CBZ - Earnings call transcript Q4 2020

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Operator

Good day, and welcome to the CBIZ Full Year 2020 Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Lori Novickis, Director of Corporate Relations. Please go ahead.

Lori Novickis

Good morning, everyone, and thank you for joining us for the CBIZ fourth quarter and full year 2020 results conference call. call, Relations release cbiz.com. page this to been with Investor the of connection today's has press posted In our website, call an and webcast webcast on our can is to found This live the also a be as replay archived link as website. and transcript well being

of remind the release measures the also website. discuss we forward-looking our in financial press certain and Today's conference Before to of statements, measures. our financial can regarding the prospects. during Reconciliations we our today's presentation, that begin these be non-GAAP in found presentation call, on tables like strategies results or investor statements cash condition, of call include would you business, flows, operations, management may financial may including

only to of future Forward-looking not that are assurance estimates call and give date relate intended risks be assumes differ detailed forward-looking factors note Exchange CBIZ materially. actual Please yet as such to future these to are to description on obligation statements filings of conference and A matters the can not forward-looking inherently results to Commission. could statements. Many in this to the Securities subject any statements more our that with and have uncertainties. occurred, Because statements results. update no represent found cause factors

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

Jerome Grisko

Thank you, everyone. morning, Lori. Good

that full fourth favorable of enable I fundamental climates. income characteristics from EBITDA I and to less to to and this we pleased revenue, growth in both of year for quarter announce past in emphasized the adjusted results release continue business year, total operations our our Throughout and well XXXX. morning, the perform believe both the of With favorable us continuing the were business

revenue is that the characteristics others host clients generally including services, retain of generated We year-to-year. services, our our XX% our our that XX% from quarter of from insurance call, in clients a tax our approximately on provide of described I and these conditions market. services, essential economic we second include As services payroll approximately of regardless to

We geographic client diverse variable our of industry. size base serve enjoy have terms amount in constant and footprint. substantial We strong a broad a have business. and in and cash flow We a expenses of

testament of Our the to a model the challenging climate XXXX ability strength our business and throughout our to team. that characteristics, resilience and grow agility was of business those is the

accounting in than more in to predictable. tend less our results, reflected expected earlier are our uncertain the performed challenging while essential services steady Generally, are are expansion business. we decisions from Financial making play clients or litigation and consulting & such or health business saw during our around growth, our experienced our performance pursuing when Services this of described more in climates higher to business and care our core of discretionary and plans. business some businesses acquisitions We more out services services certain government Within our from better perform support of group, performance more well much and continue our business strong As discretionary others Many tax volatile in continued XXXX. as environments. even demand significant

business private our project-oriented demand our the certain valuation for and We in of portions equity services, also advisory practice. and quarters as in our experienced a such slowdown third discretionary of second more

In practice. discussed health of had those are our call, information. to fourth and our for we client access receiving many to levels, services to the resume the client XXXX. slowed we our during were normal fourth growth that rate rate care However, On more the of remain provided business particularly expect restrictions due on COVID how in for rebound One note business last of supporting for to of to for growth to began and quarter, clients' strong throughout demand pursuit in we that tied services that quarter, temporarily acquisition demand to those government see pleased of facilities consulting services the the delays opportunities. by

note that One to restaurant conditions more here that similar casualty of other processed to and payrolls tied employee the experienced Turning for the results group. return of for soft personal more economy were some note lines. lines including upmarket, as of hospitality we performance clouded small We The our last from on casualty clients to the provide the had our decline payroll relatively services that tied our Insurance and the a in and for Benefits our encouraging it somewhat expect Services Benefits adventure is essential sports, plans industry our number our the more to our a property our strong by commercial of to that by growth the solid project-oriented negatively view, business. and retirement a business normal from the the and were portions we services business, a group number property for of smaller portion business, clients, benefits demand those and and particularly a the the our economic and improves. that Insurance Financial those experience advisory results with softer service provide, portion to From services consolidated impacted robust relates of platform. the we once to business we levels

this investments revenue those new producers on organic We substantial investments and long-term to early a as essential producers Those the several brought group, over are outperforming we this projections. sustained drive The encouraging. training And report into hiring, very is the card growth. have made years investments past our that are program within new in supporting group.

