Robert Half International (RHI) Sees Q4 Charge of $34-$38M from Tax Law

Robert Half International Inc. (NYSE symbol: RHI) today reported that it expects to record a one-time non-cash charge to its provision for income taxes in an estimated amount of $34 million to $38 million, or approximately $.27 to $.31 per share, in the fourth quarter of 2017, resulting from the recently enacted Tax Cuts and Jobs Act (TCJA). The charge results solely from a revaluation of the Company's estimated deferred income tax net assets as of December 31, 2017. The Company has reviewed the other provisions in TCJA, including any U.S. tax on unrepatriated foreign earnings, and concluded that they have no material impact on the Company's net income in the fourth quarter of 2017. No other changes to the Company's previous guidance are being made. After this charge, net income per share guidance for the fourth quarter of 2017 is $.29 to $.39 per share.

While the Company anticipates subsequent regulation associated with TCJA will be forthcoming and will provide additional guidance on application of the law, it is estimated that beginning in 2018, the Company's global effective income tax rate will be in the range of 26 percent to 28 percent.

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