CBIZ(US:CBZ) Prnewswireยท2024-10-29 10:37Financial 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]