CBZ - Earnings call transcript Q3 2017

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Operator

Good day, and welcome to the CBIZ Third Quarter and Nine Months 2017 Results Conference Call and Webcast. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Lori Novickis. Please go ahead.

Lori Novickis

Thank you, Judith. thank and joining conference nine and CBIZ for call. everyone quarter third months morning, you us for the Good XXXX results posted In release page call, this our on been of connection Relations the www.cbiz.com. today's website, Investor with has press being call This webcast. also is link as as can live a website. webcast on be found our the to replay A well also

comparable non-GAAP release. we GAAP of these the call, during begin you remind that of found be our Before can today's reconciliation may measures presentation, financial discuss on to measures tables A we to would like financial measures. management the press

Finally, make management's are expectations statements management performance. do remember and this based of future that and date may forward-looking statements. as information not also on current guarantee Such

that results more uncertainties predict. Securities difficult Forward-looking statements Commission. company's can risks of in involve be the can materially. with A sometimes filings certain Actual do detailed differ description be found and such the assumptions to can risks, Exchange and and and uncertainties

today's call Jerry Grisko President I Jerry. the to over us Chief and call will his now Joining opening Officer. Grove, Ware are for remarks. Financial for and turn CEO Grisko, Jerry

Jerry Grisko

Thank you, everyone. and Lori good morning

indicated that morning. experienced in this today events be We'll earnings. these and number detail our release issued earlier greater on We adverse events that sure in our call of results. the to our of we unusual had the quarter understand and revenue the a third that an we on As impact impact on go you into

services X.X% prior share revenue is nine diluted group XX up unit increase our increase income reported is Within of which operations finance is X.X%. of from off an nine months up revenue X.X% point in total total XXXX up ended per in those a revenue XX.X%. growth, within continuing the September X.X% growth and operating by same over our earnings with we the For XX, by pre-tax months results year. organic Fully X.X% basis

grew revenue unit by by total declined group, slightly insurance in benefits X.X%. revenue same X.X% the Within and

or Benefits by results Services grew and to our Turning our third Within revenue quarter, group the million. Financial X.X% $X.X increased by grew and by Insurance group our X% X%. by total total revenue our

However, same unit quarter with the in down ago, benefit by of compared service year the X.X% by financial third declined for that unit by was unit declined same and our X.X%. revenue same X.X%, revenue insurance

result in our our release, September this mandatory and completed in major an a time. evacuations Irma our the and of one As offices impact amount and lasted full October which widespread after as the power hurricane a storm, we as disrupted of press pre-storm September work filing of is required financial the perform our of to the services in tax group extended both for months were financial storm typically again we clients for significant and busiest that Raton the and deadlines, during unable period the had families preparing working we're on to year their staff, Tampa, by were commented Hurricane located a for services outages in are at preparations, be our Florida. Boca of returns time capacity

that accommodate As the tax granted this extensions and in includes of extensions, September This aware, were year. businesses subsequently October filing through may hurricane. due Service individuals the the the XXXX tax Revenue of originally by you special January, be end impacted to related Internal deadlines and

of While in recover we quarter. this fourth portion good the expect lost revenue to

normally be impact the early consulting to are number be have advisory will year. from would some negative performed is on this fourth available that third We to the that of on also other work of will expect performed some in this note, important and work It to the during of shift work XXXX. time that the of engagements quarter days that quarter

by now for Another was on government The line with for we and our consulting estimated a year had a revenue. impacts quarter encountered events, also these number the which the this and third that of also work we per $X.XX delay revenue substantial business that that share by factors recover significant quarter third within that portion impacted is day lost noted other projects. full $X.XX. top third in will events approximately significant large $X quarter healthcare be of our work earnings that should quarter. combination revenue state these temporary one factor our expect in is will of related less to revenue in The third impaired million to was we results those the the business On of it be and resumed our to contracts We unusual have less this business expectations. believe several

unclear the is is offices hurricane. However quarter a the the January impacted revenue will uncertain by to fourth work extensions there considering the It moved of yet with the timing of end XXXX. of that be of complete tax recovery now the for this XXXX during filing

