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CBIZ Reports Fourth-Quarter and Full-Year 2017 Results

CLEVELAND, Feb. 15, 2018 /PRNewswire/ --

FOURTH-QUARTER HIGHLIGHTS:

  • REVENUE +9.1%
  • SAME-UNIT REVENUE +3.9%
  • EPS FROM CONTINUING OPERATIONS $0.08; EXCLUDING IMPACT OF TAX REFORM $0.04

FULL-YEAR HIGHLIGHTS:

  • REVENUE +6.9%
  • SAME-UNIT REVENUE +2.2%
  • INCOME FROM CONTINUING OPERATIONS +25.7%; EXCLUDING IMPACT OF TAX REFORM +19.5%
  • EPS FROM CONTINUING OPERATIONS $0.92; EXCLUDING IMPACT OF TAX REFORM $0.87

CBIZ, Inc. (NYSE: CBZ) today announced fourth-quarter and full-year results for the period ended December 31, 2017.

As a result of the Tax Cuts and Jobs Act of 2017 (the "Tax Reform Act"), the Company reduced its net deferred tax liability by approximately $2.5 million. The information below includes reported results and results adjusted to eliminate the impact of the Tax Reform Act for the fourth quarter and year ended December 31, 2017. A table outlining the impact of the Tax Reform Act is attached.

For the 2017 fourth quarter, CBIZ reported revenue of $195.1 million, an increase of $16.3 million, or 9.1%, over the $178.8 million reported in 2016. Same-unit revenue increased by $6.9 million, or 3.9%, for the quarter, compared with the same period a year ago. Acquisitions contributed $9.4 million, or 5.2%, to revenue in the quarter. CBIZ reported income from continuing operations of $4.7 million, or $0.08 per diluted share, in the 2017 fourth quarter, compared with a loss of $0.6 million, or $0.01 per diluted share, for the same period a year ago. Eliminating the $2.5 million impact of the Tax Reform Act, diluted earnings per share from continuing operations were $0.04 in the fourth quarter of 2017. Adjusted EBITDA for the fourth quarter was $8.9 million, compared with $5.4 million for the fourth quarter of 2016.

For the full-year ended December 31, 2017, CBIZ reported revenue of $855.3 million, an increase of $55.5 million, or 6.9%, over the $799.8 million recorded for 2016. Same-unit revenue increased by $17.5 million, or 2.2%, compared with the same period a year ago. Acquisitions contributed $38.0 million, or 4.7%, to revenue growth. Income from continuing operations was $51.0 million, or $0.92 per diluted share, for the full-year 2017, compared with $40.6 million, or $0.76 per diluted share, for the same period a year ago. Eliminating the impact of the Tax Reform Act, fully diluted earnings per share from continuing operations were $0.87 for the full year 2017, which is a 14.5% increase over the $0.76 for full-year 2016. Adjusted EBITDA was $104.0 million, compared with $94.8 million for 2016.

Jerry Grisko, President and Chief Executive Officer of CBIZ, said, "We are very pleased with our fourth-quarter and full-year results for 2017. Total Company revenue grew by 9.1% in the fourth quarter, and 6.9% for the full year. Eliminating the one-time year-end impact of the Tax Reform Act, we reported a 14.5% increase in earnings per share for the year, which was within our guidance. We are also pleased with the performance of the four acquisitions we completed during 2017."

Grisko continued, "As we look ahead to 2018, the continued positive economic environment along with the recent changes to the tax law create favorable conditions for growth in demand for our services. In addition, the Tax Reform Act is expected to reduce our effective tax rate by approximately 10%. We expect all of these factors to contribute to enhanced earnings and cash flow in 2018, which will afford us an opportunity to accelerate investments in the business to enhance long-term growth," concluded Grisko.

2018 Outlook

  • The Company expects growth in total revenue within a range of 5% to 8%.
  • The Company expects to report an effective tax rate of approximately 25% as a result of the Tax Reform Act, although a number of factors may impact the tax rate. The Company expects a weighted average fully diluted share count of approximately 56.0 million shares for full-year 2018.
  • The Company expects to achieve growth in fully diluted earnings per share within a range of 13% to 17% over the $0.92 reported for 2017. Adjusted for the one-time 2017 impact of the Tax Reform Act, the Company expects to achieve growth within a range of 20% to 24% over the adjusted $0.87 reported for 2017.

Conference Call

CBIZ will host a conference call at 11:00 a.m. (ET) today to discuss its results. The call will be webcast live for the media and the public, and can be accessed at www.cbiz.com. Shareholders and analysts who would like to participate in the call can register at http://dpregister.com/10116617 to receive the dial-in number and unique personal identification number. Participants may register at any time, including up to and after the call start time.

