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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 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.
The Q3 2021 CBIZ Main Street Index reveals that while small and mid-sized businesses are concerned about the ongoing effects of the COVID-19 pandemic, 64% are not mandating employee vaccinations. Additionally, 31% of businesses express worries about potential tax policy changes, a concern not noted in the previous quarter. Inflation is significantly impacting business confidence, while 12% reported experiencing a cyberattack. Notably, nearly 28% of businesses are proactively improving their supply chain management in response to increasing disruptions.
The CBIZ Small Business Employment Index reported a 0.21% increase in small business hiring for September, reversing August's decline. This positive growth comes amid ongoing Delta variant concerns, providing insight into trends for companies with 300 or fewer employees. Notably, 22% of surveyed companies expanded employment while 52% made no changes and 26% reduced staffing. Regional hiring varied, with the West seeing a 2.34% increase, while the Northeast experienced a -0.51% decline. Looking ahead, CBIZ anticipates potential seasonal growth despite emerging challenges.
The CBIZ Small Business Employment Index (SBEI) reported a 1.79% decrease in hiring for August, reversing previous growth. The index, tracking over 3,600 small businesses, highlights challenges amid COVID-19 surges and labor shortages. The Central region experienced the largest decline at -2.52%. Although small businesses only accounted for 86,000 new jobs in the ADP report, the broader economic environment indicates difficulties for small businesses, complicating recovery efforts.
CBIZ, Inc. (NYSE: CBZ) has acquired the non-attest assets of Shea Labagh Dobberstein (SLD), enhancing its service offerings in Northern California. This acquisition, effective September 1, 2021, adds SLD’s 95 employees and approximately $30 million in annual revenue to CBIZ's portfolio. CBIZ aims to expand its brand presence on the West Coast through this partnership. Both firms emphasize a cultural fit focused on client service, with expected growth opportunities for clients and staff alike.
CBIZ, a prominent provider of financial, insurance, and advisory services, will host a virtual Investor Day on September 14, 2021, from 10:00 a.m. ET to 12:00 p.m. ET. The event commemorates the company's 25th anniversary and will feature discussions on its strategy, financial performance, and outlook by senior leadership, including the CEO and CFO. Investors can preregister for the event on the company's website, and a webcast will be available for viewing. A replay will also be accessible after the event.
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