Robert Half : Reports First-Quarter Financial Results

MENLO PARK, Calif., April 21, 2021 /PRNewswire/ -- Robert Half International Inc. (NYSE: RHI) today reported revenues and earnings for the first quarter ended March 31, 2021.

For the quarter ended March 31, 2021, net income was $111 million, or $.98 per share, on revenues of $1.398 billion. Net income for the prior year's first quarter was $90 million, or $.79 per share, on revenues of $1.507 billion.

"We are extremely pleased that our first quarter results exceeded the high end of our guidance and reflect a broad-based recovery that is well under way," said M. Keith Waddell, president and CEO of Robert Half. "Protiviti's revenues grew 35 percent year-on-year, reflecting continued momentum across its wide array of service offerings, including very strong managed solutions with staffing. This is Protiviti's 14th consecutive quarter of year-on-year revenue gains. Our staffing operations significantly outperformed their historical sequential trends, led by small- and medium-size businesses and permanent placement, which grew 22 percent sequentially."

Waddell continued, "We are experiencing a faster early-cycle recovery than we have seen in the past which positions us well for future growth. As always, the strength of our brands, people, technology and business model will drive our continued success. Our employees have made possible many great accolades, including very recent inclusion on FORTUNE's '100 Best Companies to Work For^®' and Forbes' 'America's Best Employers for Diversity' lists for 2021.

"Return on invested capital for the company was 37 percent in the first 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 ([phone] 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 May 20. The dial-in number for the replay is 855-859-2056 ([phone] outside the United States). To access the replay, enter conference ID# 5481208. 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

 

ROBERT HALF INTERNATIONAL INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
	Quarter Ended March 31,
	2021				2020
	(Unaudited)
Service revenues	$	1,398,380			$	1,506,691
Costs of services	836,669				892,303
Gross margin	561,711				614,388
Selling, general and administrative expenses (1)	423,062				442,868
(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses) (1)	(11,988)				40,376
Amortization of intangible assets	576				338
Interest income, net	(45)				(957)
Income before income taxes	150,106				131,763
Provision for income taxes	39,508				41,848
Net income	$	110,598			$	89,915
Diluted net income per share	$	.98			$	.79
Shares:
Basic	111,424				113,187
Diluted	112,496				113,858

(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.

 

ROBERT HALF INTERNATIONAL INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
		Quarter Ended March 31,
		2021				2020
		(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation		$	13,962			$	15,913
Capitalized cloud computing implementation costs		$	8,488			$	10,379
Capital expenditures		$	9,739			$	14,276
Open market repurchases of common stock (shares)		797				983
		March 31,
		2021				2020
		(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents		$	497,930			$	249,914
Accounts receivable, net		$	799,673			$	853,529
Total assets		$	2,565,169			$	2,274,852
Total current liabilities		$	1,076,586			$	913,354
Total stockholders' equity		$	1,197,699			$	1,129,925

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 blended 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.

	2018																2019																2020																2021
	Q1				Q2				Q3				Q4				Q1				Q2				Q3				Q4				Q1				Q2				Q3				Q4				Q1
SERVICE REVENUES:
Accountemps	$	476,055			$	488,400			$	486,240			$	490,849			$	490,084			$	494,582			$	501,905			$	498,650			$	489,884			$	331,542			$	351,598			$	385,000			$	417,116
OfficeTeam	261,642				268,902				265,758				269,125				252,633				261,952				267,023				259,147				239,979				136,299				173,685				214,985				220,467
Robert Half Technology	166,102				178,711				185,687				186,666				182,426				189,461				195,630				198,314				196,652				162,028				161,007				175,730				172,239
Robert Half Management Resources	186,690				182,737				181,638				187,745				196,003				195,236				200,421				201,097				211,878				165,031				154,917				167,116				183,271
Elimination of intersegment revenues	(24,201)				(30,776)				(35,557)				(41,847)				(36,519)				(38,519)				(46,518)				(50,883)				(46,273)				(41,514)				(59,816)				(92,393)				(103,818)
Temporary and consultant staffing	1,066,288				1,087,974				1,083,766				1,092,538				1,084,627				1,102,712				1,118,461				1,106,325				1,092,120				753,386				781,391				850,438				889,275
Permanent placement staffing	121,400				135,038				129,667				125,884				131,562				140,894				134,582				126,394				120,489				71,030				87,203				91,387				111,703
Protiviti	207,645				234,042				252,793				263,236				252,341				272,779				299,089				304,666				294,082				283,910				321,303				362,261				397,402
Total	$	1,395,333			$	1,457,054			$	1,466,226			$	1,481,658			$	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

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 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.

