You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: We appreciate your time today.
This is how we measure and manage these divisions internally.
The combined amount of divisional intersegment revenues with Protiviti is also separately disclosed.
The supplemental schedule just mentioned also include our revenue schedule showing this information back for 2018, 2019, as well as 2020.
Fourth-quarter results for both our Protiviti and staffing operations were very strong and exceeded the top end of our guidance range.
Protiviti reported its 13th consecutive quarter of year-on-year revenue gains, with particular strength in its technology consulting practice and managed solutions with staffing.
Our staffing operations reported broad-based, double-digit, quarter-on-quarter sequential revenue growth on an as-adjusted basis.
I could not be more proud of how our teams have managed through this extraordinary year.
Over the last several months, they have made significant impacts helping our clients succeed and job candidates find meaningful work.
Companywide revenues were $1.304 billion in the fourth quarter of 2020, down 15% from last year's fourth quarter on a reported basis, and down 16% on an as-adjusted basis.
Net income per share in the fourth quarter was $0.84, compared to $0.98 in the fourth quarter one year ago.
Cash flow before financing activities during the quarter was $85 million.
In December, we distributed a $0.34 per share cash dividend to our shareholders of record, for a total cash outlay of $39 million.
We also acquired 1.1 million Robert Half shares during the quarter for $63 million.
We have 9.9 million shares available for repurchase under our Board-approved stock repurchase plan.
Return on invested capital for the Company was 31% in the fourth quarter.
Let's start with revenues.
As Keith noted, global revenues were $1.304 billion in the fourth quarter.
This is a decrease of 15% from the fourth quarter one year ago on a reported basis and a decrease of 16% on an as-adjusted basis.
On an as-adjusted basis, fourth quarter staffing revenues were down 24% year-over-year.
US staffing revenues were $723 million, down 25% from the prior year.
Non-US staffing revenues were $219 million, down 23% 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 fourth quarter, there were 61.7 billing days, equal to the number of billing days in the fourth quarter one year ago.
The current first quarter has 62.3 billing days, compared to 63.1 billing days in the first quarter one year ago.
The billing days for 2021 by quarter, are 62.3 days, 63.4 days, 64.4 days and 61.7 days for a total of 251.8 days, which is approximately one day less than 2020 due to it being a leap year.
Currency exchange rate movements during the fourth quarter had the effect of increasing reported year-over-year staffing revenues by $8 million.
This increased our year-over-year reported staffing revenue growth rate by 0.7 percentage points.
Temporary and consultant bill rates for the quarter increased 2% compared to a year ago, adjusted for changes in the mix of revenues by line of business.
This rate for Q3 2020 was 3.1%.
Now, let's take a closer look at results for Protiviti.
Global revenues in the fourth quarter were $362 million; $294 million of that is from business within the United States, and $68 million is from operations outside the United States.
On an as-adjusted basis, global fourth quarter Protiviti revenues were up 18% versus the year-ago period, with US Protiviti revenues up 23%.
Non-US revenues were down 2% on an as-adjusted basis.
Exchange rates had the effect of increasing year-over-year Protiviti revenues by $3 million and increasing its year-over-year reported growth rate by 1 percentage point.
Protiviti and its independently owned Member Firms serve clients through a network of 86 locations in 28 countries.
As first noted last quarter, changes in the Company's deferred compensation obligations are now included in SG&A or in the case of Protiviti, direct cost, with offsetting changes in the investment trust assets presented separately below SG&A.
As a reminder, our historical discussion of consolidated operating income has been replaced with the non-GAAP measure of combined segment income.
This is calculated as consolidated income before income taxes, adjusted for interest income and amortization of intangible assets.
This is a non-GAAP disclosure, so we also show a reconciliation to GAAP.
Turning now to gross margin.
In our temporary and consultant staffing operations, fourth quarter gross margin was 38.5% of applicable revenues, compared to 38% of applicable revenues in the fourth quarter one year ago.
The year-over-year increase in gross margin percentage is primarily due to lower payroll taxes, insurance and other fringe costs.
Our permanent placement revenues in the fourth quarter were 9.7% of consolidated staffing revenues versus 10.3% of consolidated staffing revenues in the same quarter one year ago.
When combined with temporary and consultant gross margin, overall staffing gross margin increased 10 basis points compared to the year-ago fourth quarter, to 44.4%.
For Protiviti, gross margin was $96 million in the fourth quarter or 26.5% of Protiviti revenues.
This includes $5 million, or 1.5% of Protiviti revenues, of deferred compensation expense related to increases in the underlying trust investment assets.
One year ago, gross margin for Protiviti was $90 million or 29.7% of Protiviti revenues, including $2 million of deferred compensation expense or 0.7% of Protiviti revenues, related to investment trust activities.
Companywide selling, general and administrative costs were 32.6% of global revenues in the fourth quarter compared to 32.8% in the same quarter one year ago.
