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 following three practice groups: Financial Services, Employee Services, and National Practices. Financial Services The Financial Services practice group is divided into a Financial Services division, which represents 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 valuation services, real estate consulting, internal audit outsourcing and federal and state governmental health care compliance. The company and its subsidiaries maintain joint-referral relationships and administrative service agreements (ASAs) with independent licensed Certified Public Accounting (CPA) firms under which audit and attest services might be provided to the company’s clients by such CPA firms. Under these ASAs, the company provides a range of services to the CPA firms, including: 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 The Employee Services 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 different insurance carriers. National Practices The National Practices group offers technology and health care consulting services. Customers The company provides professional services to approximately 90,000 clients, including 50,000 business clients. Its major client, Edward Jones, comprised approximately 3.0% of the company’s consolidated revenue in 2014 and is included in the National Practices operating practice group. Seasonality A disproportionately large amount of the company’s revenue occurs in the first half of the year. 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 more than 40.0% of its revenue in the first four months of each of the past five years. In addition, more than 50.0% of the company’s annual earnings per share have been earned during the first quarter of each of the past five years. 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. Business Strategy CBIZ strives to maximize shareholder value and believes this is accomplished through growth in revenue and earnings per share, as well as the strategic allocation and deployment of free cash-flow and capital resources. Significant Events As of December 31, 2014, the company acquired the followingsix businesses: Clearview National Partners, LLC is a specialized employee benefits broker focused on providing employee benefit solutions to clients with more than 100 employees. Centric Insurance Agency is an insurance broker providing property and casualty insurance, with a specialty in education and public schools. Lewis Birch & Richardo, LLC (LBR) is a professional tax, accounting and consulting service provider with significant experience and expertise in matrimonial and family law litigation support, not-for-profit entities and health care provider services. Tegrit Group is a national provider of actuarial consulting and retirement plan administration. Rognstad’s Inc., d/b/a Sattler Insurance Agency, provides property and casualty, personal, and life insurance services, with a specialty in outdoor recreation insurance, to businesses across the United States. Weekes & Callaway is a full service insurance brokerage firm offering clients a complete line of services, including commercial lines, personal lines, risk management, and employee benefits. Regulations 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. 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. History CBIZ, Inc. was founded in 1987.
cbiz inc (CBZ:New York)
6050 Oak Tree Boulevard, South
Cleveland, OH 44131
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