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED SUMMARY OF OPERATIONS RECONCILIATION (UNAUDITED)
(in thousands)
	Quarter Ended March 31,																								Relationships
	2021												2020												2021			2020			2021			2020
	Reported				Adjustments				Adjusted (1)				Reported				Adjustments				Adjusted (1)				Reported						Adjusted
SERVICE REVENUES:
Accountemps	$	417,116							$	417,116			$	489,884							$	489,884			29.8	%		32.5	%		29.8	%		32.5	%
OfficeTeam	220,467								220,467				239,979								239,979				15.8	%		15.9	%		15.8	%		15.9	%
Robert Half Technology	172,239								172,239				196,652								196,652				12.3	%		13.1	%		12.3	%		13.1	%
Robert Half Management Resources	183,271								183,271				211,878								211,878				13.1	%		14.1	%		13.1	%		14.1	%
Elimination of intersegment revenues	(103,818)								(103,818)				(46,273)								(46,273)				(7.4)	%		(3.1)	%		(7.4)	%		(3.1)	%
Temporary and consultant staffing	889,275								889,275				1,092,120								1,092,120				63.6	%		72.5	%		63.6	%		72.5	%
Permanent placement staffing	111,703								111,703				120,489								120,489				8.0	%		8.0	%		8.0	%		8.0	%
Protiviti	397,402								397,402				294,082								294,082				28.4	%		19.5	%		28.4	%		19.5	%
Total	$	1,398,380							$	1,398,380			$	1,506,691							$	1,506,691			100.0	%		100.0	%		100.0	%		100.0	%
GROSS MARGIN:
Temporary and consultant staffing	$	344,931							$	344,931			$	412,996							$	412,996			38.8	%		37.8	%		38.8	%		37.8	%
Permanent placement staffing	111,498								111,498				120,280								120,280				99.8	%		99.8	%		99.8	%		99.8	%
Protiviti	105,282				1,688				106,970				81,112				(3,671)				77,441				26.5	%		27.6	%		26.9	%		26.3	%
Total	$	561,711			$	1,688			$	563,399			$	614,388			$	(3,671)			$	610,717			40.2	%		40.8	%		40.3	%		40.5	%
SELLING GENERAL AND ADMINISTRATIVE EXPENSE:
Temporary and consultant staffing	$	278,547			$	(9,151)			$	269,396			$	286,174			$	33,058			$	319,232			31.3	%		26.2	%		30.3	%		29.2	%
Permanent placement staffing	94,867				(1,149)				93,718				105,722				3,647				109,369				84.9	%		87.7	%		83.9	%		90.8	%
Protiviti	49,648				—				49,648				50,972				—				50,972				12.5	%		17.3	%		12.5	%		17.3	%
Total	$	423,062			$	(10,300)			$	412,762			$	442,868			$	36,705			$	479,573			30.3	%		29.4	%		29.5	%		31.8	%
OPERATING/SEGMENT INCOME:
Temporary and consultant staffing	$	66,384			$	9,151			$	75,535			$	126,822			$	(33,058)			$	93,764			7.5	%		11.6	%		8.5	%		8.6	%
Permanent placement staffing	16,631				1,149				17,780				14,558				(3,647)				10,911				14.9	%		12.1	%		15.9	%		9.1	%
Protiviti	55,634				1,688				57,322				30,140				(3,671)				26,469				14.0	%		10.2	%		14.4	%		9.0	%
Total	$	138,649			$	11,988			$	150,637			$	171,520			$	(40,376)			$	131,144			9.9	%		11.4	%		10.8	%		8.7	%
Amortization of intangible assets	576				—				576				338				—				338				0.1	%		0.1	%		0.1	%		0.1	%
(Income) loss from investments held in employee deferred compensation trusts	(11,988)				11,988				—				40,376				(40,376)				—				0.9	%		(2.7)	%		0.0	%		0.0	%
Interest income, net	(45)				—				(45)				(957)				—				(957)				0.0	%		0.1	%		0.0	%		0.1	%
Income before income taxes	$	150,106			$	—			$	150,106			$	131,763			$	—			$	131,763			10.7	%		8.7	%		10.7	%		8.7	%

