Ware H. Grove
and you, morning, good Thank Jerry, everyone.
about and morning. highlights this the me year-to-date take minutes we numbers key few fourth to released of talk quarter Let a
Our strong business continues and in major service every within and both Services be line Insurance. Financial Benefits to within
the the strong the quarter fourth business of results expectations. year both XXXX, California care health line encountering consulting our in that pleased are government second first are full half We and some and and accounting After the half fourth in tax with weakness results. quarter and core the in recorded
portion first the moved half this XXXX contract encountered have in in that large of of IRS The business government delays within care XXXX. a consulting from the resolved half we filing second health first delays and recurring tax California half
seasonal quarter, in $XX expected year Somerset at consolidated expense year, coupled accounting higher of generating of XXXX, and approximately results of that the year. the the we acquisition loss core recorded fourth third the end the quarter the we the revenue, in last guided within the quarter quarter, impact of our than of business this amplify February of higher year would with business our mix core million of higher annual nature with in tax fourth accounting With was interest fourth portion this the last the in this year compared services
revenue million X.X% or quarter XX% $XX.X X.X% year. Total growth to contributing with revenue $XX.X fourth up up up million over million ago. compared same a quarter was acquisitions in $XX.X by unit quarter by year increased fourth last The the or with fourth
by up or with million up contributing grew unit XXXX. compared year. million year, by to $XXX.X revenue the For with acquisitions the year, full $XXX this Same by for $XX.X the compared or XX X.X%, with for by total or million XX.X% growth months revenue months revenue last X.X% grew XX
Services, quarter, XX%. the fourth total for up Same by X.X%. fourth up the Within revenue quarter unit by was Financial was revenue for
the growth grew to both and and compared fourth the total the by XX.X% We same-unit Financial XX strong up of health across services for tax months For 'XX revenue quarter all 'XX. months accounting, revenue and core services XX Services within and including in revenue X.X%. lines services, was advisory the government for for experienced XX care months, by consulting
Within quarter X.X%. and Benefits grew revenue same-unit 'XX and of by revenue in by total Insurance, the fourth grew X.X%
and our and For major the full the for year, Benefits line same-unit service both of X.X%, quarter total by Insurance X.X%. with within revenue by for recorded Every grew revenue growth months. revenue fourth XX growing the group
to new continue client client see We retention strong and production.
investments The We have remain growth continue business increase and capabilities developing committed higher additional producers gain the and in hiring in in will to and traction. continue group, we number made to of and to years further investments new to XXXX. within Benefits in recent we Insurance producers the enhancing make
On report acquisition XXXX, February costs results similar we are year. in cost transaction.
In annual are Marks with closing New Somerset reporting of we to to an $XX X million. a CPAs Advisors acquisition-related integration-related from acquired expenses reporting to adjustment of results There adjusted manner Paneth eliminate estimated reported costs transaction GAAP onetime this York-based this approximately plus Indianapolis-based revenue with and Somerset 'XX, associated
the We board on in with performing extremely year team, Paneth pleased expectations. line now Marks have the Somerset team both in and are this are to year, and both our second its
in business $X.X of quarter related to In the assets addition third million payments million book receipt of expenses, group last gain these a and of Insurance. $X.X resulting gain Financial the this acquisition-related to year, within reported a of sale of in we Benefits and quarter sale related the practice Services our in contingent the a fourth year's the of to technology from
view comparable eliminating acquisition-related compared represented 'XX XX.X% $X.X the last were of expenses, gain in gains adjusted These presenting a share share $X.XX approximately recorded this these per adjusted for per and per and income a eliminating $X.XX recorded share of of other share towards With related we $X.XX year, of the quarter the up meaningful year earnings $X.XX impact transaction. with this is per Last 'XX. and in information, earnings million gains year. to fourth
adjusted year, million million adjusted and tax of adjustments, costs $XXX.X impact up Considering the this interest over which eliminate these XX XX.X% EBITDA, year. $XXX.X to both months of serves same was for EBITDA the last
numbers that these to reported I'm adjusted release is the included earnings reconciling EBITDA per earnings share table referencing A this adjusted numbers issued and GAAP morning. in
review to So at arrive adjusted items you numbers. included detail the can the of
of expenses levels travel higher We expenses have previously talked about the marketing benefits, pandemic. and care and normalizing and health that are the post entertainment level
marketing continue and travel to outreach As expenses programs our and restore have restarted in higher also we we campaigns and are this media to by entertainment year. prospects several and expand design, clients trending
Some of and on positioned other PGA you events in last spots fall. may CBIZ the CNBC, golf TV recall spots seeing
For pretax basis represented headwind with collectively, prior point margin to expenses compared the XX year. income a XXXX, these on
year-over-year lower will these that pre-pandemic period than XXX of at headwind. presented a points But project to has continue a the settle approximately for levels. basis time, in expenses comparison We
our compensation details for in comparing can Because in compared GAAP market nonqualified you we at in the look margin and of both markets losses are the this as impact of release. release. accounting you are this there reported income, with information and As the is outlined to significant period gross earnings in capital gains a operating in our and capital always, noted losses deferred impact gains year, XXXX find a plan with
income a accounting this impacted by factor. margin As not reminder, pretax is
year, including achieve level of that headwinds the point for improvement to impact to in number We a given will higher a pretax in we over XX basis In any continue may lower 'XX margin expense XX mentioned earlier. reasons, or that the to margin. expect increase time, either say of be annual I
been has performance look As of the over near are very back pleased our you we range. higher time, end that that
leverage Now With $XXX million, outstanding unsecured of to cash provides At the repurchases. facility. items December X.Xx with XX, approximately flow EBITDA and approximately the with turning capacity calculated 'XX, year-end credit balance of This million acquisitions to our $XXX strategic unused continue and adjusted credit $XXX facility about both capacity. of provides million sheet. to plenty the million at $XXX in balance on as was share flexibility continue
X month, In of We purposes, previously earnout total this were payments XXXX, closed on acquisitions including closed the for including acquisition million EBK approximately years. acquisitions. transaction, earlier Somerset closed previous with payments earn-out acquisition, in Including used $XXX on the estimated we that a completed combined which acquisitions.
