CBZ - Earnings call transcript Q4 2021

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Operator

Good morning, everyone and welcome to the CBZ Fourth Quarter and full-year 2021 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. event recorded. today's note also is being Please At this time. floor Lori Novickis, like to of to the turn I'd Director over Corporate Relations. Please ahead. go

Lori Novickis

everyone. with page website, have this been for of you today's press Fourth our XXXX And to quarterly for call, Conference morning, presentation and Results connection CBIZ full-year Quarter the joining In cbiz.com. Call. posted release the and Good us thank Investor Relations

webcast archived As as and and call reminder, being a webcast, be an is the also site. well to can as our replay link transcript live on this found

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

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

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

Jerome Grisko

up our From full performance notably, earnings every near We're X.X%. grew results was Lori. strongest quarter XX.X%. our or total Adjusted and year. perspective, XX.X%. our in Thank was proud full-year year, share Most per for recent outlook measurable nearly the XXXX Organic you, at this revenue share for was and to revenue for up XXXX fourth history.

XX.X%. improved EBITDA adjusted Our

price adding the months with of in stock our the for quarter, over where Paneth made revenue grew XX%. organic strong our And X.X%. XX% growth nine announced seven year our up additions continued acquisitions, early January the increased And Marks first and of Our XXX million into the this Revenue revenue. annualized of Revenue year, we total in was fourth

for commitment the Our five-years results established we've direct outcome the across that business. line of over full-year ago. character investments the and service of important made the from team nearly fundamental came major across our the and of attributes XXXX strategic of over strategy, that are every support direction The that members note, the business, full-year business our CBIZ. we to our And growth

team XXXX. growth among the demand Within coming and and strong group, remained and our demonstrate our throughout our services important in central Our provided XXXX focus and year. commitment for our accounting Services tax alignment sustain to results success important our momentum for Financial

Demand navigated throughout them these gain second versus which trend demand regardless in began we to Our conduct the climate. experienced that they the our in momentum are the us difference first provide of services year to and on businesses, prior clients half project base We XXXX Pandemic. XXXX for a in to those turn of rely in of services, business to decline and for of XXXX for the the more much uncertainty continued services important XXXX. services in those saw increase businesses and was a An Discretionary. for of advisory significant half as that their return us the

following in consulting in our business, One single growth to this been was the of of many investments where systems, that contract of rate including healthcare variant of the tools, surge. that client profitability the investments not we awarded, somewhat The to of equip was processes, loss fully helped service as states and approach support fuel the lines. years of government number the subsequently prior of pricing and more federal our number factors, consistent engagements. was where but growth impact our by multiyear our the growth were making caused teams cancelled. growth to yet a and large digits. We that And across than from in saw area low benefited these better XXXX disciplined we rate in to training reopened was experienced have slower pricing business our also that We we've then improve and slower improve the Omicron a

be to this serve productivity our when government area, more While clients. on improves site being us in better to remotely identifying present effective quite be in proven we've enables and working opportunities proactive often to

service I experienced Now as exception, moment. turning business being experienced nearly in years. with line. rate strongest to benefits major our growth one our benefits division, and will to across organic the in every insurance six strong we I where in a want of Payroll performance employee start we our explain growth

also the this is part and standardize driven and over number sales year. of the XX% rates leverage digital is even marketing process, Client being and in prior over in XX% indicator count, making business growth area over been are this further services by last the past and strategies. years our large we've producer improved several that to up key Further, the by they year. producers, growth the Our investments for and increase Retention marketing enhance a

XXXX. through new the With added hires

strong components contributing retention our also experienced The business, to similar perform production Similar Our consulting side the for continues production XXXX. business line property the also rates our demand well and and our program with improved and such business. area. our this of up in and search services producers business businesses, a high benefited management to business. of and to commercial within the strong investing XXXX strong our increasing this insurance number in make client start casualty trends market segment a business, insurance benefits our in small retirement in P&C performance year. our also this growth, and processes they bolstered similar we're employee advisory And while The sales standardizing division, compensation strategies are experienced while benefits and demand contribution business to conditions from as and of and aided in off executive investment project-based favourable solutions investment our defined of

