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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%.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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