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 the three practice groups: Financial Services; Employee Services; and National Practices. Financial Services This practice group is divided into a Financial Services division, which represents the 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. Core accounting services consist mainly of accounting and tax compliance and consulting, as well as litigation support, while National Services consist primarily of federal and state governmental health care compliance, valuation services, real estate consulting and internal audit outsourcing. The company and its subsidiaries maintain joint-referral relationships and administrative service agreements (ASAs) with independent licensed Certified Public Accounting (CPA) firms (the ‘CPA firms’) under which audit and attest services might be provided to its clients by such CPA firms. Under these ASAs, the company provides a range of services to the CPA firms, including (but not limited to) 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. Employee Services This practice 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. This practice group maintains relationships with many different insurance carriers. National Practices This practice group offers technology and health care consulting services. Clients The company provides professional services to approximately 90,000 clients, including approximately 50,000 business clients. The company’s major client, Edward Jones, comprised approximately 3.0% of the company’s consolidated revenue in 2015 and is included in the National Practices operating practice group. Regulation The company is subject to certain privacy and information security laws and regulations, including but not limited 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 the company’s operations and give rise to expenses related to compliance. As a public company, the company is 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 A disproportionately large amount of the company’s revenue occurs in the first half of the year (year ended December 2015). 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. The company’s Financial Services practice group generated approximately 40.0% of its revenue in the first four months of each of the past five years. Like most professional service companies, most of the company’s operating costs are relatively fixed in the short term, which generally results in higher operating margins in the first half of the year. History CBIZ, Inc. was founded in 1987.
cbiz inc (CBZ:New York)
6050 Oak Tree Boulevard, South
Cleveland, OH 44131
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