CBIZ REPORTS SECOND-QUARTER AND FIRST-HALF 2022 RESULTS AND RAISES FULL-YEAR 2022 GUIDANCE

Rhea-AI Summary

CBIZ, Inc. (NYSE: CBZ) reported a robust performance for Q2 2022, with total revenue rising by 29.9% to $362.0 million. The growth was driven by both acquired operations and an 11.4% increase in same-unit revenue. GAAP EPS soared 275.0% to $0.60, while adjusted EPS rose 26.0% to $0.63. For the first half of 2022, total revenue reached $753.7 million, up 30.1%. The company also announced an increase in full-year growth guidance to 23%-25% for revenue and 25%-27% for adjusted EPS, reflecting ongoing organic growth and successful acquisitions.

Positive

• Total revenue increased by 29.9% to $362.0 million in Q2 2022.
• Same-unit revenue rose by 11.4%, contributing to strong financial performance.
• GAAP EPS increased by 275.0% to $0.60, with adjusted EPS up by 26.0% to $0.63.
• Income from continuing operations grew by 262.9%, reaching $31.3 million.
• Total revenue for the first half of 2022 was $753.7 million, up 30.1% year-over-year.
• Raised full-year 2022 revenue growth guidance to 23%-25%.

Negative

• None.

SECOND-QUARTER HIGHLIGHTS:

• TOTAL REVENUE UP 29.9%; SAME-UNIT REVENUE UP 11.4%
• GAAP EPS UP 275.0%; ADJUSTED EPS UP 26.0%
• INCOME FROM CONTINUING OPERATIONS UP 262.9%; ADJUSTED EBITDA UP 29.9%

FIRST-HALF HIGHLIGHTS:

• TOTAL REVENUE UP 30.1%; SAME-UNIT REVENUE UP 10.5%
• GAAP EPS UP 56.0%; ADJUSTED EPS UP 26.6%
• INCOME FROM CONTINUING OPERATIONS UP 52.0%; ADJUSTED EBITDA UP 27.9%

CLEVELAND, July 28, 2022 /PRNewswire/ -- CBIZ, Inc., (NYSE: CBZ) ("CBIZ", or the "Company"), a leading provider of financial, insurance and advisory services, today announced results for the second quarter ended June 30, 2022.

For the 2022 second quarter, CBIZ recorded revenue of $362.0 million, an increase of $83.3 million, or 29.9%, compared with $278.6 million reported for the same period in 2021. Acquired operations, net of divestitures, contributed $51.6 million, or 18.5%, to second-quarter 2022 revenue growth. Same-unit revenue increased by $31.7 million, or 11.4%, for the quarter, compared with the same period a year ago. Income from continuing operations was $31.3 million, or $0.60 per diluted share, compared with $8.6 million, or $0.16 per diluted share, for the same period a year ago.

Adjusted income from continuing operations was $32.6 million, or $0.63 per diluted share, compared with $27.1 million, or $0.50 per diluted share, for the same period a year ago. Adjusted EBITDA for the second quarter was $55.7 million, compared with $42.9 million for the same period in 2021.

For the six months ended June 30, 2022, CBIZ recorded revenue of $753.7 million, an increase of $174.3 million, or 30.1%, over the $579.4 million recorded for the same period in 2021. Acquisitions, net of divestitures, contributed $113.8 million, or 19.6%, to revenue growth in the six months ended June 30, 2022. Same-unit revenue increased by $60.5 million, or 10.5%, compared with the same period a year ago. Income from continuing operations was $89.4 million, or $1.70 per diluted share, for the six months ended June 30, 2022, compared with $58.8 million, or $1.09 per diluted share, for the same period a year ago.

Adjusted income from continuing operations was $95.2 million, or $1.81 per diluted share, for the six months ended June 30, 2022, compared with $77.1 million, or $1.43 per diluted share, for the same period a year ago. Adjusted EBITDA for the first half was $148.6 million, compared with $116.2 million for the same period in 2021.

In the second quarter of 2021, the Company recorded a non-recurring settlement charge of $30.5 million and a $6.4 million non-recurring gain on sale of operations. These items were eliminated to arrive at Adjusted earnings per diluted share for the second-quarter and first-half periods ended June 30, 2021. In 2022, the Company incurred non-recurring transaction and first-year integration expenses related to the Marks Paneth acquisition. These expenses were eliminated to report Adjusted earnings per diluted share for 2022. Schedules reconciling Adjusted income from continuing operations, Adjusted EPS and Adjusted EBITDA to the most directly comparable GAAP measures can be found in tables included in the release.

