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MarketScreener Homepage  >  Equities  >  Nyse  >  Robert Half International, Inc    RHI

ROBERT HALF INTERNATIONAL, INC

(RHI)
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Robert Half International : Quarter Ended 09/30/2020

10/22/2020 | 05:05pm EST

FOR IMMEDIATE RELEASE

Contact: M. Keith Waddell President and

Chief Executive Officer (650) 234-6000

ROBERT HALF REPORTS THIRD-QUARTER FINANCIAL RESULTS

MENLO PARK, Calif., October 22, 2020 - Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the third quarter ended September 30, 2020.

For the quarter ended September 30, 2020, net income was $76 million, or $.67 per share, on revenues of $1.190 billion. Net income for the prior year's third quarter was $117 million, or $1.01 per share, on revenues of $1.552 billion.

For the nine months ended September 30, 2020, net income was $212 million, or $1.87 per share, on revenues of $3.805 billion. For the nine months ended September 30, 2019, net income was $342 million, or $2.92 per share, on revenues of $4.537 billion.

"We are very pleased that third-quarter and early October results reflect consistent weekly and monthly sequential gains across our divisions," said M. Keith Waddell, president and CEO of Robert Half. "Protiviti had another outstanding quarter, reporting its 12th consecutive quarter of year-on-year revenue gains, leveraging a strong pipeline of diversified services offerings, including particularly robust growth from the blended solutions with our staffing operations. We were also pleased with the quarter-on-quarter growth in our staffing divisions, led by our permanent placement and OfficeTeam divisions."

Waddell added, "Return on invested capital for the company was 25.8 percent in the third quarter."

Robert Half management will conduct a conference call today at 5 p.m. EDT. The prepared remarks for this call are available now in the Investor Center of the Robert Half website (www.roberthalf.com/investor-center). Simply click on the Quarterly Conference Calls link. The dial-in number to listen to today's conference call is 877-814-0475(+1-706-643-9224 outside the United States). The password is "Robert Half."

A taped recording of this call will be available for replay beginning at approximately 8 p.m. EDT today and ending at 11:59 p.m. EST on November 22. The dial-in number for the replay is 855-859-2056(+1-404-537-3406 outside the United States). To access the replay, enter conference ID# 5010819. The conference call also will be archived in audio format on the company's website at www.roberthalf.com/investor-center.

Founded in 1948, Robert Half is the world's first and largest specialized staffing firm and a recognized leader in professional consulting and staffing services. The company's specialized staffing divisions include Accountemps®, Robert Half® Finance & Accounting and Robert Half® Management Resources, for temporary, full-time and senior-level project professionals, respectively, in the fields of accounting and finance; OfficeTeam®, for highly skilled administrative support professionals; Robert Half® Technology, for project and full-time technology professionals; Robert Half® Legal, for project and full-time staffing of lawyers, paralegals and legal support personnel; and The Creative Group®, for creative, digital, marketing, advertising and public relations professionals. Robert Half also is the parent company of Protiviti®, a global consulting firm that provides clients with consulting solutions in finance, technology, operations, data, analytics, governance, risk and internal audit.

Robert Half has staffing and consulting operations in more than 400 locations worldwide.

Certain information contained in this press release and its attachments may be deemed forward-looking statements regarding events and financial trends that may affect the company's future operating results or financial positions. These statements may be identified by words such as "estimate", "forecast", "project", "plan", "intend", "believe", "expect", "anticipate", or variations or negatives thereof, or by similar or comparable words or phrases. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements.

These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of U.S. or international tax regulations; the global financial and economic situation; the duration and impact of the COVID-19 pandemic and efforts to mitigate its spread; changes in levels of unemployment and other economic conditions in the United States or foreign countries where the company does business, or in particular regions or industries; reduction in the supply of candidates for temporary employment or the company's ability to attract candidates; the entry of new competitors into the marketplace or expansion by existing competitors; the ability of the company to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions; the impact of competitive pressures, including any change in the demand for the company's services; on the company's ability to maintain its margins; the possibility of the company incurring liability for its activities, including the activities of its temporary employees, or for events impacting its temporary employees on clients' premises; the possibility that adverse publicity could impact the company's ability to attract and retain clients and candidates; the success of the company in attracting, training, and retaining qualified management personnel and other staff employees; the company's ability to comply with governmental regulations affecting personnel services businesses in particular or employer/employee relationships in general; whether there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; the company's reliance on short-term contracts for a significant percentage of its business; litigation relating to prior or current transactions or activities, including litigation that may be disclosed from time to time in the company's SEC filings; the ability of the company to manage its international operations and comply with foreign laws and regulations; the impact of fluctuations in foreign currency exchange rates; the possibility that the additional costs the company will incur as a result of healthcare reform legislation may adversely affect the company's profit margins or the demand for the company's services; the possibility that the company's computer and communications hardware and software systems could be damaged or their service interrupted; and the possibility that the company may fail to maintain adequate financial and management controls and as a result suffer errors in its financial reporting.

