0001628280-23-025877 | 10-Q | XBRL Viewer

Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Disaggregation of Revenue by Source

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


	Three Months Ended June 30, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	290,930	—		—		$	290,930
Core benefits and insurance services	—		91,031		—		91,031
Non-core benefits and insurance services	—		4,807		—		4,807
Managed networking, hardware services	—		—		9,067		9,067
National practices consulting	—		—		2,667		2,667
Total revenue	$	290,930	$	95,838	$	11,734	$	398,502


	Three Months Ended June 30, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	259,308	—		—		$	259,308
Core benefits and insurance services	—		87,366		—		87,366
Non-core benefits and insurance services	—		4,342		—		4,342
Managed networking, hardware services	—		—		8,333		8,333
National practices consulting	—		—		2,603		2,603
Total revenue	$	259,308	$	91,708	$	10,936	$	361,952



	Six Months Ended June 30, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	634,016	—		—		$	634,016
Core benefits and insurance services	—		187,648		—		187,648
Non-core benefits and insurance services	—		8,244		—		8,244
Managed networking, hardware services	—		—		18,021		18,021
National practices consulting	—		—		5,179		5,179
Total revenue	$	634,016	$	195,892	$	23,200	$	853,108



	Six Months Ended June 30, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	548,054	—		—		$	548,054
Core benefits and insurance services	—		176,302		—		176,302
Non-core benefits and insurance services	—		7,892		—		7,892
Managed networking, hardware services	—		—		16,254		16,254
National practices consulting	—		—		5,172		5,172
Total revenue	$	548,054	$	184,194	$	21,426	$	753,674

Summary of Segment Information

Segment information for the three months ended June 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended June 30, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	290,930	$	95,838	$	11,734	$	—	$	398,502
Operating expenses	243,445		78,374		10,545		11,623		343,987
Gross margin	47,485		17,464		1,189		(11,623)		54,515
Corporate general and administrative expenses	—		—		—		15,793		15,793


Operating income (loss)	47,485		17,464		1,189		(27,416)		38,722
Other income (expense):
Interest expense	—		—		—		(5,534)		(5,534)


Other income, net	235		153		1		5,032		5,421
Total other income (expense), net	235		153		1		(502)		(113)
Income (loss) before income tax expense	$	47,720	$	17,617	$	1,190	$	(27,918)	$	38,609


	Three Months Ended June 30, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	259,308	$	91,708	$	10,936	$	—	$	361,952
Operating expenses	209,643		75,020		9,899		(4,826)		289,736
Gross margin	49,665		16,688		1,037		4,826		72,216
Corporate general and administrative expenses	—		—		—		10,926		10,926

Operating income (loss)	49,665		16,688		1,037		(6,100)		61,290
Other income (expense):
Interest expense	—		(1)		—		(1,644)		(1,645)
Gain on sale of operations, net	135		—		—		—		135
Other income (expense), net	85		(12)		1		(15,977)		(15,903)
Total other income (expense), net	220		(13)		1		(17,621)		(17,413)
Income (loss) before income tax expense	$	49,885	$	16,675	$	1,038	$	(23,721)	$	43,877

Segment information for the six months ended June 30, 2023 and 2022 was as follows (in thousands):



	Six Months Ended June 30, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	634,016	$	195,892	$	23,200	$	—	$	853,108
Operating expenses	487,888		155,297		21,128		20,685		684,998
Gross margin	146,128		40,595		2,072		(20,685)		168,110
Corporate general and administrative expenses	—		—		—		31,391		31,391

Operating income (loss)	146,128		40,595		2,072		(52,076)		136,719
Other income (expense):
Interest expense	—		(1)		—		(9,174)		(9,175)
Gain on sale of operations, net	99		—		—		—		99

Other income, net	490		330		1		9,712		10,533
Total other income, net	589		329		1		538		1,457
Income (loss) before income tax expense	$	146,717	$	40,924	$	2,073	$	(51,538)	$	138,176



	Six Months Ended June 30, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	548,054	$	184,194	$	21,426	$	—	$	753,674
Operating expenses (income)	419,443		147,677		19,475		(6,560)		580,035
Gross margin	128,611		36,517		1,951		6,560		173,639
Corporate general and administrative expenses	—		—		—		27,235		27,235

Operating income (loss)	128,611		36,517		1,951		(20,675)		146,404
Other income (expense):
Interest expense	—		(1)		—		(2,903)		(2,904)
Gain on sale of operations, net	135		—		—		—		135
Other income (expense), net	171		(36)		1		(22,446)		(22,310)
Total other income (expense), net	306		(37)		1		(25,349)		(25,079)
Income (loss) before income tax expense	$	128,917	$	36,480	$	1,952	$	(46,024)	$	121,325

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,692	$ 4,697
Restricted cash	52,314	28,487
Accounts receivable, net	456,397	334,498
Other current assets	42,411	29,431
Current assets before funds held for clients	554,814	397,113
Funds held for clients	131,374	171,313
Total current assets	686,188	568,426
Non-current assets:
Property and equipment, net	50,899	45,184
Goodwill and other intangible assets, net	1,014,673	951,702
Assets of deferred compensation plan	136,463	118,862
Right-of-use assets, net	186,213	184,043
Other non-current assets	14,319	10,907
Total non-current assets	1,402,567	1,310,698
Total assets	2,088,755	1,879,124
Current liabilities:
Accounts payable	126,372	80,725
Income taxes payable	13,350	1,607
Accrued personnel costs	89,989	130,456
Contingent purchase price liabilities	70,950	63,262
Operating lease liabilities	36,256	36,358
Other current liabilities	30,991	26,532
Current liabilities before client fund obligations	367,908	338,940
Client fund obligations	133,069	173,467
Total current liabilities	500,977	512,407
Non-current liabilities:
Bank debt	410,600	265,700
Debt issuance costs	(1,810)	(2,046)
Total long-term debt, net	408,790	263,654
Income taxes payable	2,381	2,211
Deferred income taxes, net	29,455	24,763
Deferred compensation plan obligations	136,463	118,862
Contingent purchase price liabilities	59,515	68,748
Lease liabilities	174,608	174,454
Other non-current liabilities	523	573
Total non-current liabilities	811,735	653,265
Total liabilities	1,312,712	1,165,672
STOCKHOLDERS' EQUITY
Common stock	1,371	1,363
Additional paid in capital	818,693	799,147
Retained earnings	834,139	734,116
Treasury stock	(882,088)	(824,778)
Accumulated other comprehensive income	3,928	3,604
Total stockholders’ equity	776,043	713,452
Total liabilities and stockholders’ equity	$ 2,088,755	$ 1,879,124

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	6801 Brecksville Rd
Entity Address, Address Line Two	Door N
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		49,822,274
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income	$ 26,863	$ 31,255	$ 100,023	$ 89,382
Basic
Weighted average common shares outstanding (in shares)	49,963	51,911	50,164	52,015
Diluted
Stock options (in shares)	198	508	235	564
Restricted stock units and awards (in shares)	79	112	95	157
Performance share units (in shares)	106	0	106	0
Contingent shares (in shares)	39	0	39	0
Diluted weighted average common shares outstanding (in shares)	50,385	52,531	50,639	52,736
Basic earnings per share (in dollars per share)	$ 0.54	$ 0.60	$ 1.99	$ 1.72
Diluted earnings per share (in dollars per share)	$ 0.53	$ 0.60	$ 1.98	$ 1.70
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)	12	17	53	86
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)	220	360	220	360

Debt and Financing Arrangements

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt and Financing Arrangements

DEBT AND FINANCING ARRANGEMENTSOn May 4, 2022, we entered into a credit facility (the "2022 credit facility" or the "credit facility"), which amended and restated the 2018 credit facility. The 2022 credit facility increased our borrowing capacity from $400 million to $600 million, providing 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. Other important key terms of the 2022 credit facility included: (i) an accordion feature that permits lenders to extend an additional $200 million at later date; (ii) no change in pricing from the 2018 credit facility; (iii) upsizing of baskets and various sublimits to reflect the increased size of the Company's business; (iv) a swing line facility increase from $25 million to $50 million, providing for same-day funds to cover daily liquidity needs; and (v) base interest rate amended from LIBOR to Term SOFR.

