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

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 Werbung Mehr Nachrichten zur Cbiz Inc. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:51 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Mattioli Woods plc 08:50 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Network International Holdings Plc 07:34 - PR Newswire The Diverse Income Trust Plc - The Diverse Income Trust Plc - Redemption of Ordinary Shares Schnelle Produktionsaufnahme    Multi-Tenbagger-Potenzial direkt in Spanien? weiterlesen» Anzeige wo-site-teaser-box-16824_site-teaser-box_2024-05-03_06%253A00%253A00_2024-05-04_09%253A00%253A59