(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.

 

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
COMBINED SEGMENT INCOME RECONCILIATION (UNAUDITED):
		Quarter Ended March 31,
		2021				2020
Income before income taxes		$	150,106			$	131,763
Interest income, net		(45)				(957)
Amortization of intangible assets		576				338
Combined segment income		$	150,637			$	131,144

 

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)
		2019		2020								2021		2019		2020								2021
		Q4		Q1		Q2		Q3		Q4		Q1		Q4		Q1		Q2		Q3		Q4		Q1
Global
Accountemps		1.6		0.0		-33.0		-29.9		-22.8		-14.9		2.1		-0.7		-32.3		-30.2		-23.1		-14.6
OfficeTeam		-3.7		-5.0		-48.0		-35.0		-17.0		-8.1		-3.1		-5.7		-47.8		-35.8		-18.2		-8.7
RH Technology		6.2		7.8		-14.5		-17.7		-11.4		-12.4		7.0		6.8		-14.2		-18.2		-11.9		-12.4
RH Management Resources		7.1		8.1		-15.5		-22.7		-16.9		-13.5		10.3		7.5		-14.8		-23.5		-18.1		-14.3
Elimination of intersegment revenues (1)		21.6		26.7		7.8		28.6		81.6		124.4		21.6		24.9		7.7		28.2		81.5		127.3
Temporary and consultant staffing		1.3		0.7		-31.7		-30.1		-23.1		-18.6		2.2		0.0		-31.2		-30.7		-23.8		-18.9
Permanent placement staffing		0.4		-8.4		-49.6		-35.2		-27.7		-7.3		0.9		-9.0		-49.1		-35.7		-28.5		-8.1
Total staffing		1.2		-0.3		-33.7		-30.7		-23.6		-17.5		2.1		-1.0		-33.2		-31.2		-24.3		-17.8
Protiviti		15.7		16.5		4.1		7.4		18.9		35.1		14.1		15.5		4.5		6.4		17.9		34.7
Total		3.8		2.6		-26.9		-23.3		-15.2		-7.2		4.3		1.9		-26.4		-23.9		-15.9		-7.6
United States
Temporary and consultant staffing		3.0		2.0		-31.7		-31.0		-24.1		-20.3		3.2		0.5		-31.7		-31.3		-23.9		-19.4
Permanent placement staffing		3.0		-4.9		-51.6		-37.1		-31.3		-12.4		3.2		-6.3		-51.6		-37.3		-31.0		-11.4
Total staffing		3.0		1.3		-33.7		-31.6		-24.8		-19.6		3.2		-0.2		-33.7		-31.9		-24.6		-18.6
Protiviti		17.3		21.3		6.4		10.8		22.9		35.5		17.5		19.5		6.3		10.3		23.3		37.1
Total		5.6		4.7		-26.5		-23.3		-15.3		-8.7		5.7		3.2		-26.5		-23.7		-15.0		-7.6
International
Temporary and consultant staffing		-4.8		-3.8		-31.8		-27.0		-19.3		-12.3		-1.0		-1.9		-28.9		-28.4		-23.5		-17.0
Permanent placement staffing		-5.3		-15.9		-45.0		-30.9		-19.3		5.2		-4.1		-14.6		-43.2		-31.7		-23.0		0.3
Total staffing		-4.8		-5.6		-33.8		-27.6		-19.3		-10.1		-1.5		-3.7		-31.1		-28.9		-23.4		-14.8
Protiviti		10.4		1.3		-3.9		-5.0		4.3		33.8		3.3		2.4		-1.5		-8.0		-1.7		26.1
Total		-2.2		-4.4		-28.4		-23.4		-14.7		-2.0		-0.6		-2.7		-25.7		-25.0		-19.2		-7.2

(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-GAAP year-over-year revenue growth rates to the "As Reported" year-over-year revenue growth rates is included herein on Pages 10-12.

