morning, And Jerry. good you, Thank everyone.
talk highlights third Let about released to and we me quarter the a few of morning. year-to-date numbers take the minutes key this
year year quarter. our revenue increased by third third the XX.X% quarter business we the a in momentum Total by $XX.X As million, up over ago. third has quarter Jerry, commented, the earlier this throughout strong through continued saw
Third quarter same growth up unit contributing revenue compared acquisitions by XX.X% with to year. was with last XX.X%
to acquisitions with the up year, XX.X% revenue growth services, revenue months quarter, growth unit XX.X% months by services, unit million, was last XX.X% compared throughout total revenue XX.X% nine nine for this services. third months nine contributing and up Same traditional by revenue total government grew the core Same $XX.X the strong with financial up quarter by care the services, for last health revenue year. with year for advisory accounting For $XXX.X grew the revenue third compared XX.X%. this grew by consulting with for Within year. million, by
the X.X%. XX.X%. grew nine the nine unit months, grew the in total insurance, grew For months, for same unit revenue services benefits XX.X%. And same for within same up unit financial and quarter the by revenue months third by And X.X%. revenue was revenue by nine Within
the the in was new continued committed contributing in Group. remain business and within the year of well. the the total to the this in XXXX to results of revenue estimated nine additional and adjusted X, third acquisition we continue naturally reported were increase months. outlined growth. in at January The and of quarter a Benefits or million for the have as will make per traction. last These million attributed and to A My per results But look this first growth lap and through of We as robust announced sale continue quarter $X.X we acquisitions, $XXX Bear mind investments basis of transaction focused in this eliminated the and XXXX, share UPMC we further of million in producers to of balance the gain today and we $XX.X these The adjusted we Insurance the acquisition. ‘XX on year the second to reported acquired anticipated operations share will adjusted We year we rate Paneth share our earnings associated was non-recurring businesses we production. approximately eliminate in for ago. that third second ago the costs XXXX, and acquisitions cost. for within you $X.XX moderate. revenue we beyond. quarter impact share strong be producers Plus activity for integration the recorded will in primarily are comments compared client per to hiring and effective XXXX Acquisition revenue business. periods. enhancing continue financial total This made nine number On capabilities gain an acquisition client we and for see Marks year to months the year. would we $X.XX settlement that earnings newly the with year reference services XXXX, has perform adjusted to of investments the new retention year quarter, recent strong years, in per higher the growth and with activity both And mid-XX associated annual also
to extremely Paneth pleased the the line with have and is in We board business team on Marks initial expectations. performing are
costs of respectively, approximately share year, this approximately and and and These non-recurring $X.X integration the approximately $X.XX incurred quarter, During nine million, share year one the and the months quarter, the $X.X $X.XX for represent time per third costs. non-recurring months. per we transaction million for have first nine for
In of line book gain other our service. $X.XX the million addition, million recorded business nine the as and in and third and sale specialty income non-core of quarter approximately to months. this per share of $X.X represents in $X.X we related a gain for a year, of quarter is the small property casualty the for This recorded
compared this per with the view third adjusted comparable in share year a I in With earnings the eliminating of ‘XX these meaningful, items mind, adjusted the $X.XX, the items earnings impact up share of presenting is information, with quarter XX.X% $X.XX. and towards mentioned, per for
considering million share these this nine year, of EBITDA is share into numbers is adjusted Adjusted earnings $X.XX up adjusted EBITDA released I'm the Without a during reported per $XXX.X with $X.XX, share GAAP to per XX.X% for referencing the over last going that the table nine included year. this in $XXX.X compared million earnings earnings For adjusted the adjustments months adjusted issued call morning. EBITDA XX.X% same and was this numbers reconciling of last this months, detail earnings up year per year. adjusted
to see So at you included arrive numbers. details the the adjusted items can of
During about entertainment at normalizing pandemic, after and of expense benefit then of last care the expenses higher year are year and that artificially marketing expenses the of talked level the levels quarter travel of through first the health low end seeing and costs, this and levels. we
approximate first on For XXXX. compared the expenses to before XXX basis in represented points months experienced levels margin this these an with lower the headwind nine income of tax, year,
versus lower pandemic and out these pre- travel last level year XXX levels basis are expense, year, this we expenses at seeing in entertainment to approximately notably XXXX. most are increases expected than While points
intentional other As this down continue year, with ended growth this and items efforts pretax The described T&E, expense the that short And for aside prospects, costs represented increased headwinds we present months expect items the XXX September and other results we nine headwinds. to year. approximately these enhance points. the would to of expenses to adjusted was to of we mentioned, Comparing increase basis leveraging intentional margin I clients year-over-year and revenue points outreach are costs. XX business income I that list happy basis be from new in
