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View All NewsTriNet, now public, reports Q1 revenue up 31%
TriNet Group Inc. (NYSE: TNET) reported net service revenue rose 31 percent in the first quarter to $127.8 million. The San Leandro, Calif.-based PEO reported the number of total worksite employees increased 30 percent in the first quarter to approximately 242,000. The number of worksite employees includes 13,000 from Ambrose Employer Group, a New York-based PEO acquired by TriNet in 2013. Net income at TriNet fell 85.4 percent to $1.5 million.
TriNet just held its initial public offering in March. The company raised net proceeds of $218.9 million from the IPO. It used $216.6 million of the proceeds to repay debt.
Revenue
| Q1 2014 (000s) | Q1 2013 (000s) | % growth | |
| Professional service revenue | $82,875 | $59,231 | 39.9% |
| Net insurance service revenue* | $44,880 | $37,927 | 18.3% |
| Total net service revenue: | $127,755 | $97,158 | 31.5% |
| *Net insurance service revenue consists of insurance service revenue of $426.0 million minus insurance costs of $381.2 million. | |||
Net income
| Q1 2014 (000s) | Q1 2013 (000s) | % growth | |
| Net income | $1,540 | $10,537 | -85.4% |
Shares
Shares in TriNet rose 5.21 percent in early afternoon trading to $23.01, according to Yahoo! The PEO had a market cap of $1.57 billion.