A replay of the webcast will be made available approximately two hours following the call on the Company's web site at www.cbiz.com. For those without internet access, a replay of the call will also be available starting at approximately 1:00 p.m. (ET), February 15, through 5:00 p.m. (ET), February 19, 2018. The toll-free dial-in number for the replay is 1-877-344-7529. If you are listening from outside the United States, dial 1-412-317-0088. The access code for the replay is 10116617.

About CBIZ

CBIZ, Inc. provides professional business services that help clients better manage their finances, employees and insurance needs. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government healthcare consulting, risk advisory, and valuation services. Benefits and insurance services include group health benefits consulting, property and casualty insurance, retirement plan consulting, payroll, and HR consulting. As a leading provider of accounting, insurance and other professional consulting services to businesses throughout the United States, the Company's services are provided through more than 100 Company offices in 33 states. For more information, please 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 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; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's insurance business or its business services operations. 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.

FINANCIAL HIGHLIGHTS (UNAUDITED)

THREE MONTHS ENDED DECEMBER 31, 2017 AND 2016

(In thousands, except percentages and per share data)




THREE MONTHS ENDED




DECEMBER 31,




2017



%



2016



%


Revenue


$

195,142




100.0

%


$

178,785




100.0

%

Operating expenses (1)



189,975




97.4

%



171,544




95.9

%

Gross margin



5,167




2.6

%



7,241




4.1

%

Corporate general and administrative expenses (1)



7,316




3.7

%



9,049




5.1

%

Operating loss



(2,149)




-1.1

%



(1,808)




-1.0

%

Other income (expense):

















Interest expense



(1,689)




-0.9

%



(1,574)




-0.9

%

Gain on sale of operations, net



-




0.0

%



375




0.2

%

Other income, net (1) (2)



5,196




2.7

%



1,475




0.8

%

Total other income, net



3,507




1.8

%



276




0.1

%

Income (loss) from continuing operations before income tax
expense



1,358




0.7

%



(1,532)




-0.9

%

Income tax benefit



(3,368)








(967)






Income (loss) from continuing operations



4,726




2.4

%



(565)




-0.3

%

Income (loss) from operations of discontinued businesses,
net of tax



121








(121)






Net income (loss)


$

4,847




2.5

%


$

(686)




-0.4

%


















Diluted earnings (loss) per share:

















Continuing operations


$

0.08







$

(0.01)






Discontinued operations



-








-






Net income (loss)


$

0.08







$

(0.01)























Diluted weighted average common shares outstanding



55,822








53,019






Other data from continuing operations:

















Adjusted EBITDA (3)


$

8,940







$

5,406








(1)

CBIZ sponsors a deferred compensation plan, under which a CBIZ employee's compensation deferral is held in a
rabbi trust and invested accordingly as directed by the employee. Income and expenses related to the deferred
compensation plan are included in "Operating expenses" ($3.3 million expense in 2017 and $0.9 million expense in
2016, or (1.7%) and (0.5%) of revenue, respectively) and "Corporate general and administrative expenses"
($0.4 million expense in 2017 and $0.1 million expense in 2016, or (0.2%) and (0.1%) of revenue for 2017 and
2016, respectively) and are directly offset by deferred compensation gains or losses in "Other income, net"
($3.7 million income in 2017 and $1.0 million income in 2016, or 1.9% and 0.6% of revenue, respectively). The
deferred compensation plan has no impact on "Income from continuing operations before income tax expense."



(2)

Included in "Other income, net" for the three months ended December 31, 2017 and 2016, is income of
$1.3 million and $0.4 million, respectively, related to net changes in the fair value of contingent consideration
related to CBIZ's prior acquisitions.



(3)

Refer to the financial highlights tables for a reconciliation of Non-GAAP financial measures to the nearest generally
accepted accounting principles ("GAAP") financial measure, and for additional information as to the usefulness of the
Non-GAAP financial measures to shareholders and investors. 

 

 

CBIZ, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

TWELVE MONTHS ENDED DECEMBER 31, 2017 AND 2016

(In thousands, except percentages and per share data)




TWELVE MONTHS ENDED




DECEMBER 31,




2017



%



2016



%


Revenue


$

855,340




100.0

%


$

799,832




100.0

%

Operating expenses (1)



755,584




88.3

%



697,726




87.2

%

Gross margin



99,756




11.7

%



102,106




12.8

%

Corporate general and administrative expenses (1)



33,295




3.9

%



36,319




4.6

%

Operating income



66,461




7.8

%



65,787




8.2

%

Other income (expense):

















Interest expense



(6,675)




-0.8

%



(6,593)




-0.8

%

Gain on sale of operations, net



45




0.0

%



855




0.1

%

Other income, net (1) (2)



