For the quarter ended
For the nine months ended
"We are very pleased that third-quarter and early October results reflect consistent weekly and monthly sequential gains across our divisions," said
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
A taped recording of this call will be available for replay beginning at approximately
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
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
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 |
SUMMARY OF OPERATIONS | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Quarter | Nine Months | ||||||||||||||
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. |
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Quarter | Nine Months | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||
SERVICE REVENUES: | |||||||||||||||||||||||||||
$ | 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 Resources | 154,917 | 13.0 | % | 200,421 | 12.9 | % | 531,826 | 14.0 | % | 591,660 | 13.1 | % | |||||||||||||||
Elimination of intersegment revenues (1) | (59,816) | (5.0) | % | (46,518) | (3.0) | % | (147,603) | (3.9) | % | (121,555) | (2.7) | % | |||||||||||||||
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 |
(2) Combined segment income is a non-GAAP measure described further on page 6. |
SUPPLEMENTAL FINANCIAL INFORMATION | ||||||||
(in thousands) | ||||||||
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 |
NON-GAAP FINANCIAL MEASURES
The financial results of
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,
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 | ||||||||||||||
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 |
NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
REVENUE GROWTH RATES (%) (UNAUDITED): | |||||||||||||||||||||||
Year-Over-Year Growth Rates | Non-GAAP Year-Over-Year Growth Rates | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||||
Global | |||||||||||||||||||||||
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 revenues (1) | 25.2 | 30.8 | 21.6 | 26.7 | 7.8 | 28.6 | 25.8 | 29.3 | 21.6 | 24.9 | 7.7 | 28.2 | |||||||||||
Temporary and consultant staffing | 1.4 | 3.2 | 1.3 | 0.7 | -31.7 | -30.1 | 3.7 | 3.4 | 2.2 | 0.0 | -31.2 | -30.7 | |||||||||||
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 | |||||||||||
Temporary and consultant staffing | 3.5 | 5.7 | 3.0 | 2.0 | -31.7 | -31.0 | 3.8 | 4.5 | 3.2 | 0.5 | -31.7 | -31.3 | |||||||||||
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 staffing | -5.9 | -5.0 | -4.8 | -3.8 | -31.8 | -27.0 | 3.1 | -0.2 | -1.0 | -1.9 | -28.9 | -28.4 | |||||||||||
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 |
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-GAAP year-over-year revenue growth rates to the "As Reported" year-over-year revenue growth rates is included herein on Pages 8-10.
NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED): | ||||||||||||||||||
Year-Over-Year Revenue Growth – GLOBAL | ||||||||||||||||||
Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | |||||||||||||
As Reported | 1.3 | 3.2 | 1.6 | 0.0 | -33.0 | -29.9 | ||||||||||||
Billing Days Impact | 0.2 | -1.3 | 0.0 | -1.5 | -0.1 | -0.3 | ||||||||||||
Currency Impact | 1.2 | 0.8 | 0.5 | 0.8 | 0.8 | 0.0 | ||||||||||||
As Adjusted | 2.7 | 2.7 | 2.1 | -0.7 | -32.3 | -30.2 | ||||||||||||
OfficeTeam | ||||||||||||||||||
As Reported | -2.6 | 0.5 | -3.7 | -5.0 | -48.0 | -35.0 | ||||||||||||
Billing Days Impact | 0.2 | -1.3 | 0.0 | -1.3 | -0.1 | -0.2 | ||||||||||||
