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Sep 30, 2024
TriNet Q3 2024 Earnings Report
Reported a 1% increase in total revenues and a decrease in net income compared to the same period last year.
Key Takeaways
TriNet Group, Inc. announced its third quarter 2024 financial results, with total revenues increasing by 1% to $1.2 billion. However, net income decreased to $45 million, or $0.89 per diluted share, compared to $94 million, or $1.63 per diluted share, in the same period last year. The company is addressing challenges such as healthcare cost inflation by repricing healthcare fees.
Total revenues increased 1% to $1.2 billion year-over-year.
Net income decreased to $45 million, or $0.89 per diluted share, compared to the previous year's $94 million, or $1.63 per diluted share.
Adjusted Net Income was $59 million, or $1.17 per diluted share, compared to $109 million, or $1.91 per diluted share, in the same period last year.
Average WSEs increased 7% year-over-year to approximately 356,000, including 20,000 PEO Platform Users.
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 2024 guidance. Percentages reflect the increase or (decrease) from the prior year quarter and prior year end.
Positive Outlook
- Full Year 2024 Total Revenues are expected to increase between 1% and 2%.
- Full Year 2024 Professional Service Revenues are expected to remain flat to a 1% increase.
- Full Year 2024 Diluted net income per share of common stock is projected to be between $3.70 and $4.20.
- Full Year 2024 Adjusted Net Income per share - diluted is expected to be between $4.95 and $5.45.
- Q4 2024 Insurance Cost Ratio is expected to be between 96.5% and 93.5%.
Challenges Ahead
- Q4 2024 Total Revenues are expected to decrease by 1% to increase 2%.
- Q4 2024 Professional Service Revenues are expected to decrease between 8% and 5%.
- Q4 2024 Diluted net income per share of common stock is projected to be between $(0.19) and $0.31.
- Q4 2024 Adjusted Net Income per share - diluted is expected to be between $0.06 and $0.57.
- Full Year 2024 Insurance Cost Ratio is expected to be between 90.3% and 89.6%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income