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TriNet
🇺🇸 NYSE:TNET
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Dec 31, 2022

TriNet Q4 2022 Earnings Report

Announced fourth quarter and fiscal year 2022 results, showing growth in professional service revenues for the quarter.

Key Takeaways

TriNet Group, Inc. reported flat total revenues at $1.2 billion for Q4 2022 compared to the same period last year, while professional service revenues increased by 9% to $189 million. Net income decreased to $49 million, or $0.78 per diluted share, from $69 million, or $1.03 per diluted share, in the same period last year. Adjusted Net Income was $71 million, or $1.11 per diluted share, compared to $74 million, or $1.13 per diluted share, in the same period last year.

Professional service revenues increased 9% to $189 million compared to the same period last year.

Total revenues were flat at $1.2 billion compared to the same period last year.

Net income was $49 million, or $0.78 per diluted share, compared to net income of $69 million, or $1.03 per diluted share, in the same period last year.

Average Worksite Employees (WSEs) decreased 3% as compared to the same period last year, to approximately 348,000.

Total Revenue
$1.23B
Previous year: $293M
+318.4%
EPS
$1.11
Previous year: $1.13
-1.8%
Average WSEs
347.67K
Previous year: 358.75K
-3.1%
Gross Profit
$232M
Previous year: $220M
+5.5%
Cash and Equivalents
$354M
Previous year: $612M
-42.2%
Free Cash Flow
$469M
Previous year: $223M
+110.3%
Total Assets
$3.44B
Previous year: $3.31B
+4.0%

TriNet

TriNet

TriNet Revenue by Segment

Forward Guidance

TriNet provided its first quarter and full-year 2023 guidance. Percentages reflect the increase or (decrease) from the prior year quarter and prior year end.

Positive Outlook

  • Q1 2023 Total Revenues are expected to increase by 1% to 2%.
  • Q1 2023 Professional Service Revenues are expected to increase by 4% to 6%.
  • Q1 2023 Diluted net income per share of common stock is expected to be $1.33 to $1.82.
  • Q1 2023 Adjusted Net Income per share - diluted is expected to be $1.70 to $2.20.
  • Full Year 2023 Professional Service Revenues are expected to increase by 1% to 5%.

Challenges Ahead

  • Full Year 2023 Total Revenues are expected to decrease by (2)% to increase by 2%.
  • Q1 2023 Insurance Cost Ratio is expected to be 86.5%.
  • Full Year 2023 Insurance Cost Ratio is expected to be 83.0% to 89.0%.
  • Full Year 2023 Diluted net income (loss) per share of common stock is expected to be $3.30 to $4.08.
  • Full Year 2023 Adjusted Net Income per share - diluted is expected to be $4.85 to $5.65.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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