Currency Impact | 1.3 | 0.9 | 0.6 | 0.6 | 0.3 | -0.6 | ||||||||||||
As Adjusted | -1.1 | 0.1 | -3.1 | -5.7 | -47.8 | -35.8 | ||||||||||||
Robert Half Technology | ||||||||||||||||||
As Reported | 6.0 | 5.4 | 6.2 | 7.8 | -14.5 | -17.7 | ||||||||||||
Billing Days Impact | 0.3 | -1.4 | 0.1 | -1.5 | -0.1 | -0.2 | ||||||||||||
Currency Impact | 0.8 | 0.5 | 0.3 | 0.5 | 0.4 | -0.3 | ||||||||||||
Intercompany Adjustments | 0.6 | 0.7 | 0.4 | ― | ― | ― | ||||||||||||
As Adjusted | 7.7 | 5.2 | 7.0 | 6.8 | -14.2 | -18.2 | ||||||||||||
Robert Half Management Resources | ||||||||||||||||||
As Reported | 6.8 | 10.3 | 7.1 | 8.1 | -15.5 | -22.7 | ||||||||||||
Billing Days Impact | 0.3 | -1.4 | 0.0 | -1.5 | -0.1 | -0.2 | ||||||||||||
Currency Impact | 1.7 | 1.1 | 0.7 | 0.9 | 0.8 | -0.6 | ||||||||||||
Intercompany Adjustments | 5.2 | 3.9 | 2.5 | ― | ― | ― | ||||||||||||
As Adjusted | 14.0 | 13.9 | 10.3 | 7.5 | -14.8 | -23.5 | ||||||||||||
Elimination of intersegment revenues | ||||||||||||||||||
As Reported | 25.2 | 30.8 | 21.6 | 26.7 | 7.8 | 28.6 | ||||||||||||
Billing Days Impact | 0.2 | -1.6 | 0.0 | -1.8 | -0.2 | -0.4 | ||||||||||||
Currency Impact | 0.4 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | ||||||||||||
As Adjusted | 25.8 | 29.3 | 21.6 | 24.9 | 7.7 | 28.2 | ||||||||||||
Temporary and consultant staffing | ||||||||||||||||||
As Reported | 1.4 | 3.2 | 1.3 | 0.7 | -31.7 | -30.1 | ||||||||||||
Billing Days Impact | 0.2 | -1.3 | 0.0 | -1.4 | -0.1 | -0.3 | ||||||||||||
Currency Impact | 1.3 | 0.9 | 0.5 | 0.7 | 0.6 | -0.3 | ||||||||||||
Intercompany Adjustments | 0.8 | 0.6 | 0.4 | ― | ― | ― | ||||||||||||
As Adjusted | 3.7 | 3.4 | 2.2 | 0.0 | -31.2 | -30.7 | ||||||||||||
Permanent placement staffing | ||||||||||||||||||
As Reported | 4.3 | 3.8 | 0.4 | -8.4 | -49.6 | -35.2 | ||||||||||||
Billing Days Impact | 0.2 | -1.4 | 0.0 | -1.4 | -0.1 | -0.2 | ||||||||||||
Currency Impact | 1.7 | 1.0 | 0.5 | 0.8 | 0.6 | -0.3 | ||||||||||||
As Adjusted | 6.2 | 3.4 | 0.9 | -9.0 | -49.1 | -35.7 | ||||||||||||
Total staffing | ||||||||||||||||||
As Reported | 1.7 | 3.3 | 1.2 | -0.3 | -33.7 | -30.7 | ||||||||||||
Billing Days Impact | 0.3 | -1.4 | 0.0 | -1.4 | -0.1 | -0.2 | ||||||||||||
Currency Impact | 1.3 | 0.9 | 0.5 | 0.7 | 0.6 | -0.3 | ||||||||||||
Intercompany Adjustments | 0.7 | 0.6 | 0.4 | ― | ― | ― | ||||||||||||
As Adjusted | 4.0 | 3.4 | 2.1 | -1.0 | -33.2 | -31.2 | ||||||||||||
Protiviti | ||||||||||||||||||
As Reported | 16.6 | 18.3 | 15.7 | 16.5 | 4.1 | 7.4 | ||||||||||||
Billing Days Impact | 0.3 | -1.4 | 0.1 | -1.6 | -0.1 | -0.3 | ||||||||||||
Currency Impact | 1.2 | 0.8 | 0.3 | 0.6 | 0.5 | -0.7 | ||||||||||||
Intercompany Adjustments | -4.3 | -3.1 | -2.0 | ― | ― | ― | ||||||||||||
As Adjusted | 13.8 | 14.6 | 14.1 | 15.5 | 4.5 | 6.4 | ||||||||||||
Total | ||||||||||||||||||
As Reported | 4.1 | 5.9 | 3.8 | 2.6 | -26.9 | -23.3 | ||||||||||||
Billing Days Impact | 0.2 | -1.4 | 0.0 | -1.4 | -0.1 | -0.2 | ||||||||||||
Currency Impact | 1.3 | 0.9 | 0.5 | 0.7 | 0.6 | -0.4 | ||||||||||||
As Adjusted | 5.6 | 5.4 | 4.3 | 1.9 | -26.4 | -23.9 |
NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED): | ||||||||||||||||||
Year-Over-Year Revenue Growth – | ||||||||||||||||||
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 |
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 |
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SOURCE Robert Half
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