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Sep 30, 2022
CBIZ Q3 2022 Earnings Report
CBIZ reported revenue increase of 28.5% and EPS increase of 29.3% for the third quarter of 2022.
Key Takeaways
CBIZ, Inc. announced strong third-quarter results with a 28.5% increase in total revenue and a 29.3% increase in GAAP EPS. The company also raised its full-year 2022 guidance for revenue and adjusted EPS growth.
Total revenue increased by 28.5%; same-unit revenue increased by 12.3%.
GAAP EPS increased by 29.3%; adjusted EPS increased by 24.4%.
Income from continuing operations increased by 26.6%; adjusted EBITDA increased by 23.1%.
The company increased its full-year 2022 guidance for revenue growth to 26%-28% and adjusted EPS growth to 26%-28%.
Revenue by Segment
Forward Guidance
The Company increased its revenue growth expectations to within a range of 26% to 28% over the prior year and 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.
Positive Outlook
- Revenue growth expectations increased to 26% - 28%.
- GAAP EPS is expected to grow within a range of 48% to 51%.
- Adjusted EPS is expected to grow within a range of 26% to 28%.
- 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.
Challenges Ahead
- Multiple factors may impact the tax rate.
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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