The 2022 credit facility matures on May 4, 2027. The balance outstanding under the 2022 credit facility was $410.6 million and $265.7 million at June 30, 2023 and December 31, 2022, respectively.

The combined effective interest rates under the 2018 and 2022 credit facilities, including the impact of interest rate swaps associated with those credit facilities, for the six months ended June 30, 2023 and 2022 were as follows:


	Six Months Ended June 30,
	2023	2022
Weighted average rates	4.94%	1.93%
Range of effective rates	1.93% - 8.00%	1.08% - 3.67%

We had approximately $177.5 million of available funds under the 2022 credit facility at June 30, 2023, net of outstanding letters of credit of $4.4 million. Available funds under the credit facility are based on a multiple of earnings before interest, taxes, depreciation and amortization as defined in the credit facility, and are reduced by letters of credit, other indebtedness and outstanding borrowings under the 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 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 credit facility and applicable law. The credit facility contains a provision that, in the event of a defined change in control, the 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 June 30, 2023, we are in compliance with all covenants.

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 1, 2022 and will terminate on August 3, 2023, did not have a balance outstanding at June 30, 2023. We intend to renew this line of credit.

Interest Expense - Interest expense, including amortization of deferred financing costs, commitment fees, line of credit fees, and other applicable bank charges, for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands):



	Three Months Ended June 30,
	2023		2022
Credit facilities	$	5,498	$	1,644
Other line of credit	—		1
Other	36		—
Total	$	5,534	$	1,645


	Six Months Ended June 30,
	2023		2022
Credit facilities	$	9,138	$	2,903
Other line of credit	—		1
Other	37		—
Total	$	9,175	$	2,904

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segment Disclosures - Additional Information (Details)	6 Months Ended
Segment Disclosures - Additional Information (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of business units of the company	3

Employee Stock Plans

6 Months Ended

Jun. 30, 2023

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 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, 2022 for further discussion on the 2019 Plan.

Compensation expense for stock-based awards recognized during the three and six months ended June 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options	$	—	$	75	$	768	$	248
Restricted stock units and awards	1,355		1,334		2,614		2,827
Performance share units	1,433		1,330		3,237		3,353
Total stock-based compensation expense	$	2,788	$	2,739	$	6,619	$	6,428

Stock Options and Restricted Stock Units and Awards – The following table presents our stock options and restricted stock units and awards activity during the six months ended June 30, 2023 (in thousands, except per share data):


	Stock Options			Restricted Stock Units and Awards
	Number of Options	Weighted Average Exercise Price Per Share		Number of Shares	Weighted Average Grant-Date Fair Value (1)
Outstanding at beginning of year	553	$	21.03	277	$	32.62
Granted	50	$	48.40	109	$	48.64
Exercised or released	(221)	$	19.24	(154)	$	31.25

Outstanding at June 30, 2023	382	$	25.64	232	$	41.09
Exercisable at June 30, 2023	382	$	25.64

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

CBIZ utilized the Black-Scholes-Merton options pricing model to determine the fair value of stock options on the date of grant. The per-share fair value of stock options granted on February 8, 2023 was $15.35. The following weighted average assumptions were utilized:


			Six Months Ended June 30, 2023
Expected volatility (1)			28.57%
Expected option life (years) (2)			4.74
Risk-free interest rate (3)			3.89%
Expected dividend yield (4)			—%

(1) The expected volatility assumption was determined based upon the historical volatility of CBIZ's stock price using daily price intervals.

(2) The expected option life was determined based upon CBIZ's historical data using a midpoint scenario, which assumes all options are exercised halfway between the expiration date and the weighted average time it takes the option to vest.

(3) The risk-free interest rate assumption was based upon zero-coupon U.S. treasury bonds with a term approximating the expected life of the respective options.

(4) The expected dividend yield assumption was determined in view of CBIZ's historical and estimated dividend payouts.

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 six months ended June 30, 2023 (in thousands, except per share data):


	Performance Share Units	Weighted Average Grant-Date Fair Value Per Unit (1)
Outstanding at beginning of year	482	$	28.84
Granted	88	$	48.40
Vested	(244)	$	25.75


Outstanding at June 30, 2023	326	$	36.46

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

Business Combinations - Changes in Contingent Purchase Price Consideration (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Net expense	$ 815	$ 836	$ 1,445	$ 1,478
Cash settlement paid	$ 1,373	$ 1,045	$ 29,808	$ 8,122
Shares issued (number)	4	0	75	19

Debt and Financing Arrangements - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	May 04, 2022	May 03, 2022
Debt Instrument [Line Items]
Outstanding balance under applicable credit facility	$ 410,600,000	$ 265,700,000
Outstanding letters of credit	4,400,000	5,000,000
Other 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	$ 400,000,000
Revolving loan, accordion feature			200,000,000
Outstanding balance under applicable credit facility	410,600,000	$ 265,700,000
Available funds under credit facility	177,500,000
Outstanding letters of credit	$ 4,400,000
2022 Credit Facility \| Swing Line Facility
Debt Instrument [Line Items]
Revolving loan commitment			$ 50,000,000	$ 25,000,000

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Jun. 30, 2023
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 six months ended June 30, 2023, 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
-Topic 944
-SubTopic 40
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+ Details

Employee Stock Plans - Schedule of Stock Options Award Activity (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2023
Stock Option Activity
Outstanding at beginning of period (in shares)	553
Granted (in shares)	50
Exercised or released (in shares)	(221)
Outstanding at end of period (in shares)	382
Exercisable at end of period (in shares)	382
Stock Option Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 21.03
Granted (in dollars per share)	48.40
Exercised or released (in dollars per share)	19.24
Outstanding at end of period (in dollars per share)	25.64
Exercisable at end of period (in dollars per share)	$ 25.64

Financial Instruments - Summary of Outstanding Interest Rate Swaps (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Interest rate swap, June 2023 expiration
Derivatives, Fair Value [Line Items]
Interest rate swap, fixed interest rate		2.571%
Interest rate swap, June 2023 expiration \| Other current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 15,000	$ 15,000
Fair value, asset		$ 133
Interest rate swap, April 2025 expiration
Derivatives, Fair Value [Line Items]
Interest rate swap, fixed interest rate	0.834%	0.834%
Interest rate swap, April 2025 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 50,000	$ 50,000
Fair value, asset	$ 3,427	$ 3,726
Interest rate swap, December 2026 expiration
Derivatives, Fair Value [Line Items]
Interest rate swap, fixed interest rate	1.186%	1.186%
Interest rate swap, December 2026 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 30,000	$ 30,000
Fair value, asset	$ 2,875	$ 2,871
Interest rate swap, August 2027 expiration
Derivatives, Fair Value [Line Items]
Interest rate swap, fixed interest rate	2.45%	2.45%
Interest rate swap, August 2027 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 20,000	$ 20,000
Fair value, asset	$ 1,193	$ 1,079
Interest rate swap, April 2028 expiration
Derivatives, Fair Value [Line Items]
Interest rate swap, fixed interest rate	3.669%
Interest rate swap, April 2028 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 25,000
Fair value, asset	$ 259

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Aggregated Consideration And Purchase Price Allocation

The following table summarizes the consideration and purchase price allocation for the acquisitions completed during the six months ended June 30, 2023 and 2022, respectively (in thousands):


	2023		2022

Common stock issued (number)	102		—
Common stock value	$	4,796	$	—
Cash paid	48,547		72,469

Recorded contingent consideration	30,317		64,648
Total recorded purchase price	$	83,660	$	137,117
Accounts receivable acquired	8,304		18,230
Fixed assets acquired	1,108		1,793
Identifiable intangible assets acquired	33,505		49,000
Operating lease right-of-use asset acquired	14,598		49,291
Other assets acquired	1,157		1,497
Operating lease liability acquired - current	(1,012)		(5,860)
Other current liabilities acquired	(1,445)		(909)
Operating lease liability acquired - non-current	(13,586)		(43,431)
Goodwill	41,031		67,506
Total net assets acquired	$	83,660	$	137,117
Maximum potential contingent consideration	$	31,925	$	67,115

