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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.
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 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