will of property positive always model is retirement businesses on for reported nine the Benefits our from and businesses quarterly a the group, saw recruiting any We've growth resource such performance financial group that results nature, several to impact facility that XX the majority when tends on we third which very our our weighted we revenues. timing towards predict and fourth more Because such these of cost scope. experienced of the have and decline were expenses short-term quarter. we in of revenue human with near reported earnings so revenue the in are planned more year This unanticipated and and and insurance of service anticipate mind life has revenue, the By about to our heavily year predict casualty, the shortfall both the operating and to as and especially the their payroll our areas third significant in as basis. fixed Turning in eliminate please work, and nine through quarter in project our difficult total businesses, of revenue this months end our you businesses. to keep it core third from continue be period. the in in combined can on share earnings the months services, full these are any our unit of we and the we in of September we when ended If first would services impact the This continuing reporting report our declines Nonetheless per and provide regard same for for be and Insurance is transaction majority think benefits said to the true unit oriented margin, given XXXX. reported to same pleased results this that growth earnings. a we've to transactional direct with difficult be be the income more quarters for low this relatively irregular the employees that outlook accounts operations revenue and in wages results

comments. Officer I'll our further comments Chief turn Financial for these with over Ware it Grove So

Ware Grove

everyone. Thank you good morning, Jerry and

acquisitions approximately spending payments. million reposted through Let on approximately year used $XX this $XX.X me approximately Future $XX.X approximately with XXXX. in ended next We've year highlights at in quarter prior some million the through is repurchase year year. in this Combined additional We closed $XX.X earn we million minutes related few acquisition three used take Approximately for cash XXXX, shares. in results the quarter September million months on acquisitions the projected we've run and so earn XX outs nine fourth approximately September to XXXX out quarter prior XX. in third then far of on this morning, $X.X $XXX,XXX payments XXX,XXX acquisition approximately to and a year. the third million for this of

$X.X million months nine the XXX,XXX repurchase to shares. used this we've approximately year, For approximately

conference our commented capital we've towards somewhat approach repurchase we acquisitions to priority take focus using is the to capital first a shares. recent continue opportunistic strategic for use and of As to on calls, in

stood and $XXX associated an flexibility XX receivables credit New XXXX address we XX continues $XXX This sales outstanding in financing unused million underlying $X year. leverage on spending future and Day about XX, XX, nine days is X.X does with compared of be possible compared basis margin for this increase points bad XXXX opportunities Capital spending $XXX,XXX to million at The Boston to million year third XX The quarter, is does to expense much any the very clients Capital there the of typically compared flow basis was we borrowing The year expense at facility. that year stood approximately debt with have basis approximately this we related represent and record plenty no When bad we is moves York record and within nine credit which within we outstanding with this on expense at these as revenue XX, where $XXX,XXX. at impacts outstanding, in this and actual a our basis the expense increase client. both million primarily range is a year, quarter steady provides expenditures us experience equal range general without the September day results receivable facility spending this as and share both the impact acquisitions was and XXXX. driven XX of at to revenue approximately a be by million flow potential of this recorded line premiums million do has in the the clients CBIZ sales this of Cash Bad in in call on XX for XXXX market significant September to property with XXXX. the an margin quarter occur. impacting In to at third good $X.X quarter, million. XX CBIZ. expense normally outstanding very debt casualty markets. with but this points months major we the XX EBITDA ability of balance year-to-date invoice driven $XXX Full spending calculation But day is XXXX. for for $XX months range in basis and on share capacity basis deterioration XX debt year, this, range conclude times of or increase compares with one points points and in basis approximately offices office by typically arrangements of invoices. impact a this that under points that to third a our experience. months business nine-month our capital result. year repurchases and year nine which primarily third is in September we with days ago, pay revenue and receivable for we more We gives for not ago we capacity after cash approximately $X to the debt was a will of closer revenue sales expect by points points agency XX to what maybe this the for really build or

earlier, Jerry positive declined deferred related third revenue and ago. the to the losses the expense note, earnings. points the year improved impact but basis the year of notes XX nine quarter release, adverse and on general margin basis the with prior the basis the the Details the outlined gross administrative by this shortfall continues months in by with the for third by provided a on compared and held XX operating eliminating points accounting XXX for this are year experienced declined year. plan, On the and had quarter, reflect earnings in in positive impact a XXXX compensation compared assets leverage gains As in margin to an also points

