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Mar 31, 2024
TriNet Q1 2024 Earnings Report
TriNet's financial performance reflected growth in total revenues and professional service revenues, but experienced a decrease in net income compared to the same period last year.
Key Takeaways
TriNet Group, Inc. reported a 1% increase in total revenues, reaching $1.3 billion for Q1 2024. Professional service revenues saw a 4% increase, amounting to $214 million. However, net income decreased to $91 million, or $1.78 per diluted share, compared to $131 million, or $2.17 per diluted share, in the same period last year.
Total revenues increased by 1% to $1.3 billion compared to the same period last year.
Professional service revenues increased by 4% to $214 million compared to the same period last year.
Net income was $91 million, or $1.78 per diluted share, compared to $131 million, or $2.17 per diluted share, in the same period last year.
Average WSEs increased 6% as compared to the same period last year, to approximately 348,000.
TriNet
TriNet
TriNet Revenue by Segment
Revenue by Segment
Professional Services Revenue
CapyFin.comInsurance Services Revenue
CapyFin.com Forward Guidance
TriNet provided its second quarter and full-year 2024 guidance. Percentages reflect the increase or (decrease) from the prior year quarter and prior year end.
Positive Outlook
- Professional Service Revenues Q2 2024: -2% to 4%
- Professional Service Revenues Full Year 2024: 1% to 5%
- Diluted net income per share of common stock Q2 2024: $0.68 to $1.17
- Diluted net income per share of common stock Full Year 2024: $3.94 to $5.46
- Adjusted Net Income per share - diluted Full Year 2024: $5.25 to $6.80
Challenges Ahead
- Total Revenues Q2 2024: (1)% to 1%
- Total Revenues Full Year 2024: (1)% to 4%
- Insurance Cost Ratio Q2 2024: 90.0%
- Insurance Cost Ratio Full Year 2024: 87.0% to 89.5%
- Adjusted Net Income per share - diluted Q2 2024: $1.00 to $1.50
Revenue & Expenses
Visualization of income flow from segment revenue to net income