On this page of StockholderLetter.com we present the latest annual shareholder letter from CBIZ, Inc. — ticker symbol CBZ. Reading current and past CBZ letters to shareholders can bring important insights into the investment thesis.

 •  3/25/2024 Letter Continued (Full PDF)
 •  3/28/2023 CBZ Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  CBZ Benford's Law Stock Score = 68

CBZ Shareholder/Stockholder Letter Transcript:

B R E A K I N G AWAY
FROM THE COMPETITION
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CBIZ , INC.
CORPORATE PROFILE
CBIZ, Inc. is a leading national provider of    nancial, insurance and advisory services designed
to help our clients and their businesses grow and succeed. Founded on the simple idea that
growing businesses of all sizes wanted and needed access to best-in-class professional services
with a personalized, local approach, CBIZ is now one of the largest professional services providers
in the country. Our offerings include accounting, tax, transaction advisory, group health bene   ts,
human capital management, payroll, property and casualty insurance and retirement investment
planning services. Over our 27-year history, CBIZ has grown to a team of more than 6,700
professionals working through more than 120 of   ces located across the country. Shares of our
common stock are traded on the New York Stock Exchange (   NYSE   ) under the symbol    CBZ.   
MISSION STATEMENT
To provide exceptional advice and solutions that help our clients achieve their goals.
VISION STATEMENT
To be recognized by our clients as the premier provider of accounting, insurance and other
professional business services and by our team members as their employer of choice.
CORE VALUES
We do the
right thing.
We are dedicated
to the success
of our clients.
Our people
matter.
We expect
to win.
TABLE OF CONTENTS
3 | Financial Highlights
88 | GAAP Reconciliations
4 | Letter to Shareholders
7 | Services & Locations
91 | Board of Directors &
Executive Team
8 | Form 10-K
91 | Shareholder Information
CBIZ, INC.

ANNUAL REPORT 2023
We are
OneCBIZ.

3
FINANCIAL HIGHLIGHTS
F I V E -Y E A R G R O W T H
REVENUE
(in billions)
ADJUSTED PRE-TAX
MARGIN 1
$1.6B
10.5%
$948.4M in 2019
9.8% in 2019
67.8%
13.8%
60 BPS
15 BPS
total growth
CAGR
total growth
avg. per year
ADJUSTED DILUTED EARNINGS
PER SHARE1
ADJUSTED EBITDA1
(in millions)
(in dollars)
$2.41
$223.8M
$1.26 in 2019
$120.2M in 2019
91.3%
17.6%
86.1%
16.8%
total growth
CAGR
total growth
CAGR
1
Schedules reconciling all non-GAAP measures to the most directly comparable GAAP measures can be found in the tables included on pages 88-90 of this annual report.
CBIZ, INC.

ANNUAL REPORT 2023

4
DE AR FELLOW SHAREHOLDERS ,
As we re   ect on the many milestones we   ve achieved
throughout the past year, we are most pleased with
the pride our team members feel about our people   rst culture that resulted in over 100 workplace awards.
That sense of pride helps us attract and retain the
most talented team of professionals in our industries
dedicated to providing exceptional advice and solutions
to our clients.
Despite a dynamic market, we once again achieved
growth across every major service line, a testament
to the strength and resilience of our business model.
We continue to invest in building a breadth of services
backed by a depth of expertise that is unmatched in our
industries. Our acquisitions over the last year demonstrate
this commitment as we added and strengthened soughtafter services and expanded into growing geographies.
At the same time, we advanced innovation within our
services, integrated new technologies and invested in the
development of our people     all focused on delivering
value to our shareholders.
Looking ahead, this is a time of change and possibility
within our industries given the acceleration of
new and developing technologies. Our scale, the
investments we have made in our people, processes
and systems, and the strength of our balance sheet
position us to continue to break away from many of
our competitors by embracing innovative technologies
that enable us to operate more ef   ciently and develop
products and service offerings that bring even greater
value to our clients.
2023 OVERVIEW
Our results for 2023 re   ect the impact of numerous longterm strategies and the continued investment in our
services and our team. In 2023, we grew our revenue by
12.7%, with organic revenue increasing by 7.4% compared
to last year. Earnings per share was up by 18.9%, and
adjusted earnings per share was up by 13.1%1. Our stock
price reached an all-time high and ended the year at
$62.59. And our annual return increased 33.6% in 2023
and outperformed the S&P 500, the Russell 2000, and
our proxy peer group.
PERFORMANCE OF OUR
PRACTICE GROUPS
Our Financial Services division demonstrated
impressive growth in 2023 with total revenue up 14.9%
and every major service line contributing, including
core Accounting and Tax, Advisory, and Government
Health Care consulting.
1
Schedules reconciling all non-GAAP measures to the most directly comparable GAAP measures can be found in the tables included on pages 88-90 of this annual report.
$350
$317.72
$300
$250
$200
$207.21
$204.32
$150
$160.85
$100
$50
$0
12/18
12/19
    CBIZ, Inc.
12/20
12/21
    S&P 500
    Russell 2000
12/22
12/23
    Peer Group
*$100 invested on 12/31/18 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
Peer Group companies identi   ed in CBIZ, Inc. 2023 proxy statement.
  Copyright 2024 Standard   s & Poor   s, a division of S&P Global. All rights reserved.
CBIZ, INC.