This reduced option But stock a with very tax In compared year for the I the CBIZ that most from administrative adopted the effective expense. second for you not accounting rate accounting on the this. year and of tax this to commented likely full year of change listening eliminate accounting unique XX% call through June tax the approximately of our estimated year, and activity quarter was are for plan the X.X% impact compensation I conference For when understand of XX% with months normal compensation the the rate. call is we gains nine today as time deferred general at XX% of X.X% ago, you expense reported assets. share exercise impact on familiar losses based this of to to result a effective on our our revenue revenue

option options third expected potential and share the accounting quarter the share reported slower remainder the and that rate earnings effective newly again the the maybe has an the slightly quarter. exercised. of benefit of course a under this With tax year. year, that quarter higher tax and standards options per tax price of XX.X% the level of expected We exercises somewhat growth third the I on impact earnings in earnings the time and you than the of accounting new minimal third a and less our remind to reported at for reported rate number the caution were exercised from uncertainty we rate Of was unpredictable this and for however we are on depending want adopted effective

that year, full an in nine rate was results. approximately reported share of impacted to effective per XX% the compared September $X.XX however. estimate is this third Fully for rate XXXX earnings another ended you full million a year effective third quarter this to months continue that fully the bear estimated XX, in the year share item as XX% by the was XX.X The diluted the nearly mind, for about quarter the year, think so to count XX.X% for We diluted rate shares. the

full We of million a have XXXX. fully approximately previously share communicated count estimate for $XX.X year, diluted

including variables Now price. all count of share the are into without going involved a calculations, number complexities of share

to precise and XXXX. but year for we reasonable think shares estimate So full that approximately XX.X million predictable, continue a not highly is this the is

this well in the recovered but be how the is unquestionably results, year. of work third the to be today. near quarter low year. comments the But summary this we the To growth the will done unclear think the So headwinds revenue good very It quarter we of my in of this record in much is expect experienced Jerry impacted think of nine-month will fourth we performing business both year end we much maybe and expectations. and reiterate summarize and but full for XXXX, our lost

expected would growth per are with share by to But XX% diluted say increase rate year per to operations million be range total low also reported of effective XX% actual the XXXX. for the effective rate per will factors expect estimated end also tax XX% that, over reported the will the near of grow last on full fully will low end the Fully XXXX X% $X.XX X% year share for $XXX to income impacted expect tax outlined, for we expectation XXXX. somewhat unpredictable maybe end low the of for based year, over earnings this grow effective by impacted the with XX% share revenue The impacting the that year of to expectation of We the in of the earnings grow the an increase I full reasons we near earnings diluted count. be XXXX. tax but will compared rate we and share a XX% near the from continuing

Jerry. it over So and will with I these I comments, turn conclude back will to

Jerry Grisko

Thank you, Ware.

Just a we comments. acquisition other on our in couple of acquired of that commented Associates last was business the June, call private On XXXX. equity CMF focused our

equity executing advisory in industry. encouraged made in our initial CMF. our private While focused the the services that and the we've performance by on stages thus we're far strategy progress the area to building of out early very this We're

impact under for storms growth opportunities our our credit this business the take when we've overall and capitalize their struck they to want to that explained, team moment our the to who to it mitigate to the our we borrowing our to continue clients property recognize mentioned plenty capacity I'll our on line to a as just full and of Also and of bolster associates available. to Q&A. to and September. of existing our operation pipeline data the Hurricane facilities, in families, earlier, safeguard over of a turn Florida With business. pursue these that those acquisition all thank our rose become another South high and the members also areas on We opportunities occasion and Ware in I

Operator

[Operator Please First ahead. question with MacDonald your Jim Analysis. go Instructions] first from is

Jim MacDonald

Just more of into some want get issues, can I details. some if to these dive see

So It be just going that like maybe doesn't the you to delayed later? of out be could were delay due they revenue in and delayed. tell as were me recovered they and the Florida a like percent contracts is or start you on will that have just that spread the to government hurricane, so sound then,

Ware Grove

thanks. answer in then of that and pitch X% part rest question financial Jim in probably This based can and Boca have significant of our questions. first your services in fairly of But revenue. and operations the Raton I I'll X% and Jerry answer Tampa just Ware. we is the total and that's to

we have We in the such on an and that's half it's season that's results. the second loaded mid of had year second towards and busy this very through why middle have work, our in and the a quarter, season, seasonal but much impact October first busy right the of September second typically

Jerry Grisko

that question Jim, government I'll healthcare take to second consulting which part the contracts. had the of

contract a unusual to of delayed quarter. a what in happened size softer us. delays business quarter the that expect fund either have given period in or that and funding were would part not have start contracts a number be The which contract or given a you particular in to authorization tends contract. start particular significant in of the to contract in to it's the period unusual had four that's for is in the in from and As of We the that time-to-time this a exactly that

that highlight, those commenced that end. work of to that impact wanted comments amount the and that in and contracts will said those is completed quarter have a was it I indicated year is having really contracts by really in be completed required my we contracts to as So being of those that considerable there be

will of some into it Although XXXX. certainly carry

Jim MacDonald

you into then benefits benefits. move elements and maybe that into you okay little That there. Yes, hurricane two I and detail go three mentioned not was maybe and think impacted or related believe more I could