Summary of Segment Allocation

The following table summarizes the goodwill and intangible asset amounts resulting from those acquisitions for the six months ended June 30, 2023 and 2022, respectively (in thousands):


	Six Months Ended June 30,
	2023				2022
	Financial Services		Benefits and Insurance Services		Financial Services		Benefits and Insurance Services
Goodwill	$	41,031	$	—	$	67,506	$	—
Client list	33,487		—		49,000		—
Other intangibles	18		—		—		—
Total	$	74,536	$	—	$	116,506	$	—

Summary of Contingent Consideration

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 and six months ended June 30, 2023 and 2022, respectively (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net expense	$	815	$	836	$	1,445	$	1,478
Cash settlement paid	$	1,373	$	1,045	$	29,808	$	8,122
Shares issued (number)	4		—		75		19

Summary of Significant Accounting Policies (Details)	6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2023 practice_group
Accounting Policies [Abstract]
Number of practice groups	3

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
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 LIBOR – London Interbank Offered 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 12, Segment Disclosures, to the accompanying unaudited condensed consolidated financial statements. Effective April 1, 2023, CBIZ formed Rockside Insurance Company, Inc. ("Rockside"), a captive insurance company licensed in Vermont. Rockside, wholly owned by CBIZ, provides insurance coverages for a portion of the retention deductibles from CBIZ's certain insurance programs with third party insurers. 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 Securities and Exchange Commission (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, 2022. 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, 2023. 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, 2022. Reclassifications: Certain prior period amounts have been reclassified to conform to current year's presentation.

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTSThe following table summarizes our assets and (liabilities) at June 30, 2023 and December 31, 2022, 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	June 30, 2023		December 31, 2022
Deferred compensation plan assets	1	$	136,463	$	118,862
Available-for-sale debt securities	1	40,383		43,485
Other depository assets	1	947		868
Deferred compensation plan liabilities	1	(136,463)		(118,862)
Interest rate swaps	2	7,754		7,809
Contingent purchase price liabilities	3	(130,465)		(132,010)

During the six months ended June 30, 2023 and 2022, 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 six months ended June 30, 2023 and 2022 (pre-tax basis) (in thousands):


	2023		2022
Beginning balance – December 31	$	(132,010)	$	(79,139)
Additions from business acquisitions	(30,317)		(64,648)
Settlement of contingent purchase price liabilities	33,307		8,830
Change in fair value of contingencies	(15)		117
Change in net present value of contingencies	(1,430)		(1,595)
Ending balance – June 30	$	(130,465)	$	(136,435)

Contingent purchase price liabilities result from our business acquisitions and are recorded at fair value at the time of acquisition and are presented as “Contingent purchase price liabilities — current” and “Contingent purchase price liabilities — non-current” in the accompanying unaudited Condensed Consolidated Balance Sheets. We estimate the fair value of our contingent purchase price liabilities using a probability-weighted discounted cash flow model. This fair value measure is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Fair value measurements characterized within Level 3 of the fair value hierarchy are measured based on unobservable inputs that are supported by little or no market activity and reflect our own assumptions in measuring fair value.

We probability weight risk-adjusted estimates of future performance of acquired businesses, then calculate the contingent purchase price based on the estimates and discount them to present value representing management’s best estimate of fair value. The fair value of the contingent purchase price liabilities is reassessed quarterly based on assumptions provided by practice group leaders and business unit controllers together with our corporate finance department. Any change in the fair value estimate is recorded in the earnings of that period. Refer to Note 11, Business Combinations, for further discussion of our acquisitions and contingent purchase price liabilities.

The carrying amounts of our cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments, and the carrying value of bank debt approximates fair value as the interest rate on the bank debt is variable and approximates current market rates. As a result, the fair value measurement of our bank debt is considered to be Level 2 under the fair value hierarchy.

- 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

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Summary 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 and six months ended June 30, 2023 and 2022 (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net Income	$	26,863	$	31,255	$	100,023	$	89,382
Denominator:
Basic
Weighted average common shares outstanding	49,963		51,911		50,164		52,015
Diluted
Stock options (1)	198		508		235		564
Restricted stock units and awards (1)	79		112		95		157
Performance share units	106		—		106		—
Contingent shares (2)	39		—		39		—
Diluted weighted average common shares outstanding (3)	50,385		52,531		50,639		52,736
Basic earnings per share	$	0.54	$	0.60	$	1.99	$	1.72
Diluted earnings per share	$	0.53	$	0.60	$	1.98	$	1.70

(1)A total of 12 thousand and 53 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for three and six months ended June 30, 2023, respectively, as their effect would be anti-dilutive. A total of 17 thousand and 86 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for three and six months ended June 30, 2022, 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. Refer to Note 11, Business Combinations, for further details.

(3)The denominator used in calculating diluted earnings per share did not include 220 thousand PSUs for both the three and six months ended June 30, 2023, and the denominator used in calculating diluted earnings per share did not include 360 thousand PSUs for both the three and six months ended June 30, 2022. The performance conditions associated with these performance share units were not met and consequently none of these PSUs were considered as issuable for the three and six months ended June 30, 2023 and 2022.

Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Net unrealized gain (loss) on available-for-sale securities, net of income taxes	$ 159	$ (218)	$ 338	$ (1,157)
Net unrealized gain (loss) on interest rate swaps, net of income taxes	1,383	705	(5)	3,571
Foreign currency translation	(5)	(7)	(9)	(9)
Total other comprehensive income	1,537	480	324	2,405
Unrealized gain (loss) on available-for-sale securities, income tax expense (benefit)	64	(81)	135	(433)
Unrealized gain (loss) on interest rate swaps, income tax (benefit) expense	$ 449	$ 250	$ (14)	$ 1,178

Business Combinations - Segment Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Financial Services
Business Combination Segment Allocation [Line Items]
Goodwill	$ 41,031	$ 67,506
Total	74,536	116,506
Financial Services \| Client list
Business Combination Segment Allocation [Line Items]
Intangibles	33,487	49,000
Financial Services \| Other intangibles
Business Combination Segment Allocation [Line Items]
Intangibles	18	0
Benefits and Insurance Services
Business Combination Segment Allocation [Line Items]
Goodwill	0	0
Total	0	0
Benefits and Insurance Services \| Client list
Business Combination Segment Allocation [Line Items]
Intangibles	0	0
Benefits and Insurance Services \| Other intangibles
Business Combination Segment Allocation [Line Items]
Intangibles	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Earnings Per Share

6 Months Ended

Jun. 30, 2023

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 and six months ended June 30, 2023 and 2022 (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net Income	$	26,863	$	31,255	$	100,023	$	89,382
Denominator:
Basic
Weighted average common shares outstanding	49,963		51,911		50,164		52,015
Diluted
Stock options (1)	198		508		235		564
Restricted stock units and awards (1)	79		112		95		157
Performance share units	106		—		106		—
Contingent shares (2)	39		—		39		—
Diluted weighted average common shares outstanding (3)	50,385		52,531		50,639		52,736
Basic earnings per share	$	0.54	$	0.60	$	1.99	$	1.72
Diluted earnings per share	$	0.53	$	0.60	$	1.98	$	1.70

Business Combinations - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Annual revenue	$ 64.4
Transaction and integration related costs	$ 2.5
Client list
Business Acquisition, Contingent Consideration [Line Items]
Acquired finite-lived intangible assets, useful life	10 years
Other intangibles
Business Acquisition, Contingent Consideration [Line Items]
Acquired finite-lived intangible assets, useful life	3 years

Accounts Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net, at June 30, 2023 and December 31, 2022 was as follows (in thousands):


	June 30, 2023		December 31, 2022
Trade accounts receivable	$	336,566	$	267,409
Unbilled revenue, at net realizable value	143,234		87,890
Total accounts receivable	479,800		355,299
Allowance for doubtful accounts	(23,403)		(20,801)
Accounts receivable, net	$	456,397	$	334,498

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

Changes to the allowance for doubtful accounts for the six months ended June 30, 2023 and twelve months ended December 31, 2022 were as follows (in thousands):


	June 30, 2023		December 31, 2022
Balance at beginning of period	$	(20,801)	$	(16,158)
Provision	(5,507)		(13,545)
Charge-offs, net of recoveries	2,905		8,902
Allowance for doubtful accounts	$	(23,403)	$	(20,801)

