(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange On which registered | ||||||||||||
By: | /s/ Ware H. Grove | |||||||
Name: | Ware H. Grove | |||||||
Title: | Chief Financial Officer |
FOR IMMEDIATE RELEASE | CONTACT: | Ware Grove | |||||||||||||||
Chief Financial Officer | |||||||||||||||||
-or- | |||||||||||||||||
Lori Novickis | |||||||||||||||||
Director, Corporate Relations | |||||||||||||||||
CBIZ, Inc. | |||||||||||||||||
Cleveland, Ohio | |||||||||||||||||
(216) 447-9000 |
Three Months Ended December 31, | ||||||||||||||||||||||||||
2022 | % | 2021 | % | |||||||||||||||||||||||
Revenue | $ | 295,043 | 100.0 | % | $ | 242,828 | 100.0 | % | ||||||||||||||||||
Operating expenses (1) | 302,560 | 102.5 | 246,402 | 101.5 | ||||||||||||||||||||||
Gross loss | (7,517) | (2.5) | (3,574) | (1.5) | ||||||||||||||||||||||
Corporate general and administrative expenses (1) | 11,895 | 4.0 | 14,816 | 6.1 | ||||||||||||||||||||||
Operating loss | (19,412) | (6.5) | (18,390) | (7.6) | ||||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Interest expense | (2,830) | (0.9) | (1,016) | (0.4) | ||||||||||||||||||||||
Gain (loss) on sale of operations, net | 102 | — | (390) | (0.2) | ||||||||||||||||||||||
Other income, net (1) (2) | 5,694 | 1.9 | 6,212 | 2.6 | ||||||||||||||||||||||
Total other income, net | 2,966 | 1.0 | 4,806 | 2.0 | ||||||||||||||||||||||
Loss from continuing operations before income tax benefit | (16,446) | (5.5) | (13,584) | (5.6) | ||||||||||||||||||||||
Income tax benefit | (4,953) | (3,971) | ||||||||||||||||||||||||
Loss from continuing operations | (11,493) | (3.9) | (9,613) | (4.0) | ||||||||||||||||||||||
Loss from operations of discontinued businesses, net of tax | (5) | (7) | ||||||||||||||||||||||||
Net loss | $ | (11,498) | (3.9) | % | $ | (9,620) | (4.0) | % | ||||||||||||||||||
Diluted loss per share: | ||||||||||||||||||||||||||
Continuing operations | $ | (0.23) | $ | (0.19) | ||||||||||||||||||||||
Discontinued operations | — | — | ||||||||||||||||||||||||
Net loss | $ | (0.23) | $ | (0.19) | ||||||||||||||||||||||
Diluted weighted average common shares outstanding | 50,538 | 51,899 | ||||||||||||||||||||||||
Other data from continuing operations: | ||||||||||||||||||||||||||
Adjusted EBITDA (3) | $ | (4,351) | $ | (5,021) | ||||||||||||||||||||||
Adjusted EPS (3) | $ | (0.21) | $ | (0.19) | ||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||||||
2022 | % of Revenue | 2021 | % of Revenue | |||||||||||||||||||||||
Operating expenses | $ | 5,748 | 1.9 | % | $ | 6,152 | 2.5 | % | ||||||||||||||||||
Corporate general and administrative expenses | 926 | 0.3 | % | 908 | 0.4 | % | ||||||||||||||||||||
Other income, net | 6,674 | 2.3 | % | 7,060 | 2.9 | % |
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
As Reported | Deferred Compensation Plan | Adjusted | % of Revenue | As Reported | Deferred Compensation Plan | Adjusted | % of Revenue | ||||||||||||||||||||||||||||||||||||||||
Gross (loss) margin | $ | (7,517) | $ | 5,748 | $ | (1,769) | (0.6) | % | $ | (3,574) | $ | 6,152 | $ | 2,578 | 1.1 | % | |||||||||||||||||||||||||||||||
Operating loss | (19,412) | 6,674 | (12,738) | (4.3) | % | (18,390) | 7,060 | (11,330) | (4.7) | % | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | 5,694 | (6,674) | (980) | (0.3) | % | 6,212 | (7,060) | (848) | (0.3) | % | |||||||||||||||||||||||||||||||||||||
Loss from continuing operations before income tax benefit | (16,446) | — | (16,446) | (5.6) | % | (13,584) | — | (13,584) | (5.6) | % |
Twelve Months Ended December 31, | ||||||||||||||||||||||||||