Jerry Grisko

any benefits which consider at Yes, core surmise, are when businesses showed it like XXXk, in kind so executive when to all episodic, as would life came and to tends we given the predict really period we that and to looked combine In two policy casualty, of Where more the insurance revenue, be we really and in services our is as so employee insurance of improvement. plan revenues One segments. life services which come property insurance and in those you and is operation come. hard are growth consider our there, quarter-over-quarter in because are recruiting be payroll. search we they what decline and of transactional what in retirement projects group time our particular their the benefits you episodic, and in, incremental tends the organic had businesses businesses

So those two we this out. call to us prior quarter impacted that areas are particular really over that the the wanted quarter

Jim MacDonald

employment your how - a you different on you whole. is how that big me economy it? the as you makes and mean view And the are the would put there the puts picture circle then say government of I report out - seeing of what some question, is for nation it I been is that? the softer that's sort reports so then government's out have What back to your do

Jerry Grisko

you're company it the is The very, with very Yes be tends call payroll to employees of It end Business be our of tends report the is a they and referring companies actually by that interesting. it under Index. report at Small XXX so to it's market. that small to X,XXX issued at

larger be payroll our reflected are the market in they're what Our being that's small clients that than middle and times tend by often that clients, to tracked ourselves company. business index considerably consider we

and So all you're what types of really the things same positive. in the we're the indicators seeing are paper really reading is that

XX% their those periods are they three revenue recent XX% of most measures employment. biggest increase reported respondents for $X in things hiring increase are that If talent you compensation, increasing number times are between local their in and be Market. we that about those report The look in finding increasing challenge, third closely, million expecting of are up national, the there confident their the is for challenge to prior of companies follow-up one the the the Center time, that in they all quarter. $XX increasing billion? from them of of their track XX% economy, the considering the talk and is publications National biggest Which really and with of the Middle at their indicated that will their benefits, most - when of attract respondents other necessary one revenues

positive businesses where All of those analysis. our we very things that to help for are clients work in them our alongside

more and indicator our help So business looking that very we business a we're favorable in at, and in of that own climate. clients the indicate indicators we're payroll for the look of indicator all the our

Jim MacDonald

for Just one this last me point. at one

flat end back going guidance? have to fourth So you you of you're even EPS the the quarter to maybe to when sort end guidance, quarter. EPS have to profitable that are can low you negative How of get your even really relatively a to get of have your to typically fourth low confident

Ware Grove

particularly this is quarter Ware to flat and that's third and seasonally hard quarter you're a Jim, fourth great and is fourth question. And pretty right predict.

the trying and to maybe where plus to in the $X.XX say get to of lost you're helps get and a into quarter to take was us issue fourth good last quarter share, breakeven $X.XX against impact $X.XX or $X.XX $X.XX $X.XX the you was the estimated that the half still to If at to quarter third impact third year, share to. $X.XX minus the the a of bridge or

compensation tax this rate. the out impact I nature of on thing is other the point stock year will The the unpredictable

are quarter. you'll bit higher through still this that some full will effective XX%, from that and fourth tax impact year the closer so rate should a get the year. beneficial up probably ticked XX% We an be to predicting for it So run

Jim MacDonald

lot thanks Okay, guys. a

Operator

Your next Joan Tong Sidoti ahead. go question & with Please is Company. from

Joan Tong

when might back fourth quarter. first lost, So those of up quarter, some show in not you about were works the the talk come might that in

are work. taxation So number services you taxation lower mentioned type all those financial it's people of of But like advisory assume up I catching work, focus also on work. to obviously a have some because your those like on -

So to don't work to are work body being else those lost just it. you somebody advisory and clients enough on go and walk away to because

Jerry Grisko

answer Hi, days away, Jerry. go Joan perform to work. The fewer have away. work the But its the is the go doesn't necessarily days we

those quarter. that There's uncovering clients to over the type client taking the be with available So days. need the work what's have has days of really ends to in be happening that because is, else to because performing that those likely the someone advisory those They'll work. services therefore quarter third to of work what that would you're performing really from the the have number go should happening we're and not been completed get done, constrained and of third was a that's speaking carrying you with that days fewer not that and work for and is What days happens. up

to of opportunities. have then those of and your clients it's just So the fulfil those more opportunities days, fewer types you uncover work opportunities and when have, business the alongside a days really having more you product

