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TriNet Group Inc. (TNET+1.63%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $5.1 billion, a 1% increase from the previous year. This growth was driven by a 6% increase in average worksite employees (WSEs) and rate increases, despite a decrease in health plan enrollment.
Insurance costs rose to $3.8 billion, an 8% increase from 2023, primarily due to higher medical service utilization and increased specialty drug costs.
Net income for the year was $173 million, a 54% decrease from the previous year, attributed to higher insurance costs and increased interest expenses.
TriNet reported cash and cash equivalents of $360 million as of December 31, 2024, with a working capital of $199 million.
The company initiated a quarterly dividend of $0.25 per share in 2024 and repurchased approximately 1.77 million shares of its common stock.
TriNet's 2024 strategic initiatives included the opening of a new business center in Hyderabad, India, and restructuring efforts to focus on core business operations.
The company continues to face risks related to insurance cost variability, regulatory changes, and competition in the HR solutions market.
TriNet's board of directors has authorized a stock repurchase program with $251 million remaining as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TriNet Group Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.