Reports Q3 revenue $1.24B, consensus $1.24B. “Small businesses are navigating a challenging business climate, hiring very carefully, and dealing with healthcare cost inflation steeper than we have seen in several years,” said Mike Simonds, TriNet’s (TNET) President and CEO. “TriNet is not immune from these conditions and higher healthcare costs adversely impacted our profitability in the quarter.” Simonds continued, “Fortunately, our model allows us to quickly take action and align our pricing with healthcare cost trends. We repriced our largest cohort of healthcare fees on October 1, and we experienced strong customer retention. Following our January 1 renewal, we will have priced for the current elevated cost trends across more than two thirds of our PEO business. Our colleagues are extremely engaged, delivering strong service to our customers and record retention levels in 2024 despite the challenging environment. Nearly eight months into this role, I am excited by the opportunity in front of us to grow our business profitably in an increasingly focused, disciplined, and customer-centric fashion.”
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