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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.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted increase of 3.57% for April, indicating heightened hiring efforts among small businesses. Tracking over 3,500 companies, the SBEI highlights significant employment growth, especially in the Northeast (5.94%) and West (3.97%). The report also notes a gain of 742,000 private-sector jobs and 235,000 new jobs in small businesses. Growth was particularly notable in the Arts and Entertainment, Agriculture, and Food Services sectors. However, future hiring trends may slow as the U.S. fully reopens.
CBIZ, Inc. (NYSE: CBZ) announced the acquisition of the non-attest assets of Berntson Porter & Company PLLC, effective May 1, 2021. This strategic move aims to establish a presence in the growing Pacific Northwest market, with Berntson Porter being one of the largest accounting firms in the region, generating approximately $26 million in annual revenue. CBIZ's President, Jerry Grisko, highlighted the strong cultural fit and commitment to client service, emphasizing the potential for expanded services and growth opportunities for both firms.
CBIZ, a provider of financial and advisory services, reported Q1 2021 revenues of $300.7 million, an 8.4% increase from Q1 2020. Acquisitions contributed $13.3 million to revenue growth. Income from continuing operations rose to $50.2 million ($0.92 per diluted share), up from $36.9 million ($0.66 per diluted share) year-over-year. Adjusted EBITDA increased to $73.3 million. The company announced the acquisition of Berntson Porter, enhancing its presence in the Pacific Northwest. CBIZ raised its full-year revenue growth guidance to 8%-10% and EPS growth to 12%-15%.
CBIZ, Inc. (NYSE: CBZ) will announce its Q1 2021 financial results on April 29, 2021, before market open. A conference call hosted by President and CEO Jerry Grisko and CFO Ware Grove will be held at 11:00 a.m. ET on the same day. The call will be available via live webcast on the CBIZ investor relations page, with an archived replay following the call. CBIZ is a leading provider of financial, insurance, and advisory services across the U.S., with over 100 offices in 31 states.
CBIZ, Inc. (NYSE: CBZ) has appointed Gretchen A. Farrell as Chief Human Resources Officer. She succeeds Terri Bur, who retired in 2020 after 25 years. Farrell comes from Alternate Solutions Health Network and has held leadership roles at The Orvis Company and Lincoln Electric. Under her guidance, CBIZ aims to enhance employee engagement and foster a values-based culture. The HR function supports over 4,800 employees across 100 offices nationwide. The company emphasizes the importance of talent retention to deliver exceptional services to clients.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted increase of 0.86% for March, concluding Q1 2021 positively. This growth follows February's hiring progress. Compiling data from over 3,500 small businesses, the SBEI indicated that 26.3% of companies expanded their workforce, while hiring rose notably in the Northeast (1.61%) and West (1.27%). Hiring also grew in Arts and Entertainment and Accommodation and Food Services, despite declines in Mining and Technology sectors. The report highlights resilience in small business hiring amid ongoing pandemic recovery.
CBIZ, Inc. (NYSE: CBZ) released the Q1 2021 CBIZ Main Street Index, highlighting the ongoing effects of COVID-19 on small and midsize businesses (SMBs) in the U.S. Surveying over 2,480 businesses, it found that 14% faced severe impact, while 61% cited revenue loss as their main concern. Despite these challenges, about 75% expressed optimism, driven by factors like vaccine distribution and adaptability. Notably, 22% reported growth in marketing efforts, indicating some businesses are evolving and reinvesting despite economic uncertainty.
CBIZ, Inc. (NYSE: CBZ) has revealed the finalists for its inaugural Women Transforming Business Award in celebration of International Women's Day. The award honors female leaders for their transformational impact in financial strength, innovation, or culture. Finalists include leaders from various sectors, such as Danielle David of CRB and Emilia DiMenco of the Women’s Business Development Center. A winner will be announced during a virtual event on April 27, 2021. This initiative reflects CBIZ's commitment to supporting female business leaders and recognizes their significant contributions.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted gain of 0.99% for February, indicating a rebound from January’s decline as COVID-19 restrictions ease. The SBEI tracks payroll trends for over 3,400 small businesses. February also saw private-sector jobs rise by 117,000, with small businesses contributing 32,000 of these. The West region led growth at 4.58%, particularly in Accommodation and Food Services. The outlook remains positive as more sectors reopen, with potential for further hiring growth.
CBIZ, a leading financial and advisory services firm, has promoted Thomas Bonney to National Leader of its Financial Services Advisory Practice. This promotion aims to enhance the company's advisory capabilities as demand grows among clients for comprehensive financial solutions. Bonney, who has over 30 years of experience, will focus on developing a national go-to-market strategy and acquiring strategic consulting practices. This leadership change reflects CBIZ's commitment to evolving its advisory services and addressing complex financial challenges faced by clients.