MENLO PARK, Calif.,
July 22, 2021 /PRNewswire/ -- Robert
Half International Inc. (NYSE: RHI) today reported revenues and
earnings for the second quarter ended June 30, 2021.
For the quarter ended June 30, 2021, net income was
$149 million, or $1.33 per share, on revenues of $1.581 billion. Net income for the prior year's
second quarter was $46 million, or
$.41 per share, on revenues of
$1.108 billion.
"We achieved record levels of revenues and earnings in the
second quarter due to a broad-based, global acceleration in demand
for our staffing and business consulting services," said M.
Keith Waddell, president and CEO of
Robert Half. "We are particularly pleased with the strength of our
permanent placement and Protiviti operations, which grew
year-over-year revenues by 102 percent and 62 percent,
respectively. Protiviti reached its 15th consecutive quarter of
revenue gains with very strong growth in each of its solution
areas."
"Return on invested capital for the company was 49 percent in
the second 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
August 21. 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# 5793718. The conference call also will be
archived in audio format on the company's website at
www.roberthalf.com/investor-center.
Robert Half is the world's first and largest specialized talent
solutions firm that connects opportunities at great companies with
highly skilled job seekers. We offer contract and permanent
placement solutions for finance and accounting, technology,
marketing and creative, legal, and administrative and customer
support roles. Named to FORTUNE's Most Admired Companies and 100
Best Companies to Work For lists and a Forbes Best Employer 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; on
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
|
|
ROBERT HALF
INTERNATIONAL INC.
|
SUMMARY OF
OPERATIONS
|
(in thousands, except
per share amounts)
|
|
|
Quarter Ended
June 30,
|
|
Six Months
Ended June 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Service
revenues
|
$
|
1,580,581
|
|
|
$
|
1,108,326
|
|
|
$
|
2,978,961
|
|
|
$
|
2,615,017
|
|
Costs of
services
|
915,709
|
|
|
691,791
|
|
|
1,752,378
|
|
|
1,584,094
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
664,872
|
|
|
416,535
|
|
|
1,226,583
|
|
|
1,030,923
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses (1)
|
488,093
|
|
|
407,213
|
|
|
911,155
|
|
|
850,081
|
|
(Income) loss from
investments held in employee deferred compensation
trusts (which is completely offset by
related costs and expenses) (1)
|
(27,810)
|
|
|
(48,927)
|
|
|
(39,797)
|
|
|
(8,551)
|
|
Amortization of
intangible assets
|
576
|
|
|
330
|
|
|
1,152
|
|
|
668
|
|
Interest expense
(income), net
|
151
|
|
|
(105)
|
|
|
105
|
|
|
(1,062)
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
203,862
|
|
|
58,024
|
|
|
353,968
|
|
|
189,787
|
|
Provision for income
taxes
|
54,649
|
|
|
11,828
|
|
|
94,157
|
|
|
53,676
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
149,213
|
|
|
$
|
46,196
|
|
|
$
|
259,811
|
|
|
$
|
136,111
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share
|
$
|
1.33
|
|
|
$
|
.41
|
|
|
$
|
2.32
|
|
|
$
|
1.20
|
|
|
|
|
|
|
|
|
|
Shares:
|
|
|
|
|
|
|
|
Basic
|
110,861
|
|
|
112,865
|
|
|
111,141
|
|
|
113,026
|
|
Diluted
|
111,889
|
|
|
113,121
|
|
|
112,191
|
|
|
113,489
|
|
|
(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)
|
|
|
|
Six Months
Ended
June 30,
|
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
Depreciation
|
|
$
|
27,715
|
|
|
$
|
31,509
|
|
Capitalized cloud
computing implementation costs
|
|
$
|
16,236
|
|
|
$
|
18,846
|
|
Capital
expenditures
|
|
$
|
16,114
|
|
|
$
|
22,264
|
|
Open market
repurchases of common stock
(shares)
|
|
1,514
|
|
|
983
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
542,805
|
|
|
$
|
501,485
|
|
Accounts receivable,
net
|
|
$
|
907,947
|
|
|
$
|
665,409
|
|
Total
assets
|
|
$
|
2,741,368
|
|
|
$
|
2,402,377
|
|
Total current
liabilities
|
|
$
|
1,196,312
|
|
|
$
|
977,167
|
|
Total stockholders'
equity
|
|
$
|
1,259,250
|
|
|
$
|
1,156,706
|
|
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 managed 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.
