CBIZ, Inc. reports developments tied to its national professional services advisory business for middle-market organizations. Company news centers on financial results, revenue trends in Financial Services, earnings outlooks, free cash flow, share repurchases, and capital allocation.
Updates also cover CBIZ's accounting, tax, advisory, benefits, insurance, and technology capabilities, including post-acquisition integration activity, leadership changes, technology and AI initiatives, and research on middle-market business conditions. Recurring releases frame CBIZ around client service expansion, industry specialization, cost productivity, talent, and technology priorities across its U.S. advisory platform.
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CBIZ, a leader in financial services, reported strong first-quarter results for 2023, with total revenue reaching $454.6 million, marking a 16.1% increase year-over-year. Same-unit revenue rose 10.0%, contributing significantly to growth, alongside $23.6 million from acquired operations. Net income surged 25.9% to $73.2 million, while adjusted earnings per share climbed 23.7% to $1.46. The company repurchased 0.4 million shares in the quarter and an additional 0.2 million shares post-quarter, maintaining a healthy financial position with $190 million in unused borrowing capacity. CBIZ anticipates revenue growth of 8% to 10% for the full year, despite an expected rise in the effective tax rate.
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