0001628280-24-017947 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Revenue	$ 494,297	$ 454,606
Operating expenses	376,485	341,011
Gross margin	117,812	113,595
Corporate general and administrative expenses	18,711	15,598
Operating income	99,101	97,997
Other (expense) income:
Interest expense	(4,511)	(3,641)
Gain on sale of operations, net	0	99
Other income, net	9,424	5,112
Total other income, net	4,913	1,570
Income before income tax expense	104,014	99,567
Income tax expense	27,130	26,407
Net Income	$ 76,884	$ 73,160
Earnings per share:
Basic (in dollars per share)	$ 1.54	$ 1.45
Diluted (in dollars per share)	$ 1.53	$ 1.44
Basic weighted average shares outstanding (in shares)	50,045	50,367
Diluted weighted average shares outstanding (in shares)	50,221	50,762
Comprehensive income:
Net income	$ 76,884	$ 73,160
Other comprehensive income (loss), net of tax	1,018	(1,213)
Comprehensive income	$ 77,902	$ 71,947

Employee Stock Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Employee Stock Plans

EMPLOYEE STOCK PLANS

On May 10, 2023, the shareholders of the Company approved an amendment to the 2019 Stock Omnibus Incentive Plan (the “2019 Plan”). The amendment added 1.5 million shares to the total number of shares that may be issued under the 2019 Plan. All other respects of the 2019 Plan remain unchanged. The 2019 Plan, which expires in 2029, permits the grant of various forms of stock-based awards. A maximum of 4.6 million stock options, restricted stock or other stock-based compensation awards may be granted. The terms and vesting schedules for the stock-based awards vary by type and date of grant. Shares subject to award under the 2019 Plan may be either authorized but unissued shares of our common stock or treasury shares. Refer to the Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion on the 2019 Plan.

Compensation expense for stock-based awards recognized during the three months ended March 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Stock options	$	—	$	768
Restricted stock units and awards	1,351		1,259
Performance share units	1,287		1,804
Total stock-based compensation expense	$	2,638	$	3,831

Stock Options and Restricted Stock Units and Awards – The Company did not grant any stock options during the three months ended March 31, 2024.

The following table presents our restricted stock units and awards activity during the three months ended March 31, 2024 (in thousands, except per share data):


	Restricted Stock Units and Awards
		Number of Shares	Weighted Average Grant-Date Fair Value (1)
Outstanding at beginning of year		223	$	41.19
Granted		76	$	65.53
Exercised or released		(102)	$	36.50
Expired or canceled		(3)	$	38.52
Outstanding at March 31, 2024		194	$	53.14
Exercisable at March 31, 2024

(1)Represents weighted average market value of the shares; awards are granted at no cost to the recipients.

Performance Share Units (“PSUs”) – PSUs are earned based on our financial performance over a contractual term of three years and the associated expense is recognized over that period based on the fair value of the award. A three-year cliff vesting schedule of the PSUs is dependent upon the Company’s performance relative to pre-established goals based on an earnings per share target (weighted 70%) and total growth in revenue (weighted 30%). The fair value of PSUs is calculated using the market value of a share of our common stock on the date of grant. For performance achieved above specified levels, the recipient may earn additional shares of stock, not to exceed 200% of the number of PSUs initially granted.

The following table presents our PSUs activity during the three months ended March 31, 2024 (in thousands, except per share data):


	Performance Share Units	Weighted Average Grant-Date Fair Value Per Unit (1)
Outstanding at beginning of year	464	$	33.84
Granted	70	$	66.07
Vested	(273)	$	27.51

Canceled	(7)	$	39.09
Outstanding at March 31, 2024	254	$	49.42

(1)Represents weighted average market value of the performance share units; PSUs are granted at no cost to the recipients.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Disaggregation of Revenue by Source

The following table disaggregates our revenue by source (in thousands):


	Three Months Ended March 31, 2024
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	372,630	—		—		$	372,630
Core benefits and insurance services	—		105,205		—		105,205
Non-core benefits and insurance services	—		3,203		—		3,203
Managed networking, hardware services	—		—		10,188		10,188
National practices consulting	—		—		3,071		3,071
Total revenue	$	372,630	$	108,408	$	13,259	$	494,297


	Three Months Ended March 31, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	343,086	—		—		$	343,086
Core benefits and insurance services	—		96,617		—		96,617
Non-core benefits and insurance services	—		3,437		—		3,437
Managed networking, hardware services	—		—		8,954		8,954
National practices consulting	—		—		2,512		2,512
Total revenue	$	343,086	$	100,054	$	11,466	$	454,606

Schedule of Segment Information

Segment information for the three months ended March 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended March 31, 2024
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	372,630	$	108,408	$	13,259	$	—	$	494,297
Operating expenses	265,561		83,637		11,933		15,354		376,485
Gross margin	107,069		24,771		1,326		(15,354)		117,812
Corporate general and administrative expenses	—		—		—		18,711		18,711


Operating income (loss)	107,069		24,771		1,326		(34,065)		99,101
Other income (expense):
Interest expense	—		—		—		(4,511)		(4,511)


Other income, net	86		44		—		9,294		9,424
Total other income, net	86		44		—		4,783		4,913
Income before income tax expense	$	107,155	$	24,815	$	1,326	$	(29,282)	$	104,014


	Three Months Ended March 31, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	343,086	$	100,054	$	11,466	$	—	$	454,606
Operating expenses	244,443		76,923		10,583		9,062		341,011
Gross margin	98,643		23,131		883		(9,062)		113,595
Corporate general and administrative expenses	—		—		—		15,598		15,598

Operating income (loss)	98,643		23,131		883		(24,660)		97,997
Other income (expense):
Interest expense	—		(1)		—		(3,640)		(3,641)
Gain on sale of operations, net	99		—		—		—		99
Other income, net	255		177		—		4,680		5,112
Total other income, net	354		176		—		1,040		1,570
Income (loss) before income tax expense	$	98,997	$	23,307	$	883	$	(23,620)	$	99,567

Debt and Financing Arrangements - Summary of Recognized Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Total	$ 4,511	$ 3,641
Credit facilities
Debt Instrument [Line Items]
Total	4,511	3,640
Other
Debt Instrument [Line Items]
Total	$ 0	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt and Financing Arrangements - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding balance under applicable credit facility	$ 437,800,000	$ 312,400,000
Outstanding letters of credit	3,200,000	3,500,000
Line of Credit
Debt Instrument [Line Items]
Revolving loan commitment	20,000,000
Outstanding line of credit	0
2022 Credit Facility
Debt Instrument [Line Items]
Revolving loan commitment	600,000,000
Outstanding balance under applicable credit facility	437,800,000	$ 312,400,000
Available funds under credit facility	147,900,000
Outstanding letters of credit	$ 3,200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Financial Instruments - Summary of Effects of Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in AOCI, net of tax	$ 960	$ (1,388)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in AOCI, net of tax	1,854	(715)
Gain Reclassified from AOCI into Expense	$ 1,191	$ 897

