CBIZ, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CBIZ, Inc. has submitted its 2023 10-K annual report, detailing its financial performance and corporate information.</b>

AI Summary

CBIZ, Inc. (CBZ) filed a Annual Report (10-K) with the SEC on February 23, 2024. CBIZ, Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing is a Form 10-K, indicating a comprehensive overview of the company's financial performance and condition. The report covers the period from January 1, 2023, to December 31, 2023. CBIZ, Inc. is incorporated in Delaware and headquartered in Independence, Ohio. The company's Standard Industrial Classification code is 7389, Services-Business Services, NEC.

Why It Matters

For investors and stakeholders tracking CBIZ, Inc., this filing contains several important signals. This 10-K filing provides investors with a detailed look at CBIZ's financial health, operational performance, and strategic direction for the fiscal year 2023. Understanding the specifics within this report is crucial for assessing the company's growth trajectory, profitability, and any potential risks or opportunities moving forward.

Risk Assessment

Risk Level: medium — CBIZ, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a mix of positive and negative information, making the overall sentiment neutral. However, the absence of specific financial performance data in the provided header limits a more precise sentiment analysis.

Analyst Insight

Review the full 10-K filing to analyze CBIZ's revenue, net income, debt levels, and management's discussion of results to form an investment thesis.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (As of date)
• 7389 — SIC Code (Standard Industrial Classification)
• 222769024 — IRS Number (Filer's IRS Number)

Key Players & Entities

• CBIZ, Inc. (company) — Filer name
• CBZ (company) — Ticker symbol
• 2023 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• 7389 (other) — Standard Industrial Classification code
• DE (other) — State of incorporation
• OH (other) — State of business address
• 2164479000 (other) — Business phone number

FAQ

Industry Context

CBIZ, Inc. operates within the business services sector, providing a range of professional services to clients.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the full financial statements within the 10-K for revenue trends, profitability, and expense management.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Review the Risk Factors section for potential challenges and uncertainties facing CBIZ.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; a comparison to the previous year's filing (2022 10-K) would require access to that document.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value CBZ New York Stock Exchange
• $259.6 m — ensive Income and totaled approximately $259.6 million, $235.4 million and $174.8 millio
• $235.4 million — d totaled approximately $259.6 million, $235.4 million and $174.8 million for the years ended
• $174.8 million — tely $259.6 million, $235.4 million and $174.8 million for the years ended December 31, 2023,

Filing Documents

• cbz-20231231.htm (10-K) — 1950KB
• ex43-cbizdescriptionofcomm.htm (EX-4.3) — 22KB
• ex1016-cbizmodelrestricted.htm (EX-10.16) — 55KB
• ex1017-cbizmodelperformanc.htm (EX-10.17) — 56KB
• cbz-123123x10kexx211.htm (EX-21.1) — 42KB
• ex231-2023consentofkpmgllp.htm (EX-23.1) — 2KB
• cbz-123123x10kexx311.htm (EX-31.1) — 8KB
• cbz-123123x10kexx312.htm (EX-31.2) — 8KB
• cbz-123123x10kexx321.htm (EX-32.1) — 4KB
• cbz-123123x10kexx322.htm (EX-32.2) — 4KB
• ex971-cbizcompensationreco.htm (EX-97.1) — 18KB
• cbz-20231231_g1.jpg (GRAPHIC) — 111KB
• 0001628280-24-006641.txt (&nbsp;) — 11339KB
• cbz-20231231.xsd (EX-101.SCH) — 79KB
• cbz-20231231_cal.xml (EX-101.CAL) — 105KB
• cbz-20231231_def.xml (EX-101.DEF) — 320KB
• cbz-20231231_lab.xml (EX-101.LAB) — 987KB
• cbz-20231231_pre.xml (EX-101.PRE) — 653KB
• cbz-20231231_htm.xml (XML) — 1699KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. [Reserved] 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 33 Item 9A.

Controls and Procedures

Controls and Procedures 33 Item 9B. Other Information 34 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 34 PART III Item 10. Directors, Executive Officers and Corporate Governance 34 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 38 PART IV Item 15. Exhibit s and Financial S tatement Schedule s 38 Item 16. Form 10-K Summary 40

Signatures

Signatures 41 3 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 ("the Exchange Act"). All statements other than statements of historical fact included in this Annual Report on Form 10-K including, without limitation, "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding our financial position, business strategy and plans and objectives for future performance are forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are commonly identified by the use of such terms and phrases as "will," "could," "can," "may," "strive," "hope," "intend," "believe," "estimate," "continue," "plan," "expect," "project," "anticipate," "outlook," "foreseeable future," "seek" and words or phrases of similar import in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated services, sales efforts, expenses, and financial results. From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. All of our forward-looking statements in this Annual Report on Form 10-K and in any other public statements that we make, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such forward-looking statements can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in "Item 1A. Risk Factors" will be important in determining future results. Should one or more of these risks or assumptions materialize, or should the underlyi

BUSINESS

ITEM 1. BUSINESS Overview CBIZ, Inc. is a leading national provider of financial, insurance and advisory services designed to help our clients and their businesses grow and succeed. Founded on the simple idea that growing businesses of all sizes wanted and needed access to best in class professional services with a personalized, local approach, CBIZ is now one of the largest accounting, insurance brokerage, financial and advisory services providers in the country. Over the years, CBIZ has grown to a team of more than 6,700 professionals working through more than 120 offices located in 33 states and the District of Columbia. Shares of our common stock are traded on the New York Stock Exchange ("NYSE") under the symbol "CBZ." Business Strategy Since our founding in 1996, CBIZ set out to build a company that would provide a breadth of services and depth of expertise that is unmatched in our industries to assist our clients' with their most pressing needs and greatest opportunities. CBIZ pursued this vision by establishing a national platform of core services that our clients rely on to support their day-to-day business. Our core services include accounting, tax, government health care consulting, employee benefits, property and casualty insurance, payroll, human capital management, retirement plan services and a host of similar services. Over time, CBIZ strengthened this model by adding advisory services that help our clients with specialized needs they may have from time to time. These services include financial advisory, transaction advisory, risk advisory, valuation, technical accounting, litigation support, preparation for IPO, actuarial, executive search and compensation consulting services. This combination of the core essential services our clients rely on us to provide on a regular basis and the more specialized advisory services that our clients need from time to time are fundamental to our ability to perform well in both favorable and less favorable busin

View Full Filing

View this 10-K filing on SEC EDGAR