Robert Half International Inc.
CEO : Mr. M. Keith Waddell
Quarterly earnings growth(YoY,%)
| Period | Revenue | Operating Income | EPS | Release Date |
|---|---|---|---|---|
| 2022 Q4 | -2.4% YoY | -6.4% | -9.8% | 2023-01-27 |
Michael Buckley says,
Q4 Talent Solutions Revenues
- Global revenues in Q4 were $1.727 billion.
- As-adjusted basis, Q4 talent solutions revenues were down 1% year-over-year.
- U.S. talent solutions revenues were $964 million, down 2% from the prior year.
- Non-U.S. talent solutions revenues were $264 million, up 5% year-over-year on an as-adjusted basis.
Protiviti Global Revenues
- Global revenues in Q4 were $499 million.
- As-adjusted basis, Q4 Protiviti revenues were up 4% versus the year ago period, with both U.S. and non-U.S. Protiviti’s up by 4% on an as-adjusted basis.
Billing Days and Currency Exchange Rates
- The first quarter of 2023 has 63.3 billing days compared to 62.4 billing days during the first quarter of 2022.
- Currency exchange rate movements during the fourth quarter had the effect of decreasing reported year-over-year revenues by $39 million, $27 million for talent solutions and $12 million for Protiviti.
Gross Margins and SG&A Costs
- In contract talent solutions, fourth quarter gross margin was 39.9% of applicable revenues compared to 39.8% of applicable revenues in the fourth quarter one year ago.
- Enterprise SG&A costs were 31.6% of global revenues in the fourth quarter compared to 30.8% in the same quarter one year ago.
Q1 2023 Guidance
- Revenue: $1.685 billion to $1.765 billion, a 5.4% decrease from the same period in 2022 on an as-adjusted basis.
- Income per share: $1.10 to $1.20.
- Major financial assumptions underlying midpoint estimates: talent solutions, down 7% to down 12%; Protiviti, up 6% to up 9%, overall, down 3% to down 7%.
Keith Waddell says,
Q4 2022 Revenue
- Company-wide revenues for Q4 2022 were $1.727 billion, which is down 2% from last year’s fourth quarter on a reported basis but up 1% on an as-adjusted basis.
Q4 2022 Net Income
- The net income per share for the Q4 2022 was $1.37, which is lower than the fourth quarter of the previous year’s $1.51.
Q4 2022 Cash Flow
- Cash flow from operations during the quarter was $202 million.
- Robert Half distributed a $0.43 per share cash dividend to shareholders of record for a total cash outlay of $47 million.
Stock Repurchase Plan
- Robert Half acquired approximately 800,000 shares during the quarter for $61 million.
- 3.8 million shares are available for repurchase under the board-approved stock repurchase plan.
Record Levels in 2022
- Robert Half enterprise grew full-year revenues and earnings per share both by more than 12% and achieved new record levels for each.
Q & A sessions,
Impact on Stock Movement
- Protiviti achieved record high revenues of nearly $2 billion in 2022, even while overcoming the wind down of very large financial services project and a shift in the trend of public sector engagements to projects more applicable to talent solutions.
- The regulatory risk and compliance practice and the technology consulting practice show particular strength and are expected to continue to have a positive impact on growth.
- Protiviti’s pipeline remains strong and diversified, and they feel great about where they are.
- The guide for Q1 2023 midpoints high-single digits, and the drag from the big project line down and public sector becomes 5% or 6%, resulting in a mid-teens double-digit growth rate for Q1.
- We are optimistic about our outlook for 2023 and believe we can achieve higher peaks even in times of economic uncertainty.
No bad stock 