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 76,884	$ 73,160

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Restricted stock units and awards	Performance Share Units	Common Stock	Common Stock Restricted stock units and awards	Common Stock Performance Share Units	Treasury Shares	Additional Paid-In Capital	Additional Paid-In Capital Restricted stock units and awards	Additional Paid-In Capital Performance Share Units	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Common stock, beginning balance (in shares) at Dec. 31, 2022				136,295
Treasury stock, beginning balance (in shares) at Dec. 31, 2022							86,115
Beginning balance at Dec. 31, 2022	$ 713,452			$ 1,363			$ (824,778)	$ 799,147			$ 734,116	$ 3,604
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,160										73,160
Other comprehensive income	(1,213)											(1,213)
Share repurchases (in shares)							428
Share repurchases	(20,791)						$ (20,791)
Indirect repurchase of shares for minimum tax withholding (in shares)							169
Indirect repurchase of shares for minimum tax withholding	(8,224)						$ (8,224)
Restricted stock units and awards and performance share units (in shares)					123	244
Restricted stock units and awards and performance share units		$ 0	$ 0		$ 1	$ 2			$ (1)	$ (2)
Stock options exercised (in shares)				189
Stock options exercised	3,629			$ 2				3,627
Stock-based compensation	3,831							3,831
Business acquisitions (in shares)				173
Business acquisitions	8,086			$ 2				8,084
Common stock, ending balance (in shares) at Mar. 31, 2023				137,024
Treasury stock, ending balance (in shares) at Mar. 31, 2023							86,712
Ending balance at Mar. 31, 2023	771,930			$ 1,370			$ (853,793)	814,686			807,276	2,391
Common stock, beginning balance (in shares) at Dec. 31, 2023				137,387
Treasury stock, beginning balance (in shares) at Dec. 31, 2023							87,573
Beginning balance at Dec. 31, 2023	791,618			$ 1,374			$ (899,093)	832,475			855,084	1,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	76,884										76,884
Other comprehensive income	1,018											1,018
Indirect repurchase of shares for minimum tax withholding (in shares)							170
Indirect repurchase of shares for minimum tax withholding	(11,229)						$ (11,229)
Restricted stock units and awards and performance share units (in shares)			273		102
Restricted stock units and awards and performance share units		$ 0	$ 0		$ 1	$ 3			$ (1)	$ (3)
Stock-based compensation	2,638							2,638
Business acquisitions (in shares)				93
Business acquisitions	6,160			$ 1				6,159
Common stock, ending balance (in shares) at Mar. 31, 2024				137,855
Treasury stock, ending balance (in shares) at Mar. 31, 2024							87,743
Ending balance at Mar. 31, 2024	$ 867,089			$ 1,379			$ (910,322)	$ 841,268			$ 931,968	$ 2,796

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 157,709	$ 143,499
Available-for-sale debt securities	38,509	39,459	$ 43,485
Deferred compensation plan liabilities	(157,709)	(143,499)
Bank debt	(437,800)	(312,400)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	157,709	143,499
Available-for-sale debt securities	38,509	39,459
Other depository assets	2,064	1,031
Deferred compensation plan liabilities	(157,709)	(143,499)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	5,281	3,999
Bank debt	(436,344)	(310,826)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price liabilities	$ (94,186)	$ (114,946)

Segment Disclosures - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 494,297	$ 454,606
Operating expenses (income)	376,485	341,011
Gross margin	117,812	113,595
Corporate general and administrative expenses	18,711	15,598
Operating income	99,101	97,997
Other income (expense):
Interest expense	(4,511)	(3,641)
Gain on sale of operations, net	0	99
Other income (expense), net	9,424	5,112
Total other income, net	4,913	1,570
Income before income tax expense	104,014	99,567
Financial Services
Segment Reporting Information [Line Items]
Revenue	372,630	343,086
Benefits and Insurance Services
Segment Reporting Information [Line Items]
Revenue	108,408	100,054
National Practices
Segment Reporting Information [Line Items]
Revenue	13,259	11,466
Operating Segments \| Financial Services
Segment Reporting Information [Line Items]
Revenue	372,630	343,086
Operating expenses (income)	265,561	244,443
Gross margin	107,069	98,643
Corporate general and administrative expenses	0	0
Operating income	107,069	98,643
Other income (expense):
Interest expense	0	0
Gain on sale of operations, net		99
Other income (expense), net	86	255
Total other income, net	86	354
Income before income tax expense	107,155	98,997
Operating Segments \| Benefits and Insurance Services
Segment Reporting Information [Line Items]
Revenue	108,408	100,054
Operating expenses (income)	83,637	76,923
Gross margin	24,771	23,131
Corporate general and administrative expenses	0	0
Operating income	24,771	23,131
Other income (expense):
Interest expense	0	(1)
Gain on sale of operations, net		0
Other income (expense), net	44	177
Total other income, net	44	176
Income before income tax expense	24,815	23,307
Operating Segments \| National Practices
Segment Reporting Information [Line Items]
Revenue	13,259	11,466
Operating expenses (income)	11,933	10,583
Gross margin	1,326	883
Corporate general and administrative expenses	0	0
Operating income	1,326	883
Other income (expense):
Interest expense	0	0
Gain on sale of operations, net		0
Other income (expense), net	0	0
Total other income, net	0	0
Income before income tax expense	1,326	883
Corporate and Other
Segment Reporting Information [Line Items]
Revenue	0	0
Operating expenses (income)	15,354	9,062
Gross margin	(15,354)	(9,062)
Corporate general and administrative expenses	18,711	15,598
Operating income	(34,065)	(24,660)
Other income (expense):
Interest expense	(4,511)	(3,640)
Gain on sale of operations, net		0
Other income (expense), net	9,294	4,680
Total other income, net	4,783	1,040
Income before income tax expense	$ (29,282)	$ (23,620)

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in thousands, except per share data):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net Income	$	76,884	$	73,160
Denominator:
Basic
Weighted average common shares outstanding	50,045		50,367
Diluted
Stock options (1)	74		271
Restricted stock units and awards (1)	99		122

Contingent shares (2)	3		2
Diluted weighted average common shares outstanding (3)	50,221		50,762
Basic earnings per share	$	1.54	$	1.45
Diluted earnings per share	$	1.53	$	1.44

(1)A total of 40 thousand and 80 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for three months ended March 31, 2024 and 2023, respectively, as their effect would be anti-dilutive.

(2)Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by us once future considerations have been met.

(3)The denominator used in calculating diluted earnings per share did not include 254 thousand and 326 thousand PSUs for both the three months ended March 31, 2024, and 2023, respectively. The performance conditions associated with these PSUs were not met and consequently none of these PSUs were considered as issuable for the three months ended March 31, 2024 and 2023.

Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Par value of available-for-sale debt securities	$ 39,000	$ 40,000
Funds held for clients	147,345	159,186
Certified Deposits and Other Depository Assets
Debt Securities, Available-for-sale [Line Items]
Funds held for clients	$ 2,100	$ 1,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTSThe FASB ASC is the sole source of authoritative GAAP other than the SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an ASU to communicate changes to the FASB ASC. We assess and review the impact of all issued ASUs. During the three months ended March 31, 2024, we have implemented all new ASUs that are in effect and that may impact our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Stock Plans - Schedule of Restricted Stock Units and Awards Activity (Details) - Restricted Stock Units and Awards shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units and Awards, Number of Shares
Outstanding at beginning of period (in shares) \| shares	223
Granted (in shares) \| shares	76
Exercised or released (in shares) \| shares	(102)
Expired or canceled (in shares) \| shares	(3)
Outstanding at end of period (in shares) \| shares	194
Restricted Stock Units and Awards, Weighted Average Grant-Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 41.19
Granted (in dollars per share) \| $ / shares	65.53
Exercised or released (in dollars per share) \| $ / shares	36.50
Expired or canceled (in dollars per share) \| $ / shares	38.52
Outstanding at end of period (in dollars per share) \| $ / shares	$ 53.14

Debt and Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Unsecured Credit Facility

The effective interest rates under the 2022 credit facility, including the impact of interest rate swaps associated with the 2022 credit facility, for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
	2024	2023
Weighted average rates	5.23%	4.54%
Range of effective rates	1.93% - 6.83%	1.93% - 8.00%

Schedule of Recognized Interest Expense

Interest expense, including amortization of deferred financing costs, commitment fees, line of credit fees, and other applicable bank charges, for the three months ended March 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Credit facilities	$	4,511	$	3,640

Other	—		1
Total	$	4,511	$	3,641

Accounts Receivable, Net - Schedule of Accounts Receivables Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade accounts receivable	$ 333,935	$ 309,640
Unbilled revenue, at net realizable value	198,144	96,110
Total accounts receivable	532,079	405,750
Allowance for doubtful accounts	(27,972)	(25,598)	$ (20,801)
Accounts receivable, net	$ 504,107	$ 380,152

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Description of Business	Description of Business: CBIZ, Inc. is a diversified services company which, acting through its subsidiaries, has been providing professional business services since 1996, primarily to small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises throughout the United States and parts of Canada. CBIZ, Inc. manages and reports its operations along three practice groups: Financial Services, Benefits and Insurance Services and National Practices. A further description of products and services offered by each of the practice groups is provided in Note 11, Segment Disclosures, to the accompanying unaudited condensed consolidated financial statements. During the three months ended March 31, 2024, we completed the acquisitions of Erickson, Brown & Kloster, LLC ("EBK") and ComputData, Inc. ("CompuData") in our Financial Services practice group for a total aggregated purchase price of $37.3 million, including $13.5 million recorded as contingent consideration. For the three months ended March 31, 2024, we recorded $4.6 million in total revenue from those acquisitions. Neither acquisition is considered material, individually or in the aggregate.
Basis of Consolidation	Basis of Consolidation: The accompanying unaudited condensed consolidated financial statements include the operations of CBIZ, Inc. and all of its wholly-owned subsidiaries (“CBIZ”, the “Company”, “we”, “us”, or “our”), after elimination of all intercompany balances and transactions. These unaudited condensed consolidated financial statements do not reflect the operations or accounts of variable interest entities as the impact is not material to the financial condition, results of operations or cash flows of CBIZ.
Unaudited Interim Financial Statements	Unaudited Interim Financial Statements: The unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of CBIZ management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2024.
Use of Estimates	Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Changes in circumstances could cause actual results to differ materially from these estimates.
Changes in Accounting Policies	Changes in Accounting Policies: We have consistently applied the accounting policies for the periods presented as described in Note 1, Basis of Presentation and Significant Accounting Policies, to the consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTSThe FASB ASC is the sole source of authoritative GAAP other than the SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an ASU to communicate changes to the FASB ASC. We assess and review the impact of all issued ASUs. During the three months ended March 31, 2024, we have implemented all new ASUs that are in effect and that may impact our consolidated financial statements.

Debt and Financing Arrangements

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt and Financing Arrangements

DEBT AND FINANCING ARRANGEMENTS

2022 Credit Facility - Our primary financing arrangement is the 2022 credit facility. The 2022 credit facility has a borrowing capacity of $600 million and provides us with the capital necessary to meet our working capital needs as well as the flexibility to continue with our strategic initiatives, including business acquisitions and share repurchases. The 2022 credit facility matures on May 4, 2027. The balance outstanding under the 2022 credit facility was $437.8 million and $312.4 million at March 31, 2024 and December 31, 2023, respectively.


	Three Months Ended March 31,
	2024	2023
Weighted average rates	5.23%	4.54%
Range of effective rates	1.93% - 6.83%	1.93% - 8.00%

We had approximately $147.9 million of available funds under the 2022 credit facility at March 31, 2024, net of outstanding letters of credit of $3.2 million. Available funds under the 2022 credit facility are based on a multiple of earnings before interest, taxes, depreciation and amortization as defined in the 2022 credit facility, and are reduced by letters of credit, other indebtedness and outstanding borrowings under the 2022 credit facility. Under the 2022 credit facility, loans are charged an interest rate consisting of a base rate or term SOFR rate plus an applicable margin, letters of credit are charged based on the same applicable margin, and a commitment fee is charged on the unused portion of the 2022 credit facility.

The 2022 credit facility contains certain restrictive covenants customary for facilities of this type, including restrictions on indebtedness, liens or other encumbrances, making certain payments, investments, or to sell or otherwise dispose of a substantial portion of assets, or to merge or consolidate with an unaffiliated entity. The 2022 credit facility also limits our ability to make dividend payments. Historically, we have not paid cash dividends on our common stock. Our Board of Directors has discretion over the payment and level of dividends on common stock, subject to the limitations of the 2022 credit facility and applicable law. The 2022 credit facility contains a provision that, in the event of a defined change in control, the 2022 credit facility may be terminated. In addition, the 2022 credit facility contains financial covenants that require us to meet certain requirements with respect to (i) a total leverage ratio and (ii) minimum interest coverage ratio which may limit our ability to borrow up to the total commitment amount. As of March 31, 2024, we are in compliance with all covenants.

Refer to the Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion on the 2022 credit facility.

Other Line of Credit - We have an unsecured $20.0 million line of credit by and among CBIZ Benefits and Insurance, Inc. and Huntington National Bank. We utilize this line to support our short-term funding requirements of payroll client fund obligations due to the investment of client funds, rather than liquidating client funds that have already been invested in available-for-sale securities. The line of credit, which was renewed on August 3, 2023 and will terminate on August 1, 2024, did not have a balance outstanding at March 31, 2024.

Interest Expense - Interest expense, including amortization of deferred financing costs, commitment fees, line of credit fees, and other applicable bank charges, for the three months ended March 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Credit facilities	$	4,511	$	3,640

Other	—		1
Total	$	4,511	$	3,641

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segment Disclosures

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Disclosures

SEGMENT DISCLOSURES

Our business units have been aggregated into three practice groups: Financial Services, Benefits and Insurance Services and National Practices. The business units have been aggregated based on the following factors: similarity of the products and services provided to clients; similarity of the regulatory environment in which they operate; and similarity of economic conditions affecting long-term performance. The business units are managed along these segment lines. A general description of services provided by each practice group is provided in the table below.

