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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, Inc. (NYSE: CBZ) announced the appointment of Rodney A. Young as an independent director on February 6, 2023. Mr. Young, currently CEO of Delta Dental of Minnesota, brings extensive experience in the insurance and healthcare sectors. He has previously held executive roles at various public companies, including Angeion Corporation and LecTec Corporation. His appointment is expected to enhance the Board's governance and strategic direction during a period of growth for CBIZ. CEO Jerry Grisko expressed confidence in Mr. Young's contributions, citing his industry expertise and leadership in both business and community settings.
On February 2, 2023, CBIZ (NYSE: CBZ) announced its acquisition of Somerset CPAs and Advisors, a leading accounting firm based in Indianapolis, effective February 1, 2023. Somerset, with over 250 employees and approximately $55 million in revenue, will enhance CBIZ's presence in the Indianapolis financial services market. This acquisition is aimed at providing clients with an extended range of services and improved growth opportunities. Both firms expressed excitement over the synergies expected to arise from this partnership, emphasizing enhanced service capabilities and relationship-building.
CBIZ, Inc. (NYSE: CBZ) will release its financial results for the fourth quarter and full year ending December 31, 2022, on February 16, 2023, before market opening. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove is scheduled for 11 a.m. ET on the same day. The call will be accessible via live webcast on the CBIZ investor relations page, with an archived replay available afterward. CBIZ is a prominent provider of financial, insurance, and advisory services, operating over 120 offices across the United States.
CBIZ Human Capital Management has achieved Nacha Certification for compliance within the Automated Clearing House (ACH) Network. This certification highlights their commitment to maintaining high standards in payroll fund movement. Jim King, President of CBIZ HCM, emphasized the importance of ACH compliance due to the volume of transactions they process annually. The certification not only reflects their dedication but also positions CBIZ HCM as a trusted third-party sender in the ACH Network. CBIZ, a significant player in financial and advisory services, continues to enhance its offerings across the U.S. with a focus on human capital success.
The CBIZ Small Business Employment Index reported a seasonally adjusted hiring increase of 0.84% in December, reversing previous declines. This trend reflects a potential recovery for small businesses, with 24% of surveyed companies increasing staff. However, December's hiring pace was weaker than expected for the holiday season, correlating with disappointing retail sales. The overall private-sector job growth was strong, adding 223,000 jobs nationwide, yet the unemployment rate remained stable at 3.5%. Significant hiring rises were observed in Healthcare, Non-Profit, and Wholesale Distribution.
CBIZ, Inc. (NYSE: CBZ) has appointed Elizabeth Newman as the Chief Administrative Officer and Chief Human Resources Officer effective December 1, 2022. Newman, previously Interim CHRO and Chief of Staff, is set to oversee administrative functions and lead HR initiatives. With extensive experience in organizational transformation, she aims to enhance CBIZ's operational efficiency and cultural development. CBIZ, a significant provider of financial and advisory services with over 6,600 employees, continues its commitment to growth and innovation.
Olympic Steel Inc. (Nasdaq: ZEUS) announced that CEO Richard T. Marabito has been awarded the 2022 Service Center Executive of the Year by Metal Center News. This annual honor, presented to individuals exemplifying service center excellence, marks the second recognition for Olympic Steel's leadership. Under Marabito's tenure since 2019, the company has seen substantial growth in revenue and operations. His leadership is acknowledged for transforming Olympic Steel and advancing the industry through his role as Chairman of the Metals Service Center Institute.
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CBIZ, Inc. (NYSE: CBZ) reported a strong third quarter with a 28.5% increase in total revenue, reaching $363.3 million. Year-to-date, total revenue climbed 29.6%, totaling $1,116.9 million. The company saw 12.3% same-unit revenue growth and an impressive 29.3% rise in GAAP EPS. For 2022, CBIZ raised its revenue guidance to 26%-28% and GAAP EPS growth expectations to 48%-51%. Acquisitions contributed significantly to growth, with a 16.2% increase in Q3 revenues. The firm actively repurchased shares, indicating confidence in its performance.
CBIZ, Inc. (NYSE: CBZ) released the Q4 2022 CBIZ Main Street Index, highlighting a challenging economic outlook for small and mid-sized businesses (SMBs). Despite 81% of owners anticipating a recession, 71% remain optimistic about their ability to adapt. Key concerns include inflation (76%) and staffing shortages (23%). The Business Confidence Study score rose to 67, indicating resilience among businesses. Notably, 62% face impacts from employee turnover, prompting actions to enhance compensation and benefits.