Companywide revenues were $1.19 billion in the third quarter of 2020, down 23% from last year's third quarter on a reported basis and down 24% on an as-adjusted basis.
Net income per share in the third quarter was $0.67 compared to $1.01 in the third quarter a year ago.
Cash flow from operations during the quarter was $139 million and capital expenditures were $7 million.
In September, we distributed a $0.34 per share cash dividend to our shareholders of record, for a total cash outlay of $38 million.
We also acquired approximately 450,000 shares during the quarter for $24 million.
We have 1 million shares available for repurchase under our Board-approved stock repurchase plan.
Return on invested capital for the company was 25.8% in the third quarter.
As Keith noted, global revenues were $1.190 billion in the third quarter.
This is a decrease of 23% from the third quarter one year ago on a reported basis and a decrease of 24% on an as-adjusted basis.
Also on an as-adjusted basis, third quarter staffing revenues were down 31% year-over-year.
U.S. Staffing revenues were $666 million, down 32% from the prior year.
Non-U.S. Staffing revenues were $203 million, down 29% 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 third quarter, there were 64.3 billing days compared to 64.1 billing days in the third quarter one year ago.
The current fourth quarter has 61.7 billing days equivalent to the fourth quarter of one year ago.
Currency exchange rate movements during the third quarter had the effect of increasing reported year-over-year staffing revenues by $4 million.
This increased our year-over-year reported staffing revenue growth rate by 0.3 percentage points.
Global revenues in the third quarter were $321 million.
$260 million of that is from business within the United States, and $61 million is from operations outside the United States.
On an as-adjusted basis, global third quarter Protiviti revenues were up 6% versus the year-ago period, with U.S. Protiviti revenues up 10%.
Non-U.S. revenues were down 8% on an as-adjusted basis.
Exchange rates had the effect of increasing year-over-year Protiviti revenues by $2 million and increasing its year-over-year reported growth rate by 0.7 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, third quarter gross margin was 37.5% of applicable revenues compared to 37.9% of applicable revenues in the third quarter one year ago.
Our permanent placement revenues in the third quarter were 10% of consolidated staffing revenues versus 10.7% of consolidated staffing revenues in the same quarter one year ago.
When combined with temporary and consultant gross margin, overall staffing gross margin decreased 80 basis points compared to the year-ago third period to 43.8%.
For Protiviti, gross margin was $87 million in the third quarter or 27.1% of Protiviti revenues.
This includes $3.4 million or 1.1% of Protiviti revenues of deferred compensation expense related to increases in the underlying trust investment accounts.
One year ago, gross margin for Protiviti was $88 million or 29.4% of Protiviti revenues, including $200,000 of deferred compensation expense related to investment trust activities.
Companywide SG&A costs were 32.8% of global revenues in the third quarter compared to 31.2% 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 percentage of revenue by 1.9% in the current third quarter and 0.1% in the same quarter one year ago.
Staffing SG&A costs were 40.2% of staffing revenues in the third quarter versus 34.8% in third quarter of 2019.
Included in staffing SG&A costs was deferred compensation expense related to increases in the underlying trust investment assets of 2.6% and 0.1% respectively.
Third quarter SG&A costs for Protiviti were 13% of Protiviti revenues compared to 16.2% of revenues in the year-ago period.
Operating income for the quarter was $77 million.
This includes $26 million of deferred compensation expense related to increases in the underlying investment trust assets.
Combined segment income was therefore $103 million in the third quarter.
Combined segment margin was 8.6%.
Third quarter segment income from our staffing divisions was $54 million, with a segment margin of 6.2%.
Segment income for Protiviti in the third quarter was $49 million with a segment margin of 15.2%.
Our third quarter tax rate was 26% compared to 28% a year ago.
Our nine-month year-over-year tax rate of 28% is in line with what we expect for the full year.
Moving on to accounts receivable, at the end of the third quarter, accounts receivable were $690 million and implied days sales outstanding or DSO was 52.3 days.
Our temporary and consultant staffing divisions exited the third quarter with September revenues down 29.3% versus the prior year compared to a 30.7% decrease for the full quarter.
Revenues in the first two weeks of October were down 27% compared to the same period one year ago.
Permanent placement revenues in September were down 30.1% versus September of 2019.
This compares to a 35.7% decrease for the full quarter.
For the first three weeks in October, permanent placement revenues were down 31% compared to the same period in 2019.
Revenues of $1.155 billion to $1.255 billion; income per share $0.55 to $0.75.
The midpoint of our guidance implies a year-over-year revenue decline of 22% on an as-adjusted basis inclusive of Protiviti.
Revenue growth on a year on year basis, staffing down 27% to 30%; Protiviti up 5% to 7%; overall down 21% to 23%.
On the gross margin percentages, Temporary and Consultant Staffing 37% to 38%; Protiviti 27% to 29%; overall 39% to 40%.
SG&A as percentage of revenues, excluding deferred compensation investment impacts, staffing 36% to 38%; Protiviti 14% to 16%; overall 30% to 32%.
Segment income, Staffing 6% to 8%; Protiviti 12% to 15%; overall 8% to 10%.
We expect our tax rate to be between 27% and 29% and shares to be 113 million.

Summary:
Companywide revenues were $1.19 billion in the third quarter of 2020, down 23% from last year's third quarter on a reported basis and down 24% on an as-adjusted basis.
Net income per share in the third quarter was $0.67 compared to $1.01 in the third quarter a year ago.
Return on invested capital for the company was 25.8% in the third quarter.