For the third quarter ended September 30, 2024, TriNet Group, Inc. reported total revenues of $1,237 million, reflecting a 1% increase from $1,222 million in the same period of 2023. However, net income for Q3 2024 decreased significantly to $45 million, down 52% from $94 million in Q3 2023. Adjusted EBITDA also saw a decline, totaling $109 million, which represents a 37% decrease compared to $172 million in Q3 2023.
The company's Insurance Cost Ratio (ICR) increased to 90% in Q3 2024, up from 84% in Q3 2023. This rise was attributed to higher medical service utilization and increased costs associated with specialty drugs.
For the nine months ended September 30, 2024, TriNet's total revenues reached $3,727 million, marking a 1% increase from $3,677 million in the same period of 2023. However, net income for this period was $196 million, a decrease of 36% from $308 million in the prior year. Adjusted Net Income for the nine months ended September 30, 2024, was reported at $247 million, down 32% from $365 million in the same period of 2023.
As of September 30, 2024, TriNet's working capital increased to $165 million, a 43% rise from $115 million at the end of 2023. Additionally, total stockholders' equity rose to $129 million, up 65% from $78 million at December 31, 2023.
During the nine months ended September 30, 2024, TriNet repurchased approximately 1.46 million shares of common stock, totaling around $154 million. The company also initiated a common stock dividend of $0.25 per share in April and July 2024, with another dividend of $0.25 per share declared for October 2024.
About TRINET GROUP, INC.
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