During the first half ended June 30, 2022, the Company repurchased approximately 884 thousand shares of its common stock on the open market. Between July 1, 2022, and July 27, 2022, the Company repurchased an additional 200 thousand shares. The balance outstanding on the Company's unsecured credit facility on June 30, 2022, was $266.0 million with $323.2 million of unused borrowing capacity.

Jerry Grisko, CBIZ President and Chief Executive Officer, said, "Our exceptional performance for the second quarter and first half of 2022 is a direct result of our long-term strategy and focus on organic growth, strategic acquisitions and investments that strengthen our business and position us for the future. We continue to see growth across every major service line due to the ongoing demand for both our essential, recurring services and our project-based advisory services. In addition, the performance of our recent acquisitions is also helping to bolster our strong results. Earlier this month, we were pleased to welcome our latest acquisition, Stinnett and Associates, a professional advisory firm with offices in Oklahoma, Texas and Colorado."

"As a result of our strong organic growth for the first half of the year combined with the performance of our recent acquisitions, we are raising our full-year 2022 guidance to reflect anticipated revenue growth between 23% and 25% and growth in Adjusted earnings per share between 25% and 27%," Grisko concluded.

2022 Outlook

• The Company increased its revenue growth expectations to within a range of 23% to 25% over the prior year, up from previous guidance of 19% to 21% in revenue growth.
• Although multiple factors may impact the tax rate, the Company expects an effective tax rate of approximately 25%.
• The Company expects a weighted average fully diluted share count of 52.5 million to 53.0 million shares.
• On a GAAP basis, the Company expects full-year fully diluted earnings per share from continuing operations to grow within a range of 45% to 48% per share, over the $1.32 per share reported in 2021, up from previous guidance of 43% to 46% per share.
• The Company expects Adjusted fully diluted earnings per share from continuing operations to grow within a range of 25% to 27% over the Adjusted $1.66 reported for 2021, up from previous guidance of a 20% to 22% increase per share. A schedule reconciling GAAP Diluted EPS to Non-GAAP Adjusted Diluted EPS is attached.

Conference Call
CBIZ will host a conference call at 11:00 a.m. (ET) today to discuss its results. The call will be webcast and an archived replay will be available at https://cbiz.gcs-web.com/investor-overview. Participants may register at https://dpregister.com/sreg/10169243/f3ae1c6ba2.

About CBIZ
CBIZ is a leading provider of financial, insurance and advisory services to businesses throughout the United States. Financial services include accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services. Insurance services include employee benefits consulting, retirement plan consulting, property and casualty insurance, payroll, and human capital consulting. With more than 100 offices in 32 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com. 

Forward-Looking Statements
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the impact of COVID-19 on the Company's business and operations and those of our clients; the Company's ability to adequately manage and sustain its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov. 

 

CBIZ, INC. FINANCIAL HIGHLIGHTS (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2022 AND 2021 (In thousands, except percentages and per share data)
		Three Months Ended June 30,
		2022		%		2021		%
Revenue		$ 361,952		100.0 %		$ 278,648		100.0 %
Operating expenses (1)		289,736		80.0		236,934		85.0
Gross margin		72,216		20.0		41,714		15.0
Corporate general and administrative expenses (1)		10,926		3.0		13,816		5.0
Legal settlement, net		—		—		30,468		10.9
Operating income (loss)		61,290		17.0		(2,570)		(0.9)
Other (expense) income:
Interest expense		(1,645)		(0.5)		(959)		(0.3)
Gain on sale of operations, net		135		—		6,385		2.3
Other (expense) income, net (1) (2)		(15,898)		(4.4)		8,373		3.0
Total other (expense) income, net		(17,408)		(4.9)		13,799		5.0
Income from continuing operations before income tax expense		43,882		12.1		11,229		4.1
Income tax expense		12,622				2,616
Income from continuing operations		31,260		8.6		8,613		3.1
Loss from operations of discontinued businesses, net of tax		(5)				(6)
Net Income		$  31,255		8.6 %		$    8,607		3.1 %
Diluted income per share:
Continuing operations		$      0.60				$      0.16
Discontinued operations		—				—
Net income		$      0.60				$      0.16
Diluted weighted average common shares outstanding		52,531				53,769
Other data from continuing operations:
Adjusted EBITDA (3)		$  55,732				$  42,895
Adjusted EPS (3)		$      0.63				$      0.50

(1)

CBIZ sponsors a deferred compensation plan, under which a CBIZ employee's compensation deferral is held in a rabbi trust and invested accordingly as directed by the employee. Income and expenses related to the deferred compensation plan are included in "Operating expenses" and "Corporate general and administrative expenses," and are directly offset by deferred compensation gains or losses in "Other (expense) income, net." The deferred compensation plan has no impact on "Income from continuing operations before income tax expense."