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – GLOBAL
		Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021
Accountemps
As Reported		1.6			0.0			-33.0			-29.9			-22.8			-14.9
Billing Days Impact		0.0			-1.5			-0.1			-0.3			-0.1			1.1
Currency Impact		0.5			0.8			0.8			0.0			-0.2			-0.8
As Adjusted		2.1			-0.7			-32.3			-30.2			-23.1			-14.6
OfficeTeam
As Reported		-3.7			-5.0			-48.0			-35.0			-17.0			-8.1
Billing Days Impact		0.0			-1.3			-0.1			-0.2			-0.1			1.1
Currency Impact		0.6			0.6			0.3			-0.6			-1.1			-1.7
As Adjusted		-3.1			-5.7			-47.8			-35.8			-18.2			-8.7
Robert Half Technology
As Reported		6.2			7.8			-14.5			-17.7			-11.4			-12.4
Billing Days Impact		0.1			-1.5			-0.1			-0.2			0.0			1.1
Currency Impact		0.3			0.5			0.4			-0.3			-0.5			-1.1
Intercompany Adjustments		0.4			―			―			―			―			―
As Adjusted		7.0			6.8			-14.2			-18.2			-11.9			-12.4
Robert Half Management Resources
As Reported		7.1			8.1			-15.5			-22.7			-16.9			-13.5
Billing Days Impact		0.0			-1.5			-0.1			-0.2			0.0			1.1
Currency Impact		0.7			0.9			0.8			-0.6			-1.2			-1.9
Intercompany Adjustments		2.5			―			―			―			―			―
As Adjusted		10.3			7.5			-14.8			-23.5			-18.1			-14.3
Elimination of intersegment revenues
As Reported		21.6			26.7			7.8			28.6			81.6			124.4
Billing Days Impact		0.0			-1.8			-0.2			-0.4			-0.1			2.7
Currency Impact		0.0			0.0			0.1			0.0			0.0			0.2
As Adjusted		21.6			24.9			7.7			28.2			81.5			127.3
Temporary and consultant staffing
As Reported		1.3			0.7			-31.7			-30.1			-23.1			-18.6
Billing Days Impact		0.0			-1.4			-0.1			-0.3			0.0			1.0
Currency Impact		0.5			0.7			0.6			-0.3			-0.7			-1.3
Intercompany Adjustments		0.4			―			―			―			―			―
As Adjusted		2.2			0.0			-31.2			-30.7			-23.8			-18.9
Permanent placement staffing
As Reported		0.4			-8.4			-49.6			-35.2			-27.7			-7.3
Billing Days Impact		0.0			-1.4			-0.1			-0.2			0.0			1.1
Currency Impact		0.5			0.8			0.6			-0.3			-0.8			-1.9
As Adjusted		0.9			-9.0			-49.1			-35.7			-28.5			-8.1
Total staffing
As Reported		1.2			-0.3			-33.7			-30.7			-23.6			-17.5
Billing Days Impact		0.0			-1.4			-0.1			-0.2			0.0			1.1
Currency Impact		0.5			0.7			0.6			-0.3			-0.7			-1.4
Intercompany Adjustments		0.4			―			―			―			―			―
As Adjusted		2.1			-1.0			-33.2			-31.2			-24.3			-17.8
Protiviti
As Reported		15.7			16.5			4.1			7.4			18.9			35.1
Billing Days Impact		0.1			-1.6			-0.1			-0.3			0.0			1.6
Currency Impact		0.3			0.6			0.5			-0.7			-1.0			-2.0
Intercompany Adjustments		-2.0			―			―			―			―			―
As Adjusted		14.1			15.5			4.5			6.4			17.9			34.7
Total
As Reported		3.8			2.6			-26.9			-23.3			-15.2			-7.2
Billing Days Impact		0.0			-1.4			-0.1			-0.2			0.0			1.1
Currency Impact		0.5			0.7			0.6			-0.4			-0.7			-1.5
As Adjusted		4.3			1.9			-26.4			-23.9			-15.9			-7.6