Payroll service we Payroll, which Payroll clients, platform as opening impact throughout Overall, generally to the continue strong our we business of for small of platform, line more Now within larger I our business the in the are my turning Payroll XXXX. targeting demand needs. mentioned dampened our legacy our complex on serves experience with clients overall in pleased remarks, pandemic with exceptionally to the performance while XXXX. The performance outstanding

the XXXX the uncertain strong over While of number continue factors in the on for accelerate financial experience. to two made that climate The business we high significant performance the we've growth investments for to based could that our demand remain our years, that impact past the services business.

sheet our to will in we historically year. for months. we've Our than and the for guidance do significant the past want last part again financial caution providing I Due to experienced. be acquisitions volatility expect financial that completed once balance strong in Similar more in XX XXXX, from the to year. results number we quarter-to-quarter outlook of

Fourth comparing period advise our and the turn Grove, the over the against we Quarter a this, year. specific I any prior Financial the in to our on given it to performance provide With for As Ware quarter Grove. financial Ware more Chief of same XXXX. to will full-year result, Officer details

Ware Grove

Thank you, Jerry. everyone. morning, And good

grew few a we comment our reported Revenue of XXXX. guidance go minutes quarter fourth continued take to fourth and full-year The by and with ago. up XXXX. to The quarter. Same quarter for the year third highlights revenue unit results on 'XX through growth of X.X% our fourth the in fourth-quarter total me Let a quarter quarter. And XX% fourth through compared for strong the also revenue outlook

by for year. year, unit X.X% same the up the XX.X% revenue For revenue full grew full with total

for and net settlement in the with UPMC in the sale insurance the million $X.X As wholesale $X.XX we the quarter reported reported the full legal share earlier empty was that second was $X.XX earnings million items business of brokerage quarter, adjusted share up year, from ago. the on year divested XX.X% the Donahoe, for XXXX, impact a of per eliminating per gain eliminating second these $XX.X

patterns to will points is basis We say continue our achieve year a XXXX influenced expenses. margin however, that goal In to to XX unique to COVID, it improvement year-over-year more. XX there were or of

combined half of in growth expenses. us occurred the and will our in accretive, nature legal impact help seasonal be addition, the Quarter during will related Acquisition XXXX. in impacted of mid-year full-year we made higher year this position fees the strong that by with 'XX was Fourth expected the second a XXXX, very the particularly acquisitions in and growth of for level Acquisition XXXX, The will XXXX. and fuel activity In The

a the are with negative of level seasonal future and with were expected per combined and Quarter the and XXXX, comparison in the expenses level with per communications travel prospects compared migration half year larger digital healthcare increased this levels, and Also in loss. with Fourth at compared businesses share we with this a expense of expense financial entertainment half second mid-year incurred during $X.XX such by earnings also exception acquired Acquisition during of Beginning present XX% to higher expenses we year. approximately When levels. of impact. these travel share two these the these XX. period lower pre-pandemic where to XXXX, normalization entertainment by services about had heightened same second In this pre-pandemic headwinds expenses, Fourth to impacted nature result earnings at However, of prior-year. close acquisition-related the expenses of quarter an Quarter In travel the of fourth would to of the Quarter is expenses that benefits, with factors, and that these these 'XX cost in virtual the entertainment, to Fourth with in midyear per XX% clients a expenses of XX, impacted legal expected a expenses activity, expected a $X.XX share XX, marketing the talked and XXXX, level out share in in as and

unit and same year. in grew for all Growth year, total of exceptionally services, Same grew which by XX.X% by grew the by X.X% Group. revenue fourth grew and consulting, unit unit in X.X% our and service fourth Benefits for quarter and full the advisory year. XX.X% across unit by within Total fourth the reported up full recorded includes by XX.X% services, fourth and quarter full year. and growth X.X%. quarter by Revenue strong Within financial Services Revenue advisory Same Within was risks private by the was with the same the XX.X% services, X.X% revenue the in grew grew others. valuation equity our quarter grew by the the in for and Insurance for Revenue lines