 

Income and expenses related to the deferred compensation plan for the three months ended June 30, 2022, and 2021 are as follows (in thousands):
		Three Months Ended June 30,
		2022		% of Revenue		2021		% of Revenue
Operating (income) expenses		$   (13,338)		(3.7) %		$       6,761		2.4 %
Corporate general and administrative (income) expenses		(1,811)		(0.5) %		850		0.3 %
Other (expense) income, net		(15,149)		(4.1) %		7,611		2.7 %

 

Excluding the impact of the above-mentioned income and expenses related to the deferred compensation plan, the operating results for the three months ended June 30, 2022, and 2021 are as follows (in thousands):
	Three Months Ended June 30,
	2022								2021
	As Reported		Deferred Compensation Plan		Adjusted		% of Revenue		As Reported		Deferred Compensation Plan		Adjusted		% of Revenue
Gross margin	$  72,216		$    (13,338)		$  58,878		16.3 %		$  41,714		$       6,761		$  48,475		17.4 %
Operating income (expense)	61,290		(15,149)		46,141		12.7 %		(2,570)		7,611		5,041		1.8 %
Other (expense) income, net	(15,898)		15,149		(749)		(0.2) %		8,373		(7,611)		762		0.3 %
Income from continuing operations before income tax expense	43,882		—		43,882		12.1 %		11,229		—		11,229		4.0 %

(2)	Included in "Other (expense) income, net" for the three months ended June 30, 2022 and 2021, is expense of $0.8 million and $0.1 million, respectively, related to net changes in the fair value of contingent consideration related to CBIZ's prior acquisitions.
(3)	Refer to the financial highlights tables for a reconciliation of Non-GAAP financial measures to the most directly comparable GAAP financial measure, and for additional information as to the usefulness of the Non-GAAP financial measures to shareholders and investors.

 

CBIZ, INC. FINANCIAL HIGHLIGHTS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (In thousands, except percentages and per share data)
		Six Months Ended June 30,
		2022		%		2021		%
Revenue		$ 753,674		100.0 %		$ 579,378		100.0 %
Operating expenses (1)		580,035		77.0		460,905		79.6
Gross margin		173,639		23.0		118,473		20.4
Corporate general and administrative expenses (1)		27,235		3.6		28,299		4.9
Legal settlement, net		—		—		30,468		5.3
Operating income		146,404		19.4		59,706		10.2
Other income (expense):
Interest expense		(2,904)		(0.4)		(1,836)		(0.3)
Gain on sale of operations, net		135		—		6,385		1.1
Other (expense) income, net (1) (2)		(22,301)		(3.0)		13,162		2.3
Total other (expense) income, net		(25,070)		(3.4)		17,711		3.1
Income from continuing operations before income tax expense		121,334		16.0		77,417		13.3
Income tax expense		31,943				18,588
Income from continuing operations		89,391		11.9		58,829		10.2
Loss from operations of discontinued businesses, net of tax		(9)				(13)
Net income		$  89,382		11.9 %		$  58,816		10.2 %
Diluted income per share:
Continuing operations		$      1.70				$      1.09
Discontinued operations		—				—
Net income		$      1.70				$      1.09
Diluted weighted average common shares outstanding		52,736				54,109
Other data from continuing operations:
Adjusted EBITDA (3)		$ 148,629				$ 116,212
Adjusted EPS (3)		$      1.81				$      1.43

(1)

CBIZ sponsors a deferred compensation plan, under which a CBIZ employee's compensation deferral is held in a rabbi trust and invested accordingly as directed by the employee. Income and expenses related to the deferred compensation plan are included in "Operating expenses" and "Corporate general and administrative expenses," and are directly offset by deferred compensation gains or losses in "Other (expense) income, net." The deferred compensation plan has no impact on "Income from continuing operations before income tax expense."

