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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.
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CBIZ, a leader in financial services, reported strong first-quarter results for 2023, with total revenue reaching $454.6 million, marking a 16.1% increase year-over-year. Same-unit revenue rose 10.0%, contributing significantly to growth, alongside $23.6 million from acquired operations. Net income surged 25.9% to $73.2 million, while adjusted earnings per share climbed 23.7% to $1.46. The company repurchased 0.4 million shares in the quarter and an additional 0.2 million shares post-quarter, maintaining a healthy financial position with $190 million in unused borrowing capacity. CBIZ anticipates revenue growth of 8% to 10% for the full year, despite an expected rise in the effective tax rate.
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CBIZ, Inc. (NYSE: CBZ) will announce its financial results for the first quarter ended March 31, 2023, before markets open on Thursday, April 27, 2023. A conference call to discuss these results will be led by President and CEO Jerry Grisko and CFO Ware Grove at 11 a.m. ET on the same day. Investors can access the call via the CBIZ investor relations page, with an archived replay available afterwards. CBIZ offers a range of financial, insurance, and advisory services in over 120 offices across 33 states, making it one of the largest providers in the U.S. Market participants should watch for updates as the earnings announcement approaches.
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CBIZ, Inc. (NYSE: CBZ) announced the finalists for its third annual Women Transforming Business Awards, honoring female leaders driving significant change in their organizations and communities. This recognition aligns with International Women’s Day, highlighting achievements in four categories: financial strength, innovation, culture, and community impact. Winners will be revealed at a live virtual celebration on May 3, 2023. Jerry Grisko, CEO of CBIZ, emphasized the importance of fearless leadership and innovation among the finalists, who serve as role models for future leaders.
CBIZ, Inc. (NYSE: CBZ) has published its Q1 2023 Main Street Index, reflecting the sentiment of small and mid-sized businesses (SMBs). While 81% anticipate steady or increased revenues of up to 10%, a significant 72% expect a recession soon, with 61% citing it as their top concern. The Business Confidence Study rose slightly to just under 68 points, showing slight optimism despite ongoing challenges. Although 78% of companies reported rising costs for goods and resources, this is a decrease from 85% in the previous quarter. Concerns over employee turnover remain high, impacting half of SMBs, as they cope with rising energy costs.
CBIZ, Inc. (NYSE: CBZ) has announced the promotion of Steven Janssen to Managing Director of its location value="LU/us.fl.tambay"Tampa Bay, Florida office. With over 20 years of experience, Janssen aims to enhance the firm’s tax and business advisory services. He began his tenure at CBIZ MHM in 2018 and has led initiatives in various sectors, including partnerships taxation and private equity. His focus will now be on delivering tailored strategies to clients amid challenging economic conditions. Janssen will directly report to Bob Batz, the Senior Managing Director.
CBIZ, a leading provider of financial, insurance, and advisory services, reported robust financial performance for Q4 and the full year ending December 31, 2022. Total revenue surged by 21.5% in Q4 to $295.0 million, and by 27.8% for the full year to $1,412.0 million. Same-unit revenue rose by 10.1% for Q4 and 10.9% for the year. GAAP EPS increased 52.3% to $2.01, with projected revenue growth of 8% to 10% and GAAP EPS growth of 15% to 17% for 2023. Notably, the company repurchased 2.8 million shares and has a strong balance sheet with $319.9 million in unused borrowing capacity.