property with relatively Within services, marked happy strong to first-half insurance With in pattern results were There positive strong in benefits the with are These to to XXXX. impact on X.X% to acquisitions performing line line producers. of Payroll strong added the second growth in contributed and fourth contributed followed investment strong. exception our earnings and weaker continued X.X% conditions quarter business Cash aligned. combined flow revenue acquisitions very mid-year expectations new seasonal business businesses and retention favourably XXXX nature in of traction new fourth the and a year is Most all to spoke and client continue earlier with of normal total be the seasonal on total the for factors, growth and development see the casualty the results I service a for and liquidity gaining growth. revenue client record quarter. strong all notably full to services the by these half. with

for in a With used we Marc's $XX additional of During earn-out close early an acquisition for XXXX, transaction panel, acquisitions. prior payment on that transaction. occurring upon $XX.X XX, a of the million used January payments we million purposes, including

million intend approximately a repurchase to credit approximately X.X the $XXX call We XXth, to diluted average in including a we million panic to continue the shares depending on on million we shares, for fully facility our close within leaves on share for to factors with million at adjusted enable credit XXXX. $XX.X Inc. $XX to of continue weighted And a conduct balance leverage capacity $XXX outstanding Total marks us our year-end approximately we as used to $XXX pipeline. for to shares million was Investor $XX.X share XXXX. at future range After during that future million, on shares approximately times. effect debt time unused was expect acquisition approximately against number repurchase a $XX to payment XXXX XXXX, count million million of of at measured giving During and our fully diluted total outstanding early acquisition facility our a activities to capacity unutilized repurchases. the January was was This EBITDA sufficient $XXX January, X.X with indicated shares.

Looking full future payments with $X.X million for XXXX, $XX.X XXXX, or of future XXXX, million including in and for Paneth, million was the forward, in estimated $XX.X Capital in spending earn-outs, estimated the million quarter. payments in for $X in $XX.X $XX 'XX XXXX. million million year fourth Marks

on $XX Day to debt points looking the XX Bad at was the revenue prior year days XX year revenue of XXXX XX.X%. year-end $XX Performance of year. range prior receivables full was with tax compared a outstanding to for of in points ahead XXXX days sales XX effective basis within the continues compared full the of expense rate year. spending for basis The capital with expect was good. XXXX. to be We million XX

Going of considering California, operating increased York within rates. both into activities income have state New higher relatively XXXX, and tax which

we effective compared either tax consolidated XX% up should in $XXX.X factors. million to XXXX of $XXX.X number approximately with but year revenue Adjusted be the of a a a down that or unpredictable by million ago. expect effective tax the We was rate XX.X% or a be EBITDA rate can influenced note

Growing are Paneth. financial year very In and our in of costs initial Once turn acquisition to similarly the to to EBITDA due approximately that activities the XX% is share XXXX. projected benefits $X.XX a acquisition expected call XXXX. these range incremental transaction contribution million, first-year to or XXXX. Paneth announced contribute XXXX, first-year continuing adjusted per number outlined and term, fully $XX expectation to to the expected integration $XX the $X.XX and be revenue improved we is costs, minimal of Marks consider. the full approximately are impact integration and of impact to in revenue be GAAP by to eliminate to are to expected On and from expect of January we growth in the reported XXXX. As share. will of our to made be margins the impact acquisitions our earn-out Paneth future The impact to with well of there adjusted XXXX the will revenue, With we from integration XXXX. to of Adjusting core at items XXXX, a January approximately insurance full a Longer The XXth, revenue eliminate to anticipated XX% year annualized $X.XX XXth expansive will earnings the expected million. Marks to The have businesses perform In contribution accretive we for year, earnings XX% in by XXXX. revenues earnings services this range in Million $XXX per conference costs. we expect first-year to Marks positive addressed. on be XX%

you expense EBITDA approximately XXXX, for As amortization million. our was $XX outlined adjusted look depreciation in release at and

and amortization level project With expense increase We to increase Paneth for the million for XXXX, approximately the EBITDA over to $XX to million. expected reported approximately in depreciation expected with Marks XX% $XXX.X the of XX associated increases is XXXX. adjusted