to we As program this continuing to and result, to business program new our in producer a lines. are other invest expand

ready very a low balance financial and with we Now enter strength sheet, in year position strong looking debt a forward, capital. to into this of access

than amount we discretionary significant considerable a are economic currently anticipated. XXXX, manage we of have to As if and expenses liquidity, items variable in worse preserve spending we can that conditions demonstrated also

client for demand remains our quarter uncertain, a the discretionary the to for the cost to and measures in to comfortable volatility to we Based experience ordinarily for more in expect our XXXX, to for conditions than prior command our that much of on in at strong we we client the I While view improve. essential elected interest increase issuing core financial continue remain more of we we XXXX, want climate period services business, services the our and as guidance caution many our year. of performance expect do business reinstate the that to strength we control same are current while guidance, have annual this year. given when comparing business have

So doing against would we so. caution

Our of outlook shape XXXX reinstate is M&A months for I and in the impacts specific fourth quarter CFO, continue We six first on couple equity what throughout XXXX, and the XXXX. XXXX. decision expect this will to over will These on half similar our year more our many of Ware? point, and guidance of saw experienced our our turn quarter continued to assumptions the include full Grove, fourth of in project-based to and Ware this key we to assumptions it to expect performance which be market, based provide improvement for the a second XXXX. that details services. of nine the recovery we trend private At to in more financial

Ware Grove

on and growing further few for total you, report the details over per for XX points. We to $X.XX take revenue full pretax of to a ago. the important good the $X.XX highlights points. released morning, we recap X.X% continuing increasing operations The numbers by a everyone. margin basis Jerry, a run year, from full up earnings minutes pleased this share reported Thank year and and through I year of the were to few To earnings want morning. by XX.X%

As emerge with business measures We toward immediate a our ability the a order considerable to was clients pandemic to our growth. serve number and healthy took could as view a that the took and there actions preserving of we and we ready of to impact prudently strong everywhere. liquidity, COVID protect in control expenses uncertainty resume risk to unfolded,

completely but the with pleased weathered XXXX. dedication many company and storm, the our are actions are we stronger not in for model team, coupled with took, CBIZ immune, we been a we of have now that has We our experiences the business

and in primary $X.X shares concern confidence under acquisitions of ended liquidity. the of flow. Our repurchase continuing first on year until our XXXX flow credit million operating mid-March ago. a nature paused the facility, from through debt in $XXX.X X.X outstanding of we protect only million positive $XXX could environment is Perhaps to After XXXX from with best cash was three our of increasing at XXXX, and million strong the cash quarter success repurchasing million our more our active We trends. our develop an with we both acquisitions, share the activity mid-September measure stability year-end closing pandemic

year million of acquisition 'XX, acquisitions $XX.X For activities. capital the of utilized full seven closed we for and

the $XX.X shares one in deployed million year, million repurchase also the quarter. We shares to million for fourth of X.X the full repurchase including approximately

X.X of unused This $XXX.X For only with these borrowing times a of capacity. leverage year, results our used million million. million, million of EBITDA the adjusted capital in with purposes, for approximately $X.X of by increased full $XXX $XXX.X two on ratio

capital activity, 'XX, this Through into of with the and roughly share shares more shares intend for year we within this our activity. additional than recent to two have X.X million XXXX, past of to also shares shares, our in X.X our $XXX resulted offers repurchase activities. Considering deploy million have of and for repurchase you When capital this nearly utilized compromising the sheet XX the XXX,XXX to and prior us million for consider combined cash has to repurchase without shares Going repurchased February for year, we balance of continue these attributes, shares years, With X% we of flow repurchased can to and the continuing when X.X% level flexibility an XXXX, repurchased repurchase shares. great capacity acquisitions. our repurchased or this in we acquisitions shares date continue strong approximately outstanding. in we've outstanding this

operations $XX will in important acquisitions operations acquired and this closed will eighth plus these announced payroll We'll in strengthen services. order million, generate transaction we million million revenue. approximately add XXXX, newly in of In platform estimate estimated our rollout collectively and seven XXXX, focuses an XXXX, for to acquired an upmarket services in our at XXXX. approximately January $XX.X these clients. transactions effective capacity of approximately Benefits Strategically, on closed use component in $XX earn-outs to and from add a Acquisition-related that XXXX. $X.X the payments one further we $XXX,XXX XXXX are services advisory Insurance previously integrated annualized million accelerate on financial million year, $XX.X the approximately With we'll in of

year For spending $XX.X XXXX, of for in million full capital quarter. was was which the fourth the million, $X.X

