CBZ - Earnings call transcript Q2 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to the CBIZ Second Quarter 2020 Results Conference Call. All participants will be in a listen-only mode. [OperatorInstructions] After today's presentation, there will be an opportunity to ask questions. [OperatorInstructions] Please note, this event is being recorded. I would now like to turn the conference over to Lori Novickis, Director of Corporate Relations. ahead. go Please

Lori Novickis

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

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

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

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

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

Jerry Grisko

you, morning, Thank Lori, everyone. good and

to Before regardless quarter. the would economic market. retain clients services, our our I host business of of others we approximately services approximately a from the year-to-date, from be discuss generated that of end of and clients our We key insurance that, our it results essential of first of provide attributes services, for we at XX% is XX% services payroll in generally our tax revenue helpful thought including certain year-to-year. conditions that I the and our quarter the to review Including discussed of the

size terms and We serve broad diverse flow. consistent cash have We of client base footprint. strong geographic industry. and a a in We enjoy

including amount the a our substantial the compensation variable considerable amount expenses of of variable business, based on in of performance have We a business.

those and access with attributes what well very ready low We fact current to have sheet capital a second entered experienced it's strong very that the in strong into continue our And business perform in in a our And with to and we quarter confident amount in that's debt and will financial current environment. position. us balance we make that precisely the year-to-date. environment

year. in second compared For the of second revenue million $X.XX the $X.XX XXXX. per with over year share increased quarter increased XX% per EBITDA the share quarter $X.X period period last per the the the by compared XXXX, for of XX.X%. share for XXXX, million same from an quarter increase by of same Earnings diluted this for quarter diluted with million $XX.X $XX.X for And second second our was adjusted

deadline from areas in by As accounting bolstered the regardless the the our tax we Within those April core provide business delivered throughout business our extension expected, services clients need filing best second to of essential where XX. IRS we our of performed Services that the performance quarter, segment, Financial strong July service XX climate. our

and advisory our Insurance and contributions risk business. commercial property our Within to our see our group, and of XXX(k) we and received pleased this within portions and strong strong and benefits practice from practices the We group. casualty lines practice employee also support litigation Benefits our business, contributions were our advisory from personal

And onset our of of hardship our us following depth services expertise. by more the faced reaction sophisticated change platform our needs. larger favorable addition, we're as clients with targets in payroll In that clients benefits of in encouraged the past, complexity of breadth and mid-size to and times economic of allowed and COVID-XX, business described we by and our to always market the new many showcase

climate, mobilized Our and in teams Payroll other Street lending understand challenging our to packages the relief of program. business Main Plan range the the available and this stimulus clients help access quickly including and wide Protection prospects, and

our attract need clients, of led resonated and thought robust the with of a it allowed new current prospects business. approach outreach for has support prospects advantage us digital that emerging programs. pipeline new to These also serve our more take ongoing to with our efforts leadership relief combined to While of more sophisticated and

is financial certain our that ongoing require relationships those continue and specific us that than work those discretionary project-oriented pandemic clients a revenue support our expected, as site industries revenues. to that business restaurant to we will amount industries Also be experience to hardest business that small we the the lines health of deepen and retention in business. perform ways vital the and to cases support in that of in amount to some addition, to their the noting clients provide our worth by growth. total client's including improve it's of ongoing that In and With we represents did tied at provide X% services tied those client many our our in to less will softness hospitality said, more hit

We in several our number which past by seen over and have business that we small also improvement weeks. clients, area experienced an the layoffs impacted softness a and in of payroll risks although business, was some midsized among

moreover, in need result our perform that working be growth business slowdown on in of government that need perform consulting but to And site. this work delivery that ability normally adopt we our to will information the clients the a continues do from solutions virtual as are the to to provide the we we that lessen to do work said, needs that well, still be be With did not of clients our to health with to on-site we area work. our certain performed. care a experience our the Finally, and

a XXXX. of to occasions second current and possibly compare year So the into we would crisis to delayed will the number financial the in at and economic was of half expect the the work of XXXX flow quarter XXXX. shift asked been climate that second to the We've

the it of well well to that allowed attributes the those in was to continue it's Although, same us described our two perform current that there during perform business are and that attributes substantial to allowing are financial earlier us in crisis differences scenarios, our the environment. I

us team, addition, the been more In including processes These aspects visibility more we investments of we've of sophisticated of have people, resilient and and in since profitability XXXX. in were Financial that investments our payroll stronger today our and improvements made processes the our pricing businesses. in platform substantial These investments significantly systems numerous a in and with our time than and in business technology. producer goal our granular more make of into enabling implementation the expansion meaningful Services

