Financial Performance - Total revenue for Q3 2024 was $438.9 million, an increase of 6.9% compared to Q3 2023[4] - Net income for Q3 2024 was $35.1 million, or $0.70 per diluted share, up from $33.7 million, or $0.67 per diluted share in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was $75.7 million, a 23.0% increase from $61.6 million in Q3 2023[8] - For the nine months ended September 30, 2024, total revenue was $1.4 billion, up 7.1% from $1.263 billion in the same period of 2023[3] - Adjusted earnings per share for Q3 2024 increased by 27.3% to $0.84, compared to $0.66 in Q3 2023[8] - Revenue for the three months ended September 30, 2024, was $438,884 thousand, a 6.9% increase from $410,539 thousand in the same period of 2023[19] - Adjusted net income for the three months ended September 30, 2024, was $42,318,000, with an EPS of $0.84, compared to $33,222,000 and an EPS of $0.66 in the same period of 2023[29] Guidance and Projections - The company expects total revenue growth of 7% to 9% for the full year 2024[12] - GAAP fully diluted earnings per share for 2024 are projected to be between $2.37 and $2.42[13] - Full Year 2024 GAAP Diluted EPS Guidance is projected to be between $2.37 and $2.42[33] - Adjusted Diluted EPS Guidance for 2024 is expected to range from $2.64 to $2.69[33] - The company anticipates a 1% decrease to a 1% increase in GAAP Diluted EPS for 2024, and a 10% to 12% increase in Adjusted Diluted EPS[33] Acquisition Impact - CBIZ incurred approximately $14.8 million in fees related to the acquisition of Marcum LLP, impacting GAAP earnings by $0.20 per diluted share in Q3 2024[7] - The Marcum acquisition is expected to close in Q4 2024, with combined annual revenues projected at approximately $2.8 billion[11] - Legal and professional service costs were incurred in connection with the announced purchase of Marcum[32] - The guidance excludes the impact of the announced acquisition of Marcum[33] Operating Metrics - Operating income decreased to $49,686 thousand, representing 11.3% of revenue, down from 13.5% in the prior year[19] - Operating income for the nine months ended September 30, 2024, was $180,381 thousand, down from $191,974 thousand in the same period of 2023[23] - Corporate general and administrative expenses increased to $23,227 thousand, or 5.3% of revenue, compared to $13,136 thousand, or 3.2% in 2023[19] - Other income (expense), net for the three months ended September 30, 2024, was $1,300 thousand, compared to an expense of $2,288 thousand in the same period of 2023[19] Balance Sheet and Cash Flow - Cash and cash equivalents at the end of the period were $115,183,000, down from $122,327,000 at the end of September 30, 2023[27] - Total assets increased to $2,133,370,000 as of September 30, 2024, compared to $2,043,592,000 at the end of December 31, 2023[28] - The company reported a debt to equity ratio of 36.2% as of September 30, 2024, down from 39.3% at the end of December 31, 2023[28] - The company experienced a decrease in net cash used in investing activities, which was $24,911,000 for the nine months ended September 30, 2024, compared to $76,630,000 in the same period of 2023[27] - Total liabilities decreased to $1,205,450,000 as of September 30, 2024, from $1,251,974,000 at the end of December 31, 2023[28] Non-Recurring Costs - Non-recurring costs related to acquisitions include consulting, technology, and personnel expenses[32] - Incremental non-recurring lease expenses were incurred due to real estate optimization efforts[32] - Adjustments for 2024 include $0.31 in transaction costs and $(0.04) in other adjustments[33] - The company’s performance measures exclude significant non-operating related gains and losses[31] Other Metrics - Days sales outstanding (DSO) increased to 97 days as of September 30, 2024, compared to 78 days at the end of December 31, 2023[28] - The company’s gross margin for Financial Services was $61,656,000 for the three months ended September 30, 2024, compared to $48,692,000 in the same period of 2023[26] - Net income for the nine months ended September 30, 2024, was $131,761,000, slightly down from $133,705,000 in the same period of 2023[27]

Core Viewpoint - CBIZ reported quarterly earnings of $0.84 per share, exceeding the Zacks Consensus Estimate of $0.75 per share, and showing an increase from $0.66 per share a year ago, representing a 12% earnings surprise [1] Financial Performance - The company posted revenues of $438.88 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.41%, and up from $410.54 million year-over-year [2] - Over the last four quarters, CBIZ has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - CBIZ shares have increased approximately 6.8% since the beginning of the year, while the S&P 500 has gained 22.1% [3] - The current status of estimate revisions for CBIZ is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.15 on revenues of $351.4 million, and for the current fiscal year, it is $2.64 on revenues of $1.7 billion [7] - The outlook for the consulting services industry, where CBIZ operates, is favorable, as it is currently in the top 30% of Zacks industries, suggesting potential for outperformance [8] Industry Context - Hackett Group, another company in the consulting services industry, is expected to report quarterly earnings of $0.40 per share, reflecting a year-over-year change of -2.4%, with revenues anticipated at $75.15 million, up 0.7% from the previous year [9][10]

