CBIZ(US:CBZ)2025-02-26 14:00Revenue Performance - For Q4 2024, CBIZ reported revenue of $460.3 million, a 40.5% increase year-over-year, with 33.2% attributed to the acquisition of Marcum LLP[2] - For the full year 2024, total revenue reached $1,813.5 million, up $222.3 million or 14.0% from $1,591.2 million in 2023, with a same-unit revenue increase of 4.8%[3] - Revenue for the three months ended December 31, 2024, was $460,279 thousand, a 40.4% increase from $327,547 thousand in 2023[27] - For the twelve months ended December 31, 2024, total revenue reached $1,813,472 thousand, up from $1,591,194 thousand in 2023, marking a 13.9% year-over-year growth[32] - Financial Services revenue for the three months ended December 31, 2024, was $358,381 thousand, a 57.0% increase from $228,298 thousand in 2023[38] Earnings and Profitability - Adjusted EPS for 2024 was $2.67, reflecting a 10.8% increase compared to the previous year, while GAAP EPS was $0.78[4] - Adjusted diluted EPS for the twelve months ended December 31, 2024, was $2.67, compared to $2.41 in 2023, indicating an increase in adjusted earnings per share[32] - The company reported a diluted loss per share of $1.53 for the three months ended December 31, 2024, compared to a loss of $0.26 per share in 2023[27] - Net income for the twelve months ended December 31, 2024, was $41,038,000, a decrease of 66% compared to $120,968,000 in 2023[42] - The company provided guidance for full year 2025 GAAP net income between $127.9 million and $131.1 million, with diluted EPS expected to be between $1.97 and $2.02[50] Expenses and Losses - Operating expenses for the same period rose to $522,179 thousand, representing 113.4% of revenue, compared to 104.1% in 2023[27] - The operating loss for the three months ended December 31, 2024, was $106,665 thousand, compared to a loss of $26,735 thousand in 2023, highlighting a worsening operational performance[27] - Interest expense for the twelve months ended December 31, 2024, increased to $34,379 thousand from $20,131 thousand in 2023, reflecting higher borrowing costs[32] Debt and Financial Position - As of December 31, 2024, CBIZ had $1,420.9 million in outstanding debt with $556.0 million of unused borrowing capacity[5] - The company reported a total long-term debt of $1,333,755,000 in 2024, compared to $310,826,000 in 2023, indicating a substantial increase of 328%[44] - The company reported a debt to equity ratio of 78.6% in 2024, up from 39.3% in 2023, indicating increased leverage[44] Cash Flow and Assets - Net cash provided by operating activities decreased to $123,692,000 in 2024 from $153,507,000 in 2023, reflecting a decline of approximately 19%[42] - Cash and cash equivalents at the end of the period increased to $187,170,000 in 2024 from $157,148,000 in 2023, marking an increase of 19%[42] - Total assets increased significantly to $4,470,883,000 in 2024, up from $2,043,592,000 in 2023, representing an increase of 118%[44] Future Guidance and Projections - The company expects total revenue for 2025 to be in the range of $2.90 billion to $2.95 billion, with adjusted EBITDA projected between $450 million and $456 million[11] - CBIZ aims to leverage the Marcum acquisition to enhance its service offerings and expand its market presence in 2025[6] - The company has a weighted average fully diluted share count projected to be between 64.5 million and 65.0 million shares for 2025[11] - Adjusted EBITDA for 2025 is projected to be between $450.4 million and $456.2 million[50] Operational Efficiency - Same-unit revenue growth for Q4 2024 was 6.4%, while for the full year, it was 4.8% excluding the impact of the Marcum acquisition[6] - Days sales outstanding (DSO) improved to 73 days in 2024 from 78 days in 2023, indicating better efficiency in collecting receivables[44]