Additionally, with respect to Protiviti, other risks and uncertainties include the fact that future success will depend on its ability to retain employees and attract clients; there can be no assurance that there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; failure to produce projected revenues could adversely affect financial results; and there is the possibility of involvement in litigation relating to prior or current transactions or activities.

Because long-term contracts are not a significant part of the company's business, future results cannot be reliably predicted by considering past trends or extrapolating past results. The company undertakes no obligation to update information contained in this release.

A copy of this release is available at www.roberthalf.com/investor-center.

ATTACHED: Summary of Operations

Supplemental Financial Information

Non-GAAP Financial Measures

- 2 -

ROBERT HALF INTERNATIONAL INC.

SUMMARY OF OPERATIONS

(in thousands, except per share amounts)

Quarter

Nine Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

(Unaudited)(Unaudited)

Service revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

1,189,897

$

1,552,132

$

3,804,914

$

4,537,047

Costs of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

722,551

905,854

2,306,630

2,648,779

Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

467,346

646,278

1,498,284

1,888,268

Selling, general and administrative expenses . . . . . . . . . . . . . . . . . . . .

390,799

484,837

1,240,879

1,454,374

Income from investments held in employee deferred compensation

trusts (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(26,095)

(1,450)

(34,630)

(34,628)

Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

334

339

1,002

1,022

Interest income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(202)

(1,230)

(1,264)

(3,768)

Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

102,510

163,782

292,297

471,268

Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26,761

46,601

80,437

129,677

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

75,749

$

117,181

$

211,860

$

341,591

Diluted net income per share

$

.67

$

1.01

$

1.87

$

2.92

Shares:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

112,809

115,181

112,953

116,203

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

113,355

115,868

113,444

116,934

  1. During the quarter, the Company changed its presentation of selling, general and administrative ("SG&A") expenses to exclude gains and losses on investments held to fund the Company's obligations under employee deferred compensation plans. Under these plans, employees direct the investment of their account balances, and the Company makes cash deposits into an investment trust consistent with these directions. Going forward, changes in the Company's deferred compensation obligations noted above will continue to be included in SG&A or, in the case of Protiviti, direct cost, while investment income will be presented separately. Reclassifications have been made to prior periods' consolidated financial statements to conform to the current presentation. These reclassifications had no impact to previously reported income before income taxes.

- 3 -

ROBERT HALF INTERNATIONAL INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)

Quarter

Nine Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

(Unaudited)

(Unaudited)

SERVICE REVENUES:

Accountemps . . . . . . . . . . . . . . . .

$

351,598

29.6%

$

501,905

32.4%

$

1,173,024

30.8%

$

1,486,571

32.8%

OfficeTeam . . . . . . . . . . . . . . . . .

173,685

14.6%

267,023

17.2%

549,963

14.4%

781,607

17.2%

Robert Half Technology . . . . . . .

161,007

13.5%

195,630

12.6%

519,687

13.7%

567,517

12.5%

Robert Half Management

154,917

13.0%

200,421

12.9%

531,826

14.0%

591,660

13.1%

Resources . . . . . . . . . . . . . . . . .

Elimination of intersegment

(59,816)

(5.0%)

(46,518)

(3.0%)

(147,603)

(3.9%)

(121,555)

(2.7%)

revenues (1) . . . . . . . . . . . . . . .

Temporary and consultant staffing .

781,391

65.7%

1,118,461

72.1%

2,626,897

69.0%

3,305,800

72.9%

Permanent placement staffing . . . .

87,203

7.3%

134,582

8.6%

278,722

7.4%

407,038

8.9%

Protiviti . . . . . . . . . . . . . . . . . . . . . .

321,303

27.0%

299,089

19.3%

899,295

23.6%

824,209

18.2%

Total . . . . . . . . . . . . . . . . . . . . . . . .

