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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%.
CBIZ
CBIZ
CBIZ Revenue by Segment
Revenue by Segment
Financial Services Revenue
CapyFin.comBenefits and Insurance Services Revenue
CapyFin.comNational Practices Revenue
CapyFin.com 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
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income