|
2019
|
|
2020
|
|
2021
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
SERVICE
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accountemps
|
$
|
490,084
|
|
|
$
|
494,582
|
|
|
$
|
501,905
|
|
|
$
|
498,650
|
|
|
$
|
489,884
|
|
|
$
|
331,542
|
|
|
$
|
351,598
|
|
|
$
|
385,000
|
|
|
$
|
417,116
|
|
|
$
|
453,342
|
|
OfficeTeam
|
252,633
|
|
|
261,952
|
|
|
267,023
|
|
|
259,147
|
|
|
239,979
|
|
|
136,299
|
|
|
173,685
|
|
|
214,985
|
|
|
220,467
|
|
|
263,192
|
|
Robert Half
Technology
|
182,426
|
|
|
189,461
|
|
|
195,630
|
|
|
198,314
|
|
|
196,652
|
|
|
162,028
|
|
|
161,007
|
|
|
175,730
|
|
|
172,239
|
|
|
194,233
|
|
Robert Half
Management Resources
|
196,003
|
|
|
195,236
|
|
|
200,421
|
|
|
201,097
|
|
|
211,878
|
|
|
165,031
|
|
|
154,917
|
|
|
167,116
|
|
|
183,271
|
|
|
210,550
|
|
Elimination of
intersegment revenues
|
(36,519)
|
|
|
(38,519)
|
|
|
(46,518)
|
|
|
(50,883)
|
|
|
(46,273)
|
|
|
(41,514)
|
|
|
(59,816)
|
|
|
(92,393)
|
|
|
(103,818)
|
|
|
(143,036)
|
|
Temporary and
consultant staffing
|
1,084,627
|
|
|
1,102,712
|
|
|
1,118,461
|
|
|
1,106,325
|
|
|
1,092,120
|
|
|
753,386
|
|
|
781,391
|
|
|
850,438
|
|
|
889,275
|
|
|
978,281
|
|
Permanent placement
staffing
|
131,562
|
|
|
140,894
|
|
|
134,582
|
|
|
126,394
|
|
|
120,489
|
|
|
71,030
|
|
|
87,203
|
|
|
91,387
|
|
|
111,703
|
|
|
143,640
|
|
Protiviti
|
252,341
|
|
|
272,779
|
|
|
299,089
|
|
|
304,666
|
|
|
294,082
|
|
|
283,910
|
|
|
321,303
|
|
|
362,261
|
|
|
397,402
|
|
|
458,660
|
|
Total
|
$
|
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
|
|
|
$
|
1,580,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 expense (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 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 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 June
30,
|
|
Relationships
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Reported
|
|
Adjustments
|
|
Adjusted
(1)
|
|
Reported
|
|
Adjustments
|
|
Adjusted
(1)
|
|
Reported
|
|
Adjusted
|
SERVICE
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accountemps
|
$
|
453,342
|
|
|
$
|
—
|
|
|
$
|
453,342
|
|
|
$
|
331,542
|
|
|
$
|
—
|
|
|
$
|
331,542
|
|
|
28.6
|
%
|
|
29.9
|
%
|
|
28.6
|
%
|
|
29.9
|
%
|
OfficeTeam
|
263,192
|
|
|
—
|
|
|
263,192
|
|
|
136,299
|
|
|
—
|
|
|
136,299
|
|
|
16.7
|
%
|
|
12.3
|
%
|
|
16.7
|
%
|
|
12.3
|
%
|
Robert Half
Technology
|
194,233
|
|
|
—
|
|
|
194,233
|
|
|
162,028
|
|
|
—
|
|
|
162,028
|
|
|
12.3
|
%
|
|
14.6
|
%
|
|
12.3
|
%
|
|
14.6
|
%
|
Robert Half
