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CBIZ 1 CBIZ Reports Third - Quarter And Nine - Month 2021 Results And Raises Full - Year 2021 Guidance October 28 , 2021 THIRD - QUARTER HIGHLIGHTS : - TOTAL REVENUE UP 18.6 % - SAME - UNIT REVENUE UP 8.3 % - EPS UP 13.9 % NINE - MONTH HIGHLIGHTS : - TOTAL REVENUE UP 14.5 % -SAME - UNIT REVENUE UP 7.3 % - EPS UP 6.4 % ; ADJUSTED EPS UP 30.5 % CLEVELAND , Oct. 28 , 2021 / PRNewswire / -- CBIZ , Inc. , ( NYSE : CBZ ) ( " CBIZ " , or the " Company " ) a leading provider of financial , insurance and advisory services , today announced results for the third quarter ended September 30 , 2021 . For the 2021 third quarter , CBIZ recorded revenue of $ 282.7 million , an increase of $ 44.3 million , or 18.6 % , compared with $ 238.4 million reported for the same period in 2020 . Acquired operations , net of divestitures , contributed $ 24.6 million , or 10.3 % , to third - quarter 2021 revenue growth . Same - unit revenue increased by $ 19.8 million , or 8.3 % , for the quarter , compared with the same period a year ago . Income from continuing operations was $ 21.7 million , or $ 0.41 per diluted share , in the 2021 third quarter , compared with $ 20.1 million , or $ 0.36 per diluted share , for the same period a year ago . For the nine months ended September 30 , 2021 , CBIZ recorded revenue of $ 862.1 million , an increase of $ 109.3 million , or 14.5 % , over the $ 752.8 million recorded for the same period in 2020. Acquisitions , net of divestitures , contributed $ 54.8 million , or 7.3 % , to revenue growth in the nine months ended September 30 , 2021. Same - unit revenue increased by $ 54.5 million , or 7.3 % , compared with the same period a year ago . Income from continuing operations was $ 80.5 million , or $ 1.50 per diluted share , for the nine months ended September 30 , 2021 , compared with $ 78.4 million , or $ 1.41 per diluted share , for the same period a year ago . 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 of 2021 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 for the first nine months of 2021 increased by 30.5 % to $ 1.84 , compared with $ 1.41 reported a year ago . Adjusted EBITDA increased by 20.9 % to $ 153.5 million , compared with $ 126.9 million in 2020 . Reconciliations 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 nine months of 2021 , the Company repurchased a total of 2.7 million shares of its common stock . Between September 30 , 2021 , and October 26 , 2021 , the Company repurchased an additional 259,000 shares . The balance outstanding on the Company's unsecured credit facility on September 30 , 2021 , was $ 190.2 million with $ 201.6 million of unused borrowing capacity . Jerry Grisko , CBIZ President and Chief Executive Officer , said , " I am pleased that the exceptional results we reported through the first six months of this year have continued through the third quarter . On top of extremely strong performance from ongoing operations , we are also pleased with the number and size of the acquisitions that we have completed so far this year , including the addition of Shea Labagh and Dobberstein ( " SLD " ) that was announced in September . SLD is a full service accounting , tax and advisory firm headquartered in San Francisco , CA , with an outstanding team of professionals . SLD helps to expand our geographic footprint , breadth of services and depth of expertise on the West Coast and brings our total number of acquisitions for the year to five with anticipated aggregate annual revenue of approximately $ 72 million on a full year basis . " 2021 Outlook " Given the strong demand that we are experiencing across nearly every major service line and the impact of the acquisitions that we have completed this year , we are raising our full - year 2021 guidance to reflect anticipated revenue growth between 12 % and 15 % and growth in adjusted earnings per share between 20 % and 24 % , " Grisko concluded . • The Company increased its revenue growth expectations to within a range of 12 % to 15 % over the prior year . • Although a number of factors may impact the tax rate , the Company expects an effective tax rate of approximately 24 % to 24.5 % . • The Company expects a weighted average fully diluted share count of approximately 53.5 to 54.0 million shares . • On a GAAP basis , the Company expects full - year fully diluted earnings per share within a range of $ 1.36 to $ 1.42 . The Company expects Adjusted Diluted EPS to grow within a range of 20 % to 24 % over the $ 1.42 reported for 2020. A schedule reconciling GAAP Diluted EPS to Non - GAAP Adjusted Diluted EPS is attached . Conference Call CBIZ will host a conference call at 11:00 a.m. ( ET ) today to discuss its results . The call will be webcast 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 https://dpregister.com/sreg/10161179/eead598c37 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 will be made available approximately two hours following the call on the Company's website at www.cbiz.com . For those without internet access , a replay will also be available starting at approximately 1:00 p.m. ( ET ) , October 28 , through 5:00 p.m. ( ET ) , November 5 , 2021. The toll - free 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 10161179 . About CBIZ CBIZ is a leading provider of financial , insurance and advisory services to businesses throughout the United States . Financial services include accounting , tax , government health care consulting , transaction advisory , risk advisory , and valuation services . Insurance services include employee benefits consulting , retirement plan consulting , property and casualty insurance , payroll , and human capital consulting . With more than 100 offices in 31 states , CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information , visit www.cbiz.com .