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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 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.
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