14,489




1.7

%



6,957




0.9

%

Total other income, net



7,859




0.9

%



1,219




0.2

%

Income from continuing operations before income tax expense



74,320




8.7

%



67,006




8.4

%

Income tax expense



23,288








26,399






Income from continuing operations



51,032




6.0

%



40,607




5.1

%

Loss from operations of discontinued businesses, net of tax



(655)








(542)






Net income


$

50,377




5.9

%


$

40,065




5.0

%


















Diluted earnings (loss) per share:

















Continuing operations


$

0.92







$

0.76






Discontinued operations



(0.01)








(0.01)






Net income


$

0.91







$

0.75























Diluted weighted average common shares outstanding



55,689








53,513






Other data from continuing operations:

















Adjusted EBITDA (3)


$

104,011







$

94,842








(1)

CBIZ sponsors a deferred compensation plan, under which a CBIZ employee's compensation deferral is held in a rabbi trust
and invested accordingly as directed by the employee. Income and expenses related to the deferred compensation plan
are included in "Operating expenses" ($10.9 million expense in 2017 and $4.6 million expense in 2016, or (1.3%) and
(0.6%) of revenue, respectively) and "Corporate general and administrative expenses" ($1.2 million expense in 2017 and
$0.7 million expense in 2016, or (0.1%) of revenue for both 2017 and 2016) and are directly offset by deferred
compensation gains or losses in "Other income, net" ($12.1 million income in 2017 and $5.3 million income in 2016, or 1.4%
and 0.7% of revenue, respectively). The deferred compensation plan has no impact on "Income from continuing operations
before income tax expense". 



(2)

Included in "Other income, net" for the twelve months ended December 31, 2017 and 2016, is income of $1.5 million and $1.3
million, respectively, related to net changes in the fair value of contingent consideration related to CBIZ's prior acquisitions.



(3)

Refer to the financial highlights tables for a reconciliation of Non-GAAP financial measures to the nearest GAAP financial
measure, and for additional information as to the usefulness of the Non-GAAP financial measures to shareholders and
investors.

 

 


CBIZ, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

(In thousands)

 

SELECT SEGMENT DATA




THREE MONTHS ENDED



TWELVE MONTHS ENDED




DECEMBER 31,



DECEMBER 31,




2017



2016



2017



2016


Revenue

















Financial Services


$

118,786



$

103,195



$

540,315



$

501,307


Benefits and Insurance Services



68,523




67,816




283,909




267,606


National Practices



7,833




7,774




31,116




30,919


Total


$

195,142



$

178,785



$

855,340



$

799,832



















Gross Margin

















Financial Services


$

(1,067)



$

(2,960)



$

72,226



$

69,053


Benefits and Insurance Services



11,380




11,980




47,592




44,119


National Practices



802




854




2,734




3,222


Operating expenses - unallocated (1):

















Other



(2,640)




(1,734)




(11,860)




(9,722)


Deferred compensation



(3,308)




(899)




(10,936)




(4,566)


Total


$

5,167



$

7,241



$

99,756



$

102,106




(1)

Represents operating expenses not directly allocated to individual businesses, including stock-based compensation, consolidation and integration charges, and certain advertising expenses. "Operating expenses - unallocated" also include gains or losses attributable to the assets held in the Company's deferred compensation plan. These gains or losses do not impact "Income from continuing operations before income tax expense" as they are directly offset by the same adjustment to "Other income, net" in the Consolidated Statements of Comprehensive Income. Net gains/losses recognized from adjustments to the fair value of the assets held in the deferred compensation plan are recorded as compensation expense in "Operating expenses" and as income in "Other income, net".

 

 

CBIZ, INC.

SELECT CASH FLOW DATA

(In thousands)



TWELVE MONTHS ENDED




DECEMBER 31,




2017



2016


Net income


$

50,377



$

40,065


Adjustments to reconcile net income to net cash provided by operating activities:









Depreciation and amortization expense



23,061




22,098


Amortization of discount on notes and deferred financing costs



523




523


Bad debt expense, net of recoveries



5,137




4,090


Adjustments to contingent earnout liability



(2,128)




(1,342)


Employee stock awards



5,705




5,725


Other adjustments



1,081




3,756


Net income, after adjustments to reconcile net income to net cash provided by operating activities



83,756




74,915


Changes in assets and liabilities, net of acquisitions and divestitures



(11,198)




(4,260)


Operating cash flows provided by continuing operations



72,558




70,655


Operating cash flows (used in) provided by discontinued operations



(627)




387


Net cash provided by operating activities



71,931




71,042


Net cash used in investing activities



(29,408)




(50,014)


Net cash used in financing activities



(45,593)




(18,384)


Net (decrease) increase in cash and cash equivalents


$

(3,070)



$

2,644


 

 

CBIZ, INC.

