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.
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%.
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.
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.
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.
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.
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.
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.
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.

Summary:
Net income per share in the fourth quarter was $0.84, compared to $0.98 in the fourth quarter one year ago.
As Keith noted, global revenues were $1.304 billion in the fourth quarter.
Revenues; $1.29 billion to $1.37 billion, income per share; $0.74 to $0.84.