CBIZ(CBZ) Prnewswire·2025-02-26 11:30Fourth-Quarter Highlights - CBIZ reported fourth-quarter revenue of $460.3 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 $1,591.2 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 $2.90 billion to $2.95 billion, with GAAP EPS projected between $1.97 and $2.02 per diluted share [10] - Adjusted EPS is expected to be between $3.60 and $3.65 per diluted share, with adjusted EBITDA projected between $450 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 $2.0 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 $90.7 million for the fourth quarter, with a diluted loss per share of $1.53 [19] - For the full year, net income was $41.0 million, translating to a diluted income per share of $0.78 [21] Segment Performance - Financial Services revenue for the fourth quarter was $358.4 million, up from $228.3 million in 2023, while Benefits and Insurance Services revenue was $91.2 million, compared to $86.4 million in the prior year [23] - The gross margin for Financial Services showed a loss of $66.2 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 $153.5 million in 2023 [25] - Total assets increased to $4.47 billion as of December 31, 2024, compared to $2.04 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]