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.

 •  4/3/2025 Letter Continued (Full PDF)
 •  3/28/2023 CBZ Stockholder Letter
 •  3/25/2024 CBZ Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  CBZ Benford's Law Stock Score = 94

CBZ Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT
A Breakthrough Year

CBIZ, Inc. is the leading professional services advisor of its kind to middle-market businesses
nationwide. With industry knowledge and expertise in accounting, tax, advisory, bene   ts,
insurance, and technology, CBIZ delivers actionable insights to help clients anticipate
what is next and discover new ways to accelerate growth. CBIZ has more than 10,000
team members across more than 160 locations in 22 major markets coast to coast.
Mission Statement
Vision Statement
To provide exceptional advice and solutions
that help our clients achieve their goals.
To be recognized by our clients as a
premier provider of professional services
to the middle market and by our team
members as their employer of choice.
Core Values
We do the
right thing.
Our people
matter.
Contents
03
Services, Locations & Highlights
04
Letter to Shareholders
07
Form 10-K
117
GAAP Reconciliations
118
Board of Directors & Executive Team
118
Shareholder Information
2 | 2024 ANNUAL REPORT
We are
dedicated to
o
the successs
of our clients.
ts.
We expect to
win.
We are
OneCBIZ.

Accounting | Tax | Advisory | Bene   ts | Insurance | Technology
Seattle
Minneapolis
Chicago
New England
Cleveland
San
Francisco
Bay
New York
Philadelphia
DC/Mid-Atlantic
Indianapolis
Salt Lake
City
Denver
Kansas City
St. Louis
Phoenix/Tucson
Los
Angeles
Nashville
Memphis
Atlanta
San Diego
Tampa Bay
Major Markets
South
Florida
Locations
135K+
10K+
160+
22
Clients
Team Members
Offices
Major Markets
~$2.8B
#7
#30
Revenue
(Pro forma)1
Top 100
Accounting
Firms in U.S.2
Largest
Insurance
Brokers
of U.S.
Business.3
1
Re   ects total company pro
forma revenue for    scal 2024
as if Marcum acquisition
occurred on January 1, 2023.
3
2
Accounting Today 2025
Top 100 Firms Report
Business Insurance 2024
100 Largest Brokers of
U.S. Business
2024 ANNUAL REPORT | 3

Dear Shareholders,
The theme of our 2023 Annual Report was Breaking Away,
which captured our vision for breaking away from our
competitors by investing in the growth of our business, our
people, technology, and innovative solutions and service
offerings that bring even greater value to our clients.
I am delighted to report that we made signi   cant progress
in doing just that, as 2024 was truly A Breakthrough Year. In
fact, 2024 was among the most exceptional years in CBIZ
history. It was a year in which we successfully:

Completed a transformational transaction with the
acquisition of Marcum     by far the largest in our history
    solidifying our position as the leading professional
services advisor of our kind to middle-market businesses.

Scaled new heights in our stock price, a testament to
our performance and enduring strength of our
business model.

Navigated an evolving and uncertain business landscape
to achieve growth in nearly every major service line.

Surpassed new milestones for the number of workplace
recognitions with more than 100, including USA Today   s
   Top Places to Work.    Such recognitions continue to play
a meaningful role in our ability to attract and retain bestin-class talent.
The stage is now set for accelerated growth and innovation
moving forward, creating new breakthroughs as OneCBIZ.
With the addition of Marcum, we now offer a breadth
of services and depth of expertise unmatched in the
marketplace. Our expanded team, industry resources, and
service offerings give even greater strength to the meaning
behind our CBIZ vector logo     the power of many coming
together as one to accelerate our growth.
COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN*
Among CBIZ, Inc., the S&P 500 Index, the Russell 2000 Index, and a Peer Group
$350
$300
$250
$200
$150
$100
$50
$0
12/19
12/20
    CBIZ, Inc.
12/21
    S&P 500
12/22
    Russell 2000
12/23
12/24
    Peer Group
*$100 invested on 12/31/19 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Copyright   2025 Standard & Poor's, a division of S&P Global. All rights reserved.
4 | 2024 ANNUAL REPORT
Copyright   2025 Russell Investment Group. All rights reserved.

