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Form 8-K ROBERT HALF INTERNATIONA For: Apr 26

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April 26, 2022 4:03 PM EDT


Exhibit 99.1
FOR IMMEDIATE RELEASE
 
Contact: 
 M. Keith Waddell
President and Chief Executive Officer
(650) 234-6000

ROBERT HALF REPORTS FIRST-QUARTER FINANCIAL RESULTS

MENLO PARK, Calif., April 26, 2022 — Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the first quarter ended March 31, 2022.
For the quarter ended March 31, 2022, net income was $168 million, or $1.52 per share, on revenues of $1.815 billion. Net income for the prior year’s first quarter was $111 million, or $.98 per share, on revenues of $1.398 billion.

“We are very pleased to report another very strong quarter driven by a robust demand environment across the globe,” said M. Keith Waddell, president and chief executive officer of Robert Half. “First quarter revenues grew 30 percent, and net income grew 52 percent on a year-over-year basis. Our permanent placement talent solutions operations again led the way, achieving year-over-year revenue growth of 67 percent. Our contract talent solutions and Protiviti also continued to post very strong results, growing year-over-year revenues by 30 percent and 19 percent, respectively.

“We are proud to be recently named one of only a select few companies by FORTUNE as a Most Admired Company for 25 consecutive years, in addition to making Barron’s annual list of the 100 Most Sustainable Companies and Forbes' list of America's Best Employers for Diversity. This recognition would not be possible without the dedication and exemplary efforts of our employees across the globe,” 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 on April 26 and ending at 11:59 p.m. EDT on May 24. 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# 9245126. The conference call also will be archived in audio format on the company’s website at www.roberthalf.com.
Robert Half is the world’s first and largest specialized talent solutions and business consulting firm that connects opportunities at great companies with highly skilled job seekers. The Company offers contract and permanent placement talent solutions for finance and accounting, technology, marketing and creative, legal, and administrative and customer support roles.
Named to FORTUNE’s World’s Most Admired Companies®, the Bloomberg Gender-Equality Index and Forbes’ list of America’s Best Employers 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; 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 March 31,
 20222021
 (Unaudited)
Service revenues$1,814,834 $1,398,380 
Costs of services1,042,988 836,669 
Gross margin771,846561,711
Selling, general and administrative expenses514,194423,062
(Income) loss from investments held in employee deferred compensation
trusts (which is completely offset by related costs and expenses)
30,001(11,988)
Amortization of intangible assets417576
Interest income, net(166)(45)
Income before income taxes227,400 150,106 
Provision for income taxes59,161 39,508 
Net income$168,239 $110,598 
Diluted net income per share$1.52 $.98 
 
Shares:
Basic109,218 111,424 
Diluted110,591 112,496 




















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ROBERT HALF INTERNATIONAL INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
 Quarter Ended March 31,
 20222021
(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation$11,080 $13,962 
Capitalized cloud computing implementation costs $9,464 $8,488 
Capital expenditures$14,987 $9,739 
Open market repurchases of common stock (shares)475797 
 
 March 31,
 20222021
 (Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents$550,330 $497,930 
Accounts receivable, net$1,071,608 $799,673 
Total assets$2,950,766 $2,565,169 
Total current liabilities$1,289,031 $1,076,586 
Total stockholders’ equity$1,452,768 $1,197,699 
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ROBERT HALF INTERNATIONAL INC.
SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)
(in thousands)

The Company recently completed a multiyear process to unify its family of Robert Half endorsed divisional brands to one single specialized brand, Robert Half. This simplifies the Company's go-to-market brand structure for clients and candidates and provides leverage for greater brand awareness and allows future flexibility to expand the Company's existing practice groups without the need for new brands. In Q1 2022, the Company's financial disclosures for contract talent solutions (formerly temporary and consultant staffing) are based on functional specialization rather than the previously branded divisions. The functional specializations are: finance and accounting, administrative and customer support, and technology. Finance and accounting combines the former Accountemps and Robert Half Management Resources, administrative and customer support was previously Office Team, and technology was formerly Robert Half Technology. Protiviti and permanent placement talent solutions continue to be reported separately. What was previously referred to as staffing operations is now referred to as talent solutions. There is no change to the underlying business operations or organization.

The Company's presentation of service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues from services provided to Protiviti in connection with the Company’s blended business solutions. This is how the Company measures and manages these businesses 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.

202020212022
 Q1Q2Q3Q4Q1Q2Q3Q4Q1
SERVICE REVENUES:
Finance and accounting$701,762 $496,573 $506,515 $552,116 $600,387 $663,892 $732,365 $768,204 $801,690 
Administrative and customer support239,979 136,299 173,685 214,985 220,467 263,192 279,370 295,872 284,906 
Technology196,652 162,028 161,007 175,730 172,239 194,233 215,500 213,414 213,327 
Elimination of intersegment revenues (46,273)(41,514)(59,816)(92,393)(103,818)(143,036)(172,534)(161,004)(144,200)
Total contract talent solutions
1,092,120 753,386 781,391 850,438 889,275 978,281 1,054,701 1,116,486 1,155,723 
Permanent placement talent solutions
120,489 71,030 87,203 91,387 111,703 143,640 156,444 158,133 186,782 
Protiviti294,082 283,910 321,303 362,261 397,402 458,660 501,421 495,298 472,329 
Total service revenues$1,506,691 $1,108,326 $1,189,897 $1,304,086 $1,398,380 $1,580,581 $1,712,566 $1,769,917 $1,814,834 







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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 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, net and amortization of intangible assets. The Company provides combined segment income because it is how management 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 functional specializations and segments 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 and constant currency exchange rates.
In order to calculate constant currency revenue growth rates, as reported amounts are retranslated using foreign currency exchange rates from the prior year’s comparable period. Management then calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all functional specializations and segments. 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. 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 and currency fluctuations are removed from the revenue growth rate calculation.
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 March 31,Relationships
202220212022202120222021
ReportedAdjustmentsAdjusted (1)ReportedAdjustmentsAdjusted (1)ReportedAdjusted
SERVICE REVENUES:
Finance and accounting$801,690 $— $801,690 $600,387 $— $600,387 44.2 %42.9 %44.2 %42.9 %
Administrative and customer support284,906 — 284,906 220,467 — 220,467 15.7 %15.8 %15.7 %15.8 %
Technology213,327 — 213,327 172,239 — 172,239 11.7 %12.3 %11.7 %12.3 %
Elimination of intersegment
revenues
(144,200)— (144,200)(103,818)— (103,818)(7.9 %)(7.4 %)(7.9 %)(7.4 %)
Total contract talent solutions
1,155,723 — 1,155,723 889,275 — 889,275 63.7 %63.6 %63.7 %63.6 %
Permanent placement talent solutions
186,782 — 186,782 111,703 — 111,703 10.3 %8.0 %10.3 %8.0 %
Protiviti
472,329 — 472,329 397,402 — 397,402 26.0 %28.4 %26.0 %28.4 %
Total service revenues$1,814,834 $— $1,814,834 $1,398,380 $— $1,398,380 100.0 %100.0 %100.0 %100.0 %
GROSS MARGIN:
Contract talent solutions
$461,861 $— $461,861 $344,931 $— $344,931 40.0 %38.8 %40.0 %38.8 %
Permanent placement talent solutions
186,449 — 186,449 111,498 — 111,498 99.8 %99.8 %99.8 %99.8 %
Protiviti
123,536 (3,846)119,690 105,282 1,688 106,970 26.2 %26.5 %25.3 %26.9 %
Total$771,846 $(3,846)$768,000 $561,711 $1,688 $563,399 42.5 %40.2 %42.3 %40.3 %
SELLING GENERAL AND
ADMINISTRATIVE EXPENSE:
Contract talent solutions
$305,334 $23,281 $328,615 $278,547 $(9,151)$269,396 26.4 %31.3 %28.4 %30.3 %
Permanent placement talent solutions
146,247 2,874 149,121 94,867 (1,149)93,718 78.3 %84.9 %79.8 %83.9 %
Protiviti
62,613 — 62,613 49,648 — 49,648 13.3 %12.5 %13.3 %12.5 %
Total$514,194 $26,155 $540,349 $423,062 $(10,300)$412,762 28.3 %30.3 %29.8 %29.5 %
OPERATING/SEGMENT INCOME:
Contract talent solutions
$156,527 $(23,281)$133,246 $66,384 $9,151 $75,535 13.5 %7.5 %11.5 %8.5 %
Permanent placement talent solutions
40,202 (2,874)37,328 16,631 1,149 17,780 21.5 %14.9 %20.0 %15.9 %
Protiviti
60,923 (3,846)57,077 55,634 1,688 57,322 12.9 %14.0 %12.1 %14.4 %
Total$257,652 $(30,001)$227,651 $138,649 $11,988 $150,637 14.2 %9.9 %12.5 %10.8 %
(Income) loss from investments held in
employee deferred compensation trusts
30,001 (30,001)— (11,988)11,988 — 1.7 %(0.9 %)— — 
Amortization of intangible assets417 — 417 576 — 576 0.0 %0.1 %0.0 %0.1 %
Interest income, net(166)— (166)(45)— (45)0.0 %0.0 %0.0 %0.0 %
Income before income taxes$227,400 $— $227,400 $150,106 $— $150,106 12.5 %10.7 %12.5 %10.7 %
(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) loss is presented separately. The non-GAAP financial measures shown in the table above are adjusted to reclassify investment (income) loss 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 March 31,
 20222021
Income before income taxes$227,400 $150,106 
Interest income, net(166)(45)
Amortization of intangible assets417 576 
Combined segment income$227,651 $150,637 






