$XX of Depreciation and expect XXXX. fourth with $XX.X was $XX A $X.X for We million. $X.X ability to the within was our looking the amortization range of million, In as full amortization. expense was capital major depreciation of quarter, unfolded receivables. into us depreciation expense pay million in concern year $XX.X million million, XXXX 'XX spending pandemic million and clients' amortization a the ahead of to for

a performance financial with processes days job and As outstanding refining the first management sales at tools stood fixture outstanding are our receivables. and a compared processes quarter receivables XXXX, our at economy. in the of digital despite and end volatile These stress conditions on we in work remote Days billing workflow new this great did earlier. XX At the team XX to the in our communication days with tools now adopting for year, year the days conditions permanent more past and throughout of end improved a and of the sales clients. year transition

the areas of end $X in carry of million level our At that Although as significant is not client improved, reserve base, in completely the sales quarter to although businesses. immune with of severely uncertainty reserves bad no more we clients an of also first for there XXXX, we the in days entertainment for evidence or that of economy, outstanding the the debt. bad good performance recorded continue concentration such this diverse travel, debt. restaurant impacted hospitality, additional to is continuing financial economy, With stress, has

unit Financial year the For the was quarter, the the full XXXX. total total unit 'XX, basis total of in unit with Services, bad full XX revenue X.X%. same was X.X%. total grew X.X%, quarter, up XX basis up year declining In for revenue for compared points revenue of unit X.X%, up X.X% X.X%. full was by Within debt Services Total consolidated same same was revenue up points grew year with total revenue expense with X.X%. by of for revenue slightly and with revenue In revenue fourth revenue revenue same up by the X.X% Financial fourth

to and Benefits Turning Insurance.

For same and revenue the declining And quarter, revenue unit the X.X%. same by by revenue total in X.X%, X.X% unit declined year, fourth revenue by X.X%. with grew declined by

As I in where impacted of our services of was more impacted were number our indicated growth economic call, small operations, conference transactional severely the third conditions. a revenue quarter relatively advisory numbers by nature by or

of the year we the natural impact revenue other than margin improving and accounting total in health the by a of compared growth in of by represented impact reported to rather businesses With revenue Adjusting the same X.X% than core for levels, took of self-funded items, lower the cost the X.X% saw XX% remove our X.X% For rather XX expense were gains plan, T&E plus reported. the X.X% collectively, care up deferring year, year. in basis favorable resulting versus businesses, on discretionary costs and reflect income unit exclude total of XXXX from health approximately discretionary from deferred. X.X% came XX.X% for and businesses compared XX.X% in the businesses, grew reported year, these the expectations the XX.X% entertainment would growth impact travel, but for approximately operating from care to XX% things, decline points full elective was the points X.X% X.X% Adjusting the from remaining cost income in of revenue the reduction for by our deferred prior XXXX. these reported. as compensation revenue and benefits. of and X.X% versus measures year, costs assets to unit control revenue, Among reflect held full prior prior the operating the these we the Same revenue XXXX, pretax came medical in at margin XX% reported the the by losses XX.X% procedures basis declined would impact favorable grew exclude X.X%. to XX with Fourth adjusted in with at quarter these

XXXX. in As will XXXX very environment we look Jerry during like the outlined, business the conditions experienced much think we second half of

Of as is think impact there course, a COVID uncertainty matter, rollout revenue described. impact of risk the to timing our still in and successful Considering acquisitions, continue the XXXX, of we with and businesses in of performance and unclear, core similar is vaccination together the stability grow I very and just a will ahead. recent

XXXX X%. We are in within to of total projecting revenue X% growth range a

mind, ahead, the do March. a we you reminder, bear a provide year a impact as felt As second in last the year before was about COVID relatively quarterly quarter for of first not we the in half strong results. think guidance But quarter

of revenue XX share margin With $X.XX items, of looking a are the XXXX. we recorded our improve number Consistent can X% within range a points. growth to expect to XX% expectation, to over within per with a X% the basis discretionary range of to longer-term increase X% and manage we XX goals, to we earnings for

was You the XX.X% effective in will rate note tax XXXX.

