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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.
CBIZ (NYSE: CBZ) has announced it will release its financial results for Q4 and full-year 2024 before market open on February 26, 2025. The company will host a conference call at 11 a.m. ET on the same day, featuring President and CEO Jerry Grisko and CFO Ware Grove to discuss the results.
The conference call will be accessible via webcast on CBIZ's investor relations website, with an archived replay available after the call. Investors can register online to receive dial-in information and a unique personal identification number for participation.
CBIZ (NYSE: CBZ) has appointed six new national industry leaders, effective Feb. 1, 2025, as part of its integration with Marcum following their November 2024 merger. The appointments include: Michael Brooder (Technology & Life Sciences), Doug Fahrnow (Professional Services), Seth Goldblum (Private Equity), Julie Jones (Not-For-Profit & Higher Education), Michael Sacco (Consumer & Industrial Products), and Abe Schlisselfeld (Real Estate).
Each leader brings extensive experience in their respective fields, with expertise ranging from 20-30 years. The appointments demonstrate CBIZ's commitment to industry specialization and aim to enhance client service delivery through focused expertise. CEO Jerry Grisko emphasized that these appointments will create an unmatched level of industry expertise for serving clients.
CBIZ (NYSE: CBZ) has appointed Kathy Raffa as an independent director to its Board of Directors, effective January 15, 2025. This appointment follows CBIZ's acquisition of Marcum's non-attest assets, which closed on November 1, 2024.
Raffa brings over 40 years of experience in audit, accounting, and consulting services, primarily in the nonprofit sector. She previously served as President of Raffa, PC, a top 100 accounting firm in Washington, D.C., where she was an Audit Partner for over 25 years. Following Raffa PC's merger with Marcum in 2018, she became Office Managing Partner for Marcum's D.C. region offices until her retirement in October 2023.
Her extensive experience includes working with various nonprofit organizations, and she began her career at Coopers & Lybrand. Raffa is a Wharton School graduate, a CPA licensed in D.C. and Maryland, and currently serves on the Board of Directors of EagleBank and Eagle Bancorp, Inc.
The latest CBIZ-Hofstra University CEO Survey reveals significant concerns among middle-market CEOs regarding tariffs and tax policy uncertainty. 53.2% of CEOs express strong concern over tariffs' financial impact, leading to strategic adjustments: 80.9% consider relocating production, 75.4% may reduce workforce, 72.3% plan to delay investments, and 66.4% explore new supplier options.
Regarding tax policies, 42.6% of CEOs reported moderate benefits from the Tax Cuts and Jobs Act, while 51.9% anticipate positive effects from its extension. The Inflation Reduction Act benefited 43.3% of respondents, though 47.7% reported no tangible gains. Economic concerns remain the top issue for 55.1% of CEOs, followed by talent availability (37.5%) and increasing cybersecurity concerns. CEO optimism rebounded to 45.0% in December from 34.5% in September.
The CBIZ Commercial Construction Index for Q3 2024 shows continued momentum in the construction industry, driven primarily by infrastructure and manufacturing megaprojects. Manufacturing construction spending remains high due to federal incentives and reshoring efforts. While residential construction activity has slowed in 2024, it remains above pre-pandemic levels.
The construction sector demonstrated strong employment growth, adding jobs for five consecutive months through October, hiring at twice the rate of the broader economy. Material prices have helped contain construction costs, though future trade policies could impact input prices. Despite Federal Reserve rate cuts, borrowing costs remain high with tight lending standards.
The CBIZ Small Business Employment Index (SBEI) reported a 0.83% seasonally adjusted decrease in November, marking the third consecutive month of declines. The index, which tracks payroll data for over 2,800 companies with 300 or fewer employees, reveals concerning trends in small business employment.
Regional data shows the West region grew by 1.57%, while other regions experienced declines: Southeast (-2.06%), Central (-0.51%), and Northeast (-0.49%). Among industries, 16 out of 25 sectors reported job losses, with Administrative and Support Services, Financial Services, and Not-for-Profit leading the decreases. Only Agriculture, Fishing and Hunting, Mining, and Transportation showed growth.
The November breakdown shows 18% of companies increased staffing, 63% maintained current levels, and 19% reduced employment totals.
CBIZ has appointed Brad Lakhia as its next Senior Vice President and Chief Financial Officer, effective March 17, 2025. Lakhia will succeed Ware H. Grove, who is retiring after 24 years in the role. Lakhia brings nearly 30 years of experience in finance leadership, including roles at OPENLANE and Goodyear Tire & Rubber Company. His expertise spans capital markets, M&A, treasury, financial planning, and operational finance. The transition comes after CBIZ's recent acquisition of Marcum, which was the largest transaction in the company's history.
The CBIZ Small Business Employment Index (SBEI) reported a 0.58% seasonally adjusted decrease in October, marking the second consecutive month of decline. The index, tracking over 2,800 companies with 300 or fewer employees, shows that 18% increased staffing, 61% maintained levels, and 21% reduced employment. Regionally, only the West (+1.69%) saw growth, while Central (-0.95%), Southeast (-0.57%), and Northeast (-0.22%) experienced declines. Industries showing growth included Insurance, Technology and Life Sciences, and Transportation, while Construction, Real Estate, and Rental and Leasing Services reported losses. The CBIZ Main Street Index revealed 51% of SMB owners are evaluating staff levels due to economic conditions.
CBIZ has completed the acquisition of Marcum LLP's non-attest business in a cash-and-stock transaction valued at approximately $2.3 billion. The combined entity will have expected annualized revenue of $2.8 billion, making CBIZ the largest full-service professional services advisor in the U.S. serving middle-market businesses. The company will now have over 10,000 team members offering accounting, tax, advisory, benefits, insurance, and technology services. Concurrent with this transaction, CBIZ CPAs acquired Marcum's attest business. The acquisition is expected to be accretive in 2025, with an estimated 10% contribution to Adjusted earnings per share.
CBIZ reported strong Q3 2024 results with total revenue reaching $438.9 million, up 6.9% year-over-year. Same-unit revenue increased by 5.1%, while acquired operations contributed 1.8% to growth. Net income rose 4.2% to $35.1 million. For the nine-month period, revenue grew 7.1% to $1.35 billion, though net income decreased slightly by 1.5%. The company is nearing completion of its Marcum acquisition, which incurred $14.8 million in transaction fees in Q3. Adjusted EPS increased significantly by 27.3% to $0.84 in Q3, and Adjusted EBITDA grew 23% to $75.7 million. CBIZ maintains its 2024 guidance, expecting 7-9% revenue growth.