Joan Tong

quarters strong work your that about for still those type talking advisory pipeline of talk of activities? you in been Is picking of about can you then have of because already up couple Okay and for a pretty work. it terms

Jerry Grisko

Yes, Joan.

positive at if quarter our certainly the get business increase and back consulting services that is of and tell anecdotal more and receive investments, be sentiment offices the Generally we outlooks economy. all that again with I demand survey kind we which and least going is consistent that to shared the in industries, to their you strong that sentiment for of I offices continues generally in it to expectations their of although the employment. information So not, expectations very positive it's our in the on at than information expand just regularly outlooks advisory type end will their they're local somewhat

turn which good with them are and triggers decisions. of usually to us those to help All for indicators them and

Joan Tong

The scope additional doing that's work for consulting. increasing and fair projects. within Okay, I - getting those then states, that you're more at of may and work you're the already about be are talking states I or those delay are at, XX like I the am correct? think already it you healthcare assume we because

Jerry Grisko

of for. that that XX happened a was Yes about let's for time. states work same the talked at work that we kind type is of in around we we getting. larger work contracts couple the same of states actually we're just of portfolio we're work at do all of The states the today, that the do But that country. this. that It happened to delayed be Well separate earlier

So separate that's issue. a

even services the XX the for and that it's and of a ex is question do Because consider other to little us answer work though continue we also is some states doing that we opportunities you expand do and number already very when for states opportunity that that The work to yes. we there's to them that very provide And states. those that count for work little to grow work. that we're hear to we states, in for representing, lots XX you're I expand is, it's there in

that delayed full the have as the hit business still about from we an of year. and expectations optimistic the historically quarter the despite that third for will we remain contracts, that businesses bit impact confident we we're little So that been the we the had have they for in

Joan Tong

about how any update? federal side the And and on

Jerry Grisko

some ago, that Not still going by kind just called additional the We're and federal was a we federal were the fact because out contracts particularly, get We one contract. encouraged back it into we won't contract. large were because entrée several making call by encouraged through continue we calls out government. that that some Can we to government. that the of that

that The is was expected is said but delayed, tracking it contracts that, that large happened large was we and one contract have annually track. other resumed in Having kind since its that lot that of now contract thing would business. have of has there but we a where

kind just that mind. of keep So in

Joan Tong

insurance it. got and on side. the the then And benefit Okay,

We a seen territory already organic of improvements so like back of to couple we're have comparison. terms quarters down in some negative

feel particular already. trends? derail for again? from is to time disappointing like grow improvement business What the been you has do some So this has for quite that happen a It to

Jerry Grisko

three payroll are and plan would which first casualty are footing property all are We've producers those business. which is employee that years separate the are into so plan because had that, well. performing the and and of transactional say I'm performed two. other One consider solid that some Okay, property and kind that executive insurance more couple and search business the the casualty, lines core payroll oriented be have life number the for The most we really businesses third again impacted our challenges of retirement business our principally of business and services our services past the historically of types results has we piece benefits. tend type and well. to I and and more of episodic going which and oriented some services significantly. really is the what of retirement Having over of quarter within the employee other are said project things last on in that that's of what benefits the to

in decile at first class, it's look business that you the industry - more lot producers a high so not of of or the at are going on rate that we our If that in typically to expectations, have people team business. They perform developers same productivity the producers. but reasonable doing a we're first to those get well, that think best out very our very

programs that's designed around train within we've off we producers mentorship program really that, have be some requires of us takes to working we in the done although then take we group. really that and helping have hold, What an they increasing are effort do, to internal and is what become recruiting a join them we program. put those an we then it have processes them that So to that that have on and program we've is we successful number designed, active resources that we have when late, on time we have

to have things all out those revenue an of recruiting we place, would objectives other would overtime number we our we organic we expect of place, and help that active goals we the and regain program than in have business. month more in So us of new the expect that against initiative see that that would producers growth every track

Joan Tong

And having can that's long been just benefit initiative of employee that how remind you things? us, the you have on side

Jerry Grisko

probably earnest XX In months.

Joan Tong

Okay.

