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OFFON

ROBERT HALF INTERNATIONAL INC.

(RHI)
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Robert Half International : REPORTS SECOND-QUARTER FINANCIAL RESULTS (Form 8-K)

07/22/2021 | 04:28pm EDT
ROBERT HALF REPORTS SECOND-QUARTER FINANCIAL RESULTS

MENLO PARK, Calif., July 22, 2021 - Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the second quarter ended June 30, 2021.

For the quarter ended June 30, 2021, net income was $149 million, or $1.33 per share, on revenues of $1.581 billion. Net income for the prior year's second quarter was $46 million, or $.41 per share, on revenues of $1.108 billion.

'We achieved record levels of revenues and earnings in the second quarter due to a broad-based, global acceleration in demand for our staffing and business consulting services,' said M. Keith Waddell, president and CEO of Robert Half. 'We are particularly pleased with the strength of our permanent placement and Protiviti operations, which grew year-over-year revenues by 102 percent and 62 percent, respectively. Protiviti reached its 15th consecutive quarter of revenue gains with very strong growth in each of its solution areas.'

'Return on invested capital for the company was 49 percent in the second quarter,' Waddell concluded.

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. EDT on August 21. 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# 5793718. The conference call also will be archived in audio format on the company's website at www.roberthalf.com/investor-center.
Robert Half is the world's first and largest specialized talent solutions firm that connects opportunities at great companies with highly skilled job seekers. We offer contract and permanent placement solutions for finance and accounting, technology, marketing and creative, legal, and administrative and customer support roles. Named to FORTUNE's Most Admired Companies and 100 Best Companies to Work For lists and a Forbes Best Employer for Diversity, Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions.

Robert Half has 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 contract 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 contract employees, or for events impacting its contract 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 broad based consulting, regulatory compliance, technology services, public sector or other high demand advisory 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

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ROBERT HALF INTERNATIONAL INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Quarter Ended
June 30,
Six Months Ended June 30,
2021 2020 2021 2020
(Unaudited) (Unaudited)
Service revenues $ 1,580,581 $ 1,108,326 $ 2,978,961 $ 2,615,017
Costs of services 915,709 691,791 1,752,378 1,584,094
Gross margin 664,872 416,535 1,226,583 1,030,923
Selling, general and administrative expenses (1) 488,093 407,213 911,155 850,081
(Income) loss from investments held in employee deferred compensation
trusts (which is completely offset by related costs and expenses) (1)
(27,810) (48,927) (39,797) (8,551)
Amortization of intangible assets 576 330 1,152 668
Interest expense (income), net 151 (105) 105 (1,062)
Income before income taxes 203,862 58,024 353,968 189,787
Provision for income taxes 54,649 11,828 94,157 53,676
Net income $ 149,213 $ 46,196 $ 259,811 $ 136,111
Diluted net income per share $ 1.33 $ .41 $ 2.32 $ 1.20
Shares:
Basic 110,861 112,865 111,141 113,026
Diluted 111,889 113,121 112,191 113,489

(1) Selling, general and administrative ('SG&A') expenses 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. Changes in the Company's deferred compensation obligations noted above are included in SG&A or, in the case of Protiviti, costs of services, while investment income is 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.

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ROBERT HALF INTERNATIONAL INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Six Months Ended
June 30,
2021 2020
(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation $ 27,715 $ 31,509
Capitalized cloud computing implementation costs $ 16,236 $ 18,846
Capital expenditures $ 16,114 $ 22,264
Open market repurchases of
common stock (shares)
1,514 983
June 30,
2021 2020
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents $ 542,805 $ 501,485
Accounts receivable, net $ 907,947 $ 665,409
Total assets $ 2,741,368 $ 2,402,377
Total current liabilities $ 1,196,312 $ 977,167
Total stockholders' equity $ 1,259,250 $ 1,156,706
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ROBERT HALF INTERNATIONAL INC.
SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)
(in thousands)

Beginning in Q3 2020, the Company modified its presentation of service revenues for Accountemps, OfficeTeam, Robert Half Technology and Robert Half Management Resources to include inter-segment revenues from services provided to Protiviti in connection with the Company's managed business solutions. This is how the Company measures and manages these divisions internally. The combined amount of divisional intersegment revenues with Protiviti are aggregated and then eliminated as a single line item. The Company has prepared the below schedule to provide readers with historical comparative information to better evaluate the related trends.

