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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, 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.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted hiring decrease of -0.25% in November, reversing positive trends from September and October. This decline was anticipated as part of seasonal trends as businesses prepare for the holiday season. Despite this, the ADP and Moody’s report indicated an overall increase of 534,000 private-sector jobs in November, with small businesses contributing 115,000 jobs. The West region experienced strong growth at 3.15%, while the Southeast and Northeast saw minor declines.
The CBIZ Small Business Employment Index (SBEI) showed a seasonally adjusted increase of 1.07% in October, reflecting a positive shift from September's hiring trends. The index monitors employment patterns across over 3,700 small businesses with 300 or fewer employees. Notable hiring occurred primarily in the West (2.09%), Southeast (1.49%), and Northeast (1.35%) regions, with industries like Accommodations and Food Services and Construction leading the gains. However, staffing shortages remain a challenge for 52.8% of small businesses.
CBIZ reported strong financial results for Q3 2021, with revenue of $282.7 million, a growth of 18.6% from Q3 2020. Same-unit revenue increased 8.3%, contributing $19.8 million to growth. Net income was $21.7 million (or $0.41 per diluted share), up from $20.1 million the previous year. For the nine months ended September 30, 2021, revenue reached $862.1 million, reflecting a 14.5% increase. The company anticipates full-year revenue growth between 12% and 15% and adjusted EPS growth of 20% to 24%.
CBIZ, a leading provider of financial, insurance, and advisory services, will announce its financial results for Q3 and the nine-month period ending September 30, 2021, before markets open on October 28, 2021. A conference call hosted by President and CEO Jerry Grisko and CFO Ware Grove will follow at 11 a.m. ET on the same day, available via webcast. The company operates more than 100 offices across 31 states, providing services including accounting, tax, and employee benefits consulting.
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