PR Newswire
CLEVELAND, Feb. 16, 2023
FOURTH-QUARTER HIGHLIGHTS:
FULL-YEAR HIGHLIGHTS:
2023 OUTLOOK:
CLEVELAND, Feb. 16, 2023 /PRNewswire/ -- CBIZ, Inc., (NYSE: CBZ) ("CBIZ", or the "Company"), a leading provider of financial, insurance and advisory services, today announced fourth-quarter and full-year results for the period ended December 31, 2022.
For the 2022 fourth quarter, CBIZ recorded revenue of $295.0 million, an increase of $52.2 million, or 21.5%, compared with $242.8 million reported for the same period in 2021. Acquired operations, net of divestitures, contributed $27.7 million, or 11.4%, to fourth-quarter 2022 revenue growth. Same-unit revenue increased by $24.5 million, or 10.1%, for the quarter, compared with the same period a year ago. Loss from continuing operations was $11.5 million in the 2022 fourth quarter, compared with a loss of $9.6 million for the same period a year ago.
Adjusted loss from continuing operations was $10.7 million, or $0.21 per diluted share, compared with $9.6 million, or $0.19 per diluted share, for the same period a year ago. Adjusted EBITDA for the fourth quarter was a loss of $4.4 million, compared with a loss of $5.0 million for the same period in 2021.
For the full year ended December 31, 2022, CBIZ recorded revenue of $1,412.0 million, an increase of $307.1 million, or 27.8%, over the $1,104.9 million for the same period in 2021. Acquisitions, net of divestitures, contributed $187.2 million, or 16.9%, to revenue growth in the twelve months ended December 31, 2022. Same-unit revenue increased by $119.9 million, or 10.9%, compared with the same period a year ago. Income from continuing operations was $105.4 million, or $2.01 per diluted share, for the twelve months ended December 31, 2022, compared with $70.9 million, or $1.32 per diluted share, for the same period a year ago.
Adjusted income from continuing operations was $111.4 million, or $2.13 per diluted share, for the full year ended December 31, 2022, compared with $89.3 million, or $1.66 per diluted share, for the same period a year ago. Adjusted EBITDA for the twelve months was $190.1 million, compared with $148.5 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 $6.3 million non-recurring gain on sale of operations. These items were eliminated to arrive at Adjusted earnings per diluted share for the twelve months ended December 31, 2021. In 2022, the Company incurred approximately $10.5 million non-recurring transaction and first-year integration expenses related to the Marks Paneth acquisition and recorded a $2.4 million gain related to the sale of a book of business in the property and casualty line of service. These items were eliminated to arrive at 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.
For the full year ended December 31, 2022, the Company repurchased a total of 2.8 million shares of its common stock on the open market. The balance outstanding on the Company's unsecured credit facility on December 31, 2022, was $265.7 million with $319.9 million of unused borrowing capacity and leverage of approximately 1.5X Adjusted EBITDA.
Jerry Grisko, CBIZ President and Chief Executive Officer, said, "2022 was a year to be celebrated at CBIZ. I am proud to report exceptional results for the past year with strong growth across every major service line. In addition to continued demand for the core essential services that we provide to our clients regardless of business climate, we experienced very high demand for our more specialty and project-based advisory services as well."
"2022 also proved to be an important year for our strategic acquisition activity as we capitalized on a robust pipeline of opportunities, which added approximately $155 million of annualized revenue with the transactions that we closed." Grisko continued, "With the February 1, 2023, acquisition of Somerset contributing approximately $55 million of annualized revenue, momentum with M&A has continued into 2023. Headquartered in Indianapolis, the addition of Somerset will strengthen our presence in the important Midwest region of the country."
"As we look to 2023, we expect to continue to perform well despite the economic uncertainties ahead. With the essential and recurring nature of our core services, combined with a strong balance sheet and steady cash flow, we are well-positioned going into 2023," Grisko concluded.
2023 Outlook
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/10175061/f5ac11a7a4.
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 120 offices in 33 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 risk that the anticipated benefits and perceived advantages of an acquisition may not be achieved; the impact of COVID-19 or governmental rules related to public health issues on the Company's business, operations and clients; the Company's ability to adequately manage and sustain its growth; the Company's dependence on the trend of outsourcing business services; the Company's dependence on the services of its CEO, other key employees, producers and service personnel; the effects of any potential cyber-attacks; competitive pricing pressures; general business and economic conditions; and changes in governmental laws or regulation affecting the Company's clients, business, business services operations, or business models. 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. | ||||||||
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| | 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 | | — Werbung Mehr Nachrichten zur Cbiz Inc. Aktie kostenlos abonnieren
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