Close

Form 8-K ROBERT HALF INTERNATIONA For: Apr 21

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 4/24/2024

1. TSLA
2. ENPH
3. TXN
4. SPOT
5. V
6. BA
7. KMB
8. MSFT
9. FI
10. MSCI


April 21, 2021 4:16 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 21, 2021 — Robert Half International Inc. (NYSE symbol: 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

- 2 -

ROBERT HALF INTERNATIONAL INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
 
 Quarter Ended March 31,
 20212020
 (Unaudited)
Service revenues$1,398,380 $1,506,691 
Costs of services836,669 892,303 
Gross margin561,711614,388
Selling, general and administrative expenses (1)423,062442,868
(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 assets576338
Interest income, net(45)(957)
Income before income taxes150,106 131,763 
Provision for income taxes39,508 41,848 
Net income$110,598 $89,915 
Diluted net income per share$.98 $.79 
 
Shares:
Basic111,424 113,187 
Diluted112,496 113,858 

(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.


















- 3 -

ROBERT HALF INTERNATIONAL INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
 Quarter Ended March 31,
 20212020
 (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,
 20212020
 (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 
- 4 -

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.

2018201920202021
 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1
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 
OfficeTeam261,642 268,902 265,758 269,125 252,633 261,952 267,023 259,147 239,979 136,299 173,685 214,985 220,467 
Robert Half Technology166,102 178,711 185,687 186,666 182,426 189,461 195,630 198,314 196,652 162,028 161,007 175,730 172,239 
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 staffing121,400 135,038 129,667 125,884 131,562 140,894 134,582 126,394 120,489 71,030 87,203 91,387 111,703 
Protiviti207,645 234,042 252,793 263,236 252,341 272,779 299,089 304,666 294,082 283,910 321,303 362,261 397,402 
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 











- 5 -

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.

- 6 -

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED SUMMARY OF OPERATIONS RECONCILIATION (UNAUDITED)
(in thousands)
Quarter Ended March 31,Relationships
202120202021202020212020
ReportedAdjustmentsAdjusted (1)ReportedAdjustmentsAdjusted (1)ReportedAdjusted
SERVICE REVENUES:
Accountemps$417,116 $417,116 $489,884 $489,884 29.8 %32.5 %29.8 %32.5 %
OfficeTeam220,467 220,467 239,979 239,979 15.8 %15.9 %15.8 %15.9 %
Robert Half Technology172,239 172,239 196,652 196,652 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 staffing889,275 889,275 1,092,120 1,092,120 63.6 %72.5 %63.6 %72.5 %
Permanent placement staffing111,703 111,703 120,489 120,489 8.0 %8.0 %8.0 %8.0 %
Protiviti397,402 397,402 294,082 294,082 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 staffing111,498 111,498 120,280 120,280 99.8 %99.8 %99.8 %99.8 %
Protiviti105,282 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 staffing94,867 (1,149)93,718 105,722 3,647 109,369 84.9 %87.7 %83.9 %90.8 %
Protiviti49,648 — 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 staffing16,631 1,149 17,780 14,558 (3,647)10,911 14.9 %12.1 %15.9 %9.1 %
Protiviti55,634 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 assets576 — 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.
- 7 -

ROBERT HALF INTERNATIONAL INC.
NON-GAAP FINANCIAL MEASURES
COMBINED SEGMENT INCOME RECONCILIATION (UNAUDITED):

 Quarter Ended
March 31,
 20212020
Income before income taxes$150,106 $131,763 
Interest income, net(45)(957)
Amortization of intangible assets576 338 
Combined segment income$150,637 $131,144 






















- 8 -

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)
 201920202021201920202021
 Q4Q1Q2Q3Q4Q1Q4Q1Q2Q3Q4Q1
Global
Accountemps
1.60.0-33.0-29.9-22.8-14.92.1-0.7-32.3-30.2-23.1-14.6
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
6.27.8-14.5-17.7-11.4-12.47.06.8-14.2-18.2-11.9-12.4
RH Management Resources
7.18.1-15.5-22.7-16.9-13.510.37.5-14.8-23.5-18.1-14.3
Elimination of intersegment revenues (1)21.626.77.828.681.6124.421.624.97.728.281.5127.3
Temporary and consultant staffing
1.30.7-31.7-30.1-23.1-18.62.20.0-31.2-30.7-23.8-18.9
Permanent placement staffing
0.4-8.4-49.6-35.2-27.7-7.30.9-9.0-49.1-35.7-28.5-8.1
Total staffing1.2-0.3-33.7-30.7-23.6-17.52.1-1.0-33.2-31.2-24.3-17.8
Protiviti
15.716.54.17.418.935.114.115.54.56.417.934.7
Total3.82.6-26.9-23.3-15.2-7.24.31.9-26.4-23.9-15.9-7.6
United States
Temporary and consultant staffing
3.02.0-31.7-31.0-24.1-20.33.20.5-31.7-31.3-23.9-19.4
Permanent placement staffing
3.0-4.9-51.6-37.1-31.3-12.43.2-6.3-51.6-37.3-31.0-11.4
Total staffing3.01.3-33.7-31.6-24.8-19.63.2-0.2-33.7-31.9-24.6-18.6
Protiviti
17.321.36.410.822.935.517.519.56.310.323.337.1
Total5.64.7-26.5-23.3-15.3-8.75.73.2-26.5-23.7-15.0-7.6
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
-5.3-15.9-45.0-30.9-19.35.2-4.1-14.6-43.2-31.7-23.00.3
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
10.41.3-3.9-5.04.333.83.32.4-1.5-8.0-1.726.1
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.

- 9 -


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 Reported1.6 0.0 -33.0 -29.9 -22.8 -14.9 
Billing Days Impact0.0 -1.5 -0.1 -0.3 -0.1 1.1 
Currency Impact0.5 0.8 0.8 0.0 -0.2 -0.8 
As Adjusted2.1 -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 Impact0.0 -1.3 -0.1 -0.2 -0.1 1.1 
Currency Impact0.6 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 Reported6.2 7.8 -14.5 -17.7 -11.4 -12.4 
Billing Days Impact0.1 -1.5 -0.1 -0.2 0.0 1.1 
Currency Impact0.3 0.5 0.4 -0.3 -0.5 -1.1 
Intercompany Adjustments0.4 ―――――
As Adjusted7.0 6.8 -14.2 -18.2 -11.9 -12.4 
Robert Half Management Resources
As Reported7.1 8.1 -15.5 -22.7 -16.9 -13.5 
Billing Days Impact0.0 -1.5 -0.1 -0.2 0.0 1.1 
Currency Impact0.7 0.9 0.8 -0.6 -1.2 -1.9 
Intercompany Adjustments2.5 ―――――
As Adjusted10.3 7.5 -14.8 -23.5 -18.1 -14.3 
Elimination of intersegment revenues
As Reported21.6 26.7 7.8 28.6 81.6 124.4 
Billing Days Impact0.0 -1.8 -0.2 -0.4 -0.1 2.7 
Currency Impact0.0 0.0 0.1 0.0 0.0 0.2 
As Adjusted21.6 24.9 7.7 28.2 81.5 127.3 
Temporary and consultant staffing
As Reported1.3 0.7 -31.7 -30.1 -23.1 -18.6 
Billing Days Impact0.0 -1.4 -0.1 -0.3 0.0 1.0 
Currency Impact0.5 0.7 0.6 -0.3 -0.7 -1.3 
Intercompany Adjustments0.4 ―――――
As Adjusted2.2 0.0 -31.2 -30.7 -23.8 -18.9 
Permanent placement staffing
As Reported0.4 -8.4 -49.6 -35.2 -27.7 -7.3 
Billing Days Impact0.0 -1.4 -0.1 -0.2 0.0 1.1 
Currency Impact0.5 0.8 0.6 -0.3 -0.8 -1.9 
As Adjusted0.9 -9.0 -49.1 -35.7 -28.5 -8.1 
Total staffing
As Reported1.2 -0.3 -33.7 -30.7 -23.6 -17.5 
Billing Days Impact0.0 -1.4 -0.1 -0.2 0.0 1.1 
Currency Impact0.5 0.7 0.6 -0.3 -0.7 -1.4 
Intercompany Adjustments0.4 ―――――
As Adjusted2.1 -1.0 -33.2 -31.2 -24.3 -17.8 
Protiviti
As Reported15.7 16.5 4.1 7.4 18.9 35.1 
Billing Days Impact0.1 -1.6 -0.1 -0.3 0.0 1.6 
Currency Impact0.3 0.6 0.5 -0.7 -1.0 -2.0 
Intercompany Adjustments-2.0 ―――――
As Adjusted14.1 15.5 4.5 6.4 17.9 34.7 
Total
As Reported3.8 2.6 -26.9 -23.3 -15.2 -7.2 
Billing Days Impact0.0 -1.4 -0.1 -0.2 0.0 1.1 
Currency Impact0.5 0.7 0.6 -0.4 -0.7 -1.5 
As Adjusted4.3 1.9 -26.4 -23.9 -15.9 -7.6 
- 10 -



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 Reported3.0 2.0 -31.7 -31.0 -24.1 -20.3 
Billing Days Impact0.2 -1.5 0.0 -0.3 0.2 0.9 
Currency Impact――――――
As Adjusted3.2 0.5 -31.7 -31.3 -23.9 -19.4 
Permanent placement staffing
As Reported3.0 -4.9 -51.6 -37.1 -31.3 -12.4 
Billing Days Impact0.2 -1.4 0.0 -0.2 0.3 1.0 
Currency Impact――――――
As Adjusted3.2 -6.3 -51.6 -37.3 -31.0 -11.4 
Total staffing
As Reported3.0 1.3 -33.7 -31.6 -24.8 -19.6 
Billing Days Impact0.2 -1.5 0.0 -0.3 0.2 1.0 
Currency Impact――――――
As Adjusted3.2 -0.2 -33.7 -31.9 -24.6 -18.6 
Protiviti
As Reported17.3 21.3 6.4 10.8 22.9 35.5 
Billing Days Impact0.2 -1.8 -0.1 -0.5 0.4 1.6 
Currency Impact――――――
As Adjusted17.5 19.5 6.3 10.3 23.3 37.1 
Total
As Reported5.6 4.7 -26.5 -23.3 -15.3 -8.7 
Billing Days Impact0.1 -1.5 0.0 -0.4 0.3 1.1 
Currency Impact――――――
As Adjusted5.7 3.2 -26.5 -23.7 -15.0 -7.6 


- 11 -




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 Impact2.4 3.3 2.9 -1.4 -3.2 -6.1 
Intercompany Adjustments1.8 ―――――
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 Impact1.6 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 Impact2.3 3.2 2.8 -1.3 -3.1 -6.2 
Intercompany Adjustments1.6 ―――――
As Adjusted-1.5 -3.7 -31.1 -28.9 -23.4 -14.8 
Protiviti
As Reported10.4 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 Impact1.4 2.5 2.4 -3.1 -4.6 -9.8 
Intercompany Adjustments-7.9 ―――――
As Adjusted3.3 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 Impact2.1 3.0 2.7 -1.7 -3.4 -6.8 
As Adjusted-0.6 -2.7 -25.7 -25.0 -19.2 -7.2 




- 12 -

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings