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Mar 31, 2023
TriNet Q1 2023 Earnings Report
TriNet's financial performance exceeded expectations amidst a turbulent economic environment, driven by customer focus and disciplined financial management.
Key Takeaways
TriNet reported a 2% increase in total revenues to $1.2 billion and a net income of $131 million, or $2.17 per diluted share, for the first quarter of 2023. The company's results exceeded guidance despite a challenging economic environment, driven by strong new sales, customer retention, and cost control.
Professional service revenues increased by 6% to $205 million.
Total revenues increased by 2% to $1.2 billion.
Net income was $131 million, or $2.17 per diluted share.
Average Worksite Employees (WSEs) decreased 5% to approximately 327,000.
Revenue by Segment
Forward Guidance
TriNet provides its second quarter and full-year 2023 guidance.
Positive Outlook
- Total Revenues are expected to increase by 1% for Q2 2023.
- Total Revenues are expected to increase between 1% and 3% for the full year 2023.
- Professional Service Revenues are expected to decrease by 3% or remain flat for Q2 2023.
- Professional Service Revenues are expected to increase between 1% and 3% for the full year 2023.
- Adjusted Net Income per share - diluted is expected to be between $1.15 and $1.40 for Q2 2023.
Challenges Ahead
- Diluted net income (loss) per share of common stock is expected to be between $0.72 and $0.96 for Q2 2023.
- Adjusted Net Income is expected to decrease between 36% and 22% for Q2 2023.
- Net income is expected to decrease between 49% and 32% for Q2 2023.
- Adjusted Net Income is expected to decrease between 24% and 10% for the full year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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