CBIZ Q1 2024 Earnings Report
Key Takeaways
CBIZ reported a strong start to 2024, with total revenue up 8.7% and same-unit revenue up 5.9%. GAAP EPS increased by 6.3%, and adjusted EPS rose by 5.5%. The company affirmed its full-year guidance for revenue, GAAP EPS, and Adjusted EPS.
Total revenue increased by 8.7%; same-unit revenue up 5.9%.
GAAP EPS increased by 6.3%; Adjusted EPS increased by 5.5%.
Net income rose by 5.1%; Adjusted EBITDA increased by 4.8%.
The company completed two strategic acquisitions in the first quarter.
CBIZ
CBIZ
CBIZ Revenue by Segment
Forward Guidance
CBIZ expects total revenue to grow within a range of 7% to 9% over the prior year. 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, compared with 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 fully diluted earnings per share, of $2.41 per share reported for 2023.
Positive Outlook
- Total revenue to grow 7-9% over the prior year.
- Effective tax rate of approximately 28%.
- Weighted average fully diluted share count of approximately 50.0 to 50.5 million shares.
- GAAP fully diluted EPS to grow 13-15%, to $2.70-$2.75 per share.
- Adjusted fully diluted EPS to grow 12-14%, to $2.70-$2.75 per share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income