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CBIZ Reports 2012 Fourth-Quarter And Year-End Results

FOURTH-QUARTER REVENUE UP 6.1%; SAME-UNIT REVENUE GROWTH OF 2.5%

CLEVELAND, Feb. 13, 2013 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced results for the fourth-quarter and year-ended December 31, 2012. 

CBIZ reported revenue of $172.9 million for the fourth quarter ended December 31, 2012, an increase of $10.0 million, or 6.1%, over the $162.9 million reported for the fourth quarter of 2011.  Same-unit revenue increased by $4.1 million, or 2.5% for the fourth quarter 2012, compared to the same period a year ago, with core Financial Services and Employee Services segments recording 2.6% same-unit growth in the fourth quarter.  Newly acquired operations contributed $5.9 million to revenue in the 2012 fourth quarter compared to the same period a year ago. Income from continuing operations was $1.2 million, or $0.02 per diluted share, compared to a loss of $1.2 million, or ($0.02) per diluted share reported in the fourth quarter of 2011.  Included in the fourth quarter results is a favorable legal settlement reflected in other income that impacted diluted earnings per share by $0.02

For the twelve-month period ended December 31, 2012, CBIZ reported total revenue of $766.1 million, an increase of $32.3 million or 4.4%, compared to $733.8 million for the prior year.  Same-unit revenue increased by $5.7 million, or 0.8% for the full year 2012, compared to the same period a year ago.  Newly acquired operations contributed $26.6 million to revenue during 2012.  Income from continuing operations was $31.1 million, or $0.63 per diluted share for the full-year 2012, compared to $28.6 million, or $0.58 per diluted share for the prior year.  Included in full year earnings is a gain on the 2011 sale of the Company's wealth management business that impacted diluted earnings per share by $0.03 in 2012, and $0.02 in 2011.

The outstanding balance of the Company's $275.0 million unsecured bank line of credit at December 31, 2012, was $208.9 million compared with a balance of $145.0 million at December 31, 2011.  During 2012, the Company used $106.5 million to fund acquisition-related payments.  The Company repurchased 874 thousand shares of its common stock at a cost of $5.0 million during 2012.   

Non-GAAP earnings per diluted share, which includes certain non-cash charges and credits to income from continuing operations, was $1.22 per diluted share for the year ended December 31, 2012, compared with $1.10 per diluted share a year ago.  A schedule which reconciles non-GAAP earnings per diluted share with GAAP earnings per diluted share is attached.  Adjusted EBITDA for the year ended December 31, 2012, was $85.3 million compared to $81.7 million for the year ended 2011.

Steven L. Gerard, CBIZ Chairman and CEO stated, "Throughout 2012, we have seen an improving environment for our business, and this trend continued in the fourth quarter, with all of our core businesses reporting same-unit revenue growth. During 2012, we continued to make investments in each of our businesses that are expected to enhance our future growth prospects.  In addition, we were very active with our acquisition program in all segments of our business during 2012, having closed five acquisitions in the fourth quarter and ten acquisitions during the full year.  Going into 2013, we expect stronger growth in revenue and earnings per share than we achieved in 2012, while continuing our strategic acquisition and investment program," concluded Mr. Gerard.

Outlook for 2013: In 2013 the Company expects total revenue to grow within a range of 7% - 9% and diluted earnings per share to grow within a range of 12% - 15%, compared with the $0.58 per diluted share in 2012 normalized to exclude the impact of the non-recurring gain on sale in the first quarter and the favorable impact of the legal settlement in the fourth quarter of 2012.  Cash flow will continue to be positive and Adjusted EBITDA for 2013 is projected to increase within a range of 12% - 14% over the $85.3 million reported for 2012.

CBIZ will host a conference call later this morning to discuss its results.  The call will be webcast in a listen-only mode over the Internet for the media and the public, and can be accessed at www.cbiz.com. Investors and analysts can participate in the conference call by dialing 1-877-889-2795 several minutes before 11:00 a.m. (ET).  If you are dialing from outside the United States, dial 1-630-343-1248.  A replay of the call will be available starting at 1:00 p.m. (ET) February 13, through midnight (ET), February 15, 2013. The dial-in number for the replay is 1-866-873-8511.  If you are listening from outside the United States, dial 1-630-343-1245.  The access code for the replay is 021313.  A replay of the webcast will also be available on the Company's web site at www.cbiz.com.

CBIZ, Inc. provides professional business services that help clients better manage their finances and employees.  CBIZ provides its clients with financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services.  Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment.  CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management. As one of the largest benefits specialists and one of the largest accounting, valuation, and medical practice management companies in the United States, the Company's services are provided through more than 140 Company offices in 36 states.

