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Mar 31, 2023
CBIZ Q1 2023 Earnings Report
CBIZ reported strong first-quarter results, with revenue and earnings per share up significantly compared to the same period last year.
Key Takeaways
CBIZ reported a strong first quarter in 2023, with total revenue up 16.1% and same-unit revenue up 10.0%. GAAP EPS increased by 30.9%, and net income rose by 25.9%. The acquisition of Somerset contributed to the strong results, and the company expects full-year results to be at the high end of its guidance.
Total revenue increased by 16.1%, with same-unit revenue up by 10.0%.
GAAP EPS increased by 30.9%, while adjusted EPS rose by 23.7%.
Net income increased by 25.9%, and adjusted EBITDA increased by 22.0%.
The acquisition of Somerset contributed to the strong first-quarter results.
CBIZ
CBIZ
CBIZ Revenue by Segment
Revenue by Segment
Financial Services Revenue
CapyFin.comBenefits and Insurance Services Revenue
CapyFin.comNational Practices Revenue
CapyFin.com Forward Guidance
The Company expects revenue to grow within a range of 8% to 10% over the prior year. The Company expects GAAP fully diluted earnings per share to grow within a range of 15% to 17%, to $2.31 to $2.36 per share over the $2.01 per share reported for 2022. The Company expects Adjusted fully diluted earnings per share to grow within a range of 11% to 13%, to $2.36 to $2.41 per share over the Adjusted earnings per share of $2.13 per share reported for 2022.
Positive Outlook
- Revenue is expected to grow within a range of 8% to 10% over the prior year.
- GAAP fully diluted earnings per share to grow within a range of 15% to 17%, to $2.31 to $2.36 per share over the $2.01 per share reported for 2022.
- Adjusted fully diluted earnings per share to grow within a range of 11% to 13%, to $2.36 to $2.41 per share over the Adjusted earnings per share of $2.13 per share reported for 2022.
Challenges Ahead
- The Company expects an effective tax rate of approximately 28%.
- The increased rate, up from 25.5% in 2022, will impact diluted earnings per share by approximately $0.08.
- The Company expects a weighted average fully diluted share count of approximately 50.5 to 51.0 million shares.
Revenue & Expenses
Visualization of income flow from segment revenue to net income