Management Resources
|
210,550
|
|
|
—
|
|
|
210,550
|
|
|
165,031
|
|
|
—
|
|
|
165,031
|
|
|
13.3
|
%
|
|
14.9
|
%
|
|
13.3
|
%
|
|
14.9
|
%
|
Elimination of
intersegment revenues
|
(143,036)
|
|
|
—
|
|
|
(143,036)
|
|
|
(41,514)
|
|
|
—
|
|
|
(41,514)
|
|
|
(9.0)
|
%
|
|
(3.7)
|
%
|
|
(9.0)
|
%
|
|
(3.7)
|
%
|
Temporary and
consultant staffing
|
978,281
|
|
|
—
|
|
|
978,281
|
|
|
753,386
|
|
|
—
|
|
|
753,386
|
|
|
61.9
|
%
|
|
68.0
|
%
|
|
61.9
|
%
|
|
68.0
|
%
|
Permanent placement
staffing
|
143,640
|
|
|
—
|
|
|
143,640
|
|
|
71,030
|
|
|
—
|
|
|
71,030
|
|
|
9.1
|
%
|
|
6.4
|
%
|
|
9.1
|
%
|
|
6.4
|
%
|
Protiviti
|
458,660
|
|
|
—
|
|
|
458,660
|
|
|
283,910
|
|
|
—
|
|
|
283,910
|
|
|
29.0
|
%
|
|
25.6
|
%
|
|
29.0
|
%
|
|
25.6
|
%
|
Total
|
$
|
1,580,581
|
|
|
$
|
—
|
|
|
$
|
1,580,581
|
|
|
$
|
1,108,326
|
|
|
$
|
—
|
|
|
$
|
1,108,326
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
$
|
388,070
|
|
|
$
|
—
|
|
|
$
|
388,070
|
|
|
$
|
279,302
|
|
|
$
|
—
|
|
|
$
|
279,302
|
|
|
39.7
|
%
|
|
37.1
|
%
|
|
39.7
|
%
|
|
37.1
|
%
|
Permanent placement
staffing
|
143,454
|
|
|
—
|
|
|
143,454
|
|
|
70,906
|
|
|
—
|
|
|
70,906
|
|
|
99.9
|
%
|
|
99.8
|
%
|
|
99.9
|
%
|
|
99.8
|
%
|
Protiviti
|
133,348
|
|
|
4,153
|
|
|
137,501
|
|
|
66,327
|
|
|
6,542
|
|
|
72,869
|
|
|
29.1
|
%
|
|
23.4
|
%
|
|
30.0
|
%
|
|
25.7
|
%
|
Total
|
$
|
664,872
|
|
|
$
|
4,153
|
|
|
$
|
669,025
|
|
|
$
|
416,535
|
|
|
$
|
6,542
|
|
|
$
|
423,077
|
|
|
42.1
|
%
|
|
37.6
|
%
|
|
42.3
|
%
|
|
38.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING GENERAL
AND ADMINISTRATIVE
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
$
|
315,114
|
|
|
$
|
(21,054)
|
|
|
$
|
294,060
|
|
|
$
|
289,645
|
|
|
$
|
(38,733)
|
|
|
$
|
250,912
|
|
|
32.2
|
%
|
|
38.4
|
%
|
|
30.1
|
%
|
|
33.3
|
%
|
Permanent placement
staffing
|
115,458
|
|
|
(2,603)
|
|
|
112,855
|
|
|
74,806
|
|
|
(3,652)
|
|
|
71,154
|
|
|
80.4
|
%
|
|
105.3
|
%
|
|
78.6
|
%
|
|
100.2
|
%
|
Protiviti
|
57,521
|
|
|
—
|
|
|
57,521
|
|
|
42,762
|
|
|
—
|
|
|
42,762
|
|
|
12.5
|
%
|
|
15.1
|
%
|
|
12.5
|
%
|
|
15.1
|
%
|
Total
|
$
|
488,093
|
|
|
$
|
(23,657)
|
|
|
$
|
464,436
|
|
|
$
|
407,213
|
|
|
$
|
(42,385)
|
|
|
$
|
364,828
|
|
|
30.9
|
%
|
|
36.7
|
%
|
|
29.4
|
%
|
|
32.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING/SEGMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
$
|
72,956
|
|
|
$
|
21,054
|
|
|
$
|
94,010
|
|
|
$
|
(10,343)
|
|
|
$
|
38,733
|
|
|
$
|
28,390
|
|
|
7.5
|
%
|
|
(1.4)
|
%
|
|
9.6
|
%
|
|
3.8
|
%
|