we came pandemic earlier, mentioned coming in into very performance financial a position solid off a As COVID-XX XXXX. in strong

workforce The our our number of to all In us pandemic, to outset control control we took our mature are reductions, of buyback the team our significant suspending of XXXX the We that program. believe a found actions across-the-board cash that has throughout a cost in reductions addition members the more in following discretionary including experience by hiring started furloughs. of measures watching note our reduced cost best and spending balance priority. our our measures many of avoid the liquidity, compensation that severe those to taken sheet competitors in downturn workforce strength a position professional been significantly among stock themselves the and extensive other have We maintaining services limits this when the preserve improve. allowed firm challenging workforce implementing conditions And from industries. key and placing and our time on including the at freeze,

others not approach to being to inform those for foreseeable said, the XXXX, in experience the us recognize may own While that lessons be pandemic. All was our the and future. we our that our with pandemic continue from that

Grove, it over for the Chief provide to storm year-to-date. pleased if Ware are are control details point, with and Officer we Financial number should and we weathering use growth opportunities At have second available in this we performance additional us future. we more that our are in performance of need identified financial our to I'll them quarter the focused levers cost to on a more our on in the turn specific presently survival, While to-date to

Ware Grove

want numbers continue about released the you, impact business by take, of was respond of thank morning, a the take want revenue and the I second to X.X%. second more as this Total through an of some ago Jerry the good we revenue with increase I few pandemic. detail to COVID-XX same for quarter year quarter a unit million, X.X% and $XXX.X environment everyone. to morning. over the declining also the in we minutes changing Well, actions to highlights Further, to the run talk of

X.X% operations year With $X.XX with the $X.XX XX.X% quarter the for compared tax were a ago, a share second income improving to on margin before year earnings with continued from per a the in a million ago or ago. was year, revenue Adjusted quarter the second EBITDA in $XX.X over second $XX.X quarter. of XX% million a year XX.X% increase share this compared

June ended year, total revenue months by six X.X%. this the For grew

with result operations year per of ago. continuing six XX.X% a for $X.XX ago XX.X% As share $X.XX year a earnings Adjusted margin improved before were the EBITDA a revenue our with from tax business ago. months compared at or Total was X.X% on a compared revenue Services XX.X% of same year and the unit this down up this quarter X.X% down in second year. was $XX.X is with million X.X% within over revenue Financial income

Financial by X% by X.X%. unit first revenue revenue For six months the up grew same Services with

grew Insurance Total same to revenue decreasing quarter Turning and revenue the with X.X% the Benefits services. in by by unit second X.X%.

Insurance declining six first months, unit the For same X.X% revenue was revenue X.X%. with Benefits up by and

second with stable our quarter. commented, core attributes in Jerry the services business was recurring and relatively essential As

taking to Some four program of payroll approximately service business six second aggressively represent and environment or and lines the actions and for and property casualty months. more service These as private unstable the valuation within we units to costs such those quarter targeted revenue XX% X% of vulnerable businesses. equity are business are revenue lines manage economic approximately more advisory

these X.X% X.X% remaining severely growth year-to-date. X.X% year-to-date with impact growth at the the the quarter quarter Excluding impacted of business was unit the were units organic and for underlying the more that and same core X.X% for

better other basis. is understand results you focused travel, variable or largely operating reductions costs benefited on of variable expenses. discretionary from quarter annual To million in six-month categories reduction Second the expenses and roughly on within and there compensation, these $XXX an help marketing discretionary in

immediately do where margins believe to it in expense to want you very a a revenue to is short-term, our expenses these of to to is not can impact this we shortfalls I Now targeted have an possible order manner. mitigate reduce this manage but level in protect lead over and dramatically

expenses. Now let me you as more add two comments at add about color and to margin look think

but the And this, gains X.X% the or administrative were the year. income for accounting compared of assets a versus nearly Eliminating losses gains ago. with remember year year with year year number held the general familiar operating are accounting excluding for information, six the this quarter And that on for the you of at year-to-date expense assets XX compensation revenue year or ago. versus ago, June was for second a same And a at please X.X% to the ago. of second gains accounting most $XXX X.X% and with months XX.X% in losses. XX.X% the or First, operating further in a compared was was million income XX.X% revenue this losses, quarter the X.X% impact deferred for XX.X% consider in plan

