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Sep 30, 2024
CBIZ Q3 2024 Earnings Report
CBIZ reported strong third-quarter results with revenue and earnings growth.
Key Takeaways
CBIZ reported a 6.9% increase in total revenue to $438.9 million for the third quarter of 2024, with same-unit revenue up 5.1%. Net income increased by 4.2% to $35.1 million, and GAAP EPS rose by 4.5% to $0.70. Adjusted EPS increased by 27.3% to $0.84, and Adjusted EBITDA grew by 23.0% to $75.7 million.
Total revenue increased by 6.9% to $438.9 million, with same-unit revenue up 5.1%.
Net income increased by 4.2% to $35.1 million, or $0.70 per diluted share.
Adjusted EBITDA increased by 23.0%.
Adjusted EPS increased by 27.3%.
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
CBIZ reaffirms its full-year 2024 guidance for Adjusted earnings per share. Total revenue to grow within a range of 7% to 9% over the prior year. Expected close in the fourth quarter of 2024, current guidance excludes the impact of the Marcum acquisition.
Positive Outlook
- Total revenue to grow within a range of 7% to 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.
- Adjusted fully diluted earnings per share to grow within a range of 10% to 12%, to $2.64 to $2.69 per share, compared with the $2.41 per share reported for 2023.
- GAAP fully diluted earnings per share to be within a range of $2.37 to $2.42 per share, or within a range of 1% higher or lower than the $2.39 per share reported for 2023.
Challenges Ahead
- Guidance excludes the impact of the Marcum acquisition.
- We may be more sensitive to revenue fluctuations than other companies, which could result in fluctuations in the market price of our common stock.
- Payments on accounts receivable may be slower than expected, or amounts due on receivables or notes may not be fully collectible.
- We are dependent on the services of our executive officers, other key employees, producers and service personnel, the loss of whom may have a material adverse effect on our business, financial condition and results of operations.
- Restrictions imposed by independence requirements and conflict of interest rules may limit our ability to provide services to clients of the attest firms with which we have contractual relationships and the ability of such attest firms to provide attestation services to our clients.
Revenue & Expenses
Visualization of income flow from segment revenue to net income