   Copyright 2024 Russell Investment Group. All rights reserved.
ANNUAL REPORT 2023

5
Our Accounting and Tax services remained in high
demand, and we were able to maintain and expand
our efforts around pricing. Our success with supporting
clients in securing the Employee Retention Tax Credit
(ERTC) lifted our results in 2023 and served as an
excellent example of how we are offering innovative,
timely solutions to our middle-market clients.
Our Advisory services continued to experience robust
growth with strong client demand that translated
into steady production for our Risk Advisory, Valuation
and Forensic Consulting services. Our Government
Health Care consulting business also    nished
the year strong despite some project delays that
pushed work into 2024. The launch of new projects
and procurement of new contracts created strong
momentum for this business.
Our Bene   ts and Insurance division also capitalized
on momentum generated in 2022 with a 6.9% revenue
increase with growth coming from every major
service line. This growth was driven by a variety of
factors including high client retention, new sales and
strong production.
STRONGER TOGETHER
Our success with integrating large and complex    rms
continues to position CBIZ as an acquirer of choice.
During 2023, we completed three acquisitions and two
tuck-in transactions totaling approximately $67.3M
in annual revenue. Each of these acquisitions re   ects
our strategy to focus on adding complementary
services, strengthening existing services, entering new
geographies, and gaining valuable talent and expertise.
We started the year with the acquisition of Somerset
CPAs and Advisors. Headquartered in Indianapolis,
Ind., Somerset is a leading accounting and tax    rm
that offers a variety of consulting services. Somerset
brought a stellar reputation and valuable talent to CBIZ
but also the size and scale for us to be competitive
in the growing Indianapolis market. Our presence
in this market further increased with the addition
of American Pension Advisors (APA), also located in
Indianapolis, which provides full-service retirement plan
consulting to assist clients in designing, implementing,
and administering retirement plans. This acquisition
complements and strengthens our Retirement
Investment Solutions line of business.
CBIZ, INC.

In the Advisory space, we acquired Pivot Point Security
(PPS), a    rm specializing in cyber and information
security headquartered in Hamilton, New Jersey.
PPS assists small- and middle-market businesses
in navigating the complex challenges presented by
information security and subsequent compliance. Given
the growth in demand for cyber security expertise, we
had been searching for a    rm that specializes in these
areas for some time and were pleased to    nd a partner
with which we can help grow these services.
We have already completed two acquisitions in
2024, with the    rst being Erickson, Brown & Kloster,
LLC, (EBK), an accounting    rm in Colorado Springs,
Colo. EBK provides a broad range of accounting and
tax services focused on small- and middle-market
businesses. The addition of EBK will expand our reach
across Colorado and complement our growing Denver
practice. Most recently, we completed the acquisition
of CompuData, a premier technology solutions
provider for small- and middle-market organizations
specializing in cloud computing, accounting ERP
software and managed IT and security. These services
are increasingly in demand and complement our
broader accounting, tax, and advisory offerings.
ANCHORING TO OUR VALUES
In addition to CBIZ   s strong    nancial performance
in 2023, we also reached important milestones in
our commitment to our values-based culture, the
development and advancement of our people, and the
engagement of our team to contribute to our success.
As a leading professional services provider, CBIZ is
truly a people business. We anchor our culture to our
core values and utilize direct team member feedback
to shape our investments for the future. Given
this commitment, we were thrilled to reach a new
milestone in 2023 in being recognized for a recordsetting 100 workplace awards. Important to note, we
reached this new milestone in the same timeframe
we also hit an all-time high stock price. At CBIZ, our
people and their dedication to each other and our
clients fuel our success, and we are committed to
providing them with the support, resources, and
opportunities they need.
We continue to make important investments in our
professional development programs to further enhance
our culture of continuous learning at every step in
ANNUAL REPORT 2023



 3/25/2024 Letter Continued (Full PDF)