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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) reported a strong third quarter with a 28.5% increase in total revenue, reaching $363.3 million. Year-to-date, total revenue climbed 29.6%, totaling $1,116.9 million. The company saw 12.3% same-unit revenue growth and an impressive 29.3% rise in GAAP EPS. For 2022, CBIZ raised its revenue guidance to 26%-28% and GAAP EPS growth expectations to 48%-51%. Acquisitions contributed significantly to growth, with a 16.2% increase in Q3 revenues. The firm actively repurchased shares, indicating confidence in its performance.
CBIZ, Inc. (NYSE: CBZ) released the Q4 2022 CBIZ Main Street Index, highlighting a challenging economic outlook for small and mid-sized businesses (SMBs). Despite 81% of owners anticipating a recession, 71% remain optimistic about their ability to adapt. Key concerns include inflation (76%) and staffing shortages (23%). The Business Confidence Study score rose to 67, indicating resilience among businesses. Notably, 62% face impacts from employee turnover, prompting actions to enhance compensation and benefits.
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.
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