XX.X The performance XXXX. by we are look $X.XX a Paneth. a we summary, to impact million continued XX And share. fully for tax expected of to for range weighted in The reported approximately $X.XX unpredictable per as enhanced effective be number within core XXXX the of Compared shares GAAP to XXXX. for is XXXX, growth with adjusted X,XXX,XXX,XXX Marks this is can full to we year in in of further strong share our by of count the or range a per earnings factors. or will range a projected course, over $X.XX per to XX% XX%. down XX rate of impacted of share at up within the to share Revenue XX% diluted business, at projecting So reported grow 'XX, average in reported expect XX% million of XX be either

expected a for reported the to XX% the range With earnings range within integration [Indiscernible] from a share Paneth, to contribution adjusted transaction within costs. or XXXX XX XX% Marks per to grow eliminate Adjusted and $X.XX earnings earnings first-year expected per per in over share XXXX. of adjusted is $X.XX to of share

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

Jerome Grisko

Thank you Ware.

pipelines of a with XX M our approach for growth M [Indiscernible] our months strategy, systems acquisitions few importance the investment to improvements our that XXXX. and in in and started one with on over area. past our to our A. minutes in history. potential team strongest and What that ongoing focuses the We along work A on [Indiscernible] spend the identifying our to the accomplished testament acquisitions internal I Given outlook our wanted in recent this XXXX support we of processes on

track to conditions. Firms success. long to of of our regardless invest how of better an us business, our see our is economic We and Pandemic our as to also industries, interest We've our record and before of record the opportunity tell continuing in early perform about and on partner, also M growth performance which ability calls how both story. -- CBIZ resilience but our earnings our a of the A continue now potential well onset successful The track through activity acquisitions. created in acceleration overall a for product the of talked our and of on increasing making to long see

acquirer leads recognized an CBIZ to choice. of which as being of All

quick a and for us our in know existing of clients to strategy, want to As we acquisitions our growing markets. need Strengthened that presence, or include talent. M&A and our scale, specialties will attractive service we enter access geographic allow that and and capacity reminder our offerings our to look additional markets. services top Expand

during we six ability aligned cultivate, deals Which capped acquisitions York annualized demonstrate the annualized the delivering over and New with will announced in brings Raton ago, in weeks Philadelphia, locations our to leading team, acquisition [Indiscernible], XXX firm acquisitions and sustained accounting exciting in that an us a record identify, multiple revenue. with these DC. of a For with pursue This stronger offices strategies. completed these professionals Each acquisitions most Metro were $XX and longstanding totalling our A acquisition attacks of Boca Washington, Similar our to and recent year a towards million. also a XXXX, we off to completed Marc offerings transactions These strengthening that of XXXX, we of of expanding and make which span our presence adds goals M&A in value. activity. valuable our adding acquisition, attractive company to me growth Alliance shareholder approximately revenue meaningful the to strategic $XXX in around achieving talent. service brings million our markets, at few in

One to now that of that Marc And expertise differentiated clients passionate Marks can commitment services in that further. of breadth marks our to will to to clients. products, bring CBIZ recognize value technologies, and unmatched depth to services team bring necessary the tools, continuing Paneth at their to be appealed the our invest CBIZ many panic is of the reasons and team offers.

While same outstanding our time team. at strengthening and the developing

raises of Finally, questions an size integration. around always acquisition

to processes to confident desired critically area. the to improve investments integration on-board successfully we approach in complexity the this teams with experience that firms Over at integrate we've short CBIZ season to And and substantial from I and made value to is to resources the this We We've traditional realizing efforts capacity the acquisitions. the am made that spring. committed and Paneth. a firm the and recognized this end future. marks size we've continue accelerating and Marks the important already these welcoming years progress in our an look panic, busy in with of the size similar forward important time

Marks was prospects Paneth great the to way the year begin new of our Our speaks a to acquisition future. for and

Our strong prospects. with very M&A remains pipeline we're new and constantly speaking

this acquisitions. look that, information aggressive remain have financial capacity forward our area our calls. We the we to With Q&A. pursuing we to on success in in And sharing during will more to future move

Operator

and the pause Instructions] session. We'll this assemble roster. we'll question-and-answer at Ladies momentarily the begin gentlemen, time, [Operator to

first go Our Moore today question ahead comes Chris from CJS Securities. from question. Please your with

