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Overview
CBIZ Inc (CBZ) is a premier professional services firm specializing in accounting, tax advisory, and comprehensive financial services. Recognized for its expertise in providing business and employee solutions, CBIZ has established itself as a trusted advisor to middle-market businesses and organizations nationwide. With a strong emphasis on accuracy and client-centric strategies, the company integrates deep industry knowledge with actionable insights to help clients optimize their financial and human capital management.
Core Business Areas
At its core, CBIZ Inc delivers a broad spectrum of professional services that include:
- Financial Services: Accounting, tax, financial advisory, transaction services, government health care consulting, risk advisory, and valuation services form the backbone of this segment. These services are designed to help clients manage financial operations efficiently while ensuring compliance and strategic growth.
- Benefits and Insurance Services: As one of the nation’s largest brokers for employee benefits and property & casualty insurance, the company offers customized solutions such as retirement plan consulting, payroll services, life and disability insurance, and human resources consulting. These services empower clients to manage their workforce benefits with precision.
- National Practices: This practice group aggregates specialized services including real estate consulting, specialized advisory services, and executive recruitment. These offerings are tailored to meet the nuanced needs of various sectors, ensuring comprehensive support for business operations.
Market Position and Competitive Landscape
CBIZ Inc stands out in the competitive landscape by leveraging its diversified service model and extensive geographical presence. With offices spanning multiple states, the company has positioned itself as a vital resource for businesses across sectors such as banking and financial services, commercial real estate, construction, health care, manufacturing, non-profit organizations, education, technology, and life sciences. The firm's unique combination of multifaceted expertise and a high rate of recurring revenue underscores its resilience in a dynamic market environment. Despite operating in a fragmented industry, CBIZ differentiates itself through its integrated approach, providing end-to-end solutions rather than siloed offerings.
Expertise and Industry Insight
The company is noted for its precise analytical approach and deep industry insights. CBIZ’s team of professionals, known for its extensive experience in areas such as risk analytics and financial forecasting, provides clients with robust, data-driven strategies that address both daily operational requirements and long-term strategic needs. This expertise is not limited to traditional financial and accounting services; it extends into employee benefits consulting, government health care advisory, and a diverse array of consulting services aimed at helping clients navigate challenging economic landscapes.
Client-Centric Approach and Operational Excellence
A significant aspect of CBIZ Inc’s identity is its commitment to personalized, client-centric service. The firm employs an approach that is both consultative and collaborative, ensuring that clients receive tailored solutions that align with their unique business needs. This methodical approach enables clients to streamline their operations, mitigate risks, and enhance overall organizational performance. By maintaining high standards of quality and accountability, CBIZ fosters long-lasting relationships built on trust and mutual success.
National Reach and Capabilities
With an expansive network of offices and a presence in diverse geographic regions of the United States, CBIZ Inc is well-equipped to serve clients nationwide. The company’s operational model is designed to address various scales of business requirements—from localized support to national strategic planning. Its robust infrastructure allows it to efficiently manage large-scale projects and adapt to regional market trends without compromising on service quality.
Integration of Services and Strategic Value
By consolidating its service offerings into three distinct yet interrelated practice groups, CBIZ Inc ensures that clients benefit from a holistic suite of services without facing the challenges of dealing with multiple vendors. This integrated service delivery model not only streamlines client operations but also enhances the overall value proposition. Each service area is anchored by industry-leading expertise and operational proficiency, reinforcing the company’s position as a comprehensive advisor in the professional services domain.
Commitment to Expertise and Continuous Improvement
Central to the company’s philosophy is a commitment to continuous improvement and industry leadership. CBIZ Inc invests in ongoing professional development and technological innovation, which enables it to keep pace with evolving market regulations and emerging trends. This forward-thinking approach has allowed the firm to maintain robust operational performance even in complex and volatile market conditions, ensuring that clients benefit from both proven methodologies and innovative solutions.
Conclusion
In summary, CBIZ Inc (CBZ) is an established professional services provider with an extensive portfolio that spans financial and accounting services, risk management, employee benefits, insurance, and strategic advisory. Its integrated approach, profound industry expertise, and nationwide reach make it a comprehensive and trusted partner for middle-market businesses. By consistently delivering high-quality, customized solutions, CBIZ reinforces its reputation as an authoritative and reliable advisor in an ever-evolving business landscape.
CBIZ reported strong Q3 2024 results with total revenue reaching $438.9 million, up 6.9% year-over-year. Same-unit revenue increased by 5.1%, while acquired operations contributed 1.8% to growth. Net income rose 4.2% to $35.1 million. For the nine-month period, revenue grew 7.1% to $1.35 billion, though net income decreased slightly by 1.5%. The company is nearing completion of its Marcum acquisition, which incurred $14.8 million in transaction fees in Q3. Adjusted EPS increased significantly by 27.3% to $0.84 in Q3, and Adjusted EBITDA grew 23% to $75.7 million. CBIZ maintains its 2024 guidance, expecting 7-9% revenue growth.
The CBIZ Fall 2024 Main Street Index reveals small and mid-sized businesses (SMBs) are facing significant challenges in the current economic climate. Key findings include:
- 51% of SMBs are evaluating or changing staff levels due to economic concerns
- 62% report full staff utilization, down 7% from June
- 19% experienced significant increases in costs of goods and services
- 18% saw sharp rises in labor costs
- 53% have increased prices, with 28% raising them by 5% or more
- 58% are concerned about health care benefit costs, up 13% from summer
- 83% utilize AI tools, with 80% considering AI important for competitiveness
The survey, conducted from September 16 to October 11, analyzed responses from 401 businesses with fewer than 100 employees across 31 industries in the U.S.
CBIZ, Inc. (NYSE: CBZ), a leading provider of financial, insurance and advisory services, has announced that it will release its third-quarter financial results for the period ended September 30, 2024, before markets open on Tuesday, October 29, 2024. Following the release, the company will host a conference call at 11 a.m. ET on the same day to discuss the results.
The call will be led by CBIZ President and CEO Jerry Grisko and CFO Ware Grove. Investors can access the webcast live on the CBIZ website's investor relations page, with an archived replay available after the call. To participate, investors can register for dial-in information and a unique personal identification number, with registration open until the call start time.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted increase of 0.66% in August, rebounding after two months of decline. This growth contrasts with the ADP report, which showed a decrease of 9,000 jobs for small businesses. Regionally, the Southeast (1.07%) and Central (1.04%) regions saw the largest hiring increases, while the West (-0.79%) experienced a decline.
Industries leading in hiring were Educational Services, Technology and Life Sciences, and Transportation. However, economic indicators suggest potential challenges ahead. The retention rate reached 61% in August, the highest since the post-pandemic labor shortage began, as small businesses compete for skilled workers.
CBIZ, Inc. (NYSE: CBZ) has appointed Donna Mirandola as its new Chief Marketing Officer, effective August 26, 2024. Mirandola brings 24 years of B2B marketing and communications experience across various sectors. She joins CBIZ from Aon, plc, where she served as Chief Marketing Officer, Growth Marketing. In her new role, Mirandola will be responsible for developing and executing strategies to achieve growth goals, elevating the brand, expanding digital reach, and enhancing client experience.
Mirandola's experience includes creating and leading regional teams across multiple continents, driving go-to-market initiatives, and fostering demand and pipeline growth. She has previously held roles at Coeur Mining, Inc., General Electric, and Oracle Mirandola holds a bachelor's degree from Saint Mary's College and a Master of Science in integrated marketing communications from Northwestern University.
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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