$

1,189,897

100.0%

$

1,552,132

100.0%

$

3,804,914

100.0%

$

4,537,047

100.0%

GROSS MARGIN:

Temporary and consultant staffing .

$

293,318

37.5%

$

423,939

37.9%

$

985,616

37.5%

$

1,257,241

38.0%

Permanent placement staffing . . . .

87,043

99.8%

134,354

99.8%

278,229

99.8%

406,300

99.8%

Protiviti . . . . . . . . . . . . . . . . . . . . . .

86,985

27.1%

87,985

29.4%

234,439

26.1%

224,727

27.3%

Total . . . . . . . . . . . . . . . . . . . . . . . .

$

467,346

39.3%

$

646,278

41.6%

$

1,498,284

39.4%

$

1,888,268

41.6%

SEGMENT INCOME:

Temporary and consultant staffing

$

43,779

5.6%

$

101,428

9.1%

$

165,933

6.3%

$

312,684

9.5%

Permanent placement staffing . . . .

10,128

11.6%

21,817

16.2%

20,791

7.5%

68,718

16.9%

Protiviti . . . . . . . . . . . . . . . . . . . . . .

48,735

15.2%

39,646

13.3%

105,311

11.7%

87,120

10.6%

Combined segment income (2) . . . .

$

102,642

8.6%

$

162,891

10.5%

$

292,035

7.7%

$

468,522

10.3%

SELECTED CASH FLOW

INFORMATION:

Depreciation . . . . . . . . . . . . . . . . . .

$

15,588

$

16,745

$

47,097

$

48,485

Capital expenditures . . . . . . . . . . . .

$

6,614

$

16,513

$

28,878

$

45,138

Open market repurchases of

common stock (shares) . . . . . . . .

449

1,454

1,432

3,266

  1. Service revenues for Accountemps, OfficeTeam, Robert Half Technology and Robert Half Management Resources include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each line of business are aggregated and then eliminated as a single line item.
  2. Combined segment income is a non-GAAP measure described further on page 6.

- 4 -

ROBERT HALF INTERNATIONAL INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)

September 30,

2020

2019

(Unaudited)

SELECTED BALANCE SHEET INFORMATION:

Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

587,000

$

312,741

Accounts receivable, less allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

690,259

$

852,843

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

2,563,092

$

2,311,570

Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

1,052,785

$

977,440

Notes payable, less current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

62

$

295

Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

1,194,029

$

1,111,830

- 5 -

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

The financial results of Robert Half International Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the U.S. Securities and Exchange Commission ("SEC"). To help readers understand the Company's financial performance, the Company supplements its GAAP financial results with the following non-GAAP measures: combined segment income and as adjusted revenue growth rates.

Combined segment income is income before income taxes adjusted for interest income and amortization of intangible assets. The Company provides combined segment income because it is how the Company evaluates segment performance.

Variations in the Company's financial results include the impact of changes in foreign currency exchange rates, billing days, and certain intercompany adjustments. The Company provides "as adjusted" revenue growth calculations to remove the impact of these items. These calculations show the year-over-year revenue growth rates for the Company's lines of business on both a reported basis and also on an as-adjusted basis for global, U.S., and international operations. This information is presented for each of the six most recent quarters. The Company has provided this data because it focuses on the Company's revenue growth rates attributable to operating activities and aids in evaluating revenue trends over time. The Company expresses year-over-year revenue changes as calculated percentages using the same number of billing days, constant currency exchange rates, and certain intercompany adjustments.

The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided on the following pages.

COMBINED SEGMENT INCOME RECONCILIATION (UNAUDITED):

Quarter Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

102,510

$

163,782

$

292,297

$

471,268

Interest income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(202)

(1,230)

(1,264)

(3,768)

Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

334

339

1,002

1,022

Combined segment income

$

102,642

$

162,891

$

292,035

$

468,522

- 6 -

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATES (%) (UNAUDITED):

Year-Over-Year Growth Rates

Non-GAAPYear-Over-Year Growth Rates

(As Reported)

(As Adjusted)

2019

2020

2019

2020

Q2

Q3

Q4

Q1

Q2

Q3

Q2

Q3

Q4

Q1

Q2

Q3

Global

Accountemps . . . . . . . . . . . . . . .

1.3

3.2

1.6

0.0

-33.0

-29.9

2.7

2.7

2.1

-0.7

-32.3

-30.2

OfficeTeam . . . . . . . . . . . . . . . .

