CBIZ, Inc. Files Q2 2024 10-Q Report

TL;DR

CBIZ Q2 10-Q filed. Financials look solid.

AI Summary

CBIZ, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details its business operations, financial statements, and risk factors. Key financial data for the quarter and year-to-date periods are presented, including revenue, expenses, and net income.

Why It Matters

This filing provides investors and analysts with a detailed look at CBIZ's financial health and operational performance for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting and risk disclosures typical for a public company, but the specific risks and their potential impact are not detailed enough in this excerpt to warrant a high rating.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240801 — Filing Date (The date CBIZ, Inc. submitted this 10-Q filing to the SEC.)

Key Players & Entities

• CBIZ, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date of the report
• 7389 (other) — Standard Industrial Classification code for Business Services
• DE (other) — State of incorporation
• 1231 (date) — Fiscal year end

FAQ

Key Financial Figures

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

Filing Documents

• cbz-20240630.htm (10-Q) — 1564KB
• sixthamendmenttoloanagreem.htm (EX-10.1) — 20KB
• cbz-20240630x10qex311.htm (EX-31.1) — 9KB
• cbz-20240630x10qex312.htm (EX-31.2) — 9KB
• cbz-20240630x10qex321.htm (EX-32.1) — 5KB
• cbz-20240630x10qex322.htm (EX-32.2) — 5KB
• 0001628280-24-034026.txt ( ) — 7368KB
• cbz-20240630.xsd (EX-101.SCH) — 45KB
• cbz-20240630_cal.xml (EX-101.CAL) — 66KB
• cbz-20240630_def.xml (EX-101.DEF) — 189KB
• cbz-20240630_lab.xml (EX-101.LAB) — 597KB
• cbz-20240630_pre.xml (EX-101.PRE) — 404KB
• cbz-20240630_htm.xml (XML) — 1183KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) – J une 30 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) – Three and Six Months Ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) – Three and Six Months Ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) – Six Months Ended June 30 , 2024 and 2023 7 Notes to the Condensed Consolidated Financial Statement s (Unaudited) 8 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 22 Item 3.

Quantitative and Qualitative Disclosures A bout Market Risk

Quantitative and Qualitative Disclosures A bout Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II. OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44 Signature 45 2

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CBIZ, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,128 $ 8,090 Restricted cash 44,947 30,362 Accounts receivable, net 477,841 380,152 Other current assets 38,892 34,895 Current assets before funds held for clients 562,808 453,499 Funds held for clients 131,128 159,186 Total current assets 693,936 612,685 Non-current assets: Property and equipment, net 56,667 57,012 Goodwill and other intangible assets, net 1,035,148 1,008,604 Assets of deferred compensation plan 162,133 143,499 Right-of-use assets, net 203,972 211,024 Other non-current assets 8,949 10,768 Total non-current assets 1,466,869 1,430,907 Total assets $ 2,160,805 $ 2,043,592 LIABILITIES Current liabilities: Accounts payable $ 109,253 $ 82,831 Income taxes payable 7,374 2,097 Accrued personnel costs 95,267 133,593 Contingent purchase price liabilities 54,780 66,287 Operating lease liabilities 38,077 36,283 Other current liabilities 31,389 30,937 Current liabilities before client fund obligations 336,140 352,028 Client fund obligations 131,623 159,893 Total current liabilities 467,763 511,921 Non-current liabilities: Bank debt 381,000 312,400 Debt issuance costs ( 1,340 ) ( 1,574 ) Total long-term debt, net 379,660 310,826 Income taxes payable 2,149 1,984 Deferred income taxes, net 32,726 29,287 Deferred compensation plan obligations 162,133 143,499 Contingent purchase price liabilities 29,059 48,659 Lease liabilities 194,704 203,905 Other non-current liabilities 1,177 1,893 Total non-current liabilities 801,608 740,053 Total liabilities 1,269,371 1,251,974 STOCKHOLDERS' EQUITY Common stock 1,379 1,374 Additional paid in capital 845,962 832,475 Retained earnings 951,761 855,084 Treasury stock ( 910,322 ) ( 899,093 ) Accumulated other comprehensive income 2,654 1,778 Total stockholders' equity 891,434

View Full Filing

View this 10-Q filing on SEC EDGAR