2019 2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
SERVICE REVENUES:
Accountemps $ 490,084 $ 494,582 $ 501,905 $ 498,650 $ 489,884 $ 331,542 $ 351,598 $ 385,000 $ 417,116 $ 453,342
OfficeTeam 252,633 261,952 267,023 259,147 239,979 136,299 173,685 214,985 220,467 263,192
Robert Half Technology 182,426 189,461 195,630 198,314 196,652 162,028 161,007 175,730 172,239 194,233
Robert Half Management
Resources
196,003 195,236 200,421 201,097 211,878 165,031 154,917 167,116 183,271 210,550
Elimination of intersegment revenues (36,519) (38,519) (46,518) (50,883) (46,273) (41,514) (59,816) (92,393) (103,818) (143,036)
Temporary and consultant staffing
1,084,627 1,102,712 1,118,461 1,106,325 1,092,120 753,386 781,391 850,438 889,275 978,281
Permanent placement staffing 131,562 140,894 134,582 126,394 120,489 71,030 87,203 91,387 111,703 143,640
Protiviti 252,341 272,779 299,089 304,666 294,082 283,910 321,303 362,261 397,402 458,660
Total $ 1,468,530 $ 1,516,385 $ 1,552,132 $ 1,537,385 $ 1,506,691 $ 1,108,326 $ 1,189,897 $ 1,304,086 $ 1,398,380 $ 1,580,581

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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: adjusted gross margin; adjusted selling, general and administrative expense; segment income; combined segment income and as adjusted revenue growth rates.
The following measures: adjusted gross margin; adjusted selling, general and administrative expense; and segment income include gains and losses on investments held to fund the Company's obligations under employee deferred compensation plans. The Company provides these measures because they are used by management to review its operational results.
Combined segment income is income before income taxes, adjusted for interest expense (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 and billing days. 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.

