4 unchanged sentences
Refer to Note 10, Debt and Financing Arrangements, to the accompanying consolidated financial statements for information relating to restrictions on declaring or making dividend payments under our 2024 Credit Facilities.
−Removed: Recent Sales of Unregistered Securities - During the year ended December 31, 2024, we issued approximately 159 thousand shares of our common stock as payment for current year acquisitions, as well as payment for contingent consideration for current year and previous acquisitions.
+Added: Recent Sales of Unregistered Securities - During the year ended December 31, 2025, we issued approximately 6.5 million shares of our common stock as payment for current year acquisitions, as well as payment for contingent consideration for current year and previous acquisitions.
The above referenced shares were issued in transactions not involving a public offering in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act.
13 unchanged sentences
December 1 – December 31, 2025 595 $ 52.21 595 2,562
+Added: 621 $ 52.12 621
Refer to Note 14, Common Stock, to the accompanying consolidated financial statements for further discussion on the Share Repurchase Program.
−Removed: Performance Graph - The graph below matches the cumulative five-year total return of holders of CBIZ, Inc.’s common stock with the cumulative total returns of the S&P 500 index, the Russell 2000 index and a customized peer group of five companies that includes:
−Removed: Brown & Brown, Inc., H & R Block, Inc., Paychex, Inc., Resources Connection, Inc.
−Removed: and Willis Towers Watson Plc.
−Removed: The graph assumes that the value of the investment in our common stock, in each index, and in the peer group (including reinvestment of dividends) was $100 on December 31, 2019 and tracks it through December 31, 2024.
+Added: Performance Graph - The graph below matches the cumulative five-year total return provided shareholders on CBIZ, Inc.’s common stock relative to the cumulative total returns of the S&P 500 index, the Russell 2000 index and two customized peer groups of five companies, respectively, whose individual companies are listed in footnotes 1 and 2 below.
+Added: An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock, in each index and in each of the peer groups on December 31, 2020 and is relative performance is tracked through December 31, 2025.
+Added: (1) There are five companies included in the Company's first customized peer group which are:
+Added: Brown & Brown Inc., Resources Connection Inc., Paychex Inc., H&R Block Inc., and Willis Towers Watson Plc.
+Added: (2) The five companies included in the Company's second customized peer group are:
+Added: Brown & Brown Inc., FTI Consulting Inc., Paychex Inc., Resource Connection., and Huron Consulting Group Inc.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN *
−Removed: Among CBIZ, Inc., the S&P 500 Index, the Russell 2000 Index, and a Peer Group
+Added: Among CBIZ, Inc., the S&P 500 Index, the Russell 2000 Index, 2024 Peer Group and 2025 Peer Group
*$100 invested on December 31, 2020 in stock or index, including reinvestment of dividends.
9 unchanged sentences
2024 Peer Group 100.00 137.59 129.23 141.67 181.15 159.21
+Added: 2025 Peer Group 100.00 147.29 129.02 146.01 182.30 151.50
The stock price performance included in this graph is not necessarily indicative of future stock price performance.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.