TriNet Q3 Revenue Dips 2% Amid WSE Decline, Net Income Plunges 24%

Ticker: TNET · Form: 10-Q · Filed: Oct 29, 2025 · CIK: 937098

Trinet Group, INC. 10-Q Filing Summary
FieldDetail
CompanyTrinet Group, INC. (TNET)
Form Type10-Q
Filed DateOct 29, 2025
Risk Levelmedium
Pages15
Reading Time19 min
Key Dollar Amounts$0.000025, $700 million, $500 million, $400 million, $0.275
Sentimentbearish

Sentiment: bearish

Topics: HR Solutions, PEO, Worksite Employees, Net Income Decline, Revenue Decrease, Insurance Costs, Shareholder Returns, Strategic Restructuring

Related Tickers: TNET, ADP, PAYX

TL;DR

**TriNet's Q3 numbers are a red flag; declining WSEs and plummeting net income mean this stock is a sell until they prove they can grow their client base again.**

AI Summary

TRINET GROUP, INC. (TNET) reported a decrease in total revenues by 2% to $1.2 billion for Q3 2025 compared to Q3 2024, primarily due to a 6% decrease in average Worksite Employees (WSEs) to 335,235. Net income for Q3 2025 declined by 24% to $34 million, and diluted EPS decreased by 21% to $0.70. For the nine months ended September 30, 2025, total revenues remained flat at $3.8 billion, while net income fell 20% to $156 million. The Insurance Cost Ratio (ICR) was flat at 90% in Q3 2025 but increased by 2% year-to-date, indicating insurance costs outpaced revenue growth in the first half of 2025. The company returned $162 million to stockholders through $0.275 per share common stock dividends and $122 million in stock repurchases. Strategic restructuring initiatives, including the sale of TriNet Clarus R+D, and disciplined expense management were highlighted as ongoing efforts.

Why It Matters

TriNet's declining WSE base and subsequent revenue and net income drops signal potential challenges in client acquisition and retention within the competitive HR solutions market. For investors, the 24% decrease in net income and 21% diluted EPS decline in Q3 2025, despite flat year-to-date revenue, suggests margin pressures, particularly from rising insurance costs. Employees might face uncertainty if the company's strategic restructuring leads to further operational changes. Customers, especially SMBs, could see shifts in service offerings as TriNet focuses on its core value proposition and ASO growth, potentially impacting their HR and benefits administration. The broader market will watch how TriNet navigates these headwinds against competitors like ADP and Paychex.

Risk Assessment

Risk Level: medium — The 6% decrease in Average WSEs in Q3 2025 and 7% decrease in Total WSEs as of September 30, 2025, compared to the same period in 2024, directly impacts revenue generation. Furthermore, the year-to-date Insurance Cost Ratio increased by 2% to 90%, indicating rising insurance costs are outpacing insurance service revenues, which could further compress margins.

Analyst Insight

Investors should consider a cautious approach, potentially reducing exposure to TNET given the declining WSE base and significant drops in net income and EPS. Monitor future filings for signs of WSE stabilization or growth, and evidence that strategic restructuring is effectively improving profitability and mitigating rising insurance costs.

Financial Highlights

debt To Equity
8.14
revenue
$1.2B
operating Margin
N/A
total Assets
$3,425M
total Debt
$895M
net Income
$34M
eps
$0.70
gross Margin
N/A
cash Position
$321M
revenue Growth
-2%

Revenue Breakdown

SegmentRevenueGrowth
Professional service revenues$169M-8%
Insurance service revenues$1,046M-1%
Interest income$17M+13%

Key Numbers

Key Players & Entities

FAQ

What were TriNet's total revenues for the third quarter of 2025?

TriNet's total revenues for the third quarter of 2025 were $1.2 billion, representing a 2% decrease compared to the same period in 2024.

How did TriNet's net income change in Q3 2025?

TriNet's net income decreased by 24% to $34 million in the third quarter of 2025, compared to $45 million in the third quarter of 2024.

What was the average number of Worksite Employees (WSEs) for TriNet in Q3 2025?

The average number of Worksite Employees (WSEs) for TriNet in Q3 2025 was 335,235, which is a 6% decrease from 355,948 in Q3 2024.

What is TriNet's Insurance Cost Ratio (ICR) for the nine months ended September 30, 2025?

TriNet's Insurance Cost Ratio (ICR) for the nine months ended September 30, 2025, was 90%, which is a 2% increase compared to 88% for the same period in 2024.

What strategic initiatives did TriNet undertake in 2025?

