What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-23 compared with 2023-02-24 · 29 added, 28 removed, 137 unchanged (29% of the section changed)

1 unchanged sentence

Founded on the simple idea that growing businesses of all sizes wanted and needed access to best in class professional services with a personalized, local approach, CBIZ is now one of the largest accounting, insurance brokerage, financial and advisory services providers in the country.

Over 27 years, CBIZ has grown to a team of more than 6,500 professionals working through more than 120 offices located in 33 states and the District of Columbia.

Over the years, CBIZ has grown to a team of more than 6,700 professionals working through more than 120 offices located in 33 states and the District of Columbia.

Shares of our common stock are traded on the New York Stock Exchange (“NYSE”) under the symbol “CBZ.”

7 unchanged sentences

Acquisitions are a key part of our growth strategy.

We pursue acquisitions to:

enter attractive geographic markets, strengthen our presence in an existing market, add services or deepen our expertise for our existing offerings, expand into higher growth industries and service niches and access top talent.

We pursue acquisitions to enter attractive geographic markets, strengthen our presence in an existing market, add services or deepen our expertise for our existing offerings, expand into higher growth industries and service niches and access top talent.

We seek to acquire the most highly regarded, best in class financial, insurance, and advisory firms that demonstrate a desire for a greater national platform and enhanced client service capabilities, possess strong leadership, cultural fit and a client base with cross-serving potential.

Available Information - Our principal executive office is located at 6801 Brecksville Road, Door N, Independence, Ohio 44131, and our telephone number is (216) 447-9000.

Available Information - Our principal executive office is located at 5959 Rockside Woods Blvd.

N., Suite 600, Independence, Ohio 44131, and our telephone number is (216) 447-9000.

Our website is located at https://www.cbiz.com .

1 unchanged sentence

In addition, the SEC maintains an Internet Website that contains reports, proxy and information statements and other information about us at https://www.sec.gov .

Our corporate code of conduct and ethics and the charters of the Audit Committee, the Compensation and Human Capital Committee and the Nominating and Governance Committee of the Board of Directors are available on the investor relations page of our website, referenced above, and in print to any shareholder who requests them.

Our corporate code of conduct, corporate governance guidelines, code of professional conduct and ethics guide and the charters of the Audit Committee, the Compensation and Human Capital Committee and the Nominating and Governance Committee of the Board of Directors are available on the investor relations page of our website, referenced above, and in print to any stockholder who requests them.

Business Services - We deliver our services through the following three practice groups:

6 unchanged sentences

Risk and Advisory Services Retirement and Investment Services

Government Healthcare Consulting

Government Health Care Consulting

Financial Services

16 unchanged sentences

As such, the CPA firms with which we maintain ASAs qualify as variable interest entities.

The ASAs have terms ranging up to 22 years, are renewable upon agreement by both parties, and have certain rights of extension and termination.

The ASAs have remaining terms ranging up to 22 years, are renewable upon agreement by both parties, and have certain rights of extension and termination.

Under these ASAs, we provide a range of services to the CPA firms, including (but not limited to):

39 unchanged sentences

Using clear criteria, we seek to identify, cultivate and pursue acquisitions of the most highly regarded, best in class financial, insurance, and advisory firms that demonstrate a desire for a greater national platform and enhanced client service capabilities, possess strong leadership, positive market reputation, cultural fit, commitment to exceptional client service, and a client base with cross-serving potential.

In 2022, we completed two business acquisitions.

In 2023, we completed five business acquisitions.

From time to time, we divest, through sale or closure, business operations that do not contribute to our long-term objectives for growth or are not critical to our service offerings or markets.

In 2022, we sold a small book of business in the Benefits and Insurance Services practice group.

In 2023, we sold one technology asset in the Financial Services practice group.

For further discussion regarding acquisitions and divestitures, refer to Note 18, Business Combinations, to the accompanying consolidated financial statements.

We provide multi-disciplinary and comprehensive solutions and professional services to over 100,000 clients across 25 industries.

We provide multi-disciplinary and comprehensive solutions and professional services to over 100,000 clients across more than 25 industries.

Our client base is made up of approximately 60,000 business clients and 40,000 individual clients.

Our business client base is geographically dispersed across the country and includes small, middle market, and large businesses and organizations ranging from less than 10 to more than 10,000 employees.

Our largest client comprised approximately 2.4% of our consolidated revenue in 2022 and is included in the National Practices group.

Management believes that the diversity of our client base helps insulate us from a downturn in a particular industry

or geographic market.

Our largest client generated approximately 2.3% of our consolidated revenue in 2023 and is included in the National Practices group.

Management believes that the diversity of our client base helps insulate us from a downturn in a particular

industry or geographic market.

Nevertheless, economic conditions among select clients and groups of clients may have an impact on the demand for the services that we provide.

30 unchanged sentences

We compete with national, regional and local professional services firms including accounting and tax firms, insurance brokers, payroll advisors and consulting firms.

While many of our competitors tend to be mono-line in their offerings, we offer multi-disciplinary, holistic solutions that are comprehensive and provide higher value to our clients while eliminating the need for coordination between multiple service providers.