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ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED SUMMARY OF OPERATIONS RECONCILIATION (UNAUDITED)
(in thousands)
Quarter Ended June 30, Relationships
2021 2020 2021 2020 2021 2020
Reported Adjustments Adjusted (1) Reported Adjustments Adjusted (1) Reported Adjusted
SERVICE REVENUES:
Accountemps $ 453,342 $ - $ 453,342 $ 331,542 $ - $ 331,542 28.6 % 29.9 % 28.6 % 29.9 %
OfficeTeam 263,192 - 263,192 136,299 - 136,299 16.7 % 12.3 % 16.7 % 12.3 %
Robert Half Technology 194,233 - 194,233 162,028 - 162,028 12.3 % 14.6 % 12.3 % 14.6 %
Robert Half Management
Resources
210,550 - 210,550 165,031 - 165,031 13.3 % 14.9 % 13.3 % 14.9 %
Elimination of intersegment
revenues
(143,036) - (143,036) (41,514) - (41,514) (9.0 %) (3.7 %) (9.0 %) (3.7 %)
Temporary and consultant staffing
978,281 - 978,281 753,386 - 753,386 61.9 % 68.0 % 61.9 % 68.0 %
Permanent placement staffing 143,640 - 143,640 71,030 - 71,030 9.1 % 6.4 % 9.1 % 6.4 %
Protiviti
458,660 - 458,660 283,910 - 283,910 29.0 % 25.6 % 29.0 % 25.6 %
Total $ 1,580,581 $ - $ 1,580,581 $ 1,108,326 $ - $ 1,108,326 100.0 % 100.0 % 100.0 % 100.0 %
GROSS MARGIN:
Temporary and consultant staffing
$ 388,070 $ - $ 388,070 $ 279,302 $ - $ 279,302 39.7 % 37.1 % 39.7 % 37.1 %
Permanent placement staffing 143,454 - 143,454 70,906 - 70,906 99.9 % 99.8 % 99.9 % 99.8 %
Protiviti
133,348 4,153 137,501 66,327 6,542 72,869 29.1 % 23.4 % 30.0 % 25.7 %
Total $ 664,872 $ 4,153 $ 669,025 $ 416,535 $ 6,542 $ 423,077 42.1 % 37.6 % 42.3 % 38.2 %
SELLING GENERAL AND
ADMINISTRATIVE EXPENSE:
Temporary and consultant staffing
$ 315,114 $ (21,054) $ 294,060 $ 289,645 $ (38,733) $ 250,912 32.2 % 38.4 % 30.1 % 33.3 %
Permanent placement staffing 115,458 (2,603) 112,855 74,806 (3,652) 71,154 80.4 % 105.3 % 78.6 % 100.2 %
Protiviti
57,521 - 57,521 42,762 - 42,762 12.5 % 15.1 % 12.5 % 15.1 %
Total $ 488,093 $ (23,657) $ 464,436 $ 407,213 $ (42,385) $ 364,828 30.9 % 36.7 % 29.4 % 32.9 %
OPERATING/SEGMENT INCOME:
Temporary and consultant staffing
$ 72,956 $ 21,054 $ 94,010 $ (10,343) $ 38,733 $ 28,390 7.5 % (1.4 %) 9.6 % 3.8 %
Permanent placement staffing 27,996 2,603 30,599 (3,900) 3,652 (248) 19.5 % (5.5 %) 21.3 % (0.3 %)
Protiviti
75,827 4,153 79,980 23,565 6,542 30,107 16.5 % 8.3 % 17.4 % 10.6 %
Total $ 176,779 $ 27,810 $ 204,589 $ 9,322 $ 48,927 $ 58,249 11.2 % 0.8 % 12.9 % 5.3 %
Amortization of intangible assets 576 - 576 330 - 330 0.0 % 0.0 % 0.0 % 0.1 %
(Income) loss from investments held in
employee deferred compensation trusts
(27,810) 27,810 - (48,927) 48,927 - 1.7 % 4.4 % 0.0 % 0.0 %
Interest expense (income), net 151 - 151 (105) - (105) 0.0 % 0.0 % 0.0 % 0.0 %
Income before income taxes $ 203,862 $ - $ 203,862 $ 58,024 $ - $ 58,024 12.9 % 5.2 % 12.9 % 5.2 %
(1) Changes in the Company's deferred compensation obligations are included in selling, general and administrative expense or, in the case of Protiviti, costs of services, while the related investment income is presented separately. The non-GAAP financial measures shown in the table above are adjusted to reclassify investment income from investments held in employee deferred compensation trusts to the same line item which includes the corresponding change in obligation. These adjustments have no impact to income before income taxes.
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ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED SUMMARY OF OPERATIONS RECONCILIATION (UNAUDITED)