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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)
 202020212022202020212022
 Q4Q1Q2Q3Q4Q1Q4Q1Q2Q3Q4Q1
Global
Finance and accounting-21.1-14.433.744.639.133.5-21.6-14.531.043.539.834.6
Administrative and customer support-17.0-8.193.160.837.629.2-18.2-8.789.560.038.430.5
Technology-11.4-12.419.933.821.423.9-11.9-12.417.933.121.824.6
Elimination of intersegment revenues (1)81.6124.4244.5188.474.338.981.5127.3240.9187.575.140.1
Total contract talent solutions
-23.1-18.629.935.031.330.0-23.8-18.927.234.031.931.0
Permanent placement talent solutions-27.7-7.3102.279.473.067.2-28.5-8.196.977.773.868.8
Total talent solutions-23.6-17.536.139.435.334.1-24.3-17.833.238.436.035.2
Protiviti
18.935.161.656.136.718.917.934.758.855.137.420.0
Total-15.2-7.242.643.935.729.8-15.9-7.639.742.936.330.9
United States
Contract talent solutions
-24.1-20.327.535.533.433.4-23.9-19.427.735.533.633.4
Permanent placement talent solutions-31.3-12.4109.385.178.678.3-31.0-11.4109.685.178.978.3
Total talent solutions-24.8-19.633.640.037.237.8-24.6-18.633.840.037.437.8
Protiviti
22.935.562.653.731.717.023.337.162.853.731.917.0
Total-15.3-8.741.143.835.631.7-15.0-7.641.343.835.831.7
International
Contract talent solutions
-19.3-12.338.633.024.018.5-23.5-17.025.129.126.323.5
Permanent placement talent solutions-19.35.287.867.361.944.7-23.00.370.562.164.050.0
Total talent solutions-19.3-10.144.837.729.222.5-23.4-14.830.933.731.627.5
Protiviti
4.333.857.665.958.326.2-1.726.143.561.461.232.3
Total-14.7-2.048.044.336.223.4-19.2-7.233.940.138.628.7
(1) Service revenues for finance and accounting, administrative and customer support and technology include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company’s blended business solutions. Intersegment revenues for each functional specialization 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 functional specializations. 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 and constant currency fluctuations 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.

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ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – GLOBAL
  Q4 2020  Q1 2021  Q2 2021  Q3 2021  Q4 2021  Q1 2022
Finance and accounting
As Reported-21.1 -14.4 33.7 44.6 39.1 33.5 
Billing Days Impact-0.3 0.7 -0.4 -0.3 0.3 -0.2 
Currency Impact-0.2 -0.8 -2.3 -0.8 0.4 1.3 
As Adjusted -21.6 -14.5 31.0 43.5 39.8 34.6 
Administrative and customer support
As Reported-17.0 -8.1 93.1 60.8 37.6 29.2 
Billing Days Impact-0.1 1.1 0.0 -0.2 0.1 -0.2 
Currency Impact-1.1 -1.7 -3.6 -0.6 0.7 1.5 
As Adjusted -18.2 -8.7 89.5 60.0 38.4 30.5 
Technology
As Reported-11.4 -12.4 19.9 33.8 21.4 23.9 
Billing Days Impact0.0 1.1 0.0 -0.1 0.1 -0.2 
Currency Impact-0.5 -1.1 -2.0 -0.6 0.3 0.9 
As Adjusted -11.9 -12.4 17.9 33.1 21.8 24.6 
Elimination of intersegment revenues
As Reported81.6 124.4 244.5 188.4 74.3 38.9 
Billing Days Impact-0.1 2.7 0.0 -0.4 0.1 -0.2 
Currency Impact0.0 0.2 -3.6 -0.5 0.7 1.4 
As Adjusted81.5 127.3 240.9 187.5 75.1 40.1 
Total contract talent solutions
As Reported-23.1 -18.6 29.9 35.0 31.3 30.0 
Billing Days Impact0.0 1.0 0.0 -0.2 0.1 -0.2 
Currency Impact-0.7 -1.3 -2.7 -0.8 0.5 1.2 
As Adjusted-23.8 -18.9 27.2 34.0 31.9 31.0 
Permanent placement talent solutions
As Reported-27.7 -7.3 102.2 79.4 73.0 67.2 
Billing Days Impact0.0 1.1 0.0 -0.2 0.1 -0.3 
Currency Impact-0.8 -1.9 -5.3 -1.5 0.7 1.9 
As Adjusted-28.5 -8.1 96.9 77.7 73.8 68.8 
Total talent solutions
As Reported-23.6 -17.5 36.1 39.4 35.3 34.1 
Billing Days Impact0.0 1.1 0.0 -0.2 0.2 -0.2 
Currency Impact-0.7 -1.4 -2.9 -0.8 0.5 1.3 
As Adjusted-24.3 -17.8 33.2 38.4 36.0 35.2 
Protiviti
As Reported18.9 35.1 61.6 56.1 36.7 18.9 
Billing Days Impact0.0 1.6 0.0 -0.3 0.2 -0.2 
Currency Impact-1.0 -2.0 -2.8 -0.7 0.5 1.3 
As Adjusted17.9 34.7 58.8 55.1 37.4 20.0 
Total
As Reported-15.2 -7.2 42.6 43.9 35.7 29.8 
Billing Days Impact0.0 1.1 0.0 -0.2 0.1 -0.2 
Currency Impact-0.7 -1.5 -2.9 -0.8 0.5 1.3 
As Adjusted-15.9 -7.6 39.7 42.9 36.3 30.9 