the this there accrue in the I about with for in But about prior costs over the our half the more year. benefit general in by per routine first are of and expense care CBIZ this and minor for second outbreak, compared you the X/X companies, of is of reported reflects $X.XX $X.XX procedures we of This the that pattern will were is evaluate care about remainder cost accounts we $X.X for The costs we care in self-insure with results employee with employee year. EPS improvement year. in think program of this lower first mind want projecting of year six with and in months. a unclear year costs volatility every only talk health a X/X lower the half COVID-XX half with Like line million this year-to-date to health in deferral estimates It first developed first of share. costs benefit significantly the half expense compared medical health the persist the care the estimates. of reduction quarter and the year connection this this normal ago with second Bear as CBIZ improvement balance the year. we that many are compared lower in about balance the so and year Normally item the our to

Now was at facility was of net June debt outstanding $XXX.X $XXX.X March of at net And end on a million. the the of outstanding improvement million the credit quarter. $XX debt million cash of second end the during cash

end available credit under at facility. drawn capacity of measure March, $XXX had down the precautionary fully million all a As our we

With approximately the with EBITDA. is of since borrowings. repaid measured experienced, approximately of the quarter $XXX during trailing stability at we excess second June, and have leverage liquidity have we undrawn have improving XX-month end million At against capacity all the onetime we

own their on customer watching carefully very collections preserve are as We take to clients receivables liquidity. actions

quarter weekly DSOs focus Capital spending Remember end communication bad and for of XX this days compares we spending a the to liquidate year total has debt the year of reserve million. Full six $X.X the team to we revenue points year that at expense the $X ago. million $X.X build quarter the million and days increase XX we XX in capital and capital DSO year. the dashboards for that and $XX million service typically cash within half into a cash June of basis reflects in months increase in client as range second points with and later year total year, nice the first was was second XX a quarter. collections. the receivables to tools ago. was expect million. XX spending job half debt that approximately the additional $XX recorded first the client utilizing on for at basis Our first of This compared a Bad was done approximately

as in are to uncertainty liquidity of remains. carry the day coming payments and risk sales reflected but improvement the expected in as this As improved, in outstanding and has client reserve continuing are we level

we service commented within Jerry total allowance that mitigates risk. revenue. As service, on debt our recorded than hospitality our And industry businesses travel-related client diverse represents of is or X% this and clients less specific focused exposure food the bad those

announced million. In contribution the we on quarter in addition to three effective will announced annualized revenue X of first the July approximately an acquisitions acquisition additional that that $X.X one we have

For approximately spending months acquisition-related the first was six million. $XX

year estimated $XXX,XXX and approximately for for previously this are million at XXXX XXXX approximately of year approximately earn-out in balance acquisitions the $X.X approximately $X.X with For payments for approximately next for XXXX. closed million; scheduled and XXXX $X.X $XXX,XXX million;

quarter, During for of the pandemic impact as the second business. the suspended our on COVID-XX share repurchases we we prepared

first our for for million million approximately With this. result shares we as market during And count used quarter share the diluted the in full expect the we year. open approximately $XX.X fully repurchased shares million a X.X XX.X of the

rate XX% within to XX%. first the tax effective to tax continue an half year, range rate was a for for effective And we Our the expect full XX.X%. of

prudently quarter and first been As swift is very costs flow Liquidity We take we took good opportunities advantage has measures EBITDA. second are to half the our and Jerry manage growth. generated of and positioned earnings preserved liquidity. long-term to well Cash in to invest protect in early we described strong.

should continued with With the we scenarios and unfold that to ready could economy plans address are risk also uncertainty different contingency the the arise. in need

accomplishing lie share we other liquidity. our want opportunities And this goal uncertainty repurchases. advantage acquisition have to the financial navigate investment through take period of to ahead to we we our As including of capacity that are preserve and

I that And impacted very other were we business when actions that for growth. outlined and degree performance We positioned greater the so to recovers our taking addressed as we are earlier, be lines well stability core pleased are service businesses. we a as economy the of with the further will

those with and I'll to turn it over So I will comments, back Jerry. conclude

Jerry Grisko

Q&A, it including Ware. COVID-XX touch on I'd you, stand over and to Thank update of a response where for we couple we to turn before areas like additional a our today. brief on

of of we our home pandemic, to our approximately be the working and mid-March. the clients. team to the XX% outset starting continues shifted and priority Our At in members our from health safety team of

adoption team and collaboration. which pleased especially to nationwide May, and We're our how protocols. conferencing approach guidelines with are video a with the offices welcoming technologies reopening in included adapted and virtual safety the We offices members quickly of new in change this reopening support our new team our Starting our process to now we began to of back. phased

approach actively using more our planning and future. we for everything going and measured continue we've Overall, common and We are social introduce to Further, we all now far includes the this we are This where, enforcing being establishing can requiring in learned through of go. how experience and spaces. to in to when so use work are systems adapt as distancing we into the so office shared flexibility and learn inform guidelines appropriate the our we mask forward.

efforts want M&A. to briefly I discuss our Next around

we've full year, transactions these to the the this we elected XXXX including we were these support So on ensure given best achieved on onboarding complete and could in a early of pending days at of to for integration that at of the possible pandemic. time we able placed constraints several the strive transactions the CBIZ. to the we the four be but not -- acquisitions. far We businesses transactions concerned our hold we cash, to the might to experience also We outset opportunities, completed with into this that create And both put conserve onset started pandemic. of hold potential pipeline have

pipeline. given strategic this in be these quickly capital and today, will transactions, new have reengaging ensure with experience in while the COVID-XX. move to we to actions especially the We opportunistic We the make acquisitions, are now there changing around near actively renewing environment. our discussed believe firm's that recent that available opportunities be in our we've of The process efforts term,

the cannot. Given targets We resilient organization capitalized is of stronger able can resilience, and I level this and demonstrated unique others our even well being better attributes many opportunities CBIZ nature. from offer stability the large and to of our like emerge of potential crisis a articulate of part believe of a we business can now value that that

seen specialty of CBIZ' business we've has Looking forward, our that today's that essential services core the current the mix is key from right is takeaway What this give the call will ability while regardless strategy. recovery, environment near of validated focus environment advisory in to services maintaining well and the us and our and perform the in of term, growth. long-term pace shape on

onset some we anticipate than would our other accelerate specialty Every believe of the services the back and now that in With and private experienced, long-term action others the us that, taken exactly I when turn growth position only of for been success pandemic but over will short-term, has and improve. well. advisory, to that as better we've our conditions will allow protect what we While since it Q&A. perform business equity to we the this situation, services for in that's growth, not that to us

Operator

go begin now question will And our Nicholas question-and-answer Blair. William Please will Andrew [OperatorInstructions] come session. ahead. from of the We first

Andrew Nicholas

Hi. Good morning.

Jerry Grisko

Andrew. Good morning,

Andrew Nicholas

on I SMB I'm the the and trends? I'm retention. client of for color with the next guess, just base the course which to first I market interested can July any particularly of update wanted on there start provide on your year? on extent could quarter? that Is Any to progressed -- impact front you existing pressure outlook over to it how an just half detail client the

Jerry Grisko

it's Jerry. So Andrew,

experiencing at couple being clients. generally There across more my a our in As we rate of than we're that small others. XX% comments, all environment. are our retention a in opening have similar the about pockets And of this of I said -- clients impacted comments, retention are

you and casualty types those again, have specializes We take hospitality, has business as of amount our type those spaces, industry, been the a in aggregate significantly water when in of less its the a business clients Property -- more although, an well April, business, some for X% smaller than our impacted, in specific is which attrition payroll and as of that Airbnb revenue. of total That part recovered sports clients and although, our of hit as saw action since our our we all it's program the it's far things. of also as within of impact on -- peak then. some And kind of that

board So also XX% all we're that we're say, seeing note And would is that told extraordinarily the and environment. in in retention really in our what, this positive the we is and environment is I us. for like XXXX believe this seeing that I experienced think XXXX, I the rate holding clients are resilient across

Andrew Nicholas

of detail as quantify this, That's my helpful. current if over terms of government three of business good two revenue And are you next apologize the fell care much quarter? realizing the or But the could out prepared what that And I a missed in how Great. your follow-up remarks. revenue in expectations and health quarters? in I there's lot the consulting second

Ware Grove

Andrew. your Hi, of because is second not pushed it is I think that lost, And part key, gets just Yes. out. revenue question the

slowdown client So to is with information basically access and down what's cost us. into slowed happened has reports the

result. little efficiencies as a bit So our have a suffered

in mid And typically half, we relatively grows For flat. business the the to say, this this was first range. high-teen

we So stronger… expect

Jerry Grisko

high Mid single-digits. to

Ware Grove

range. I'm high sorry. I single-digit misspoke. Yes. Yes. to Mid

conditions was if revenue in more that the flat given a that's first half. normalize So of normal that half will are deferral things into the second the and spill second for it half, us the