(in thousands)
Six Months Ended June 30, Relationships
2021 2020 2021 2020 2021 2020
Reported Adjustments Adjusted (1) Reported Adjustments Adjusted (1) Reported Adjusted
SERVICE REVENUES:
Accountemps $ 870,448 $ - $ 870,448 $ 821,426 $ - $ 821,426 29.3 % 31.4 % 29.3 % 31.4 %
OfficeTeam 483,665 - 483,665 376,278 - 376,278 16.2 % 14.4 % 16.2 % 14.4 %
Robert Half Technology 366,406 - 366,406 358,680 - 358,680 12.3 % 13.7 % 12.3 % 13.7 %
Robert Half Management
Resources
393,878 - 393,878 376,908 - 376,908 13.2 % 14.4 % 13.2 % 14.4 %
Elimination of intersegment
revenues
(246,840) - (246,840) (87,786) - (87,786) (8.3 %) (3.4 %) (8.3 %) (3.4 %)
Temporary and consultant staffing
1,867,557 - 1,867,557 1,845,506 - 1,845,506 62.7 % 70.6 % 62.7 % 70.6 %
Permanent placement staffing 255,344 - 255,344 191,519 - 191,519 8.6 % 7.3 % 8.6 % 7.3 %
Protiviti
856,060 - 856,060 577,992 - 577,992 28.7 % 22.1 % 28.7 % 22.1 %
Total $ 2,978,961 $ - $ 2,978,961 $ 2,615,017 $ - $ 2,615,017 100.0 % 100.0 % 100.0 % 100.0 %
GROSS MARGIN:
Temporary and consultant staffing
$ 733,003 $ - $ 733,003 $ 692,298 $ - $ 692,298 39.2 % 37.5 % 39.2 % 37.5 %
Permanent placement staffing 254,951 - 254,951 191,186 - 191,186 99.8 % 99.8 % 99.8 % 99.8 %
Protiviti
238,629 5,842 244,471 147,439 2,871 150,310 27.9 % 25.5 % 28.6 % 26.0 %
Total $ 1,226,583 5,842 $ 1,232,425 $ 1,030,923 2,871 $ 1,033,794 41.2 % 39.4 % 41.4 % 39.5 %
SELLING GENERAL AND
ADMINISTRATIVE EXPENSE:
Temporary and consultant staffing
$ 593,627 (30,312) $ 563,315 $ 575,290 $ (5,146) $ 570,144 31.8 % 31.2 % 30.2 % 30.9 %
Permanent placement staffing 210,360 (3,643) 206,717 181,057 (534) 180,523 82.4 % 94.5 % 81.0 % 94.3 %
Protiviti
107,168 - 107,168 93,734 - 93,734 12.5 % 16.2 % 12.5 % 16.2 %
Total $ 911,155 (33,955) $ 877,200 $ 850,081 $ (5,680) $ 844,401 30.6 % 32.5 % 29.4 % 32.3 %
OPERATING/SEGMENT INCOME:
Temporary and consultant staffing
$ 139,376 30,312 $ 169,688 $ 117,008 5,146 $ 122,154 7.5 % 6.3 % 9.1 % 6.6 %
Permanent placement staffing 44,591 3,643 48,234 10,129 534 10,663 17.5 % 5.3 % 18.9 % 5.6 %
Protiviti
131,461 5,842 137,303 53,705 2,871 56,576 15.4 % 9.3 % 16.0 % 9.8 %
Total $ 315,428 39,797 $ 355,225 $ 180,842 8,551 $ 189,393 10.6 % 6.9 % 11.9 % 7.2 %
Amortization of intangible assets 1,152 - 1,152 668 - 668 0.0 % 0.1 % 0.0 % 0.1 %
(Income) loss from investments held in
employee deferred compensation trusts
(39,797) 39,797 - (8,551) 8,551 - 1.3 % 0.3 % 0.0 % 0.0 %
Interest expense (income), net 105 - 105 (1,062) - (1,062) 0.0 % 0.0 % 0.0 % 0.0 %
Income before income taxes $ 353,968 $ - $ 353,968 $ 189,787 $ - $ 189,787 11.9 % 7.3 % 11.9 % 7.3 %
(1) Changes in the Company's deferred compensation obligations are included in selling, general and administrative expense or, in the case of Protiviti, costs of services, while the related investment income is presented separately. The non-GAAP financial measures shown in the table above are adjusted to reclassify investment income from investments held in employee deferred compensation trusts to the same line item which includes the corresponding change in obligation. These adjustments have no impact to income before income taxes.
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ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
COMBINED SEGMENT INCOME RECONCILIATION (UNAUDITED):

