Like ADP or Paychex for businesses, but also providing comprehensive accounting, tax, and insurance services.

A professional services firm for businesses, similar to a regional Deloitte or PwC that also specializes in HR, benefits, and insurance brokerage.

• Financial Services: Provides accounting, tax preparation, audit and assurance, and various financial advisory services to businesses and individuals.
• Benefits & Insurance Services: Offers employee benefits consulting, retirement and wealth management, property and casualty insurance, and human resources consulting solutions.

CBIZ (symbol: CBZ) primarily sells its professional business services to other companies, not-for-profit organizations, and government agencies. While the company may also serve high-net-worth individuals for specialized tax or financial planning, its core business model and revenue drivers are firmly B2B (business-to-business).

Due to the broad nature of their service offerings (including tax, accounting, advisory, benefits, and insurance) and the inherent client confidentiality in professional services, CBIZ does not publicly disclose a list of specific "major customer companies" by name. Their client base is diversified across various sectors and sizes, rather than relying on a few dominant customers.

Instead, CBIZ typically serves the following categories of organizations:

• Small to Mid-Sized Businesses (SMBs): These form a significant portion of their client base, spanning a wide array of industries such as manufacturing, healthcare, real estate, financial services, technology, and other professional services.

• Non-Profit Organizations: CBIZ provides tax, audit, and advisory services tailored to the unique needs and compliance requirements of non-profit entities.

• Government Agencies and Public Sector Entities: They offer specialized services to federal, state, and local government bodies, assisting with compliance, financial management, and advisory needs.

• Larger Corporations: While often associated with the middle market, CBIZ also provides specialized advisory, benefits, and insurance solutions to larger enterprises, complementing their in-house capabilities or addressing specific needs.

Jerry Grisko, President & CEO

Jerry Grisko has served as President of CBIZ since February 2000 and was appointed Chief Executive Officer in March 2016. He joined CBIZ in September 1998 as Vice President, Mergers & Acquisitions, and was promoted in December 1998 to Senior Vice President, Mergers & Acquisitions and Legal Affairs. Before joining CBIZ, Mr. Grisko was a partner at the law firm Baker & Hostetler LLP from January 1995 to September 1998, where he specialized in mergers, acquisitions, and divestitures. He has been a key figure in shaping CBIZ's growth and acquisition strategy.

Brad Lakhia, Senior Vice President & Chief Financial Officer

Brad Lakhia was appointed Senior Vice President and Chief Financial Officer in December 2024, with his role becoming effective on March 17, 2025, succeeding the retiring Ware H. Grove. He brings nearly 30 years of finance leadership experience. Most recently, Mr. Lakhia served as Executive Vice President and Chief Financial Officer of OPENLANE, Inc., a digital marketplace operator for wholesale used vehicles. Prior to that, he spent over 20 years at The Goodyear Tire & Rubber Company, where he was Vice President of Finance for its Americas business segment, including various international assignments. His expertise spans capital markets, multi-billion-dollar M&A and integration, treasury, financial planning and analysis, investor relations, and operational finance.

Chris Spurio, President, Financial Services Group

Chris Spurio joined CBIZ in January 1998 and has held numerous positions within the company, eventually becoming President of the Financial Services Group.

Michael Kouzelos, President, CBIZ Benefits & Insurance Services, Inc.

Michael Kouzelos joined CBIZ in June 1998 and has held various roles before being appointed President of CBIZ Benefits & Insurance Services, Inc.

John Fleischer, Senior Vice President, Chief Information Officer

John Fleischer has served as the Chief Information Officer and Senior Vice President of CBIZ since August 2014. His previous experience includes CIO roles at TTT Holdings (a Talisman Capital Partners company), Ferro Corporation, The Goodyear Tire & Rubber Company, and T-Systems.

The key risks to CBIZ's business include:

1. Economic and Geopolitical Uncertainty: CBIZ's performance and outlook are significantly impacted by the rapidly evolving and uncertain economic and geopolitical environment. This uncertainty affects client demand, particularly for discretionary and project-based services, which constitute approximately 23-25% of CBIZ's revenue and are susceptible to economic slowdowns and client budget constraints.
2. Cybersecurity Risks: CBIZ's computer systems, like those in its industry, are vulnerable to cyberattacks and other security breaches. The increasing number and impact of cybersecurity incidents, including ransomware threats, pose a significant risk of disruption and potential harm to the business.
3. Integration Risks and Costs of Acquisitions: While strategic acquisitions like Marcum are central to CBIZ's growth, their integration comes with substantial costs, projected to be around $75 million for the current year and similar levels in 2026. The successful integration of acquired companies and the management of associated costs represent an ongoing operational and financial risk.

