<SEC-DOCUMENT>0001193125-16-630084.txt : 20160914
<SEC-HEADER>0001193125-16-630084.hdr.sgml : 20160914
<ACCEPTANCE-DATETIME>20160623160303
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ACCESSION NUMBER:		0001193125-16-630084
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CBIZ, Inc.
		CENTRAL INDEX KEY:			0000944148
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				222769024
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6050 OAK TREE BOULEVARD, SOUTH
		STREET 2:		SUITE 500
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44131
		BUSINESS PHONE:		2164479000

	MAIL ADDRESS:	
		STREET 1:		6050 OAK TREE BOULEVARD, SOUTH
		STREET 2:		SUITE 500
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTURY BUSINESS SERVICES INC
		DATE OF NAME CHANGE:	19980218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL ALLIANCE SERVICES INC
		DATE OF NAME CHANGE:	19961031
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<TYPE>CORRESP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June&nbsp;23, 2016 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VIA EDGAR </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen Krikorian, Accounting Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Information Technologies and Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 4561
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">RE:</TD>
<TD ALIGN="left" VALIGN="top">CBIZ, Inc. </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Form</TD>
<TD ALIGN="left" VALIGN="top">10-K for the fiscal year ended December&nbsp;31, 2015 </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Filed</TD>
<TD ALIGN="left" VALIGN="top">March&nbsp;8, 2016 </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Form</TD>
<TD ALIGN="left" VALIGN="top">8-K furnished February&nbsp;22, 2016 </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">File</TD>
<TD ALIGN="left" VALIGN="top">No.&nbsp;001-32961 </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Krikorian: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CBIZ, Inc. (the &#147;Company&#148; or &#147;CBIZ&#148;) is submitting this letter in response to the comment letter received from the staff
(&#147;Staff&#148;) of the Securities and Exchange Commission (&#147;Commission&#148;), dated June&nbsp;8, 2016, with respect to the Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2015 filed on March&nbsp;8,
2016, and the Company&#146;s Report on Form 8-K furnished February&nbsp;22, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Below is the Company&#146;s response to the comments raised by the
Staff in the comment letter. For the convenience of the Staff, we have repeated the Staff&#146;s comment before the response. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for the fiscal
year ended December&nbsp;31, 2015 </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;6. Selected Financial Data, page 22 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment 1</B>. We note that you present Adjusted EBITDA for each period presented. Please revise future filings to provide a reconciliation of the most
directly comparable financial measure calculated and presented in accordance with GAAP to the non-GAAP financial measure. Also, revise future filings to disclose how the measure is useful to investors. We refer you to Item&nbsp;10(e)(1)(i)(B) and
(C)&nbsp;of Regulation S-K. Similar concerns apply to your earnings releases furnished on Form 8-K. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response to Comment 1. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will revise future filings and earnings releases to provide a reconciliation to the most directly comparable financial measure calculated and
presented in accordance with GAAP to the non-GAAP financial measure, and to revise future filings to disclose how the measure is useful to investors. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Results of Operations &#151; Continuing Operations </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Earnings Per Share and Non-GAAP Earnings Per Share, page 30 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment 2.</B> We note your reconciliations of &#147;Non-GAAP earnings &#150; continuing operations&#148; and &#147;Non-GAAP earnings per share &#150;
continuing operations&#148; here and in your earnings releases furnished on Form 8-K. Your reconciliations do not appear to include the income tax effects of the Non-GAAP adjustments, which may be inconsistent with the updated Compliance and
Disclosure Interpretations issued on May&nbsp;17, 2016. Please review this guidance when preparing your next Form 10-Q and earnings release. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response
to Comment 2. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will review and apply the updated Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016 when preparing our
next Form 10-Q and earnings release. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment 3.</B> Please tell us how you considered providing a more detailed discussion of how the measures noted
in comment number 2 are useful to investors. In this regard, we note that your current disclosure is fairly generic. We refer you to Item&nbsp;10(e)(1)(i)(B) and (C)&nbsp;of Regulation S-K. Similar concerns apply to your earnings releases furnished
on Form 8-K. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response to Comment 3. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
uses non-GAAP financial measures such as &#147;Non-GAAP earnings &#150; continuing operations&#148; but will cease reporting &#147;Non-GAAP earnings per share &#150; continuing operations.&#148; The Company will also revise future filings and
earnings releases to expand the disclosures and to reiterate as to the reasons why we believe the presentation of the non-GAAP financial measure provides useful information to investors regarding our financial condition and results of operations.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 8-K furnished February&nbsp;22, 2016 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Comment 4.</B> We note from your fiscal 2016 outlook that adjusted EBITDA is projected to increase to within a range of $93.0 to $95.0 million. It appears
that you have excluded a quantitative reconciliation for the forward-looking non-GAAP measure in reliance on the &#147;unreasonable efforts&#148; exception in Item&nbsp;10(e)(1)(i)(B) without disclosing that fact and identifying the information that
is unavailable. Your disclosure is inconsistent with the updated Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016. Please review this guidance when preparing your next earnings release. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response to Comment 4. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will review and apply the updated Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016 when preparing our next earnings release,
including with respect to the forward-looking non-GAAP measures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp; * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Company&#146;s response to the Staff&#146;s comments, the Company acknowledges that: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions regarding these matters, please do not hesitate to contact the undersigned at 216-447-9000. </P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely,</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">CBIZ, Inc.</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;Ware H. Grove</U></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ware H. Grove</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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