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CBIZ REPORTS FOURTH-QUARTER AND FULL-YEAR 2024 RESULTS
CBZCBIZ(CBZ) Prnewswire·2025-02-26 11:30

Fourth-Quarter Highlights - CBIZ reported fourth-quarter revenue of 460.3million,a40.5460.3 million, a 40.5% increase compared to the same period in 2023, with 33.2% attributed to the acquisition of Marcum LLP [2] - Same-unit revenue increased by 6.4% in the fourth quarter [6] Full-Year Highlights - For the full year ended December 31, 2024, CBIZ recorded revenue of 1,813.5 million, a 14.0% increase from 1,591.2millionin2023,with6.81,591.2 million in 2023, with 6.8% attributed to the Marcum acquisition [3] - Adjusted earnings per share for the full year was 2.67, reflecting a 10.8% increase compared to 2023 [4] 2025 Outlook - The company anticipates total revenue for 2025 to be in the range of 2.90billionto2.90 billion to 2.95 billion, with GAAP EPS projected between 1.97and1.97 and 2.02 per diluted share [10] - Adjusted EPS is expected to be between 3.60and3.60 and 3.65 per diluted share, with adjusted EBITDA projected between 450millionand450 million and 456 million [10][34] Acquisition Impact - The acquisition of Marcum LLP, completed on November 1, 2024, is the largest in the company's history and has significantly impacted revenue growth and operational scale [2][6] - The company entered into a new 2.0billioncreditfacilityinconnectionwiththeacquisition,withoutstandingindebtednessof2.0 billion credit facility in connection with the acquisition, with outstanding indebtedness of 1,420.9 million as of December 31, 2024 [5] Financial Performance - The company reported a net loss of 90.7millionforthefourthquarter,withadilutedlosspershareof90.7 million for the fourth quarter, with a diluted loss per share of 1.53 [19] - For the full year, net income was 41.0million,translatingtoadilutedincomepershareof41.0 million, translating to a diluted income per share of 0.78 [21] Segment Performance - Financial Services revenue for the fourth quarter was 358.4million,upfrom358.4 million, up from 228.3 million in 2023, while Benefits and Insurance Services revenue was 91.2million,comparedto91.2 million, compared to 86.4 million in the prior year [23] - The gross margin for Financial Services showed a loss of 66.2millioninthefourthquarter,influencedbyintegrationcostsrelatedtotheMarcumacquisition[23]CashFlowandFinancialPosition−Netcashprovidedbyoperatingactivitiesfortheyearwas66.2 million in the fourth quarter, influenced by integration costs related to the Marcum acquisition [23] Cash Flow and Financial Position - Net cash provided by operating activities for the year was 123.7 million, down from 153.5millionin2023[25]−Totalassetsincreasedto153.5 million in 2023 [25] - Total assets increased to 4.47 billion as of December 31, 2024, compared to 2.04billionin2023,reflectingtheimpactoftheMarcumacquisition[27]DebtandEquity−Thecompany′sdebt−to−equityratioincreasedto78.62.04 billion in 2023, reflecting the impact of the Marcum acquisition [27] Debt and Equity - The company's debt-to-equity ratio increased to 78.6% as of December 31, 2024, compared to 39.3% in the previous year, indicating a higher leverage following the acquisition [27] - The total stockholders' equity rose to 1.78 billion from $791.6 million in 2023 [27]