CBIZ REPORTS FIRST-QUARTER 2025 RESULTS

Core Insights - CBIZ, Inc. reported strong first-quarter results for 2025, with significant increases in revenue and net income, demonstrating resilience in varying business climates [2][3][5]. Financial Performance - Revenue for Q1 2025 was $838.0 million, a 69.5% increase from $494.3 million in Q1 2024 [3][19]. - Net income rose to $122.8 million, or $1.91 per diluted share, compared to $76.9 million, or $1.53 per diluted share, in the same period last year, marking a 59.7% increase in net income [3][19]. - Adjusted EBITDA for Q1 2025 was $237.6 million, doubling from $118.8 million in Q1 2024, reflecting a 100% increase [4][19]. - Adjusted net income was $147.2 million, or $2.29 per diluted share, up 79.7% from $81.9 million, or $1.63 per diluted share, in Q1 2024 [4][19]. Segment Performance - The Financial Services segment generated $713.7 million in revenue, significantly up from $372.6 million in Q1 2024 [19]. - Benefits and Insurance Services revenue increased slightly to $113.0 million from $108.4 million year-over-year [19]. - National Practices revenue decreased to $11.4 million from $13.3 million in the previous year [19]. Integration and Operational Efficiency - The integration of Marcum is progressing on schedule, contributing to strong employee and client retention rates [2][5]. - Operating expenses as a percentage of revenue decreased from 76.2% in Q1 2024 to 72.8% in Q1 2025, indicating improved operational efficiency [17]. 2025 Outlook - The company anticipates full-year 2025 revenue to be in the range of $2.8 billion to $2.95 billion, reflecting some uncertainty in non-recurring service lines due to the current economic environment [5][10]. - The effective tax rate is expected to be approximately 29% [10]. - Adjusted EBITDA for the full year is projected to be between $450 million and $456 million [10].