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TriNet Q3 revenue up 20%

November 03, 2015

TriNet Group Inc. (NYSE: TNET), the fourth-largest US professional employer organization, reported third-quarter total revenue rose 20.2% year over year.

Net income at the PEO also rose to $3.1 million from $725,000 in the year-ago quarter.

(US$ thousands) Q3 2015 Q3 2014 % growth
Professional service revenue $99,473 $86,864 14.5%
Insurance service revenue $566,535 $469,087 20.8%
Total revenue   $668,008 $555,951 20.2%
Net income $3,097 $725 nm

The total number of worksite employees increased 15% in the past 12 months to approximately 315,000 at the end of September.

(US$ thousands) Q3 2015 Q3 2014 % growth
Net insurance service revenue $34,054 $40,903 -16.7%
Net service revenue $133,527 $127,767 4.5%
Total WSEs 314,930 272,846 15.4%
Total sales representatives 479 391 22.5%

Quote

“Our third quarter results reflect healthy momentum in our business, driven by our superior bundled product offering and vertical market strategy,” said President and CEO Burton Goldfield. “We generated double digit-growth in our [worksite employee] base and professional service revenues, while continuing to grow our sales force in line with our plan. We are attracting talented professionals with deep sector knowledge and strong relationships, which is allowing us to maximize our differentiated product solutions and grow our presence across our target verticals.”

Share price and market cap

Shares in TriNet fell 4.20% to $18.48 in early afternoon trading today and TriNet has a market cap of approximately $1.30 billion, according to Yahoo!