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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.
Revenue by Segment
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%
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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