Thank morning, everyone. you, Jerry, and good
and to me Let full few of a minutes released year take about XXXX we morning. the that results fourth key quarter this highlights talk
As Jerry the strong commented, throughout quarter. fourth our momentum continued business through the
are adjusted with about bear As talking of in mind, to we that results in closed the XXXX. acquisition-related acquisition focused about on that Marks nonrecurring in XXXX, eliminate serve are results year that Paneth associated January first we talk costs
$X.XX $X.XX outline a is for morning per from the bridging this full year an There adjusted reconcile results to in to reported the schedule GAAP you, release share share. and for per of issued that items those we serves
as and contribution with We both are planned. for integration Paneth in revenue the Marks expectations performance line pleased pretax that has The of year. recorded proceeded operations
share connection million per quarter During for for incurred this year, the These year $X.X quarter we $XX.X or $X.XX for first Paneth, approximately XX months. with onetime and million, the in share XX months $X.XX and costs represent respectively, nonrecurring integration Marks and approximately the transaction costs. fourth of nonrecurring per the
of million million other In and casualty third and of sale quarter addition, we $X.XX as of related our business share income $X.X represents $X.X recorded This approximately to line is service. recorded in a gain in gain per XX for the months. of the a a of book XXXX property
eliminate A adjusted of year we $X.X in was impact year. sale UPMC the second we of second million million on Plus in $XX.X recorded to settlement the quarter that quarter 'XX, cost. the of the the last eliminated ago operations the gain results
$X.XX adjusted and per share we reported basis, quarter for reported On XXXX, an loss, the in the for months. share $X.XX we XX per fourth
items this year. earnings the items, information, with with of these up compared share XX.X% With comparable presenting these eliminating meaningful share $X.XX, of per adjusted towards $X.XX last mind, is and earnings a in year adjusted per view impact
To over fourth XX.X% Total XX.X% million, for revenue up a quarter compared $XX.X 'XX, by increased growth year. by to highlights million in up fourth ago. or recap $XX.X the quarter million up contributing with The XX.X%, fourth revenue $XX.X year quarter was with acquisitions last or unit same
for acquisitions million, year, compared grew the by unit contributing revenue million up XX with For by grew to XX.X% revenue XX.X% the for year. growth XX.X%, XX million or $XXX.X with up this total or by with last months the Same months full $XXX.X revenue $XXX.X year XXXX. compared
Same the for revenue for by services. revenue quarter, government throughout consulting up fourth health $XX services, by revenue by million Within strong or accounting fourth care total services were growth XX.X%. with grew unit Services, XX.X% quarter up million, and Financial advisory core was $XX.X the up
For Financial months by up the XX.X%. XX months, XX $XXX XX.X% for same-unit grew by and up million, total was within revenue Services by revenue the
Insurance, X.X%, 'XX X.X%. growing by full X.X%. total year, for with revenue and X.X% revenue revenue And grew grew and the same-unit fourth of quarter by in grew same-unit Within total revenue Benefits the by by
hire investment and will to we and producers investments and client have in strong the we increase capabilities number traction. see business committed to continues XXXX. of Benefits Insurance the make new to further growth hiring made and continue in producers We client enhancing to to The years in remain We retention gain developing continue within additional new recent group and production.