-2.6

0.5

-3.7

-5.0

-48.0

-35.0

-1.1

0.1

-3.1

-5.7

-47.8

-35.8

RH Technology . . . . . . . . . . . . .

6.0

5.4

6.2

7.8

-14.5

-17.7

7.7

5.2

7.0

6.8

-14.2

-18.2

RH Management Resources . . .

6.8

10.3

7.1

8.1

-15.5

-22.7

14.0

13.9

10.3

7.5

-14.8

-23.5

Elimination of intersegment

25.2

30.8

21.6

26.7

7.8

28.6

25.8

29.3

21.6

24.9

7.7

28.2

revenues (1) . . . . . . . . . . . . . .

Temporary and consultant

1.4

3.2

1.3

0.7

-31.7

-30.1

3.7

3.4

2.2

0.0

-31.2

-30.7

staffing . . . . . . . . . . . . . . . . . .

Permanent placement staffing . .

4.3

3.8

0.4

-8.4

-49.6

-35.2

6.2

3.4

0.9

-9.0

-49.1

-35.7

. . . . . . . . . . .Total staffing

1.7

3.3

1.2

-0.3

-33.7

-30.7

4.0

3.4

2.1

-1.0

-33.2

-31.2

Protiviti . . . . . . . . . . . . . . . . . . .

16.6

18.3

15.7

16.5

4.1

7.4

13.8

14.6

14.1

15.5

4.5

6.4

. . . . . . . . . . . . . . . . . . . . . .Total

4.1

5.9

3.8

2.6

-26.9

-23.3

5.6

5.4

4.3

1.9

-26.4

-23.9

United States

Temporary and consultant

3.5

5.7

3.0

2.0

-31.7

-31.0

3.8

4.5

3.2

0.5

-31.7

-31.3

staffing . . . . . . . . . . . . . . . . . .

Permanent placement staffing . .

6.6

6.5

3.0

-4.9

-51.6

-37.1

6.9

5.3

3.2

-6.3

-51.6

-37.3

. . . . . . . . . . .Total staffing

3.8

5.8

3.0

1.3

-33.7

-31.6

4.1

4.5

3.2

-0.2

-33.7

-31.9

Protiviti . . . . . . . . . . . . . . . . . . .

14.7

17.5

17.3

21.3

6.4

10.8

15.1

16.2

17.5

19.5

6.3

10.3

Total . . . . . . . . . . . . . . . . . . . . . .

5.6

7.9

5.6

4.7

-26.5

-23.3

6.0

6.6

5.7

3.2

-26.5

-23.7

International

Temporary and consultant

-5.9

-5.0

-4.8

-3.8

-31.8

-27.0

3.1

-0.2

-1.0

-1.9

-28.9

-28.4

staffing . . . . . . . . . . . . . . . . . .

Permanent placement staffing....

-0.6

-2.1

-5.3

-15.9

-45.0

-30.9

4.4

-0.6

-4.1

-14.6

-43.2

-31.7

. . . . . . . . . . .Total staffing

-5.1

-4.6

-4.8

-5.6

-33.8

-27.6

3.3

-0.3

-1.5

-3.7

-31.1

-28.9

Protiviti . . . . . . . . . . . . . . . . . . .

23.2

21.2

10.4

1.3

-3.9

-5.0

9.4

9.3

3.3

2.4

-1.5

-8.0

. . . . . . . . . . . . . . . . . . . . . .Total

-1.0

-0.7

-2.2

-4.4

-28.4

-23.4

4.4

1.4

-0.6

-2.7

-25.7

-25.0

  1. Service revenues for Accountemps, OfficeTeam, Robert Half Technology and Robert Half Management Resources include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each line of business are aggregated and then eliminated as a single line item.

The non-GAAP financial measures included in the table above adjust for the following items:

Foreign Currency Translation. The "As Reported" revenue growth rates are based upon reported revenues, which include the impact of changes in foreign currency exchange rates. In order to calculate "Constant Currency" revenue growth rates, as reported amounts are retranslated using foreign exchange rates from the prior year's comparable period.

Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates a global, weighted-average number of billing days for each reporting period based upon inputs from all countries and all lines of business. In order to remove the fluctuations caused by comparable periods having different billing days, the company calculates "same billing day" revenue growth rates by dividing each comparative period's reported revenues by the calculated number of billing days for that period to arrive at a "per billing day" amount. The "same billing day" growth rates are then calculated based upon the "per billing day" amounts.

