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Sep 30, 2023
CBIZ Q3 2023 Earnings Report
CBIZ reported a strong third quarter with revenue and EPS up.
Key Takeaways
CBIZ reported a revenue increase of 13.0% and a GAAP EPS increase of 26.4% for the third quarter of 2023. The company reaffirmed its revenue and EPS guidance for the full year.
Total revenue increased by 13.0%; same-unit revenue increased by 8.3%.
GAAP EPS increased by 26.4%; adjusted EPS increased by 29.4%.
Net income increased by 22.6%; adjusted EBITDA increased by 34.2%.
The company reaffirmed its revenue and EPS guidance for the full year.
Revenue by Segment
Forward Guidance
The Company expects revenue to grow within a range of 10% to 12% over the prior year and 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.
Positive Outlook
- Revenue to grow within a range of 10% to 12% over the prior year.
- The Company expects an effective tax rate of approximately 28%.
- Weighted average fully diluted share count of approximately 50.5 to 51.0 million shares.
- 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 increased tax rate, up from 25.5% in 2022, will impact diluted earnings per share by approximately $0.08.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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