. The company experienced net revenue decline of about 11% due to an increased insurance cost ratio (ICR) in 2024. We expect net revenue declines to continue this year as TriNet will eliminate their recently introduced client-based technology fee following customer feedback. Additionally, the decision to exit the Human Resource Information System (HRIS) software segment is projected to further decrease revenue. TriNet's intention is to focus more on its core business. Although the company will initially incur costs through 2025 due to transitional updates, we expect the exit to be margin accretive in the long run. These actions combined with volume declines will depress revenues, which we think the company will mitigate with pricing actions for net decline of about