    

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – UNITED STATES
		Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021
Temporary and consultant staffing
As Reported		3.0			2.0			-31.7			-31.0			-24.1			-20.3
Billing Days Impact		0.2			-1.5			0.0			-0.3			0.2			0.9
Currency Impact		―			―			―			―			―			―
As Adjusted		3.2			0.5			-31.7			-31.3			-23.9			-19.4
Permanent placement staffing
As Reported		3.0			-4.9			-51.6			-37.1			-31.3			-12.4
Billing Days Impact		0.2			-1.4			0.0			-0.2			0.3			1.0
Currency Impact		―			―			―			―			―			―
As Adjusted		3.2			-6.3			-51.6			-37.3			-31.0			-11.4
Total staffing
As Reported		3.0			1.3			-33.7			-31.6			-24.8			-19.6
Billing Days Impact		0.2			-1.5			0.0			-0.3			0.2			1.0
Currency Impact		―			―			―			―			―			―
As Adjusted		3.2			-0.2			-33.7			-31.9			-24.6			-18.6
Protiviti
As Reported		17.3			21.3			6.4			10.8			22.9			35.5
Billing Days Impact		0.2			-1.8			-0.1			-0.5			0.4			1.6
Currency Impact		―			―			―			―			―			―
As Adjusted		17.5			19.5			6.3			10.3			23.3			37.1
Total
As Reported		5.6			4.7			-26.5			-23.3			-15.3			-8.7
Billing Days Impact		0.1			-1.5			0.0			-0.4			0.3			1.1
Currency Impact		―			―			―			―			―			―
As Adjusted		5.7			3.2			-26.5			-23.7			-15.0			-7.6

 

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – INTERNATIONAL
		Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021
Temporary and consultant staffing
As Reported		-4.8			-3.8			-31.8			-27.0			-19.3			-12.3
Billing Days Impact		-0.4			-1.4			0.0			0.0			-1.0			1.4
Currency Impact		2.4			3.3			2.9			-1.4			-3.2			-6.1
Intercompany Adjustments		1.8			―			―			―			―			―
As Adjusted		-1.0			-1.9			-28.9			-28.4			-23.5			-17.0
Permanent placement staffing
As Reported		-5.3			-15.9			-45.0			-30.9			-19.3			5.2
Billing Days Impact		-0.4			-1.1			-0.1			0.0			-1.0			1.7
Currency Impact		1.6			2.4			1.9			-0.8			-2.7			-6.6
As Adjusted		-4.1			-14.6			-43.2			-31.7			-23.0			0.3
Total staffing
As Reported		-4.8			-5.6			-33.8			-27.6			-19.3			-10.1
Billing Days Impact		-0.6			-1.3			-0.1			0.0			-1.0			1.5
Currency Impact		2.3			3.2			2.8			-1.3			-3.1			-6.2
Intercompany Adjustments		1.6			―			―			―			―			―
As Adjusted		-1.5			-3.7			-31.1			-28.9			-23.4			-14.8
Protiviti
As Reported		10.4			1.3			-3.9			-5.0			4.3			33.8
Billing Days Impact		-0.6			-1.4			0.0			0.1			-1.4			2.1
Currency Impact		1.4			2.5			2.4			-3.1			-4.6			-9.8
Intercompany Adjustments		-7.9			―			―			―			―			―
As Adjusted		3.3			2.4			-1.5			-8.0			-1.7			26.1
Total
As Reported		-2.2			-4.4			-28.4			-23.4			-14.7			-2.0
Billing Days Impact		-0.5			-1.3			0.0			0.1			-1.1			1.6
Currency Impact		2.1			3.0			2.7			-1.7			-3.4			-6.8
As Adjusted		-0.6			-2.7			-25.7			-25.0			-19.2			-7.2

 

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SOURCE Robert Half