Last $8.70 USD
Change Today +0.09 / 1.05%
Volume 118.1K
As of 8:04 PM 12/18/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

6050 Oak Tree Boulevard South

Suite 500

Cleveland, OH 44131

United States

Phone: 216-447-9000

Fax:

CBIZ, Inc. provides professional business services, products, and solutions. The company’s services are provided to businesses of various sizes, as well as individuals, governmental entities, and not-for-profit enterprises throughout the United States and parts of Canada. Practice Groups The company delivers its integrated services through three practice groups: Financial Services, National Practices, and Employee Services. Financial Services The Financial Services practice group is divided into a Financial Services division, which represents various accounting units spread geographically throughout the United States that provide core accounting services regionally, and a National Services division consisting of those units that provide their specialty services nationwide. The company and its subsidiaries maintain joint-referral relationships and administrative service agreements (ASAs) with independent licensed Certified Public Accounting (CPA) firms under which audit and attest services might be provided to its clients by such CPA firms. These firms are owned by licensed CPAs, a majority of whom are also employed by the company’s subsidiaries. Under these ASAs, the company provides a range of services to the CPA firms, including administrative functions, such as office management, bookkeeping, and accounting; preparing marketing and promotional materials; providing office space, computer equipment and systems support; and leasing administrative and professional staff. Services are performed in exchange for a fee. The ASAs have terms ranging approximately 18 years, are renewable upon agreement by both parties, and have certain rights of extension and termination. As of December 31, 2013, the company maintained ASAs with four CPA firms. Its primary ASA is with Mayer Hoffman McCann, P.C., an independent national CPA firm headquartered in Leawood, Kansas. Employee Services The company’s Employee Services group is organized along lines of services, such as employee benefits consulting and brokerage, property and casualty brokerage, retirement plan advisory services, payroll services, human capital advisory services, actuarial services, life insurance, and other services that serve local and regional clients with national resources. Its Employee Services practice group maintains relationships with various insurance carriers. National Practices The National Practices group offers technology and health care consulting services. Customers The company provides professional services to approximately 90,000 clients, including approximately 50,000 business clients. Its clients come from various industries and markets, including various government agencies. The company’s major client includes Edward Jones. Acquisitions During the year ended December 31, 2013, the company acquired two businesses: Associated Insurance Agents, located in Minneapolis, Minnesota, is an insurance brokerage agency specializing in property and casualty insurance, personal lines and health and benefit insurance. Knight Field Fabry, LLP, primarily located in Denver, Colorado, is a provider of traditional accounting, tax, litigation support, and valuation services. Dispositions In August 2013, the company, through its subsidiary, CBIZ Operations, Inc., sold the CBIZ Medical Management Professionals, Inc., an Ohio corporation; and CBIZ Medical Management, Inc., a North Carolina corporation, including all of its Medical Management Professionals ongoing operations and business to Zotec Partners, LLC. In December 2013, the company sold its mergers and acquisition business. Strategy The company’s major strategies include thought leadership, market segmentation, and sales/sales management process development. Regulation The company is subject to certain privacy and information security laws and regulations, including to those under the Health Insurance Portability and Accountability Act of 1996, The 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 might restrict its operations and give rise to expenses related to compliance. As a public company, the company s 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 Majority of the company’s revenue occurs in the first half of the year (year ending December 2013). This is due primarily to accounting and tax services provided by the company’s Financial Services practice group, which is subject to seasonality related to heavy volume in the first four months of the year. Its Financial Services practice group generated approximately 40% of its revenue in the first four months of each of the past five years. In addition, approximately 50% of the company’s annual earnings per share have been earned during the first quarter of each of the past five years. Like various professional service companies, majority of the company’s operating costs are relatively fixed in the short term, which results in higher operating margins in the first half of the year. History CBIZ, Inc. was founded in 1987.

 

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CBZ

Industry Average

Valuation CBZ Industry Range
Price/Earnings 15.4x
Price/Sales 0.6x
Price/Book 1.0x
Price/Cash Flow 15.4x
TEV/Sales 0.3x
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