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Robert Half(RHI) - 2023 Q4 - Annual Report
2024-02-20 19:37
Financial Performance - The Company's service revenues were $6.39 billion in 2023, a decrease of 11.7% from $7.24 billion in 2022[114] - Full-year 2023 net income decreased 37.5% to $411 million, with diluted net income per share decreasing 35.7% to $3.88[114] - Contract talent solutions revenues were $3.90 billion in 2023, down 14.1% from $4.53 billion in 2022, driven by a 20.8% decrease in hours worked[135] - Permanent placement talent solutions revenues were $567 million in 2023, a decrease of 21.7% from $725 million in 2022, due to a 24.1% decrease in placements[136] - Revenues from U.S. operations decreased 13.2% to $4.96 billion in 2023, while international revenues decreased 5.9% to $1.44 billion[134] - Protiviti revenues for 2023 were $1.93 billion, a decrease of 2.5% from $1.98 billion in 2022, primarily due to a 6.6% decrease in billable hours[137] - The Company's total revenues for the year ended December 31, 2023, were $6.39 billion, a decrease of 11.7% from $7.24 billion in 2022[134] Expenses and Margins - Selling, general and administrative expenses for the company were $2.11 billion in 2023, down 0.5% from $2.12 billion in 2022, but as a percentage of revenues, these expenses increased to 33.0%[145] - Adjusted selling, general and administrative expenses for the company were $2.04 billion in 2023, a decrease of 7.0% from $2.19 billion in 2022[145] - Contract talent solutions gross margin dollars were $1.55 billion in 2023, down 14.1% from $1.80 billion in 2022, maintaining a gross margin percentage of 39.8%[141] - Permanent placement talent solutions gross margin dollars fell by 21.7% to $566 million in 2023, down from $724 million in 2022[142] - The Company's gross margin dollars were $2.58 billion for 2023, down 16.8% from $3.09 billion in 2022[139] - The gross margin percentage for Protiviti decreased to 23.8% in 2023 from 28.6% in 2022, primarily due to lower staff utilization rates[143] Income and Taxation - The company's income before income taxes for 2023 was $577 million, or 9.0% of revenues, down from $897 million, or 12.4% of revenues in 2022[152] - Combined segment income for 2023 was $555 million, or 8.7% of revenues, compared to $891 million, or 12.3% of revenues in 2022[153] - The provision for income taxes was 28.7% in 2023, up from 26.6% in 2022, due to increased nondeductible expenses[152] Cash Flow and Liquidity - Cash and cash equivalents increased to $732 million in 2023 from $659 million in 2022, with net cash provided by operating activities at $637 million[156] - The company's working capital included $732 million in cash and cash equivalents and $861 million in net accounts receivable as of December 31, 2023, indicating strong liquidity[162] - Cash used in investing activities was $112 million in 2023, including capital expenditures of $46 million and investments in employee deferred compensation trusts of $103 million[158] - Cash used in financing activities was $461 million in 2023, which included $255 million for stock repurchases and $206 million in dividends paid[160] Capital Expenditures and Share Repurchase - Capital expenditures for 2023 totaled $81 million, with approximately 67% allocated to software initiatives and technology infrastructure[159] - The company expects capital expenditures for 2024 to range from $90 million to $110 million, with a focus on software initiatives[159] - The company repurchased $255 million in common stock during 2023, compared to $320 million in 2022[160] - The company has authorized the repurchase of up to 10.8 million additional shares of common stock as of December 31, 2023[161] Employment and Market Conditions - The unemployment rate rose from 3.5% in December 2022 to 3.7% in December 2023, indicating a tightening labor market[115] - The Company anticipates ongoing demand for its services despite macroeconomic uncertainties affecting client hiring decisions[116] - The Company decreased headcount in its contract talent solutions and permanent placement segments during 2023, while Protiviti's full-time headcount remained flat[118] Other Obligations - Contractual purchase obligations as of December 31, 2023, amounted to $201.6 million, primarily related to software subscriptions and services[168] - Employee deferred compensation plan obligations amounted to $572.9 million, with assets held in investment trusts substantially equal to these obligations[169] - As of December 31, 2023, the Company reported current operating lease liabilities of $80.5 million and long-term operating lease liabilities of $161.4 million[166]
Robert Half(RHI) - 2023 Q4 - Earnings Call Transcript
2024-01-31 00:37
Robert Half Inc. (NYSE:RHI) Q4 2023 Results Conference Call January 30, 2024 5:00 PM ET Company Participants Keith Waddell - President and Chief Executive Officer Michael Buckley - Chief Financial Officer Conference Call Participants Mark Macon - Baird Andrew Steinerman - JPMorgan Heather Balsky - Bank of America Trevor Romeo - William Blair Stephanie Moore - Jefferies George Tong - Goldman Sachs Manav Patnaik - Barclays Kevin McVeigh - UBS Kartik Mehta - Northcoast Research Operator Hello, and welcome to t ...