Financial Performance Highlights - For the third quarter of 2024, total revenue reached $438.9 million, reflecting a 6.9% increase from $410.5 million in the same period of 2023 [2][3] - Net income for the third quarter was $35.1 million, or $0.70 per diluted share, compared to $33.7 million, or $0.67 per diluted share, in the prior year, marking a 4.2% increase [2] - Adjusted EBITDA for the third quarter increased by 23.0% to $75.7 million from $61.6 million in the same quarter of 2023 [5] Nine-Month Performance Highlights - For the nine months ended September 30, 2024, total revenue was $1.4 billion, up 7.1% from $1.26 billion in the same period of 2023 [3][6] - Net income for the nine months was $131.8 million, or $2.62 per diluted share, slightly down from $133.7 million, or $2.64 per diluted share, in the previous year [3][6] - Adjusted EBITDA for the nine months was $245.2 million, compared to $229.2 million for the same period in 2023 [6] Acquisition and Integration - CBIZ announced a definitive agreement to acquire Marcum LLP, with the transaction expected to close soon, incurring approximately $14.8 million in fees during the third quarter related to this acquisition [4][8] - The acquisition is anticipated to create a combined entity with annual revenues of approximately $2.8 billion and over 10,000 team members, enhancing service offerings to the middle market [8] Guidance and Outlook - The company expects total revenue growth of 7% to 9% for the full year 2024, excluding the impact of the Marcum acquisition [9] - GAAP diluted EPS guidance for 2024 is projected to be in the range of $2.37 to $2.42, while adjusted diluted EPS is expected to grow by 10% to 12%, reaching $2.64 to $2.69 [10]

CLEVELAND, Oct. 15, 2024 /PRNewswire/ -- CBIZ, Inc., (NYSE: CBZ) (the "Company") a leading provider of financial, insurance and advisory services, will announce its financial results for the third quarter ended September 30, 2024, before markets open on Tuesday, October 29, 2024. A conference call to discuss the Company's financial results will be hosted by CBIZ President and Chief Executive Officer Jerry Grisko and Chief Financial Officer Ware Grove at 11 a.m. (ET) on Tuesday, October 29, 2024. The confere ...

NEW YORK, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating CBIZ, Inc. (NYSE: CBZ), relating to its proposed merger with Marcum, LLP. Under the terms of the agreement, it is anticipated that approximately half of the transaction consideration wil ...

NEW YORK, Sept. 10, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating CBIZ, Inc. (NYSE: CBZ), relating to its proposed merger with Marcum, LLP. Under the terms of the agreement, it is anticipated that approximately half of the transaction consideration will be ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 Par Value CBZ New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For ...

CBIZ, Inc. (NYSE:CBZ) Q2 2024 Earnings Conference Call July 31, 2024 11:00 AM ET Company Participants Lori Novickis - Director-Corporate Relations Jerry Grisko - President & Chief Executive Officer Ware Grove - Senior Vice President & Chief Financial Officer Chris Spurio - President, Financial Services division Conference Call Participants Chris Moore - CJS Securities Andrew Nicholas - William Blair Marc Riddick - Sidoti Operator Good morning, and welcome to the CBIZ Second Quarter and First Half 2024 Resul ...

ACCOUNTING | INSURANCE | ADVISORY Second Quarter 2024 July 31, 2024 Except certain related non-recurring legal and professional services costs incurred, this presentation does not include the impact of the announced acquisition of Marcum, LLP ("Marcum") that is expected to close in the fourth quarter, subject to the satisfaction of various closing conditions, including the approval of the Company's stockholders. CBIZ.COM | NYSE: CBZ Investor Presentation Forward-Looking Statements Forward-looking statements ...

CBIZ REPORTS SECOND-QUARTER AND FIRST-HALF 2024 RESULTS • TOTAL REVENUE UP 7.2%; SAME-UNIT REVENUE UP 4.4% • GAAP EPS DOWN 3.0%; ADJUSTED EPS UP 1.5%; INCLUDES MARCUM ACQUISITIONRELATED EXPENSE OF $6.7M • NET INCOME DOWN 3.3%; ADJUSTED EBITDA UP 1.0% FOR IMMEDIATE RELEASE CONTACT: Ware Grove Chief Financial Officer -or-Lori Novickis Director, Corporate Relations -or-Amy McGahan Director of Corporate & Strategic Communications CBIZ, Inc. Cleveland, Ohio (216) 447-9000 SECOND-QUARTER HIGHLIGHTS: • TOTAL REVEN ...