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CBIZ, Inc. (NYSE: CBZ) is a leading provider of professional business services that help clients manage their finances and employees more effectively. Headquartered in Cleveland, Ohio, CBIZ offers a wide range of financial services including accounting, tax consulting, financial advisory, government healthcare consulting, risk advisory, real estate consulting, and valuation services. Additionally, CBIZ provides extensive employee services such as employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll services, life insurance, HR consulting, and executive recruitment.
Named one of America’s Best Employers by Forbes in 2015 and recognized as the top employer in the consulting and accounting industry, CBIZ operates over 100 offices across 33 states, making it one of the largest brokers of employee benefits and property/casualty insurance in the U.S.
CBIZ’s business model is structured into three main practice groups: Financial Services, Benefits and Insurance Services, and National Practices. The company serves a diverse array of industries, including agribusiness, SaaS, construction, healthcare, oil and gas, real estate, retail, financial institutions, and government sectors. CBIZ derives a significant portion of its revenue from its Financial Services segment, and primarily operates within the U.S. market.
CBIZ is associated with Mayer Hoffman McCann P.C. (MHM), a national, independent CPA firm. This association allows CBIZ to deliver comprehensive and independent financial services to its clients.
Recent Achievements and Financial Performance
In its most recent financial reports, CBIZ announced strong performance results for both quarterly and nine-month periods. For Q3 2023, CBIZ reported revenues of $410.5 million, a 13% increase compared to the same period in the previous year. Net income for Q3 2023 was $33.7 million, reflecting a robust growth of 22.5% year-over-year. For the first nine months of 2023, CBIZ achieved revenues of $1,263.6 million, marking a 13.1% increase from the corresponding period in 2022. Net income for the same period totaled $133.7 million, a 14.3% increase from the previous year.
The company’s growth strategy is supported by a combination of organic growth and strategic acquisitions. In 2023, CBIZ completed several acquisitions, enhancing its service offerings and expanding its market presence. The company's pipeline for mergers and acquisitions remains active, positioning CBIZ for continued growth in the coming years.
Looking forward to 2024, CBIZ remains optimistic about its business outlook, anticipating favorable economic conditions that will support strong demand for its financial, insurance, and advisory services. The company continues to focus on providing a breadth of services and unmatched expertise, ensuring its clients receive the highest quality support and consulting.
For more information on CBIZ and its services, visit www.cbiz.com.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted decline of 1.29% in January 2021, the largest drop since May 2020. This trend reflects challenges faced by small businesses amid pandemic-related restrictions and adverse winter weather. In January, 15.3% of companies expanded their workforce, while 33.3%-4.20%. Despite small businesses adding 51,000 jobs, the overall outlook remains cautious due to ongoing economic pressures.
CBIZ, Inc. (NYSE: CBZ), a top provider of financial and advisory services, will release its financial results for the fourth quarter and full year ending December 31, 2020, on February 18, 2021, before market opening. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove will occur at 11:00 a.m. ET on the same day to discuss the results. Investors can access the call via the company's investor relations page, and a replay will be available afterward.
CBIZ (NYSE: CBZ) has launched a new website, enhancing its digital presence with improved user interface and optimized search capabilities. This update reflects the company's commitment to technology-enabled services, providing clients with easier access to resources and solutions. CEO Jerry Grisko emphasized this shift responds to the increased reliance on digital tools amid changing business environments. The site features resources to aid businesses in post-COVID recovery, including the CBIZ Accelerated Recovery Solutions and a podcast series titled “What’s Next?” addressing various business challenges.
CBIZ, Inc. (NYSE: CBZ) announced the acquisition of Middle Market Advisory Group (MMA) from Richey May & Co., effective January 1, 2021. MMA specializes in tax compliance and consulting for middle-market firms in various sectors, generating approximately $3.6 million in annual revenue. This acquisition enhances CBIZ's Colorado practice by adding 26 skilled employees and broadening its expertise in key industries such as real estate and technology. CBIZ aims to leverage MMA's client service reputation to better support middle-market businesses and high-net-worth individuals.
The CBIZ Small Business Employment Index (SBEI) reported a 0.32% increase in December 2020, indicating resilience among small businesses amid COVID-19. Data revealed that 27.63% of companies added staff, with notable hiring growth in Healthcare, Financial Services, and Retail Trade. However, small business jobs decreased by 13,000 according to ADP and Moody’s. Regional hiring varied, with the Northeast seeing a 1.18% increase. Optimism remains for 2021, contingent on consumer sentiment and vaccination efforts, according to Executive VP Philip Noftsinger.
CBIZ CMF is rebranding to CBIZ Private Equity Advisory, emphasizing its commitment to providing specialized services for private equity firms and portfolio companies. The firm has supported over 300 private equity firms and 1,500 portfolio companies, experiencing over 100% revenue growth in the last three years. The services offered include Deal Advisory and Performance Management & Improvement, targeting the investment lifecycle from pre-acquisition to exit. Staffed with over 100 professionals, CBIZ aims to enhance investor and executive outcomes.
CBIZ, Inc. (NYSE: CBZ) has acquired Borden Perlman Insurance Agency, Inc. (BP), a family-owned company based in Ewing, NJ, effective December 31, 2020. With over 100 years of experience, BP specializes in property and casualty insurance, focusing on liability and risk management for mid-market clients across the U.S. The agency employs 65 staff and generates approximately $16 million in annual revenue. Jerry Grisko, CEO of CBIZ, emphasized this acquisition as a strategic move to expand their presence in growing markets and enhance client service.
CBIZ, Inc. (NYSE: CBZ) announced the acquisition of BeyondPay, Inc., effective December 1, 2020. BeyondPay, a full-service human capital management and payroll provider based in Clinton, NJ, has 40 employees and generates approximately $4.6 million in annual revenue. This acquisition is expected to enhance CBIZ's HR and payroll solutions, leveraging BeyondPay's technical expertise to improve service delivery and accelerate growth in a complex regulatory environment.
The CBIZ Small Business Employment Index (SBEI) revealed a 1.06% seasonally adjusted decrease in small business hiring for November, diverging from historical trends typically bolstered by the holiday season. Factors such as waning consumer confidence and rising COVID-19 cases negatively impacted hiring. The SBEI tracks over 3,500 companies with 300 or fewer employees. While the West region saw a hiring increase of 1.36%, other regions experienced declines. In November, 19% of companies increased staffing, while 26% reduced it.
The CBIZ Small Business Employment Index (SBEI) reported a 1.18% increase in hiring for October, despite uncertainties surrounding COVID-19 and the U.S. election. Traditionally, October sees lower hiring rates, but robust consumer engagement has driven growth this year. The index tracks over 3,500 small businesses. Notably, hiring rose in all U.S. regions, with the West leading at 2.61%. However, sectors like Construction and Financial Services experienced declines. Future trends may hinge on consumer confidence and potential COVID-19 lockdowns.
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