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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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CBIZ, Inc. (NYSE: CBZ) will announce its financial results for the first quarter ended March 31, 2023, before markets open on Thursday, April 27, 2023. A conference call to discuss these results will be led by President and CEO Jerry Grisko and CFO Ware Grove at 11 a.m. ET on the same day. Investors can access the call via the CBIZ investor relations page, with an archived replay available afterwards. CBIZ offers a range of financial, insurance, and advisory services in over 120 offices across 33 states, making it one of the largest providers in the U.S. Market participants should watch for updates as the earnings announcement approaches.
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