2024 Overview
Our 2024    nancial results came in as expected. Our Financial
Services division had another impressive year with growth
coming from every major service line, including Accounting
and Tax, Advisory, and Government Health Care Consulting.
Our Bene   ts and Insurance Services division also saw
strong growth across nearly every major service line
including Employee Bene   ts, Retirement Investment
Services, and Payroll.
One of the most telling indicators of our success in 2024 is
the new heights reached by our stock price, which closed
at $81.83 at year end, up nearly 31 percent over 2023. By
comparison, the S&P 500 was up 25 percent, and the Russell
2000 was up close to 12 percent.
Groundbreaking Acquisitions
2024 also proved to be a transformative year for M&A. With
the successful completion of the Marcum acquisition in
November, CBIZ is now the leading professional services
advisor of its kind to middle-market businesses, offering
a breadth of services and depth of expertise unmatched by
our competitors. As the seventh-largest accounting services
provider in the U.S., CBIZ now has more than 10,000 team
members across 22 major markets coast to coast.
We also completed two additional strategic transactions
and two tuck-in acquisitions in 2024. During the    rst quarter,
we acquired Erickson, Brown & Kloster LLC (   EBK   ), an
accounting, tax, and    nancial advisory services provider
located in Colorado Springs, Colorado. EBK complements
our growing Denver practice and serves clients across
a broad set of industries. In March 2024, we acquired
CompuData, Inc., a provider of technology services and
solutions located in Philadelphia. CompuData enhances our
technology-focused advisory services offerings including
Cloud Hosting, ERP Solutions, IT security and Managed IT.
Stronger Together
Now as we come together as OneCBIZ, we are building
a uni   ed culture that combines the best of both
organizations. We have been pleased to learn that legacy
CBIZ and legacy Marcum share more commonalities
than differences when it comes to our cultural values and
passion for exceptional client service. Our shared culture
will be anchored by our core values and collectively
de   ned by our winning behaviors for how we collaborate,
communicate, and deliver even greater value to all our
stakeholders, including our team members, clients,
and shareholders.

Further positioning CBIZ as an acquirer of choice
Bringing together the multidisciplinary skills of our team will
allow us to better anticipate and address client opportunities
and develop breakthrough insights, solutions, and services
that will help them successfully navigate an always changing
business landscape.

Attracting and retaining best-in-class talent
Our Senior Team

Expanding our presence in target client industries

Enabling greater investment in technology to drive
operating efficiencies and support data-driven insights
and solutions for our clients

Increasing shareholder value, with an estimated
contribution to adjusted earnings per share of
approximately 10%1 expected in 2025
After a successful 24-year tenure helping to lead CBIZ
through transformational change and exponential growth,
Chief Financial Officer Ware Grove retired in the    rst quarter
of 2025 and Brad Lakhia joined us as Senior Vice President
and Chief Financial Officer. Brad brings nearly 30 years
of experience leading and developing teams within large,
complex global companies across a broad array of critical
   nance disciplines including capital markets, multi-billiondollar M&A and integration, treasury,    nancial planning and
analysis, investor relations, and operational    nance.
The bene   ts and opportunities of this transaction are
many, including:
While we are in the early stages of integration, we are off
to a good start. We established an Integration Management
Office to support our integration road map and ensure we
achieve key milestones. Having successfully integrated more
than 80 acquisitions in the last 17 years, we have fashioned a
winning formula that enables us to successfully blend teams
and service offerings, optimize operational efficiencies and
move forward with minimal business disruptions.
1
In late 2024, we announced the appointment of Donna
Mirandola as Senior Vice President and Chief Marketing
Officer. Donna   s impressive expertise is valuable at this
exciting time in the evolution of our CBIZ brand, growth and
go-to-market strategy, as well as our company   s culture and
community impact.
Re   ects guidance provided by the Company on February 26, 2025. Non-GAAP reconciliation can be found on page 117 of this annual report.
2024 ANNUAL REPORT
PORT | 5



 4/3/2025 Letter Continued (Full PDF)