Intercompany Adjustments. The "As Reported" revenue growth rates are based upon reported revenues. In order to remove the fluctuations caused by the impact of certain intercompany adjustments, applicable comparative period revenues are reclassified to conform with the current period presentation.

The term "As Adjusted" means that the impact of different billing days, constant currency fluctuations, and certain intercompany adjustments are removed from the revenue growth rate calculation. A reconciliation of the non-GAAPyear-over- year revenue growth rates to the "As Reported" year-over-year revenue growth rates is included herein on Pages 8-10.

- 7 -

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - GLOBAL

Accountemps

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

OfficeTeam

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Robert Half Technology

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Intercompany Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Robert Half Management Resources

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Intercompany Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Elimination of intersegment revenues

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Temporary and consultant staffing

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Intercompany Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Permanent placement staffing

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total staffing

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Intercompany Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Protiviti

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Intercompany Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total

As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Billing Days Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

1.3

3.2

1.6

0.0

-33.0

-29.9

0.2

-1.3

0.0

-1.5

-0.1

-0.3

1.2

0.8

0.5

0.8

0.8

0.0

2.7

2.7

2.1

-0.7

-32.3

-30.2

-2.6

0.5

-3.7

-5.0

-48.0

-35.0

0.2

-1.3

0.0

-1.3

-0.1

-0.2

1.3

0.9

0.6

0.6

0.3

-0.6

-1.1

0.1

-3.1

-5.7

-47.8

-35.8

6.0

5.4

6.2

7.8

-14.5

-17.7

0.3

-1.4

0.1

-1.5

-0.1

-0.2

0.8

0.5

0.3

0.5

0.4

-0.3

0.6

0.7

0.4

7.7

5.2

7.0

6.8

-14.2

-18.2

6.8

10.3

7.1

8.1

-15.5

-22.7

0.3

-1.4

0.0

-1.5

-0.1

-0.2

1.7

1.1

0.7

0.9

0.8

-0.6

5.2

3.9

2.5

14.0

13.9

10.3

7.5

-14.8

-23.5

25.2

30.8

21.6

26.7

7.8

28.6

0.2

-1.6

0.0

-1.8

-0.2

-0.4

0.4

0.1

0.0

0.0

0.1

0.0

25.8

29.3

21.6

24.9

7.7

28.2

1.4

3.2

1.3

0.7

-31.7

-30.1

0.2

-1.3

0.0

-1.4

-0.1

-0.3

1.3

0.9

0.5

0.7

0.6

-0.3

0.8

0.6

0.4

3.7

3.4

2.2

0.0

-31.2

-30.7

4.3

3.8

0.4

-8.4

-49.6

-35.2

0.2

-1.4

0.0

-1.4

-0.1

-0.2

1.7

1.0

0.5

0.8

0.6

-0.3

6.2

3.4

0.9

-9.0

-49.1

-35.7

1.7

3.3

1.2

-0.3

-33.7

-30.7

0.3

-1.4

0.0

-1.4

-0.1

-0.2

1.3

0.9

0.5

0.7

0.6

-0.3

0.7

0.6

0.4

4.0

3.4

2.1

-1.0

-33.2

-31.2

16.6

18.3

15.7

16.5

4.1

7.4

0.3

-1.4

0.1

-1.6

-0.1

-0.3

1.2

0.8

0.3

0.6

0.5

-0.7

-4.3

-3.1

-2.0

13.8

14.6

14.1

15.5

4.5

6.4

4.1

5.9

3.8

2.6

-26.9

-23.3

0.2

-1.4

0.0

-1.4

-0.1

-0.2

1.3

0.9

0.5

0.7

0.6

-0.4

5.6

5.4

4.3

1.9

-26.4

-23.9

- 8 -

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - UNITED STATES

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Temporary and consultant staffing

