What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2021-02-26 compared with 2020-02-26 · 28 added, 8 removed, 42 unchanged (46% of the section changed)

3 unchanged sentences

Dividends - Historically, we have not paid cash dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future.

Refer to Note 9, Debt and Financing Arrangements, to the accompanying consolidated financial statements for information relating to restrictions on declaring or making dividend payments under our 2018 credit facility.

Recent Sales of Unregistered Securities - During the year ended December 31, 2020, we issued approximately 429.2 thousand shares of our common stock as payment for contingent consideration for current year and previous acquisitions.

5 unchanged sentences

Issuer Purchases of Equity Securities

Fourth Quarter Purchases

Total Number of

Fourth Quarter Purchases Total

Purchased Average

Share Total Number of

Part of Publicly

Announced Plan

Announced Plan Maximum

Under the Plan

2 unchanged sentences

December 1 – December 31, 2020 440 $ 25.61 440 3,766

Fourth quarter purchases

999 $ 24.82 999

Refer to Note 13, Common Stock, to the accompanying consolidated financial statements for future discussion on the Share Repurchase Program.

Performance Graph - The graph below matches the cumulative five-y ear total return of holders of CBIZ, Inc.’s common stock with the cumulative total returns of the S&P 500 index, the Russell 2000 index and a customized peer group of five companies that includes:

Performance Graph - The graph below matches the cumulative five-year total return of holders of CBIZ, Inc.’s common stock with the cumulative total returns of the S&P 500 index, the Russell 2000 index and a customized peer group of five companies that includes:

Brown & Brown, Inc., H & R Block, Inc., Paychex, Inc., Resources Connection, Inc.

and Willis Towers Watson Plc.

The graph assumes that the value of the investment in our common stock, in each index, and in the peer group (including reinvestment of d ividends) was $100 on December 31, 2 01 4 and tracks it through December 31, 2 01 9 .

The graph assumes that the value of the investment in our common stock, in each index, and in the peer group (including reinvestment of dividends) was $100 on December 31, 2015 and tracks it through December 31, 2020.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN *

Among CBIZ, Inc., the S&P 500 Index, the Russell 2000 Index, and a Peer Group

*$100 invested on December 31, 2015 in stock or index, including reinvestment of dividends.

Fiscal year ending December 31.

2015 2016 2017 2018 2019 2020

$ 100.00 $ 138.95 $ 156.69 $ 199.80 $ 273.43 $ 269.88

S&P 500 100.00 111.96 136.40 130.42 171.49 203.04

Russell 2000 100.00 121.31 139.08 123.76 155.35 186.36

Peer Group 100.00 107.62 127.65 129.45 171.35 186.69

The stock price performance included in this graph is not necessarily indicative of future stock price performance.

3 unchanged sentences

Year Ended December 31,

2020 2019 2018 2017 2016

(In thousands, except per share data)

Results of Operations Data

Income from continuing operations before income tax

Revenue $ 963,897 $ 948,424 $ 922,003 $ 855,340 $ 799,832

Income from continuing operations before income tax expense 103,488 92,889 79,840 74,320 67,006

Income tax expense 25,141 21,840 18,267 23,288 26,399

Income from continuing operations 78,347 71,049 61,573 51,032 40,607

Net income $ 78,299 $ 70,714 $ 61,570 $ 50,377 $ 40,065

Basic weighted average common shares 54,288 54,299 54,561 53,862 52,321

2 unchanged sentences

Continuing operations $ 1.42 $ 1.27 $ 1.09 $ 0.92 $ 0.76

Net income $ 1.41 $ 1.26 $ 1.09 $ 0.91 $ 0.75

Balance Sheet Data

Total assets $ 1,513,754 $ 1,400,774 $ 1,183,031 $ 1,176,231 $ 1,118,588

Long-term debt $ 108,000 $ 105,500 $ 135,500 $ 178,500 $ 191,400

2 unchanged sentences

Adjusted EBITDA (1)

$ 132,119 $ 120,582 $ 109,135 $ 104,011 $ 94,842

(1) We report our financial results in accordance with United States generally accepted accounting principles (“GAAP”).

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity