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Jun 30, 2022
CBIZ Q2 2022 Earnings Report
CBIZ's second quarter performance was strong, with revenue and earnings per share increasing significantly.
Key Takeaways
CBIZ reported a strong second quarter with a 29.9% increase in total revenue and a 275.0% increase in GAAP EPS. The company's growth was driven by both organic growth and strategic acquisitions.
Total revenue increased by 29.9%, with same-unit revenue up 11.4%.
GAAP EPS increased by 275.0%, and adjusted EPS increased by 26.0%.
Income from continuing operations increased by 262.9%, and adjusted EBITDA increased by 29.9%.
The company raised its full-year 2022 guidance for revenue growth and adjusted earnings per share.
CBIZ
CBIZ
CBIZ Revenue by Segment
Forward Guidance
CBIZ raised its full-year 2022 guidance to reflect anticipated revenue growth between 23% and 25% and growth in Adjusted earnings per share between 25% and 27%.
Positive Outlook
- Increased 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.
- Expects an effective tax rate of approximately 25%.
- Expects a weighted average fully diluted share count of 52.5 million to 53.0 million shares.
- 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.
- 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income