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Jun 30, 2024
TriNet Q2 2024 Earnings Report
TriNet's financial results for Q2 2024 were announced, showcasing revenue growth and strategic financial management amidst a challenging environment for SMBs.
Key Takeaways
TriNet reported a 1% increase in total revenues, reaching $1.2 billion, and a 5% increase in professional service revenues, totaling $186 million. Net income was $60 million, or $1.20 per diluted share, while adjusted net income was $78 million, or $1.53 per diluted share. The company is focused on efficient execution, customer retention, and returning capital to shareholders.
Total revenues increased by 1% to $1.2 billion compared to the same period last year.
Professional service revenues increased by 5% to $186 million compared to the same period last year.
Net income was $60 million, or $1.20 per diluted share.
Average WSEs increased 7% to approximately 351,000.
TriNet
TriNet
TriNet Revenue by Segment
TriNet Revenue by Geographic Location
Revenue by Segment
Professional Services Revenue
CapyFin.comInsurance Services Revenue
CapyFin.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
TriNet provided guidance for Q3 2024 and full year 2024, anticipating growth in professional service revenues, but a potential decrease in total revenues for the full year. The insurance cost ratio is expected to be between 91.0% and 87.5%. Diluted net income per share is projected to be between $0.70 and $1.20 for Q3 and between $3.94 and $5.46 for the full year.
Positive Outlook
- Professional Service Revenues are expected to increase 3% for Q3 2024.
- Professional Service Revenues are expected to increase between 1% and 5% for the full year 2024.
- Adjusted Net Income per share - diluted is expected to be between $1.00 and $1.50 for Q3 2024.
- Adjusted Net Income per share - diluted is expected to be between $5.25 and $6.80 for the full year 2024.
- The TriNet team will remain focused on our customers.
Challenges Ahead
- Total Revenues are expected to remain unchanged for Q3 2024.
- Total Revenues are expected to decrease between 1% and increase 4% for the full year 2024.
- Insurance Cost Ratio is expected to be 91.0% for Q3 2024.
- Diluted net income per share of common stock is expected to be $0.70 for Q3 2024.
- Diluted net income per share of common stock is expected to be $3.94 for the full year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income