CBIZ, Inc. reported a total revenue of $1.813 billion for the fiscal year ending December 31, 2024, marking a 14% increase from $1.591 billion in 2023. The growth was driven by both organic revenue increases of 4.8%, amounting to $76.9 million, and contributions from acquisitions totaling $145.4 million. However, net income saw a significant decline, dropping 66.1% to $41 million from $121 million in the previous year, resulting in earnings per diluted share of $0.78 compared to $2.39 in 2023.
The company underwent substantial changes during the fiscal year, most notably the acquisition of Marcum LLP, which closed on November 1, 2024. This acquisition, valued at approximately $1.998 billion, is the largest in CBIZ's history and is expected to enhance its service offerings across its three practice groups: Financial Services, Benefits and Insurance Services, and National Practices. In addition to Marcum, CBIZ completed four other acquisitions in 2024, further expanding its market presence and service capabilities.
Operationally, CBIZ's workforce grew to over 10,000 employees across more than 160 locations in 22 major markets. The company serves approximately 135,000 clients across various industries, with its largest client accounting for about 2.3% of total revenue. The Financial Services practice group generated $1.363 billion in revenue, while Benefits and Insurance Services contributed $401 million, and National Practices added $49.9 million. The company reported an increase in operating expenses to $1.631 billion, primarily due to higher personnel costs associated with the acquisitions.
Looking ahead, CBIZ aims to focus on maximizing cash flow to reduce debt and enhance liquidity for future acquisitions. The company has also authorized a share repurchase program, allowing for the purchase of up to 5 million shares, which may be executed in the open market or through privately negotiated transactions. Despite the challenges posed by the recent acquisition and the associated integration costs, CBIZ remains optimistic about its growth trajectory and the potential benefits of its expanded service offerings.
About CBIZ, Inc.
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