Quarter Ended
June 30,
2021 2020
Income before income taxes $ 203,862 $ 58,024
Interest expense (income), net 151 (105)
Amortization of intangible assets 576 330
Combined segment income $ 204,589 $ 58,249
Six Months Ended
June 30,
2021 2020
Income before income taxes $ 353,968 $ 189,787
Interest expense (income), net 105 (1,062)
Amortization of intangible assets 1,152 668
Combined segment income $ 355,225 $ 189,393

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ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATES (%) (UNAUDITED):
Year-Over-Year Growth Rates
(As Reported)
Non-GAAP Year-Over-Year Growth Rates
(As Adjusted)
2020 2021 2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2
Global
Accountemps
0.0 -33.0 -29.9 -22.8 -14.9 36.7 -0.7 -32.3 -30.2 -23.1 -14.6 34.4
OfficeTeam
-5.0 -48.0 -35.0 -17.0 -8.1 93.1 -5.7 -47.8 -35.8 -18.2 -8.7 89.5
RH Technology
7.8 -14.5 -17.7 -11.4 -12.4 19.9 6.8 -14.2 -18.2 -11.9 -12.4 17.9
RH Management Resources
8.1 -15.5 -22.7 -16.9 -13.5 27.6 7.5 -14.8 -23.5 -18.1 -14.3 24.0
Elimination of intersegment revenues (1) 26.7 7.8 28.6 81.6 124.4 244.5 24.9 7.7 28.2 81.5 127.3 240.9
Temporary and consultant staffing
0.7 -31.7 -30.1 -23.1 -18.6 29.9 0.0 -31.2 -30.7 -23.8 -18.9 27.2
Permanent placement staffing -8.4 -49.6 -35.2 -27.7 -7.3 102.2 -9.0 -49.1 -35.7 -28.5 -8.1 96.9
Total staffing -0.3 -33.7 -30.7 -23.6 -17.5 36.1 -1.0 -33.2 -31.2 -24.3 -17.8 33.2
Protiviti
16.5 4.1 7.4 18.9 35.1 61.6 15.5 4.5 6.4 17.9 34.7 58.8
Total 2.6 -26.9 -23.3 -15.2 -7.2 42.6 1.9 -26.4 -23.9 -15.9 -7.6 39.7
United States
Temporary and consultant staffing
2.0 -31.7 -31.0 -24.1 -20.3 27.5 0.5 -31.7 -31.3 -23.9 -19.4 27.7
Permanent placement staffing -4.9 -51.6 -37.1 -31.3 -12.4 109.3 -6.3 -51.6 -37.3 -31.0 -11.4 109.6
Total staffing 1.3 -33.7 -31.6 -24.8 -19.6 33.6 -0.2 -33.7 -31.9 -24.6 -18.6 33.8
Protiviti
21.3 6.4 10.8 22.9 35.5 62.6 19.5 6.3 10.3 23.3 37.1 62.8
Total 4.7 -26.5 -23.3 -15.3 -8.7 41.1 3.2 -26.5 -23.7 -15.0 -7.6 41.3
International
Temporary and consultant staffing
-3.8 -31.8 -27.0 -19.3 -12.3 38.6 -1.9 -28.9 -28.4 -23.5 -17.0 25.1
Permanent placement staffing -15.9 -45.0 -30.9 -19.3 5.2 87.8 -14.6 -43.2 -31.7 -23.0 0.3 70.5
Total staffing -5.6 -33.8 -27.6 -19.3 -10.1 44.8 -3.7 -31.1 -28.9 -23.4 -14.8 30.9
Protiviti
1.3 -3.9 -5.0 4.3 33.8 57.6 2.4 -1.5 -8.0 -1.7 26.1 43.5
Total -4.4 -28.4 -23.4 -14.7 -2.0 48.0 -2.7 -25.7 -25.0 -19.2 -7.2 33.9
(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.
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-GAAP year-over-year revenue growth rates to the 'As Reported' year-over-year revenue growth rates is included herein on Pages 11-13.

