CBIZ Highlights Fourth Quarter Achievements
CBIZ, Inc. (NYSE: CBZ) has released its results for the fourth quarter of 2024, highlighting significant financial growth. The company has reported a remarkable 40.5% increase in fourth-quarter revenue, reaching approximately $460.3 million. This strong performance highlights the company's strategic adjustments and the effective integration of new operations.
Financial Performance Summary
The fourth-quarter results include the positive impacts from CBIZ's recent acquisition of Marcum LLP, which was finalized early in the quarter, enhancing consolidated revenues. Same-unit revenue, which represents growth from existing operations without acquisitions, rose by 6.4% compared to the same period last year. This increase emphasizes the ongoing strength of CBIZ's core businesses.
Annual Performance for Fiscal Year 2024
For the fiscal year ended December 31, 2024, CBIZ's total revenue showed an impressive growth of 14.0%, bringing its total revenue to approximately $1.81 billion. This increase was driven by the integration of Marcum and reflects a 4.8% rise in same-unit revenue. GAAP earnings per share (EPS) for the year was reported at $0.78, while the adjusted EPS, excluding one-time costs from acquisitions, stood at $2.67, marking a notable increase of 10.8% year-over-year.
Successful Integration and Future Outlook
The successful acquisition and integration of Marcum LLP not only expanded CBIZ's service offerings but also positioned it as a leading provider of professional services for middle-market clients nationwide. The company is optimistic about its 2025 outlook, projecting total revenue to be in the range of $2.90 to $2.95 billion.
Looking Ahead to 2025
CBIZ anticipates that the coming year will continue to build on this momentum. The guidance includes projected adjusted EBITDA of $450 million to $456 million and instances of growth in per diluted share earnings ranging between $1.97 and $2.02. The company's focus on strengthening its operational foundation and exploring further growth through strategic acquisitions will remain paramount.
Management Comments
Jerry Grisko, President and CEO of CBIZ, expressed enthusiasm about the recent results and the transformative potential of the Marcum acquisition: "We are thrilled by the strong results we achieved in 2024, and we are committed to leveraging our expanded capabilities to further benefit our clients and shareholders. Our strategic growth initiatives are aligned with our vision to create significant value and drive robust performance moving forward."
Frequently Asked Questions
What are the main highlights from CBIZ's fourth-quarter results?
CBIZ reported a 40.5% increase in fourth-quarter revenue, reaching approximately $460.3 million, largely attributed to the successful integration of Marcum LLP.
How did CBIZ perform for the full year 2024?
For the full year 2024, total revenue increased by 14.0% to about $1.81 billion, with same-unit revenue rising by 4.8%.
What is the adjusted EPS for 2024?
The adjusted earnings per share for 2024, excluding the impact of the Marcum acquisition costs, is reported at $2.67, up 10.8% from the previous year.
What is CBIZ’s outlook for 2025?
CBIZ projects total revenue to be between $2.90 billion to $2.95 billion in 2025, with strong adjusted EBITDA guidance.
What steps is CBIZ taking to enhance its growth?
CBIZ is focusing on integrating its recent acquisition, expanding service offerings, and pursuing additional growth opportunities to build its market position.
