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Text: We appreciate your time today.
I'd like to begin by acknowledging that these past few months have been unlike anything most of us have experienced in our lifetimes, with both the global economic disruption caused by the COVID-19 pandemic and the social unrest over racial injustice.
I am so proud of how Robert Half has responded to these circumstances, our employees and tenured management teams have worked together to effectively manage our cost and aggressively pursue revenue generation opportunities.
We remain committed to serving our clients, candidates and partners.
Since the start of the pandemic, we have prioritized the health and safety of our employees and virtually all our global staffing and Protiviti employees have been working remotely.
We have successfully maintained full operations even where our physical locations have remained closed.
Robert Half's second quarter results were clearly affected by the economic crisis, resulting from the COVID-19, pandemic most acutely in our staffing business.
Protiviti had an outstanding quarter and continues to benefit from strong solutions offerings and pipeline.
We are encouraged by recent signs of week-on-week sequential growth in our staffing operations and although significant uncertainty continues, we have approached the third quarter with optimism.
Now let's take a look at Robert Half's second quarter 2020 financial results.
Companywide revenues were $1.1 billion, down 27% from last year's second quarter on a reported basis and down 26% on an as adjusted basis.
Net income per share in the second quarter was $0.41 compared to $0.98 in the second quarter, one year ago.
As announced in our last earnings call, we've implemented actions to reduce our overall cost structure by approximately 30% as compared to Q1 2020.
The timing of those actions which occurred over the course of the quarter as well as certain employee compensation-related items, such as severance and salary continuation, reduced the savings actually reported in the second quarter to 24%.
Cash flow from operations during the quarter was $301 million and capital expenditures were $8 million.
In June, we distributed a $0.34 per share cash dividend to our shareholders of record for a total cash outlay of $38 million.
There were no repurchases during the second quarter, we anticipate repurchase activity to commence again in Q3 and at a reduced rate.
Let's start with revenues.
As Keith noted global revenues were $1.108 billion in the second quarter.
This is a decrease of 27% from the second quarter one year ago on a reported basis and a decrease of 26% on an as adjusted basis.
On an as adjusted basis, second quarter staffing revenues were down 33% year-over-year.
U.S. staffing revenues were $640 million, down 34% from the prior year.
Non-U.S. staffing revenues were $184 million, down 31% year-over-year on an as adjusted basis.
We have 326 staffing locations worldwide, including 88 locations in 17 countries outside the United States.
In the second quarter, there were 63.4 billing days, unchanged from the same quarter one year ago.
The current third quarter has 64.3 billing days compared to 64.1 billing days in the third quarter one year ago.
Currency exchange rate movements during the second quarter had the effect of decreasing reported year-over-year staffing revenues by $8 million.
This decreased our year-over-year reported staffing revenue growth rates by 0.6 percentage points.
Now let's take a closer look at results for Protiviti.
Global revenues in the second quarter were $284 million, $225 million of that is from business within the United States and $59 million is from operations outside the United States.
On an as adjusted basis, global second quarter Protiviti revenues were up 4% versus the year ago period, with U.S. Protiviti revenues up 6%.
Non-U.S. revenues were down 2% on an as adjusted basis.
Exchange rates had the effect of decreasing year-over-year Protiviti revenue by $1 million and decreasing its year-over-year reported growth rate by 0.5 percentage points.
Protiviti and its independently owned Member Firms serve clients through a network of 86 locations in 28 countries.
Turning now to gross margin.
In our temporary and consulting staffing operations, second quarter gross margin was 37.1% of applicable revenues compared to 38.2% of applicable revenues in the second quarter one year ago.
The year-over-year decline in gross margin percentage is primarily due to lower conversion revenues.
Our permanent placement revenues in the second quarter were 8.6% of consolidated staffing revenues versus 11.3% of consolidated staffing revenues in the same quarter one year ago.
When combined with temporary and consulting gross margin, overall staffing gross margin decreased 260 basis points compared to the year-ago second quarter to 42.5%.
For Protiviti, gross margin was $73 million in the second quarter or 25.7% of Protiviti revenues.
One year ago, gross margin for Protiviti was $76 million or 27.9% of Protiviti revenues.
Companywide selling, general and administrative costs were 32.9% of global revenues in the second quarter compared to 31.5% in the second quarter one year ago.
Staffing SG&A costs were 39.1% of staffing revenues in the second quarter versus 34.6% in the second quarter of 2019.
The increase in staffing SG&A as a percentage of revenue was significantly impacted by negative leverage as revenue -- as revenues decreased.
In addition, as Keith noted earlier, the timing of our cost reduction actions, including compensation related costs associated with employee terminations impacted total SG&A expense for the quarter.
Second quarter SG&A costs for Protiviti were 15% of Protiviti revenues compared to 17.3% of revenues in the year ago period.
Companywide operating income was $58 million in the second quarter, operating margin was 5.3%, second quarter operating income from our staffing divisions was $28 million, and -- with an operating margin of 3.4%.
Operating income for Protiviti in the second quarter was $30 million, with an operating margin of 10.6%.
Our second quarter tax rate was 20% compared to 28% a year ago.
The relatively low second quarter tax rate is a consequence of a lower anticipated full-year tax rate compared to our full-year estimate in the first quarter.
Our six month year-to-date rate of 28% is in line with what we expect for the full year.
Accounts receivable at the end of the second quarter, accounts receivable was $665 million and implied day sales outstanding or DSO was 54 days.
Before we move to third quarter guidance, let's review some of the monthly revenue trends we saw in the second quarter in so far in July, all adjusted for currency and billing days.
Our temporary and consultant staffing divisions exited the quarter with June revenues down 33.7% versus the prior year compared to a 31.2% decrease for the full quarter.
Revenues for the first two weeks of July were down 33% compared to the same period one year ago.
On a sequential week-over-week basis, we saw revenue growth for the last three weeks of June and this has continued into July.
Permanent placement revenues in June were 46.1% versus June of 2019.
This compares to a 49.1% decrease for the full quarter.
For the first three weeks of July, permanent placement revenues were down 35% compared to the same period in 2019.
We provide this information so that you have insight into some of the trends we saw during the second quarter and into July.
But as you know, these are very brief periods of time and we caution reading too much into them.
With that in mind, we offer the following third quarter guidance.
Revenue $1.09 billion to $1.20 billion, income per share $0.49 to $0.68.
The midpoint of our guidance implies a year-over-year revenue decline of 26% on an as adjusted basis, inclusive of Protiviti.
We limit our guidance to one quarter.
Only a few short months ago, we discussed our operations in an unprecedented candidate-constrained labor market.
In one quarter's time, we are now operating in a labor market with unprecedented unemployment levels.
The experience of our tenured management team has driven a swift shift and strategic focus to embrace this new operating environment.
Our employees have found innovative ways to maintain connections with candidates, clients and each other in a remote environment.
We've seen opportunities for new success with virtual client visits and by connecting clients to deep expertise from Protiviti on a virtual basis.
We've seen new opportunities arise across all of our lines of business in supporting a wide range of companies and entities, financial institutions, state and local governments, large school districts, just to name a few.
The widespread, global stay-at-home orders have accelerated trends in remote work, with many companies indicating a permanent shift in their staffing strategies.
We see increased demand as companies upgrade their talent pools without regard to physical location of the candidate.
Likewise, as remote work takes a more prominent position, we see new demand for changing skill sets.
Larger companies that have temporarily furloughed employees are also seeking opportunities to upgrade or refine remote talent from lower cost areas.
And we see demand when furloughed employees are not able or ready to return to work.
We've managed through this crisis and have a solid foundation for thriving in the new normal.
I'm proud of the resilience our employees demonstrated in arguably the most unique period in the company's history.
We aggressively cut costs in the quarter, achieving our targeted reductions.
These reductions coupled with the talent and driven team, that is backed by industry-leading technology, position us to fully participate in any economic recovery.

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q2 earnings per share $0.41.
q2 revenue $1.108 billion versus refinitiv ibes estimate of $1.13 billion.

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