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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 Fall 2024 Main Street Index reveals small and mid-sized businesses (SMBs) are facing significant challenges in the current economic climate. Key findings include:
- 51% of SMBs are evaluating or changing staff levels due to economic concerns
- 62% report full staff utilization, down 7% from June
- 19% experienced significant increases in costs of goods and services
- 18% saw sharp rises in labor costs
- 53% have increased prices, with 28% raising them by 5% or more
- 58% are concerned about health care benefit costs, up 13% from summer
- 83% utilize AI tools, with 80% considering AI important for competitiveness
The survey, conducted from September 16 to October 11, analyzed responses from 401 businesses with fewer than 100 employees across 31 industries in the U.S.
CBIZ, Inc. (NYSE: CBZ), a leading provider of financial, insurance and advisory services, has announced that it will release its third-quarter financial results for the period ended September 30, 2024, before markets open on Tuesday, October 29, 2024. Following the release, the company will host a conference call at 11 a.m. ET on the same day to discuss the results.
The call will be led by CBIZ President and CEO Jerry Grisko and CFO Ware Grove. Investors can access the webcast live on the CBIZ website's investor relations page, with an archived replay available after the call. To participate, investors can register for dial-in information and a unique personal identification number, with registration open until the call start time.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted increase of 0.66% in August, rebounding after two months of decline. This growth contrasts with the ADP report, which showed a decrease of 9,000 jobs for small businesses. Regionally, the Southeast (1.07%) and Central (1.04%) regions saw the largest hiring increases, while the West (-0.79%) experienced a decline.
Industries leading in hiring were Educational Services, Technology and Life Sciences, and Transportation. However, economic indicators suggest potential challenges ahead. The retention rate reached 61% in August, the highest since the post-pandemic labor shortage began, as small businesses compete for skilled workers.
CBIZ, Inc. (NYSE: CBZ) has appointed Donna Mirandola as its new Chief Marketing Officer, effective August 26, 2024. Mirandola brings 24 years of B2B marketing and communications experience across various sectors. She joins CBIZ from Aon, plc, where she served as Chief Marketing Officer, Growth Marketing. In her new role, Mirandola will be responsible for developing and executing strategies to achieve growth goals, elevating the brand, expanding digital reach, and enhancing client experience.
Mirandola's experience includes creating and leading regional teams across multiple continents, driving go-to-market initiatives, and fostering demand and pipeline growth. She has previously held roles at Coeur Mining, Inc., General Electric, and Oracle Mirandola holds a bachelor's degree from Saint Mary's College and a Master of Science in integrated marketing communications from Northwestern University.
CBIZ reported Q2 2024 results and announced an agreement to acquire Marcum LLP. Key highlights include:
- Total revenue up 5.4% to $420.0 million
- Same-unit revenue up 2.8%
- GAAP EPS down 26.4% to $0.39
- Adjusted EPS down 9.1% to $0.50
- Net income down 26.3% to $19.8 million
- Adjusted EBITDA down 6.9% to $50.7 million
The Marcum acquisition, valued at $2.3 billion, is expected to close in Q4 2024. CBIZ incurred $6.7 million in related fees, impacting Q2 results by $0.10 per share. The company updated its 2024 outlook, projecting 7-9% revenue growth and 10-12% adjusted EPS growth.
CBIZ, Inc. (NYSE: CBZ) has announced a definitive agreement to acquire Marcum, LLP in a cash-and-stock transaction valued at approximately $2.3 billion. This acquisition will make CBIZ the seventh-largest accounting services provider in the U.S., with combined annual revenue of about $2.8 billion. The deal is expected to close in Q4 2024, subject to approvals.
Key benefits include:
- Solidifying CBIZ's position in the middle market
- Accelerating growth and positioning as an acquirer of choice
- Enhancing client experience with broader services
- Expanding industry expertise and market presence
- Enabling greater investment in technology
The CBIZ Main Street Index - Summer 2024 reveals high economic confidence among small and mid-sized businesses (SMBs), with the Business Confidence Study's weighted average rising to 69.7. However, challenges persist:
1. Labor shortages: 62.4% cite skilled worker shortages as their top concern, up 16% from January.
2. Pricing pressures: Only 3.2% plan price increases of 10% or more, down from 9.7% in January.
3. Margin squeeze: 44.9% are enhancing compensation/benefits to address workforce issues.
SMBs are adapting by increasing sales efforts (52.8%), implementing workforce optimization (49.5%), and leveraging technology, including AI (42.4%). The survey, conducted May 13 - June 19, analyzed responses from 549 businesses with fewer than 100 employees across 31 industries.
CBIZ, Inc. (NYSE: CBZ), a leading provider of financial, insurance, and advisory services, has announced that it will release its financial results for the second quarter and first half of 2024 on July 31, 2024, before the market opens. The company will host a conference call at 11 a.m. ET on the same day to discuss the results.
Key details:
- President and CEO Jerry Grisko and CFO Ware Grove will lead the call
- The call will be webcast live on the CBIZ investor relations website
- An archived replay will be available after the call
- Investors can register for the call and receive dial-in information at the provided link
CBIZ (NYSE: CBZ) has announced the launch of CBIZ D@taNEXUS, a suite of advanced data analytics and automation services. This new offering aims to help clients transform complex data into actionable insights, enabling faster and smarter decision-making. Key features include advanced data analytics tools, automated reporting and dashboarding, predictive modeling, and process automation tailored to specific business needs. According to Chris Spurio, President of CBIZ Financial Services, the service empowers middle-market business leaders to unlock growth potential. Chief Innovation Officer Rob McGillen emphasized the combination of industry expertise with cutting-edge technology, describing the service as a significant leap forward. CBIZ D@taNEXUS is now available to businesses across various industries.
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