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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CBZ

CBZ fundamentals

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