{"id":519589,"date":"2021-07-29T06:33:41","date_gmt":"2021-07-29T10:33:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cbiz-reports-second-quarter-and-first-half-2021-results-and-raises-full-year-2021-revenue-guidance\/"},"modified":"2021-07-29T06:33:41","modified_gmt":"2021-07-29T10:33:41","slug":"cbiz-reports-second-quarter-and-first-half-2021-results-and-raises-full-year-2021-revenue-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cbiz-reports-second-quarter-and-first-half-2021-results-and-raises-full-year-2021-revenue-guidance\/","title":{"rendered":"CBIZ Reports Second-Quarter And First-Half 2021 Results And Raises Full-Year 2021 Revenue Guidance"},"content":{"rendered":"
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SECOND-QUARTER HIGHLIGHTS:<\/h2>\n

– TOTAL REVENUE UP 17.6%<\/h2>\n

– SAME-UNIT REVENUE UP 10.5%<\/h2>\n

– EPS DOWN 59%; ADJUSTED EPS UP 28.2%<\/h2>\n

FIRST-HALF HIGHLIGHTS:<\/h2>\n

– TOTAL REVENUE UP 12.6%<\/h2>\n

– SAME-UNIT REVENUE UP 6.8%<\/h2>\n

– EPS UP 4%; ADJUSTED EPS UP 36.2%<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n CLEVELAND<\/span>, July 29, 2021<\/span> \/PRNewswire\/ — CBIZ, Inc. (NYSE: CBZ) (the “Company”), a leading provider of financial, insurance and advisory services, today announced results for the second quarter ended June\u00a030, 2021.<\/p>\n

For the 2021 second quarter, CBIZ recorded revenue of $278.6 million<\/span>, an increase of $41.7 million<\/span>, or 17.6%, compared with the $236.9<\/span> million\u00a0reported for the same period in 2020. Acquired operations, net of divestitures, contributed $16.9 million<\/span>, or 7.1%, to second-quarter 2021 revenue growth. Same-unit revenue increased by $24.8 million<\/span>, or 10.5%, for the quarter, compared with the same period a year ago. Income from continuing operations was $8.6 million<\/span>, or $0.16<\/span> per diluted share, in the 2021 second quarter, compared with $21.5 million<\/span>, or $0.39<\/span> per diluted share, for the same period a year ago. Income from continuing operations was impacted by two non-recurring items related to a settlement agreement and a divestiture.<\/p>\n

As previously announced on June 30, 2021<\/span>, the Company reached a settlement agreement with the University of Pittsburgh<\/span> Medical Center (“UPMC”) related to claims arising from a lawsuit filed in connection with actuarial services provided by a former employee in 2013. Net of insurance proceeds, the pretax charge related to this settlement in the second quarter was $30.5 million<\/span>. In addition, on June 1, 2021<\/span>, the Company divested a small, non-core wholesale insurance business and recorded a pretax gain of $6.4 million<\/span> on the sale. Eliminating the impact of these non-recurring items, Adjusted EPS increased by 28.2% to $0.50<\/span>, compared with $0.39<\/span> reported a year ago. Adjusted EBITDA for the second quarter increased by 19.5% to $42.9 million<\/span>, compared with $35.9 million<\/span> for the same period in 2020. <\/p>\n

For the first-half ended June\u00a030, 2021, CBIZ recorded revenue of $579.4 million<\/span>, an increase of $65.0 million<\/span>, or 12.6%, over the $514.4<\/span> million\u00a0recorded for the same period in 2020. Acquisitions, net of divestitures, contributed $30.2 million<\/span>, or 5.9%, to revenue growth in the six months ended June\u00a030, 2021. Same-unit revenue increased by $34.8 million<\/span>, or 6.8%, compared with the same period a year ago. Income from continuing operations was $58.8 million<\/span>, or $1.09<\/span> per diluted share, for the six months ended June\u00a030, 2021, compared with $58.3 million<\/span>, or $1.05<\/span> per diluted share, for the same period a year ago. For the first half of 2021, Adjusted EPS was $1.43<\/span> per diluted share. Adjusted EBITDA was $116.2 million<\/span>, compared with $92.9<\/span> million\u00a0in 2020. <\/p>\n

Reconciliation tables for Adjusted EPS and Adjusted EBITDA to the most directly comparable GAAP measures can be found in the tables of this release.<\/p>\n

During the first half of 2021, the Company repurchased a total of 2.0 million shares of its common stock. The balance outstanding on the Company’s unsecured credit facility on June\u00a030, 2021, was $163.3 million<\/span> with $233.4 million<\/span> of unused borrowing capacity. <\/p>\n

\n Jerry Grisko<\/span>, CBIZ President and Chief Executive Officer, said, “I am pleased to report another quarter of exceptional results for CBIZ.”<\/p>\n

“Since the onset of the pandemic, we have focused our efforts on protecting our team, supporting our clients and continuing to invest in the growth of the business. The results that we have achieved through the first six months of this year reflect those efforts and investments. Given the growth we are seeing across virtually every service line combined with our successful acquisition activity, we are increasing our revenue guidance for the full year 2021 to 10% to 12% growth, up from our previous guidance of an 8% to 10% increase, Grisko, said.” <\/p>\n

“We are particularly pleased to have successfully completed four acquisitions this year, including three in the second quarter. On June 3<\/span>rd<\/sup>,\u00a0we announced our most recent acquisition of Optumas, a leading provider of actuarial and consulting services to state governments related to the administration of their Medicaid programs. Optumas is a complement to our government health care consulting business and will allow us to offer more comprehensive solutions to our clients. Together, the acquisitions that we have completed so far this year are expected to generate approximately $42 million<\/span> in annualized revenue. Acquisitions remain a critical component of our overall strategy and our pipeline of potential opportunities is as strong as ever,” concluded Grisko.<\/p>\n

\n 2021 Outlook<\/b>\n <\/p>\n