In 2025, TriNet made progress on strategic restructuring initiatives, including the sale of TriNet Clarus R+D, to focus on its core value proposition, growing ASO, and improving operational efficiency.

How much capital did TriNet return to stockholders as of September 30, 2025?

As of September 30, 2025, TriNet returned $162 million to stockholders, comprising $0.275 per share in common stock dividends and $122 million in common stock repurchases.

What are the primary reasons for the decrease in TriNet's total revenue in Q3 2025?

The primary reason for the decrease in TriNet's total revenue in Q3 2025 was lower co-employed Average WSEs, which decreased by 6% compared to the same period in 2024.

Which verticals experienced WSE decreases for TriNet in Q3 2025?

In Q3 2025, TriNet experienced WSE decreases primarily in its Technology, Professional Services, Main Street, and Life Sciences verticals.

What was TriNet's diluted EPS for the nine months ended September 30, 2025?

TriNet's diluted EPS for the nine months ended September 30, 2025, was $3.19, representing an 18% decrease compared to the same period in 2024.

What is the significance of TriNet's new corporate center in Atlanta?

TriNet opened a new corporate center in Atlanta as part of its ongoing efforts to manage expenses and invest in its platform, contributing to the efficiency and effectiveness of its operations.

Risk Factors

Industry Context

TriNet operates in the competitive HR solutions market, primarily serving SMBs. The industry is characterized by a demand for comprehensive HR services, including benefits administration, payroll, and risk mitigation. Key trends include the increasing adoption of technology-enabled HR platforms and a focus on employee experience to attract and retain talent.

Regulatory Implications

TriNet faces significant regulatory scrutiny related to employment laws, benefits administration, and tax compliance. Changes in regulations, particularly those concerning remote work, co-employment models, and data privacy, could impact its service offerings and operational costs. Compliance with licensing requirements is also critical.

What Investors Should Do

  1. Monitor WSE growth trends closely.
  2. Analyze the trajectory of the Insurance Cost Ratio (ICR).
  3. Evaluate the effectiveness of strategic restructuring initiatives.
  4. Assess the impact of expense management on margins.
  5. Observe capital return strategies.

Key Dates

Glossary

WSEs
Worksite Employees, representing the employees of TriNet's clients for whom TriNet provides HR services. (A key operational metric; a decrease in WSEs directly impacts revenue and profitability.)
PEO
Professional Employer Organization, a service model where TriNet enters into a co-employment relationship with clients. (The primary service delivery model for TriNet, forming the basis of its revenue and operations.)
ASO
Administrative Services Only, a service model where TriNet provides HR administration and compliance management without a co-employment relationship. (A growing service offering for TriNet, representing a strategic focus area.)
ICR
Insurance Cost Ratio, a measure of insurance costs relative to insurance service revenues. (A critical profitability metric for TriNet, indicating the efficiency of its insurance offerings.)
Adjusted Net income
A non-GAAP financial measure that excludes certain items from net income to provide a clearer view of operating performance. (Used by management for performance evaluation and compensation, offering an alternative perspective to GAAP net income.)
Adjusted EBITDA
A non-GAAP financial measure representing earnings before interest, taxes, depreciation, and amortization, with further adjustments. (Another key performance indicator used by management to assess operational profitability.)
Co-employment model
A model where TriNet and the client share certain employer responsibilities and liabilities. (The foundation of TriNet's PEO services, defining its operational structure and client relationships.)

Year-Over-Year Comparison

Compared to the prior year's filing, TriNet Group, Inc. (TNET) shows a concerning trend of declining revenue and net income. Total revenues decreased by 2% in Q3 2025, driven by a 6% drop in average Worksite Employees (WSEs). Net income saw a more significant decline of 24% in Q3 2025. The Insurance Cost Ratio (ICR) remained flat quarter-over-quarter but increased by 2% year-to-date, indicating rising insurance costs that are beginning to outpace revenue growth. Total assets also decreased by 17% to $3,425 million, while debt saw a 9% reduction to $895 million, and equity increased by 59% to $110 million, reflecting a shift in the balance sheet structure.

