Protiviti's revenues grew 35% year-on-year reflecting continuing momentum across its wide array of service offerings, including very strong managed solutions with staffing.
Our staffing operations significantly outperformed their historical sequential trends, led by small and medium-sized businesses and permanent placement, which grew 22% sequentially.
Companywide revenues were $1.398 billion in the first quarter of 2021, down 7% from last year's first quarter on a reported basis, and down 8% on an as adjusted basis.
Net income per share in the first quarter was $0.98, increasing 24% compared to $0.79 in the first quarter a year ago.
Cash flow from operations during the quarter was $68 million.
In March, we distributed a $0.38 per share cash dividend to our shareholders of record, for a total cash outlay of $44 million.
We also acquired approximately 797,000 Robert Half shares during the quarter for $61 million.
We have 9.2 million shares available for repurchase under our Board approved stock repurchase plan.
Our return on invested capital for the company was 37% in the first quarter.
As Keith noted, global revenues were $1.398 billion in the first quarter.
On an as adjusted basis, first quarter staffing revenues were down 18% year-over-year.
U.S. staffing revenues were $759 million, down 19% from the prior year.
Non-U.S. staffing revenues were $242 million, down 15% year-over-year on an as adjusted basis.
We have 322 staffing locations worldwide, including 86 locations in 17 countries outside the United States.
In the first quarter, there were 62.3 billing days compared to 63.1 billing days in the first quarter one year ago.
The current second quarter has 63.4 billing days equivalent to the second quarter one year ago.
Currency exchange rate movements during the first quarter had the effect of increasing reported year-over-year staffing revenues by $17 million.
This impacted our year-over-year reported staffing revenue growth rate by 1.4 percentage points.
Global revenues in the first quarter were $397 million.
$316 million of that is from business within the United States, and $81 million is from operations outside the United States.
On an as adjusted basis, global first quarter Protiviti revenues were up 35% versus the year-ago period, with U.S. Protiviti revenues up 37%.
Non-U.S. revenues were up 26% on an as adjusted basis.
Exchange rates had the effect of increasing year-over-year Protiviti revenues by $6 million and increasing its year-over-year reported growth rate by 2 percentage points.
Protiviti and its independently owned member firms serve clients through a network of 86 locations in 28 countries.
In our temporary and consultant staffing operations, first quarter gross margin was 38.8% of applicable revenues compared to 37.8% of applicable revenues in the first quarter one year ago.
Our permanent placement revenues in the first quarter were 11.2% of consolidated staffing revenues versus 9.9% of consolidated staffing revenues in the same quarter one year ago.
When combined with temporary and consultant gross margin, overall staffing gross margin increased 160 basis points compared to the year-ago first quarter to 45.6%.
For Protiviti, gross margin was 26.5% of Protiviti revenues compared to 27.6% of Protiviti revenues one year ago.
Adjusted for the effect of deferred compensation expense related to changes in the underlying trust investment assets as previously mentioned, gross margin for Protiviti was 26.9% for the quarter just ended compared to 26.3% one year ago.
Companywide SG&A costs were 30.3% of global revenues in the first quarter compared to 29.4% in the same quarter one year ago.
Changes in deferred compensation obligations related to increases in underlying trust investments had the impact of increasing SG&A as a percent of revenue by 0.8% in the first quarter and decreasing SG&A by 2.4% in the same quarter one year ago.
When adjusted for these changes, companywide SG&A costs were 29.5% for the quarter just ended compared to 31.8% one year ago.
Staffing SG&A costs were 37.3% of staffing revenues in the first quarter versus 32.3% in the Q1 -- in Q1 2020.
Included in staffing SG&A costs was deferred compensation expense related to increases in the underlying trust investment assets of 1% in the first quarter compared to income of 3% related to decreases in the underlying trust investment assets in the same quarter one year ago.
When adjusted for these changes, staffing SG&A costs were 36.3% for the quarter just ended compared to 35.3% one year ago.
First-quarter SG&A costs for Protiviti were 12.5% of Protiviti revenues compared to 17.3% of revenues in the year-ago period.
Operating income for the quarter was $139 million.
This includes $12 million of deferred compensation expense related to increases in the underlying trust investment assets.
Combined segment income was therefore, $151 million in the first quarter.
Combined segment margin was 10.8%.
First quarter segment income from our staffing divisions was $93 million with a segment margin of 9.3%.
Segment income for Protiviti in the first quarter was $57 million with a segment margin of 14.4%.
Our first quarter tax rate was 26% compared to 32% a year ago.
At the end of the first quarter, accounts receivable was $800 million, and implied days sales outstanding or DSO was 51.4 days.
Our temporary and consultant staffing divisions exited the first quarter with March revenues down 12.5% versus the prior year, compared to an 18.9% decrease for the full quarter.
Revenues for the first two weeks of April were up 9% compared to the same period one year ago.
Permanent placement revenues in March were up 24.2% versus March of 2020.
This compares to an 8.1% decrease for the full quarter.
For the first three weeks of April permanent placement revenues were up 154% compared to the same period in 2020.
Revenues $1.435 billion to $1.515 billion.
Income per share $1 to $1.10.
The midpoint of our guidance implies a year-over-year revenue increase of 31% on an as adjusted basis including Protiviti.
Midpoint earnings per share of $1.05 would represent an all-time high for the company.
Revenue growth on a year-over-year basis, staffing up 23% to 26%, Protiviti up 47% to 49%, overall up 30% to 32%.
On the gross margin percentages, temporary and consultant staffing 38% to 39%, Protiviti 27% to 29% and overall 40% to 41%.
SG&A as percent of revenues, excluding deferred compensation investment impacts, staffing 35% to 37%, Protiviti 12% to 14%, overall 29% to 30%.
And segment income, staffing 9% to 10%, Protiviti 14% to 15%, and overall 10% to 11%.
Full year capital expenditures and capitalized cloud computing costs, $85 million to $95 million with $15 million to $20 million in the second quarter.
Our tax rate, 26% to 27% and shares at 112 million.
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Summary:
Net income per share in the first quarter was $0.98, increasing 24% compared to $0.79 in the first quarter a year ago.
As Keith noted, global revenues were $1.398 billion in the first quarter.