CBIZ, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CBIZ, Inc. has filed its Q1 2024 10-Q report detailing financial performance and corporate information.</b>

AI Summary

CBIZ, Inc. (CBZ) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. CBIZ, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 5959 Rockside Woods Blvd N., Suite 600, Independence, OH 44131. CBIZ, Inc. was formerly known as Century Business Services Inc. and International Alliance Services Inc. The filing is made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking CBIZ, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for CBIZ, Inc., crucial for assessing the company's performance and making informed investment decisions. Understanding the company's historical name changes and current reporting structure helps in tracking its evolution and compliance with SEC regulations.

Risk Assessment

Risk Level: low — CBIZ, Inc. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) which is a routine disclosure for publicly traded companies and does not contain new or unexpected material information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand CBIZ, Inc.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 70 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 2024 — Fiscal Year (2024 Q1)

Key Players & Entities

• CBIZ, Inc. (company) — COMPANY CONFORMED NAME
• CBZ (company) — tk
• 10-Q (company) — ft
• 2024-04-25T00:00:00.000Z (date) — dt
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 5959 ROCKSIDE WOODS BLVD N. (address) — STREET 1
• Independence, OH (address) — CITY, STATE
• 222769024 (tax_id) — IRS NUMBER

FAQ

Industry Context

CBIZ, Inc. operates in the business services sector, providing a range of professional services to businesses.

Regulatory Implications

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

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business performance and trends.
3. Check for any disclosures related to risk factors or legal proceedings.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value CBZ New York Stock Exchange

Filing Documents

• cbz-20240331.htm (10-Q) — 1069KB
• cbz-20240331x10qex311.htm (EX-31.1) — 9KB
• cbz-20240331x10qex312.htm (EX-31.2) — 9KB
• cbz-20240331x10qex321.htm (EX-32.1) — 5KB
• cbz-20240331x10qex322.htm (EX-32.2) — 5KB
• 0001628280-24-017947.txt (&nbsp;) — 5811KB
• cbz-20240331.xsd (EX-101.SCH) — 41KB
• cbz-20240331_cal.xml (EX-101.CAL) — 66KB
• cbz-20240331_def.xml (EX-101.DEF) — 162KB
• cbz-20240331_lab.xml (EX-101.LAB) — 531KB
• cbz-20240331_pre.xml (EX-101.PRE) — 368KB
• cbz-20240331_htm.xml (XML) — 803KB

Financial Statements

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II. OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

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 2

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

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 867,08

View Full Filing

View this 10-Q filing on SEC EDGAR