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 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 its 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.

For further information regarding CBIZ, call our Investor Relations Office at (216) 447-9000 or visit our web site at www.cbiz.com.

CBIZ, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(In thousands, except percentages and per share data) 
































 THREE MONTHS ENDED 






 DECEMBER 31, 
































2012


%



2011 (1)


%














Revenue


$

172,861


100.0%


$

162,923


100.0%














Operating expenses (2)



166,353


96.2%



159,802


98.1%














Gross margin



6,508


3.8%



3,121


1.9%














Corporate general and administrative expenses (3)



4,615


2.7%



7,200


4.4%














Operating income (loss)



1,893


1.1%



(4,079)


-2.5%














Other income (expense): 












Interest expense



(4,110)


-2.4%



(3,984)


-2.5%


Gain on sale of operations, net



106


0.1%



88


0.1%


Other income, net (4) (5)



3,254


1.9%



4,851


3.0%



     Total other (expense) income, net



(750)


-0.4%



955


0.6%














Income (loss) from continuing operations before income tax expense



1,143


0.7%



(3,124)


-1.9%














Income tax benefit



(58)





(1,913)
















Income (loss) from continuing operations



1,201


0.7%



(1,211)


-0.7%














(Loss) gain from operations of discontinued businesses, net of tax



(13)





25



Gain on disposal of discontinued businesses, net of tax



18





20
















Net income (loss)


$

1,206


0.7%


$

(1,166)


-0.7%














Diluted earnings (loss) per share:












Continuing operations


$

0.02




$

(0.02)




Discontinued operations



-





-




Net income (loss)


$

0.02




$

(0.02)

















Diluted weighted average common shares outstanding



49,326





48,854



























Other data from continuing operations:











Adjusted EBIT (6)


$

5,147




$

772



Adjusted EBITDA (6)


$

10,632




$

6,015





























(1)

Certain amounts in the 2011 financial data have been reclassified to conform to the current year presentation. 














(2)

Includes expense of $424 and $1,691 for the three months ended December 31, 2012 and 2011, respectively, in compensation associated with net gains from the Company's deferred compensation plan (see note 4). Excluding this item, "operating expenses" would be $165,929 and $158,111, or 96.0% and 97.0% of revenue, for the three months ended December 31, 2012 and 2011, respectively.














(3)

Includes expense of $62 and $629 for the three months ended December 31, 2012 and 2011, respectively, in compensation associated with net gains from the Company's deferred compensation plan (see note 4). Excluding this item, "corporate general and administrative expenses" would be $4,553 and $6,571, or 2.6% and 4.0% of revenue, for the three months ended December 31, 2012 and 2011, respectively. For the three months ended December 31, 2012, amount also includes a recovery of legal expenses of $2,140.














(4)

Includes a net gain of $486 and $2,320 for the three months ended December 31, 2012 and 2011, respectively, attributable to assets held in the Company's deferred compensation plan. Excluding this item, "other income, net" would be $2,768 and $2,531, or 1.6% and 1.6% of revenue, for the three months ended December 31, 2012 and 2011, respectively. These net gains do not impact "income from continuing operations before income tax expense" as they are directly offset by compensation adjustments included in "operating expenses" and "corporate general and administrative expenses."














(5)

For the three months ended December 31, 2012 and 2011, amount includes income of $650 and $2,315, respectively, related to net decreases in the fair value of contingent consideration related to CBIZ's prior acquisitions. For the three months ended December 31, 2012, amount also includes proceeds of $1,860 from a legal settlement.














(6)

Adjusted EBIT represents income or losses from continuing operations before income taxes, interest expense, and gain on sale of operations, net. Adjusted EBITDA represents Adjusted EBIT before depreciation and amortization expense of $5,485 and $5,243 for the three months ended December 31, 2012 and 2011, respectively. The Company has included Adjusted EBIT and Adjusted EBITDA 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 service debt. Adjusted EBIT and Adjusted EBITDA should not be regarded as an alternative or replacement to any measurement of performance under generally accepted accounting principles.