Christopher Moore

for Thanks morning. questions. taking good guys, few a Hey,

growth, financial to services the what between B&I maybe the you XX, higher could there of financial XX the that what are we'll for what, maybe growth strong you fiscal on is relative guide -- was % growth maybe the XX start in in When So with start 'XX, to we you embedding growth XX. look X.X% and and so same-store talk in -- contribution services kind at just on same-store the embedded the same-store side that higher obviously from guide. was same-store

Jerome Grisko

-- and Good out this back deeper. bit our Jerry. Paneth. us and I'm when me little it's on out comments, we excluding a bit question a give it purposely little we're to Hey, Chris, going we way, set is a into we Marks we'll Ware then delve bit in guidance perspective Marks Hey, the morning. Paneth of way, first let -- and the by purposely exclude We at little step look gave set

if to So next revenue look growth about in for our total X.X%. at you guidance our X.X% year, it's

that and half at about quiet. we it and look typically do, a As we half organic

So and got specific deals year. we've we impact last those of that new while around there are no wrap acquisitions did the

the exceeding basis our increase to by margin to bps margin XX And XX within look XX basis improvement. are per actually year-over-year guidance also points. that we point We over

put that operations. so ongoing kind that, of would you top of be on Now

guidance expenses year one-time approximately top of expenses we $XXX expect, that providing. which as But as would you saw and specifically, insurance, layer integrating -- line what in Paneth, and we'll how a with we're to proportionate year. benefits million that earnings relatively have, proportionate a expect You the next and then we year-over-year unit. as our this boarding services growth. between normal on financial organic Marks That's on nominal get would continued that the growth impact associated with associated top you is result of on

we're strong services same the in our Strong on there side. the really encouraged we're team. look seeing benefits within advisory and the And our we've insurance year-over-year. insurance So, by the making investments growth and side. at that is on services contribution what Nice we in again growth the when the growth now thing been producer from benefits and return services organic side, the from financial both those investments and core that organic the

that really with as last pleased perform 'XX year, to the this results about have into into business how year, going saw So well. by the the optimistic we and very is that we really momentum going

Christopher Moore

helpful. million in in for Is contribution Got -- or Is that happen? the it trying a of low Does to Paneth, $XXX low-hanging or incremental there year, it. the you're about that so XXX to I'm Marks year XX? this could some get meaningful incorporated take -- happen Very just already talking -- you're normally fruit cadence. cross-serving there? to that sense cross-serving be could is a what

Jerome Grisko

do They are all season. their Mark's discussions cross-serving with that around X. their any into would to of will services January I well occur promptly be now not and those and think begin panic overly a we we that on full burden Chris, would them said, incremental really after that that busy busy will announced the season. We what just clients the other instance, beginning not can CBIZ this learning they're they in in bring transaction certainly is the with typically, No. to XXX -- lot typically

be for that although working we certainly have of year. transaction remainder had don't have at So said, a With early but count typically we the we expect that I cross-serving don't June, don't the pretty that immediately, happen blocks, right where significant do that. the things on opportunities, and mid-May, on those

Christopher Moore

you in reasons I than that trying in low-single-digit are know 'XX. government walked you're why a services, seeing more I'm Got better from it. for the more growth on-site Just Are just helps. me, 'XX. growth what I days? healthcare you on sense Last and in the through looking to these on you on-site side. one of terms that guess understand,

Jerome Grisko

We've really expecting on fully reasons certain predict the Remember, side-by-side and actually see were In one to appeal predict contract in one we to the experienced year. we really to those although is we're bringing is we kind states an don't contracts, far government it. of the we what certain do, that didn't areas, answer We it question, your the contract. know said, process. awarded There when were government's trying They growth that as awarded seen couple going than other as a are growth side into significant partners will that stronger last two pulled but of was stronger 'XX it's on growth and have back then government even to difficult cases, other that unique people stopped if for but in year-over-year so. We come back. of not, happen, will not. With situations. a back federal or business, pretty stronger offices. in healthcare would back transactions, are We fully yes, of working we with our the

Christopher Moore

Got will I it. back jump in Appreciate it. line.

