

12.7 %

15.7 %

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

Three Months Ended
June 30,

Six Months Ended

June 30,

(in millions, except per share data)

2024

2023

2024

2023

Net income

$               60

$               83

$               152

$               214

Effective income tax rate adjustment

1

3

Stock based compensation

18

17

38

28

Amortization of intangible assets

5

5

10

11

Non-cash interest expense

1

1

1

1

Transaction and integration costs

7

12

Income tax impact of pre-tax adjustments

(6)

(8)

(13)

(13)

Adjusted Net Income

$               78

$             105

$               189

$               256

GAAP weighted average shares of common stock – diluted

51

60

51

60

Adjusted Net Income per share – diluted

$           1.53

$           1.74

$              3.70

$              4.24

The table below presents a reconciliation of net cash provided by operating activities to Corporate Operating Cash flows:

Six Months Ended

June 30,

(in millions)

2024

2023

Net cash provided by (used in) operating activities

$               (245)

$                   67

  Less: Change in WSE & TriNet Trust related other current assets

(439)

89

  Less: Change in WSE & TriNet Trust related current liabilities

64

(277)

Net cash used in operating activities – WSE & TriNet Trust

$               (375)

$               (188)

Net cash provided by operating activities – Corporate

$                 130

$                 255

Reconciliation of GAAP to Non-GAAP Measures for the third quarter and full-year 2024 guidance.

Low and high percentages represent increases (decreases) from the same periods in the previous year.

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

Q3 2023

Q3 2024 Guidance

FY 2023

Year 2024 Guidance

(in millions, except per share data)

Actual

Low

High

Actual

Low

High

Net income

$              94

(63) %

(36) %

$            375

(47) %

(27) %

Effective income tax rate adjustment

(2)

(4)

(10)

(2)

153

41

Stock based compensation

15

10

10

59

27

27

Amortization of intangible assets

5

8

8

20

(5)

(5)

Non-cash interest expense

(100)

(100)

2

(47)

(47)

Transaction and integration costs

3

(100)

(100)

17

(100)

(100)

Income tax impact of pre-tax adjustments

(6)

(6)

(6)

(25)

(3)

(3)

Adjusted Net Income

$            109

(55) %

(32) %

$            446

(41) %

(23) %

GAAP weighted average shares of common stock – diluted

58

57

Adjusted Net Income per share – diluted

$           1.91

$        1.00

$         1.50

$           7.81

$       5.25

$       6.80

 

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SOURCE TriNet Group, Inc.

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HEFEI, China, April 27, 2026 /PRNewswire/ — Sungrow, the globally leading PV inverter and energy storage system (ESS) provider, presented its full-scenario solution at Sungrow GRES (Global Renewable Energy Summit) 2026 on April 24th, outlining how integrated energy solutions can address the surging power demands and structural challenges facing industries worldwide.

Sectors such as mining & microgrid, hydrogen production, and EV charging are expanding at an unprecedented speed, with power supply becoming increasingly critical. According to third-party analysis, combined annual electricity demand from these sectors is expected to reach 4,000 TWh by 2030, while the power costs have already become a major operational challenge.

Despite a shared demand for reliable and affordable electricity, each industry faces unique pain points. Additionally, the wide divergence in operating environments, grid strength, load conditions, and power quality requirements underscores the need for scenario-specific energy solutions. Sungrow believes that premium, customized energy solutions are essential to addressing the diverse needs of different scenarios.

Customized Designs for Full-Scenario Applications
AIDC Scenario
In the digital era, rapid advances in AI are driving a surge in data center power demand, calling for a next-generation power supply architecture defined by high efficiency, high density, and strong resilience. Leveraging its expertise in power electronics and renewable energy, Sungrow entered the AIDC (Artificial Intelligence Data Center) sector last year with a comprehensive grid-to-chip solution. This year, Sungrow will launch a dedicated SST (Solid-State Transformers) solution for data centers, significantly reducing footprint while improving efficiency. Sungrow will also integrate grid-forming technology in AIDC ESS to mitigate grid disturbances and enhance system stability.

Mining Microgrid Scenario
Most mines are located in remote areas with limited grid access, complex loads, and strict power stability requirements, making energy supply a significant challenge. Sungrow addresses this with an integrated PV–wind–storage–EV charger–controller solution, reducing energy costs by 20–50% compared with a diesel generator. Given the variability of mining loads, Sungrow leverages advanced simulation capabilities to deliver tailored solutions with optimized equipment configurations, ensuring a reliable power supply and reduced CAPEX. Moreover, a five-level progressive protection system further safeguards stable operations under extreme conditions.

