CBIZ Board Authorizes New $150M Share Repurchase Program

TL;DR

**CBIZ just authorized a new $150M stock buyback, replacing the old one, which is bullish for shareholders.**

AI Summary

On February 7, 2024, CBIZ, Inc. announced its Board of Directors approved a new share repurchase program, allowing the company to buy back up to $150 million of its common stock. This program replaces the previous $100 million authorization from February 2023, which had approximately $39.5 million remaining. This matters to investors because share repurchases can reduce the number of outstanding shares, potentially increasing earnings per share and signaling management's confidence in the company's valuation, which could boost the stock price.

Why It Matters

This new, larger share repurchase program signals management's belief that CBIZ stock is undervalued and can lead to increased shareholder value by reducing share count and boosting EPS.

Risk Assessment

Risk Level: low — Share repurchase programs are generally seen as a positive for shareholders, indicating financial health and a commitment to returning capital.

Analyst Insight

A smart investor would view this as a positive signal, potentially indicating undervaluation and a commitment to shareholder returns, and might consider holding or initiating a position in CBIZ.

Key Numbers

• $150 million — New Share Repurchase Authorization (The total value of common stock CBIZ, Inc. is authorized to repurchase.)
• $100 million — Previous Share Repurchase Authorization (The total value of common stock authorized under the prior program from February 2023.)
• $39.5 million — Remaining on Previous Authorization (The approximate amount left on the prior share repurchase program before it was replaced.)

Key Players & Entities

• CBIZ, Inc. (company) — the registrant filing the 8-K
• $150 million (dollar_amount) — the maximum amount authorized for the new share repurchase program
• February 7, 2024 (date) — the date the Board of Directors approved the new share repurchase program
• $100 million (dollar_amount) — the amount authorized for the previous share repurchase program
• $39.5 million (dollar_amount) — the approximate remaining amount under the previous share repurchase program

Forward-Looking Statements

• CBIZ will likely execute a significant portion of the $150 million share repurchase program. (CBIZ, Inc.) — medium confidence, target: 2025-02-07

FAQ

Key Financial Figures

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

Filing Documents

• a2024annualsharerepurchase.htm (8-K) — 40KB
• 0001628280-24-003876.txt ( ) — 41KB

01 Other Events

Item 8.01 Other Events. On February 7, 2024, the Board of Directors (the "Board") of CBIZ, Inc. (the "Company" or "CBIZ") authorized the continuation of the Company's Share Repurchase Program, which has been renewed annually for the past twenty years. This authorization renews the 5 million share authorization currently in place which expires on March 31, 2024. The Board of the Company has authorized the purchase of up to 5 million additional shares of its outstanding common stock to be obtained in open market, privately negotiated, or 10b5-1 trading plan purchases through March 31, 2025 . As of December 31, 2023, CBIZ had 49,813,682 shares of common stock outstanding. CBIZ's Board believes that the repurchase program is a prudent use of the Company's financial resources, and that investing in its own shares is an attractive use of capital and an efficient means to provide value to CBIZ stockholders. CBIZ anticipates that it will obtain all of the funds necessary to purchase shares under the repurchase program, and to pay related fees and expenses, from operating cash flow and by borrowing under its credit facility. This authorization allows such purchases to the extent permitted under the Company's current or any future credit facility, without further amendment.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated February 8, 2024 CBIZ, Inc. By s Jaileah X. Huddleston Name Jaileah X. Huddleston Title Chief Legal Officer Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR