CBIZ REPORTS THIRD-QUARTER AND NINE-MONTH 2022 RESULTS AND INCREASES FULL-YEAR 2022 GUIDANCE

Rhea-AI Summary

CBIZ, Inc. (NYSE: CBZ) reported a strong third quarter with a 28.5% increase in total revenue, reaching $363.3 million. Year-to-date, total revenue climbed 29.6%, totaling $1,116.9 million. The company saw 12.3% same-unit revenue growth and an impressive 29.3% rise in GAAP EPS. For 2022, CBIZ raised its revenue guidance to 26%-28% and GAAP EPS growth expectations to 48%-51%. Acquisitions contributed significantly to growth, with a 16.2% increase in Q3 revenues. The firm actively repurchased shares, indicating confidence in its performance.

Positive

• Total revenue up 28.5% in Q3, reaching $363.3 million.
• Year-to-date total revenue increased by 29.6%, totaling $1,116.9 million.
• Same-unit revenue growth of 12.3% for Q3.
• GAAP EPS rose 29.3% for Q3.
• Increased full-year guidance for revenue growth to 26%-28% and GAAP EPS to 48%-51%.

Negative

• None.

THIRD-QUARTER HIGHLIGHTS:

• TOTAL REVENUE UP 28.5%; SAME-UNIT REVENUE UP 12.3%
• GAAP EPS UP 29.3%; ADJUSTED EPS UP 24.4%
• INCOME FROM CONTINUING OPERATIONS UP 26.6%; ADJUSTED EBITDA UP 23.1%

NINE-MONTH HIGHLIGHTS:

• TOTAL REVENUE UP 29.6%; SAME-UNIT REVENUE UP 11.1%
• GAAP EPS UP 48.0%; ADJUSTED EPS UP 25.5%
• INCOME FROM CONTINUING OPERATIONS UP 45.1%; ADJUSTED EBITDA UP 26.7%

2022 OUTLOOK:

• TOTAL REVENUE GROWTH INCREASED TO 26% - 28%
• GAAP EPS INCREASED TO 48% - 51%
• ADJUSTED EPS INCREASED TO 26% - 28%

CLEVELAND, Oct. 27, 2022 /PRNewswire/ -- CBIZ, Inc., (NYSE: CBZ) ("CBIZ" or the "Company"), a leading provider of financial, insurance and advisory services, today announced results for the third quarter ended September 30, 2022.

For the 2022 third quarter, CBIZ recorded revenue of $363.3 million, an increase of $80.5 million, or 28.5%, compared with $282.7 million reported for the same period in 2021. Acquired operations, net of divestitures, contributed $45.7 million, or 16.2%, to third-quarter 2022 revenue growth. Same-unit revenue increased by $34.8 million, or 12.3%, for the quarter, compared with the same period a year ago. Income from continuing operations was $27.5 million, or $0.53 per diluted share, compared with $21.7 million, or $0.41 per diluted share, for the same period a year ago.

Adjusted income from continuing operations was $26.5 million, or $0.51 per diluted share, compared with $21.7 million, or $0.41 per diluted share, for the same period a year ago. Adjusted EBITDA for the third quarter was $45.9 million, compared with $37.3 million for the same period in 2021.

For the nine months ended September 30, 2022, CBIZ recorded revenue of $1,116.9 million, an increase of $254.8 million, or 29.6%, over the $862.1 million recorded for the same period in 2021. Acquisitions, net of divestitures, contributed $159.5 million, or 18.5%, to revenue growth in the nine months ended September 30, 2022. Same-unit revenue increased by $95.3 million, or 11.1%, compared with the same period a year ago. Income from continuing operations was $116.9 million, or $2.22 per diluted share, for the nine months ended September 30, 2022, compared with $80.5 million, or $1.50 per diluted share, for the same period a year ago.

Adjusted income from continuing operations was $121.8 million, or $2.31 per diluted share, for the nine months ended September 30, 2022, compared with $98.7 million, or $1.84 per diluted share, for the same period a year ago. Adjusted EBITDA for the nine months was $194.5 million, compared with $153.5 million for the same period in 2021.

As previously announced in the second quarter of 2021, the Company recorded a nonrecurring 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 nine months ended September 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 the tables included in this release.

During the nine months ended September 30, 2022, the Company repurchased approximately 1.6 million shares of its common stock on the open market. Between October 1, 2022, and October 26, 2022, the Company repurchased an additional 397,000 shares. The balance outstanding on the Company's unsecured credit facility on September 30, 2022, was $271.1 million with $310.9 million of unused borrowing capacity.