Operator

with go question ahead comes from question. from next Please William our Andrew Blair. your Nicholas, And

Andrew Nicholas

my morning Hi. and Good thanks questions. for taking

a of that's management just teams. First like space, for services had mind recruiting of sourcing current lot the and the one seems environment, across professional on talent in top was I

curious or impact difficulty or this in or how And any acquiring beyond. you also labour how Is think talent, talent. year adding going, So of employees in I'm new difficulty then tangentially and adding tight the attractiveness market related that's a outlook to for Thanks. how is your about assets impacting sourcing acquiring that. talent

Jerome Grisko

it think across a country, is that, industry, very not thing. and we're competitive our Listen, Andrew. certainly seeing I the the Thank Yeah. you, to market labour We're within same immune right?

of we industry. pulling in as to levers a others working I we're do competitive in on over lot And many provide some a is. environment that compelling So can our we as advantages think be bunch,

amount had our tell as really far CBIZ. I results recruit to is a program. that is success concerned, in the will that of the As work thing of most doing digital considerable the across pleased we're one you recently recruiting we're outreach continuing we've through talent with

proactive out I in like us. us we've helping we've in that digitally some areas some dig to learn competitive. some at replacing helping -- prospects With where there market fact, find in reaching them is them talent. said, seen seen about being attrition real success and labour more So said, very And the

working We wage proactively work both work. agile on work wages timing how they where our in of are and they and to as environment, increases,

of we're as one a able the of result of think is competitive associates I the scale. to quality that provide our advantages our our work

think lot of competitors we here, the certainly that type face is smaller against. I think always that interesting often I times they more off do work proud than and many as So about the then And of culture. best well. to right, we best we that's culture compelling last our XX think XX year. work talked -- Very places our a places of Awards for

that's attractive lot not pull to out while of we're immune, So as there. continue to be a we're we can levers the as workforce going to to

as within organizations. relates to acquisitions, are I to will was was, it looking those we look things. The second question it your always view our we at does you, change or as how question tell culture at

to strong size at compelling an national shortages our the see values our But the of us turnover, caution the is systems, we firms country. if certainly and because for that. were into really high we So well. say from around -- on-campus us we would talent that But had our thing note else there everyone one the would around of sourcing deeper both is. lateral as CBIZ organization have to success we and be brings hires competitive that and is a organizations other joined are scale and we've in have with at the work the more offices that with a same us of facing among cultures, outstanding approach particularly labour would and degree area that recruiting there I of acquired, we office can that turnover we that again, our be look is in that allows share competitive delve And

resources one be office, and we're particular able we Oftentimes in helps share, have share other where in particularly a to the might across certainly challenged So so that as area. well. country some office availability

Andrew Nicholas

slow solutions really that's outlook activity And the but then given No, down related sense. how in really you XXXX. on organically. that you. in to that Thank of Makes of and something was for difficult helpful. kind strong all financial XXXX, a follow-up, Thank bit, speak M&A are healthcare government maybe another piece you. just consulting about to the expecting you're for to thinking advisory you my services those or 'XX Is comps touched Obviously, given dynamics?

Jerome Grisko

make Andrew, there, of a me There were number let sure let questions me understand. I

for XXXX? view So advisory on what you you're that of going -- I'm financial growth I all our services, heard within at saying services experienced is if correct the end, the we within

Andrew Nicholas

within that last equity Yes, sorry. about impacted persistence elevated growth equity investments and thinking investment and just comps investments. asking I'm ahead within work in cycle and private That's you're that difficult organic and advisory obviously, private looking the just project-based cycle mega as where next of year? wondering I'm solutions business so were particular, you're to how or year M&A those

Jerome Grisko

climate we strong bolstered question say had into a XXX-day at really growth across off what type for Look, organic work carefully. for because at we we're is, in typically will We we to Yes, that great favourable a this that very visibility I last look We're have start we're to area. a -- headed our that year. transaction contributed very that's the year posted. the obviously that about transaction XX services, board continue advisory demand to type seeing best of strong results our significantly really

we really will to -- as will So types a that's continue now, know, that a those bit. climate [Indiscernible] So favourable, and and on be we don't slow enjoy for the there, of area that it success really business so obviously remains demand will long services, if there what slows, beyond little we're high

the well. advisory somewhat slow, growth are our typically the they a pretty to It's But would transaction as obviously amount do -- we services. slow business to we even of relates vulnerable climate certainly it of bit. when So little the just outlook work, it and those

Andrew Nicholas

Makes sense. Thank you.