 

Income and expenses related to the deferred compensation plan for the six months ended June 30, 2022, and 2021 are as follows (in thousands):
		Six Months Ended June 30,
		2022		% of Revenue		2021		% of Revenue
Operating (income) expenses		$   (19,005)		(2.5) %		$     11,377		2.0 %
Corporate general and administrative (income) expenses		(2,622)		(0.3) %		1,346		0.2 %
Other (expense) income, net		(21,627)		(2.9) %		12,723		2.2 %

 

Excluding the impact of the above-mentioned income and expenses related to the deferred compensation plan, the operating results for the six months ended June 30, 2022, and 2021 are as follows (in thousands):
	Six Months Ended June 30,
	2022								2021
	As Reported		Deferred Compensation Plan		Adjusted		% of Revenue		As Reported		Deferred Compensation Plan		Adjusted		% of Revenue
Gross margin	$ 173,639		$    (19,005)		$ 154,634		20.5 %		$ 118,473		$     11,377		$ 129,850		22.4 %
Operating income (expense)	146,404		(21,627)		124,777		16.6 %		59,706		12,723		72,429		12.5 %
Other (expense) income, net	(22,301)		21,627		(674)		(0.1) %		13,162		(12,723)		439		0.1 %
Income from continuing operations before income tax expense	121,334		—		121,334		16.1 %		77,417		—		77,417		13.4 %

(2)	Included in "Other (expense) income, net" for the six months ended June 30, 2022 and 2021, is expense of $1.5 million and $0.8 million, respectively, related to net changes in the fair value of contingent consideration related to CBIZ's prior acquisitions.
(3)	Refer to the financial highlights tables for a reconciliation of Non-GAAP financial measures to the most directly comparable GAAP financial measure, and for additional information as to the usefulness of the Non-GAAP financial measures to shareholders and investors.

 

CBIZ, INC. FINANCIAL HIGHLIGHTS (UNAUDITED) (In thousands) SELECT SEGMENT DATA
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Revenue
Financial Services		$      259,308		$      186,589		$      548,054		$      390,738
Benefits and Insurance Services		91,708		82,620		184,194		169,859
National Practices		10,936		9,439		21,426		18,781
Total		$      361,952		$      278,648		$      753,674		$      579,378
Gross Margin
Financial Services		$        49,665		$        35,669		$      128,611		$        98,072
Benefits and Insurance Services		16,688		14,844		36,517		35,150
National Practices		1,037		952		1,951		1,753
Operating expenses - unallocated (1):
Other expense		(8,512)		(2,990)		(12,445)		(5,125)
Deferred compensation		13,338		(6,761)		19,005		(11,377)
Total		$        72,216		$        41,714		$      173,639		$      118,473

(1)

Represents operating expenses not directly allocated to individual businesses, including stock-based compensation, consolidation and integration charges, and certain advertising expenses. "Operating expenses - unallocated" also includes gains or losses attributable to the assets held in a rabbi trust associated with the Company's deferred compensation plan. These gains or losses do not impact "Income from continuing operations before income tax expense" as they are directly offset by the same adjustment to "Other (expense) income, net" in the Consolidated Statements of Comprehensive Income. Net gains/losses recognized from adjustments to the fair value of the assets held in the rabbi trust are recorded as compensation expense (income) in "Operating expenses" and "Corporate, general and administrative expenses," and offset in "Other (expense) income, net."

 

CBIZ, INC. SELECT CASH FLOW DATA (UNAUDITED) (In thousands)
		Six Months Ended June 30,
		2022		2021
Net income		$         89,382		$         58,816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		16,465		12,876
Gain on sale of operations, net		(135)		(6,385)
Bad debt expense, net of recoveries		1,263		265
Adjustments to contingent earnout liability, net		1,478		753
Stock-based compensation expense		6,428		5,454
Other noncash adjustments		4,899		4,882
Net income, after adjustments to reconcile net income to net cash provided by operating activities		119,780		76,661
Changes in assets and liabilities, net of acquisitions and divestitures		(91,263)		(10,354)
Operating cash flows provided by continuing operations		28,517		66,307
Operating cash used in discontinued operations		(9)		(13)
Net cash provided by operating activities		28,508		66,294
Net cash used in investing activities		(89,756)		(40,137)
Net cash provided by (used in) financing activities		91,655		(42,582)
Net increase (decrease) in cash, cash equivalents and restricted cash		30,407		(16,425)
Cash, cash equivalents and restricted cash at beginning of year		$       150,474		$       170,335
Cash, cash equivalents and restricted cash at end of period		$       180,881		$       153,910
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet:
Cash and cash equivalents		$           3,881		$           4,677
Restricted cash		42,188		39,268
Cash equivalents included in funds held for clients		134,812		109,965
Total cash, cash equivalents and restricted cash		$       180,881		$       153,910