Jerry Grisko, CBIZ President and Chief Executive Officer, said, "We are pleased that our very strong performance for the first half this year has continued through the third quarter. With same unit revenue up 11.1% year-to-date, we are seeing strong organic revenue growth from every major service line across our business. Our recent acquisitions are also significant contributors to our results this year. Given our positive performance to date and our outlook for the remainder of the year, we are raising our full-year 2022 guidance of revenue growth to within a range of 26% and 28% and growth in adjusted earnings per share to within a range of 26% and 28%."

2022 Outlook

• The Company increased its revenue growth expectations to within a range of 26% to 28% over the prior year, up from previous guidance of 23% to 25% in revenue growth.
• On a GAAP basis, the Company expects full-year fully diluted earnings per share from continuing operations to grow within a range of 48% to 51% per share over the $1.32 per share reported in 2021, up from previous guidance of 45% to 48% growth per share.
• The Company expects Adjusted fully diluted earnings per share from continuing operations to grow within a range of 26% to 28% over the Adjusted $1.66 reported for 2021, up from previous guidance of a 25% to 27% increase per share. A schedule reconciling GAAP Diluted EPS to Non-GAAP Adjusted Diluted EPS is attached.
• 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.

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/10172401/f4d7c90ec1.

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 SEPTEMBER 30, 2022 AND 2021
(In thousands, except percentages and per share data)
		Three Months Ended September 30,
		2022		%		2021		%
Revenue		$ 363,262		100.0 %		$ 282,719		100.0 %
Operating expenses (1)		306,017		84.2		238,328		84.3
Gross margin		57,245		15.8		44,391		15.7
Corporate general and administrative expenses (1)		15,893		4.4		13,035		4.6
Operating income		41,352		11.4		31,356		11.1
Other (expense) income:
Interest expense		(2,305)		(0.6)		(1,016)		(0.4)
Gain on sale of operations, net		176		—		—		—
Other expense, net (1) (2)		(2,618)		(0.7)		(1,133)		(0.4)
Total other expense, net		(4,747)		(1.3)		(2,149)		(0.8)
Income from continuing operations before income tax expense		36,605		10.1		29,207		10.3
Income tax expense		9,131				7,512
Income from continuing operations		27,474		7.6		21,695		7.7
Loss from operations of discontinued businesses, net of tax		(4)				(4)
Net Income		$  27,470		7.6 %		$  21,691		7.7 %
Diluted income per share:
Continuing operations		$      0.53				$      0.41
Discontinued operations		—				—
Net income		$      0.53				$      0.41
Diluted weighted average common shares outstanding		52,238				53,226
Other data from continuing operations:
Adjusted EBITDA (3)		$  45,865				$  37,268
Adjusted EPS (3)		$      0.51				$      0.41

(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, 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 September 30, 2022, and 2021 are as follows (in thousands):

		Three Months Ended September 30,
		2022		% of Revenue		2021		% of Revenue
Operating income		$     (3,995)		(1.1) %		$        (212)		(0.1) %
Corporate general and administrative income		(697)		(0.2) %		(86)		— %
Other expense, net		(4,692)		(1.3) %		(298)		(0.1) %

	Excluding the impact of the above-mentioned income and expenses related to the deferred compensation plan, the operating results for the three months ended September 30, 2022, and 2021 are as follows (in thousands):

	Three Months Ended September 30,
	2022								2021
	As Reported		Deferred Compensation Plan		Adjusted		% of Revenue		As Reported		Deferred Compensation Plan		Adjusted		% of Revenue
Gross margin	$  57,245		$      (3,995)		$  53,250		14.7 %		$  44,391		$         (212)		$  44,179		15.6 %
Operating income	41,352		(4,692)		36,660		10.1 %		31,356		(298)		31,058		11.0 %
Other (expense) income, net	(2,618)		4,692		2,074		0.6 %		(1,133)		298		(835)		(0.3) %
Income from continuing operations   before income tax expense	36,605		—		36,605		10.1 %		29,207		—		29,207		10.3 %