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ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth - GLOBAL
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Accountemps
As Reported 0.0 -33.0 -29.9 -22.8 -14.9 36.7
Billing Days Impact -1.5 -0.1 -0.3 -0.1 1.1 0.0
Currency Impact 0.8 0.8 0.0 -0.2 -0.8 -2.3
As Adjusted -0.7 -32.3 -30.2 -23.1 -14.6 34.4
OfficeTeam
As Reported -5.0 -48.0 -35.0 -17.0 -8.1 93.1
Billing Days Impact -1.3 -0.1 -0.2 -0.1 1.1 0.0
Currency Impact 0.6 0.3 -0.6 -1.1 -1.7 -3.6
As Adjusted -5.7 -47.8 -35.8 -18.2 -8.7 89.5
Robert Half Technology
As Reported 7.8 -14.5 -17.7 -11.4 -12.4 19.9
Billing Days Impact -1.5 -0.1 -0.2 0.0 1.1 0.0
Currency Impact 0.5 0.4 -0.3 -0.5 -1.1 -2.0
As Adjusted 6.8 -14.2 -18.2 -11.9 -12.4 17.9
Robert Half Management Resources
As Reported 8.1 -15.5 -22.7 -16.9 -13.5 27.6
Billing Days Impact -1.5 -0.1 -0.2 0.0 1.1 0.0
Currency Impact 0.9 0.8 -0.6 -1.2 -1.9 -3.6
As Adjusted 7.5 -14.8 -23.5 -18.1 -14.3 24.0
Elimination of intersegment revenues
As Reported 26.7 7.8 28.6 81.6 124.4 244.5
Billing Days Impact -1.8 -0.2 -0.4 -0.1 2.7 0.0
Currency Impact 0.0 0.1 0.0 0.0 0.2 -3.6
As Adjusted 24.9 7.7 28.2 81.5 127.3 240.9
Temporary and consultant staffing
As Reported 0.7 -31.7 -30.1 -23.1 -18.6 29.9
Billing Days Impact -1.4 -0.1 -0.3 0.0 1.0 0.0
Currency Impact 0.7 0.6 -0.3 -0.7 -1.3 -2.7
As Adjusted 0.0 -31.2 -30.7 -23.8 -18.9 27.2
Permanent placement staffing
As Reported -8.4 -49.6 -35.2 -27.7 -7.3 102.2
Billing Days Impact -1.4 -0.1 -0.2 0.0 1.1 0.0
Currency Impact 0.8 0.6 -0.3 -0.8 -1.9 -5.3
As Adjusted -9.0 -49.1 -35.7 -28.5 -8.1 96.9
Total staffing
As Reported -0.3 -33.7 -30.7 -23.6 -17.5 36.1
Billing Days Impact -1.4 -0.1 -0.2 0.0 1.1 0.0
Currency Impact 0.7 0.6 -0.3 -0.7 -1.4 -2.9
As Adjusted -1.0 -33.2 -31.2 -24.3 -17.8 33.2
Protiviti
As Reported 16.5 4.1 7.4 18.9 35.1 61.6
Billing Days Impact -1.6 -0.1 -0.3 0.0 1.6 0.0
Currency Impact 0.6 0.5 -0.7 -1.0 -2.0 -2.8
As Adjusted 15.5 4.5 6.4 17.9 34.7 58.8
Total
As Reported 2.6 -26.9 -23.3 -15.2 -7.2 42.6
Billing Days Impact -1.4 -0.1 -0.2 0.0 1.1 0.0
Currency Impact 0.7 0.6 -0.4 -0.7 -1.5 -2.9
As Adjusted 1.9 -26.4 -23.9 -15.9 -7.6 39.7

