CBIZ, Inc.

Good day and welcome to the CBIS third quarter 2022 results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Lori Novickis, Director of Corporate Relations. Please go ahead.

Good morning, everyone, and thank you for joining us for the CBIS third quarter in nine months 2022 results conference calls. In connection with this call, today's press release and quarterly investor presentation have been posted to the investor relations page of our website, cbiz.com. As a reminder, this call is being webcast. A link to the live webcast can also be found on our site. The archived replay and transcript will also be made available following the call. Before we begin, we would like to remind you that during the call, management may discuss certain non-GAAP financial measures. Reconciliations of these measures can be found in the financial tables of today's press release and investor presentation. Today's call may also include forward-looking statements regarding our business, financial condition, results of operations, cash flows, strategies, and prospects. Forward-looking statements represent only estimates on the date of this call and are not intended to give any assurance of future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause future results to differ materially, and CBIS assumes no obligation to update these statements. A more detailed description of such factors can be found in our filings with the Securities and Exchange Commission. Joining us for today's call are Jerry Grisco, President and Chief Executive Officer, and Ware Grove Chief Financial Officer. I will now turn the call over to Jerry for his opening remarks. Jerry?

Thank you, Lori, and good morning, everyone. Thank you for joining us for today's call. We are pleased to report that the very strong results that we experienced during the first half of this year have continued through the third quarter, with impressive revenue growth coming from every major service line of our business. Within our financial services group, we continue to experience strong demand across all three major service lines, those being our core accounting businesses, our advisory businesses, and our government healthcare consulting business. We're also pleased to report that our recent acquisitions within this group are in total performing in line with expectations and making a positive contribution to our overall results. Organic revenue growth within our financial services group was 14.4% for the third quarter and 12% year-to-date. which reflects our continued success in hiring and our ability to improve pricing for our services. While the market for talent remains very competitive, our investment over the past several years to expand our recruitment team has allowed us to add the talent needed to keep up with robust client demand. Also, Our ability to drive pricing increases is a result of the significant investments that we have made in systems, reporting, tools, and training to equip our team to have better visibility into pricing and profitability trends by client and by service line. Our pricing discipline should also serve us well if faced with a more competitive environment in the future. As a reminder, certain of our advisory services tend to be more discretionary by our clients, which make them less predictable to forecast than the more recurring essential services that we provide. So far this year, we continue to experience high demand for new work and have also had success in expanding existing projects. Also, the pipeline of work for the remainder of the year appears strong, although we have noticed that the scope of certain deal-related engagements has reduced and the timeframe for completing that work has extended, which may indicate that M&A deal flow for some of our clients is beginning to slow. Now moving on to our benefits and insurance group. With organic revenue growth of 7.3% for the third quarter and 8.6% year-to-date, we also continue to experience strong results from our four major service lines within this division, those being our employee benefits business, property and casualty insurance business, retirement and investment solutions business, and our payroll business. Similar to last quarter, Strong sales, high client retention rates, and favorable trend in employee benefits, property and casualty, and payroll are supporting our performance across this division. Within our retirement and investment solutions service line, we have a portion of our business where our fees are tied to assets under management, and those fees are down year-to-date based on the performance of the market. At the same time, we have more than made up for that impact as a result of increased fees in other areas of this business, favorable retention rates, and strong sales. As we've discussed on past calls, a key driver of organic growth within our benefits and insurance group is our ability to continue to add new producers. We are pleased to report that our producer count within both employee benefits and property and casualty is up over last year, and our total producer pool for the entire benefits and insurance division is expected to be up by year end. Based on our strong financial performance for the first nine months of this year, and our current outlook for the fourth quarter, we're pleased to be in a position to raise our revenue and earnings per share guidance for the full year, and Ware will provide the specific targets in his comments. With this, I will turn it over to Ware to review the details of our financial performance for the third quarter and our guidance for the full year 2022. Ware?