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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.
CBIZ reported Q2 2024 results and announced an agreement to acquire Marcum LLP. Key highlights include:
- Total revenue up 5.4% to $420.0 million
- Same-unit revenue up 2.8%
- GAAP EPS down 26.4% to $0.39
- Adjusted EPS down 9.1% to $0.50
- Net income down 26.3% to $19.8 million
- Adjusted EBITDA down 6.9% to $50.7 million
The Marcum acquisition, valued at $2.3 billion, is expected to close in Q4 2024. CBIZ incurred $6.7 million in related fees, impacting Q2 results by $0.10 per share. The company updated its 2024 outlook, projecting 7-9% revenue growth and 10-12% adjusted EPS growth.
CBIZ, Inc. (NYSE: CBZ) has announced a definitive agreement to acquire Marcum, LLP in a cash-and-stock transaction valued at approximately $2.3 billion. This acquisition will make CBIZ the seventh-largest accounting services provider in the U.S., with combined annual revenue of about $2.8 billion. The deal is expected to close in Q4 2024, subject to approvals.
Key benefits include:
- Solidifying CBIZ's position in the middle market
- Accelerating growth and positioning as an acquirer of choice
- Enhancing client experience with broader services
- Expanding industry expertise and market presence
- Enabling greater investment in technology
The CBIZ Main Street Index - Summer 2024 reveals high economic confidence among small and mid-sized businesses (SMBs), with the Business Confidence Study's weighted average rising to 69.7. However, challenges persist:
1. Labor shortages: 62.4% cite skilled worker shortages as their top concern, up 16% from January.
2. Pricing pressures: Only 3.2% plan price increases of 10% or more, down from 9.7% in January.
3. Margin squeeze: 44.9% are enhancing compensation/benefits to address workforce issues.
SMBs are adapting by increasing sales efforts (52.8%), implementing workforce optimization (49.5%), and leveraging technology, including AI (42.4%). The survey, conducted May 13 - June 19, analyzed responses from 549 businesses with fewer than 100 employees across 31 industries.
CBIZ, Inc. (NYSE: CBZ), a leading provider of financial, insurance, and advisory services, has announced that it will release its financial results for the second quarter and first half of 2024 on July 31, 2024, before the market opens. The company will host a conference call at 11 a.m. ET on the same day to discuss the results.
Key details:
- President and CEO Jerry Grisko and CFO Ware Grove will lead the call
- The call will be webcast live on the CBIZ investor relations website
- An archived replay will be available after the call
- Investors can register for the call and receive dial-in information at the provided link
CBIZ (NYSE: CBZ) has announced the launch of CBIZ D@taNEXUS, a suite of advanced data analytics and automation services. This new offering aims to help clients transform complex data into actionable insights, enabling faster and smarter decision-making. Key features include advanced data analytics tools, automated reporting and dashboarding, predictive modeling, and process automation tailored to specific business needs. According to Chris Spurio, President of CBIZ Financial Services, the service empowers middle-market business leaders to unlock growth potential. Chief Innovation Officer Rob McGillen emphasized the combination of industry expertise with cutting-edge technology, describing the service as a significant leap forward. CBIZ D@taNEXUS is now available to businesses across various industries.
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