 

CBIZ, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(In thousands, except percentages and per share data) 
































 TWELVE MONTHS ENDED 






 DECEMBER 31, 
































2012


%



2011 (1)


%














Revenue


$

766,094


100.0%


$

733,805


100.0%














Operating expenses (2)



680,195


88.8%



644,269


87.8%














Gross margin



85,899


11.2%



89,536


12.2%














Corporate general and administrative expenses (3)



30,422


4.0%



31,583


4.3%














Operating income



55,477


7.2%



57,953


7.9%














Other income (expense): 












Interest expense



(16,262)


-2.1%



(17,355)


-2.4%


Gain on sale of operations, net



2,766


0.4%



2,920


0.4%


Other income, net (4) (5)



8,422


1.1%



3,449


0.5%



     Total other expense, net



(5,074)


-0.6%



(10,986)


-1.5%














Income from continuing operations before income tax expense



50,403


6.6%



46,967


6.4%














Income tax expense



19,328





18,383
















Income from continuing operations



31,075


4.1%



28,584


3.9%














Loss from operations of discontinued businesses, net of tax



(19)





(591)



Gain on disposal of discontinued businesses, net of tax



90





14
















Net income


$

31,146


4.1%


$

28,007


3.8%














Diluted earnings (loss) per share:












Continuing operations


$

0.63




$

0.58




Discontinued operations



-





(0.02)




Net income


$

0.63




$

0.56

















Diluted weighted average common shares outstanding



49,252





49,599



























Other data from continuing operations:











Adjusted EBIT (6)


$

63,899




$

61,402



Adjusted EBITDA (6)


$

85,294




$

81,747
















(1)

Certain amounts in the 2011 financial data have been reclassified to conform to the current year presentation.














(2)

Includes expense of $3,762 and a benefit of $712 for the twelve months ended December 31, 2012 and 2011, respectively, in compensation associated with gains and losses from the Company's deferred compensation plan (see note 4).  Excluding this item, "operating expenses" would be $676,433 and $644,981, or 88.3% and 87.9% of revenue, for the twelve months ended December 31, 2012 and 2011, respectively.














(3)

Includes expense of $547 and $358 for the twelve months ended December 31, 2012 and 2011, respectively, in compensation associated with net gains from the Company's deferred compensation plan (see note 4).  Excluding this item, "corporate general and administrative expenses" would be $29,875 and $31,225, or 3.9% and 4.3% of revenue, for the twelve months ended December 31, 2012 and 2011, respectively. For the twelve months ended December 31, 2012, amount also includes a recovery of legal expenses of $2,140.














(4)

Includes a net gain of $4,309 and a net loss of $354 for the twelve months ended December 31, 2012 and 2011, respectively, attributable to assets held in the Company's deferred compensation plan. Excluding this item, "other income, net" would be $4,113 and $3,803, or 0.5% and 0.5% of revenue, for the twelve months ended December 31, 2012 and 2011, respectively. These net gains and losses do not impact "income from continuing operations before income tax expense" as they are directly offset by compensation adjustments included in "operating expenses" and "corporate general and administrative expenses."














(5)

For the twelve months ended December 31, 2012 and 2011, amount includes income of $953 and $3,467, respectively, related to net decreases in the fair value of contingent consideration related to CBIZ's prior acquisitions. For the twelve months ended December 31, 2012, amount also includes proceeds of $1,860 from a legal settlement.














(6)

Adjusted EBIT represents income from continuing operations before income taxes, interest expense, and gain on sale of operations, net. Adjusted EBITDA represents Adjusted EBIT before depreciation and amortization expense of $21,395 and $20,345 for the twelve months ended December 31, 2012 and 2011, respectively. The Company has included Adjusted EBIT and Adjusted EBITDA 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 service debt. Adjusted EBIT and Adjusted EBITDA should not be regarded as an alternative or replacement to any measurement of performance under generally accepted accounting principles.














 

CBIZ, INC.






FINANCIAL HIGHLIGHTS (UNAUDITED)






(In thousands, except per share data) 
























SELECT SEGMENT DATA
























 THREE MONTHS ENDED 




 TWELVE MONTHS ENDED 










 DECEMBER 31, 




 DECEMBER 31, 










2012


2011 (1)




2012


2011 (1)







Revenue

















Financial Services

$       82,259


$       79,516




$     411,735


$                    391,232







Employee Services

46,787


41,714




186,217


171,205







Medical Management Professionals

36,386


34,629




138,016


141,046







National Practices

7,429


7,064




30,126


30,322


























Total

$     172,861


$     162,923




$     766,094


$                    733,805

























Gross Margin

















Financial Services

$        (3,283)


$        (1,775)




$       52,569


$                      53,928







Employee Services

8,036


5,699




30,906


26,677







Medical Management Professionals

4,411


3,742




14,752


16,256







National Practices

941


610




3,413


4,100







Operating expenses - unallocated (2):


















Other

(3,173)


(3,464)




(11,979)


(12,137)








Deferred compensation

(424)


(1,691)




(3,762)


712


























Total

$         6,508


$         3,121




$       85,899


$                      89,536

























(1)

Certain amounts in the 2011 financial data have been reclassified to conform to the current year presentation.





