Financial Services

Benefits and Insurance Services

National Practices

Accounting and Tax

Employee Benefits Consulting

Information Technology Managed Networking and Hardware Services

Financial Advisory

Payroll / Human Capital Management

Healthcare Consulting

Valuation

Property and Casualty Insurance

Risk and Advisory Services

Retirement and Investment Services

Government Healthcare Consulting

Corporate and Other - Included in Corporate and Other are operating expenses that are not directly allocated to the individual business units. These expenses primarily consist of certain health care costs, gains or losses attributable to assets held in our non-qualified deferred compensation plan, stock-based compensation, consolidation and integration charges, certain professional fees, certain advertising costs and other various expenses.

Accounting policies of the practice groups are the same as those described in Note 1, Basis of Presentation and Significant Accounting Policies, to the Annual Report on Form 10-K for the year ended December 31, 2023. Upon consolidation, intercompany accounts and transactions are eliminated, thus inter-segment revenue is not included in the measure of profit or loss for the practice groups. Performance of the practice groups is evaluated on income (loss) before income tax expense (benefit) excluding those costs listed above, which are reported in the “Corporate and Other”.

Segment information for the three months ended March 31, 2024 and 2023 is presented below. We do not manage our assets on a segment basis, therefore segment assets are not presented below.

The following table disaggregates our revenue by source (in thousands):


	Three Months Ended March 31, 2024
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	372,630	—		—		$	372,630
Core benefits and insurance services	—		105,205		—		105,205
Non-core benefits and insurance services	—		3,203		—		3,203
Managed networking, hardware services	—		—		10,188		10,188
National practices consulting	—		—		3,071		3,071
Total revenue	$	372,630	$	108,408	$	13,259	$	494,297


	Three Months Ended March 31, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	343,086	—		—		$	343,086
Core benefits and insurance services	—		96,617		—		96,617
Non-core benefits and insurance services	—		3,437		—		3,437
Managed networking, hardware services	—		—		8,954		8,954
National practices consulting	—		—		2,512		2,512
Total revenue	$	343,086	$	100,054	$	11,466	$	454,606

Segment information for the three months ended March 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended March 31, 2024
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	372,630	$	108,408	$	13,259	$	—	$	494,297
Operating expenses	265,561		83,637		11,933		15,354		376,485
Gross margin	107,069		24,771		1,326		(15,354)		117,812
Corporate general and administrative expenses	—		—		—		18,711		18,711


Operating income (loss)	107,069		24,771		1,326		(34,065)		99,101
Other income (expense):
Interest expense	—		—		—		(4,511)		(4,511)


Other income, net	86		44		—		9,294		9,424
Total other income, net	86		44		—		4,783		4,913
Income before income tax expense	$	107,155	$	24,815	$	1,326	$	(29,282)	$	104,014


	Three Months Ended March 31, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	343,086	$	100,054	$	11,466	$	—	$	454,606
Operating expenses	244,443		76,923		10,583		9,062		341,011
Gross margin	98,643		23,131		883		(9,062)		113,595
Corporate general and administrative expenses	—		—		—		15,598		15,598

Operating income (loss)	98,643		23,131		883		(24,660)		97,997
Other income (expense):
Interest expense	—		(1)		—		(3,640)		(3,641)
Gain on sale of operations, net	99		—		—		—		99
Other income, net	255		177		—		4,680		5,112
Total other income, net	354		176		—		1,040		1,570
Income (loss) before income tax expense	$	98,997	$	23,307	$	883	$	(23,620)	$	99,567

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Investments

The following table summarizes activities related to these investments for the three months ended March 31, 2024 and the twelve months ended December 31, 2023 (in thousands):


	Three Months Ended March 31, 2024		Twelve Months Ended December 31, 2023
Fair value at beginning of period	$	39,459	$	43,485
Purchases	4,440		14,122
Redemptions	—		(3,310)
Maturities	(5,450)		(15,155)
Change in bond premium	(16)		(1,099)
Fair market value adjustment	76		1,416
Fair value at end of period	$	38,509	$	39,459

Schedule of Outstanding Interest Rate Swaps

The following table summarizes our outstanding interest rate swaps and their classification in the accompanying unaudited Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 (amounts in thousands):


	March 31, 2024
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	50,000	0.834	%	4/14/2025	$	2,089	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,357	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	1,051	Other non-current asset
Interest rate swap	$	25,000	3.669	%	4/14/2028	$	322	Other non-current asset
Interest rate swap	$	25,000	4.488	%	10/14/2028	$	(538)	Other non-current liability


	December 31, 2023
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	50,000	0.834	%	4/14/2025	$	2,282	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,125	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	784	Other non-current asset
Interest rate swap	$	25,000	3.669	%	4/14/2028	$	(129)	Other non-current liability
Interest rate swap	$	25,000	4.488	%	10/14/2028	$	(1,063)	Other non-current liability

Schedule of Effects of Interest Rate Swap

The following table summarizes the effects of the interest rate swaps on the accompanying unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (in thousands):


	Gain (Loss) Recognized in AOCI, net of tax				Gain Reclassified from AOCI into Expense
	Three Months Ended March 31,				Three Months Ended March 31,
	2024		2023		2024		2023
Interest rate swaps	$	1,854	$	(715)	$	1,191	$	897

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The following table summarizes our assets and (liabilities) at March 31, 2024 and December 31, 2023, respectively, that are measured at fair value on a recurring basis subsequent to initial recognition and indicates the fair value hierarchy of the valuation techniques utilized by us to determine such fair value (in thousands):


	Level	March 31, 2024		December 31, 2023
Deferred compensation plan assets	1	$	157,709	$	143,499
Available-for-sale debt securities	1	38,509		39,459
Other depository assets	1	2,064		1,031
Deferred compensation plan liabilities	1	(157,709)		(143,499)
Interest rate swaps	2	5,281		3,999
Bank debt	2	(436,344)		(310,826)
Contingent purchase price liabilities	3	(94,186)		(114,946)

During the three months ended March 31, 2024 and 2023, there were no transfers between the valuation hierarchy Levels 1, 2 and 3.