Filing Stats: 4,626 words · 19 min read · ~15 pages · Grade level 19.5 · Accepted 2025-10-29 07:22:23

Key Financial Figures

Filing Documents

, Item 1. 29

Part I, Item 1. 29 Condensed Consolidated Statements of Income and Comprehensive Income 29 Condensed Consolidated Balance Sheets 30 Condensed Consolidated Statements of Stockholders' Equity 31 Condensed Consolidated Statements of Cash Flows 32 Notes to Condensed Consolidated Financial Statements 33 Note 1. Description of Business and Significant Accounting Policies 33 Note 2. Cash, Cash Equivalents and Investments - Unrestricted and Restricted 36 Note 3. Investments 37 Note 4. Accrued Workers' Compensation Costs 39 Note 5. Commitments and Contingencies 39 Note 6. Stock Based Compensation 40 Note 7. Stockholders' Equity 41 Note 8. Income Taxes 42 Note 9. Earnings Per Share 43 Note 10. Restructuring 43 Note 11. Segment Information 43

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk

Controls and Procedures

Controls and Procedures

, Item 1A. 45

Part II, Item 1A. 45 Unregistered Sales of Equity Securities and Use of Proceeds

, Item 2. 45

Part II, Item 2. 45 Defaults Upon Senior Securities

, Item 3. 45

Part II, Item 3. 45 Mine Safety Disclosures

, Item 4. 45

Part II, Item 4. 45 Other Information

, Item 5. 45

Part II, Item 5. 45 Exhibits

, Item 6. 46

Part II, Item 6. 46 TRINET 2 2025 Q3 FORM 10-Q GLOSSARY Table of Contents Glossary of Acronyms and Abbreviations Acronyms and abbreviations are used throughout this report, particularly in Part I, Item 1. Unaudited Condensed Consolidated Financial Statements and Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 2021 Credit Agreement Our credit agreement dated February 26, 2021, as amended, supplemented or modified from time to time, most recently on August 16, 2023 2021 Revolver Our $700 million revolving line of credit included in our 2021 Credit Agreement, as amended on August 16, 2023 2029 Notes Our $500 million senior unsecured notes maturing in March 2029 2031 Notes Our $400 million senior unsecured notes maturing in August 2031 AFS Available-for-sale ASO Administrative Services Offering ASO User An employee of a client that is using our ASO services CEO Chief Executive Officer CFO Chief Financial Officer COBRA Consolidated Omnibus Budget Reconciliation Act colleague TriNet's internal employees (as distinguished from WSEs) COPS Cost of providing services D&A Depreciation and amortization expenses EBITDA Earnings before interest expense, taxes, depreciation and amortization of intangible assets EPLI Employment Practices Liability Insurance EPS Earnings Per Share ERISA Employee Retirement Income Security Act ERTC Employee Retention Tax Credit ETR Effective tax rate FASB Financial Accounting Standards Board G&A General and administrative GAAP Generally Accepted Accounting Principles in the United States HCM Human capital management HR Human Resources HRIS Human resources information system HRIS User A client employee who is a user of our HR Platform (for example, employees of an HRIS client) ICR Insurance cost ratio IE Interest expense, bank fees and other ISR Insurance service revenues MD&A Management's Discussion and Analysis of Financial Condition and Results

FORWARD LOOKING STATEMENTS AND OTHER FINANCIAL INFORMATION Table of Contents

FORWARD LOOKING STATEMENTS AND OTHER FINANCIAL INFORMATION Table of Contents Cautionary Note Regarding Forward-Looking Statements For purposes of this Quarterly Report on Form 10-Q (Form 10-Q), the terms "TriNet," "the Company," "we," "us" and "our" refer to TriNet Group, Inc., and its subsidiaries. This Form 10-Q contains statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as, but not limited to, "ability," "anticipate," "believe," "can," "continue," "could," "design," "estimate," "expect," "forecast," "hope," "impact," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "strategy," "target," "value," "will," "would" and similar expressions or variations intended to identify forward-looking statements. Examples of forward-looking statements include, among others, TriNet's expectations regarding: our plans and ability to grow our client base and our WSE base; our expectations regarding medical utilization rates by our WSEs and the impact of inflation on our insurance costs; the impact of planned improvements to our technology platform and whether it will meet the needs of our current clients and attract new ones; our ability to improve operating efficiencies; our strategic realignment and related restructuring initiatives; the impact of our client service initiatives and whether they enhance client experience and satisfaction; acquisition or other opportunities to expand our product offering and provide further scale, our continued ability to provide access to a broad range of benefit programs on a cost-effective basis; our expectations regarding the volume and severity of insurance claims