Jerry Grisko

that foundation make Although again time we the be to sure have place successful. it's to some taken really in to

XXX% hit like is other what kind note thing many that are of call to expectations for we is other The validate that, them. of things there the will not hirers set really which

number will a will a number a there of and So be hired not succeed. succeed will and number

processes in the as objective put the increase we percentages Our to those place structure is best in can. to

Joan Tong

at business. about, might think those the I some Okay I then heading well Should insurance like look comp a and XXXX that going comp the sort recruiting work year-over-year we easier life lumpy more be some you. lumpy executive create as creating because easier year. two this bit going just relatively think and of less the next for next for year business it's into be might to tailwinds year into as If little

Jerry Grisko

would actually expect are it that the the size about that right based support boost for is, earnings we in said will an to I it those the and on size businesses an months on today comp. a then could any that The be units - we and Having have. us revenue be answer later. boost of would we success believe comp easier time have period difficult given another XX

be to we we less they're So think tend to period-to-period. from have businesses order those like able important but to clients, support businesses, our predictable they the be in do to

Joan Tong

Okay, it. got

have you opportunity, In the a pretty even are you of terms do still buyback pressure though on today the share co-brand opportunistic stock create so, guess Ware? I guys and some

Ware Grove

at and opportunity that possible. purchases. pull i.e. tend that's share in look involved price the more Yes share creates to right, share in you're to backs the we And get an price actively volatility

Joan Tong

you Thank guys. so enough Fair much.

Operator

Your next Please MacDonald ahead. is follow-up question First Analysis. a from with is go from Jim

Jim MacDonald

technical ones. small couple a had just Yes

good and savings or was this G&A a compensation, also - of you quarter accruals reason do expect there maybe next G&A expenditures lawsuit the is So that quarter, for what gone about those away?

Ware Grove

this Jim Ware. Hi,

minor we and in expenditures the right leverage basis expect think bonus overtime year-over-year the the points to past it, on of percent I basis because that the think may There and as XX points G&A about to a think revenue. to XX lumpiness over longer the accruals and in is, period be improvement some accrued it of Expect way said in you're of leverage lawsuit time get XX improvement kind up. of would we've XX lumpiness year-over-year. to a but of trued I

Jim MacDonald

easy last because asked so year I'm in quarter, the be is quarter pretty because high to model trying had just comp I quarter. fourth that fourth G&A you an going to and this fourth

Ware Grove

see in anything off just us But in year. I top unusual that unusual recall don't been year last you're reference It of what the Yes, occur head. I cost horizon have end I so levels, the recall year. seeing than any of have I from can exactly that don't as this my this cause ups G&A higher the could the some true trend normal will differences don't some far time-to-time year would

Jim MacDonald

third so, it then quarter significantly flow year and than the cash was year. in reduced more this Okay the debt other one the area last was

receivable the in an technical repayment, higher and just flow issue, in You but how not talked issue quarter repayment sort discuss maybe and and was debt of accounts less issue cash debt less about in cash having the that's flow. third a receivable and

Ware Grove

can that's versus we're year-to-date, question. million happy another at. the and for clearly can end of year million we're year very not where outline acquisitions I'm sure so spending activity. I increased about funded share to-date million But the But of our with also $XX We've I $XX Yes, far. quarter. borrowing great about and we've isolate approximately repurchase talk by $X million $X or third

cash, normally So you quarter of which of does, solves flow of cash in half operating used I'll kind positive activities. roughly plus is lot call source of from to enhance a to uses cash of good million the it we the should year non-operating million half. The there fourth the that opposed it $XX as second $XX first cash as

cash difficulty] activities level So we're impacted operating track generating quarter should. on third really - we'll it. your high kind acquisition that account impact and as was we answers casualty. account cash are questions. of I But just The when bill property that and accounting unusually The we under DSO they for is one another I the that spending really way. of on think underlying is way or relationships call thing unless what agency for don't an flow more there in of impacted [Technical the it Hopefully track. the

Jim MacDonald

So that agency flow. cash doesn't The affect the don't really.

Ware Grove

direct the then a we When doesn't. on we a really do record and actually it otherwise. the as cash would we commission in when it earlier in billed But have bill, No receivable comes cash just would comes received agency basis. we and it

Jim MacDonald

thanks. Okay, great

Operator

session over any the Grisko I like to closing Mr. question-and-answer our back concludes conference to turn would remarks. for This

Jerry Grisko

you, Judith. Yes, thank

team shareholders all continued analysts forward conclusion and clients our Thank X,XXX As for thank a And to also to of full day always our at our XXXX. look every for thank report the to our contribute positive support I your members I'd success. you you. to we to year our serve and like and that do want

CBIZ (CBZ) 2 Nov 172017 Q3 Earnings call transcript