ago. this EBITDA million Adjusted and in the this of GAAP same to these issued $XXX.X the call, referencing going up table is reconciling for this earnings reported that a months morning. EBITDA adjusted adjusted million into release share XX.X% earnings adjustments, adjusted per a included was EBITDA, year, these over I'm considering during numbers year $XXX.X XX numbers detail Without
about of seeing marketing XXXX, of through talked the During in after entertainment aftermath health are level certain the and travel pandemic, and low expense expenses the benefits, normalizing the that care we levels pandemic. artificially expenses of
notably expense have than These and points at lower basis in expenses, levels leveled approximately pre-pandemic entertainment out most travel XXXX. XXX
year point margin income on compared before represented a to these headwind prior year. basis For XXX the tax impact the with full 'XX, of however, expenses
margin income for for I items both XX described pretax 'XX this XXX was year-over-year this months and December The points flat the the year. adjusted results year, expense basis XXXX. for Comparing represented months XX.X% at ended headwind XX
costs, T&E aside have other mentioned. we expenses list I items increased in short intentional of leveraged increase in So from successfully the other the and
annual will We time, XX basis to say expect point a increase XX in we to continue margin. over achieve to that, pretax
share per years, record look this earnings of has recent at track of near range, XX%. been our in approximately growth the driving As annual end higher performance the you and
of markets details in the capital gains plan markets accounting capital with always, GAAP As find can losses, a with as you compared gains, our year the release. with outlined losses reported this for income. Because nonqualified operating there we significant noted our deferred is compensation gross this you the impact are release. a in margin information are and period and impact in numbers of look in comparing And XXXX at both to
this As of XX, and extended million million facility by availability the solid. outstanding Cash million, $XXX our impacted a $XXX.X on reminder, credit amended facility to unused to newly At capacity. pretax unsecured be was continues from December 'XX, XXXX, years. million million income $XXX flow In about by operations balance margin with not we the upsized $XXX $XXX is X to increase the from factor. maturity
approximately XXXX, years. we including acquisition for were acquisitions payments $XXX earn-out in closed In used that purposes, previous million on
this on $XX.X expect which we transactions, and XXXX transaction, in previously million $XX.X in closed earlier Somerset $XX.X approximately closed the million to approximately XXXX. payments in in month, XXXX, estimated 'XX, $X.X combined earn-out With million use million with
and we $XXX earn-out XXXX, Since transactions capital deployed including approximately payments of the million over of announced transaction, time. purposes, XX have Somerset for end have acquisition the plus recently that closed
common X.X repurchased our stock. During the XXXX, quarter we shares approximately of million fourth of
of approximately For repurchased approximately the open at million. the a market shares $XXX we cost million full X.X in year,
capital a approximately representing date about XXXX. of shares recap in of program, the been since XX,XXX activity repurchased compared million end December activity shares, have total Approximately has to XXXX repurchase repurchased XXb that additional million years of over XX% outstanding the XXXX. towards to used of shares Since we and under XX, of an have this in repurchase a To end we time. $XXX X.X recent
to at With activity. of December capacity continue leverage and EBITDA sheet adjusted This provides repurchase continue share approximately with the is flexibility XX, the 'XX, X.Xx provides plenty strong. strategic balance acquisitions to of
transaction Somerset X.Xx approximately our the February the year, at After of in closing leverage this we estimate EBITDA.
continues our acquisitions. for sheet, balance for be cash capital strategic highest actively also flexibility we and repurchase With the the Our strong to strong have shares. flow priority of to use
announcing renewed for a avoid Earlier issued Every we repurchase or million to has to the number this and repurchase the to X-K of new X impact to acquisitions equity continue board to authorization we that to month, we up filed minimum, an actively the year, grants, for intend repurchase always shares. annual of shares. at shares dilutive the shares necessary want
to compared Bad ago. basis The XX tax on expense days this XX, points for to added continuing 'XX new to December actively is debt a with continue and on was year points outstanding are X% was this a X excise year time, basis revenue Days intend compared ago. sales repurchases of year, we 'XX XX days this repurchase net at to XX cost. shares. assess But we
amortization fourth in was year. million year. and last depreciation $XX.X million and last versus $X.X million for was $XX.X Full quarter $X.X the million year versus 'XX Depreciation amortization
$X.X For for and in XXXX, and we $X.X of $XX.X quarter the was the million million was spending Capital approximately XX are fourth projecting months. million. amortization expense depreciation
$XX spending to In approximately headquarter including capital later $XX of year. result facility million, improvements, increase we primarily as a occupy million tenant this to space XXXX, the will may new
leasing CBIZ reminder, a is our tenant headquarters in the a new As space facility.
not estate. are of We owner this real an
in will interest interest past as rapid further of we we to increases the borrowing rates have rates. this a current relatively half impact an seen 'XX, compare low second With we XXXX the in see and in 'XX rise during rates year, to expense
a The primarily within tax tax as attributable such California rate or jurisdictions from effective level distribution XXXX ago. up months state a XX to year of increase rate higher effective to in the tax York for a few. was name income XX.X%, New in higher XX.X% is rate The
based Effective expect record the cost plus year, equal of Indianapolis. from integration approximately in we XXXX. expect this closing of XXXX, first 'XX, of in million initial announced and $X.XX to firm February In operation. acquired to per we Somerset, transaction share costs year newly we a level record revenue acquisition $XX this approximately financial services to nonrecurring In a in
from report in transaction similar a the from Marks reported acquisition-related report to results adjustment results GAAP for In an reporting Paneth these we past year, this to will costs manner eliminate adjusted costs Somerset to XXXX.
