CBIZ(US:CBZ)2025-04-25 00:37Company Overview - CBIZ has over 10,000 employees and more than 160 offices across 22 major markets, serving over 135,000 clients[13] - The company reported approximately $2.8 billion in pro forma revenue for fiscal year 2024, reflecting the total company revenue as if the Marcum acquisition occurred on January 1, 2023[13, 14] - CBIZ boasts a high client retention rate of approximately 90%[18] Revenue Breakdown - In 2024, Financial Services accounted for 75% of the revenue, Benefits & Insurance Services contributed 22%, and National Practices made up 3%[21, 22] - Based on 2024 pro forma figures, Financial Services represented 84% of the revenue, Benefits & Insurance Services accounted for 14%, and National Practices comprised 2%[25, 26, 27] - Approximately 77% of the company's services are recurring, while project-based work accounts for about 23%[30, 31, 32] Marcum Acquisition - The acquisition of Marcum is expected to be accretive in 2025, contributing approximately 10% to Adjusted EPS[49] - CBIZ anticipates over $25 million in cost synergies from the Marcum integration[51] Financial Performance and Guidance - In the first quarter of 2025, Financial Services revenue grew by 91.5%, Benefits and Insurance Services increased by 4.2%, while National Practices decreased by 14.2%[61] - The company's revenue guidance for 2025 is between $2.8 billion and $2.95 billion[61] - CBIZ projects GAAP diluted EPS to be in the range of $1.97 to $2.02 and Adjusted Diluted EPS to be between $3.60 and $3.65 for 2025[61]