Slide 1: Q1 2024 Financial Results Conference Call
Q1 2024 Financial Results Conference Call Prepared Remarks From: M. Keith Waddell, President and Chief Executive Officer, Robert Half Inc. Michael C. Buckley, Chief Financial Officer, Robert Half Inc. April 25, 2024 Robert Half Q1 2024 Financial Results Conference Call, Prepared Remarks, April 25, 2
Slide 2: Disclaimer and Introduction
First-Quarter 2024 Financial Results Conference Call, Prepared Remarks April 25, 2024 Disclaimer The statements made in the conference call speak only as of the date made, and listeners are cautioned that changes in general economic, business or other conditions or in the business condition, financi
Slide 3: CEO Remarks and CFO Revenue Review
Client and candidate caution continues to impact hiring activity and new project starts on a global basis. However, the trend toward stabilization that began in the second half of last year continued into the first quarter of this year. First-quarter results were largely in line with expectations, a
Slide 4: Bill Rates, Protiviti Results and Gross Margin
Contract talent solutions bill rates for the first quarter increased 3.1 percent compared to one year ago, adjusted for changes in the mix of revenues by functional specialization, currency and country. This rate for the fourth quarter was 3.7 percent. Now let’s take a closer look at results for Pro
Slide 5: Segment Income, Deferred Compensation and Tax Rate
Segment Income Operating income for the quarter was $41 million. Adjusted for the Deferred Compensation Investment Income Offset, combined segment income was $85 million in the first quarter. Combined segment margin was 5.7 percent. First-quarter segment income from our talent solutions divisions wa
Slide 6: Guidance Assumptions
Guidance Assumptions Midpoint revenues of $1.50 billion are 9 percent lower than the same period in 2023 on an as adjusted basis. The major financial assumptions underlying the midpoint of these estimates are as follows: Revenue growth, year-over-year, as adjusted: Talent solutions: Down 10% to 14%
Slide 7: Closing CEO Remarks
Now I’ll turn the call back over to Keith. M. Keith Waddell, President and Chief Executive Officer, Robert Half: Thank you, Mike. Consistent with prior quarters, clients are budget-sensitive and very selective in their hiring activities, including the approval of new projects. Also, many are maintai
Slide 8: Q&A Session
We have weathered many economic cycles in the past, each time emerging to achieve higher peaks. While macroeconomic conditions have constrained client resource levels in the short term, this also results in pent-up demand for talent and projects as business conditions improve. Also, aging workforce