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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