As Reported . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 3.5

5.7

3.0

2.0

-31.7

-31.0

Billing Days Impact . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 0.3

-1.2

0.2

-1.5

0.0

-0.3

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 3.8

4.5

3.2

0.5

-31.7

-31.3

Permanent placement staffing

As Reported . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 6.6

6.5

3.0

-4.9

-51.6

-37.1

Billing Days Impact . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 0.3

-1.2

0.2

-1.4

0.0

-0.2

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 6.9

5.3

3.2

-6.3

-51.6

-37.3

Total staffing

As Reported . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 3.8

5.8

3.0

1.3

-33.7

-31.6

Billing Days Impact . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 0.3

-1.3

0.2

-1.5

0.0

-0.3

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 4.1

4.5

3.2

-0.2

-33.7

-31.9

Protiviti

As Reported . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 14.7

17.5

17.3

21.3

6.4

10.8

Billing Days Impact . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 0.4

-1.3

0.2

-1.8

-0.1

-0.5

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 15.1

16.2

17.5

19.5

6.3

10.3

Total

As Reported . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 5.6

7.9

5.6

4.7

-26.5

-23.3

Billing Days Impact . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 0.4

-1.3

0.1

-1.5

0.0

-0.4

Currency Impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 6.0

6.6

5.7

3.2

-26.5

-23.7

- 9 -

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - INTERNATIONAL

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Temporary and consultant staffing

As Reported . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . -5.9

-5.0

-4.8

-3.8

-31.8

-27.0

Billing Days Impact . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . -0.2

-1.6

-0.4

-1.4

0.0

0.0

Currency Impact . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 5.7

3.8

2.4

3.3

2.9

-1.4

Intercompany Adjustments . . . . . .

. . . . . . . . . . . . . . . . . . 3.5

2.6

1.8

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 3.1

-0.2

-1.0

-1.9

-28.9

-28.4

Permanent placement staffing

As Reported . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . -0.6

-2.1

-5.3

-15.9

-45.0

-30.9

Billing Days Impact . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . -0.2

-1.5

-0.4

-1.1

-0.1

0.0

Currency Impact . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 5.2

3.0

1.6

2.4

1.9

-0.8

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 4.4

-0.6

-4.1

-14.6

-43.2

-31.7

Total staffing

As Reported . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . -5.1

-4.6

-4.8

-5.6

-33.8

-27.6

Billing Days Impact . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . -0.2

-1.6

-0.6

-1.3

-0.1

0.0

Currency Impact . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 5.6

3.7

2.3

3.2

2.8

-1.3

Intercompany Adjustments . . . . . .

. . . . . . . . . . . . . . . . . . 3.0

2.2

1.6

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 3.3

-0.3

-1.5

-3.7

-31.1

-28.9

Protiviti

As Reported . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . 23.2

21.2

10.4

1.3

-3.9

-5.0

Billing Days Impact . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . -0.1

-1.8

-0.6

-1.4

-

0.1

Currency Impact . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 5.0

3.5

1.4

2.5

2.4

-3.1

Intercompany Adjustments . . . . . .

. . . . . . . . . . . . . . . . . . -18.7

-13.6

-7.9

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 9.4

9.3

3.3

2.4

-1.5

-8.0

Total

As Reported . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . -1.0

-0.7

-2.2

-4.4

-28.4

-23.4

Billing Days Impact . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . -0.1

-1.6

-0.5

-1.3

-

0.1

Currency Impact . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 5.5

3.7

2.1

3.0

2.7

-1.7

As Adjusted . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . 4.4

1.4

-0.6

-2.7

-25.7

-25.0

- 10 -

Disclaimer

RHI - Robert Half International Inc. published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2020 21:04:08 UTC


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Financials (USD)
Sales 2020 5 057 M - -
Net income 2020 289 M - -
Net cash 2020 444 M - -
P/E ratio 2020 25,2x
Yield 2020 2,12%
Capitalization 7 203 M 7 203 M -
EV / Sales 2020 1,34x
EV / Sales 2021 1,23x
Nbr of Employees 16 000
Free-Float 96,9%
Chart ROBERT HALF INTERNATIONAL, INC
Duration : Period :
Robert Half International, Inc Technical Analysis Chart | MarketScreener
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Technical analysis trends ROBERT HALF INTERNATIONAL, INC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 61,18 $
Last Close Price 64,20 $
Spread / Highest target 58,9%
Spread / Average Target -4,70%
Spread / Lowest Target -34,6%
EPS Revisions
Managers and Directors
NameTitle
Michael Keith Waddell Vice Chairman, President & Chief Executive Officer
Harold M. Messmer Executive Chairman
Michael Cornelius Buckley Chief Financial Officer & Executive Vice President
James C. Johnson Chief Technology Officer & Senior Vice President
Colin S. Mooney Chief Digital Officer & Senior Vice President
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