FORWARD LOOKING STATEMENTS AND OTHER FINANCIAL INFORMATION Table of Contents

FORWARD LOOKING STATEMENTS AND OTHER FINANCIAL INFORMATION Table of Contents it means to be an employer, employee or independent contractor; the impact of new and changing laws regarding remote work; our ability to comply with the licensing requirements that govern our solutions; the failure of third-party service providers performing their functions; the failure to comply with anti-corruption laws and regulations, economic and trade sanctions, and similar laws; the outcome of existing and future legal and tax proceedings; fluctuation in our results of operations and stock price due to factors outside of our control; our ability to comply with the restrictions of our indebtedness and meet our debt obligations; the need for additional capital or to restructure our existing debt; the continuation of our stock repurchase program; the impact of concentrated ownership in our stock by Atairos and other large stockholders; and the anti-takeover provisions in our charter documents and under Delaware law. Any of these factors could cause our actual results to differ materially from our anticipated results. Forward-looking statements are not guarantees of future performance but are based on management's expectations as of the date of this Form 10-Q and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past results, performance or achievements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The information provided in this Form 10-Q is based upon the facts and circumstances known as of the date of this Form 10-Q, and any forward-looking statements made by us in this Form 10-Q speak only as of the date of this Form

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Summary Overview TriNet is a leading provider of HR solutions for SMBs. We offer advanced technology-enabled services that include human capital expertise, employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. We deliver a comprehensive suite of services that help our clients administer and manage various HR-related needs and functions, such as compensation, benefits, payroll processing, tax credit support, employee data, health insurance, workers' compensation, EPLI and other employment risk mitigation programs, employee performance management and training, on-boarding and off-boarding, and other transactional HR needs using our PEO technology platform and benefits and compliance expertise. We deliver our services primarily through our PEO services that we provide via our co-employment model, and to a lesser extent, through our ASO-only services, which provides payroll processing, HR administration and compliance management solutions outside of the co-employment model. Operational Highlights Our consolidated results for the nine months ended September 30, 2025 reflect our continuing efforts to serve our clients, attract new clients, manage expenses and invest in our platform. So far in 2025, we: made progress on the strategic restructuring initiatives to focus our business on our core value proposition, growing ASO, and the efficiency and effectiveness of our operations, including the sale of TriNet Clarus R+D, demonstrated disciplined expense management, in light of rising insurance costs, opened our new corporate center in Atlanta, realized all time high net promoter scores, and paid common stock dividends of $0.275 per share in April and July, and declared common stock dividends of $0.275 per share paid in October 2025. Together with common stock repurchases of

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents Our total revenue decreased in the third quarter of 2025, compared to the same period in 2024, primarily driven by lower co-employed Average WSEs. During the third quarter of 2025, our Average WSEs and Total WSEs decreased by 6%, compared to the same period in 2024, primarily due to WSE decreases in our Technology, Professional Services, Main Street, and Life Sciences verticals. Our results are highly influenced by health care cost and utilization trends. Our ICR in the third quarter of 2025 was flat compared to the same period in 2024. On a year-to-date basis, our ICR was 2% higher compared to the same period in 2024, driven by insurance costs outpacing the growth in insurance services revenues during the first half of 2025. Lower total revenue, partially offset by lower operating expenses, resulted in decreases of net income and Adjusted Net income of 24% and 7%, respectively, in the third quarter of 2025, as compared to the same period in 2024. On a year-to-date basis, higher insurance costs, partially offset by lower operating expenses, resulted in decreases in net income and Adjusted Net income of 20% and 15%, respectively. YTD 2025 $3.8B $216M 90% Total revenues Income before tax Insurance cost ratio — % flat (18) % decrease 2 % increase $156M $3.19 $209M Net income Diluted EPS Adjusted Net income * (20) % decrease (18) % decrease (15) % decrease 337,330 331,973 Average WSEs Total WSEs (4) % decrease (7) % decrease * Non-GAAP measure. See definitions below under the heading " Non-GAAP Financial Measures ". TRINET 8 2025 Q3 FORM 10-Q

