Q2 2024 Robert Half Inc Earnings Call Transcript
Key Points
- Protiviti posted strong results, led by US growth in revenues and segment income both on a sequential and year-on-year basis.
- Cash flow from operations during the quarter was $142 million.
- The company distributed a $0.53 per share cash dividend, which has grown 11.5% annually since its inception in 2004.
- Robert Half Inc (RHI) acquired 900,000 shares during the quarter for $60 million.
- Return on invested capital for the company was 18% in the second quarter.
- Company-wide revenues were $1.473 billion, down 10% from last year's second quarter.
- Net income per share in the second quarter was $0.66 compared to $1 in the second quarter one year ago.
- Client and candidate caution continues to impact hiring activity and new project starts due to macroeconomic and interest rate uncertainty.
- Second-quarter talent solutions revenues were down 14% year over year.
- Enterprise SG&A costs were 34% of global revenues in the second quarter compared to 33.1% in the same quarter one year ago.
Hello and welcome to the Robert Half second-quarter 2024 conference call. Today's conference call is being recorded. (Operator Instructions)
Our hosts 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.
Hi, everyone. We appreciate your time today. Before we get started, I would 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 are subject to the 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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