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Dec 31, 2022
CBIZ Q4 2022 Earnings Report
CBIZ reported a revenue increase of 21.5% and same-unit revenue up 10.1% for the fourth quarter of 2022.
Key Takeaways
CBIZ, Inc. announced fourth-quarter and full-year results for the period ended December 31, 2022, with revenue reaching $295.0 million, a 21.5% increase compared to the same period in 2021. Same-unit revenue increased by 10.1%. Loss from continuing operations was $11.5 million, and adjusted loss from continuing operations was $0.21 per diluted share.
Total revenue increased by 21.5% with same-unit revenue up 10.1% in Q4 2022.
Acquired operations contributed 11.4% to the fourth-quarter revenue growth.
Loss from continuing operations was $11.5 million in Q4 2022.
The company expects revenue to grow within a range of 8% to 10% over the prior year in 2023.
Revenue by Segment
Forward Guidance
The Company expects revenue to grow within a range of 8% to 10% over the prior year. The Company expects GAAP fully diluted earnings per share from continuing operations to grow within a range of 15% to 17%, to $2.31 to $2.36 per share over the $2.01 per share reported for 2022. The Company expects Adjusted fully diluted earnings per share from continuing operations to grow within a range of 11% to 13%, to $2.36 to $2.41 per share over the Adjusted earnings per share of $2.13 per share reported for 2022.
Positive Outlook
- Revenue to grow within a range of 8% to 10% over the prior year.
- GAAP fully diluted earnings per share from continuing operations to grow within a range of 15% to 17%, to $2.31 to $2.36 per share over the $2.01 per share reported for 2022.
- Adjusted fully diluted earnings per share from continuing operations to grow within a range of 11% to 13%, to $2.36 to $2.41 per share over the Adjusted earnings per share of $2.13 per share reported for 2022.
- Effective tax rate of approximately 28%.
- Weighted average fully diluted share count of approximately 51.0 to 51.5 million shares.
Challenges Ahead
- Economic uncertainties ahead
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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