- 11 -

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth - UNITED STATES
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Temporary and consultant staffing
As Reported 2.0 -31.7 -31.0 -24.1 -20.3 27.5
Billing Days Impact -1.5 0.0 -0.3 0.2 0.9 0.2
Currency Impact
As Adjusted 0.5 -31.7 -31.3 -23.9 -19.4 27.7
Permanent placement staffing
As Reported -4.9 -51.6 -37.1 -31.3 -12.4 109.3
Billing Days Impact -1.4 0.0 -0.2 0.3 1.0 0.3
Currency Impact
As Adjusted -6.3 -51.6 -37.3 -31.0 -11.4 109.6
Total staffing
As Reported 1.3 -33.7 -31.6 -24.8 -19.6 33.6
Billing Days Impact -1.5 0.0 -0.3 0.2 1.0 0.2
Currency Impact
As Adjusted -0.2 -33.7 -31.9 -24.6 -18.6 33.8
Protiviti
As Reported 21.3 6.4 10.8 22.9 35.5 62.6
Billing Days Impact -1.8 -0.1 -0.5 0.4 1.6 0.2
Currency Impact
As Adjusted 19.5 6.3 10.3 23.3 37.1 62.8
Total
As Reported 4.7 -26.5 -23.3 -15.3 -8.7 41.1
Billing Days Impact -1.5 0.0 -0.4 0.3 1.1 0.2
Currency Impact
As Adjusted 3.2 -26.5 -23.7 -15.0 -7.6 41.3
- 12 -

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth - INTERNATIONAL
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Temporary and consultant staffing
As Reported -3.8 -31.8 -27.0 -19.3 -12.3 38.6
Billing Days Impact -1.4 0.0 0.0 -1.0 1.4 -0.8
Currency Impact 3.3 2.9 -1.4 -3.2 -6.1 -12.7
As Adjusted -1.9 -28.9 -28.4 -23.5 -17.0 25.1
Permanent placement staffing
As Reported -15.9 -45.0 -30.9 -19.3 5.2 87.8
Billing Days Impact -1.1 -0.1 0.0 -1.0 1.7 -1.1
Currency Impact 2.4 1.9 -0.8 -2.7 -6.6 -16.2
As Adjusted -14.6 -43.2 -31.7 -23.0 0.3 70.5
Total staffing
As Reported -5.6 -33.8 -27.6 -19.3 -10.1 44.8
Billing Days Impact -1.3 -0.1 0.0 -1.0 1.5 -0.8
Currency Impact 3.2 2.8 -1.3 -3.1 -6.2 -13.1
As Adjusted -3.7 -31.1 -28.9 -23.4 -14.8 30.9
Protiviti
As Reported 1.3 -3.9 -5.0 4.3 33.8 57.6
Billing Days Impact -1.4 0.0 0.1 -1.4 2.1 -0.8
Currency Impact 2.5 2.4 -3.1 -4.6 -9.8 -13.3
As Adjusted 2.4 -1.5 -8.0 -1.7 26.1 43.5
Total
As Reported -4.4 -28.4 -23.4 -14.7 -2.0 48.0
Billing Days Impact -1.3 0.0 0.1 -1.1 1.6 -0.9
Currency Impact 3.0 2.7 -1.7 -3.4 -6.8 -13.2
As Adjusted -2.7 -25.7 -25.0 -19.2 -7.2 33.9

- 13 -

Disclaimer

RHI - Robert Half International Inc. published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 20:27:24 UTC.


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Financials (USD)
Sales 2021 6 308 M - -
Net income 2021 565 M - -
Net cash 2021 509 M - -
P/E ratio 2021 20,5x
Yield 2021 1,47%
Capitalization 11 382 M 11 382 M -
EV / Sales 2021 1,72x
EV / Sales 2022 1,53x
Nbr of Employees 13 000
Free-Float 97,1%
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Technical analysis trends ROBERT HALF INTERNATIONAL INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 103,27 $
Average target price 92,55 $
Spread / Average Target -10,4%
EPS Revisions
Managers and Directors
Michael Keith Waddell Vice Chairman, President & Chief Executive Officer
Michael Cornelius Buckley Chief Financial Officer & Executive Vice President
Harold M. Messmer Executive Chairman
James C. Johnson Chief Technology Officer & Senior Vice President
Christopher M. Hoffmann Senior VP, Head-Business Operations & Law
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