CBIZ REPORTS FOURTH-QUARTER AND FULL-YEAR 2023 RESULTS

Excluding non-recurring transaction and first-year integration expenses related to the acquisitions of Marks Paneth in January 2022 and Somerset in February 2023, as well as certain non-recurring gains and losses, Adjusted net loss was $13.3 million in the fourth quarter of 2023 compared with Adjusted net loss of $10.7 million for the same period a year ago. Adjusted loss per share was $0.26 in the fourth quarter of 2023, compared with Adjusted loss per share of $0.21 for the same period a year ago. Adjusted EBITDA for the fourth quarter was a loss of $5.4 million, compared with a loss of $4.4 million for the same period in 2022.

Adjusted net income was $121.9 million, or $2.41 per diluted share, for the full year ended December 31, 2023, compared with $111.4 million, or $2.13 per diluted share, for the same period a year ago. Adjusted EBITDA for the twelve months ended December 31, 2023, was $223.8 million, compared with $190.1 million for the same period in 2022.

Schedules reconciling Adjusted net income, Adjusted earnings per share and Adjusted EBITDA to the most directly comparable GAAP measures can be found in the tables included at the end of this release.

For the full year ended December 31, 2023, the Company repurchased a total of 1.3 million shares of its common stock on the open market. The balance outstanding on the Company's unsecured credit facility on December 31, 2023, was $312.4 million, with $272.0 million of unused borrowing capacity.

Jerry Grisko, CBIZ President and Chief Executive Officer, said, "Our continued strong performance in 2023 demonstrates the strength and resilience of our business model.  Despite economic uncertainty throughout much of the year brought on by rising interest rates, threats of a recession and global unrest, demand remained strong for both our  essential, recurring services and our more project-based advisory services. We also benefited from the three acquisitions and two 'tuck in' transactions we completed during the year which added approximately $67.3 million of annualized revenue. We are pleased to have recently announced the acquisition of Erickson, Brown & Kloster, LLC, (EBK), a CPA firm providing a broad range of accounting and tax services located in Colorado Springs, Colorado. This acquisition, effective February 1, 2024, will complement our growing Denver Financial Services practice."

Grisko continued, "As we head into 2024, we expect the economic climate to remain generally favorable for the types of services that we provide to our clients. Our full-year outlook for revenue, GAAP EPS and adjusted EPS reflect our confidence in our ability to continue to post strong results in business climates that may present some level of uncertainty, including the inherent uncertainty that often exists during an election year."

2024 Outlook

• The Company expects total revenue to grow within a range of 7% to 9% over the prior year.
• The Company expects an effective tax rate of approximately 28%.
• The Company expects a weighted average fully diluted share count of approximately 50.0 to 50.5 million shares.
• The Company expects GAAP fully diluted earnings per share to grow within a range of 13% to 15%, to $2.70 to $2.75 per share over the $2.39 per share reported for 2023.
• The Company expects Adjusted fully diluted earnings per share to grow within a range of 12% to 14%, to $2.70 to $2.75 per share over the Adjusted earnings per share of $2.41 per share reported for 2023.

Conference Call

CBIZ will host a conference call at 11:00 a.m. (ET) today to discuss its results. Participants may register for the conference call at https://dpregister.com/sreg/10186120/fb802b0968.The call will be webcast and an archived replay will be available at https://cbiz.gcs-web.com/investor-overview.

About CBIZ

CBIZ is a leading provider of financial, insurance and advisory services to businesses throughout the United States. Financial services include accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services. Insurance services include employee benefits consulting, retirement plan consulting, property and casualty insurance, payroll, and human capital consulting. With more than 120 offices in 33 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com.

Forward-Looking Statements

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected.  Such risks and uncertainties include, but are not limited to: we may be more sensitive to revenue fluctuations than other companies, which could result in fluctuations in the market price of our common stock; payments on accounts receivable may be slower than expected, or amounts due on receivables or notes may not be fully collectible; we are dependent on the services of our executive officers, other key employees, producers and service personnel, the loss of whom may have a material adverse effect on our business, financial condition and results of operations; restrictions imposed by independence requirements and conflict of interest rules may limit our ability to provide services to clients of the attest firms with which we have contractual relationships and the ability of such attest firms to provide attestation services to our clients; our goodwill and intangible assets could become impaired, which could lead to material non-cash charges against earnings; our goodwill and intangible assets could become impaired, which could lead to material non-cash charges against earnings; certain liabilities resulting from acquisitions are estimated and could lead to a material non-cash impact on earnings; governmental regulations and interpretations are subject to changes, which could have a material adverse effect on our clients, our business, our business services operations, our business models, or our revenue; changes in the United States healthcare or public health environment, including new healthcare legislation or regulations, may adversely affect the revenue and margins in our or our clients' businesses; we are subject to risks relating to processing customer transactions for our payroll and other transaction processing businesses; cyber-attacks or other security breaches involving our computer systems or the systems of one or more of our vendors or clients could materially and adversely affect our business; we are subject to risk as it relates to software that we license from third parties; we could be held liable for errors and omissions, contract claims, or other litigation judgments or expenses; the future issuance of additional shares could adversely affect the price of our common stock; our principal stockholders may have substantial control over our operations; we require a significant amount of cash for interest payments on our debt and to expand our business as planned; terms of our credit facility may adversely affect our ability to run our business and/or reduce stockholder returns; our failure to satisfy covenants in our debt instruments will cause a default under those instruments; we are reliant on information processing systems and any failure of these systems could have a material adverse effect on our business, financial condition and results of operations; we may not be able to acquire and finance additional businesses which may limit our ability to pursue our business strategy; the business services industry is competitive and fragmented; if we are unable to compete effectively, our business, financial condition and results of operations may be negatively impacted; there is volatility in our stock price.  A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov.

All forward-looking statements made in this release are made only as of the date hereof. The Company does not undertake any obligation to publicly update or correct any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CBIZ, INC. FINANCIAL HIGHLIGHTS (UNAUDITED) THREE MONTHS ENDED DECEMBER 31, 2023 AND 2022 (In thousands, except percentages and per share data)
		Three Months Ended December 31,
		2023		%		2022		%
Revenue		$ 327,547		100.0 %		$ 295,043		100.0 %
Operating expenses (1)		340,844		104.1		302,560		102.5
Gross loss		(13,297)		(4.1)		(7,517)		(2.5)
Corporate general and administrative expenses (1)		13,438		4.1		11,895		4.0
Operating loss		(26,735)		(8.2)		(19,412)		(6.5)
Other (expense) income:
Interest expense		(5,108)		(1.6)		(2,830)		(0.9)
Gain on sale of operations, net		—		—		102		—
Other income, net (1) (2)		12,774		3.9		5,689		1.9
Total other income, net		7,666		2.3		2,961		1.0
Loss before income tax benefit		(19,069)		(5.9)		(16,451)		(5.5)
Income tax benefit		(6,332)				(4,953)
Net loss		(12,737)		(3.9) %		(11,498)		(3.9) %
Diluted loss per share		$     (0.26)				$     (0.23)
Diluted weighted average common shares outstanding		49,795				50,538
Other data:
Adjusted EBITDA (3) Werbung Mehr Nachrichten zur Cbiz Inc. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 04:25 - PR Newswire Global Opportunities Trust Plc - Total Voting Rights 04:20 - PR Newswire Capital Gearing Trust Plc - Total Voting Rights Importverbot für Uran    Hammernachricht im Uran-Superzyklus weiterlesen» Anzeige wo-site-teaser-box-17145_site-teaser-box_2024-06-03_07%253A00%253A00_2024-06-04_09%253A00%253A59