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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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