2022 | % | 2021 | % | |||||||||||||||||||||||
Revenue | $ | 1,411,979 | 100.0 | % | $ | 1,104,925 | 100.0 | % | ||||||||||||||||||
Operating expenses (1) | 1,188,612 | 84.2 | 945,635 | 85.6 | ||||||||||||||||||||||
Gross margin | 223,367 | 15.8 | 159,290 | 14.4 | ||||||||||||||||||||||
Corporate general and administrative expenses (1) | 55,023 | 3.8 | 56,150 | 5.1 | ||||||||||||||||||||||
Legal settlement, net | — | — | 30,468 | 2.7 | ||||||||||||||||||||||
Operating income | 168,344 | 12.0 | 72,672 | 6.6 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (8,039) | (0.6) | (3,868) | (0.4) | ||||||||||||||||||||||
Gain on sale of operations, net | 413 | — | 5,995 | 0.5 | ||||||||||||||||||||||
Other (expense) income, net (1) (2) | (19,225) | (1.4) | 18,241 | 1.7 | ||||||||||||||||||||||
Total other (expense) income, net | (26,851) | (2.0) | 20,368 | 1.8 | ||||||||||||||||||||||
Income from continuing operations before income tax expense | 141,493 | 10.0 | 93,040 | 8.4 | ||||||||||||||||||||||
Income tax expense | 36,121 | 22,129 | ||||||||||||||||||||||||
Income from continuing operations | 105,372 | 7.5 | 70,911 | 6.4 | ||||||||||||||||||||||
Loss from operations of discontinued businesses, net of tax | (18) | (24) | ||||||||||||||||||||||||
Net income | $ | 105,354 | 7.5 | % | $ | 70,887 | 6.4 | % | ||||||||||||||||||
Diluted income per share: | ||||||||||||||||||||||||||
Continuing operations | $ | 2.01 | $ | 1.32 | ||||||||||||||||||||||
Discontinued operations | — | — | ||||||||||||||||||||||||
Net income | $ | 2.01 | $ | 1.32 | ||||||||||||||||||||||
Diluted weighted average common shares outstanding | 52,388 | 53,723 | ||||||||||||||||||||||||
Other data from continuing operations: | ||||||||||||||||||||||||||
Adjusted EBITDA (3) | $ | 190,143 | $ | 148,459 | ||||||||||||||||||||||
Adjusted EPS (3) | $ | 2.13 | $ | 1.66 | ||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||||||
2022 | % of Revenue | 2021 | % of Revenue | |||||||||||||||||||||||
Operating (income) expenses | $ | (17,252) | (1.2) | % | $ | 17,317 | 1.6 | % | ||||||||||||||||||
Corporate general and administrative (income) expenses | (2,393) | (0.2) | % | 2,168 | 0.2 | % | ||||||||||||||||||||
Other (expense) income, net | (19,645) | (1.4) | % | 19,485 | 1.8 | % |
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
As Reported | Deferred Compensation Plan | Adjusted | % of Revenue | As Reported | Deferred Compensation Plan | Adjusted | % of Revenue | ||||||||||||||||||||||||||||||||||||||||
Gross margin | $ | 223,367 | $ | (17,252) | $ | 206,115 | 14.6 | % | $ | 159,290 | $ | 17,317 | $ | 176,607 | 16.0 | % | |||||||||||||||||||||||||||||||
Operating income | 168,344 | (19,645) | 148,699 | 10.5 | % | 72,672 | 19,485 | 92,157 | 8.3 | % | |||||||||||||||||||||||||||||||||||||
Other (expense) income, net | (19,225) | 19,645 | 420 | — | % | 18,241 | (19,485) | (1,244) | (0.1) | % | |||||||||||||||||||||||||||||||||||||
Income from continuing operations before income tax expense | 141,493 | — | 141,493 | 10.0 | % | 93,040 | — | 93,040 | 8.4 | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Financial Services | $ | 202,016 | $ | 156,056 | 1,010,068 | 734,026 | ||||||||||||||||||||
Benefits and Insurance Services | 81,746 | 76,667 | 358,007 | 332,323 | ||||||||||||||||||||||
National Practices | 11,281 | 10,105 | 43,904 | 38,576 | ||||||||||||||||||||||
Total | $ | 295,043 | $ | 242,828 | $ | 1,411,979 | $ | 1,104,925 | ||||||||||||||||||
Gross Margin | ||||||||||||||||||||||||||
