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…

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 (+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 May 20. 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# 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