Robert Half(RHI) - 2023 Q3 - Quarterly Report
2023-10-31 19:07
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to . Commission File Number 1-10427 ROBERT HALF INC. (Exact name of registrant as specified in its charter) (State or othe ...
Robert Half(RHI) - 2023 Q3 - Earnings Call Transcript
2023-10-25 02:15
Robert Half Inc. (NYSE:RHI) Q3 2023 Earnings Call October 24, 2023 5:00 PM ET Company Participants Keith Waddell - President and Chief Executive Officer Michael Buckley - Chief Financial Officer Conference Call Participants Andrew Steinerman - JPMorgan Mark Marcon - Baird Josh Chan - UBS Stephanie Moore - Jefferies Princy Thomas - Barclays Trevor Romeo - William Blair Kartik Mehta - Northcoast Research Tobey Sommer - Truist Securities George Tong - Goldman Sachs Operator Hello, and welcome to the Robert Hal ...
Robert Half(RHI) - 2023 Q2 - Quarterly Report
2023-08-01 18:55
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to . Commission File Number 1-10427 ROBERT HALF INC. (Exact name of registrant as specified in its charter) Delaware 94-1648752 ...
Robert Half(RHI) - 2023 Q2 - Earnings Call Transcript
2023-07-25 22:15
Robert Half Inc. (NYSE:RHI) Q2 2023 Earnings Conference Call July 25, 2023 5:00 PM ET Company Participants Keith Waddell - President & Chief Executive Officer Michael Buckley - Chief Financial Officer Conference Call Participants Mark Marcon - Baird Andrew Steinerman - JPMorgan Kevin McVeigh - Credit Suisse Trevor Romeo - William Blair Harold Antor - Jefferies Princy Thomas - Barclays Josh Chan - USBS Kartik Mehta - Northcoast Research Jeff Silber - BMO Capital Markets Tobey Sommer - Truist Securities Georg ...
Robert Half(RHI) - 2023 Q1 - Quarterly Report
2023-05-03 19:40
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to . Commission File Number 1-10427 ROBERT HALF INTERNATIONAL INC. (Exact name of registrant as specified in its charter) Indi ...
Robert Half(RHI) - 2023 Q1 - Earnings Call Transcript
2023-04-27 01:56
Robert Half International Inc. (NYSE:RHI) Q1 2023 Conference Call April 26, 2023 5:00 PM ET Company Participants M. Keith Waddell - President and Chief Executive Officer Michael C. Buckley - Chief Financial Officer Conference Call Participants Andrew Steinerman - JPMorgan Mark Marcon - Robert W. Baird & Co. Inc. Jasper Bibb - Truist Securities Heather Balsky - Bank of America Merrill Lynch George Tong - Goldman Sachs Manav Patnaik - Barclays Stephanie Moore - Jefferies Kevin McVeigh - Credit Suisse Jeffrey ...
Robert Half(RHI) - 2022 Q4 - Annual Report
2023-02-10 20:08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 __________________________________________ Commission file number 1-10427 ROBERT HALF INTERNATIONAL INC. (Exact name of registrant as specified in its charter) Delaware 94-1648752 (State or other jurisdict ...
Robert Half(RHI) - 2022 Q4 - Earnings Call Transcript
2023-01-28 00:16
Robert Half International Inc. (NYSE:RHI) Q4 2022 Earnings Conference Call January 26, 2023 5:00 PM ET Company Participants Keith Waddell - Vice Chairman, President and Chief Executive Officer Michael Buckley - Executive Vice President and Chief Financial Officer Conference Call Participants Mark Marcon - Robert W. Baird & Co. Inc. Andrew Steinerman - JPMorgan Chase & Co. Heather Balsky - Bank of America Merrill Lynch Jeffrey Silber - BMO Capital Markets John Kennedy - Barclays Bank PLC Stephanie Moore - Je ...