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CBIZ K CBIZ Reports Second - Quarter And First - Half 2021 Results And Raises Full - Year 2021 Revenue Guidance July 29 , 2021 SECOND - QUARTER HIGHLIGHTS : - TOTAL REVENUE UP 17.6 % SAME - UNIT REVENUE UP 10.5 % - EPS DOWN 59 % ; ADJUSTED EPS UP 28.2 % FIRST - HALF HIGHLIGHTS : - TOTAL REVENUE UP 12.6 % - SAME - UNIT REVENUE UP 6.8 % - EPS UP 4 % ; ADJUSTED EPS UP 36.2 % CLEVELAND , July 29 , 2021 / 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 30 , 2021 . For the 2021 second quarter , CBIZ recorded revenue of $ 278.6 million , an increase of $ 41.7 million , or 17.6 % , compared with the $ 236.9 million reported for the same period in 2020. Acquired operations , net of divestitures , contributed $ 16.9 million , or 7.1 % , to second - quarter 2021 revenue growth . Same - unit revenue increased by $ 24.8 million , or 10.5 % , for the quarter , compared with the same period a year ago . Income from continuing operations was $ 8.6 million , or $ 0.16 per diluted share , in the 2021 second quarter , compared with $ 21.5 million , or $ 0.39 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 . As previously announced on June 30 , 2021 , the Company reached a settlement agreement with the University of Pittsburgh 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 . In addition , on June 1 , 2021 , the Company divested a small , non - core wholesale insurance business and recorded a pretax gain of $ 6.4 million on the sale . Eliminating the impact of these non - recurring items , Adjusted EPS increased by 28.2 % to $ 0.50 , compared with $ 0.39 reported a year ago . Adjusted EBITDA for the second quarter increased by 19.5 % to $ 42.9 million , compared with $ 35.9 million for the same period in 2020 . For the first - half ended June 30 , 2021 , CBIZ recorded revenue of $ 579.4 million , an increase of $ 65.0 million , or 12.6 % , over the $ 514.4 million recorded for the same period in 2020. Acquisitions , net of divestitures , contributed $ 30.2 million , or 5.9 % , to revenue growth in the six months ended June 30 , 2021 . Same - unit revenue increased by $ 34.8 million , or 6.8 % , compared with the same period a year ago . Income from continuing operations was $ 58.8 million , or $ 1.09 per diluted share , for the six months ended June 30 , 2021 , compared with $ 58.3 million , or $ 1.05 per diluted share , for the same period a year ago . For the first half of 2021 , Adjusted EPS was $ 1.43 per diluted share . Adjusted EBITDA was $ 116.2 million , compared with $ 92.9 million in 2020 . Reconciliation tables for Adjusted EPS and Adjusted EBITDA to the most directly comparable GAAP measures can be found in the tables of this release . 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 30 , 2021 , was $ 163.3 million with $ 233.4 million of unused borrowing capacity . Jerry Grisko , CBIZ President and Chief Executive Officer , said , " I am pleased to report another quarter of exceptional results for CBIZ . " " 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 . " " We are particularly pleased to have successfully completed four acquisitions this year , including three in the second quarter . On June 3rd , we 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 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 . 2021 Outlook • The Company increased its revenue growth expectations to within a range of 10 % to 12 % over the prior year , up from 8 % to 10 % . • Although a number of factors may impact the tax rate , the Company expects an effective tax rate of approximately 25 % . • The Company expects a weighted average fully diluted share count of approximately 54.0 million shares . • On a GAAP basis , the Company expects full - year fully diluted earnings per share within a range of $ 1.25 to $ 1.29 . The Company expects Adjusted Diluted EPS to grow within a range of 12 % to 15 % over the $ 1.42 reported for 2020. A schedule reconciling GAAP Diluted EPS to Non - GAAP Adjusted Diluted EPS is attached . Conference Call