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CBIZ, Inc. reports developments tied to its national professional services advisory business for middle-market organizations. Company news centers on financial results, revenue trends in Financial Services, earnings outlooks, free cash flow, share repurchases, and capital allocation.
Updates also cover CBIZ's accounting, tax, advisory, benefits, insurance, and technology capabilities, including post-acquisition integration activity, leadership changes, technology and AI initiatives, and research on middle-market business conditions. Recurring releases frame CBIZ around client service expansion, industry specialization, cost productivity, talent, and technology priorities across its U.S. advisory platform.
CBIZ, Inc. (NYSE: CBZ) will announce its third-quarter and nine-month 2022 financial results on October 27, 2022, prior to market opening. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove will take place at 11 a.m. ET the same day. The call will be available for live streaming on the CBIZ investor relations page, with an archived replay accessible afterwards. CBIZ is a leading provider of financial, insurance, and advisory services across the U.S., operating over 100 offices nationwide.
CBIZ, Inc. (NYSE: CBZ) has announced the promotion of Bob Batz to Senior Managing Director of the Tampa Bay, Florida office. With over 20 years of experience at CBIZ, Batz will lead 150 professionals and direct strategic initiatives for the local office while focusing on providing tailored solutions to clients across various industries. His leadership follows the tenure of Bill Tapp, who expressed confidence in Batz's ability to navigate changes in the profession and enhance client satisfaction.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally-adjusted increase of 0.80% in July, following an upward trend from June. This index tracks payroll trends for over 3,600 small companies with less than 300 employees. Regional variations showed growth in the Northeast (2.36%) and Southeast (1.49%), while the West declined by -1.15%. Key sectors experiencing hiring increases included Construction and Rental Services, but Arts, Education, and Not-For-Profit sectors saw reductions. This insight provides a snapshot of small business adaptation amid cautious consumer spending.
CBIZ, Inc. (NYSE: CBZ) reported a robust performance for Q2 2022, with total revenue rising by 29.9% to $362.0 million. The growth was driven by both acquired operations and an 11.4% increase in same-unit revenue. GAAP EPS soared 275.0% to $0.60, while adjusted EPS rose 26.0% to $0.63. For the first half of 2022, total revenue reached $753.7 million, up 30.1%. The company also announced an increase in full-year growth guidance to 23%-25% for revenue and 25%-27% for adjusted EPS, reflecting ongoing organic growth and successful acquisitions.
The CBIZ Main Street Index reveals that 64% of small and mid-sized businesses (SMBs) maintain a positive outlook despite challenges from inflation, supply chain slowdowns, and staffing shortages. However, the business confidence score has dropped over 12 points, now below 60. The survey, conducted from June 6 to July 1, included over 1,400 businesses. Key findings show that 80% cite inflation as a top concern, with many adjusting prices to cope. Staffing shortages affect 62% of businesses, and 50% have raised consumer prices due to ongoing supply chain issues.
CBIZ, Inc. (NYSE: CBZ) will release its financial results for the second quarter and first half of 2022 on July 28, 2022, before market open. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove will occur at 11 a.m. ET the same day, with live webcasting available on the investor relations section of the CBIZ website. An archived replay will also be accessible post-call. CBIZ is a prominent provider of financial, insurance, and advisory services across the United States, with over 100 offices in 32 states.
The CBIZ Small Business Employment Index reported a 0.29% increase in hiring for June, tracking payroll trends across over 3,600 small businesses. Key sectors experiencing growth included Rental, Leasing, and Real Estate, while Retail and Food Services saw declines. The overall private-sector jobs rose by 372,000, but the national unemployment rate remained steady at 3.6%. Regional growth was strongest in the Northeast at 1.28%, while the West faced a decline of -2.35%. Despite these trends, small businesses are cautious due to inflationary pressures.
CBIZ, Inc. (NYSE: CBZ) has acquired Stinnett & Associates, a professional advisory firm based in Tulsa, Oklahoma, effective July 1, 2022. Stinnett offers services such as internal audit, cybersecurity reviews, and business continuity, generating approximately $16.4 million in annual revenue. This acquisition aligns with CBIZ's growth strategy by enhancing its advisory services and expanding its client base. The integration of Stinnett's talented workforce and expertise is expected to create new growth opportunities for CBIZ.
The CBIZ Small Business Employment Index (SBEI) reported a 1.91% decrease in May, reversing positive hiring trends from April. This decline affects companies with 300 or fewer employees and reflects rising operational costs and consumer economic pressures. Notably, small businesses accounted for a decline of 91,000 jobs while the overall job market saw an increase of 128,000 private-sector jobs.
The West and Southeast regions experienced the largest hiring drops, and while Professional Services saw gains, other sectors like Manufacturing and Retail faced declines.
CBIZ, Inc. (NYSE: CBZ) has expanded its unsecured credit facility from $400 million to $600 million, extending the maturity date to five years. The agreement also includes a feature allowing lenders to extend an additional $200 million in the future. The company's president highlighted that the growth in revenue has continued into 2022 due to strategic investments in various areas. Since early 2020, CBIZ has made 14 strategic acquisitions and repurchased over 5.5 million shares, equating to about 10 percent of its outstanding shares.