(2)	Included in "Other expense, net" for the three months ended September 30, 2022 and 2021, is expense of $0.4 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)
NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021
(In thousands, except percentages and per share data)
		Nine Months Ended September 30,
		2022		%		2021		%
Revenue		$ 1,116,936		100.0 %		$ 862,097		100.0 %
Operating expenses (1)		886,052		79.3		699,233		81.1
Gross margin		230,884		20.7		162,864		18.9
Corporate general and administrative expenses (1)		43,128		3.9		41,334		4.8
Legal settlement, net		—		—		30,468		3.5
Operating income		187,756		16.8		91,062		10.6
Other income (expense):
Interest expense		(5,209)		(0.5)		(2,852)		(0.3)
Gain on sale of operations, net		311		—		6,385		0.7
Other (expense) income, net (1) (2)		(24,919)		(2.2)		12,029		1.4
Total other (expense) income, net		(29,817)		(2.7)		15,562		1.8
Income from continuing operations before income tax expense		157,939		14.1		106,624		12.4
Income tax expense		41,074				26,100
Income from continuing operations		116,865		10.5		80,524		9.3
Loss from operations of discontinued businesses, net of tax		(13)				(17)
Net income		$    116,852		10.5 %		$  80,507		9.3 %
Diluted income per share:
Continuing operations		$          2.22				$      1.50
Discontinued operations		—				—
Net income		$          2.22				$      1.50
Diluted weighted average common shares outstanding		52,720				53,796
Other data from continuing operations:
Adjusted EBITDA (3)		$    194,494				$ 153,480
Adjusted EPS (3)		$          2.31				$      1.84

(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 nine months ended September 30, 2022, and 2021 are as follows (in thousands):

		Nine Months Ended September 30,
		2022		% of Revenue		2021		% of Revenue
Operating (income) expenses		$   (23,000)		(2.1) %		$     11,165		1.3 %
Corporate general and administrative (income) expenses		(3,319)		(0.3) %		1,260		0.1 %
Other (expense) income, net		(26,319)		(2.4) %		12,425		1.4 %

	Excluding the impact of the above-mentioned income and expenses related to the deferred compensation plan, the operating results for the nine months ended September 30, 2022, and 2021 are as follows (in thousands):

	Nine Months Ended September 30,
	2022								2021
	As Reported		Deferred Compensation Plan		Adjusted		% of Revenue		As Reported		Deferred Compensation Plan		Adjusted		% of Revenue
Gross margin	$ 230,884		$    (23,000)		$ 207,884		18.6 %		$ 162,864		$     11,165		$ 174,029		20.2 %
Operating income	187,756		(26,319)		161,437		14.5 %		91,062		12,425		103,487		12.0 %
Other (expense) income, net	(24,919)		26,319		1,400		0.1 %		12,029		(12,425)		(396)		— %
Income from continuing operations   before income tax expense	157,939		—		157,939		14.1 %		106,624		—		106,624		12.4 %

(2)	Included in "Other (expense) income, net" for the nine months ended September 30, 2022 and 2021, is expense of $1.9 million and $1.6 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 September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Revenue
Financial Services		$      259,998		$      187,232		$      808,052		$      577,970
Benefits and Insurance Services		92,067		85,797		276,261		255,656
National Practices		11,197		9,690		32,623		28,471
Total		$      363,262		$      282,719		$   1,116,936		$      862,097
Gross Margin
Financial Services		$        39,661		$        31,054		$      168,272		$      129,126
Benefits and Insurance Services		18,746		16,758		55,263		51,908
National Practices		1,454		1,176		3,405		2,929
Operating expenses - unallocated (1):
Other expense		(6,611)		(4,809)		(19,056)		(9,934)
Deferred compensation		3,995		212		23,000		(11,165)
Total		$        57,245		$        44,391		$      230,884		$      162,864

(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)
		Nine Months Ended September 30,
		2022		2021
Net income		$       116,852		$         80,507
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		24,707		19,921
Gain on sale of operations, net		(311)		(6,385)
Bad debt expense, net of recoveries		1,295		562
Adjustments to contingent earnout liability, net		1,917		1,599
Stock-based compensation expense		11,987		8,359
Other noncash adjustments		3,607		6,768
Net income, after adjustments to reconcile net income to net cash provided by operating activities		160,054		111,331
Changes in assets and liabilities, net of acquisitions and divestitures		(99,982)		(30,367)
Operating cash flows provided by continuing operations		60,072		80,964
Operating cash used in discontinued operations		(13)		(18)
Net cash provided by operating activities		60,059		80,946
Net cash used in investing activities		(95,550)		(70,728)
Net cash provided by financing activities		6,025		1,678
Net (decrease) increase in cash, cash equivalents and restricted cash		(29,466)		11,896
Cash, cash equivalents and restricted cash at beginning of year		$       150,474		$       170,335
Cash, cash equivalents and restricted cash at end of period		$       121,008		$       182,231
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet:
Cash and cash equivalents		$           2,040		$           2,749
Restricted cash		39,555		37,320
Cash equivalents included in funds held for clients		79,413		142,162
Total cash, cash equivalents and restricted cash		$       121,008		$       182,231

 

