CBIZ is a professional services firm focused on the U.S. middle market, providing accounting, tax, advisory, benefits, and insurance services to small and mid-sized businesses. CBIZ positions itself as a one-stop shop across these services, allowing clients to avoid managing multiple advisers. The core of CBIZ's business is its Financial Services segment (~83% of revenue), which covers accounting, tax compliance, tax consulting, and advisory services including transaction advisory, valuations, and risk advisory. The Benefits and Insurance segment (~15% of revenue) provides employee benefits consulting, payroll, HR solutions, and insurance brokerage. CBIZ generates revenue primarily through fixed-fee and commission-based arrangements, with management estimating roughly 72% of revenue is recurring. The cost structure is roughly 80% personnel-related, creating operating leverage as incentive compensation flexes with revenue performance. CBIZ targets mid-single-digit annual price increases and grows through client retention, cross-selling between segments, new client wins, and M&A. The November 2024 acquisition of Marcum, a national accounting firm, roughly doubled CBIZ's revenue and made it the seventh-largest accounting firm in the U.S., expanding its presence in New York, New England, the Mid-Atlantic, South Florida, and Southern California. CBIZ is also investing in AI and offshore delivery centers in India and the Philippines to drive efficiency, with offshore hours expected to grow from ~6% of total hours in FY25 to over 20% longer term. The Financial Services segment is highly seasonal, with most earnings generated in the first half of the year due to the tax busy season.