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View All NewsTriNet Q4 revenue up 20%
TriNet Group Inc. (NYSE: TNET), the fourth-largest US professional employer organization, reported fourth-quarter total revenue rose 20.2% year over year.
Net income at the PEO also rose to $14.1 million from $7.0 million in the year-ago quarter.
| (US$ thousands) | Q4 2015 | Q4 2014 | % growth |
| Professional service revenue | $106,999 | $90,075 | 18.8% |
| Insurance service revenue | $618,696 | $513,587 | 20.5% |
| Total revenue | $725,695 | $603,662 | 20.2% |
| Net income | $14,095 | $7,011 | 101.0% |
The total number of worksite employees increased 12.5% in the past 12 months to approximately 324,400 at the end of December.
Quote
“We executed our growth strategy in 2015, closing the year with over 324,000 [worksite employees],” said President and CEO Burton Goldfield. “Driven by our superior bundled product offering and vertical market strategy, our talented team of professionals is focused on growing our customer base and deepening our presence across a wide range of industry sectors. We anticipate rolling out additional vertical product offerings in the year ahead, each customized to deliver on the specific HR needs of their target markets.”
Full-year results
| (US$ thousands) | 2015 | 2014 | % growth |
| Professional service revenue | $401,287 | $342,074 | 17.3% |
| Insurance service revenue | $2,258,001 | $1,851,457 | 22.0% |
| Total revenue | $2,659,288 | $2,193,531 | 21.2% |
| Net income | $31,695 | $15,497 | 104.5% |
Additionally, the company filed for additional time to file its annual report on Form 10-K for the fiscal year ended Dec. 31, 2015, to complete its assessment of its internal control over financial reporting. “In preparing the company’s financial statements as of and for the year ended December 31, 2015, the company identified material weaknesses in its internal control over financial reporting relating to ineffective information technology general controls and ineffective controls in key business processes,” TriNet wrote in a filing with the US Securities and Exchange Commission. “While these material weaknesses create a reasonable possibility that an error in financial reporting may go undetected, after extensive review and analysis, no material adjustments, restatement or other revisions to previously issued financial statements are expected to be required.”
Share price and market cap
Shares in TriNet fell 4.51% to $12.50 in early afternoon trading today and TriNet has a market cap of approximately $875.28 million, according to Yahoo!