Financial Services (1) | (8,242) | (3,338) | $ | 160,030 | $ | 125,788 | ||||||||||||||||||||
Benefits and Insurance Services | 12,357 | 8,765 | 67,620 | 60,673 | ||||||||||||||||||||||
National Practices | 1,298 | 1,153 | 4,703 | 4,082 | ||||||||||||||||||||||
Operating expenses - unallocated (2): | ||||||||||||||||||||||||||
Other expense | (7,182) | (4,002) | (26,238) | (13,936) | ||||||||||||||||||||||
Deferred compensation | (5,748) | (6,152) | 17,252 | (17,317) | ||||||||||||||||||||||
Total | $ | (7,517) | $ | (3,574) | $ | 223,367 | $ | 159,290 | ||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net income | $ | 105,354 | $ | 70,887 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization expense | 32,895 | 27,078 | ||||||||||||
Gain on sale of operations, net | (413) | (5,995) | ||||||||||||
Bad debt expense, net of recoveries | 1,173 | 3,054 | ||||||||||||
Adjustments to contingent earnout liability, net | 2,435 | 2,367 | ||||||||||||
Stock-based compensation expense | 14,689 | 11,407 | ||||||||||||
Other noncash adjustments | 12,060 | 9,108 | ||||||||||||
Net income, after adjustments to reconcile net income to net cash provided by operating activities | 168,193 | 117,906 | ||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures | (42,043) | 13,272 | ||||||||||||
Operating cash flows provided by continuing operations | 126,150 | 131,178 | ||||||||||||
Operating cash used in discontinued operations | (18) | (24) | ||||||||||||
Net cash provided by operating activities | 126,132 | 131,154 | ||||||||||||
Net cash used in investing activities | (99,118) | (82,010) | ||||||||||||
Net cash used in financing activities | (17,343) | (69,005) | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 9,671 | (19,861) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | $ | 150,474 | $ | 170,335 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 160,145 | $ | 150,474 | ||||||||||
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet: | ||||||||||||||
Cash and cash equivalents | $ | 4,697 | $ | 1,997 | ||||||||||
Restricted cash | 28,487 | 30,383 | ||||||||||||
Cash equivalents included in funds held for clients | 126,961 | 118,094 | ||||||||||||
Total cash, cash equivalents and restricted cash | $ | 160,145 | $ | 150,474 |
December 31, 2022 | December 31, 2021 | |||||||||||||
Cash and cash equivalents | 4,697 | 1,997 | ||||||||||||
Restricted cash | 28,487 | 30,383 | ||||||||||||
Accounts receivable, net | 334,498 | 242,168 | ||||||||||||
Current assets before funds held for clients | 397,113 | 293,765 | ||||||||||||
Funds held for clients | 171,313 | 157,909 | ||||||||||||
Goodwill and other intangible assets, net | 951,702 | 840,783 | ||||||||||||
Total assets | 1,879,124 | 1,627,934 | ||||||||||||
Current liabilities before client fund obligations | 338,940 | 265,174 | ||||||||||||
Client fund obligations | 173,467 | 158,115 | ||||||||||||
Total long-term debt | 263,654 | 154,851 | ||||||||||||
Total liabilities | 1,165,672 | 923,386 | ||||||||||||
Treasury stock | (824,778) | (694,716) | ||||||||||||
Total stockholders' equity | 713,452 | 704,548 | ||||||||||||
Debt to equity | 37.0 | % | 22.0 | % | ||||||||||
Days sales outstanding (DSO) - continuing operations (1) | 74 | 71 | ||||||||||||
Shares outstanding | 50,180 | 52,038 | ||||||||||||
Basic weighted average common shares outstanding | 51,502 | 52,637 | ||||||||||||
Diluted weighted average common shares outstanding | 52,388 | 53,723 | ||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Loss) Income from continuing operations | $ | (11,493) | $ | (9,613) | $ | 105,372 | $ | 70,911 | |||||||||||||||