CBIZ (CBZ) operates across several key service areas, primarily in the United States and Canada, for which the addressable market sizes are identified below:

• Accounting Services: The market size for Accounting Services in the U.S. is estimated at $145.5 billion in 2025.
• Tax Preparation Services: The market size for Tax Preparation Services in the U.S. is estimated at $14.5 billion in 2025.
• Financial Advisory Services: The North American financial advisory market is estimated at $58.65 billion in 2025.
• Property & Casualty Insurance: The market size for Property, Casualty and Direct Insurance in the U.S. is estimated at $1.0 trillion in 2025.
• Employee Benefits Consulting: The U.S. insurance brokerage for employee benefits market size was valued at $34.74 billion in 2022 and is projected to reach $70.11 billion by 2032.
• Human Capital Management / HR Consulting: The HR Consulting industry in the U.S. is forecast to grow to $39.4 billion in 2025.
• Technology Services: Null

CBIZ (CBZ) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions and Integration: The successful integration of significant acquisitions, most notably the Marcum acquisition, is a primary driver. This acquisition has substantially increased CBIZ's scale, expanded its market presence, and enhanced its service capabilities, contributing significantly to revenue growth in 2024 and expected to continue through 2025 and 2026.
2. Organic Growth in Core Services: CBIZ anticipates continued organic growth across its core service lines, including accounting, tax, advisory, benefits, and insurance. The company has demonstrated consistent same-unit revenue growth and strong demand for these essential services, coupled with effective pricing initiatives.
3. Expansion in Key U.S. Markets and Technology Investment: CBIZ is focused on expanding its presence in key U.S. markets and leveraging technology to enhance its competitive advantage. Investments in technology and improved technology offerings are expected to contribute to future revenue generation.
4. Enhanced and Diversified Service Offerings: The company's strategy involves delivering forward-thinking insights and actionable solutions across a broad range of services. This includes specialized advisory services such as private equity advisory, risk and advisory services, forensic consulting, financial accounting and advisory, valuation services, and human capital management, which cater to the evolving needs of middle-market businesses.
5. Strong Client Retention and New Client Acquisition: Maintaining high client retention rates and increasing new client production, particularly within its Benefits and Insurance business, are crucial for sustained revenue growth. CBIZ aims to attract new clients through its diversified offerings and national reach combined with local expertise.

Share Repurchases

• CBIZ renewed its Share Repurchase Program, authorizing the purchase of up to 5 million additional shares through March 31, 2026.
• In the second quarter of 2025, CBIZ repurchased approximately 1 million shares for about $71 million.
• In the third quarter of 2025, approximately 800,000 shares were repurchased at a value of around $56 million.

Share Issuance

• CBIZ issued approximately 14.4 million shares of common stock, valued at around $1.1 billion, as part of the $2.3 billion acquisition of Marcum, LLP in Q4 2024.
• Approximately 4.4 million shares issued to former Marcum partners became eligible for resale on May 1, 2025, with further shares released monthly through 2027.
• During 2024, approximately 159 thousand shares of common stock were issued as payment for acquisitions and contingent considerations.

Outbound Investments

• CBIZ completed the acquisition of Marcum, LLP in Q4 2024 for approximately $2.3 billion in a cash-and-stock transaction, positioning CBIZ as the seventh-largest accounting services provider in the U.S.
• In the first nine months of 2024, $78.2 million was utilized for acquisitions and earnout payments.
• CBIZ completed five strategic acquisitions in 2024, including Erickson, Brown & Kloster LLC, CompuData, Inc., Educational & Institutional Insurance Administrators, Inc., Hoover Financial Advisors, Inc., and Marcum LLP.

Capital Expenditures

• CBIZ estimates capital expenditures for 2025 to be between $20 million and $25 million, with $5 million already incurred in the first quarter of 2025.
• Full-year capital spending was projected to be around $12 million in 2024, primarily allocated to office facility improvements.
• Facility optimization costs are anticipated to be more significant in the upcoming year (beyond Q1 2025).