CBIZ Reports Fourth-Quarter and Full-Year 2024 Results

CBIZ, Inc., a leading national professional services advisor, has released its financial results for the fourth quarter and full year ending December 31, 2024. The company, which provides services in accounting, tax, advisory, benefits, insurance, and technology, has reported significant growth and strategic developments during this period.

Financial Highlights

For the fourth quarter of 2024, CBIZ reported a revenue increase of 40.5% to $460.3 million compared to the same period in 2023. This growth includes a 33.2% increase attributed to the acquisition of Marcum LLP, which closed on November 1, 2024. Excluding the impact of the Marcum acquisition, revenue grew by 7.3%, with same-unit revenue increasing by 6.4%.

For the full year 2024, CBIZ's total revenue increased by 14.0% to $1.813 billion, with same-unit revenue up by 4.8%. The company's GAAP earnings per share (EPS) for the year was $0.78, while adjusted EPS, excluding the impact of the Marcum transaction and related costs, was $2.67, up 10.8% from 2023.

Business and Operational Highlights

The acquisition of Marcum LLP, the largest in CBIZ's history, significantly contributed to the company's revenue growth. The integration of Marcum's operations has been a focal point, with related expenses impacting the financial results. Despite these costs, CBIZ reported strong same-unit revenue growth and maintained its momentum in the professional services market.

Strategic Initiatives and Corporate Developments

In connection with the Marcum acquisition, CBIZ entered into a new $2.0 billion credit facility. As of December 31, 2024, the company had an outstanding indebtedness of $1.421 billion under its credit facilities, with $556 million of unused borrowing capacity. This strategic move aims to support the company's growth and integration efforts.

Management's Perspective

Jerry Grisko, CBIZ President and Chief Executive Officer, expressed enthusiasm about the Marcum acquisition, highlighting the opportunities it presents for team members, clients, and shareholders. Grisko noted the strong same-unit revenue growth and the successful integration efforts, which position CBIZ for continued momentum in 2025.

Future Outlook

Looking ahead to 2025, CBIZ has provided guidance with total revenue expected to be in the range of $2.90 billion to $2.95 billion. The company anticipates GAAP EPS to be between $1.97 and $2.02 per diluted share, with adjusted EPS projected to be between $3.60 and $3.65 per diluted share. Adjusted EBITDA is expected to range from $450 million to $456 million.

SEC Filing: CBIZ, Inc. [ CBZ ] - 8-K - Feb. 26, 2025