Andrew Nicholas

next this quarter And kind the early in all quarter and up catch just thing third mid fourth quarter I would is of more build high growth? Or will your mean, expectation and single-digit-type be is follow-up, as up a like that really kind single, the traditional now type of of next? again that

Jerry Grisko

of get to Andrew just as work done receptivity and do into back the fourth little the it's we recovery given or more on-site pace of services. will XXXX, can to and third a kind It's when were quarter whether quarter, of hard Yes. virtually. allowing our But flowing is to there expectation us essential tell is the of work that get said this it this an clients

is We haven't work get a lost to this bit difficult Timing little more these contracts. done. predict. And we will

Andrew Nicholas

Great. Thanks lot. a

Operator

Our comes CJS Securities. Please Chris Moore from go next question of ahead.

Chris Moore

a was guys. morning It good quarter. Hey, good quite

Jerry Grisko

Chris. you, Thank Good morning.

Chris Moore

at bit of point a isn't Maybe guys question, you what's areas are big guidance? just morning. from one. a this time? uncertainty reinstating Obviously, from but biggest just keeping other loaded Good at flare the visibility this there where there in point is another But is

Jerry Grisko

begin as those to them today about expenses going and you we things conditions. improvements. our Chris be what's they're conditions in as based Those second while and what part or of throughout again as and be speak about what predict can't always expand by our they optimistic the tends the types we're confident always them and are economy their clients capital large reluctant year to to of less their within do half of of when might tend know, business on project among those Yes. clients, and which are the we country hearing the businesses driven tend they out is make is level to go And market That with they their to work. expansion, investments. predict and in opportunities activities that more like be the from on really confidence our prospects others kind heavily on market work reliant acquisitions, to

one And to be. have the do impact don't half. might that the work will amount of or what that estimate we just into another basis second translates in a that for of way project trying all we So,

Chris Moore

Makes enough. Fair sense.

you were the too but Towards ramping it prepared get of can't M&A end remarks things there. about were or sounds specific, talking opportunity. like Jerry your And really the you are

not these we the targets second of a still year? of potentially or half is this available? are seeing have should You that be And yet in more sense to some whether look

Jerry Grisko

the of the to -- it's first None yes. is as Well, the the having were first question timing we in always, of answer have let dropped answer that are of list. of But discussions still closing. which off prior we pandemic any is with the pipeline? size the your The to they difficult transactions predict that that onset me

are number revenue all held of have actually shifted reengaged nicely up in areas with we the in fact which their that a pursuing more of environment where mix quite the are has of we've this In in in us may in discussions stability this business of We're encouraged particular our environment. -- gives those revenue that their actively conversations. while confidence in those that

that speak in In addition, the accounting we believe in on that regarded notes that at to very particularly competitors, as first where They us of we to has going quarter with there's for to they the connection discussions We opportunities have make was that the it the with our seen -- liked were CBIZ. resonated or services so bring to have breadth past be them to highly said may message it now we our doing dialogue ways would they CBIZ really story. well diversity, and with to industry them them decision bring -- there there a that a was able the geographic with today ongoing scale, diversity, point. They we've real resonating is been have have -- had been all the before. but no able side the that not many how at in for clients advantageous is of need to them and the

now of encouraged so conversations that regarded really we're in prospects those highly very, very by. initiating And we're with the market some

Chris Moore

line. back Thanks Very in jump helpful. promising. Very guys. I'll

Jerry Grisko

Chris. Thanks

Operator

go Sidoti Riddick comes our from And & Marc next question Please Company. [OperatorInstructions] ahead. of

Marc Riddick

Hi, good morning everyone.

Jerry Grisko

Marc. morning Good

Ware Grove

Marc. Hi

Marc Riddick

And circumstance. it a I this remember you if little about year have if have -- XX% similar you if XX% that. of I had extensions. a And had was what the had activity. versus touch think was it Did know same XX% there sort bit I'm that to to wondering remember as year-over-year the delayed recall filing the might mentioned But very follow-up chosen last I you'd you on And think might who it's maybe last? was if talk be that filing anything about I if a year trying different how it on had how -- could and of I and properly be -- chosen those is extension we I maybe different? you I wondering growth then to activity file you -- was a

Jerry Grisko

Marc. but the Thanks it's that at for the about levels it We tax number year. returns last at do the about year, are question. same Yes. of Last they of that a year, of levels. on are this Act, measure extensions result a and year reasons the this percentage That's the compared reform, same we're to different extension result was CARES the of good

Marc Riddick

was great. -- talking wondering course like we Okay, the the further into those needs and should little look going challenges evolved you small I talk how that and be spent year. -- wondering needs then should how what what of if I that. those face. it shifting gears how forward -- if that's business client bit -- about a of about and sort pricing of was pricing was and you addressing they like the could of look time I bit might of what COVID-XX-related thinking dynamic during needs sort And the evolve. the that wondering might of you a morphed some about could And little

Jerry Grisko

Yes.

