Q3 2024 Robert Half Inc Earnings Call Transcript
Key Points
- Protiviti reported strong results with sequential and year-over-year revenue growth, particularly in regulatory risk and compliance and internal audit solutions.
- Cash flow from operations was $130 million, and the company distributed a $0.53 per share cash dividend, marking a 10.4% increase from the prior year.
- Robert Half Inc (RHI) acquired approximately 800,000 shares during the quarter, indicating confidence in the company's future prospects.
- The company has maintained a stable and consistent weekly revenue trend for the past 12 to 14 weeks, the longest period of stability in two years.
- Robert Half Inc (RHI) continues to invest in technology and innovation, enhancing its proprietary recruiters plus AI strategy to add significant value to clients.
- Company-wide revenues were down 6% from last year's third quarter on an as-reported basis and down 8% on an as-adjusted basis.
- Net income per share decreased to $0.64 from $0.90 in the third quarter of the previous year.
- Talent solutions revenues were down 13% year over year, both in the US and internationally.
- Gross margin for contract talent solutions decreased to 38.9% from 39.8% in the previous year.
- Enterprise SG&A costs increased to 34.9% of global revenues compared to 31.8% in the same quarter last year, indicating higher operational expenses.
Hello and welcome to the Robert Half third-quarter 2024 conference call. Today's conference is being recorded. (Operator Instructions) Our host for today's call are Mr. Keith Waddell, President and Chief Executive Officer of Robert Half; and Mr. Michael Buckley, Chief Financial Officer.
Mr. Waddell, you may begin.
Hello, everyone. We appreciate your time today. Before we get started, I'd like to remind you that the comments made on today's call contain forward-looking statements, including predictions and estimates about our future performance. These statements represent our current judgment of what the future holds.
However, they're subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties are described in today's press release and in our most recent 10-K and 10-Q filed with the SEC. We assume no obligation to update the statements made on today's call
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