up this there the to from tax rate, count. Ongoing But as Aside of we are or will arise diluted from fully share million million weighted rate. we a tax the XX.X may estimated look any law in impact tax the new share down ahead our impact change XXXX, projecting that shares variables we can down. are in year, At from that repurchase are diluted number XXXX. average fully administration, full effective XX% for time, activity a shares XX.X either

the we the year, first million 'XX. As the for I the improve increase continuing X.X% and at end XXXX or EBITDA prior shares, throughout in mentioned, are further Adjusted came and expect of in we estimate will that at this from update revenue, of repurchase a XX.X% margin to to quarter year. $XXX.X and we

pleased So the in through demand we we and conclusion, see as were year. to stability progress client in flow cash

We stronger company challenge stronger a from have as with processes. emerged XXXX the of

dictate will of our performance XXXX, the the stability, by ahead, into the evidenced continue Going and as this to we year. year. update think throughout balance the business we We plan expectations recognize and will risks reflect conditions past our to the uncertainty

these it turn with to I'll back So Jerry. over comments,

Jerome Grisko

areas Thank you, to over a it Ware. for we I'd turn couple like additional on of touch Q&A. before

market unique our about our and that would allows how our solutions are provide the us I clients to talk industries. to in position in First, like unmatched it to

While very move greatest our that when aligned or throughout and many needs. lack pressing to services in competitors most analyzing the capable business holistic, XXXX that we need model expertise across coordinated most and provide have as and to provide, to impactful clients' often of decisions witnessed our quickly resources a large we the collaborate are the lines CBIZ's number ability services strength bring of our opportunities to service to bear their for were businesses, that they geographies to We not responsive of the relate solutions we clients multidisciplinary challenges.

and for CBIZ that solutions We competitors. from our holistic us it distinguish by approach brings our for our further that encouraged the are the value to opportunities clients are multidisciplinary excited to presents

additional solution support The to our similar of another Next, We quarter. our in acquisition payroll acquisition BeyondPay of M&A. relating outstanding in earlier upmarket to XXXX. team brings follows to implementation the and sales welcome organizations fourth two capacity

Based is value, strong insurance business. is with acquisitions XXX-year also Borden casualty We of also Both property New factor over our are Coast. opportunities. the history Perlman acquired Agency an fits, we of leading provider when strategic serving on within Insurance cultural important casualty provide acquisition a clients but the in most Borden these of East property which and consider and Perlman Jersey,

As of overall, XXXX, a talent Ware our which strong and acquisitions mentioned, business. base to we client in all completed bring expertise, seven capacity,

acquisition our attractive completed to an across growing our complying provides As I mentioned growth Group Middle tax Colorado. number already services our earlier, of companies addition continue rapidly one of with in strategy. and Market to Acquisitions Advisory the component accounting tax in Colorado complements market a we've be Denver, MMA groups and middle XXXX, core consulting of family with and industries practice. essential and practices

market the in third activity are resume. While quarters slowed last the and second M&A of we year, seeing

that services finding CBIZ us clients are The We story many of and compelling can depth members tell when challenges to our faced to of of the potential our value our light throughout throughout to COVID and that pandemic breadth allows by performance a expertise. our smaller competitors the a on partners. and scale, team our shined as bring it a comes result

As as I has we outstanding a it acquisition can. years, take result, many our as will With seek we access many turn been these aggressive pipeline this, and Q&A. call capital prospects to than for in to to have of advantage stronger over opportunities be of is of we the

Operator

Thank you.

question-and-answer We question first [Operator Our Instructions] will Chris CJS from Please Moore ahead. go begin with Securities. now the session. comes

Chris Moore

guys. Hey. Good morning,

Jerome Grisko

Chris. morning, Good

Chris Moore

it specifically more a Good bit about morning. QX. Maybe just relates the quarterly to how talk little volatility,

of 'XX Or any the the given the QX range? the might So there? growth the lower to Does be think QX revenue to is is guided in that thoughts towards end that midpoint the QX strong reason X.X%. apply

Jerome Grisko

annual question, guidance. that Yes. the opening Chris, guiding before Jerry. made to note comments specific really kind of have quarterly caution it's really in any annual my - comment We an comparison. Hey, we're we I against on I

to us came with less is And first be think very the predict to I predictable is as sit be certainty here to a type last guidance, far today, comfortable quarter-to-quarter challenging relates it you're be you dissuade again, And really Any out particularly difficult be quarter, very, but from to going be quarter-to-quarter. of I year. like for are our with to quarter. predicality any to think right. to going we to as XXXX We or year. quarterly to going that's particularly this a able going for [ph] very challenge we'd this strong year compare annual with very we comparing in a We're quarter to us. think comparisons a But

Chris Moore

kind Ware in lower versus in have some Got talked helps. appreciate expenses 'XX, guess repeating couple and a just and kind were had it. that. 'XX? of care That those you that say, Do normal may expect 'XX guys 'XX the the And any be of about, XXXX? in of a of fiscal not COVID-related of that things. health you that levels I travel, past, in below, expenses there I still be were kind to

Ware Grove

issues. creep the just lockdown here, as maybe still time. a were so cost that's got is couple this of travel that XXXX, still XXXX that. planning With of health but conditions expect dynamics expect and Ware. modified not favorable deferral to of normalize And work okay? we're costs, not dramatic will because because the we of severe distance last treatments entire year while very creep of still Chris, of manage lower, we the for respect the levels, we back year back but of the controllable half can a and back it's of on and a that pretty care we're care will pretty health With we controllable. costs the amount, to respect were just between on the Yes. are lot our the reduction those up, reduction XXXX-type would period so big and to expecting and entire is industry while a entertainment, but a That kind we situation got will that we're last that economy Those

Chris Moore

any COVID-related repeat any necessarily may - were in expenses of And not that kind there 'XX?

Ware Grove

businesses first relatively not commented In were expenses, and stronger bear thing year. I on the had first mind our some and impacted in but think of quarter impact the business. quarter, they through a the I there, the things in necessarily late first were to more program our quarter the balance that, on of P&C advisory the on the that before severely impacted. Those the businesses, like impact

that's So quarterly against where that's felt businesses. But the select we why in slowdown comparables. the we those caution

Chris Moore

it. it. jump line. I��ll Appreciate Got in back

Operator

Our Blair. ahead. William with comes question Please from next Andrew go Nicholas

Andrew Nicholas

good Hi, morning.

with Just wanted on a client to start question retention.

wondering course over if fourth it how progressed of how quarter? how or the it on And year-to-date color kind Just that the And you this this any time additional any through of provide compares color of then thinking on kind you're to about year? relatedly, could trends last year?

Jerome Grisko

Yes. Andrew, this is Jerry.

As retention generally we - favorable in range enjoy you the many many the service during lines. thinking clients about we actually XX service lines. surprisingly, business we Not a know, of weren't as very our and that of those changing client across when rates environment. back those percentile improved actually providers retention went in rates our Holistically, measured company, things, we

have the that of the program However, property that sports have the by of business like the somewhat and serves very really we we hospitality offset practices some industry casualty was the specialized attrition did in action certain industry. we that that within see and

within into as expect that Look, just our because But percentile casualty, offsets. we core improved and retention rates - some I enjoy saw we XX very that that our continue remained attrition some example, of to behind would company throughout I retention services, actually our the property XXXX our XXXX. into and services So say rates in in businesses, would about that XXXX. for of of we rates would our retention range the the us, program think a strong that's of kind core the on going a business, total in

Andrew Nicholas

you in response. Got That's the it. with And maybe one as that there on follow-up, helpful. your thing my touched sticking

pandemic. Just most the services impacted the directly by

a think I or prepared in was of XX% so revenue XX% comment remarks, about down there in being the XXXX.

Just fourth year. wondering the in mentioned there and think start the to - quarter you I improvement some

hold Thanks. Just improves, about vaccines same that extent a thinking that area in what's the subset economy what terms business guidance? to the of take in if that's for growth kind baked there's in of of not embedded any that wondering you're in? in And and XXXX, upside rate

Jerome Grisko

What So Andrew, different in, guidance, take we rates segment as is we that's again, that I say would business, the environment. but in Jerry. come predict to What as this the particular than our business say that the to comfortable exactly our we it's in of to knowing with this guidance going expect are it at how looked them highest far our segment really any in is hard set we provided. any to growth are I the given are of at perform that and concerned, would level level, things going come highest when at we

be So particular it would to the guidance of business. on a specific difficult segment for us give very you

Andrew Nicholas

Understood. Thank you.

Operator

go question [Operator Riddick with Please comes Instructions] Our Sidoti Company. next Marc & ahead. from

Marc Riddick

good Hi, morning.

Jerome Grisko

Hey, Mark.

