TriNet Group, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting total revenues of $1,292 million, a 1% increase from the prior year. Despite the revenue growth, net income decreased by 7% to $85 million, and diluted net income per share fell 4% to $1.71. Adjusted EBITDA also saw a decline of 10% to $162 million, with adjusted net income decreasing 11% to $99 million.
The company's Insurance Cost Ratio (ICR) was 88%, an increase of 2% from the first quarter of 2024, while average Worksite Employees (WSEs) decreased by 2% to 340,744. CEO Mike Simonds stated that the company had a strong start to 2025, delivering financial performance consistent with its full-year guidance. TriNet repurchased 1.2 million shares during the first quarter of 2025.
TriNet reiterated its full-year 2025 guidance, expecting total revenues between $4,950 million and $5,140 million, and an Insurance Cost Ratio of 90% to 92%. Adjusted EBITDA margin is projected to be 7% to 9%, with adjusted net income per share diluted expected to range from $3.25 to $4.75. The company remains confident in its market opportunity and ability to grow share over the medium term.
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