(2)

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 (loss) 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. Gains or losses recognized from adjustments to the fair value of the assets held in the deferred compensation plan are recorded as adjustments to compensation expense in "operating expenses" and as income or expense in "other income, net."




















NON-GAAP EARNINGS AND PER SHARE DATA


Reconciliation of Income or Loss from Continuing Operations to Non-GAAP Earnings from Continuing Operations (3)
























THREE MONTHS ENDED DECEMBER 31,










2012


 Per Share 




2011


 Per Share 
























Income (loss) from Continuing Operations

$         1,201


$           0.02




$        (1,211)


$                         (0.02)
























Selected non-cash items:

















Depreciation and amortization

5,485


$           0.12




5,243


0.11







Non-cash interest on convertible notes

684


$           0.01




635


0.01







Stock-based compensation

1,512


$           0.03




1,521


0.03







Adjustment to contingent earnouts

(650)


$         (0.01)




(2,315)


(0.05)








Non-cash items

7,031


$           0.15




5,084


0.10
























Non-GAAP earnings - Continuing Operations

$         8,232


$           0.17




$         3,873


$                          0.08














































TWELVE MONTHS ENDED DECEMBER 31,










2012


 Per Share 




2011


 Per Share 
























Income from Continuing Operations

$       31,075


$           0.63




$       28,584


$                          0.58
























Selected non-cash items:

















Depreciation and amortization (4)

21,395


0.44




20,345


0.41







Non-cash interest on convertible notes

2,638


0.05




3,201


0.06







Stock-based compensation

5,888


0.12




5,954


0.12







Adjustment to contingent earnouts

(953)


(0.02)




(3,467)


(0.07)








Non-cash items

28,968


0.59




26,033


0.52
























Non-GAAP earnings - Continuing Operations

$       60,043


$           1.22




$       54,617


$                          1.10

























(3)

The Company believes Non-GAAP earnings and Non-GAAP earnings per diluted share more clearly illustrate the impact of certain non-cash charges and credits to "income (loss) from continuing operations" and are a useful measure for the Company and its analysts. Non-GAAP earnings is defined as income (loss) from continuing operations excluding: depreciation and amortization, non-cash interest expense, non-cash stock-based compensation expense, and adjustments to the fair value of contingent consideration related to prior acquisitions. Non-GAAP earnings per diluted share is calculated by dividing Non-GAAP earnings by the number of weighted average diluted common shares outstanding for the period indicated. Non-GAAP earnings and Non-GAAP earnings per diluted share should not be regarded as a replacement or alternative to any measurement of performance under generally accepted accounting principles (GAAP).





















(4)

Capital spending was $4.2 million and $4.5 million for the twelve months ended December 31, 2012 and 2011, respectively.



















 

CBIZ, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

(In thousands, except percentages and ratios) 

















































SELECT BALANCE SHEET DATA AND RATIOS































 DECEMBER 31, 




 DECEMBER 31, 








2012




2011 (1)


Cash and cash equivalents


$             899




$          1,613


Restricted cash


$        19,627




$        19,838


Accounts receivable, net


$      154,973




$      137,073


Current assets before funds held for clients


$      200,610




$      182,475


Funds held for clients - current and non-current


$      154,447




$      109,854


Goodwill and other intangible assets, net


$      551,219




$      458,340














Total assets


$      970,156




$      812,357














Notes payable - current


$          6,217




$        13,986


Current liabilities before client fund obligations


$      115,748




$      116,382


Client fund obligations


$      154,119




$      109,800


Notes payable - long-term

$          1,222




$             749


Convertible notes - non-current


$      122,416




$      119,778


Bank debt


$      208,900




$      145,000














Total liabilities


$      674,924




$      552,199














Treasury stock


$     (371,080)




$     (365,364)














Total stockholders' equity


$      295,232




$      260,158














Debt to equity (2)


114.7%




107.4%


Days sales outstanding (DSO) - continuing operations (3)


74




71














Shares outstanding


50,365




50,036


Basic weighted average common shares outstanding


49,002




49,328


Diluted weighted average common shares outstanding


49,252




49,599


























(1)

Certain amounts in the 2011 financial data have been reclassified to conform to the current year presentation.













(2)

Ratio is notes payable, convertible notes and bank debt divided by total stockholders' equity.
















(3)

DSO is provided for continuing operations and represents accounts receivable (before the allowance for doubtful accounts) and unbilled revenue (net of realization adjustments) 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 generally accepted accounting principles. 













 

 

SOURCE CBIZ, Inc.

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"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...