We are also embedded in local and regional markets and build meaningful relationships to foster deeper understanding of our clients’ business and industry.

While many of our competitors tend to be mono-line in their offerings, we offer multi-disciplinary, holistic solutions that we believe are comprehensive and provide higher value to our clients while eliminating the need for coordination between multiple service providers.

We are also embedded in local and regional markets and build meaningful relationships to foster deeper understanding of our clients’ businesses and industries.

We believe that our strong client relationships, breadth of professional service offerings, and depth of expertise, as well as our ability to provide national expertise on a local level give us a competitive advantage.

12 unchanged sentences

Most recently, CBIZ expanded our mentoring program to provide opportunities to team members.

At the foundation of our culture and approach to employee experience and engagement is our core values.

At the foundation of our culture and approach to employee experience and engagement are our core values.

We recognize that our uncompromising commitment to our values starting with ‘we do the right thing’ is important to our team.

1 unchanged sentence

diversity and inclusion are a business imperative as we strive to become an employer of choice for attracting, retaining and developing diverse talent.

CBIZ has been honored with numerous workplace awards based on feedback gathered directly from our team members.

In 2022, CBIZ was awarded 84 workplace awards.

A sample of the awards won include:

• 2022 America’s Best Midsize Employers by Forbes – This is the fifth time we have received this award.

50,000 Americans working for businesses with at least 1,000 employees were surveyed to rate, on a scale of zero to 10, how likely they would be to recommend their employer to others.

They were also asked to nominate organizations in industries outside their own.

In 2023, CBIZ was certified as a Great Place to Work® for the eighth consecutive year and has been honored with numerous workplace awards based on feedback gathered directly from our team members.

In 2023, CBIZ was awarded 100 workplace awards, including the following:

• 2023 Top Workplaces USA by Energage – This award celebrates nationally recognized companies that make the world a better place to work together by prioritizing a people-centered culture and giving employees a voice.

This award is based entirely on feedback from our team members.

• Vault Accounting 50 – CBIZ ranked in the Top 10 based on survey results and feedback from those who are CPAs in Financial Services.

• Best Places to Work in Insurance – We were selected and honored for the eighth consecutive year as a “Best Places to Work in Insurance” by Business Insurance magazine based on our commitment to attracting, developing and retaining great talent through employee benefits and other programs.

We were recognized for this award based on core focus areas such as leadership and planning, corporate culture, communications, work environment and overall engagement.

• 2022 Best and Brightest Companies in the Nation Top 101 – For the seventh year in a row, we were honored as a “Best and Brightest Company” by National Association of Business Resources ("NABR") based on our commitment to human resource practices and employee enrichment.

• 2022 Best and Brightness in Wellness – We were honored by NABR, for the sixth consecutive time, as an organization that promotes a culture of wellness.

• 2022 Top Workplaces Culture Excellence Awards for Appreciation, Clue-in Leaders, Employee Value Proposition, Employee Wellbeing, Empowering Employees, Formal Training, Professional Development, Work-Life Flexibility by Energage – These second-time awards recognize outstanding organizations across business-relevant culture categories.

• 2023 Early Talent Award by Handshake – The Early Talent Awards recognize the best places for Gen Z to start a career.

This award recognizes CBIZ as an industry leader and a great place to work for Gen Z jobseekers in the areas of flexible work environment, networking opportunities, and impactful work.

• 2023 Campus Forward by Ripplematch – CBIZ was selected for our commitment to hiring career talent, emphasizing diversity and inclusion, and investing in the next generation of talent for the organization.

The winners of the Campus Forward Award represent the best in the country and winning the award highlights our recruitment efforts and overall experiences of our interns.

• 2023 Eddy Award by Pension & Investments – This award recognizes companies for financial wellness, ongoing investment education, and pre-retirement preparation.

CBIZ was recognized for best practices in financial education and communication surrounding defined contribution plans in the plan transitions category.

• 2023 Best Places to Work in Insurance by Business Insurance Magazine – CBIZ was selected and honored for the ninth consecutive year as a “Best Places to Work in Insurance” based on our commitment to attracting, developing and retaining great talent through employee benefits and other programs.

We were recognized for this award based on core focus areas such as leadership and planning, corporate culture, communications, work environment and overall engagement with our employees.

• 2023 Best and Brightest Companies in the Nation Top 101 by National Association of Business Resources ("NABR") – For the eighth year in a row, CBIZ was honored as a “Best and Brightest Company” based on our commitment to human resource practices and employee enrichment.

• 2023 Best and Brightness in Wellness by NABR – CBIZ was honored for the seventh consecutive time, as an organization that promotes a culture of wellness.

• 2023 Top Workplaces Culture Excellence Awards for Appreciation, Clue-in Leaders, Employee Value Proposition, Employee Wellbeing, Empowering Employees, Formal Training, Professional Development, Work-Life Flexibility by Energage – CBIZ was recognized for the third time as an outstanding organization across business-relevant culture categories.

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.

What changed 10-K

Item 1. Business