SELECT FINANCIAL DATA AND RATIOS

(In thousands, except for percentages and days sales outstanding)




DECEMBER 31,



DECEMBER 31,




2017



2016


Cash and cash equivalents


$

424



$

3,494


Restricted cash



32,985




27,880


Accounts receivable, net



188,300




175,354


Current assets before funds held for clients



245,061




228,135


Funds held for clients



203,112




213,457


Goodwill and other intangible assets, net



613,206




584,401











Total assets


$

1,176,231



$

1,118,588











Notes payable, current


$

1,861



$

1,060


Current liabilities before client fund obligations



130,664




125,592


Client fund obligations



203,582




213,855


Notes payable, non-current



2,164




1,721


Bank debt, net of debt issuance costs



177,672




190,049











Total liabilities


$

645,352



$

638,567











Treasury stock


$

(491,046)



$

(471,311)











Total stockholders' equity


$

530,879



$

480,021











Debt to equity



34.2

%



40.2

%

Days sales outstanding (DSO) - continuing operations (1)



75




76











Shares outstanding



54,592




54,044


Basic weighted average common shares outstanding



53,862




52,321


Diluted weighted average common shares outstanding



55,689




53,513




(1)

DSO is provided for continuing operations and represents accounts receivable, net, at the end of the period, divided by trailing twelve month daily revenue. The Company has included DSO data because such data is commonly used as a performance measure by analysts and investors and as a measure of the Company's ability to collect on receivables in a timely manner. DSO should not be regarded as an alternative or replacement to any measurement of performance under GAAP.

 

 

CBIZ, INC.

GAAP RECONCILIATIONS



Income (Loss) from Continuing Operations to Non-GAAP Financial Measures (1)

(In thousands)



THREE MONTHS ENDED



TWELVE MONTHS ENDED




DECEMBER 31,



DECEMBER 31,




2017



2016



2017



2016


Income (loss) from continuing
operations


$

4,726



$

(565)



$

51,032



$

40,607


Interest expense



1,689




1,574




6,675




6,593


Income tax (benefit) expense



(3,368)




(967)




23,288




26,399


Gain on sale of operations, net



-




(375)




(45)




(855)


Depreciation



1,410




1,355




5,274




5,378


Amortization



4,483




4,384




17,787




16,720


Adjusted EBITDA


$

8,940



$

5,406



$

104,011



$

94,842




(1)

CBIZ reports its financial results in accordance with GAAP. This table reconciles Non-GAAP financial measures to the nearest GAAP financial measure, "Income from continuing operations". Adjusted EBITDA is not defined by GAAP and should not be regarded as an alternative or replacement to any measurement of performance or cash flow under GAAP. Adjusted EBITDA is commonly used by the Company, its shareholders and debt holders to evaluate, assess and benchmark the Company's operational results and to provide an additional measure with respect to the Company's ability to meet future debt obligations.

 

 

CBIZ, INC.

GAAP RECONCILIATIONS

Income (Loss) from Continuing Operations and Earnings (Loss) Per Diluted Share


(In thousands, except percentages and per share data)





















THREE MONTHS ENDED




DECEMBER 31,




2017



EPS



2016



EPS


Income (loss) from continuing operations


$

4,726



$

0.08



$

(565)



$

(0.01)


Impact of Tax Reform Act



(2,487)




(0.04)




-




-


Income (loss) from continuing operations, adjusted


$

2,239



$

0.04



$

(565)



$

(0.01)



















Diluted weighted average common shares outstanding



55,822








53,019










































TWELVE MONTHS ENDED




DECEMBER 31,




2017



EPS



2016



EPS


Income from continuing operations


$

51,032



$

0.92



$

40,607



$

0.76


Impact of Tax Reform Act



(2,487)




(0.05)




-




-


Income from continuing operations, adjusted


$

48,545



$

0.87



$

40,607



$

0.76



















Diluted weighted average common shares outstanding



55,689








53,513






 

Income from Continuing Operations and Earnings Per Diluted Share Growth




TWELVE MONTHS ENDED


DECEMBER 31, 2017

Year-over-year growth of income from continuing operations

25.7%

Impact of Tax Reform Act

-6.2%

Year-over-year growth of income from continuing operations, adjusted

19.5%



Year-over-year growth of diluted earnings per share from continuing operations

21.1%

Impact of Tax Reform Act

-6.6%

Year-over-year growth of diluted earnings per share from continuing operations, adjusted

14.5%

 

Guidance on 2018 Earnings Per Diluted Share from Continuing Operations













Low



High



2018 outlook growth in earnings per share


13

%



17

%


2018 outlook earnings per share

$

1.04



$

1.08












2018 outlook growth in earnings per diluted share, excluding impact of Tax Reform Act


20

%



24

%


 

Cision View original content:http://www.prnewswire.com/news-releases/cbiz-reports-fourth-quarter-and-full-year-2017-results-300599051.html

SOURCE CBIZ, Inc.

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