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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, Inc. (NYSE: CBZ) has published its Q1 2023 Main Street Index, reflecting the sentiment of small and mid-sized businesses (SMBs). While 81% anticipate steady or increased revenues of up to 10%, a significant 72% expect a recession soon, with 61% citing it as their top concern. The Business Confidence Study rose slightly to just under 68 points, showing slight optimism despite ongoing challenges. Although 78% of companies reported rising costs for goods and resources, this is a decrease from 85% in the previous quarter. Concerns over employee turnover remain high, impacting half of SMBs, as they cope with rising energy costs.
CBIZ, Inc. (NYSE: CBZ) has announced the promotion of Steven Janssen to Managing Director of its
CBIZ, a leading provider of financial, insurance, and advisory services, reported robust financial performance for Q4 and the full year ending December 31, 2022. Total revenue surged by 21.5% in Q4 to $295.0 million, and by 27.8% for the full year to $1,412.0 million. Same-unit revenue rose by 10.1% for Q4 and 10.9% for the year. GAAP EPS increased 52.3% to $2.01, with projected revenue growth of 8% to 10% and GAAP EPS growth of 15% to 17% for 2023. Notably, the company repurchased 2.8 million shares and has a strong balance sheet with $319.9 million in unused borrowing capacity.
CBIZ, Inc. (NYSE: CBZ) announced the appointment of Rodney A. Young as an independent director on February 6, 2023. Mr. Young, currently CEO of Delta Dental of Minnesota, brings extensive experience in the insurance and healthcare sectors. He has previously held executive roles at various public companies, including Angeion Corporation and LecTec Corporation. His appointment is expected to enhance the Board's governance and strategic direction during a period of growth for CBIZ. CEO Jerry Grisko expressed confidence in Mr. Young's contributions, citing his industry expertise and leadership in both business and community settings.
On February 2, 2023, CBIZ (NYSE: CBZ) announced its acquisition of Somerset CPAs and Advisors, a leading accounting firm based in Indianapolis, effective February 1, 2023. Somerset, with over 250 employees and approximately $55 million in revenue, will enhance CBIZ's presence in the Indianapolis financial services market. This acquisition is aimed at providing clients with an extended range of services and improved growth opportunities. Both firms expressed excitement over the synergies expected to arise from this partnership, emphasizing enhanced service capabilities and relationship-building.
CBIZ, Inc. (NYSE: CBZ) will release its financial results for the fourth quarter and full year ending December 31, 2022, on February 16, 2023, before market opening. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove is scheduled for 11 a.m. ET on the same day. The call will be accessible via live webcast on the CBIZ investor relations page, with an archived replay available afterward. CBIZ is a prominent provider of financial, insurance, and advisory services, operating over 120 offices across the United States.
CBIZ Human Capital Management has achieved Nacha Certification for compliance within the Automated Clearing House (ACH) Network. This certification highlights their commitment to maintaining high standards in payroll fund movement. Jim King, President of CBIZ HCM, emphasized the importance of ACH compliance due to the volume of transactions they process annually. The certification not only reflects their dedication but also positions CBIZ HCM as a trusted third-party sender in the ACH Network. CBIZ, a significant player in financial and advisory services, continues to enhance its offerings across the U.S. with a focus on human capital success.
The CBIZ Small Business Employment Index reported a seasonally adjusted hiring increase of 0.84% in December, reversing previous declines. This trend reflects a potential recovery for small businesses, with 24% of surveyed companies increasing staff. However, December's hiring pace was weaker than expected for the holiday season, correlating with disappointing retail sales. The overall private-sector job growth was strong, adding 223,000 jobs nationwide, yet the unemployment rate remained stable at 3.5%. Significant hiring rises were observed in Healthcare, Non-Profit, and Wholesale Distribution.
CBIZ, Inc. (NYSE: CBZ) has appointed Elizabeth Newman as the Chief Administrative Officer and Chief Human Resources Officer effective December 1, 2022. Newman, previously Interim CHRO and Chief of Staff, is set to oversee administrative functions and lead HR initiatives. With extensive experience in organizational transformation, she aims to enhance CBIZ's operational efficiency and cultural development. CBIZ, a significant provider of financial and advisory services with over 6,600 employees, continues its commitment to growth and innovation.
Olympic Steel Inc. (Nasdaq: ZEUS) announced that CEO Richard T. Marabito has been awarded the 2022 Service Center Executive of the Year by Metal Center News. This annual honor, presented to individuals exemplifying service center excellence, marks the second recognition for Olympic Steel's leadership. Under Marabito's tenure since 2019, the company has seen substantial growth in revenue and operations. His leadership is acknowledged for transforming Olympic Steel and advancing the industry through his role as Chairman of the Metals Service Center Institute.
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