The following is a summary of the CBIZ, Inc. (CBZ) Q1 2024 Earnings Call Transcript:
Financial Performance:
CBIZ Q1 revenue showed a growth of 8.7% across all service lines within its two business divisions.
Overall Q1 revenue increased by $39.7 million; contributed by a 5.9% increase in same-unit revenue and $12.8 million in growth due to acquisitions.
Adjusted earnings per share for Q1 was $1.54, a rise of 5.5% and adjusted EBITDA stood at $118.8 million.
Financial Services division and Benefits and Insurance division reported 8.6% and 8.3% total revenue growth respectively.
CBIZ expects total revenue to rise by 7%-9% for the full year and GAAP reported earnings per share to increase within a range of 13%-15%.
Business Progress:
CBIZ completed two major acquisitions, EBK and CompuData, in consonance with the company's growth-strategy involving Mergers and Acquisitions.
The company sees increased activities in traditional core accounting and tax practices, and envisions a demand surge in advisory services.
Investments are being made in Pivot Point and CompuData to cater to the growing demand, while strategic investments are being made in a national tax office and offshoring capabilities.
The company has observed similar growth across various regions with no specific focus on a single sector, although there's a slightly tempered outlook for the construction industry.
More details: CBIZ Inc IR
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