Employee Stock Plans - Schedule of Stock-Based Compensation Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock options	$ 0	$ 75	$ 768	$ 248
Restricted stock units and awards	1,355	1,334	2,614	2,827
Performance share units	1,433	1,330	3,237	3,353
Total stock-based compensation expense	$ 2,788	$ 2,739	$ 6,619	$ 6,428

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, 2021				135,187
Treasury stock, beginning balance (in shares) at Dec. 31, 2021							83,149
Beginning balance at Dec. 31, 2021	$ 704,548			$ 1,352			$ (694,716)	$ 770,117			$ 628,762	$ (967)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	89,382										89,382
Other comprehensive income	2,405											2,405
Share repurchases (in shares)							884
Share repurchases	(35,554)						$ (35,554)
Indirect repurchase of shares for minimum tax withholding (in shares)							188
Indirect repurchase of shares for minimum tax withholding	(7,289)						$ (7,289)
Restricted stock units and awards and Performance share units (in shares)				119		211
Restricted stock units and awards and Performance share units	0		$ 0	$ 1		$ 2		(1)		$ (2)
Stock options exercised (in shares)				287
Stock options exercised	3,896			$ 3				3,893
Stock-based compensation	6,428							6,428
Business acquisitions (in shares)				19
Business acquisitions	707							707
Common stock, ending balance (in shares) at Jun. 30, 2022				135,823
Treasury stock, ending balance (in shares) at Jun. 30, 2022							84,221
Ending balance at Jun. 30, 2022	764,523			$ 1,358			$ (737,559)	781,142			718,144	1,438
Common stock, beginning balance (in shares) at Mar. 31, 2022				135,756
Treasury stock, beginning balance (in shares) at Mar. 31, 2022							83,462
Beginning balance at Mar. 31, 2022	759,848			$ 1,358			$ (707,088)	777,731			686,889	958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,255										31,255
Other comprehensive income	480											480
Share repurchases (in shares)							736
Share repurchases	(29,555)						$ (29,555)
Indirect repurchase of shares for minimum tax withholding (in shares)							23
Indirect repurchase of shares for minimum tax withholding	(916)						$ (916)
Restricted stock units and awards and Performance share units (in shares)					27
Stock options exercised (in shares)				40
Stock options exercised	672							672
Stock-based compensation	2,739							2,739
Common stock, ending balance (in shares) at Jun. 30, 2022				135,823
Treasury stock, ending balance (in shares) at Jun. 30, 2022							84,221
Ending balance at Jun. 30, 2022	764,523			$ 1,358			$ (737,559)	781,142			718,144	1,438
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	100,023										100,023
Other comprehensive income	324											324
Share repurchases (in shares)							975
Share repurchases	(48,528)						$ (48,528)
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)					144	244
Restricted stock units and awards and Performance share units		$ 0	$ 0		$ 1	$ 2			$ (1)	$ (2)
Stock options exercised (in shares)	221			221
Stock options exercised	$ 4,252			$ 3				4,249
Stock-based compensation	6,619							6,619
Business acquisitions (in shares)				177
Business acquisitions	8,296			$ 2				8,294
Excise tax on share repurchases	(171)						$ (558)	387
Common stock, ending balance (in shares) at Jun. 30, 2023				137,081
Treasury stock, ending balance (in shares) at Jun. 30, 2023							87,259
Ending balance at Jun. 30, 2023	776,043			$ 1,371			$ (882,088)	818,693			834,139	3,928
Common stock, beginning balance (in shares) at Mar. 31, 2023				137,024
Treasury stock, beginning balance (in shares) at Mar. 31, 2023							86,712
Beginning balance at Mar. 31, 2023	771,930			$ 1,370			$ (853,793)	814,686			807,276	2,391
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,863										26,863
Other comprehensive income	1,537											1,537
Share repurchases (in shares)							547
Share repurchases	(27,737)						$ (27,737)
Restricted stock units and awards and Performance share units (in shares)					21
Stock options exercised (in shares)				32
Stock options exercised	623			$ 1				622
Stock-based compensation	2,788							2,788
Business acquisitions (in shares)				4
Business acquisitions	210							210
Excise tax on share repurchases	(171)						$ (558)	387
Common stock, ending balance (in shares) at Jun. 30, 2023				137,081
Treasury stock, ending balance (in shares) at Jun. 30, 2023							87,259
Ending balance at Jun. 30, 2023	$ 776,043			$ 1,371			$ (882,088)	$ 818,693			$ 834,139	$ 3,928

Accounts Receivable, Net

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022 was as follows (in thousands):


	June 30, 2023		December 31, 2022
Trade accounts receivable	$	336,566	$	267,409
Unbilled revenue, at net realizable value	143,234		87,890
Total accounts receivable	479,800		355,299
Allowance for doubtful accounts	(23,403)		(20,801)
Accounts receivable, net	$	456,397	$	334,498

Changes to the allowance for doubtful accounts for the six months ended June 30, 2023 and twelve months ended December 31, 2022 were as follows (in thousands):


	June 30, 2023		December 31, 2022
Balance at beginning of period	$	(20,801)	$	(16,158)
Provision	(5,507)		(13,545)
Charge-offs, net of recoveries	2,905		8,902
Allowance for doubtful accounts	$	(23,403)	$	(20,801)

Debt and Financing Arrangements - Summary of Recognized Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Total	$ 5,534	$ 1,645	$ 9,175	$ 2,904
Credit facilities
Debt Instrument [Line Items]
Total	5,498	1,644	9,138	2,903
Other line of credit
Debt Instrument [Line Items]
Total	0	1	0	1
Other
Debt Instrument [Line Items]
Total	$ 36	$ 0	$ 37	$ 0

- 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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
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 $4.4 million and $5.0 million at June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, 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 is expected to set further proceedings to determine the amount of damages owed by Zotec to CBIZ. In addition to the item 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.

Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Summary of Other Comprehensive Income and Tax Impact

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 and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net unrealized gain (loss) on available-for-sale securities, net of income taxes (1)	$	159	$	(218)	$	338	$	(1,157)
Net unrealized gain (loss) on interest rate swaps, net of income taxes(2)	1,383		705		(5)		3,571
Foreign currency translation	(5)		(7)		(9)		(9)
Total other comprehensive income	$	1,537	$	480	$	324	$	2,405

(1)Net of income tax expense of $64 and income tax benefit of $81 for the three months ended June 30, 2023 and 2022, respectively, and net of income tax expense of $135 and income tax benefit of $433 for the six months ended June 30, 2023 and 2022, respectively.

(2)Net of income tax expense of $449 and income tax expense of $250 for the three months ended June 30, 2023 and 2022, respectively, and net of income tax benefit of $14 and income tax expense of $1,178 for the six months ended June 30, 2023 and 2022, respectively.

Business Combinations - Aggregated Consideration And Preliminary Purchase Price Allocation (Details) - Series of Individually Immaterial Business Acquisitions - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition, Contingent Consideration [Line Items]
Common stock issued (in shares)	102	0
Common stock value	$ 4,796	$ 0
Cash paid	48,547	72,469
Recorded contingent consideration	30,317	64,648
Total recorded purchase price	83,660	137,117
Accounts receivable acquired	8,304	18,230
Fixed assets acquired	1,108	1,793
Identifiable intangible assets acquired	33,505	49,000
Operating lease right-of-use asset acquired	14,598	49,291
Other assets acquired	1,157	1,497
Operating lease liability acquired - current	(1,012)	(5,860)
Other current liabilities acquired	(1,445)	(909)
Operating lease liability acquired - non-current	(13,586)	(43,431)
Goodwill	41,031	67,506
Total net assets acquired	83,660	137,117
Maximum potential contingent consideration	$ 31,925	$ 67,115

Segment Disclosures

6 Months Ended

Jun. 30, 2023

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, 2022. 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 and six months ended June 30, 2023 and 2022 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 June 30, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	290,930	—		—		$	290,930
Core benefits and insurance services	—		91,031		—		91,031
Non-core benefits and insurance services	—		4,807		—		4,807
Managed networking, hardware services	—		—		9,067		9,067
National practices consulting	—		—		2,667		2,667
Total revenue	$	290,930	$	95,838	$	11,734	$	398,502


