Robert Half International Inc. (NYSE:RHI) Q3 2020 Earnings Conference Call - Final Transcript
Oct 22, 2020 • 05:00 pm ET
Hello, and welcome to the Robert Half Third Quarter 2020 Conference Call. 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.
M. Keith Waddell
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 are subject to the risks and uncertainties that could cause actual results to differ materially from forward-looking statements. These risks and uncertainties are described in today's press release and 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.
During this presentation, we may mention some non-GAAP financial measures and reference these figures as 'as adjusted.' Reconciliations and further explanations of these measures are included in a supplemental schedule to our earnings press release. In addition, we have modified our presentation of revenues and the related growth rates for Accountemps, OfficeTeam, Robert Half Technology and Robert Half Management Resources to include their intersegment revenues from services provided to Protiviti in connection with the company's blended staffing and consulting solutions. This is how we measure and manage these divisions internally and from now on, it's how we will report them externally. The combined amount of divisional intersegment revenues with Protiviti is also separately disclosed. For your convenience, our prepared remarks for today's call are available in the Investor Center of our website at roberthalf.com.
We are very pleased that third quarter and early October results reflect consistent weekly and monthly sequential gains across our divisions. Protiviti had another outstanding quarter reporting its 12th consecutive quarter of year-on-year revenue gains, leveraging a strong pipeline of diversified service offerings, including particularly robust growth with the blended solutions with our staffing operations. We're also pleased with the quarter-on-quarter growth in our staffing divisions, led by our permanent placement and OfficeTeam divisions.
2020 continues to be an unprecedented year. I'm extremely proud of the resourcefulness and commitment exhibited by all of our employees as we maintain high levels of service to our clients and candidates.
Company-wide revenues were $1.19 billion in the third quarter of 2020, down 23% from last year's third quarter on a reported basis and down 24% on an as-adjusted basis. Net income per share in the third quarter was $0.67 compared to $1.01 in the third quarter a year ago.
Cash flow from operations during the quarter was $139 million and capital expenditures were $7 million. In September, we distributed a $0.34 per share cash dividend to our shareholders of record, for a total cash outlay of $38 million. We also acquired approximately 450,000 shares during the quarter for $24 million. We have 1 million shares available for repurchase under our Board-approved stock repurchase plan. Return on invested capital for the company