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Did CBIZ beat or miss consensus estimates last quarter?

- **Marcum Synergies Exceed Expectations**: $50+ million realized, with $35 million in 2025, driving 17.3% EBITDA margin.
- **Q4 Growth Momentum**: 6-8% YoY growth expected, fueled by improved M&A and advisory activity.
- **Client Retention Success**: No significant attrition; combined industry expertise wins large deals.
- **Cost Efficiency**: Offshore expansion and operational excellence initiatives supporting margin expansion.
- **Capital Allocation**: Share buybacks ($128M YTD) and delevering to 2x-2.5x by 2027.

**【CEO Summary Section】**
- Celebrated the 1-year anniversary of the Marcum acquisition, achieving $50 million+ in synergies (including $35 million realized in 2025) and seamless integration of client-facing teams.
- Report strong client retention, with no significant client loss beyond expected attrition, and notable wins in food and energy sectors through combined industry expertise.
- Q4 2025 revenue expected to grow 6-8% YoY (pro forma), driven by improved market conditions in M&A and advisory services, and operational efficiency initiatives.

**【CFO Financial Commentary】**
- Q3 revenue: $694 million; year-to-date: $2.2 billion (includes $256 million from acquisition).
- Adjusted EBITDA: $120 million (Q3) and $476 million (YTD), with margin expansion to 17.3% (Q3) and 21.7% (YTD).
- Share repurchases: ~$128 million YTD, targeting accretive buybacks and delevering to 2x-2.5x debt target by 2027.
- Integration costs: $89 million in 2025 (severance-driven), with 2026 costs expected to shift toward real estate consolidation.

**【Q&A Key Highlights】**
- Pricing: Mid-single-digit rate increases achieved in Q3, with 4-6% growth seen as sustainable.
- Insurance softness: P&C project work impacted, but core benefits business stable.
- Offshore utilization: Increased capacity supporting cost efficiency and scalability.
- Synergy outlook: $50+ million total, with majority realized in 2026.
- Rainmaker retention: No notable losses; leadership collaboration driving deal flow.


CBIZ, Inc. (CBZ) Q3 2025 Earnings Call Transcript

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