	Three Months Ended June 30, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	259,308	—		—		$	259,308
Core benefits and insurance services	—		87,366		—		87,366
Non-core benefits and insurance services	—		4,342		—		4,342
Managed networking, hardware services	—		—		8,333		8,333
National practices consulting	—		—		2,603		2,603
Total revenue	$	259,308	$	91,708	$	10,936	$	361,952



	Six Months Ended June 30, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	634,016	—		—		$	634,016
Core benefits and insurance services	—		187,648		—		187,648
Non-core benefits and insurance services	—		8,244		—		8,244
Managed networking, hardware services	—		—		18,021		18,021
National practices consulting	—		—		5,179		5,179
Total revenue	$	634,016	$	195,892	$	23,200	$	853,108



	Six Months Ended June 30, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	548,054	—		—		$	548,054
Core benefits and insurance services	—		176,302		—		176,302
Non-core benefits and insurance services	—		7,892		—		7,892
Managed networking, hardware services	—		—		16,254		16,254
National practices consulting	—		—		5,172		5,172
Total revenue	$	548,054	$	184,194	$	21,426	$	753,674

Segment information for the three months ended June 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended June 30, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	290,930	$	95,838	$	11,734	$	—	$	398,502
Operating expenses	243,445		78,374		10,545		11,623		343,987
Gross margin	47,485		17,464		1,189		(11,623)		54,515
Corporate general and administrative expenses	—		—		—		15,793		15,793


Operating income (loss)	47,485		17,464		1,189		(27,416)		38,722
Other income (expense):
Interest expense	—		—		—		(5,534)		(5,534)


Other income, net	235		153		1		5,032		5,421
Total other income (expense), net	235		153		1		(502)		(113)
Income (loss) before income tax expense	$	47,720	$	17,617	$	1,190	$	(27,918)	$	38,609


	Three Months Ended June 30, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	259,308	$	91,708	$	10,936	$	—	$	361,952
Operating expenses	209,643		75,020		9,899		(4,826)		289,736
Gross margin	49,665		16,688		1,037		4,826		72,216
Corporate general and administrative expenses	—		—		—		10,926		10,926

Operating income (loss)	49,665		16,688		1,037		(6,100)		61,290
Other income (expense):
Interest expense	—		(1)		—		(1,644)		(1,645)
Gain on sale of operations, net	135		—		—		—		135
Other income (expense), net	85		(12)		1		(15,977)		(15,903)
Total other income (expense), net	220		(13)		1		(17,621)		(17,413)
Income (loss) before income tax expense	$	49,885	$	16,675	$	1,038	$	(23,721)	$	43,877

Segment information for the six months ended June 30, 2023 and 2022 was as follows (in thousands):



	Six Months Ended June 30, 2023
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	634,016	$	195,892	$	23,200	$	—	$	853,108
Operating expenses	487,888		155,297		21,128		20,685		684,998
Gross margin	146,128		40,595		2,072		(20,685)		168,110
Corporate general and administrative expenses	—		—		—		31,391		31,391

Operating income (loss)	146,128		40,595		2,072		(52,076)		136,719
Other income (expense):
Interest expense	—		(1)		—		(9,174)		(9,175)
Gain on sale of operations, net	99		—		—		—		99

Other income, net	490		330		1		9,712		10,533
Total other income, net	589		329		1		538		1,457
Income (loss) before income tax expense	$	146,717	$	40,924	$	2,073	$	(51,538)	$	138,176



	Six Months Ended June 30, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	548,054	$	184,194	$	21,426	$	—	$	753,674
Operating expenses (income)	419,443		147,677		19,475		(6,560)		580,035
Gross margin	128,611		36,517		1,951		6,560		173,639
Corporate general and administrative expenses	—		—		—		27,235		27,235

Operating income (loss)	128,611		36,517		1,951		(20,675)		146,404
Other income (expense):
Interest expense	—		(1)		—		(2,903)		(2,904)
Gain on sale of operations, net	135		—		—		—		135
Other income (expense), net	171		(36)		1		(22,446)		(22,310)
Total other income (expense), net	306		(37)		1		(25,349)		(25,079)
Income (loss) before income tax expense	$	128,917	$	36,480	$	1,952	$	(46,024)	$	121,325

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Other Comprehensive Income

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Other Comprehensive Income

OTHER COMPREHENSIVE INCOME


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net unrealized gain (loss) on available-for-sale securities, net of income taxes (1)	$	159	$	(218)	$	338	$	(1,157)
Net unrealized gain (loss) on interest rate swaps, net of income taxes(2)	1,383		705		(5)		3,571
Foreign currency translation	(5)		(7)		(9)		(9)
Total other comprehensive income	$	1,537	$	480	$	324	$	2,405

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Revenue	$ 398,502	$ 361,952	$ 853,108	$ 753,674
Operating expenses	343,987	289,736	684,998	580,035
Gross margin	54,515	72,216	168,110	173,639
Corporate general and administrative expenses	15,793	10,926	31,391	27,235
Operating income	38,722	61,290	136,719	146,404
Other (expense) income:
Interest expense	(5,534)	(1,645)	(9,175)	(2,904)
Gain on sale of operations, net	0	135	99	135
Other income (expense), net	5,421	(15,903)	10,533	(22,310)
Total other (expense) income, net	(113)	(17,413)	1,457	(25,079)
Income before income tax expense	38,609	43,877	138,176	121,325
Income tax expense	11,746	12,622	38,153	31,943
Net income	$ 26,863	$ 31,255	$ 100,023	$ 89,382
Earnings per share:
Basic (in dollars per share)	$ 0.54	$ 0.60	$ 1.99	$ 1.72
Diluted (in dollars per share)	$ 0.53	$ 0.60	$ 1.98	$ 1.70
Basic weighted average shares outstanding (in shares)	49,963	51,911	50,164	52,015
Diluted weighted average shares outstanding (in shares)	50,385	52,531	50,639	52,736
Comprehensive income:
Net income	$ 26,863	$ 31,255	$ 100,023	$ 89,382
Other comprehensive income, net of tax	1,537	480	324	2,405
Comprehensive income	$ 28,400	$ 31,735	$ 100,347	$ 91,787

Debt and Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Unsecured Credit Facility


	Six Months Ended June 30,
	2023	2022
Weighted average rates	4.94%	1.93%
Range of effective rates	1.93% - 8.00%	1.08% - 3.67%

Summary 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 and six months ended June 30, 2023 and 2022 was as follows (in thousands):



	Three Months Ended June 30,
	2023		2022
Credit facilities	$	5,498	$	1,644
Other line of credit	—		1
Other	36		—
Total	$	5,534	$	1,645


	Six Months Ended June 30,
	2023		2022
Credit facilities	$	9,138	$	2,903
Other line of credit	—		1
Other	37		—
Total	$	9,175	$	2,904

Financial Instruments - Summary of Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available for Sale [Roll Forward]
Fair value at beginning of period	$ 43,485	$ 38,670
Purchases	0	19,771
Redemptions	(2,310)	(5,630)
Maturities	(880)	(6,770)
Change in bond premium	(385)	(645)
Fair market value adjustment	473	(1,911)
Fair value at end of period	$ 40,383	$ 43,485

Financial Instruments

6 Months Ended

Jun. 30, 2023

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 $41.2 million and $44.4 million at June 30, 2023 and December 31, 2022, respectively, and had maturity or callable dates ranging from July 2023 through November 2025.

At June 30, 2023, 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 six months ended June 30, 2023 and the twelve months ended December 31, 2022 (in thousands):


	Six Months Ended June 30, 2023		Twelve Months Ended December 31, 2022
Fair value at beginning of period	$	43,485	$	38,670
Purchases	—		19,771
Redemptions	(2,310)		(5,630)
Maturities	(880)		(6,770)
Change in bond premium	(385)		(645)
Fair market value adjustment	473		(1,911)
Fair value at end of period	$	40,383	$	43,485

In addition to the available-for-sale debt securities discussed above, we also held other depository assets in the amount of $0.9 million and $0.9 million at June 30, 2023 and December 31, 2022, 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, 2022 for further discussion on our interest rate swaps.

During the first quarter of 2023, we entered into a new 5-year interest rate swap with a notional value of $25.0 million and fixed rate of 3.669%. During the second quarter of 2023, one interest rate swap expired with a notional value of $15.0 million. As of June 30, 2023, we have four interest rate swaps outstanding. Under the terms of the interest rate swaps, we pay interest at a fixed rate of interest plus applicable margin as stated in the amended agreements, and receive interest that varies with the one-month Term SOFR.

The following table summarizes our outstanding interest rate swaps and their classification in the accompanying unaudited Condensed Consolidated Balance Sheets at June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location

Interest rate swap	$	50,000	0.834	%	4/14/2025	$	3,427	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,875	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	1,193	Other non-current asset
Interest rate swap	$	25,000	3.669	%	4/14/2028	$	259	Other non-current asset


	December 31, 2022
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	15,000	2.571	%	6/1/2023	$	133	Other current asset
Interest rate swap	$	50,000	0.834	%	4/14/2025	$	3,726	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,871	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	1,079	Other non-current asset

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

The following table summarizes the effects of the interest rate swaps on the accompanying unaudited Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Gain Recognized in AOCI, net of tax				Gain (Loss) Reclassified from AOCI into Expense
	Three Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022
Interest rate swaps	$	2,187	$	587	$	1,073	$	(155)



	Six Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest rate swaps	$	1,472	$	3,194	$	1,970	$	(498)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 26,863	$ 31,255	$ 100,023	$ 89,382

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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

The following table summarizes our assets and (liabilities) at June 30, 2023 and December 31, 2022, 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	June 30, 2023		December 31, 2022
Deferred compensation plan assets	1	$	136,463	$	118,862
Available-for-sale debt securities	1	40,383		43,485
Other depository assets	1	947		868
Deferred compensation plan liabilities	1	(136,463)		(118,862)
Interest rate swaps	2	7,754		7,809
Contingent purchase price liabilities	3	(130,465)		(132,010)

Summary 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 six months ended June 30, 2023 and 2022 (pre-tax basis) (in thousands):


	2023		2022
Beginning balance – December 31	$	(132,010)	$	(79,139)
Additions from business acquisitions	(30,317)		(64,648)
Settlement of contingent purchase price liabilities	33,307		8,830
Change in fair value of contingencies	(15)		117
Change in net present value of contingencies	(1,430)		(1,595)
Ending balance – June 30	$	(130,465)	$	(136,435)

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
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 12, Segment Disclosures, to the accompanying unaudited condensed consolidated financial statements.Effective April 1, 2023, CBIZ formed Rockside Insurance Company, Inc. ("Rockside"), a captive insurance company licensed in Vermont. Rockside, wholly owned by CBIZ, provides insurance coverages for a portion of the retention deductibles from CBIZ's certain insurance programs with third party insurers.
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 Securities and Exchange Commission (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, 2022. 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, 2023.
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, 2022.
Reclassifications	Reclassifications: Certain prior period amounts have been reclassified to conform to current year's presentation.
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 six months ended June 30, 2023, we have implemented all new ASUs that are in effect and that may impact our consolidated financial statements.

Commitments and Contingencies - Legal Proceedings (Details) - CBIZ Operations and a former employee of CBIZ MMP $ in Millions	Dec. 19, 2016 USD ($)
Commitments And Contingencies [Line Items]
Total transaction price	$ 200.0
Maximum
Commitments And Contingencies [Line Items]
Damages sought amount	$ 177.0

Accounts Receivable, Net - Schedule of Accounts Receivables Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade accounts receivable	$ 336,566	$ 267,409
Unbilled revenue, at net realizable value	143,234	87,890
Total accounts receivable	479,800	355,299
Allowance for doubtful accounts	(23,403)	(20,801)	$ (16,158)
Accounts receivable, net	$ 456,397	$ 334,498

Commitments and Contingencies - Letters of Credit and Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 4.4	$ 5.0
License bonds outstanding amount	$ 2.3	$ 2.3

Financial Instruments - Summary of Effects of Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives, Fair Value [Line Items]
Gain Recognized in AOCI, net of tax	$ 1,383	$ 705	$ (5)	$ 3,571
Interest rate swap
Derivatives, Fair Value [Line Items]
Gain Recognized in AOCI, net of tax	2,187	587	1,472	3,194
Gain (Loss) Reclassified from AOCI into Expense	$ 1,073	$ (155)	$ 1,970	$ (498)

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOPEN

Segment Disclosures - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 398,502	$ 361,952	$ 853,108	$ 753,674
Operating expenses	343,987	289,736	684,998	580,035
Gross margin	54,515	72,216	168,110	173,639
Corporate general and administrative expenses	15,793	10,926	31,391	27,235
Operating income	38,722	61,290	136,719	146,404
Other (expense) income:
Interest expense	(5,534)	(1,645)	(9,175)	(2,904)
Gain on sale of operations, net	0	135	99	135
Other income, net	5,421	(15,903)	10,533	(22,310)
Total other (expense) income, net	(113)	(17,413)	1,457	(25,079)
Income before income tax expense	38,609	43,877	138,176	121,325
Financial Services
Segment Reporting Information [Line Items]
Revenue	290,930	259,308	634,016	548,054
Benefits and Insurance Services
Segment Reporting Information [Line Items]
Revenue	95,838	91,708	195,892	184,194
National Practices
Segment Reporting Information [Line Items]
Revenue	11,734	10,936	23,200	21,426
Operating segments \| Financial Services
Segment Reporting Information [Line Items]
Revenue	290,930	259,308	634,016	548,054
Operating expenses	243,445	209,643	487,888	419,443
Gross margin	47,485	49,665	146,128	128,611
Corporate general and administrative expenses	0	0	0	0
Operating income	47,485	49,665	146,128	128,611
Other (expense) income:
Interest expense	0	0	0	0
Gain on sale of operations, net		135	99	135
Other income, net	235	85	490	171
Total other (expense) income, net	235	220	589	306
Income before income tax expense	47,720	49,885	146,717	128,917
Operating segments \| Benefits and Insurance Services
Segment Reporting Information [Line Items]
Revenue	95,838	91,708	195,892	184,194
Operating expenses	78,374	75,020	155,297	147,677
Gross margin	17,464	16,688	40,595	36,517
Corporate general and administrative expenses	0	0	0	0
Operating income	17,464	16,688	40,595	36,517
Other (expense) income:
Interest expense	0	(1)	(1)	(1)
Gain on sale of operations, net		0	0	0
Other income, net	153	(12)	330	(36)
Total other (expense) income, net	153	(13)	329	(37)
Income before income tax expense	17,617	16,675	40,924	36,480
Operating segments \| National Practices
Segment Reporting Information [Line Items]
Revenue	11,734	10,936	23,200	21,426
Operating expenses	10,545	9,899	21,128	19,475
Gross margin	1,189	1,037	2,072	1,951
Corporate general and administrative expenses	0	0	0	0
Operating income	1,189	1,037	2,072	1,951
Other (expense) income:
Interest expense	0	0	0	0
Gain on sale of operations, net		0	0	0
Other income, net	1	1	1	1
Total other (expense) income, net	1	1	1	1
Income before income tax expense	1,190	1,038	2,073	1,952
Corporate and Other
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Operating expenses	11,623	(4,826)	20,685	(6,560)
Gross margin	(11,623)	4,826	(20,685)	6,560
Corporate general and administrative expenses	15,793	10,926	31,391	27,235
Operating income	(27,416)	(6,100)	(52,076)	(20,675)
Other (expense) income:
Interest expense	(5,534)	(1,644)	(9,174)	(2,903)
Gain on sale of operations, net		0	0	0
Other income, net	5,032	(15,977)	9,712	(22,446)
Total other (expense) income, net	(502)	(17,621)	538	(25,349)
Income before income tax expense	$ (27,918)	$ (23,721)	$ (51,538)	$ (46,024)

Employee Stock Plans - Schedule of Restricted Stock Units and Awards Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock Units Award Activity
Exercisable at end of period (in shares) \| shares	382
Restricted Stock Units and Awards Weighted Average Grant Date Fair Value
Exercisable at end of period (in dollars per share) \| $ / shares	$ 25.64
Restricted Stock Units and Awards
Restricted Stock Units Award Activity
Outstanding at beginning of period (in shares) \| shares	277
Granted (in shares) \| shares	109
Exercised or released (in shares) \| shares	(154)
Outstanding at end of period (in shares) \| shares	232
Restricted Stock Units and Awards Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 32.62
Granted (in dollars per share) \| $ / shares	48.64
Exercised or released (in dollars per share) \| $ / shares	31.25
Outstanding at end of period (in dollars per share) \| $ / shares	$ 41.09

Fair Value Measurements - Change in Level 3 Fair Values of Contingent Purchase Price Liabilities (Details) - Contingent purchase price liabilities - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance – December 31	$ (132,010)	$ (79,139)
Additions from business acquisitions	(30,317)	(64,648)
Settlement of contingent purchase price liabilities	33,307	8,830
Change in fair value of contingencies	(15)	117
Change in net present value of contingencies	(1,430)	(1,595)
Ending balance - June 30	$ (130,465)	$ (136,435)

Accounts Receivable, Net - Schedule of Changes in the Allowance for Doubtful Accounts on Accounts Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (20,801)	$ (16,158)
Provision	(5,507)	(13,545)
Charge-offs, net of recoveries	2,905	8,902
Allowance for doubtful accounts	$ (23,403)	$ (20,801)

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Summary of Investments

The following table summarizes activities related to these investments for the six months ended June 30, 2023 and the twelve months ended December 31, 2022 (in thousands):


	Six Months Ended June 30, 2023		Twelve Months Ended December 31, 2022
Fair value at beginning of period	$	43,485	$	38,670
Purchases	—		19,771
Redemptions	(2,310)		(5,630)
Maturities	(880)		(6,770)
Change in bond premium	(385)		(645)
Fair market value adjustment	473		(1,911)
Fair value at end of period	$	40,383	$	43,485

Summary of Outstanding Interest Rate Swaps


	June 30, 2023
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location

Interest rate swap	$	50,000	0.834	%	4/14/2025	$	3,427	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,875	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	1,193	Other non-current asset
Interest rate swap	$	25,000	3.669	%	4/14/2028	$	259	Other non-current asset


	December 31, 2022
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	15,000	2.571	%	6/1/2023	$	133	Other current asset
Interest rate swap	$	50,000	0.834	%	4/14/2025	$	3,726	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,871	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	1,079	Other non-current asset

Summary of Effects of Interest Rate Swap


	Gain Recognized in AOCI, net of tax				Gain (Loss) Reclassified from AOCI into Expense
	Three Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022
Interest rate swaps	$	2,187	$	587	$	1,073	$	(155)



	Six Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest rate swaps	$	1,472	$	3,194	$	1,970	$	(498)

- 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

Employee Stock Plans - Schedule of Performance Share Units Activity (Details) - Performance share units shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Performance Share Units
Outstanding at beginning of period (in shares) \| shares	482
Granted (in shares) \| shares	88
Vested (in shares) \| shares	(244)
Outstanding at end of period (in shares) \| shares	326
Performance Share Units Award Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 28.84
Granted (in dollars per share) \| $ / shares	48.40
Vested (in dollars per share) \| $ / shares	25.75
Outstanding at end of period (in dollars per share) \| $ / shares	$ 36.46

Segment Disclosures - Summary of Disaggregation of Revenue by Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 398,502	$ 361,952	$ 853,108	$ 753,674
Financial Services
Disaggregation of Revenue [Line Items]
Revenue	290,930	259,308	634,016	548,054
Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	95,838	91,708	195,892	184,194
National Practices
Disaggregation of Revenue [Line Items]
Revenue	11,734	10,936	23,200	21,426
Accounting, tax, advisory and consulting
Disaggregation of Revenue [Line Items]
Revenue	290,930	259,308	634,016	548,054
Accounting, tax, advisory and consulting \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	290,930	259,308	634,016	548,054
Accounting, tax, advisory and consulting \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Accounting, tax, advisory and consulting \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Core benefits and insurance services
Disaggregation of Revenue [Line Items]
Revenue	91,031	87,366	187,648	176,302
Core benefits and insurance services \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Core benefits and insurance services \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	91,031	87,366	187,648	176,302
Core benefits and insurance services \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Non-core benefits and insurance services
Disaggregation of Revenue [Line Items]
Revenue	4,807	4,342	8,244	7,892
Non-core benefits and insurance services \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Non-core benefits and insurance services \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	4,807	4,342	8,244	7,892
Non-core benefits and insurance services \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Managed networking, hardware services
Disaggregation of Revenue [Line Items]
Revenue	9,067	8,333	18,021	16,254
Managed networking, hardware services \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Managed networking, hardware services \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Managed networking, hardware services \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	9,067	8,333	18,021	16,254
National practices consulting
Disaggregation of Revenue [Line Items]
Revenue	2,667	2,603	5,179	5,172
National practices consulting \| Financial Services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
National practices consulting \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
National practices consulting \| National Practices
Disaggregation of Revenue [Line Items]
Revenue	$ 2,667	$ 2,603	$ 5,179	$ 5,172

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 100,023	$ 89,382
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	17,831	16,465
Gain on sale of operations, net	(99)	(135)
Bad debt expense, net of recoveries	805	1,263
Adjustment to contingent earnout liability	1,445	1,478
Stock-based compensation expense	6,619	6,428
Deferred income taxes	4,571	4,688
Other, net	100	202
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(111,792)	(138,658)
Other assets	(11,594)	(1,696)
Accounts payable	45,350	57,837
Income taxes payable	11,913	11,252
Accrued personnel costs	(40,893)	(11,176)
Other liabilities	5,450	(8,822)
Net cash provided by operating activities	29,729	28,508
Cash flows from investing activities:
Business acquisitions and purchases of client lists, net of cash acquired	(48,630)	(72,469)
Purchases of client fund investments	0	(18,271)
Proceeds from the sales and maturities of client fund investments	3,190	8,505
Proceeds from sales of divested operations	245	190
Change in funds held for clients	305	(2,468)
Additions to property and equipment	(11,726)	(3,640)
Other, net	(9,001)	(1,603)
Net cash used in investing activities	(65,617)	(89,756)
Cash flows from financing activities:
Proceeds from bank debt	661,800	447,300
Payment of bank debt	(516,900)	(336,600)
Payment for acquisition of treasury stock	(48,764)	(34,354)
Indirect repurchase of shares for minimum tax withholding	(8,224)	(7,289)
Changes in client funds obligations	(40,398)	29,014
Proceeds from exercise of stock options	4,252	3,896
Payment of contingent consideration for acquisitions and client lists	(29,973)	(8,240)
Other, net	0	(2,072)
Net cash provided by financing activities	21,793	91,655
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,095)	30,407
Cash, cash equivalents and restricted cash at beginning of year	160,145	150,474
Cash, cash equivalents and restricted cash at end of period	146,050	180,881
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	3,692	3,881
Restricted cash	52,314	42,188
Cash equivalents included in funds held for clients	90,044	134,812
Total cash, cash equivalents and restricted cash	$ 146,050	$ 180,881

Business Combinations

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

BUSINESS COMBINATIONS

Business Combinations

During the six months ended June 30, 2023, we completed the following acquisitions:

•Effective January 1, 2023, we acquired all of the assets of Danenhauer and Danenhauer, Inc ("Danenhauer and Danenhauer"). Danenhauer and Danenhauer, based in California, is a provider of forensic accounting, business valuation, expert witness testimony, and other services for businesses and individuals. Operating results for Danenhauer and Danenhauer are reported in the Financial Services practice group.

•Effective February 1, 2023, we acquired the non-attest assets of Somerset CPAs and Advisors ("Somerset"). Somerset, based in Indianapolis, Indiana, is a provider of a full range of accounting, tax, and financial advisory services to clients in a wide array of industries. Operating results for Somerset are reported in the Financial Services practice group.

•Effective June 1, 2023, we acquired all of the assets of Pivot Point Security ("PPS"). PPS, based in Hamilton, New Jersey, is a provider of cyber and information security, and compliance services for small and middle market businesses. Operating results for PPS are reported in the Financial Services practice group.