Permanent placement
staffing
|
27,996
|
|
|
2,603
|
|
|
30,599
|
|
|
(3,900)
|
|
|
3,652
|
|
|
(248)
|
|
|
19.5
|
%
|
|
(5.5)
|
%
|
|
21.3
|
%
|
|
(0.3)
|
%
|
Protiviti
|
75,827
|
|
|
4,153
|
|
|
79,980
|
|
|
23,565
|
|
|
6,542
|
|
|
30,107
|
|
|
16.5
|
%
|
|
8.3
|
%
|
|
17.4
|
%
|
|
10.6
|
%
|
Total
|
$
|
176,779
|
|
|
$
|
27,810
|
|
|
$
|
204,589
|
|
|
$
|
9,322
|
|
|
$
|
48,927
|
|
|
$
|
58,249
|
|
|
11.2
|
%
|
|
0.8
|
%
|
|
12.9
|
%
|
|
5.3
|
%
|
Amortization of
intangible assets
|
576
|
|
|
—
|
|
|
576
|
|
|
330
|
|
|
—
|
|
|
330
|
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.1
|
%
|
(Income) loss from
investments held in employee
deferred compensation trusts
|
(27,810)
|
|
|
27,810
|
|
|
—
|
|
|
(48,927)
|
|
|
48,927
|
|
|
—
|
|
1.7
|
%
|
|
4.4
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Interest expense
(income), net
|
151
|
|
|
—
|
|
|
151
|
|
|
(105)
|
|
|
—
|
|
|
(105)
|
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Income before income
taxes
|
$
|
203,862
|
|
|
$
|
—
|
|
|
$
|
203,862
|
|
|
$
|
58,024
|
|
|
$
|
—
|
|
|
$
|
58,024
|
|
|
12.9
|
%
|
|
5.2
|
%
|
|
12.9
|
%
|
|
5.2
|
%
|
|
(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
|
ADJUSTED SUMMARY OF
OPERATIONS RECONCILIATION (UNAUDITED)
|
(in
thousands)
|
|
|
Six Months Ended
June 30,
|
|
Relationships
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Reported
|
|
Adjustments
|
|
Adjusted
(1)
|
|
Reported
|
|
Adjustments
|
|
Adjusted
(1)
|
|
Reported
|
|
Adjusted
|
SERVICE
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accountemps
|
$
|
870,448
|
|
|
$
|
—
|
|
|
$
|
870,448
|
|
|
$
|
821,426
|
|
|
$
|
—
|
|
|
$
|
821,426
|
|
|
29.3
|
%
|
|
31.4
|
%
|
|
29.3
|
%
|
|
31.4
|
%
|
OfficeTeam
|
483,665
|
|
|
—
|
|
|
483,665
|
|
|
376,278
|
|
|
—
|
|
|
376,278
|
|
|
16.2
|
%
|
|
14.4
|
%
|
|
16.2
|
%
|
|
14.4
|
%
|
Robert Half
Technology
|
366,406
|
|
|
—
|
|
|
366,406
|
|
|
358,680
|
|
|
—
|
|
|
358,680
|
|
|
12.3
|
%
|
|
13.7
|
%
|
|
12.3
|
%
|
|
13.7
|
%
|
Robert Half
Management Resources
|
393,878
|
|
|
—
|
|
|
393,878
|
|
|
376,908
|
|
|
—
|
|
|
376,908
|
|
|
13.2
|
%
|
|
14.4
|
%
|
|
13.2
|
%
|
|
14.4
|
%
|
Elimination of
intersegment revenues
|
(246,840)
|
|
|
—
|
|
|
(246,840)
|
|
|
(87,786)
|
|
|
—
|
|
|
(87,786)
|
|
|
(8.3)
|
%
|
|
(3.4)
|
%
|
|
(8.3)
|
%
|
|
(3.4)
|
%
|
Temporary and
consultant staffing
|
1,867,557
|
|
|
—
|
|
|
1,867,557
|
|
|
1,845,506
|
|
|
—
|
|
|
1,845,506
|
|
|
62.7
|
%
|
|
70.6
|
%
|
|
62.7
|
%
|
|
70.6
|
%
|
Permanent placement
staffing
|
255,344
|
|
|
