CBIZ hit by Q4 loss

CBIZ hit by Q4 loss | Insurance Business America

Insurance News

CBIZ hit by Q4 loss

Full-year numbers tell a different story

Insurance News

By
Terry Gangcuangco

Financial, insurance, and advisory services provider CBIZ has released its earnings report for the quarter and year ended December 31, 2023.

Here’s how CBIZ fared in the periods:

Metric

Q4 2023

Q4 2022

FY 2023

FY 2022

Revenue

$327.5 million

$295 million

$1.6 billion

$1.4 billion

Gross margin (loss)

$(13.3 million)

$(7.5 million)

$223.2 million

$223.4 million

Operating income (loss)

$(26.7 million)

$(19.4 million)

$165.2 million

$168.3 million

Income (loss) before income tax expense (benefit)

$(19.1 million)

$(16.5 million)

$166.3 million

$141.5 million

Net income (loss)

$(12.7 million)

$(11.5 million)

$121 million

$105.4 million

Commenting on the financial results, CBIZ president and chief executive Jerry Grisko said in a release: “Our continued strong performance in 2023 demonstrates the strength and resilience of our business model.

Despite economic uncertainty throughout much of the year brought on by rising interest rates, threats of a recession, and global unrest, demand remained strong for both our essential, recurring services and our more project-based advisory services.

“We also benefited from the three acquisitions and two ‘tuck in’ transactions we completed during the year which added approximately $67.3 million of annualized revenue.”

The company also recently announced the acquisition of Colorado-based Erickson, Brown & Kloster, which took effect this month and complements CBIZ’s Denver financial services practice.

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