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ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – UNITED STATES
  Q4 2020  Q1 2021  Q2 2021  Q3 2021  Q4 2021  Q1 2022
Contract talent solutions
As Reported-24.1 -20.3 27.5 35.5 33.4 33.4 
Billing Days Impact0.2 0.9 0.2 0.0 0.2 0.0 
Currency Impact――――――
As Adjusted-23.9 -19.4 27.7 35.5 33.6 33.4 
Permanent placement talent solutions
As Reported-31.3 -12.4 109.3 85.1 78.6 78.3 
Billing Days Impact0.3 1.0 0.3 0.0 0.3 0.0 
Currency Impact――――――
As Adjusted-31.0 -11.4 109.6 85.1 78.9 78.3 
Total talent solutions
As Reported-24.8 -19.6 33.6 40.0 37.2 37.8 
Billing Days Impact0.2 1.0 0.2 0.0 0.2 0.0 
Currency Impact――――――
As Adjusted-24.6 -18.6 33.8 40.0 37.4 37.8 
Protiviti
As Reported22.9 35.5 62.6 53.7 31.7 17.0 
Billing Days Impact0.4 1.6 0.2 0.0 0.2 0.0 
Currency Impact――――――
As Adjusted23.3 37.1 62.8 53.7 31.9 17.0 
Total
As Reported-15.3 -8.7 41.1 43.8 35.6 31.7 
Billing Days Impact0.3 1.1 0.2 0.0 0.2 0.0 
Currency Impact――――――
As Adjusted-15.0 -7.6 41.3 43.8 35.8 31.7 
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ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – INTERNATIONAL
  Q4 2020  Q1 2021  Q2 2021  Q3 2021  Q4 2021  Q1 2022
Contract talent solutions
As Reported-19.3 -12.3 38.6 33.0 24.0 18.5 
Billing Days Impact-1.0 1.4 -0.8 -0.5 0.1 -0.4 
Currency Impact-3.2 -6.1 -12.7 -3.4 2.2 5.4 
As Adjusted-23.5 -17.0 25.1 29.1 26.3 23.5 
Permanent placement talent solutions
As Reported-19.3 5.2 87.8 67.3 61.9 44.7 
Billing Days Impact-1.0 1.7 -1.1 -0.6 0.1 -0.5 
Currency Impact-2.7 -6.6 -16.2 -4.6 2.0 5.8 
As Adjusted-23.0 0.3 70.5 62.1 64.0 50.0 
Total talent solutions
As Reported-19.3 -10.1 44.8 37.7 29.2 22.5 
Billing Days Impact-1.0 1.5 -0.8 -0.5 0.2 -0.4 
Currency Impact-3.1 -6.2 -13.1 -3.5 2.2 5.4 
As Adjusted-23.4 -14.8 30.9 33.7 31.6 27.5 
Protiviti
As Reported4.3 33.8 57.6 65.9 58.3 26.2 
Billing Days Impact-1.4 2.1 -0.8 -0.7 0.1 -0.5 
Currency Impact-4.6 -9.8 -13.3 -3.8 2.8 6.6 
As Adjusted-1.7 26.1 43.5 61.4 61.2 32.3 
Total
As Reported-14.7 -2.0 48.0 44.3 36.2 23.4 
Billing Days Impact-1.1 1.6 -0.9 -0.6 0.1 -0.4 
Currency Impact-3.4 -6.8 -13.2 -3.6 2.3 5.7 
As Adjusted-19.2 -7.2 33.9 40.1 38.6 28.7 




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