CBIZ Q2 revenue up 5.4% to $420M; announces $2.3B Marcum acquisition

CBIZ, Inc.

2024-Q2 EPS reported $1.92 revenue$914,309,000

GAAP EPS $0.39, down 26.4% YoY; adjusted EPS $0.50, down 9.1% including $6.7M Marcum deal costs.
Same-unit revenue grew 2.8% in Q2; P&C business departure cost $0.03 adjusted EPS.
Agreed to acquire Marcum LLP for ~$2.3B (cash+stock); expected close Q4 2024; combined revenue ~$2.8B.
2024 guidance: GAAP EPS $2.53-$2.58; adjusted EPS $2.64-$2.69; revenue growth 7%-9%.
Balance sheet: $381M drawn on credit facility; $209.8M unused capacity.

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