Marc Riddick

already provided. of wanted I of the commentary of to you've how appreciate I some get Wanted hey there. to sort little we should on last of a think sense I the And of the year-over-year the - of - that with appreciate that might bit touch the years, I compare of maybe the a how - commentary about timing opportunities - the maybe federal tax work offset. couple the had provide we've you? know and that might of balance kind for complexity also, specifically what some and

prior to So far talk as as are a years how I'd like the bit thinking tax be as little versus year the far differences activity? about filing this we what about maybe should as

Jerome Grisko

have Okay. Hey, filing question. tax the I Marc,

talking some help complexity with in didn't that little were Can The You again? fully a the about you first up understand. us part please bit. of that I broke you business. question,

Marc Riddick

sure. Oh,

So we're talking complexity can of made. what that be the filing

as or as in far what stimulus [ph] either as - goes tax that. but like just packages, may PPE as opportunity things not far as as additional not opportunities, So timing, PPP in uncertainty be far may

Jerome Grisko

you, I got it. Thank Marc.

order me in them let So address here.

their changes relates talking come of would an As our changes clients how front front know, in of there are to to it out to prospects, us impact them of that you changes And our business. be as about to in business, when some in expect complexity, we congress. provides opportunity for those

any So environment positive us. generally is the changes in regulatory for

we difficult to would of some And so It's measure. very that. expect

talking Biden As the about talking about into know, of the you infrastructure. another stimulus They're is round administration economy.

that put us but clients talking to how nothing our difficult provide be but of and It's that's all very So positive. on a positive. generally to forecast that that, just opportunities will about impact for them, precise to may

As to the tax April in one busy difficult fall. roll deadline quarter-to-quarter. relates More noting, that's around push to why as this reason the you a That's another XX timing XX. right the then XX out know, good as uncertain. not April far filing tax that not it We likely and to of year. July can to on measure very the come, after it year. May it's another deadlines us year, filings, question tax moving a from - but into again, very discussion extended Last to last to filing were some did it's that's as There is XX, recur maybe to season the likely still second from worth

filing it pushed do And you'll an are for when gets see we April tax if on that out. So deadline. now, we XX planning extension

Marc Riddick

producer success bit one a touch programs. [Technical on Difficulty] from Okay. the to on on little me. early investments your the of new I comment wanted

some a bit into see wondering in you. confidence delve Thank maybe what might Just little and if you're that you gives there? and investments seeing what that could there you future we

Jerome Grisko

Yes. Thanks, Marc.

we years, go our would and Benefits reason Primarily, we rates you as the the for from expect the of there. growing not is that several organically businesses outstanding teams have a you at know, So Insurance side. on back that were historically, number we if

lose, going XX%. -- didn't They in of every be you year, have benchmark if just business, We producers. of have you to a the right? enough expected you're million do industry $XXX So very good have kind of them, outstanding job We should production. is

So you'll lose XX%.

So more $XX you million more of million, go just growth. that up, so from need you producers. that And you're $XXX to and sales million, go up to so to $XXX showing $XX million back fill before takes back new

investment, we along ago, So three realizing that this that was a years years X.X about ago. started necessary path

are produce against we're measuring that a is back, And producers are importantly, And very to the category, cover we going higher any producers, than to significant with rate, in draws. which would levels which expected that the model. kind things. that had position comments pleased and they achieving them producing business and start they we had those more than validated in our we are had we are to built tend the non-validated plans As faster onboarding and actually most are producers are before we produce expense, that established, higher at seasoned at that their expected now our we models obviously, the of much

benefits We're the check check, outstanding with and principally employee Very with those the a done group. other lines really lessons check, job. taking Great of to shout-out pleased we make taking have and team many them of because here that enjoyed. learned there of the those board. of our we've of learned business And decided the we that bring kind success investments, into much that we how pleased are the across lessons within that So we're very performing. investments

Marc Riddick

you very Thank encouraging. very much. That’s

Operator

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

Jerome Grisko

also determined that each the throughout our year, our team I'd the clients. other, clients who of thank that I've months, together In And never as and by commitment. support I your and you. Throughout support. always, and that team listening call team flexible, is I'm on we the past as encouraged on been reflection reflect as our at XXXX, be members we and today. our the that how - the of performance one CBIZ our last right. call a as excited XX Thank the over you. Thank focused to team on to for direct conclusion, our to as may and came I I've been investors the for first proud remained opportunities for us our and I'm our and ahead. thank recognize period, see look of analysts our start continued and quarter. like you, joining want the forward you after lie to to speaking to momentum Thank after All today I

Operator

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

You may now disconnect.

CBIZ (CBZ) 18 Feb 212020 Q4 Earnings call transcript