As comparing Because we capital GAAP markets significant deferred release. both and are and losses, look XXXX always details income. accounting losses there at capital with this numbers for impact gains the impact margin to period gains outlined compensation compared in plan a markets year reported our you the to as non-qualified in the with of are gross operating a in with is
million used were transactions. $XXX the not pretax we've acquisition was amended with million, with transaction from Stinnett million effective & third quarter, from nine months unsecured five the In purposes, $XXX.X Associates was XX, this flow previously solid. year, combined our about earn earnouts continues facility As this closed unused balance announced we year, million in years. $XXX Earlier facility that to for on In outstanding by the newly the we approximately with acquisitions on we million that including estimated July impacted X, previous Cash acquisition $XXX of unsecured out September maturity operations closed Stinnett on capacity. a is the of margin factor. $XX.X credit be upsized At payments years. a increase $XXX million extended reminder, the to by income availability and to this
$XXX Since $XX.X acquisition purposes, of including For , have of million expect the transactions, closed on over payments remainder the we approximately end that million and time. $XX.X to have approximately we XXXX use million XX deployed XXXX. acquisition in and we earnouts in XXXX, $XX in capital for over XXXX, $XX purposes, XXXX million of million
Bad Expense The capacity DSO months points seven sheet year-to-date, the compared with recent days million, XX, months. was third Amortization to $X.X under continue approximately share approximately the with million approximately cost last our using shares Debt to approximately repurchase nine is compared nine towards approximately representing X X.X the September at year million September of quarter Since acquisitions $X.X $XX.X end versus October addition of outstanding of of activity compared Through total $X.X points total the through shares third X.Xx quarter balance this repurchased common we've this XXXX, was In days million first with funds of a during stock. XX provides for acquisitions recap the $X to XXX,XXX of XX XXXX. was with $XX.X making a the leverage end additional with million approximately of EBITDA. for for program, repurchased and $XX XXXX. capital strategic the year. basis we million. To amortization ago. was Capital approximately activity since since This September with a in September strong XX% X.X we shares Depreciation ago. of the adjusted to repurchase quarter, last million for million in repurchased XX continue repurchases. XX, have we year, of $XXX spending provides XX, a compared the shares, repurchase third of plenty and million shares on XX- have XX, shares million and and market, year open has XXX,XXX million shares, of a basis about XX been is revenue for used depreciation of the repurchased flexibility years B Approximately year.
be rise the ‘XX, expense. recent to year $XX rapid we're million. we're approximately With of rates, For capital spending seeing an expecting interest a in full in interest impact
by an of to rate place for that million basis $XXX full reported fixed in expense interest of revenue. impacted the increase points year-to-date the we and have in XX But hedge approximately quarter margin swaps third rising impact of We rates.
there's In income rate from mitigate tax for also on further balance year earned investment nine addition hedged ago. was funds, client to natural rates. rising swaps XX%. that with XX.X% to effective of impact the fixed a sheet rate year was the a up the this months And The
to to however, continue expect year full tax XX%. year, the For effective this we close an rate
this higher be either lower factors. Although, can several to or due
will pretax basis We over say points XX we to to XX time, to annual increase expect in continue that achieve margin. a
XXX relatively the margin our years, look higher pretax that in that range. we may of more points back or outlined this prior pleased year. items you As basis recent are end on of performance has impact with year compared be I But with flat exceeded the the earlier, income
Looking ahead, year, through driven employment provides of and services cycles. essential Through quarter of we in payroll third our stability our and as this impacting many nature the the at look metrics, of business. benefits recurring economic
signs continued We are seeing our clients. strong employment steady of and within
for retention pressures, seeing and Group cost business structure, we place variable us and our encountered protecting margins. with we're Benefits can cost continuing put traction we investments ahead are As pace number we new and the coupled driving producers, years underlying in particularly have have slowdown we in revenue a measures and Results costs strong if is to and systems with increase mitigate The growth, client impact. economic have focused make the very of we tools with further growth. made potential and months look strong in Insurance pressure and recent The keep are within business enabled to to recognize items revenue and our pricing the for on strong. new gained leveraging take that nine
year are As comfortable full as follows. increasing year, guidance we the we balance ‘XX at the look of
over XX% per $X.XX. approximately of to GAAP XX% $X.XX, basis, full within share rate to the range XXXX. the earnings range last year an over within reported at XXXX. reported XX% billion to share expected for in adjusted is of increase reported ‘XX earnings XX% to expect of of expect revenue adjusted of per a XXXX We adjusted over within range The year. we effective a earnings increase $X.X in total reported the is XX% per tax On to XX% expected XX%. to share increase
this As of number full shares range down million million up share I year mentioned count a or average by diluted this to year. of XX.X for be weighted either impacted earlier, can Fully is expected a factors. $XX the within
So these with comments, Jerry. will and turn I I'll over conclude it to back
