Cbiz: An Annuity-like Cash Flow Machine

Northland Power Announces 104% Increase in Free Cash Flow Year Over Year





CBIZ provides three sets of services, including: A third set of services is held within another segment called National Practices, which houses an important business with respect to the Affordable Care Act, namely, CBIZ's health care consulting practice under the brand name Myers & Stauffer. Investors should note that CBIZ recently sold its Medical Management Professionals ("MMP") business for $145 million which was responsible for medical coding, billing and other secretarial work (for lack of a better term). The MMP business is not to be confused with the Myers & Stauffer business which offers a full suite of services around complying with government health programs. To take a step back regarding my fears of investing in the management consulting industry, there does appear to be quite a bit of stability due to the suite of services that CBIZ offers clients. While there are some services that are transactional in nature (litigation support, etc.), many of the services are annuity-like on account of statutory law or common business practice. For example, publicly traded clients (debt and/or equity) or private clients with bank debt are required to undergo annual audits of the financial statements.









These measures should not be considered alternatives to net income, cash Elevation Group flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of Northland's results of operations from management's perspective. Management believes that free cash flow and adjusted EBITDA are widely accepted financial indicators used by investors to assess the performance of a company and its ability to generate cash through operations. Earnings Conference Call Northland will hold an earnings conference call on February 20 at 10:00 am EST to discuss its 2013 annual financial results. John Brace, Northland's Chief Executive Officer and Paul Bradley, Northland's Chief Financial Officer will discuss the financial results and company developments before opening the call to questions from analysts and members of the media. Conference call details are as follows: Date: Thursday, February 20, 2014 Start Time: 10:00 a.m.