PV-ESS-EV Charging Integrated Scenario
Many EV charging projects suffer from poor coordination among system components, resulting in underperformance and reduced returns. Sungrow addresses this challenge with a one-stop, fully integrated solution that enables deep synergy across equipment and incorporates AI-driven operations, increasing overall revenue by more than 50%. Meanwhile, grid-forming technology has been extended to C&I applications to mitigate grid fluctuations caused by large-scale ultra-fast charging. In addition, Sungrow’s systems enable seamless integration with VPPs (Virtual Power Plants) through unified interfaces, unlocking greater value through diversified, future-ready revenue streams.

Hydrogen Production Scenario
In hydrogen production applications, Sungrow optimizes equipment configuration, reducing CAPEX by over 20% through PV–wind–storage–hydrogen integration and system-level simulation. In parallel, PV–storage–hydrogen DC coupling and flexible production technologies enhance energy efficiency and lower electricity costs by more than 10%.

Powering the Next Phase of Energy Transition
Renewable energy is shifting from a supplementary resource to a primary power source. This transition drives demand for premium energy solutions built on multi-energy integration for cost-efficient power, systematic grid-forming technologies for enhanced stability, and customized designs tailored to diverse scenarios. Sungrow believes that the deep integration of premium products and proven expertise is key to delivering truly scenario-adapted solutions.

Looking ahead, Sungrow will continue to build a more flexible, resilient, and sustainable energy landscape, helping industries meet growing energy demand and accelerate the transition to a low-carbon future.

About Sungrow
Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 29 years. As of Dec 2025, Sungrow has installed over 1000 GW of power electronic converters worldwide. The company is recognized as the world’s most bankable PV inverter and energy storage company (BloombergNEF). Its innovations power clean energy projects across the globe, supported by a network of 520 service outlets guaranteeing excellent customer experiences. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit: www.sungrowpower.com/en

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Sumsub Recognized as Leader in Chartis RiskTech Quadrant for Enterprise Fraud Solutions 2026

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Building on consistent Chartis recognition across fincrime, identity, and compliance reports for the third consecutive year

LONDON, April 27, 2026 /PRNewswire/ — Sumsub, a global verification and anti-fraud leader, has been recognized as a Category Leader in the Chartis RiskTech Quadrant® for Enterprise Fraud Solutions* 2026. The report evaluates vendors based on the completeness of their offering and its market potential, positioning Sumsub among the top providers addressing increasingly sophisticated fraud threats faced by enterprises worldwide.

The 2026 recognition builds on a consistent track record in Chartis research. In 2024, Sumsub was acknowledged in the same category, as well as received two further recognitions as a Category Leader in RiskTech Quadrant for AML Transaction Monitoring Solutions and for its Best-in-Class Capabilities for Application Fraud and Identity Risk. In 2025 Sumsub was named Winner in Chartis Financial Crime and Compliance 50. Together, these placements reflect Sumsub’s sustained performance across identity verification, fraud prevention, and compliance.

“Sumsub has shown itself to be a strong cross-functional player, with Category Leader, Enterprise Solution and Best of Breed positions respectively in our Enterprise, Fraud Platforms, and Payment Fraud RiskTech Quadrants,” said Phil Mackenzie, Senior Research Principal at Chartis. “Its identity-centric approach is a clear differentiator, combining identity signals with performant real-time fraud signals – making it particularly appropriate for digital-first financial institutions and cross-border use cases.”

“Being recognized again as a Category Leader by Chartis reflects our ongoing focus on delivering reliable, scalable solutions that help businesses stay ahead of evolving risks”, added Andrew Sever, CEO and co-founder of Sumsub. “As fraud is becoming more complex and AI-driven, with the share of sophisticated multi-step attacks having increased by 180% over 2024-2025, we remain committed to equipping companies with the tools they need to safeguard trust, meet regulatory requirements, and grow securely.”

Sumsub’s recognition is underpinned by its advanced Fraud Prevention solution, which combines AI-powered anomaly detection, device intelligence, and behavior monitoring to identify and stop fraud across the entire user journey in real time. Alongside its technology offering, the company invests in industry education through the Sumsub Academy: its recently-launched Fraud Prevention course equips risk and compliance professionals with practical knowledge and frameworks to combat evolving fraud threats.

To learn more about 2025-2026 fraud trends and predictions, feel free to check the latest edition of Sumsub Identity Fraud Report here: https://sumsub.com/fraud-report-2025/.

Chartis Research is a leading provider of research and analysis on the global market for risk technology. Its RiskTech Quadrant® reports are widely regarded as an industry benchmark, offering an independent assessment of vendors’ capabilities, market presence, and strategic direction across key risk and compliance categories.

To access the full Chartis RiskTech Quadrant® for Enterprise Fraud Solutions 2026 report, please go to their website.

*Enterprise Solutions Description:

The Enterprise Solutions category covers vendors that deliver scalable platforms capable of supporting fraud and financial crime risk management across large, complex financial organizations. These solutions typically cover data ingestion, analytics, and case management within a unified architecture, enabling controls across multiple business lines, geographies, and channels. Key differentiators include coverage of fraud typologies (including advanced or proprietary techniques, behavioral modelling and libraries of pre-packaged rules), modelling and testing capabilities, and the overall infrastructure of the solution including deployment options, flexible workflow and case management.

About Sumsub

Sumsub is a leading full-cycle verification platform that enables fraud-free, scalable compliance. Its adaptive, no-code solution covers everything from identity and business verification to ongoing monitoring—quickly adjusting to evolving risks, regulations, and market demands.

Recognized as a Leader by Gartner, Forrester, and IDC, Sumsub combines seamless integration with advanced fraud prevention to deliver industry-leading performance.

Over 4,000 clients—including Bitpanda, Wirex, Avis, Bybit, Vodafone, Duolingo, Kaizen Gaming, and TransferGo—trust Sumsub to streamline verification, prevent fraud, and drive growth. The platform’s methodology follows leading global AML standards and regulations, and Sumsub has extensively engaged with leading research and public institutions like the UN, Statista, and INTERPOL.

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TeamViewer Advances Toward Autonomous Endpoint Management: Tia Now Generates Automations From Customers’ Own Proven Fixes

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LONDON, April 27, 2026 /CNW/ — TeamViewer today introduced AI-driven scripting for Tia (TeamViewer Intelligent Agent) at the Gartner Digital Workplace Summit 2026 in London. Building on more than one million AI session summaries produced since launch, Tia can now learn from an organization’s support history and turn resolved issues into ready-to-run automations, giving IT teams a faster, more consistent path to standardizing proven fixes. The release marks an important milestone in TeamViewer’s Autonomous Endpoint Management (AEM) roadmap.

The new capabilities address one of IT’s most persistent inefficiencies: even when issues are resolved, the applied fixes are rarely captured in a way that prevents the same problem from recurring. Tia now tackles this in two connected steps: First, it draws on AI insights from real support sessions to ground its troubleshooting recommendations in an organization’s actual support history and context, surfacing proven remediation steps from past sessions rather than relying on general knowledge. From there, IT teams can choose to turn any resolved session into a script that Tia generates based on the documented remediation steps. The automation is then ready for the team to review and refine before deploying it to selected devices or device groups.

The release reflects how TeamViewer is building out its AEM vision in stages through TeamViewer ONE, its unified digital workplace platform: from secure remote support and real-time endpoint observability to in-session AI expert augmentation and knowledge capture, and now to AI-driven automations grounded in proven fixes. Each resolved incident makes the next one easier to prevent, as AI sessions and endpoint telemetry combine to surface recurring patterns across the IT environment. Where remote support platforms, DEX tools, and RMM solutions each address parts of this challenge in isolation, Tia connects them, grounding every automation in verified remediation steps drawn from the customer’s own support history and relevant context.

“IT teams are under pressure to do more with the resources they have, and too much of their time is still spent resolving the same issues over and over,” said Mei Dent, Chief Product & Technology Officer, TeamViewer. “Tia’s new capabilities mean that every resolved incident becomes an asset: one that can be tested, deployed, and used to protect other devices from the same disruption. That is what consistent, scalable IT operations en route to AEM looks like in practice.”

TeamViewer is unveiling the innovation at the Gartner Digital Workplace Summit 2026 in London, where the company is also presenting two sessions: “Building the Autonomous Workplace with a DEX Knowledge Layer” on April 28, and “The Top 3 DEX Myths Sabotaging Your Digital Strategy” on April 27. Attendees can visit TeamViewer at Expo Booth 207 or the Engagement Zone in the foyer on Level 1.

About TeamViewer

TeamViewer provides a Digital Workplace platform that connects people with technology – enabling, improving and automating digital processes to make work work better.

In 2005, TeamViewer started with software to connect to computers from anywhere to eliminate travel and enhance productivity. It rapidly became the de facto standard for remote access and support and the preferred solution for hundreds of millions of users across the world to help others with IT issues. Today, more than 635,000 customers across industries rely on TeamViewer to optimize their digital workplaces – from small to medium sized businesses to the world’s largest enterprises – empowering both desk-based employees and frontline workers.

Organizations use TeamViewer’s solutions to prevent and resolve disruptions with digital endpoints of any kind, securely manage complex IT and industrial device landscapes, and enhance processes with augmented reality powered workflows and assistance – leveraging AI and integrating seamlessly with leading tech partners. Against the backdrop of global digital transformation and challenges like shortage of skilled labor, hybrid working, accelerated data analysis and the rise of new technologies, TeamViewer’s solutions offer a clear value add by increasing productivity, reducing machine downtime, speeding up talent onboarding, and improving customer and employee satisfaction.

The company is headquartered in Göppingen, Germany, and employs around 1,900 people globally. In 2025, TeamViewer achieved a revenue of around EUR 768 million. TeamViewer SE (TMV) is listed at Frankfurt Stock Exchange and belongs to the SDAX. Further information can be found at www.teamviewer.com.

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SOURCE TeamViewer Germany GmbH

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