The following table summarizes the change in Level 3 fair values of our contingent purchase price liabilities for the three months ended March 31, 2024 and 2023 (pre-tax basis, in thousands):


	2024		2023
Beginning balance – December 31	$	(114,946)	$	(132,010)
Additions from business acquisitions	(13,522)		(24,840)
Settlement of contingent purchase price liabilities	34,716		31,724
Change in fair value of contingencies	70		(10)
Change in net present value of contingencies	(504)		(620)
Ending balance – March 31	$	(94,186)	$	(125,756)

The following table summarizes the changes in contingent purchase price consideration for previous acquisitions and contingent payments made for previous business acquisitions in the three months ended March 31, 2024 and 2023, respectively (in thousands):


	Three Months Ended March 31,
	2024		2023
Net expense	$	434	$	630
Cash settlement paid	$	30,957	$	28,434
Shares issued (number)	60		70

Refer to the Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion on the fair value measurements and classification of our financial assets and liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Net unrealized gain on available-for-sale securities, net of taxes	$ 56	$ 179
Net unrealized gain (loss) on interest rate swaps, net of taxes	960	(1,388)
Foreign currency translation	2	(4)
Total other comprehensive income (loss)	1,018	(1,213)
Unrealized gain (loss) on available-for-sale securities, income tax expense (benefit)	21	71
Unrealized gain (loss) on interest rate swaps, income tax expense (benefit)	$ 322	$ (463)

Financial Instruments - Summary of Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available for Sale [Roll Forward]
Fair value at beginning of period	$ 39,459	$ 43,485
Purchases	4,440	14,122
Redemptions	0	(3,310)
Maturities	(5,450)	(15,155)
Change in bond premium	(16)	(1,099)
Fair market value adjustment	76	1,416
Fair value at end of period	$ 38,509	$ 39,459

Employee Stock Plans - Schedule of Stock-Based Compensation Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock options	$ 0	$ 768
Restricted stock units and awards	1,351	1,259
Performance share units	1,287	1,804
Total stock-based compensation expense	$ 2,638	$ 3,831

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) practice_group
Business Acquisition [Line Items]
Number of practice groups \| practice_group	3
EBK and ComputData
Business Acquisition [Line Items]
Total recorded purchase price	$ 37.3
Recorded contingent consideration	13.5
Annualized revenue	$ 4.6

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis


	Level	March 31, 2024		December 31, 2023
Deferred compensation plan assets	1	$	157,709	$	143,499
Available-for-sale debt securities	1	38,509		39,459
Other depository assets	1	2,064		1,031
Deferred compensation plan liabilities	1	(157,709)		(143,499)
Interest rate swaps	2	5,281		3,999
Bank debt	2	(436,344)		(310,826)
Contingent purchase price liabilities	3	(94,186)		(114,946)

Schedule of Change in Level 3 Fair Values of Contingent Purchase Price Liabilities

The following table summarizes the change in Level 3 fair values of our contingent purchase price liabilities for the three months ended March 31, 2024 and 2023 (pre-tax basis, in thousands):


	2024		2023
Beginning balance – December 31	$	(114,946)	$	(132,010)
Additions from business acquisitions	(13,522)		(24,840)
Settlement of contingent purchase price liabilities	34,716		31,724
Change in fair value of contingencies	70		(10)
Change in net present value of contingencies	(504)		(620)
Ending balance – March 31	$	(94,186)	$	(125,756)

Summary of Contingent Consideration


	Three Months Ended March 31,
	2024		2023
Net expense	$	434	$	630
Cash settlement paid	$	30,957	$	28,434
Shares issued (number)	60		70

Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net, at March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024		December 31, 2023
Trade accounts receivable	$	333,935	$	309,640
Unbilled revenue, at net realizable value	198,144		96,110
Total accounts receivable	532,079		405,750
Allowance for doubtful accounts	(27,972)		(25,598)
Accounts receivable, net	$	504,107	$	380,152

Schedule of Changes to the Allowance for Doubtful Accounts on Accounts Receivable

Changes to the allowance for doubtful accounts for the three months ended March 31, 2024 and twelve months ended December 31, 2023 were as follows (in thousands):


	March 31, 2024		December 31, 2023
Balance at beginning of period	$	(25,598)	$	(20,801)
Provision	(5,126)		(13,681)
Charge-offs, net of recoveries	2,752		8,884
Allowance for doubtful accounts	$	(27,972)	$	(25,598)

Other Comprehensive Income

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Other Comprehensive Income

OTHER COMPREHENSIVE INCOME

The following table is a summary of other comprehensive income and discloses the tax impact of each component of other comprehensive income for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Net unrealized gain on available-for-sale securities, net of taxes (1)	$	56	$	179
Net unrealized gain (loss) on interest rate swaps, net of taxes(2)	960		(1,388)
Foreign currency translation	2		(4)
Total other comprehensive income (loss)	$	1,018	$	(1,213)

(1)Net of income tax expense of $21 and $71 for the three months ended March 31, 2024 and 2023, respectively.

(2)Net of income tax expense of $322 and income tax benefit of $463 for the three months ended March 31, 2024 and 2023, respectively.

Fair Value Measurements - Change in Level 3 Fair Values of Contingent Purchase Price Liabilities (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net expense	$ 434	$ 630
Cash settlement paid	$ 30,957	$ 28,434
Shares issued (number)	60	70
Contingent Purchase Price Liabilities \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (114,946)	$ (132,010)
Additions from business acquisitions	(13,522)	(24,840)
Settlement of contingent purchase price liabilities	34,716	31,724
Change in fair value of contingencies	70	(10)
Change in net present value of contingencies	(504)	(620)
Ending balance	$ (94,186)	$ (125,756)

Debt and Financing Arrangements - Summary of Unsecured Credit Facility (Details) - 2022 Credit Facility	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Weighted average rates	5.23%	4.54%
Minimum
Debt Instrument [Line Items]
Range of effective rates	1.93%	1.93%
Maximum
Debt Instrument [Line Items]
Range of effective rates	6.83%	8.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accounts Receivable, Net

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Accounts Receivable, Net

ACCOUNTS RECEIVABLE, NET

Accounts receivable, less allowance for doubtful accounts, reflects the net realizable value of receivables and approximates fair value. Unbilled revenue is recorded at estimated net realizable value. Assessing the collectability of the receivables (billed and unbilled) requires management judgment based on a combination of factors, including but not limited to, an evaluation of our historical incurred loss experience, credit-worthiness of our clients, age of the trade receivable balance, current economic conditions that may affect a client’s ability to pay, and reasonable and supportable forecasts. Receivables are charged-off against the allowance when the balance is deemed uncollectible.

Accounts receivable, net, at March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024		December 31, 2023
Trade accounts receivable	$	333,935	$	309,640
Unbilled revenue, at net realizable value	198,144		96,110
Total accounts receivable	532,079		405,750
Allowance for doubtful accounts	(27,972)		(25,598)
Accounts receivable, net	$	504,107	$	380,152

Changes to the allowance for doubtful accounts for the three months ended March 31, 2024 and twelve months ended December 31, 2023 were as follows (in thousands):


	March 31, 2024		December 31, 2023
Balance at beginning of period	$	(25,598)	$	(20,801)
Provision	(5,126)		(13,681)
Charge-offs, net of recoveries	2,752		8,884
Allowance for doubtful accounts	$	(27,972)	$	(25,598)

Financial Instruments

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

Available-For-Sale Debt Securities - In connection with certain services provided by our payroll operations, we collect funds from our clients’ accounts in advance of paying client obligations. These funds held for clients are segregated and invested in accordance with our investment policy, which requires all investments carry an investment grade rating at the time of initial investment. These investments, primarily consisting of corporate and municipal bonds, are classified as available-for-sale and are included in the “Funds held for clients” line item on the accompanying unaudited Condensed Consolidated Balance Sheets. The par value of these investments totaled $39.0 million and $40.0 million at March 31, 2024 and December 31, 2023, respectively, and these investments have maturity or callable dates ranging from April 2024 through January 2026.