Operator

next Once from question, with from your again, comes Instruction] ahead like Reddick ask Please and [Operator if question a Marc you Our go Sidoti to Company. would question.

Marc Reddick

everyone. good Hey, morning,

Ware Grove

Hi, Marc.

Jerome Grisko

Marc. Morning

Marc Reddick

should doing to helpful, you're that, -- rules, wanted to far about to as could or on type timing So going key briefly that as the be thinking the touch be I of that differences, either the generally. year-over-year we the harmful, thinking for be as season should complexity Is where as far something things tax of as there we be season? about like anything

Jerome Grisko

more where that look pushed Marc, Yeah. I we was so as light something -- regulatory the this the would seasons XXXX, tell environment, we and particularly insightful unless and XXXX. we changes what to to had typical interesting how you would the to at relative when pandemic cycle. and prior season we anomalies more that might that pre-pandemic, would the of some like that dramatic expect off experienced in look our saw in in season like question, we that hit

a a XXth. work between more of through then periods of time, have So fall, but the season typical plenty those April we two traditional do busy obviously And cycle. to into

Marc Reddick

And Okay, one great. additional then follow-up.

was took your you I wondering of experiences be that I benefiting talking of are spend that a the digital seems wondering if to the a during of that from the is significant amount of kind about during the outreach of now, pandemic place little as you -- You pandemic. outreach what that could time on the touched as areas But standpoint. other that digital recruiting things place took one to some views little what how of was the or far if as you I'm and to And growth might time you organic sure that's bit year a little the that that quantifiable helped a forward. as that's benefits going bit. you think see could about sort not that this and are if saw benefits something frame? your you that what to talk and the

Jerome Grisko

particularly Yes. the learned, at you, mid-market through our of cross-serving. some that learned pandemic of we've the clients. we lessons that with earlier the came Thank look and up some Marc, in What on question we

proactive in of front We're them clients our planning. really So the all account were time. larger

were it's hard But to [Indiscernible] opportunity we was get the through up We are the pick them. where for significant them reached digitally, climate. the all-time to really a as And success. have have able in pandemic, right. to a saw clients digital to them. business them, growth phone in really smaller, communities for had getting our beginning get We really our out clients. We the those and solutions We sometimes clients outreach into counting very in obviously weren't facing reception to tremendous

we've into So continue incremental for we efforts. Last one we that expect those to and throughout revenue seeing. on, very we're results that XXXX, XXXX, a year that's saw encouraged would so will We on by on and through XXXX. observation built significant we're great that and focused that to build a that continue, the in very

Marc Reddick

thank for very much. -- you Thanks

Jerome Grisko

You're welcome.

Operator

back to any I'd today's Ladies session. floor closing turn and we'll question-and-answer gentlemen. concluding over Jerry like Grisko the for be With that, remarks. to

Jerome Grisko

Yes. you. Thank

for always today, I and we continued do support. Before our thank shareholders want to analysts we wrap your up as

relations couple recent investor our the Marks gratitude our year. of strong take outcome today there this reminder, the presentation discussed At our Paneth. and express acquisitions, our We're a not this strategy we are that we years. that our professionals a of And last the to core, team we're over now team of each has more And discussion we also hosted could you website, our sincere including in hard Day fall including are As to of past the work a of accomplished Investor recording resources my more. of I M&A thank of available recording And a members. couldn't business people want proud X,XXX opportunity direct be last Virtual I of nationwide. in on team. dedication our to what over the results additional and and month the

position your members, opportunities. conclude seeing forward propel larger M&A and as continuing to deal provides Most while invest our enjoy will very look our With bring the us the great a have our of areas As within businesses, we our of pipeline and strong the our we're increasingly about we'll clients, our heights. even to financial We're greater strong that to capitalize as that, with opportunities shareholders. comments. day. ability excited us well transaction value Thank on to to importantly, XXXX, of these momentum our differentiated our business we to in team you

Operator

conclude with We today's we'll presentation. gentlemen, attending and call. that, do you Ladies for thank today's conference

lines. your disconnect now may You

CBIZ (CBZ) 17 Feb 222021 Q4 Earnings call transcript