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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 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.
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.