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Sep 30, 2023
TriNet Q3 2023 Earnings Report
TriNet's financial performance for Q3 2023 was announced, featuring a revenue of $1.2 billion and sequential growth in Ending WSEs of 1%.
Key Takeaways
TriNet reported a 2% decrease in total revenues, reaching $1.2 billion. Net income increased to $94 million, or $1.63 per diluted share, while Adjusted Net Income rose to $109 million, or $1.91 per diluted share. Ending Worksite Employees (WSEs) decreased 5% year-over-year but increased 1% sequentially, totaling approximately 336,000.
Total revenues decreased by 2% to $1.2 billion compared to the same period last year.
Net income was $94 million, or $1.63 per diluted share, compared to $77 million, or $1.22 per diluted share, in the same period last year.
Ending Worksite Employees (WSEs) decreased 5% year-over-year but increased 1% sequentially, reaching approximately 336,000.
Average WSEs decreased 5% year-over-year but increased 2% sequentially, totaling approximately 333,000.
TriNet
TriNet
TriNet Revenue by Segment
Revenue by Segment
Professional Services Revenue
CapyFin.comInsurance Services Revenue
CapyFin.com Forward Guidance
TriNet provided its fourth quarter and full-year 2023 guidance.
Positive Outlook
- Total Revenues Q4 2023: 4% increase
- Total Revenues Full Year 2023: 1% increase
- Professional Service Revenues Q4 2023: 1% increase
- Professional Service Revenues Full Year 2023: 1% increase
- Adjusted Net Income per share - diluted Full Year 2023 High: $7.55
Challenges Ahead
- Professional Service Revenues Q4 2023: (2)% decrease
- Diluted net income per share of common stock Q4 2023 Low: $0.26
- Adjusted Net Income per share - diluted Q4 2023 Low: $0.59
- Insurance Cost Ratio Full Year 2023 High: 84.5 %
- Insurance Cost Ratio Full Year 2023 Low: 85.5 %
Revenue & Expenses
Visualization of income flow from segment revenue to net income