TriNet Group Inc 2024年度报告

OF SMALL ANDMEDIUM SIZEBUSINESS GET UPTO DO INCREDIBLETHINGS. Dear Shareholders, Across most dimensions, 2024 was a challenging year for TriNet as low customer hiringpersisted and healthcare costs accelerated. However, as I reflect on my first year as CEO, it’snot these headwinds that stand out for me, but rather the remarkable strength and resilience ofour business model. Our ability to navigate this challenging environment is rooted in the dedication of my thousandsof colleagues, all united by a strong sense of purpose: to help small and medium-sizedbusinesses attract and retain top talent, gain efficiency, stay compliant, and focus on their corebusiness. We believe we provide SMBs with the most comprehensive HR outsourcing servicesavailable in the market and that our TriNet-sponsored benefit programs help our PEO clientssuccessfully compete for talent against much larger businesses. TriNet customers value our integrated approach to such a degree that even as we have raisedprices as a result of recent healthcare cost trends, we still enjoy very strong retention and a highnet promoter score. We have a very strong, durable business. Of course, the current business environment and our recent performance have revealedopportunities for improvement as well. In 2024, we took significant steps to address these areasby strengthening our insurance and revenue leadership, centralizing and enhancing our dataand analytics capabilities, and improving our expense efficiency. Building on these improvements, we also executed a rigorous and comprehensive strategicreview to identify the most promising opportunities for TriNet to enhance performance in themedium term. This process required us to make disciplined and strategic choices, focusing onthe most impactful opportunities. As part of this process, we decided to exit the SaaS-onlyHRIS and Clarus R&D tax credit businesses. These decisions, while difficult, allow us to focuson being the premium provider of comprehensive HR solutions to the SMB market. For our medium-term plan, we identified three core opportunities. First, improve insuranceservices by strengthening our pricing and risk management efforts and driving innovation in ourbenefits offerings. Second, improve our go-to-market motion by creating a more tenured andproductive sales force and expanding our insurance broker channel. And finally, scale ourservice model through digital transformation which will improve both our cost structure and ourcustomer experience. Our three straightforward financial objectives underscore our medium-term plan: grow revenues4-6%, expand our Adjusted EBITDA margins to 10-11%, and deliver on our capital managementpriorities. Through disciplined execution, we believe our medium-term plan supports a valuecreation opportunity of 13% to 15% for our shareholders, using 2024 as a baseline. 2025 will be a pivotal year of transition for us. We will strategically re-price to align with ourtargeted Insurance Cost Ratio range and execute on our growth and efficiency initiatives, whichwe expect will position TriNet for a much-improved financial standing as we exit the year. We have become a more focused company, operating only in attractive markets where we havethe scale, capabilities, and brand to compete successfully. Our organization is aligned andhighly engaged in executing our plans while always keeping our incredible SMB customers atthe center of everything we do. Thank you for your continued support and trust in TriNet. We are excited about the opportunitiesahead and confident in our ability to deliver sustained value for our customers, colleagues, andshareholders. Mike SimondsPresident & CEO (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the year ended December 31, 2024or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number: 001-36373 TRINET GROUP, INC.(Exact Name of Registrant as Specified in its Charter) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☒No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the pre