 

CBIZ, INC. SELECT FINANCIAL DATA AND RATIOS (UNAUDITED) (In thousands)
		June 30, 2022		December 31, 2021
Cash and cash equivalents		3,881		1,997
Restricted cash		42,188		30,383
Accounts receivable, net		410,481		242,168
Current assets before funds held for clients		468,771		293,765
Funds held for clients		185,271		157,909
Goodwill and other intangible assets, net		946,468		840,783
Total assets		1,972,597		1,627,934
Current liabilities before client fund obligations		344,219		265,174
Client fund obligations		187,129		158,115
Total long-term debt, net		263,718		154,851
Total liabilities		1,208,074		923,386
Treasury stock		(737,559)		(694,716)
Total stockholders' equity		764,523		704,548
Debt to equity		34.5 %		22.0 %
Days sales outstanding (DSO) - continuing operations (1)		88		71
Shares outstanding		51,602		52,038
Basic weighted average common shares outstanding		52,015		52,637
Diluted weighted average common shares outstanding		52,736		53,723

(1)

DSO is provided for continuing operations and represents accounts receivable, net, at the end of the period, divided by trailing twelve month daily revenue. The Company has included DSO data because such data is commonly used as a performance measure by analysts and investors and as a measure of the Company's ability to collect on receivables in a timely manner. DSO should not be regarded as an alternative or replacement to any measurement of performance under GAAP. DSO on June 30, 2021 was 84.

 

CBIZ, INC. GAAP RECONCILIATION Income from Continuing Operations to Adjusted EBITDA (1) (In thousands)
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Income from continuing operations		$        31,260		$          8,613		$        89,391		$        58,829
Interest expense		1,645		959		2,904		1,836
Income tax expense		12,622		2,616		31,943		18,588
Gain on sale of operations, net		(135)		(6,385)		(135)		(6,385)
Legal settlement, net		—		30,468		—		30,468
Transaction costs related to Marks Paneth (2)		—		—		1,329		—
Integration & retention costs related to Marks Paneth (2)		2,048		—		6,732		—
Depreciation		2,828		2,649		5,607		5,202
Amortization		5,464		3,975		10,858		7,674
Adjusted EBITDA		$        55,732		$        42,895		$      148,629		$      116,212

(1)	CBIZ reports its financial results in accordance with GAAP. This table reconciles Adjusted EBITDA to the most directly comparable GAAP financial measure, "Income from continuing operations." Adjusted EBITDA is not defined by GAAP and should not be regarded as an alternative or replacement to any measurement of performance under GAAP. Adjusted EBITDA is commonly used by the Company, its shareholders and debt holders as a performance measurement to evaluate, assess and benchmark the Company's operational results.
(2)	These costs include, but are not limited to, certain consulting, technology, personnel, as well as other first year operating and general administrative costs that are non-recurring in nature.

 

CBIZ, INC. GAAP RECONCILIATION Income and Diluted Earnings Per Share ("EPS") from Continuing Operations to Adjusted Income and EPS(1) (In thousands, except per share data)
	Three Months Ended June 30, 2022				Three Months Ended June 30, 2021
	Amounts		EPS		Amounts		EPS
Income from continuing operations	$      31,260		$          0.60		$        8,613		$          0.16
Adjustments:
Gain on sale of operations, net	(135)		—		(6,385)		(0.12)
Legal settlement, net	—		—		30,468		0.56
Integration & retention costs related to Marks Paneth (2)	2,048		0.04		—		—
Income tax effect related to adjustments	(550)		(0.01)		(5,608)		(0.10)
Adjusted income from continuing operations	$      32,623		$          0.63		$      27,088		$          0.50

(1)	CBIZ reports its financial results in accordance with GAAP. This table reconciles Adjusted Income and Adjusted EPS to the most directly comparable GAAP financial measures, "Income from continuing operations" and "Diluted earnings per share from continuing operations." Adjusted Income and Adjusted EPS are not defined by GAAP and should not be regarded as an alternative or replacement to any measurement of performance under GAAP. Adjusted Income and Adjusted EPS, which excludes significant non-operating related gains and losses, are used by the Company for its shareholders and debt holders as a performance measure to evaluate, assess and benchmark the Company's operational results.
(2)	These costs include, but are not limited to, certain consulting, technology, personnel, as well as other first year operating and general administrative costs that are non-recurring in nature.

