Cbiz, Inc. · NYSE:CBZ
Cbiz — Merger or Acquisition (July 2024)
29 slides from Cbiz's merger presentation, Jul 31, 2024
Slide 1: CBIZ & Marcum: Stronger Together
CBIZ & Marcum: Stronger Together. July 31, 2024 Exhibit 99.2
Slide 2: Important Information
CBIZ, INC. | NYSE: CBZ Important Information CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This communication includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, inclu
Slide 3: Today's Speakers
CBIZ, INC. | NYSE: CBZ Today’s Speakers Jerry Grisko President & CEO Chris Spurio President, Financial Services Ware Grove Senior VP & CFO
Slide 4: Agenda
CBIZ, INC. | NYSE: CBZ Agenda 1 Strategic Rationale & Transaction Overview 2 Go-To-Market 3 Integration 4 Financial Summary Q&A 6 Closing Remarks
Slide 5: Strategic Rationale & Transaction Overview
Strategic Rationale & Transaction Overview
Slide 6: CBIZ + Marcum: Strategic Rationale
CBIZ, INC. | NYSE: CBZ CBIZ + Marcum: Strategic Rationale Accelerates our growth strategy while generating attractive shareholder value (1) Refer to Non-GAAP Financial information in Appendix for more information Market Position Solidify position as a leading provider of professional services to the
Slide 7: Transaction Overview
CBIZ, INC. | NYSE: CBZ Transaction Overview 2023 TTM Adj. EBITDA excludes partner benefits, compensation adjustments, one-time costs, acquisition related expenses, and other minor items. Refer to Non-GAAP Financial information in Appendix for more information Purchase Price $2.3B Enterprise Value ~1
Slide 8: 7th Largest Accounting Provider in U.S.
Top accounting firms by net revenue ($B) CBIZ, INC. | NYSE: CBZ 7th Largest Accounting Provider in U.S.(1) Source: Accounting Today 2024 Top 100 Firms Report Revenue includes revenue share from MHM and Marcum Attest (2) The Big 4
Slide 9: Stronger Together: Go-To-Market
Stronger Together: Go-To-Market
Slide 10: Marcum Snapshot
CBIZ, INC. | NYSE: CBZ CBIZ, INC. | NYSE: CBZ Marcum Snapshot 1951 Founded $1.2B REVENUE 3,500+ Employees 35,000+ Clients 43 offices #13 Among Top 100 firms(1) Business Overview National accounting and advisory services firm dedicated to helping entrepreneurial, middle-market companies and high-net-
Slide 11: CBIZ + Marcum: Stronger Together
CBIZ, INC. | NYSE: CBZ CBIZ + Marcum: Stronger Together Based on Accounting Today Top 100 Firms 2024 revenue Seattle Salt Lake City San Francisco Denver Phoenix Tucson Los Angeles San Diego Minneapolis Chicago Kansas City St. Louis Memphis Atlanta Tampa Bay South Florida Mid-Atlantic Philadelphia Ne
Slide 12: Key Practice Areas
Key Practice Areas ~$2.8B Includes National Practices Includes Managed Services and Search / Staffing CBIZ, INC. | NYSE: CBZ CBIZ 2023 Revenue (As Reported) Estimated Revenue (Combined) Financial Services Segment Technology(1) Advisory(2) Accounting Tax Benefits & Insurance Segment Government Health
Slide 13: Key Shared Attributes
Strong Historic Growth ü ü Comprehensive & Essential Services ü ü Recurring Revenue ü ü High Client Retention ü ü Strong & Consistent Cash Flows ü ü High Client Retention ü ü Loyal & Diverse Middle-Market Client Base ü ü Variable Expenses ü ü Deep Industry & Subject Matter Expertise ü ü Unwavering C
Slide 14: Combined Revenue Profile
CBIZ, INC. | NYSE: CBZ Combined Revenue Profile Pro Forma By Type Compensation Studies Search & Staffing Financial Consulting Litigation Support Risk Advisory Transaction Advisory Valuation Project-based Work Annual Accounting & Tax Services Group Health Benefits Government Health Care Consulting Pr
Slide 15: Integration
Integration
Slide 16: Track Record of Successful M&A
CBIZ, INC. | NYSE: CBZ Track Record of Successful M&A 120+ Combined Acquisitions Since 2008 Focus on Employee Growth and Retention Integration Roadmap M&A has been an integral part of both the CBIZ and Marcum historical growth strategies Broad institutional knowledge and experience in integrations a
Slide 17: Integration Roadmap
CBIZ, INC. | NYSE: CBZ Integration Roadmap At Closing 2026 & Beyond People-focused onboarding Brand elevation and joint marketing Client engagement Alignment of financial processes and reporting First 18 Months Alignment of operational processes and move to common platforms and systems Client servic
Slide 18: Financial Summary
Financial Summary
Slide 19: Builds on Our Attractive Financial Attributes
CBIZ, INC. | NYSE: CBZ Builds on Our Attractive Financial Attributes (1) Refer to Non-GAAP Financial information in Appendix for more information Historical Metric Transaction Benefits / Impact Revenue 7.4% 2023 Same-Unit Growth Scale accelerates growth Adj. EBITDA(1) 17.7% 2023 Growth Adds $25M+ of
Slide 20: Synergies Unlocked in the Combination
CBIZ, INC. | NYSE: CBZ Synergies Unlocked in the Combination Operations & Corporate Functions Align and optimize organizational structures Marketing Combine marketing and advertising efforts IT Consolidate systems and migrate to common platforms Facilities Co-locate and reduce facilities footprint w
Slide 21: Transaction Funding
CBIZ, INC. | NYSE: CBZ Transaction Funding Consideration $2.3B; ~50% Cash / ~50% CBIZ shares ensures alignment with CBIZ shareholders Cash Funding Requirement Committed financing in place – led by Bank of America New $600M five-year revolver New $1,400M Term Loan A facility Post-Close Liquidity ~$1.
Slide 22: Clear Path to Leverage Reduction
CBIZ, INC. | NYSE: CBZ Clear Path to Leverage Reduction Pro Forma Net Leverage of Adj. EBITDA(1) Significant free cash flow generated by the pro forma company to pay down transaction debt Committed to reducing pro forma net leverage (1) Refer to Non-GAAP Financial Information in Appendix for more in
Slide 23: CBIZ + Marcum: Strategic Rationale
CBIZ, INC. | NYSE: CBZ CBIZ + Marcum: Strategic Rationale Accelerates our growth strategy while generating attractive shareholder value (1) Refer to Non-GAAP Financial information in Appendix for more information Market Position Solidify position as a leading provider of professional services to the
Slide 24: Q&A
Q&A
Slide 25: Non-GAAP Financial Information
Non-GAAP Financial Information The following tables reconcile certain non-GAAP measures referenced in this presentation. In addition to historical information for the Company, this presentation references the Company's estimates for certain forward-looking information on non-GAAP basis after giving
Slide 26: Adjusted Pre-Tax Income and Margin Reconciliation
CBIZ, INC. | NYSE: CBZ Adjusted Pre-Tax Income and Margin Reconciliation CBIZ
Slide 27: Adjusted EPS Reconciliation
CBIZ, INC. | NYSE: CBZ Adjusted EPS Reconciliation CBIZ
Slide 28: Adjusted EBITDA Reconciliation
CBIZ, INC. | NYSE: CBZ Adjusted EBITDA Reconciliation CBIZ
Slide 29: Your Team
Your Team Connect with us at CBIZ.com