FOURTH QUARTER AND FULL YEAR 2021 INVESTOR PRESENTATION Your Team. Local. Trusted. Nationwide. February 17, 2022 Your Team. FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES Forward-looking statements in this presentation are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forwardlooking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties includ ...

CBIZ (NYSE:CBZ) Q4 2021 Earnings Conference Call February 17, 2022 11:00 AM ET Company Participants Jerome Grisko – President and Chief Executive Officer Ware Grove – Senior Vice President and Chief Financial Officer Lori Novickis – Director of Corporate Relations Conference Call Participants Christopher Moore – CJS Securities Andrew Nicholas – William Blair Marc Reddick – Sidoti & Company Operator Good morning, everyone and welcome to the CBZ Fourth Quarter and full-year 2021 Results Conference Call. All p ...

CBIZ, Inc. (NYSE:CBZ) Q3 2021 Earnings Conference Call October 28, 2021 11:00 AM ET Company Participants Lori Novickis - Director of Corporate Relations Jerome Grisko - President and Chief Executive Officer Ware Grove - SVP and CFO Conference Call Participants Christopher Moore - CJS Securities Marc Reddick - Sidoti & Company Operator Good day and welcome to the CBIZ Third Quarter 2021 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today’s presentatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 Par Value CBZ New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

THIRD QUARTER 2021 INVESTOR PRESENTATION Your Team. Local. Trusted. Nationwide. October 28, 2021 Your Team. FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES Forward-looking statements in this presentation are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forwardlooking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not l ...

CBIZ, Inc. (NYSE:CBZ) Q2 2021 Earnings Conference Call July 29, 2021 11:00 AM ET Company Participants Lori Novickis - Director-Corporate Relations Jerry Grisko - President & Chief Executive Officer Ware Grove - Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Marc Riddick - Sidoti & Company Operator Good day, and welcome to the CBIZ' Second Quarter 2021 Results Conference Call. All participants will be in the listen-only mode. [Operator Instructions] Please note, that this e ...