Let me here. pieces two take it in

also work and margin be the But that the the loans. we tended to all, them clients that work That of the the their important helped helped was providers. us for in in package receiving market, certainly did applying in it It level relief were competitors the get to client. of support help lower with certainly because them we that weren't strengthen from for in prospects the of that us. other to our from It to the client to front service that particularly First immediate work helped preserve nonetheless helped relationship. the for assess market it

somewhat And us albeit realization on to so at rate. of a it fronts was important lot lower a

funnel the our more of the did top is result the time all did the again pipeline and the prospects part work we encouragingly that pipeline second during for webinars, leadership, as thought of is The an period we that spadework at the the digital of of a high. that our outreach all-time that

and did takes to But than that Now convert that at closings higher our at -- while pipeline. at we would expect pipeline converting that that we to and working We're the initial the it right? historically work is that seeing rate is that into that through rates work is we're that a receive. -- a

size So I for to we to what maybe plans do bit and us both of you of to the early reasons that kind to early this ask our what it's if help But sort look I stages and support a for I from helpful. as going about if out. is wondering could and was brand undergone a you spend hard The little rate we sometimes would customers and we're all out credit work forward? your to. But what And in a into color. work the That's there? that the could Marc you'd that the segues and to little of of indicated wondering on tell give what certainly the that in you. how you tricky was gaining higher as be did is, efforts. for any you parse far these And all there clients Thank Thank that tends always things that coming certainly, marketing higher thoughts or -- Riddick update the you've then us new of like part important have margin. encouraging of building very to the that's out shakes pipeline kind the - Q Okay. way seen about if talk

Jerry Grisko

Yes.

discussion So years been branding the our several over campaign. past national has around the

on that conserve first put there. our part reported of COVID hold really as cash reported. were very we the quarter, in we've indicated on to started when focus comfortable we conserving feel As We as as

at So this reinitiating to on it's if here it We means we period ongoing point political going of advertising costly. time out of considering the quarter be quarter think continue that and some very that to basis. would do of to we you cycle third an that ability important fourth which took be because the during have is do and to that

that successful. for have that branding referenced the of we've highly earlier time have I've we've in than is we programs been more which the all of this other up suspended made I that period national during our which campaign, believe things done webinar Although,

this and go helping day. in way them market other our to had unique the a tell we've continue across story outreach, efforts our we've brand to board. really digital environment The think gone the and had We that this to into of because really long build has I

Marc Riddick

me. as see driven in how for the you conversations. opportunities wondering for Is that might regions or details particular characteristics? any regional the And -- pipeline mix that far there the differently I was or by of might thank at last targeted areas around beginning one and acquisition the experiencing Thanks. be you than you're looked those Okay. giving different then financial any the seeing you Great. different year the as maybe anything have developing

Jerry Grisko

we strategy is No. holds. really The our answer --

of strategy interested on very at based to the those market. geographic look interested. and that demographics in Our always is attractive remain markets We're

we've We seen have a on environment particular -- if particular based that really in a with been in geography has impacted question. target not not been the disproportionately discussions this that's a

They're responded have held a acquisitions fact, So of but talking targets this in actually number in held as quite been quite they've promising up more different that well to we've up environment. earlier, actually in geographies, the I well.

we're So that. by encouraged

Marc Riddick

very Great. color. for much Thank you the

Jerry Grisko

welcome. You’re

Operator

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

Jerry Grisko

supporting alternative grateful. the mostly, challenge the to focused last for to thank always continued to call like quarter. Thank thank wanted forward every from healthy the we that throughout work you you support. you. for being for we to to talking for do our conclusion, in on And and And flexible be resilience staying I Thank members other. at third team our In and couldn't listening as to arrangements, you. team be joining their I'd analysts on respect. I Stay your call and continues to in This look more to our everyone. who us today's on clients Thank today XX Okay. each just rise weeks the and may end the of investors

Operator

you concluded. has and disconnect. conference attending The you now for may now today's presentation Thank

CBIZ (CBZ) 2 Aug 202020 Q2 Earnings call transcript