Deferred compensation expenses related to increases in underlying trust investments had the impact of increasing SG&A as a percent of revenue by 2.7% in the current third quarter and 1.2% in the same quarter one year ago.
Staffing SG&A costs were 39.7% of staffing revenues in the fourth quarter versus 36.7% in the fourth quarter of 2019.
Included in staffing SG&A costs was deferred compensation expense related to increases in the underlying trust investment assets of 3.7% and 1.5%, respectively.
We ended 2020 with 7,800 full-time internal staff in our staffing divisions, down 32% from the prior year.
Fourth-quarter SG&A costs for Protiviti were 14.1% of Protiviti revenues, compared to 17.1% of revenues in the year-ago period.
We ended 2020 with 7,300 full-time Protiviti employees and contractors, up 34% from the prior year.
Operating income for the quarter was $89 million.
This includes $41 million of deferred compensation expense related to increases in the underlying investment trust assets.
Combined segment income was therefore $130 million in the fourth quarter.
Combined segment margin was 9.9%.
Fourth quarter segment income from our staffing divisions was $79 million with a segment margin of 8.4%.
Segment income for Protiviti in the fourth quarter was $51 million with a segment margin of 13.9%.
Our fourth-quarter tax rate was 27% for both the current and prior period years.
Accounts Receivable at the end of the fourth quarter, accounts receivable was $714 million, and implied days sales outstanding or DSO was 49.4 days.
Before we move to first-quarter guidance, let's review some of the monthly revenue trends we saw in the fourth quarter of 2020 and so far in January 2021, all adjusted for currency and billing days.
Our temporary and consultant staffing divisions exited the fourth quarter with December revenues down 20.8% versus the prior year, compared to a 23.8% decrease for the full quarter.
Revenues for the first three weeks of January were down 23% compared to the same period one year ago.
Permanent placement revenues in December were down 25.4% versus December of 2019.
This compares to a 28.5% decrease for the full quarter.
For the first three weeks of January, permanent placement revenues were down 20% compared to the same period in 2020.
We provide this information so that you have an insight into some of the trends we saw during the fourth quarter and into January.
But, as you know, these are very brief time periods.
We caution against reading too much into them.
With that in mind, we offer the following first-quarter guidance.
Revenues; $1.29 billion to $1.37 billion, income per share; $0.74 to $0.84.
The midpoint of our guidance implies a year-over-year revenue decline of 11.7% on an as-adjusted basis, including Protiviti and earnings per share returning to prior-year levels.
The major financial assumptions underlying the midpoint of these assumptions are as follows.
Revenue growth on a year-over-year basis, staffing down 19% to 21%, Protiviti, up 23% to 25%, overall, down 11% to 13%.
Gross margin percentages; temporary and consultant staffing, 37% to 38%, Protiviti; 25% to 26%, overall; 38% to 39%.
SG&A as percent of revenues, excluding deferred compensation investment impacts: staffing: 35% to 36%, Protiviti: 14% to 15%, overall: 29% to 30%.
Segment income, staffing: 8% to 9%, Protiviti: 10% to 12%, overall: 8% to 10%.
2021 capital expenditures and capitalized cloud computing costs for the year: $85 million to $95 million, with $15 million to $20 million in the first quarter.
Tax rate: 27% to 28%, shares: 113 million.
We limit our guidance to one quarter.
We enter 2021 with renewed optimism about Robert Half's positioning for future growth.
We have retained our key staff, and they are committed to driving our success as the backbone of the enterprise.
Our aggressive go-to-market strategy during the pandemic with clients in the public sector and financial institutions of all sizes has yielded meaningful wins and new relationships.
Our technology investments have facilitated remote working models internally and with our advanced AI- driven capabilities are providing clients with real-time choices of candidates from outside their local market area.
Owing to its diversified solution offerings, Protiviti continues its record of multiyear double-digit revenue growth and very positive pipeline.
The collaboration between Protiviti and staffing is at an all-time high as evidenced by the 82% year-on-year growth rate this quarter from the unique blend of consulting and staffing solutions.
Staffing services provided to our mid-cap clients now approaches one-third of our revenues and growing and this is incremental to our traditional focus on SMB clients and prospects.
With multiple vaccines now rolling out throughout the world and fiscal and monetary policy support expected to continue globally, economists are increasingly expecting GDP growth to follow.
GDP driven early cycle growth is traditionally particularly robust for SMB clients that are lean and nimble from the downturn and have pent-up demand to restore and upskill their workforce as they return to growth.
More than ever, we believe the strength of our brands, our people, our technology and our professional business model position us for future success in 2021 and beyond.
Please ask just one question and a single follow-up, as needed.
If there's time, we'll come back to you for additional questions.

user
compname reports q4 earnings per share $0.84.
q4 earnings per share $0.84.
q4 revenue $1.304 billion versus refinitiv ibes estimate of $1.22 billion.

assistant