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents Results of Operations The following table summarizes our results of operations for the third quarter and nine months ended September 30, 2025, when compared to the same periods of 2024. For details of the critical accounting judgments and estimates that could affect our Results of Operations, see the Critical Accounting Judgments and Estimates section within the MD&A in Item 7 of our 2024 Form 10-K. Three Months Ended September 30, Nine Months Ended September 30, (in millions, except operating metrics data) 2025 2024 % Change 2025 2024 % Change Income Statement Data: Professional service revenues $ 169 $ 184 (8) % $ 550 $ 584 (6) % Insurance service revenues 1,046 1,053 (1) 3,159 3,143 1 Interest income 17 15 13 53 49 8 Total revenues 1,232 1,252 (2) 3,762 3,776 — Insurance costs 943 949 (1) 2,832 2,772 2 Operating expenses 226 230 (2) 672 694 (3) Interest expense, bank fees and other 13 15 (13) 42 47 (11) Total costs and operating expenses 1,182 1,194 (1) 3,546 3,513 1 Income before tax 50 58 (14) 216 263 (18) Income taxes 16 13 23 60 67 (10) Net income $ 34 $ 45 (24) % $ 156 $ 196 (20) % Cash Flow Data: Net cash provided by operating activities 242 214 13 Net cash used in investing activities (27) (25) 8 Net cash used in financing activities (560) (707) (21) % Non-GAAP measures (1) : Adjusted EBITDA 100 109 (8) 368 425 (13) Adjusted Net income 55 59 (7) 209 247 (15) Operating Metrics: Insurance Cost Ratio 90 % 90 % — 90 % 88 % 2 Average WSEs 335,235 355,948 (6) 337,330 351,856 (4) Total WSEs 331,973 356,137 (7) 331,973 356,137 (7) (1) Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading " Non-GAAP Financial Measures ". The following table summarizes our balance sheet data as of September 30, 2025 compared to December 31, 2024. (in millions) September 30, 2025 December 31, 2024 % Change Balance Sheet Data: Cash and cash equiva

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents Non-GAAP Financial Measures In addition to financial measures presented in accordance with GAAP, we monitor other non-GAAP financial measures that we use to manage our business, to make planning decisions, to allocate resources and to use as performance measures in our executive compensation plan. These key financial measures provide an additional view of our operational performance over the long-term and provide information that we use to maintain and grow our business. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Non-GAAP Measure Definition How We Use The Measure Adjusted EBITDA Net income, excluding the effects of: - income tax provision, - interest expense, bank fees and other, - depreciation, - amortization of intangible assets, - stock based compensation expense, - amortization of cloud computing arrangements, and - restructuring costs. Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates the effectiveness of our business strategies by excluding certain non-recurring costs, which include restructuring costs, as well as certain non-cash charges such as depreciation and amortization, and stock-based compensation and certain impairment charges recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations. Enhances comparisons to the prior period and, accordingly, facilitates the development of future projections and earnings growth prospects. Provides a measure, among others, used in the determination of incentive compensation for management. We also sometimes ref

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents Reconciliation of GAAP to Non-GAAP Measures The table below presents a reconciliation of Net income to Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Net income $ 34 $ 45 $ 156 $ 196 Provision for income taxes 16 13 60 67 Stock based compensation 17 15 48 53 Interest expense, bank fees and other 13 15 42 47 Depreciation and amortization of intangible assets 16 19 50 56 Amortization of cloud computing arrangements 2 2 7 6 Restructuring costs 2 — 5 — Adjusted EBITDA $ 100 $ 109 $ 368 $ 425 Adjusted EBITDA Margin 8.2 % 8.8 % 9.8 % 11.3 % The table below presents a reconciliation of Net income to Adjusted Net Income: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Net income $ 34 $ 45 $ 156 $ 196 Effective income tax rate adjustment 4 (2) 6 — Stock based compensation 17 15 48 53 Amortization of other intangible assets 2 5 7 14 Non-cash interest expense 1 1 2 2 Restructuring costs 2 — 5 — Income tax impact of pre-tax adjustments (5) (5) (15) (18) Adjusted Net Income $ 55 $ 59 $ 209 $ 247 TRINET 11 2025 Q3 FORM 10-Q

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents

MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents Operating Metrics Worksite Employees (WSE) Average WSE change is a volume measure we use to monitor the performance of our PEO business. Our PEO clients generally change their payroll service providers at the beginning of the payroll tax and benefits enrollment year; as a result, we have historically experienced our highest volumes of new PEO clients joining and existing clients terminating in the month of January. PEO client attrition, new PEO client additions and changes in employment levels within our installed PEO client base all impact our Average WSEs and Total WSEs as we move through a calendar year. We support WSEs from the date on which their co-employment with TriNet commences through the end of their co-employment with TriNet and also after their co-employment period. We define WSEs to include co-employees and other individuals receiving PEO services, such as individuals who receive COBRA benefits or are subject to partnership tax reporting as well as individuals who utilize our PEO platform on behalf of TriNet PEO clients. We charge a platform user access fee to clients for those users of our PEO platform that may not be co-employed by us as well as for co-employees for whom payroll may not be regularly run. In addition to co-employees for whom payroll may not be regularly run, such as partners in a partnership, this group of users also includes individuals authorized by our clients to access and use the PEO platform for functions such as bookkeeping and benefits management. We refer to these users as PEO Platform Users. Starting in 2023 and rolled out through 2024, we began billing clients in groups over time, driving a large increase in PEO Platform Users over that p

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing