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WKN: 856701 | ISIN: US7703231032 | Ticker-Symbol: RHJ
Frankfurt
04.10.24
08:04 Uhr
60,00 Euro
0,00
0,00 %
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ROBERT HALF INC Chart 1 Jahr
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PR Newswire
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Robert Half Reports Second-quarter Financial Results

MENLO PARK, Calif., July 24, 2024 /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) today reported revenues and earnings for the second quarter ended June 30, 2024.

For the three months ended June 30, 2024, net income was $68 million, or $0.66 per share, on revenues of $1.473 billion. For the three months ended June 30, 2023, net income was $106 million, or $1.00 per share, on revenues of $1.639 billion.

For the six months ended June 30, 2024, net income was $132 million, or $1.27 per share, on revenues of $2.948 billion. For the six months ended June 30, 2023, net income was $228 million, or $2.14 per share, on revenues of $3.356 billion.

"Client and candidate caution continues to impact hiring activity and new project starts as macroeconomic and interest rate uncertainty persist. Second-quarter revenues and earnings were within our guidance range. Protiviti posted strong results, led by U.S. growth in revenues and segment income both on a sequential and year-on-year basis," said M. Keith Waddell, president and chief executive officer at Robert Half. "We remain confident in our ability to navigate the current climate and optimistic about our growth prospects.

"We'd like to thank our employees across the globe, whose commitment to success made possible a number of new accolades. Robert Half again ranked No. 1 on Forbes' list of America's Best Professional Recruiting Firms, and our people-first culture was reflected in our selection as one of Fortune's Best Workplaces for Millennials, Forbes' Best Employers for Diversity, and - just yesterday - Forbes' Best Employers for Women," 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 is 888-394-8218 (+1-323-994-2093 outside the United States and Canada). The confirmation code to access the call is 9156621.

A recording of this call will be available for audio replay beginning at approximately 8 p.m. EDT on July 24 and ending after 12 months. To access the replay, visit https://webcasts.com/RobertHalfQ22024. The conference call also will be archived in audio format on the Company's website at roberthalf.com.

Robert Half is the world's first and largest specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and permanent placement solutions in the fields of finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and we also provide executive search services. Robert Half is the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business and technology consulting solutions. In the past 12 months, Robert Half, including Protiviti, has been named Fortune® World's Most Admired Companies and 100 Best Companies to Work For, and a Forbes Best Employer for Diversity.

Certain information contained in Management's Discussion and Analysis and in other parts of this report may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial positions of Robert Half Inc. (the "Company"). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as "anticipate," "potential," "estimate," "forecast," "target," "project," "plan," "intend," "believe," "expect," "should," "could," "would," "may," "might," "will," or variations or negatives thereof or by similar or comparable words or phrases. In addition, historical, current, and forward-looking information about the Company's environmental, social, and governance and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission ("SEC") or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing, on internal controls, diligence, or processes that are evolving, on representations reviewed or provided by third parties, and on assumptions that are subject to change in the future. Forward-looking statements are estimates only, based on management's current expectations, currently available information and current strategy, plans, or forecasts, and involve certain known and unknown risks, uncertainties, and assumptions that are difficult to predict and often beyond our control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results, outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements.

These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of United States of America ("U.S.") or international tax regulations; the global financial and economic situation; changes in levels of unemployment and other economic conditions in the U.S. 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 development, proliferation and adoption of artificial intelligence ("AI") by the Company and the third parties it serves; 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 engagement professionals, or for events impacting its engagement professionals 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 impact of extreme weather conditions on the Company and its candidates and clients, 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 health care or other 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 or the Company could experience a cybersecurity breach; 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.

A summary of additional risks and uncertainties can be found in the Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's other filings with the U.S. Securities and Exchange Commission.

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, whether as a result of new information, future events, or otherwise, and notwithstanding any historical practice of doing so.

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 INC.

SUMMARY OF OPERATIONS

(in thousands, except per share amounts)



Three Months Ended
June 30,


Six Months Ended
June 30,


2024


2023


2024


2023


(Unaudited)


(Unaudited)









Service revenues

$ 1,472,524


$ 1,639,478


$ 2,948,461


$ 3,355,813

Costs of services

895,845


979,309


1,808,985


2,005,912









Gross margin

576,679


660,169


1,139,476


1,349,901









Selling, general and administrative expenses

500,832


541,904


1,022,427


1,094,133

Income from investments held in employee deferred compensation trusts
(which is completely offset by related costs and expenses)

(15,733)


(28,347)


(59,109)


(55,638)

Amortization of intangible assets

304


721


608


1,442

Interest income, net

(5,186)


(5,320)


(11,599)


(10,145)

Income before income taxes

96,462


151,211


187,149


320,109

Provision for income taxes

28,306


44,919


55,292


91,812









Net income

$ 68,156


$ 106,292


$ 131,857


$ 228,297









Diluted net income per share

$ 0.66


$ 1.00


$ 1.27


$ 2.14









Weighted average shares:








Basic

103,151


106,102


103,469


106,260

Diluted

103,328


106,422


103,864


106,775

ROBERT HALF INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)



Three Months Ended
June 30,


Six Months Ended
June 30,


2024


2023


2024


2023


(Unaudited)


(Unaudited)

SERVICE REVENUES INFORMATION








Contract talent solutions








Finance and accounting

$ 623,120


$ 721,391


$ 1,265,090


$ 1,499,224

Administrative and customer support

190,344


211,023


390,276


430,373

Technology

157,899


181,776


315,869


375,858

Elimination of intersegment revenues (1)

(116,466)


(114,807)


(229,280)


(240,598)

Total contract talent solutions

854,897


999,383


1,741,955


2,064,857

Permanent placement talent solutions

131,063


149,254


255,830


305,991

Protiviti

486,564


490,841


950,676


984,965

Total service revenues

$ 1,472,524


$ 1,639,478


$ 2,948,461


$ 3,355,813



(1)

Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company's Protiviti segment in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line.


Three Months Ended June 30,


Six Months Ended June 30,


2024


2023


2024


2023


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


(Unaudited)


(Unaudited)

BUSINESS SEGMENT INCOME INFORMATION:












Contract talent solutions

$ 38,146

4.5 %


$ 81,316

8.1 %


$ 88,264

5.1 %


$ 183,462

8.9 %

Permanent placement talent solutions

$ 16,148

12.3 %


$ 21,730

14.6 %


$ 28,003

10.9 %


$ 45,557

14.9 %

Protiviti

$ 37,286

7.7 %


$ 43,566

8.9 %


$ 59,891

6.3 %


$ 82,387

8.4 %



June 30,



2024


2023



(Unaudited)

SELECTED BALANCE SHEET INFORMATION:





Cash and cash equivalents


$ 547,370


$ 722,763

Accounts receivable, net


$ 893,467


$ 974,008

Total assets


$ 2,937,749


$ 3,067,641

Total current liabilities


$ 1,263,264


$ 1,276,571

Total stockholders' equity


$ 1,480,155


$ 1,625,271



Six Months Ended June 30,



2024


2023



(Unaudited)

SELECTED CASH FLOW INFORMATION:





Depreciation


$ 25,520


$ 25,229

Capitalized cloud computing implementation costs


$ 15,557


$ 20,184

Capital expenditures


$ 24,174


$ 19,093

Open market repurchases of common stock (shares)


1,660


1,137

ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES

The financial results of Robert Half 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 expenses; combined segment income; and as adjusted revenue growth rates.

The following measures: adjusted gross margin and adjusted selling, general and administrative expenses, 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 management evaluates performance.

As adjusted revenue growth rates represent year-over-year revenue growth rates after removing the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rates. The Company provides 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 impacts from the changes in billing days and foreign currency exchange rates are calculated as follows:

  • Billing days impact is calculated by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon inputs from all countries and all functional specializations and segments.
  • Foreign currency impact is calculated by retranslating current period international revenues, using foreign currency exchange rates from the prior year's comparable period.

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 INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED GROSS MARGIN (UNAUDITED):

(in thousands)



Three Months Ended June 30,


Relationships


Six Months Ended June 30,


Relationships


As Reported


As Adjusted


As Reported


As Adjusted


As Reported


As Adjusted


As Reported


As Adjusted


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023

Gross Margin
































Contract talent solutions

$ 336,161


$ 398,636


$ 336,161


$ 398,636


39.3 %


39.9 %


39.3 %


39.9 %


$ 686,731


$ 822,261


$ 686,731


$ 822,261


39.4 %


39.8 %


39.4 %


39.8 %

Permanent placement talent
solutions

130,801


148,975


130,801


148,975


99.8 %


99.8 %


99.8 %


99.8 %


255,349


305,370


255,349


305,370


99.8 %


99.8 %


99.8 %


99.8 %

Total talent solutions

466,962


547,611


466,962


547,611


47.4 %


47.7 %


47.4 %


47.7 %


942,080


1,127,631


942,080


1,127,631


47.2 %


47.6 %


47.2 %


47.6 %

Protiviti

109,717


112,558


112,947


117,882


22.5 %


22.9 %


23.2 %


24.0 %


197,396


222,270


208,983


232,366


20.8 %


22.6 %


22.0 %


23.6 %

Total

$ 576,679


$ 660,169


$ 579,909


$ 665,493


39.2 %


40.3 %


39.4 %


40.6 %


$ 1,139,476


$ 1,349,901


$ 1,151,063


$ 1,359,997


38.6 %


40.2 %


39.0 %


40.5 %

The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended June 30, 2024 and 2023:


Three Months Ended June 30, 2024


Three Months Ended June 30, 2023


Contract talent

solutions


Permanent
placement talent
solutions


Total talent
solutions


Protiviti


Total


Contract talent

solutions


Permanent
placement talent
solutions


Total talent
solutions


Protiviti


Total


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue

Gross Margin






























As Reported

$ 336,161

39.3 %


$ 130,801

99.8 %


$ 466,962

47.4 %


$ 109,717

22.5 %


$ 576,679

39.2 %


$ 398,636

39.9 %


$ 148,975

99.8 %


$ 547,611

47.7 %


$ 112,558

22.9 %


$ 660,169

40.3 %

Adjustments (1)

-

-


-

-


-

-


3,230

0.7 %


3,230

0.2 %


-

-


-

-


-

-


5,324

1.1 %


5,324

0.3 %

As Adjusted

$ 336,161

39.3 %


$ 130,801

99.8 %


$ 466,962

47.4 %


$ 112,947

23.2 %


$ 579,909

39.4 %


$ 398,636

39.9 %


$ 148,975

99.8 %


$ 547,611

47.7 %


$ 117,882

24.0 %


$ 665,493

40.6 %

The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the six months ended June 30, 2024 and 2023:


Six Months Ended June 30, 2024


Six Months Ended June 30, 2023


Contract talent

solutions


Permanent
placement talent
solutions


Total talent
solutions


Protiviti


Total


Contract talent

solutions


Permanent
placement talent
solutions


Total talent
solutions


Protiviti


Total


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue

Gross Margin






























As Reported

$ 686,731

39.4 %


$ 255,349

99.8 %


$ 942,080

47.2 %


$ 197,396

20.8 %


$ 1,139,476

38.6 %


$ 822,261

39.8 %


$ 305,370

99.8 %


$ 1,127,631

47.6 %


$ 222,270

22.6 %


$ 1,349,901

40.2 %

Adjustments (1)

-

-


-

-


-

-


11,587

1.2 %


11,587

0.4 %


-

-


-

-


-

-


10,096

1.0 %


10,096

0.3 %

As Adjusted

$ 686,731

39.4 %


$ 255,349

99.8 %


$ 942,080

47.2 %


$ 208,983

22.0 %


$ 1,151,063

39.0 %


$ 822,261

39.8 %


$ 305,370

99.8 %


$ 1,127,631

47.6 %


$ 232,366

23.6 %


$ 1,359,997

40.5 %



(1)

Changes in the Company's employee deferred compensation plan obligations related to Protiviti operations are included in costs of services, while the related investment income is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.

ROBERT HALF INC

NON-GAAP FINANCIAL MEASURES

ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED):

(in thousands)



Three Months Ended June 30,


Relationships


Six Months Ended June 30,


Relationships


As Reported


As Adjusted


As Reported


As Adjusted


As Reported


As Adjusted


As Reported


As Adjusted


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023

Selling, General and

Administrative Expenses































Contract talent solutions

$ 308,886


$ 337,742


$ 298,015


$ 317,320


36.1 %


33.8 %


34.9 %


31.8 %


$ 640,474


$ 679,464


$ 598,467


$ 638,799


36.8 %


32.9 %


34.4 %


30.9 %

Permanent placement talent
solutions

116,285


129,846


114,653


127,245


88.7 %


87.0 %


87.5 %


85.3 %


232,861


264,690


227,346


259,813


91.0 %


86.5 %


88.9 %


84.9 %

Total talent solutions

425,171


467,588


412,668


444,565


43.1 %


40.7 %


41.9 %


38.7 %


873,335


944,154


825,813


898,612


43.7 %


39.8 %


41.3 %


37.9 %

Protiviti

75,661


74,316


75,661


74,316


15.6 %


15.1 %


15.6 %


15.1 %


149,092


149,979


149,092


149,979


15.7 %


15.2 %


15.7 %


15.2 %

Total

$ 500,832


$ 541,904


$ 488,329


$ 518,881


34.0 %


33.1 %


33.2 %


31.6 %


$ 1,022,427


$ 1,094,133


$ 974,905


$ 1,048,591


34.7 %


32.6 %


33.1 %


31.2 %

The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the three months ended June 30, 2024 and 2023:


Three Months Ended June 30, 2024


Three Months Ended June 30, 2023


Contract talent

solutions


Permanent
placement talent
solutions


Total talent
solutions


Protiviti


Total


Contract talent

solutions


Permanent
placement talent
solutions


Total talent
solutions


Protiviti


Total


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue

Selling, General and

Administrative Expenses





























As Reported

$ 308,886

36.1 %


$ 116,285

88.7 %


$ 425,171

43.1 %


$ 75,661

15.6 %


$ 500,832

34.0 %


$ 337,742

33.8 %


$ 129,846

87.0 %


$ 467,588

40.7 %


$ 74,316

15.1 %


$ 541,904

33.1 %

Adjustments (1)

(10,871)

(1.2 %)


(1,632)

(1.2 %)


(12,503)

(1.2 %)


-

-


(12,503)

(0.8 %)


(20,422)

(2.0 %)


(2,601)

(1.7 %)


(23,023)

(2.0 %)


-

-


(23,023)

(1.5 %)

As Adjusted

$ 298,015

34.9 %


$ 114,653

87.5 %


$ 412,668

41.9 %


$ 75,661

15.6 %


$ 488,329

33.2 %


$ 317,320

31.8 %


$ 127,245

85.3 %


$ 444,565

38.7 %


$ 74,316

15.1 %


$ 518,881

31.6 %

The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the six months ended June 30, 2024 and 2023:


Six Months Ended June 30, 2024


Six Months Ended June 30, 2023


Contract talent
solutions


Permanent
placement talent
solutions


Total talent
solutions


Protiviti


Total


Contract talent
solutions


Permanent
placement talent
solutions


Total talent
solutions


Protiviti


Total


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue

Selling, General and

Administrative Expenses





























As Reported

$ 640,474

36.8 %


$ 232,861

91.0 %


$ 873,335

43.7 %


$ 149,092

15.7 %


$ 1,022,427

34.7 %


$ 679,464

32.9 %


$ 264,690

86.5 %


$ 944,154

39.8 %


$ 149,979

15.2 %


$ 1,094,133

32.6 %

Adjustments (1)

(42,007)

(2.4 %)


(5,515)

(2.1 %)


(47,522)

(2.4) %


-

-


(47,522)

(1.6 %)


(40,665)

(2.0 %)


(4,877)

(1.6 %)


(45,542)

(1.9 %)


-

-


(45,542)

(1.4 %)

As Adjusted

$ 598,467

34.4 %


$ 227,346

88.9 %


$ 825,813

41.3 %


$ 149,092

15.7 %


$ 974,905

33.1 %


$ 638,799

30.9 %


$ 259,813

84.9 %


$ 898,612

37.9 %


$ 149,979

15.2 %


$ 1,048,591

31.2 %



(1)

Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in selling, general and administrative expenses, while the related investment income is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.

ROBERT HALF INC.

NON-GAAP FINANCIAL MEASURES

COMBINED SEGMENT INCOME (UNAUDITED):

(in thousands)


The following tables provide reconciliations of the non-GAAP combined segment income to reported income before income
taxes for the three and six months ended June 30, 2024 and 2023:



Three Months Ended June 30,


Six Months Ended June 30,


2024


2023


2024


2023


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue


$

% of
Revenue

Income before income taxes

$ 96,462

6.6 %


$ 151,211

9.2 %


$ 187,149

6.3 %


$ 320,109

9.5 %

Interest income, net

(5,186)

(0.4 %)


(5,320)

(0.3 %)


(11,599)

(0.3 %)


(10,145)

(0.2 %)

Amortization of intangible assets

304

0.0 %


721

0.0 %


608

0.0 %


1,442

0.0 %

Combined segment income

$ 91,580

6.2 %


$ 146,612

8.9 %


$ 176,158

6.0 %


$ 311,406

9.3 %

ROBERT HALF 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)



2023


2024


2023


2024



Q1


Q2


Q3


Q4


Q1


Q2


Q1


Q2


Q3


Q4


Q1


Q2

Global

























Finance and accounting


-3.0


-11.0


-16.0


-17.2


-17.5


-13.6


-3.1


-10.8


-15.2


-17.8


-17.0


-13.5

Administrative and customer support


-23.0


-23.0


-21.5


-18.7


-8.9


-9.8


-23.2


-23.0


-21.2


-19.4


-8.3


-9.8

Technology


-9.0


-16.7


-21.3


-21.7


-18.6


-13.1


-9.3


-16.2


-20.0


-21.8


-17.8


-13.1

Elimination of intersegment revenues (1)


-12.8


-16.5


-24.2


-26.6


-10.3


1.4


-12.7


-16.5


-23.8


-27.2


-9.9


1.3

Total contract talent solutions


-7.8


-14.3


-17.3


-17.2


-16.7


-14.5


-8.0


-14.0


-16.4


-17.7


-16.2


-14.4

Permanent placement talent solutions


-16.1


-25.4


-23.3


-22.0


-20.4


-12.2


-15.8


-25.0


-22.5


-22.6


-19.8


-12.0

Total talent solutions


-9.0


-15.9


-18.1


-17.8


-17.2


-14.2


-9.1


-15.6


-17.3


-18.3


-16.7


-14.0

Protiviti


4.6


-1.2


-6.0


-7.1


-6.1


-0.9


4.4


-1.0


-4.9


-7.5


-5.4


-0.9

Total


-5.4


-12.0


-14.7


-14.7


-14.0


-10.2


-5.6


-11.7


-13.8


-15.2


-13.4


-10.1


























United States

























Contract talent solutions


-8.6


-16.0


-20.7


-20.5


-19.1


-15.7


-9.9


-15.9


-19.2


-20.3


-18.6


-15.8

Permanent placement talent solutions


-16.9


-26.2


-26.9


-22.6


-19.3


-11.5


-18.1


-26.1


-25.5


-22.5


-18.7


-11.7

Total talent solutions


-9.7


-17.4


-21.5


-20.7


-19.1


-15.2


-11.0


-17.2


-20.0


-20.6


-18.6


-15.3

Protiviti


7.5


-2.4


-7.4


-7.3


-4.8


3.3


5.9


-2.3


-5.6


-7.2


-4.2


3.1

Total


-5.2


-13.3


-17.5


-16.8


-14.9


-9.6


-6.6


-13.2


-15.9


-16.7


-14.3


-9.7


























International

























Contract talent solutions


-4.7


-7.6


-3.1


-4.4


-8.4


-10.0


-1.2


-6.2


-4.9


-7.5


-7.5


-9.4

Permanent placement talent solutions


-14.0


-23.4


-13.0


-20.6


-23.2


-13.8


-10.5


-21.9


-14.2


-22.8


-22.1


-13.0

Total talent solutions


-6.4


-10.6


-4.8


-7.2


-10.8


-10.7


-2.9


-9.2


-6.6


-10.1


-9.9


-10.0

Protiviti


-5.7


3.3


0.3


-6.1


-11.3


-16.2


-1.5


4.2


-1.5


-8.9


-10.1


-15.9

Total


-6.2


-7.0


-3.5


-6.9


-10.9


-12.2


-2.5


-5.8


-5.3


-9.8


-10.0


-11.6



(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:

Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates the billing day impact by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management 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.

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. The foreign currency impact is calculated by retranslating current period international revenues, using foreign currency exchange rates from the prior year's comparable period.

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.

ROBERT HALF INC

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):


Year-Over-Year Revenue Growth - GLOBAL



Q1 2023


Q2 2023


Q3 2023


Q4 2023


Q1 2024


Q2 2024

Finance and accounting













As Reported


-3.0


-11.0


-16.0


-17.2


-17.5


-13.6

Billing Days Impact


-1.3


0.1


1.6


0.1


0.7


-0.3

Currency Impact


1.2


0.1


-0.8


-0.7


-0.2


0.4

As Adjusted


-3.1


-10.8


-15.2


-17.8


-17.0


-13.5














Administrative and customer support













As Reported


-23.0


-23.0


-21.5


-18.7


-8.9


-9.8

Billing Days Impact


-1.1


0.1


1.4


0.2


0.8


-0.3

Currency Impact


0.9


-0.1


-1.1


-0.9


-0.2


0.3

As Adjusted


-23.2


-23.0


-21.2


-19.4


-8.3


-9.8














Technology













As Reported


-9.0


-16.7


-21.3


-21.7


-18.6


-13.1

Billing Days Impact


-1.3


0.1


1.5


0.1


0.7


-0.3

Currency Impact


1.0


0.4


-0.2


-0.2


0.1


0.3

As Adjusted


-9.3


-16.2


-20.0


-21.8


-17.8


-13.1














Elimination of intersegment revenues













As Reported


-12.8


-16.5


-24.2


-26.6


-10.3


1.4

Billing Days Impact


-1.3


0.1


1.4


0.1


0.7


-0.3

Currency Impact


1.4


-0.1


-1.0


-0.7


-0.3


0.2

As Adjusted


-12.7


-16.5


-23.8


-27.2


-9.9


1.3














Total contract talent solutions













As Reported


-7.8


-14.3


-17.3


-17.2


-16.7


-14.5

Billing Days Impact


-1.3


0.1


1.6


0.2


0.6


-0.3

Currency Impact


1.1


0.2


-0.7


-0.7


-0.1


0.4

As Adjusted


-8.0


-14.0


-16.4


-17.7


-16.2


-14.4














Permanent placement talent solutions













As Reported


-16.1


-25.4


-23.3


-22.0


-20.4


-12.2

Billing Days Impact


-1.1


0.1


1.5


0.1


0.7


-0.3

Currency Impact


1.4


0.3


-0.7


-0.7


-0.1


0.5

As Adjusted


-15.8


-25.0


-22.5


-22.6


-19.8


-12.0














Total talent solutions













As Reported


-9.0


-15.9


-18.1


-17.8


-17.2


-14.2

Billing Days Impact


-1.2


0.1


1.5


0.2


0.6


-0.2

Currency Impact


1.1


0.2


-0.7


-0.7


-0.1


0.4

As Adjusted


-9.1


-15.6


-17.3


-18.3


-16.7


-14.0














Protiviti













As Reported


4.6


-1.2


-6.0


-7.1


-6.1


-0.9

Billing Days Impact


-1.5


0.2


1.8


0.2


0.7


-0.3

Currency Impact


1.3


0.0


-0.7


-0.6


0.0


0.3

As Adjusted


4.4


-1.0


-4.9


-7.5


-5.4


-0.9














Total













As Reported


-5.4


-12.0


-14.7


-14.7


-14.0


-10.2

Billing Days Impact


-1.4


0.2


1.6


0.1


0.7


-0.3

Currency Impact


1.2


0.1


-0.7


-0.6


-0.1


0.4

As Adjusted


-5.6


-11.7


-13.8


-15.2


-13.4


-10.1

ROBERT HALF INC

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):


Year-Over-Year Revenue Growth - UNITED STATES



Q1 2023


Q2 2023


Q3 2023


Q4 2023


Q1 2024


Q2 2024

Contract talent solutions





As Reported


-8.6


-16.0


-20.7


-20.5


-19.1


-15.7

Billing Days Impact


-1.3


0.1


1.5


0.2


0.5


-0.1

Currency Impact


?


?


?


?


?


?

As Adjusted


-9.9


-15.9


-19.2


-20.3


-18.6


-15.8














Permanent placement talent solutions













As Reported


-16.9


-26.2


-26.9


-22.6


-19.3


-11.5

Billing Days Impact


-1.2


0.1


1.4


0.1


0.6


-0.2

Currency Impact


?


?


?


?


?


?

As Adjusted


-18.1


-26.1


-25.5


-22.5


-18.7


-11.7














Total talent solutions













As Reported


-9.7


-17.4


-21.5


-20.7


-19.1


-15.2

Billing Days Impact


-1.3


0.2


1.5


0.1


0.5


-0.1

Currency Impact


?


?


?


?


?


?

As Adjusted


-11.0


-17.2


-20.0


-20.6


-18.6


-15.3














Protiviti













As Reported


7.5


-2.4


-7.4


-7.3


-4.8


3.3

Billing Days Impact


-1.6


0.1


1.8


0.1


0.6


-0.2

Currency Impact


?


?


?


?


?


?

As Adjusted


5.9


-2.3


-5.6


-7.2


-4.2


3.1














Total













As Reported


-5.2


-13.3


-17.5


-16.8


-14.9


-9.6

Billing Days Impact


-1.4


0.1


1.6


0.1


0.6


-0.1

Currency Impact


?


?


?


?


?


?

As Adjusted


-6.6


-13.2


-15.9


-16.7


-14.3


-9.7

ROBERT HALF INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):


Year-Over-Year Revenue Growth - INTERNATIONAL



Q1 2023


Q2 2023


Q3 2023


Q4 2023


Q1 2024


Q2 2024

Contract talent solutions





As Reported


-4.7


-7.6


-3.1


-4.4


-8.4


-10.0

Billing Days Impact


-1.7


0.6


1.8


0.1


1.5


-1.1

Currency Impact


5.2


0.8


-3.6


-3.2


-0.6


1.7

As Adjusted


-1.2


-6.2


-4.9


-7.5


-7.5


-9.4














Permanent placement talent solutions













As Reported


-14.0


-23.4


-13.0


-20.6


-23.2


-13.8

Billing Days Impact


-1.6


0.5


1.6


0.1


1.3


-1.0

Currency Impact


5.1


1.0


-2.8


-2.3


-0.2


1.8

As Adjusted


-10.5


-21.9


-14.2


-22.8


-22.1


-13.0














Total talent solutions













As Reported


-6.4


-10.6


-4.8


-7.2


-10.8


-10.7

Billing Days Impact


-1.7


0.6


1.7


0.2


1.4


-1.0

Currency Impact


5.2


0.8


-3.5


-3.1


-0.5


1.7

As Adjusted


-2.9


-9.2


-6.6


-10.1


-9.9


-10.0














Protiviti













As Reported


-5.7


3.3


0.3


-6.1


-11.3


-16.2

Billing Days Impact


-1.7


0.7


1.8


0.2


1.4


-1.0

Currency Impact


5.9


0.2


-3.6


-3.0


-0.2


1.3

As Adjusted


-1.5


4.2


-1.5


-8.9


-10.1


-15.9














Total













As Reported


-6.2


-7.0


-3.5


-6.9


-10.9


-12.2

Billing Days Impact


-1.7


0.5


1.7


0.1


1.3


-1.0

Currency Impact


5.4


0.7


-3.5


-3.0


-0.4


1.6

As Adjusted


-2.5


-5.8


-5.3


-9.8


-10.0


-11.6

SOURCE Robert Half

© 2024 PR Newswire
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