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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from________ to ________

Commission File Number 1-32961

CBIZ, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation

or organization)

5959 Rockside Woods, N. Suite 600 Independence, Ohio

(Address of principal executive offices)

22-2769024

(I.R.S. Employer

Identification No.)

44131

(Zip Code)

(216) 447-9000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	CBZ	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


Class of Common Stock			Outstanding at April 19, 2024
Common Stock, $0.01 per share			50,112,138

CBIZ, INC. AND SUBSIDIARIES

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION:		Page

	Item 1.	Financial Statements	3

		Condensed Consolidated Balance Sheets (Una udited) – March 31 , 202 4 and December 31, 202 3	3

		Condensed Consolidated Statements of Comprehensive Incom e (Unau dited) – Three Months Ended March 31 , 202 4 and 202 3	4

		Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) – Three Months Ended March 3 1 , 202 4 and 202 3	5

		Condensed Consolidated Statements of Cash Flows (Unaudited) – Three Months Ended March 31 , 202 4 and 202 3	6

		Notes to the Condensed Consolidated Financial Statements (Unaudited)	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	28

	Item 4.	Controls and Procedures	28

PART II.	OTHER INFORMATION:

	Item 1.	Legal Proceedings	30

	Item 1A.	Risk Factors	30

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30

	Item 3.	Defaults Upon Senior Securities	31

	Item 4.	Mine Safety Disclosures	31

	Item 5.	Other Information	31

	Item 6.	Exhibits	32

	Signature		33

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CBIZ, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)


	March 31, 2024		December 31, 2023

ASSETS
Current assets:
Cash and cash equivalents	$	1,402	$	8,090
Restricted cash	27,740		30,362
Accounts receivable, net	504,107		380,152
Other current assets	41,570		34,895
Current assets before funds held for clients	574,819		453,499
Funds held for clients	147,345		159,186
Total current assets	722,164		612,685
Non-current assets:
Property and equipment, net	57,994		57,012
Goodwill and other intangible assets, net	1,038,410		1,008,604
Assets of deferred compensation plan	157,709		143,499
Right-of-use assets, net	209,231		211,024
Other non-current assets	11,490		10,768
Total non-current assets	1,474,834		1,430,907
Total assets	$	2,196,998	$	2,043,592
LIABILITIES
Current liabilities:
Accounts payable	$	93,530	$	82,831
Income taxes payable	26,817		2,097
Accrued personnel costs	71,377		133,593
Contingent purchase price liabilities	64,559		66,287
Operating lease liabilities	37,183		36,283
Other current liabilities	28,555		30,937
Current liabilities before client fund obligations	322,021		352,028
Client fund obligations	148,034		159,893
Total current liabilities	470,055		511,921
Non-current liabilities:
Bank debt	437,800		312,400
Debt issuance costs	(1,456)		(1,574)
Total long-term debt, net	436,344		310,826
Income taxes payable	2,091		1,984
Deferred income taxes, net	31,686		29,287
Deferred compensation plan obligations	157,709		143,499
Contingent purchase price liabilities	29,627		48,659
Lease liabilities	201,115		203,905
Other non-current liabilities	1,282		1,893
Total non-current liabilities	859,854		740,053
Total liabilities	1,329,909		1,251,974
STOCKHOLDERS' EQUITY
Common stock	1,379		1,374
Additional paid in capital	841,268		832,475
Retained earnings	931,968		855,084
Treasury stock	(910,322)		(899,093)
Accumulated other comprehensive income	2,796		1,778
Total stockholders’ equity	867,089		791,618
Total liabilities and stockholders’ equity	$	2,196,998	$	2,043,592

See the accompanying notes to the unaudited condensed consolidated financial statements

CBIZ, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In thousands, except per share data)


	Three Months Ended March 31,
	2024		2023
Revenue	$	494,297	$	454,606
Operating expenses	376,485		341,011
Gross margin	117,812		113,595
Corporate general and administrative expenses	18,711		15,598


Operating income	99,101		97,997
Other (expense) income:
Interest expense	(4,511)		(3,641)
Gain on sale of operations, net	—		99

Other income, net	9,424		5,112
Total other income, net	4,913		1,570
Income before income tax expense	104,014		99,567
Income tax expense	27,130		26,407
Net Income	76,884		73,160


Earnings per share:



Basic	$	1.54	$	1.45



Diluted	$	1.53	$	1.44
Basic weighted average shares outstanding	50,045		50,367
Diluted weighted average shares outstanding	50,221		50,762
Comprehensive income:
Net income	$	76,884	$	73,160
Other comprehensive income (loss), net of tax	1,018		(1,213)
Comprehensive income	$	77,902	$	71,947

See the accompanying notes to the unaudited condensed consolidated financial statements

CBIZ, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands)


	Issued Common Shares	Treasury Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income		Totals
December 31, 2023	137,387	87,573	$	1,374	$	832,475	$	855,084	$	(899,093)	$	1,778	$	791,618
Net income	—	—	—		—		76,884		—		—		76,884
Other comprehensive income	—	—	—		—		—		—		1,018		1,018

Indirect repurchase of shares for minimum tax withholding	—	170	—		—		—		(11,229)		—		(11,229)
Restricted stock units and awards	102	—	1		(1)		—		—		—		—
Performance share units	273	—	3		(3)		—		—		—		—

Stock-based compensation	—	—	—		2,638		—		—		—		2,638
Business acquisitions	93	—	1		6,159		—		—		—		6,160

March 31, 2024	137,855	87,743	$	1,379	$	841,268	$	931,968	$	(910,322)	$	2,796	$	867,089


	Issued Common Shares	Treasury Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income		Totals
December 31, 2022	136,295	86,115	$	1,363	$	799,147	$	734,116	$	(824,778)	$	3,604	$	713,452
Net income	—	—	—		—		73,160		—		—		73,160
Other comprehensive loss	—	—	—		—		—		—		(1,213)		(1,213)
Share repurchases	—	428	—		—		—		(20,791)		—		(20,791)
Indirect repurchase of shares for minimum tax withholding	—	169	—		—		—		(8,224)		—		(8,224)
Restricted stock units and awards	123	—	1		(1)		—		—		—		—
Performance share units	244	—	2		(2)		—		—		—		—
Stock options exercised	189	—	2		3,627		—		—		—		3,629
Stock-based compensation	—	—	—		3,831		—		—		—		3,831
Business acquisitions	173	—	2		8,084		—		—		—		8,086
March 31, 2023	137,024	86,712	$	1,370	$	814,686	$	807,276	$	(853,793)	$	2,391

SEC Form 10-Q filed by CBIZ Inc.