$XX XXXX, $X million in earn-out payments XXXX, transactions including For XXXX.
Since closed for that and of use million purposes, we the have approximately $XX expect acquisition of have $XX XXXX, over million in in end approximately deployed capital and purposes, acquisition in we time. acquisition XX to we million million $XXX approximately XXXX
We XXXX. actively shares in continue to repurchase
we the open million million. of shares approximately repurchased full cost For at year, approximately the in X.X a $XX market
total shares, amortization end Approximately of was year-end of towards million compared revenue compared with by share a expense since of fourth amortization quarter $X.X compared XXXX. of for weighted Day approximately basis million Bad have a with days million end is outstanding and $XX year last year was $XX a The XX in by $X.X has approximately been that was XX% XXXX. about million this average to count reduced the X was points of XXXX, ago. X.X% represents Since million repurchase amortization year a of year. for debt the the million and end $XXX purchased shares X.X used the activity depreciation outstanding XX increase sales we has and XXXX the compared compared Full and ago.
Depreciation approximately days been at driven amortization activities. with capital points acquisition of ago. basis with depreciation XX year primarily and related
million of $X including quarter tenant significant for XXXX. fourth to the was related higher the and Capital the spending capital office improvements months facility $XX.X 'XX spending during the several The headquarters move million was by in XX fourth furniture to driven quarter. and new for moves, our was
$XX Capital closer spending spending million $XX normally years ahead. million in that the to runs range level annually, to we within expect a and
in long-term As a reminder, major a tenant our we lease building. headquarters with are a new
an is effective space The space expense quarter, for we cost is were several in year, was 'XX the the are of the lower compared bridge occupied was up the the than we higher, with recognize months updated building. the due year occupy cost the across year. able previously, ago. of rate XX.X%, the we favorable to XX% headquarter from cost average in rate The a U.S.
In prior is no we in had impact fourth full owner the XX.X% material the results. primarily with that guided not than line we half fourth locations the that and slightly XXX XXXX of temporary the we for but space the unique rate renewed the occupied. We to This previously no to of lease higher quarter second was XX new are there the The tax the in had slightly items
the from effective driven Reform XXXX. by expiration of The 'XX increase of associated in provisions the Act 'XX with was the to tax primarily rate Tax
and many of cycles. of through essential economic services recurring Looking nature our XXXX, stability the to provide ahead
the have with systems XXXX.
Should and benefits As our and make coupled we in in structure, new have pressures we continued in group have put in seeing our to business we strong that retention us and and look actions demand, we cost pricing client we Insurance employment we are number strong can is of entering steady in at metrics payroll gained seeing a and our particularly within with pace our within dynamic and employment-driven items The we encounter to in years same business, and of revenue increase businesses, place driving have variable are investments to growth. or within Benefits we traction, signs The take margins. keep clients. expect revenue recent we enabled continuing our cost underlying tools protect new softness are producers, client
eye growth in an risks, we steady on Now further continuing with are macroeconomic XXXX. the projecting
addition active outlook have In a growth, to acquisitions. organic future for positive always we an pipeline of potential
activity, however, As acquisition not a due does our activity guidance include closed. practice, impact nature to yet future is not annual unpredictable the that acquisition the of of
At growth guidance driven this organic early year by full expectations. XXXX, in largely is point
modestly relatively annualized effective growth, XXXX XXXX. organic $X.X closed which of in other year, will Beyond February X the of million acquisition this with revenue and small EBK, midyear revenue contribute growth acquisitions to
year the throughout the guidance it year. reflect as update any activity we throughout course, acquisition occurs to significant impact the Of of
are On expect a we we in to increase as of the in mind, XX% total over expect to share the range adjusted billion range adjusted over revenue earnings within within a earnings follows: we to XXXX to adjusted in per $X.XX expectations XXXX. share $X.XX comfortable XX% year X% this of increase an with of XXXX basis, that reported per XXXX. So X% reported provide full we to
$X.XX just to the slightly expected rate of is increase which in for XXXX. rate year within XX%, effective is XX.X% of over The earnings XX% reported share for per approximately reported expected range GAAP reported higher XX% be the to tax we than to the is XXXX full a XXXX.
And range to unpredictable tax either by lower can million count a rate share average for Of or of million higher of within diluted weighted full XX factors. be expected the year number is of course, effective a fully impacted the XXXX. shares XX.X
comments, I it turn these to and with So back Jerry. I'll conclude, will over
