About CBIZ

CBIZ, Inc. (CBIZ) is a leading national provider of financial, insurance and advisory services designed to help clients and their businesses grow and succeed. CBIZ is one of the largest accounting, insurance brokerage, financial and advisory services providers in the country. CBIZ has grown to a team of more than 6,700 professionals working through more than 120 offices located in 33 states and the District of Columbia. Strategy CBIZ sets out to build a company that would provide a breadth of services and depth of expertise that is unmatched in its industries to assist its clients' with their most pressing needs and greatest opportunities. The company's core services include accounting, tax, government health care consulting, employee benefits, property and casualty insurance, payroll, human capital management, retirement plan services and a host of similar services. Over time, CBIZ strengthened this model by adding advisory services that help the company's clients with specialized needs they may have from time to time. These services include financial advisory, transaction advisory, risk advisory, valuation, technical accounting, litigation support, preparation for IPO, actuarial, executive search and compensation consulting services. This combination of the core essential services the company's clients relies on it to provide on a regular basis and the more specialized advisory services that its clients need from time to time are fundamental to its ability to perform well in both favorable and less favorable business climates. The company pursues acquisitions to enter attractive geographic markets, strengthen its presence in an existing market, add services or deepen its expertise for its existing offerings, expand into higher growth industries and service niches and access top talent. The company seeks to acquire the most highly regarded, best in class financial, insurance, and advisory firms that demonstrate a desire for a greater national platform and enhanced client service capabilities, possess strong leadership, cultural fit and a client base with cross-serving potential. Business Services The company delivers its services through the following three practice groups: Financial Services, Benefits and Insurance Services, and National Practices. Financial Services Financial Services consists of core accounting services including traditional accounting, tax compliance, advisory, and specialty services, like transaction and risk advisory services, litigation support, valuation, and federal and state government health care compliance and consulting. The leader of each service line reports to the President of Financial Services. Restrictions imposed by independence requirements and state accountancy laws and regulations preclude the company from rendering audit and attest services (other than internal audit services). As such, the company maintains joint-referral relationships and administrative service agreements (ASAs) with independent licensed Certified Public Accounting (CPA) firms (the CPA firms) under which audit and attest services may be provided to its clients by such CPA firms. Aos of December 31, 2023, the company maintained ASAs with four CPA firms. One of the company's ASAs is with Mayer Hoffman McCann, P.C. (Mayer Hoffman), an independent national CPA firm headquartered in Kansas City, Missouri. The company provides a range of services to the CPA firms, including (but not limited to): administrative functions, such as office management, bookkeeping and accounting; preparing marketing and promotional materials; providing office space, computer equipment, systems support and administrative and professional staff. Services are performed in exchange for a fee. Benefits and Insurance Services Benefits and Insurance Services provides brokerage and consulting expertise for group health benefits and property and casualty insurance in addition to retirement plan advisory and investment services, payroll, human capital management, and other related services. The leader for each service line reports to the President of Benefits and Insurance Services. The Benefits and Insurance Services practice group maintains relationships with many different insurance carriers. National Practices The company's National Practices group provides two services: information technology focusing on managed networking and hardware services and healthcare consulting. The information technology business has been serving one client in the United States and Canada for more than 20 years. The healthcare consulting business, with expertise in revenue management, reimbursement optimization and managed care contracting, serves hospitals and other healthcare providers. Clients The company provides multi-disciplinary and comprehensive solutions and professional services to over 100,000 clients across more than 25 industries. The company's client base is made up of approximately 60,000 business clients and 40,000 individual clients. The company's business client base is geographically dispersed across the country and includes small, middle market, and large businesses and organizations ranging from less than 10 to more than 10,000 employees. Regulation The company is subject to certain privacy and information security laws and regulations, including but not limited to those under the Health Insurance Portability and Accountability Act of 1996, Financial Modernization Act of 1999 (the Gramm-Leach-Bliley Act), the Health Information Technology for Economic and Clinical Health Act, and other provisions of federal and state laws which may restrict its operations and give rise to expenses related to compliance. As a public company, the company is subject to the provisions of the Sarbanes-Oxley Act of 2002 to reform the oversight of public company auditing, improve the quality and transparency of financial reporting by those companies and strengthen the independence of auditors. Seasonality Like most professional service companies, a large portion of the company's operating costs are relatively fixed in the short term, which generally results in higher operating margins in the first half of the year (year ended December 2023). History CBIZ, Inc. was founded in 1987. The company was incorporated in 1987.