•Effective June 1, 2023, we acquired all of the assets of Ickovic and Co. PC ("Ickovic and Co."). Ickovic and Co., based in Denver, Colorado, is a provider of bespoke services and solutions for high-net-worth individuals, business owners and executives. Operating results for Ickovic and Co. are reported in the Financial Services practice group.

During the six months ended June 30, 2022, we completed the following acquisition:

•Effective January 1, 2022, we acquired all of the non-attest assets of Marks Paneth LLP ("Marks Paneth"). Marks Paneth, based in New York City, is a provider of a full range of accounting, tax and consulting services to a wide range of industries. Marks Paneth is included as a component of our Financial Services practice group. Operating results are reported in the Financial Services practice group.

The acquisitions of Danenhauer and Danenhauer, Somerset, PPS and Ickovic and Co. (together, the “2023 Acquisitions”) are expected to add approximately $64.4 million annualized revenue in 2023. For the six months ended June 30, 2023, we recorded approximately $2.5 million in non-recurring transaction, retention and integration related costs associated with the Somerset acquisition. Pro forma results of operations for these acquisitions have not been presented because the effects of these acquisitions were not material, either individually or in aggregate, to our total revenue and net income for the three and six months ended June 30, 2023 and 2022, respectively.

The following table summarizes the consideration and purchase price allocation for the acquisitions completed during the six months ended June 30, 2023 and 2022, respectively (in thousands):


	2023		2022

Common stock issued (number)	102		—
Common stock value	$	4,796	$	—
Cash paid	48,547		72,469

Recorded contingent consideration	30,317		64,648
Total recorded purchase price	$	83,660	$	137,117
Accounts receivable acquired	8,304		18,230
Fixed assets acquired	1,108		1,793
Identifiable intangible assets acquired	33,505		49,000
Operating lease right-of-use asset acquired	14,598		49,291
Other assets acquired	1,157		1,497
Operating lease liability acquired - current	(1,012)		(5,860)
Other current liabilities acquired	(1,445)		(909)
Operating lease liability acquired - non-current	(13,586)		(43,431)
Goodwill	41,031		67,506
Total net assets acquired	$	83,660	$	137,117
Maximum potential contingent consideration	$	31,925	$	67,115

Provisional estimates of fair value are established at the time of each acquisition and are subsequently reviewed within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments. Fair value estimates of the 2023 Acquisitions were provisional as of June 30, 2023, primarily related to the value established for certain identifiable intangible assets and contingent purchase price consideration.

The following table summarizes the goodwill and intangible asset amounts resulting from those acquisitions for the six months ended June 30, 2023 and 2022, respectively (in thousands):


	Six Months Ended June 30,
	2023				2022
	Financial Services		Benefits and Insurance Services		Financial Services		Benefits and Insurance Services
Goodwill	$	41,031	$	—	$	67,506	$	—
Client list	33,487		—		49,000		—
Other intangibles	18		—		—		—
Total	$	74,536	$	—	$	116,506	$	—

Goodwill is calculated as the difference between the aggregated purchase price and the fair value of the net assets acquired. Goodwill represents the value of expected future earnings and cash flows, as well as the synergies created by the integration of the new businesses within our organization, including cross-selling opportunities expected with our Financial Services practice group and the Benefits and Insurance Services practice group, to help strengthen our existing service offerings and expand our market position. Goodwill related to these acquisitions is deductible for tax purposes. Client lists from the aforementioned acquisitions have an expected life up to 10 years, and other intangibles, primarily non-compete agreements, have an expected life of 3 years. Client lists and non-compete agreements are valued using a discounted cash flow model based on management estimates of future cash flows from such assets.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net expense	$	815	$	836	$	1,445	$	1,478
Cash settlement paid	$	1,373	$	1,045	$	29,808	$	8,122
Shares issued (number)	4		—		75		19

Employee Stock Plans - Schedule of Fair Value Option Award Weighted Average Assumptions Used (Details) - $ / shares		6 Months Ended
	Feb. 08, 2023	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Fair value of stock options granted (in dollars per share)	$ 15.35
Expected volatility		28.57%
Expected option life (years)		4 years 8 months 26 days
Risk-free interest rate		3.89%
Expected dividend yield		0.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
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

Employee Stock Plans - Additional Information (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2023	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

Financial Instruments - Additional Information (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($) swap	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Par value of available-for-sale debt securities	$ 41,200		$ 44,400
Funds held for clients	$ 131,374		$ 171,313
Interest rate swap, April 2028 expiration
Debt Securities, Available-for-sale [Line Items]
Interest rate swap, fixed interest rate	3.669%
Interest rate swap, June 2023 expiration
Debt Securities, Available-for-sale [Line Items]
Interest rate swap, fixed interest rate			2.571%
Number of instruments expired \| swap	1
Interest rate swap
Debt Securities, Available-for-sale [Line Items]
Number of interest rate swaps outstanding \| swap	4
Other non-current asset \| Interest rate swap, April 2028 expiration
Debt Securities, Available-for-sale [Line Items]
Term of contract		5 years
Notional amount, asset		$ 25,000
Interest rate swap, fixed interest rate		3.669%
Other current asset \| Interest rate swap, June 2023 expiration
Debt Securities, Available-for-sale [Line Items]
Notional amount, asset	$ 15,000		$ 15,000
Certified Deposits and Other Depository Assets
Debt Securities, Available-for-sale [Line Items]
Funds held for clients	$ 900		$ 900

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 136,463	$ 118,862
Available-for-sale debt securities	40,383	43,485	$ 38,670
Deferred compensation plan liabilities	(136,463)	(118,862)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	136,463	118,862
Available-for-sale debt securities	40,383	43,485
Other depository assets	947	868
Deferred compensation plan liabilities	(136,463)	(118,862)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	7,754	7,809
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price liabilities	$ (130,465)	$ (132,010)

Debt and Financing Arrangements - Summary of Unsecured Credit Facility (Details) - 2018 and 2022 Credit Facilities	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Weighted average rates	4.94%	1.93%
Minimum
Debt Instrument [Line Items]
Range of effective rates	1.93%	1.08%
Maximum
Debt Instrument [Line Items]
Range of effective rates	8.00%	3.67%

- 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

Employee Stock Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Awards

Compensation expense for stock-based awards recognized during the three and six months ended June 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options	$	—	$	75	$	768	$	248
Restricted stock units and awards	1,355		1,334		2,614		2,827
Performance share units	1,433		1,330		3,237		3,353
Total stock-based compensation expense	$	2,788	$	2,739	$	6,619	$	6,428

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

The following table presents our stock options and restricted stock units and awards activity during the six months ended June 30, 2023 (in thousands, except per share data):


	Stock Options			Restricted Stock Units and Awards
	Number of Options	Weighted Average Exercise Price Per Share		Number of Shares	Weighted Average Grant-Date Fair Value (1)
Outstanding at beginning of year	553	$	21.03	277	$	32.62
Granted	50	$	48.40	109	$	48.64
Exercised or released	(221)	$	19.24	(154)	$	31.25

Outstanding at June 30, 2023	382	$	25.64	232	$	41.09
Exercisable at June 30, 2023	382	$	25.64

(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 six months ended June 30, 2023 (in thousands, except per share data):


	Performance Share Units	Weighted Average Grant-Date Fair Value Per Unit (1)
Outstanding at beginning of year	482	$	28.84
Granted	88	$	48.40
Vested	(244)	$	25.75


Outstanding at June 30, 2023	326	$	36.46

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

Schedule of Fair Value Option Award Weighted Average Assumptions Used

The following weighted average assumptions were utilized:


			Six Months Ended June 30, 2023
Expected volatility (1)			28.57%
Expected option life (years) (2)			4.74
Risk-free interest rate (3)			3.89%
Expected dividend yield (4)			—%

(1) The expected volatility assumption was determined based upon the historical volatility of CBIZ's stock price using daily price intervals.

(3) The risk-free interest rate assumption was based upon zero-coupon U.S. treasury bonds with a term approximating the expected life of the respective options. (4) The expected dividend yield assumption was determined in view of CBIZ's historical and estimated dividend payouts.