PART I. FINANCIAL INFORMATION This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for CBIZ, Inc [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents CBIZ's unaudited condensed consolidated financial statements, including balance sheets, income statements, cash flows, and notes, for Q2 and H1 2021 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1.66 billion** by June 30, 2021, driven by acquisitions, while liabilities rose due to bank debt, and equity saw a modest increase Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$1,656,628** | **$1,513,754** | | Goodwill and other intangible assets, net | $807,939 | $756,750 | | **Total Liabilities** | **$944,296** | **$811,134** | | Bank debt | $163,300 | $108,000 | | **Total Stockholders' Equity** | **$712,332** | **$702,620** | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Q2 2021 revenue grew **17.6%** to **$278.6 million**, but net income significantly decreased to **$8.6 million** due to a **$30.5 million** legal settlement Q2 Financial Performance (in thousands, except per share data) | Metric | Q2 2021 (in thousands) | Q2 2020 (in thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | $278,648 | $236,943 | +17.6% | | Operating (Loss) Income | $(2,570) | $16,767 | -115.3% | | Net Income | $8,607 | $21,468 | -59.9% | | Diluted EPS | $0.16 | $0.39 | -59.0% | Six-Month Financial Performance (in thousands, except per share data) | Metric | H1 2021 (in thousands) | H1 2020 (in thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | $579,378 | $514,398 | +12.6% | | Operating Income | $59,706 | $83,906 | -28.8% | | Net Income | $58,816 | $58,316 | +0.9% | | Diluted EPS | $1.09 | $1.05 | +3.8% | - A one-time legal settlement of **$30.5 million** was recorded in Q2 2021, which significantly impacted operating and net income for the period[12](index=12&type=chunk)[31](index=31&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$66.3 million** in H1 2021, with significant cash usage for acquisitions and share repurchases Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | H1 2021 (in thousands) | H1 2020 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $66,294 | $55,523 | | Net cash (used in) provided by investing activities | $(40,137) | $12,807 | | Net cash used in financing activities | $(42,582) | $(70,560) | - Key uses of cash in H1 2021 included **$43.2 million** for business acquisitions and **$64.5 million** for treasury stock repurchases[19](index=19&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, debt, legal contingencies, and business combinations, highlighting a **$41.5 million** legal settlement and four H1 2021 acquisitions - On June 24, 2021, CBIZ settled a lawsuit with UPMC for a total of **$41.5 million**, resulting in a recorded one-time settlement loss of **$30.5 million** in the second quarter[31](index=31&type=chunk) - During the first six months of 2021, the company completed four acquisitions: Middle Market Advisory Group (MMA), Wright Retirement Services, Bernston Porter & Company (BP), and Optumas[46](index=46&type=chunk)[47](index=47&type=chunk) Aggregated Acquisition Details (H1 2021 vs H1 2020, in thousands) | Metric | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | Total Recorded Purchase Price | $67,288 | $15,057 | | Cash Paid | $43,104 | $9,443 | | Goodwill | $39,017 | $11,158 | | Estimated Annualized Revenue | $41,900 | $6,100 | - In H1 2021, the company sold one business in the Benefit and Insurance practice group for **$9.7 million**, recording a gain of **$6.4 million**[51](index=51&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2021 revenue growth of **17.6%**, segment performance, the impact of a major legal settlement, and capital allocation priorities [Executive Summary & Results of Operations](index=24&type=section&id=Executive%20Summary%20%26%20Results%20of%20Operations) Q2 2021 revenue increased **17.6%** to **$278.6 million**, but a **$30.5 million** legal settlement significantly impacted net income and diluted EPS Revenue Growth Summary (Q2 & H1 2021) | Period | Total Revenue Growth (%) | Same-Unit Revenue Growth (%) | Acquired Revenue Growth (net) (%) | | :--- | :--- | :--- | :--- | | **Q2 2021** | 17.6% | 10.5% | 7.1% | | **H1 2021** | 12.6% | 6.8% | 5.9% | - A settlement loss of **$30.5 million** was recorded for the three and six months ended June 30, 2021, related to a lawsuit with UPMC[81](index=81&type=chunk) - Interest expense decreased by **53.8%** in Q2 and **42.5%** in H1 2021 compared to 2020, driven by lower average debt balances[82](index=82&type=chunk)[85](index=85&type=chunk) [Operating Practice Groups](index=28&type=section&id=Operating%20Practice%20Groups) Financial Services led growth with **21.1%** revenue increase in Q2, while Benefits and Insurance Services also grew, and National Practices remained stable Financial Services Performance (Q2 2021 vs Q2 2020) | Metric | Q2 2021 ($M) | Q2 2020 ($M) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $186.6M | $154.1M | +21.1% | | Same-unit Revenue Growth | +13.3% | - | - | | Gross Margin % | 19.1% | 17.3% | +180 bps | Benefits and Insurance Services Performance (Q2 2021 vs Q2 2020) | Metric | Q2 2021 ($M) | Q2 2020 ($M) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $82.6M | $73.9M | +11.7% | | Same-unit Revenue Growth | +5.3% | - | - | | Gross Margin % | 18.0% | 17.1% | +90 bps | - The National Practices group revenue is primarily driven by a cost-plus contract with a single client, which accounts for approximately **75%** of the segment's revenue[113](index=113&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$233.4 million** available on its credit facility, prioritizing strategic acquisitions and share repurchases - Days Sales Outstanding (DSO) was **84 days** at June 30, 2021, compared to **87 days** at June 30, 2020, and **72 days** at December 31, 2020[119](index=119&type=chunk) - As of June 30, 2021, the company had **$163.3 million** outstanding on its credit facility with approximately **$233.4 million** of available funds[126](index=126&type=chunk) - In the first half of 2021, CBIZ completed four acquisitions for **$43.1 million** in cash and repurchased **2.1 million shares** of its common stock for approximately **$66.5 million**[128](index=128&type=chunk)[66](index=66&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk on floating-rate debt, mitigated by interest rate swaps, with no speculative derivative use - A 100 basis point change in market interest rates would impact annual interest expense by approximately **$0.8 million**[139](index=139&type=chunk) - As of June 30, 2021, the company had three interest rate swaps outstanding with a total notional value of **$85.0 million**, effectively fixing the interest rate on a significant portion of its variable-rate debt[141](index=141&type=chunk)[33](index=33&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting - Based on their evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[146](index=146&type=chunk) - No changes were made to internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[147](index=147&type=chunk) PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, and other required disclosures, referencing prior filings where applicable [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Note 5, detailing the UPMC settlement and ongoing litigation - Information regarding legal proceedings is incorporated by reference from Note 5, Commitments and Contingencies[151](index=151&type=chunk)[31](index=31&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the Annual Report on Form 10-K for the year ended December 31, 2020 - The company directs investors to review the risk factors discussed in its Annual Report on Form 10-K for the year ended December 31, 2020[152](index=152&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued **53,000 shares** for contingent consideration and repurchased **964,000 shares** in Q2 2021 under its buyback plan - In H1 2021, approximately **53,000 shares** of common stock were issued as payment for contingent consideration for previous acquisitions in unregistered transactions[153](index=153&type=chunk) Share Repurchases (Q2 2021) | Period | Total Shares Purchased (shares) | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | April 2021 | 314,000 | $33.44 | | May 2021 | 367,000 | $34.03 | | June 2021 | 283,000 | $33.04 | | **Q2 Total** | **964,000** | **$33.55** | - As of June 30, 2021, a maximum of **4,036,000 shares** may yet be purchased under the current share repurchase plan[156](index=156&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable as the company reports no defaults upon senior securities [Item 4. Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable as the company has no mine safety disclosures to report [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) This section is not applicable as the company reports no other information [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including required certifications and XBRL data files

SECOND QUARTER 2021 INVESTOR PRESENTATION Your Team. Local. Trusted. Nationwide. July 29, 2021 Your Team. FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES Forward-looking statements in this presentation are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forwardlooking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not lim ...

CBIZ, Inc. (NYSE:CBZ) Q1 2021 Earnings Conference Call April 29, 2021 11:00 AM ET Company Participants Lori Novickis - Director, Corporate Relations Jerry Grisko - President and Chief Executive Officer Ware Grove - Chief Financial Officer Conference Call Participants Andrew Nicholas - William Blair Marc Riddick - Sidoti & Company Chris Moore - CJS Securities Operator Good morning. Welcome to CBIZ' First Quarter 2021 Results Conference Call. [Operator Instructions] Please note that this event is being record ...

FIRST QUARTER 2021 INVESTOR PRESENTATION Your Team. Local. Trusted. Nationwide. April 29, 2021 Your Team. FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES Forward-looking statements in this presentation are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forwardlooking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not lim ...