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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.
The CBIZ Small Business Employment Index (SBEI) reported a 0.1% hiring increase in March, signaling a rebound after two months of declines. This index tracks trends among over 3,700 small businesses with 300 or fewer employees. Industries like Arts and Entertainment and Accommodations and Food Services saw significant hiring growth, while the West region recorded a decline of 0.82%. Executive VP Philip Noftsinger highlighted that rising inflation concerns are prompting more hiring as consumer demand increases. The report suggests an improving labor market as seasonal hiring ramps up.
CBIZ, Inc. (NYSE: CBZ) has announced the finalists for its second annual Women Transforming Business Awards, honoring women leaders for their influence in financial strength, innovation, and culture.
The finalists, revealed on International Women’s Day, are recognized for their exceptional leadership and contributions to their organizations. The awards celebration will feature Martha Stewart as a special guest on April 26, 2022.
The CBIZ Small Business Employment Index reported a 0.09% decrease in February, marking an improvement from previous declines. The index tracks payroll trends for over 3,600 small businesses. Despite a reported decline of 96,000 jobs among small firms as per ADP and Moody's, hiring was noted to increase in sectors like Administration, Insurance, and Technology. Regions like the West and Southeast saw slight hiring increases, contrasting declines in the Northeast and Central regions. The economic landscape indicates potential for recovery amid rising inflation concerns.
CBIZ reported strong financial results for Q4 and full-year 2021, with revenues rising 15% to $242.8 million in Q4 and 14.6% to $1.1 billion for the year. However, the company faced a loss from continuing operations in Q4 of $9.6 million, compared to a minimal loss in 2020. Adjusted diluted EPS increased by 16.9% to $1.66. The company made strategic acquisitions, including Marks Paneth, expected to generate $138 million in 2022 revenue. For 2022, CBIZ forecasts revenue growth of 19% to 21%, with fully diluted EPS anticipated to reach $1.89 to $1.93.
The CBIZ Small Business Employment Index reported a 0.95% decrease in hiring for January, reversing December's gains. This index tracks trends for over 3,500 small businesses. The decline is attributed to factors including a surge in omicron cases and typical seasonal hiring patterns. Notably, small businesses shed 144,000 jobs, while the Central and Northeast regions saw the largest declines. In contrast, gains were noted in Mining and Rental and Leasing. The report indicates ongoing challenges for small businesses, with potential for recovery as COVID-19 cases decline.
CBIZ, a leading provider of financial, insurance, and advisory services, plans to announce its fourth quarter and full year results for 2021 on February 17, 2022. The announcement will occur before market opening. A conference call, featuring President Jerry Grisko and CFO Ware Grove, is scheduled for 11 a.m. ET on the same day to discuss the financial results. Investors can listen via webcast on the CBIZ investor relations page, and a replay will be available afterwards.
The Q4 2021 CBIZ Main Street Index highlights significant trends affecting small and mid-sized businesses. The survey indicates that 90% of small businesses struggle to hire, with many enhancing pay and benefits to attract talent. Changes in compensation methods are prioritized by 27% of respondents. Inflation poses a growing concern, with 57% citing it as a top issue. Conducted from Nov. 30 to Dec. 31, 2021, the survey reflects the ongoing impact of the pandemic on employee dynamics and business strategies in the U.S.
CBIZ, Inc. (NYSE: CBZ) announced the acquisition of the non-attest assets of Marks Paneth LLP, effective January 1, 2022. This transaction is projected to add approximately $138 million in revenue for 2022, enhancing earnings per share by an estimated $0.10, growing to $0.20-$0.25 by 2025. The acquisition is expected to provide significant synergies, especially in the real estate and not-for-profit sectors, expanding CBIZ's national footprint. A conference call to discuss the acquisition is scheduled for January 12, 2022, at 10:00 AM EST.
The CBIZ Small Business Employment Index (SBEI) indicated a 1.05% increase in hiring for December, signaling a rebound after a November decline. This index monitors payroll trends among small businesses, encompassing over 3,700 companies with 300 or fewer employees.
Notable job growth was observed across all regions, with the Central region leading at 2.88%. Sectors like Insurance, Healthcare, and Retail saw substantial hiring, while Education and Agriculture faced declines. Continued job growth is expected despite some concerns regarding COVID-19 variants.
CBIZ, Inc. (NYSE: CBZ) has announced the opening of nominations for its second-annual Women Transforming Business Award, aimed at honoring women leaders who have significantly impacted their organizations. The award, part of CBIZ Women’s Advantage (CWA), recognizes contributions in financial, cultural, or innovative domains. Nominations will close on January 31, 2022, with finalists revealed on International Women’s Day, March 8, 2022. The winners will be announced in a virtual event at the end of April 2022, further emphasizing CBIZ's support for women in business.
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