CBIZ Q1 2023 Earnings Report
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
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