Slide 1: Q3 2023 Conference Call
Q3 2023 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. October 24, 2023
Slide 2: Third-Quarter 2023 Financial Results Conference Call, Prepared Remarks
THIRD-QUARTER 2023 FINANCIAL RESULTS CONFERENCE CALL, PREPARED REMARKS OCTOBER 24, 2023 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, finan
Slide 3: Above-consensus third-quarter results and revenue overview
We delivered above-consensus top and bottom-line results for the third quarter, notwithstanding the ongoing macroeconomic uncertainty that lengthens both client and job candidate decision cycles. Both talent solutions and Protiviti exceeded expectations. Gross margins remained strong due to pricing
Slide 4: Protiviti results and gross margin
Now let’s take a closer look at results for Protiviti. Global revenues in the third quarter were $481 million: $386 million of that is from business within the United States, and $95 million is from operations outside the United States. On an as adjusted basis, global third-quarter Protiviti revenue
Slide 5: Segment income, tax rate, receivables and guidance
solutions divisions was $78 million, with a segment margin of 7.2 percent. Segment income for Protiviti in the third quarter was $52 million, with a segment margin of 10.9 percent. Tax Rate Our third-quarter tax rate was 30 percent, up from 26 percent for the same quarter one year ago. The higher ta
Slide 6: Fourth-quarter guidance
Revenue growth, year-over-year, as adjusted: Talent solutions: Down 15% to 20% Protiviti: Down 8% to 10% Overall: Down 13% to 18% Gross margin percentage: Contract talent: 39% to 41% Protiviti: 25% to 27% Overall: 39% to 41% SG&A as percent of revenues, excluding deferred compensation classification
Slide 7: Investing in higher-skilled positions in talent solutions
In talent solutions we continue to strategically invest in services involving higher-skilled positions across our practice groups. This carries many advantages — higher bill rates and gross margins, longer assignment lengths, increased client openness to remote talent, more full-time engagement prof
Slide 8: © 2023 Robert Half Inc. An Equal Opportunity Employer M/F/Disability/Veterans.
© 2023 Robert Half Inc. An Equal Opportunity Employer M/F/Disability/Veterans. Robert Half Q3 2023 Financial Results Conference Call, Prepared Remarks, October 24, 2023 7 © 2023 Robert Half Inc. An Equal Opportunity Employer M/F/Disability/Veterans.