and growth rates earnings project We per share are further reported revenue levels we beyond record 'XX, pleased continued to high and in these in growth for XXXX.
of year in of $X.X of range expect in to 'XX. we For expect the growth the to XXXX, 'XX, full share revenue share XX% growth reported adjusted earnings $X.XX XX% per in of over the we over results adjusted billion XX% X% and per
these At of this year, there stage early element is of in numbers. an caution prudent 'XX the guidance
to services 'XX in XX.X% very earnings be increase rate but our continues release an our are nature XX%, provide this up morning of We macroeconomic essential to The recurring stability and ahead, XXXX. outlined of tax to alert core expected the outlook. for in our business to risks in from very potential the health The strong.
in There enacted are Reform driving grandfathered XXXX. expense. several in stock connection that for provided And this Tax rates factors in result Act this higher XXXX are will The in increase. expiring with benefits 'XX back compensation
rates tax driving state we higher expected as New In locations such rates. York and experiencing in the in state where growth, are increase an are jurisdictions addition, California, in these tax
business XXX% XX% result stimulus that is third XXXX. the allowed a now during deductibility And pandemic reverting passed and a to small temporary is in as impact there factor, the a meals, of that of
do rate year-over-year share expect XX% In adjusted per XXXX. we $X.XX will onetime 'XX increases in of the further a of share income per expected be the a on the this EPS, net expected ahead. is the share. for XXXX, at have earnings over we increased impact, reported impact per $X.XX beyond tax not to the XX% growth would tax XX% approximately for and The see after Looking excluding impact XXXX, rate and earnings within range
'XX, year-over-year for per increase past longer-term high. you once the for very Normalizing tax growth potential are the share we in rate outlook the this remains tells 'XX earnings increased expected underlying
X-year earnings average of in growth over recent fact, XX%. rate been per In time in the share the excess compound has span,
and rapid interest also interest tax unique in the once many second 'XX time past with As growth we growth earnings growth believe reflect of half XX% the we rates 'XX, per and a we rate similar will presents over saw are this share with others, of can expected in to rise in EBITDA expense in the the rate, we in achieve per continue Consistent 'XX. type record track XXXX. share, in this in in earnings headwinds our adjusted headwinds achieving of growth
and of recurring cycles. provide stability The our economic through services many of essential an nature
have employment-driven slowdown. of we in demand, client our revenue in of in actions benefits have metrics and As look or cost at a we signs encounter we not structure, our margins. and variable seen payroll take number Should items businesses, we protect can softness we to yet
and tools in that we The pressures. years keep and business new business, are in is we and enabled have have seeing cost to traction are increase place growth. put strong strong particularly driving revenue pricing us made the group, continuing pace gained coupled in systems The new producers, client to and have with Benefits investments Insurance underlying with within we recent retention, and make and
expansion. we The strong margin business projecting are growth well, continues and to continued and perform
a within reported increase we the for on guidance we XXXX revenue increase are as expected over to of our provide per the XXXX share expectations expect range XX% GAAP earnings of follows: But adjusted earnings to to per X% at basis, XXXX; comfortable potential total of range we $X.XX to XXXX. XXXX; of is eye reported recap, $X.X to reported rate and XX% expect within expected a increase full an of billion to to XX% on to full the reported over year and $X.XX share have macroeconomic year in adjusted for environment in We within approximately challenges is per tax the the a ahead XX% effective earnings in 'XX XXXX.; over range adjusted share XX%. XX%
average lastly, of there factors; play full be million As up I either at XX.X for of of a by is XX mentioned diluted rate count fully several weighted to impacted can expected considerations number within and range are million and or XXXX. shares down earlier, a the year unpredictable share the
these I back with comments, to So and will over turn it conclude, I'll Jerry.