CBIZ, INC.
SELECT FINANCIAL DATA AND RATIOS (UNAUDITED)
(In thousands)
		September 30, 2022		December 31, 2021
Cash and cash equivalents		2,040		1,997
Restricted cash		39,555		30,383
Accounts receivable, net		398,970		242,168
Current assets before funds held for clients		457,630		293,765
Funds held for clients		125,451		157,909
Goodwill and other intangible assets, net		957,186		840,783
Total assets		1,899,618		1,627,934
Current liabilities before client fund obligations		330,513		265,174
Client fund obligations		128,091		158,115
Total long-term debt, net		268,936		154,851
Total liabilities		1,125,493		923,386
Treasury stock		(769,981)		(694,716)
Total stockholders' equity		774,125		704,548
Debt to equity		34.7 %		22.0 %
Days sales outstanding (DSO) - continuing operations (1)		93		71
Shares outstanding		51,181		52,038
Basic weighted average common shares outstanding		51,827		52,637
Diluted weighted average common shares outstanding		52,720		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 September 30, 2021 was 88.

 

CBIZ, INC.
GAAP RECONCILIATION
Income from Continuing Operations to Adjusted EBITDA (1)
(In thousands)
		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Income from continuing operations		$        27,474		$        21,695		$      116,865		$        80,524
Interest expense		2,305		1,016		5,209		2,852
Income tax expense		9,131		7,512		41,074		26,100
Gain on sale of operations, net		(176)		—		(311)		(6,385)
Gain on sale of assets, net		(2,391)		—		(2,391)		—
Legal settlement, net		—		—		—		30,468
Transaction costs related to Marks Paneth (2)		—		—		1,329		—
Integration & retention costs related to Marks Paneth (2)		1,280		—		8,012		—
Depreciation		2,771		2,808		8,378		8,010
Amortization		5,471		4,237		16,329		11,911
Adjusted EBITDA		$        45,865		$        37,268		$      194,494		$      153,480

(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 September 30, 2022				Three Months Ended September 30, 2021
	Amounts		EPS		Amounts		EPS
Income from continuing operations	$      27,474		$          0.53		$      21,695		$          0.41
Adjustments:
Gain on sale of operations, net	(176)		—		—		—
Gain on sale of assets, net	(2,391)		(0.05)		—		—
Integration & retention costs related to Marks Paneth (2)	1,280		0.02		—		—
Income tax effect related to adjustments	321		0.01		—		—
Adjusted income from continuing operations	$      26,508		$          0.51		$      21,695		$          0.41

(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.

 

	Nine Months Ended September 30, 2022				Nine Months Ended September 30, 2021
	Amounts		EPS		Amounts		EPS
Income from continuing operations	$    116,865		$          2.22		$      80,524		$          1.50
Adjustments:
Gain on sale of operations, net	(311)		(0.01)		(6,385)		(0.12)
Gain on sale of assets, net	(2,391)		(0.05)		—		—
Legal settlement, net	—		—		30,468		0.57
Transaction costs related to Marks Paneth (2)	1,329		0.03		—		—
Integration & retention costs related to Marks Paneth (2)	8,012		0.15		—		—
Income tax effect related to adjustments	(1,727)		(0.03)		(5,896)		(0.11)
Adjusted income from continuing operations	$    121,777		$          2.31		$      98,711		$          1.84

(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	$                1.96		$                  1.99
Transaction and integration costs related to Marks Paneth (1)	0.16		0.16
Gain on sale of asset, net	(0.03)		(0.03)
Adjusted Diluted EPS Guidance	$                2.09		$                  2.12
GAAP Diluted EPS for 2021	$                1.32		$                  1.32
Adjusted Diluted EPS for 2021 (2)	$                1.66		$                  1.66
GAAP Diluted EPS Range	48 %		51 %
Adjusted Diluted EPS Range	26 %		28 %

(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

 

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SOURCE CBIZ, Inc.

FAQ

What are the Q3 2022 financial highlights for CBIZ (CBZ)?

CBIZ reported a 28.5% increase in Q3 total revenue, reaching $363.3 million, with a 12.3% increase in same-unit revenue.

How much did CBIZ's GAAP EPS increase in Q3 2022?

CBIZ's GAAP EPS increased by 29.3% in Q3 2022.

What is CBIZ's revenue guidance for 2022?

CBIZ raised its 2022 revenue growth guidance to 26%-28%.

What contributed to CBIZ's revenue growth in Q3 2022?

Acquired operations contributed 16.2% to the revenue growth in Q3 2022.

How much has CBIZ repurchased in shares recently?

CBIZ repurchased approximately 1.6 million shares of its common stock during the nine months ended September 30, 2022.