Interest expense | 2,830 | 1,016 | 8,039 | 3,868 | |||||||||||||||||||
Income tax (benefit) expense | (4,953) | (3,971) | 36,121 | 22,129 | |||||||||||||||||||
(Gain) loss on sale of operations, net | (102) | 390 | (413) | (5,995) | |||||||||||||||||||
Gain on sale of assets, net (2) | — | — | (2,391) | — | |||||||||||||||||||
Legal settlement, net | — | — | — | 30,468 | |||||||||||||||||||
Transaction costs related to Marks Paneth (3) | — | — | 1,329 | — | |||||||||||||||||||
Integration and retention costs related to Marks Paneth (3) | 1,179 | — | 9,191 | — | |||||||||||||||||||
Depreciation | 2,853 | 2,771 | 11,231 | 10,781 | |||||||||||||||||||
Amortization | 5,335 | 4,386 | 21,664 | 16,297 | |||||||||||||||||||
Adjusted EBITDA | $ | (4,351) | $ | (5,021) | $ | 190,143 | $ | 148,459 | |||||||||||||||
Three Months Ended December 31, 2022 | Three Months Ended December 31, 2021 | ||||||||||||||||||||||
Amounts | EPS | Amounts | EPS | ||||||||||||||||||||
Loss from continuing operations | $ | (11,493) | $ | (0.23) | $ | (9,613) | $ | (0.19) | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Integration and retention costs related to Marks Paneth (4) | 1,179 | 0.02 | — | — | |||||||||||||||||||
Income tax effect related to adjustments | (355) | — | — | — | |||||||||||||||||||
Adjusted loss from continuing operations | $ | (10,669) | $ | (0.21) | $ | (9,613) | $ | (0.19) | |||||||||||||||
Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2021 | ||||||||||||||||||||||
Amounts | EPS | Amounts | EPS | ||||||||||||||||||||
Income from continuing operations | $ | 105,372 | $ | 2.01 | $ | 70,911 | $ | 1.32 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Gain on sale of operations, net (2) | — | — | (6,311) | (0.12) | |||||||||||||||||||
Gain on sale of assets, net (3) | (2,391) | (0.05) | — | — | |||||||||||||||||||
Legal settlement, net | — | — | 30,468 | 0.57 | |||||||||||||||||||
Transaction costs related to Marks Paneth (4) | 1,329 | 0.03 | — | — | |||||||||||||||||||
Integration and retention costs related to Marks Paneth (4) | 9,191 | 0.18 | — | — | |||||||||||||||||||
Income tax effect related to adjustments | (2,075) | (0.04) | (5,746) | (0.11) | |||||||||||||||||||
Adjusted income from continuing operations | $ | 111,426 | $ | 2.13 | $ | 89,322 | $ | 1.66 | |||||||||||||||
Full Year 2023 Guidance | |||||||||||
Low | High | ||||||||||
Diluted EPS - GAAP Guidance | $ | 2.31 | $ | 2.36 | |||||||
Integration cost related to Somerset acquisition | 0.05 | 0.05 | |||||||||
Adjusted Diluted EPS Guidance | $ | 2.36 | $ | 2.41 | |||||||
GAAP Diluted EPS for 2022 | $ | 2.01 | $ | 2.01 | |||||||
Adjusted Diluted EPS for 2022 | $ | 2.13 | $ | 2.13 | |||||||
GAAP Diluted EPS Range | 15 | % | 17 | % | |||||||
Adjusted Diluted EPS Range | 11 | % | 13 | % | |||||||
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Cover |
Feb. 16, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 16, 2023 |
Entity Registrant Name | CBIZ, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-32961 |
Entity Tax Identification Number | 22-2769024 |
Entity Address, Address Line One | 6050 Oak Tree Boulevard, South, Suite 500 |
Entity Address, City or Town | Cleveland |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44131 |
City Area Code | 216 |
Local Phone Number | 447-9000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock per value $0.01 per share |
Trading Symbol | CBZ |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000944148 |
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