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Robert Half International Inc. has a market cap of $3.99 billion; its shares were traded at around $27.16 with a P/E ratio of 36.7 and P/S ratio of 1.3. The dividend yield of Robert Half International Inc. stocks is 2.1%. Robert Half International Inc. had an annual average earning growth of 23% over the past 10 years.
Highlight of Business Operations: The Company’s reporting units are Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources and Protiviti, which had goodwill balances at June 30, 2011, of $127.7 million, $26.6 million, $0.0 million, $7.3 million, $0.0 million and $28.8 million, respectively, totaling $190.4 million. There were no changes to the Company’s reporting units or to the allocations of goodwill by reporting unit through June 30, 2011.
Operating Income. The Company’s total operating income was $61 million, or 6.5% of revenues, for the three months ended June 30, 2011, increasing by 173% from $22 million, or 2.9% of revenues, for the three months ended June 30, 2010. For the Company’s temporary and consultant staffing services division, operating income was $46 million, or 6.1% of applicable revenues, up from $24 million, or 3.8% of applicable revenues, in the second quarter of 2010. For the Company’s permanent placement staffing division, operating income was $14 million, or 17.2% of applicable revenues, up from an operating income of $5 million, or 9.9% of applicable revenues, in the second quarter of 2010. For the Company’s risk consulting and internal audit services division, operating income was $1 million, or 0.9% of applicable revenues, up from an operating loss of $7 million, or negative 7.3% of applicable revenues, in the second quarter of 2010.
Operating Income. The Company’s total operating income was $105 million, or 5.8% of revenues, for the six months ended June 30, 2011, increasing by 203% from $35 million, or 2.3% of revenues, for the six months ended June 30, 2010. For the Company’s temporary and consultant staffing services division, operating income was $84 million, or 5.7% of applicable revenues, up from $40 million, or 3.3% of applicable revenues, in the first half of 2010. For the Company’s permanent placement staffing division, operating income was $22 million, or 14.7% of applicable revenues, up from operating income of $9 million, or 8.3% of applicable revenues, in the first half of 2010. For the Company’s risk consulting and internal audit services division, operating loss was $1 million, or negative 0.3% of applicable revenues, improving from an operating loss of $14 million, or negative 7.9% of applicable revenues, in the first half of 2010.
Cash and cash equivalents were $261 million and $290 million at June 30, 2011 and 2010, respectively. Operating activities provided $88 million during the six months ended June 30, 2011, which was more than offset by $31 million and $117 million of net cash used in investing activities and financing activities, respectively. Operating activities provided $51 million during the six months ended June 30, 2010, which was more than offset by $14 million and $104 million of net cash used in investing activities and financing activities, respectively.
Operating activities—Net cash provided by operating activities for the six months ended June 30, 2011, was comprised of net income of $63 million, adjusted for non-cash items of $46 million, and offset by changes in working capital of $21 million. Net cash provided by operating activities for the six months ended June 30, 2010, was composed of net income of $21 million, adjusted for non-cash items of $52 million, and net cash provided by changes in working capital of $22 million.
Financing activities—Cash used in financing activities for the six months ended June 30, 2011, was $117 million. This included repurchases of $92 million in common stock and $40 million in cash dividends to stockholders, offset by proceeds of $14 million from exercises of stock options and $1 million in excess tax benefits from stock-based compensation. Cash used in financing activities for the six months ended June 30, 2010, was $104 million. This included repurchases of $72 million in common stock and $38 million in cash dividends to stockholders, offset by proceeds of $5 million from exercise of stock options and $1 million in excess tax benefits from stock-based compensation.
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