At March 31, 2024, unrealized losses on the securities were not material and have not been recognized as a credit loss because the bonds are investment grade quality and management is not required or does not intend to sell prior to an expected recovery in value. The bond issuers continue to make timely principal and interest payments.

The following table summarizes activities related to these investments for the three months ended March 31, 2024 and the twelve months ended December 31, 2023 (in thousands):


	Three Months Ended March 31, 2024		Twelve Months Ended December 31, 2023
Fair value at beginning of period	$	39,459	$	43,485
Purchases	4,440		14,122
Redemptions	—		(3,310)
Maturities	(5,450)		(15,155)
Change in bond premium	(16)		(1,099)
Fair market value adjustment	76		1,416
Fair value at end of period	$	38,509	$	39,459

In addition to the available-for-sale debt securities discussed above, we also held other depository assets in the amount of $2.1 million and $1.0 million at March 31, 2024 and December 31, 2023, respectively. Those depository assets are classified as Level 1 in the fair value hierarchy.

Interest Rate Swaps - We utilize interest rate swaps to manage interest rate risk exposure associated with our floating-rate debt under the 2022 credit facility, or the forecasted acquisition of such liability. We do not purchase or hold any derivative instruments for trading or speculative purposes. Refer to the Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion on our interest rate swaps.


	March 31, 2024
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	50,000	0.834	%	4/14/2025	$	2,089	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,357	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	1,051	Other non-current asset
Interest rate swap	$	25,000	3.669	%	4/14/2028	$	322	Other non-current asset
Interest rate swap	$	25,000	4.488	%	10/14/2028	$	(538)	Other non-current liability


	December 31, 2023
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	50,000	0.834	%	4/14/2025	$	2,282	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,125	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	784	Other non-current asset
Interest rate swap	$	25,000	3.669	%	4/14/2028	$	(129)	Other non-current liability
Interest rate swap	$	25,000	4.488	%	10/14/2028	$	(1,063)	Other non-current liability

Refer to Note 7, Fair Value Measurements, for additional disclosures regarding fair value measurements.


	Gain (Loss) Recognized in AOCI, net of tax				Gain Reclassified from AOCI into Expense
	Three Months Ended March 31,				Three Months Ended March 31,
	2024		2023		2024		2023
Interest rate swaps	$	1,854	$	(715)	$	1,191	$	897

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Selected Terms Used in Notes to the Condensed Consolidated Financial Statements ASA – Administrative Service Agreement ASC – Accounting Standards Codification ASU – Accounting Standards Update CPA firm – Certified Public Accounting firm FASB – The Financial Accounting Standards Board GAAP – United States Generally Accepted Accounting Principles SOFR – Secured Overnight Financing Rate SEC – United States Securities and Exchange Commission Description of Business: CBIZ, Inc. is a diversified services company which, acting through its subsidiaries, has been providing professional business services since 1996, primarily to small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises throughout the United States and parts of Canada. CBIZ, Inc. manages and reports its operations along three practice groups: Financial Services, Benefits and Insurance Services and National Practices. A further description of products and services offered by each of the practice groups is provided in Note 11, Segment Disclosures, to the accompanying unaudited condensed consolidated financial statements. During the three months ended March 31, 2024, we completed the acquisitions of Erickson, Brown & Kloster, LLC ("EBK") and ComputData, Inc. ("CompuData") in our Financial Services practice group for a total aggregated purchase price of $37.3 million, including $13.5 million recorded as contingent consideration. For the three months ended March 31, 2024, we recorded $4.6 million in total revenue from those acquisitions. Neither acquisition is considered material, individually or in the aggregate. Basis of Consolidation: The accompanying unaudited condensed consolidated financial statements include the operations of CBIZ, Inc. and all of its wholly-owned subsidiaries (“CBIZ”, the “Company”, “we”, “us”, or “our”), after elimination of all intercompany balances and transactions. These unaudited condensed consolidated financial statements do not reflect the operations or accounts of variable interest entities as the impact is not material to the financial condition, results of operations or cash flows of CBIZ. Unaudited Interim Financial Statements: The unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of CBIZ management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2024. Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Changes in circumstances could cause actual results to differ materially from these estimates. Changes in Accounting Policies: We have consistently applied the accounting policies for the periods presented as described in Note 1, Basis of Presentation and Significant Accounting Policies, to the consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Employee Stock Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Awards

Compensation expense for stock-based awards recognized during the three months ended March 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Stock options	$	—	$	768
Restricted stock units and awards	1,351		1,259
Performance share units	1,287		1,804
Total stock-based compensation expense	$	2,638	$	3,831

Schedule of Stock Options, Restricted Stock Units and Awards, and Performance Share Units Activity

The following table presents our restricted stock units and awards activity during the three months ended March 31, 2024 (in thousands, except per share data):


	Restricted Stock Units and Awards
		Number of Shares	Weighted Average Grant-Date Fair Value (1)
Outstanding at beginning of year		223	$	41.19
Granted		76	$	65.53
Exercised or released		(102)	$	36.50
Expired or canceled		(3)	$	38.52
Outstanding at March 31, 2024		194	$	53.14
Exercisable at March 31, 2024

(1)Represents weighted average market value of the shares; awards are granted at no cost to the recipients.

The following table presents our PSUs activity during the three months ended March 31, 2024 (in thousands, except per share data):


	Performance Share Units	Weighted Average Grant-Date Fair Value Per Unit (1)
Outstanding at beginning of year	464	$	33.84
Granted	70	$	66.07
Vested	(273)	$	27.51

Canceled	(7)	$	39.09
Outstanding at March 31, 2024	254	$	49.42

(1)Represents weighted average market value of the performance share units; PSUs are granted at no cost to the recipients.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in thousands, except per share data):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net Income	$	76,884	$	73,160
Denominator:
Basic
Weighted average common shares outstanding	50,045		50,367
Diluted
Stock options (1)	74		271
Restricted stock units and awards (1)	99		122

Contingent shares (2)	3		2
Diluted weighted average common shares outstanding (3)	50,221		50,762
Basic earnings per share	$	1.54	$	1.45
Diluted earnings per share	$	1.53	$	1.44

(2)Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by us once future considerations have been met.

Commitments and Contingencies - Legal Proceedings (Details) $ in Millions			3 Months Ended
	Mar. 12, 2024 USD ($)	Dec. 19, 2016 USD ($)	Mar. 31, 2024 claim defendant
CBIZ Operations and a former employee of CBIZ MMP
Commitments And Contingencies [Line Items]
Total transaction price		$ 200.0
Litigation settlement, amount awarded	$ 3.1
CBIZ Operations and a former employee of CBIZ MMP \| Maximum
Commitments And Contingencies [Line Items]
Amount of damages sought (up to)		$ 177.0
MOVEit Customer Data Security Breach Litigation
Commitments And Contingencies [Line Items]
Number of claims filed \| claim			180
Number of defendants \| defendant			100

Financial Instruments - Summary of Outstanding Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest rate swap, April 2025 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 50,000	$ 50,000
Interest rate swap, fixed interest rate	0.834%	0.834%
Fair value, asset	$ 2,089	$ 2,282
Interest rate swap, December 2026 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 30,000	$ 30,000
Interest rate swap, fixed interest rate	1.186%	1.186%
Fair value, asset	$ 2,357	$ 2,125
Interest rate swap, August 2027 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 20,000	$ 20,000
Interest rate swap, fixed interest rate	2.45%	2.45%
Fair value, asset	$ 1,051	$ 784
Interest rate swap, April 2028 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 25,000
Interest rate swap, fixed interest rate	3.669%
Fair value, asset	$ 322
Interest rate swap, April 2028 expiration \| Other non-current liability
Derivatives, Fair Value [Line Items]
Notional amount, liability		$ 25,000
Interest rate swap, fixed interest rate		3.669%
Fair value, liability		$ (129)
Interest Rate Swap, October 2028 Expiration \| Other non-current liability
Derivatives, Fair Value [Line Items]
Notional amount, liability	$ 25,000	$ 25,000
Interest rate swap, fixed interest rate	4.488%	4.488%
Fair value, liability	$ (538)	$ (1,063)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 76,884	$ 73,160
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization expense	9,468	8,625
Gain on sale of operations, net	0	(99)
Bad debt expense, net of recoveries	550	461
Adjustment to contingent earnout liability	434	630
Stock-based compensation expense	2,638	3,831
Deferred income taxes	2,057	2,641
Other, net	150	108
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(121,551)	(99,423)
Other assets	(2,592)	(188)
Accounts payable	5,743	1,049
Income taxes payable	24,827	23,408
Accrued personnel costs	(62,381)	(61,898)
Other liabilities	53	3,184
Net cash used in operating activities	(63,720)	(44,511)
Cash flows from investing activities:
Business acquisitions and purchases of client lists, net of cash acquired	(21,337)	(39,055)
Purchases of client fund investments	(4,440)	0
Proceeds from the sales and maturities of client fund investments	5,450	500
Proceeds from sales of divested operations	0	120
Change in funds held for clients	(1,015)	5
Additions to property and equipment	(5,121)	(3,599)
Other, net	(2,239)	(3,867)
Net cash used in investing activities	(28,702)	(45,896)
Cash flows from financing activities:
Proceeds from bank debt	381,200	348,600
Payment of bank debt	(255,800)	(210,600)
Payment for acquisition of treasury stock	0	(19,776)
Indirect repurchase of shares for minimum tax withholding	(11,229)	(8,224)
Changes in client funds obligations	(11,859)	(23,251)
Proceeds from exercise of stock options	0	3,629
Payment of contingent consideration for acquisitions and client lists	(31,124)	(28,600)
Net cash provided by financing activities	71,188	61,778
Net decrease in cash, cash equivalents and restricted cash	(21,234)	(28,629)
Cash, cash equivalents and restricted cash at beginning of year	157,148	160,145
Cash, cash equivalents and restricted cash at end of period	135,914	131,516
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	1,402	2,265
Restricted cash	27,740	25,109
Cash equivalents included in funds held for clients	106,772	104,142
Total cash, cash equivalents and restricted cash	$ 135,914	$ 131,516

Accounts Receivable, Net - Schedule of Changes to the Allowance for Doubtful Accounts on Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (25,598)	$ (20,801)
Provision	(5,126)	(13,681)
Charge-offs, net of recoveries	2,752	$ 8,884
Allowance for doubtful accounts	$ (27,972)

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS [If Needed]

Fair Value Measurements - Summary of Contingent Consideration (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Net expense	$ 434	$ 630
Cash settlement paid	$ 30,957	$ 28,434
Shares issued (number)	60	70

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit and Guarantees - We provide letters of credit to landlords (lessors) of our leased premises in lieu of cash security deposits, which totaled $3.2 million and $3.5 million at March 31, 2024 and December 31, 2023, respectively. In addition, we provide license bonds to various state agencies to meet certain licensing requirements. The amount of license bonds outstanding was $2.3 million and $2.3 million at March 31, 2024 and December 31, 2023, respectively. Legal Proceedings - On December 19, 2016, CBIZ Operations, Inc. ("CBIZ Operations") was named as a defendant in a lawsuit filed by Zotec Partners, LLC (“Zotec”) in the Marion County Indiana Superior Court. After various amendments, the lawsuit asserted claims under Indiana law for securities, statutory and common law fraud or deception, unjust enrichment, breach of contract, and vicarious liability against CBIZ Operations and a former employee of CBIZ MMP in connection with the sale of the CBIZ MMP medical billing practice to Zotec. The plaintiff claimed that CBIZ Operations had a duty to disclose the fact, unknown to employees of CBIZ Operations at the time of the transaction, that the former employee had a financial arrangement with a Zotec vendor at the time CBIZ Operations sold CBIZ MMP to Zotec. The plaintiff sought damages of up to $177.0 million out of the $200.0 million transaction price. Trial was held in October 2021. The jury found in favor of CBIZ on all fraud, contract and other claims before it. On November 14, 2022, the trial court ruled in favor of CBIZ and against Zotec’s claim for statutory securities fraud. The court also ruled in favor of CBIZ on its counterclaim for indemnification under contract. The trial court conducted a hearing on December 12, 2023, to consider evidence regarding the amount of damages owed by Zotec to CBIZ on the counterclaim. On March 12, 2024, the court awarded CBIZ $3.1 million on its counterclaim. On April 10, 2024, Zotec filed a notice of appeal. On November 10, 2023, CBIZ was named as a defendant in a putative class action lawsuit in the United States District Court for the District of Massachusetts by an individual claiming to be an employee of a CBIZ client whose personally identifiable information (“PII”) was compromised and stolen during a cyberattack CBIZ experienced on or about May 31, 2023. As a result of this incident, hackers were able to access and download certain files from CBIZ’s MOVEit Transfer server. The lawsuit alleges that CBIZ and Progress Software Corporation, the owner of MOVEit Transfer, failed to adequately secure and safeguard the individual’s, and similarly situated employees of CBIZ’s clients, PII from unauthorized access. The lawsuit seeks various remedies, including actual, compensatory, and punitive damages, along with injunctive relief, costs, and attorneys’ fees. On December 8, 2023, CBIZ was named as a defendant in a second putative class action lawsuit in the United States District Court for the District of Massachusetts by an individual making similar claims and seeking similar remedies as in the first lawsuit regarding the cyberattack CBIZ experienced on or about May 31, 2023. Both cases were transferred into a multidistrict litigation, styled as In Re: MOVEit Customer Data Security Breach Litigation, pending in the United States District Court for the District of Massachusetts (the “MDL”). To date, the MDL has over 180 cases against over 100 different defendants, all with claims arising out of the cyberbreach by hackers of Progress Software Corporation’s MOVEit Transfer software. The cases in the MDL, including the cases against CBIZ, are in their earliest stages, with a stay in place until the MDL Court issues a scheduling order. Due to the early stage of litigation, the Company is not able to determine or predict the ultimate outcome of these lawsuits nor reasonably provide an estimate or range of the possible outcome or losses, if any. In addition to the items disclosed above, the Company is, from time to time, subject to claims and lawsuits arising in the ordinary course of business. We cannot predict the outcome of all such matters or estimate the possible loss, if any. Although the proceedings are subject to uncertainties in the litigation process and the ultimate disposition of these proceedings is not presently determinable, we intend to vigorously defend these matters. Refer to the Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion on the Company's commitments and contingencies.

Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Other Comprehensive Income and Tax Impact


	Three Months Ended March 31,
	2024		2023
Net unrealized gain on available-for-sale securities, net of taxes (1)	$	56	$	179
Net unrealized gain (loss) on interest rate swaps, net of taxes(2)	960		(1,388)
Foreign currency translation	2		(4)
Total other comprehensive income (loss)	$	1,018	$	(1,213)

(1)Net of income tax expense of $21 and $71 for the three months ended March 31, 2024 and 2023, respectively.

(2)Net of income tax expense of $322 and income tax benefit of $463 for the three months ended March 31, 2024 and 2023, respectively.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-32961
Entity Registrant Name	CBIZ, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2769024
Entity Address, Address Line One	5959 Rockside Woods
Entity Address, Address Line Two	N. Suite 600
Entity Address, City or Town	Independence
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44131
City Area Code	216
Local Phone Number	447-9000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	CBZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,112,138
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000944148
Current Fiscal Year End Date	--12-31

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income	$ 76,884	$ 73,160
Basic
Weighted average common shares outstanding (in shares)	50,045	50,367
Diluted
Stock options (in shares)	74	271
Restricted stock units and awards (in shares)	99	122
Contingent shares (in shares)	3	2
Diluted weighted average common shares outstanding (in shares)	50,221	50,762
Basic earnings per share (in dollars per share)	$ 1.54	$ 1.45
Diluted earnings per share (in dollars per share)	$ 1.53	$ 1.44
Share-based Payment Arrangement
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share based awards excluded from the calculation of diluted earnings per share (in shares)	40	80
PSU
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share based awards excluded from the calculation of diluted earnings per share (in shares)	254	326

Segment Disclosures - Additional Information (Details)	3 Months Ended
Segment Disclosures - Additional Information (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of business units of the company	3

Employee Stock Plans - Schedule of Performance Share Units Activity (Details) - Performance Share Units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Performance Share Units
Outstanding at beginning of period (in shares) \| shares	464
Granted (in shares) \| shares	70
Vested (in shares) \| shares	(273)
Canceled (in shares) \| shares	(7)
Outstanding at end of period (in shares) \| shares	254
Weighted Average Grant-Date Fair Value Per Unit
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 33.84
Granted (in dollars per share) \| $ / shares	66.07
Vested (in dollars per share) \| $ / shares	27.51
Canceled (in dollars per share) \| $ / shares	39.09
Outstanding at end of period (in dollars per share) \| $ / shares	$ 49.42

Employee Stock Plans - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	May 10, 2023
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, remaining contractual term	3 years
Performance share units, vesting period	3 years
Achievement of an earnings per share target	70.00%
Achievement of total growth in revenue	30.00%
Performance Share Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of initial grant	200.00%
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for issuance (in shares)		1.5
Maximum stock based compensation awards granted under the plan (in shares)		4.6

Commitments and Contingencies - Letters of Credit and Guarantees (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 3.2	$ 3.5
License bonds outstanding amount	$ 2.3	$ 2.3

Segment Disclosures - Summary of Disaggregation of Revenue by Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 494,297	$ 454,606
Financial Services
Disaggregation of Revenue [Line Items]
Revenue	372,630	343,086
Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	108,408	100,054
National Practices
Disaggregation of Revenue [Line Items]
Revenue	13,259	11,466
Accounting, tax, advisory and consulting
Disaggregation of Revenue [Line Items]
Revenue	372,630	343,086
Accounting, tax, advisory and consulting \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	372,630	343,086
Accounting, tax, advisory and consulting \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Accounting, tax, advisory and consulting \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	0	0
Core benefits and insurance services
Disaggregation of Revenue [Line Items]
Revenue	105,205	96,617
Core benefits and insurance services \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Core benefits and insurance services \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	105,205	96,617
Core benefits and insurance services \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	0	0
Non-core benefits and insurance services
Disaggregation of Revenue [Line Items]
Revenue	3,203	3,437
Non-core benefits and insurance services \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Non-core benefits and insurance services \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	3,203	3,437
Non-core benefits and insurance services \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	0	0
Managed networking, hardware services
Disaggregation of Revenue [Line Items]
Revenue	10,188	8,954
Managed networking, hardware services \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Managed networking, hardware services \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Managed networking, hardware services \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	10,188	8,954
National practices consulting
Disaggregation of Revenue [Line Items]
Revenue	3,071	2,512
National practices consulting \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	0	0
National practices consulting \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	0	0
National practices consulting \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	$ 3,071	$ 2,512

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,402	$ 8,090
Restricted cash	27,740	30,362
Accounts receivable, net	504,107	380,152
Other current assets	41,570	34,895
Current assets before funds held for clients	574,819	453,499
Funds held for clients	147,345	159,186
Total current assets	722,164	612,685
Non-current assets:
Property and equipment, net	57,994	57,012
Goodwill and other intangible assets, net	1,038,410	1,008,604
Assets of deferred compensation plan	157,709	143,499
Right-of-use assets, net	209,231	211,024
Other non-current assets	11,490	10,768
Total non-current assets	1,474,834	1,430,907
Total assets	2,196,998	2,043,592
Current liabilities:
Accounts payable	93,530	82,831
Income taxes payable	26,817	2,097
Accrued personnel costs	71,377	133,593
Contingent purchase price liabilities	64,559	66,287
Operating lease liabilities	37,183	36,283
Other current liabilities	28,555	30,937
Current liabilities before client fund obligations	322,021	352,028
Client fund obligations	148,034	159,893
Total current liabilities	470,055	511,921
Non-current liabilities:
Bank debt	437,800	312,400
Debt issuance costs	(1,456)	(1,574)
Total long-term debt, net	436,344	310,826
Income taxes payable	2,091	1,984
Deferred income taxes, net	31,686	29,287
Deferred compensation plan obligations	157,709	143,499
Contingent purchase price liabilities	29,627	48,659
Lease liabilities	201,115	203,905
Other non-current liabilities	1,282	1,893
Total non-current liabilities	859,854	740,053
Total liabilities	1,329,909	1,251,974
STOCKHOLDERS' EQUITY
Common stock	1,379	1,374
Additional paid in capital	841,268	832,475
Retained earnings	931,968	855,084
Treasury stock	(910,322)	(899,093)
Accumulated other comprehensive income	2,796	1,778
Total stockholders’ equity	867,089	791,618
Total liabilities and stockholders’ equity	$ 2,196,998	$ 2,043,592