CBIZ Expands Financial Flexibility with Amendment to Credit Agreement

CBIZ, Inc. has announced the execution of a second amendment to its Amended and Restated Credit Agreement, originally dated November 1, 2024. The updated terms, finalized on April 29, 2025, provide the company with increased financial flexibility by introducing a standard “Available Amount” basket. This provision allows CBIZ to make certain investments and restricted payments—such as share repurchases—subject to specific conditions outlined in the agreement.

The amendment also includes additional technical modifications to streamline compliance and improve operational agility. Bank of America, N.A. continues to serve as the administrative agent under the agreement.

This development follows a prior amendment executed in March 2025 and reflects CBIZ’s proactive approach to managing capital structure in alignment with its growth and shareholder return strategies.

CBIZ, Inc. reported its fourth-quarter and full-year 2024 financial results, highlighting the completion of its largest-ever acquisition, Marcum LLP, on November 1, 2024. Fourth-quarter revenue increased by 40.5% to $460.3 million, with same-unit revenue growth of 6.4%. Full-year revenue rose by 14.0% to $1.81 billion, with same-unit revenue growth of 4.8%.

GAAP earnings per share for 2024 were $0.78, while adjusted EPS, excluding the Marcum acquisition impact and related transaction costs, reached $2.67, reflecting a 10.8% increase from 2023.

CBIZ’s 2025 outlook projects revenue between $2.90 billion and $2.95 billion, GAAP EPS between $1.97 and $2.02, and adjusted EPS between $3.60 and $3.65. Adjusted EBITDA is expected to range from $450 million to $456 million.

CEO Jerry Grisko emphasized the strategic benefits of the Marcum acquisition, strengthening CBIZ’s market position as a leading provider of professional services to middle-market businesses. The company has also secured a $2 billion credit facility, with $1.42 billion in outstanding debt as of December 31, 2024.

A conference call was scheduled for February 26, 2025, to discuss the results in detail.