 

	Six Months Ended June 30, 2022				Six Months Ended June 30, 2021
	Amounts		EPS		Amounts		EPS
Income from continuing operations	$      89,391		$          1.70		$      58,829		$          1.09
Adjustments:
Gain on sale of operations, net	(135)		—		(6,385)		(0.12)
Legal settlement, net	—		—		30,468		0.56
Transaction costs related to Marks Paneth (2)	1,329		0.03		—		—
Integration & retention costs related to Marks Paneth (2)	6,732		0.13		—		—
Income tax effect related to adjustments	(2,087)		(0.05)		(5,782)		(0.10)
Adjusted income from continuing operations	$      95,230		$          1.81		$      77,130		$          1.43

(1)	CBIZ reports its financial results in accordance with GAAP. This table reconciles Adjusted Income and Adjusted EPS to the most directly comparable GAAP financial measures, "Income from continuing operations" and "Diluted earnings per share from continuing operations." Adjusted Income and Adjusted EPS are not defined by GAAP and should not be regarded as an alternative or replacement to any measurement of performance under GAAP. Adjusted Income and Adjusted EPS, which excludes significant non-operating related gains and losses, are used by the Company for its shareholders and debt holders as a performance measure to evaluate, assess and benchmark the Company's operational results.
(2)	These costs include, but are not limited to, certain consulting, technology, personnel, as well as other first year operating and general administrative costs that are non-recurring in nature.

 

CBIZ, INC. GAAP RECONCILIATION Full Year 2022 EPS from Continuing Operations Guidance to Full Year 2022 Adjusted Diluted EPS
	Full Year 2022 Guidance
	Low		High
Diluted EPS  - GAAP Guidance	$                1.92		$                  1.95
Transaction and integration costs related to Marks Paneth (1)	0.16		0.16
Adjusted Diluted EPS Guidance	$                2.08		$                  2.11
GAAP Diluted EPS for 2021	$                1.32		$                  1.32
Adjusted Diluted EPS for 2021 (2)	$                1.66		$                  1.66
GAAP Diluted EPS Range	45 %		48 %
Adjusted Diluted EPS Range	25 %		27 %

(1)	Includes estimated transaction and integration costs related to the Marks Paneth acquisition. Such costs include, but are not limited to, certain consulting, technology, personnel, as well as other first year operating and general administrative costs that are non-recurring in nature.
(2)	A reconciliation between income from continuing operations and adjusted income from continuing operations and a reconciliation between GAAP Diluted EPS and Adjusted Diluted EPS for fiscal year ended December 31, 2021 are presented as follows:

	Year Ended December 31, 2021
	In thousands		EPS
Income from continuing operations	$                  70,911		$                      1.32
Adjustments:
Gain on sale of operations, net	(6,311)		(0.12)
Legal settlement, net	30,468		0.57
Income tax effect related to adjustments	(5,746)		(0.11)
Adjusted income from continuing operations	$                  89,322		$                      1.66

View original content:https://www.prnewswire.com/news-releases/cbiz-reports-second-quarter-and-first-half-2022-results-and-raises-full-year-2022-guidance-301594774.html

SOURCE CBIZ, Inc.

FAQ

What were CBIZ's Q2 2022 revenue figures?

CBIZ reported total revenue of $362.0 million for Q2 2022, a 29.9% increase from the previous year.

How did CBIZ's EPS perform in Q2 2022?

CBIZ's GAAP EPS increased by 275.0% to $0.60, and adjusted EPS rose by 26.0% to $0.63.

What is the adjusted EBITDA for CBIZ in Q2 2022?

Adjusted EBITDA for Q2 2022 was $55.7 million, compared to $42.9 million for the same period in 2021.

How much did CBIZ increase its revenue growth guidance for 2022?

CBIZ raised its full-year 2022 revenue growth guidance to 23%-25%.

What contributed to CBIZ's revenue growth?

Acquired operations contributed $51.6 million to Q2 2022 revenue growth, along with a same-unit revenue increase of 11.4%.