Financial Data and Key Metrics Changes - Total revenue for Q4 2024 increased by 40.5%, with 108.9millionora33.2108.9 million or a 6.8% increase attributed to Marcum [27] - Adjusted earnings per share for 2024 was 2.67,a10.82.41 [28] Business Line Data and Key Metrics Changes - Financial Services division saw growth across all major service lines, including Accounting & Tax, advisory, and Government Health Care Consulting [12] - Benefits and Insurance division also experienced strong growth, particularly in Employee Benefits and Retirement & Investment Services, with a noted outlier in Property & Casualty insurance due to producer departures [14] Market Data and Key Metrics Changes - Same-unit revenue for Financial Services was up 7.2% in Q4, while Benefits and Insurance saw a 3.8% increase [26] - For the full year, same-unit revenue for Financial Services was up 4.8%, and Benefits and Insurance was up 4.0% [27] Company Strategy and Development Direction - The acquisition of Marcum solidified the company's position as a leading provider of professional services to middle-market businesses, enhancing service offerings and market position [10] - The company plans to focus on integration activities in 2025, with expectations for organic revenue growth supplemented by strategic acquisitions [31][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the operating environment in 2025, citing improved clarity on interest rates and economic conditions post-election [85] - The company anticipates a healthy level of organic growth driven by increased demand for discretionary project-oriented services [87] Other Important Information - The company completed two other strategic acquisitions and two tuck-in acquisitions in addition to the Marcum transaction [16] - Total debt at year-end 2024 was 1.42billion,withapproximately550 million of unused capacity within a new 2 billion financing facility [36] Q&A Session Summary Question: Does the 3.60 to 3.65adjustedEPSincludeanadd−backofthetax−adjustedintangibleamortization?−Theamortizationisaddedback,butitdoesnotincludethecashflowtaxasset[62]Question:WhatistheexpectationforMarcum′sorganicgrowthin2025?−Theexpectationisforstrongperformancein2025,mirroringthecoreaccountingpracticegrowth[81]Question:Whatareasorpracticesaremostexcitingforgrowthin2025?−Thecompanyexpectsstrongerorganicgrowthin2025,particularlyindiscretionaryproject−orientedservices[85]Question:WhatisthepricingenvironmentlikeforthecombinedCBIZgoingforward?−Thedemandisexpectedtoremainhigh,allowingforcontinuedpricingability[99]Question:Arethereanyparticularindustryverticalsshowingmoreactivity?−Thecombinedorganizationnowhas10industrygroupswithrevenuesover100 million, enhancing growth opportunities [103]
