TriNet Q2 2023 Earnings Report
Key Takeaways
TriNet Group, Inc. announced its second quarter 2023 results with total revenues increasing by 1% to $1.2 billion. Net income was $83 million, or $1.38 per diluted share. The company's stock repurchase program was increased by $1 billion, bringing the total available for repurchase to $1.4 billion.
Total revenues increased 1% to $1.2 billion compared to the same period last year.
Professional service revenues decreased 3% to $177 million compared to the same period last year.
Net income was $83 million, or $1.38 per diluted share, compared to net income of $85 million, or $1.35 per diluted share, in the same period last year.
Adjusted Net Income was $105 million, or $1.74 per diluted share, compared to Adjusted Net Income of $108 million, or $1.72 per diluted share, in the same period last year.
TriNet
TriNet
TriNet Revenue by Segment
Forward Guidance
Third Quarter and Full-Year 2023 Guidance: Percentages reflect the increase or (decrease) from the prior year quarter and prior year end.
Positive Outlook
- Total Revenues Q3 2023: (1)% - %
- Total Revenues Full Year 2023: 1% - 2%
- Professional Service Revenues Q3 2023: (2)% - 1%
- Professional Service Revenues Full Year 2023: % - 2%
- Diluted net income (loss) per share of common stock Full Year 2023: $4.93 - $5.71
Challenges Ahead
- Total Revenues Q3 2023: (1)% - %
- Professional Service Revenues Q3 2023: (2)% - 1%
- Insurance Cost Ratio Q3 2023: 89.0%
- Insurance Cost Ratio Full Year 2023: 87.5%
- Diluted net income (loss) per share of common stock Q3 2023: $0.93 - $1.16
Revenue & Expenses
Visualization of income flow from segment revenue to net income