—
|
|
|
255,344
|
|
|
191,519
|
|
|
—
|
|
|
191,519
|
|
|
8.6
|
%
|
|
7.3
|
%
|
|
8.6
|
%
|
|
7.3
|
%
|
Protiviti
|
856,060
|
|
|
—
|
|
|
856,060
|
|
|
577,992
|
|
|
—
|
|
|
577,992
|
|
|
28.7
|
%
|
|
22.1
|
%
|
|
28.7
|
%
|
|
22.1
|
%
|
Total
|
$
|
2,978,961
|
|
|
$
|
—
|
|
|
$
|
2,978,961
|
|
|
$
|
2,615,017
|
|
|
$
|
—
|
|
|
$
|
2,615,017
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
$
|
733,003
|
|
|
$
|
—
|
|
|
$
|
733,003
|
|
|
$
|
692,298
|
|
|
$
|
—
|
|
|
$
|
692,298
|
|
|
39.2
|
%
|
|
37.5
|
%
|
|
39.2
|
%
|
|
37.5
|
%
|
Permanent placement
staffing
|
254,951
|
|
|
—
|
|
|
254,951
|
|
|
191,186
|
|
|
—
|
|
|
191,186
|
|
|
99.8
|
%
|
|
99.8
|
%
|
|
99.8
|
%
|
|
99.8
|
%
|
Protiviti
|
238,629
|
|
|
5,842
|
|
|
244,471
|
|
|
147,439
|
|
|
2,871
|
|
|
150,310
|
|
|
27.9
|
%
|
|
25.5
|
%
|
|
28.6
|
%
|
|
26.0
|
%
|
Total
|
$
|
1,226,583
|
|
|
5,842
|
|
|
$
|
1,232,425
|
|
|
$
|
1,030,923
|
|
|
2,871
|
|
|
$
|
1,033,794
|
|
|
41.2
|
%
|
|
39.4
|
%
|
|
41.4
|
%
|
|
39.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING GENERAL
AND ADMINISTRATIVE
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
$
|
593,627
|
|
|
(30,312)
|
|
|
$
|
563,315
|
|
|
$
|
575,290
|
|
|
$
|
(5,146)
|
|
|
$
|
570,144
|
|
|
31.8
|
%
|
|
31.2
|
%
|
|
30.2
|
%
|
|
30.9
|
%
|
Permanent placement
staffing
|
210,360
|
|
|
(3,643)
|
|
|
206,717
|
|
|
181,057
|
|
|
(534)
|
|
|
180,523
|
|
|
82.4
|
%
|
|
94.5
|
%
|
|
81.0
|
%
|
|
94.3
|
%
|
Protiviti
|
107,168
|
|
|
—
|
|
|
107,168
|
|
|
93,734
|
|
|
—
|
|
|
93,734
|
|
|
12.5
|
%
|
|
16.2
|
%
|
|
12.5
|
%
|
|
16.2
|
%
|
Total
|
$
|
911,155
|
|
|
(33,955)
|
|
|
$
|
877,200
|
|
|
$
|
850,081
|
|
|
$
|
(5,680)
|
|
|
$
|
844,401
|
|
|
30.6
|
%
|
|
32.5
|
%
|
|
29.4
|
%
|
|
32.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING/SEGMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
$
|
139,376
|
|
|
30,312
|
|
|
$
|
169,688
|
|
|
$
|
117,008
|
|
|
5,146
|
|
|
$
|
122,154
|
|
|
7.5
|
%
|
|
6.3
|
%
|
|
9.1
|
%
|
|
6.6
|
%
|
Permanent placement
staffing
|
44,591
|
|
|
3,643
|
|
|
48,234
|
|
|
10,129
|
|
|
534
|
|
|
10,663
|
|
|
17.5
|
%
|
|
5.3
|
%
|
|
18.9
|
%
|
|
5.6
|
%
|
Protiviti
|
131,461
|
|
|
5,842
|
|
|
137,303
|
|
|
53,705
|
|
|
2,871
|
|
|
56,576
|
|
|
15.4
|
%
|
|
9.3
|
%
|
|
16.0
|
%
|
|
9.8
|
%
|
Total
|
$
|
315,428
|
|
|
39,797
|
|
|
$
|
355,225
|
|
|
$
|
180,842
|
|
|
8,551
|
|
|
$
|
189,393
|
|
|
10.6
|
%
|
|
6.9
|
%
|
|
11.9
|
%
|
|
7.2
|
%
|
Amortization of
intangible assets
|
1,152
|
|
|
—
|
|
|
1,152
|
|
|
668
|
|
|
—
|
|
|
668
|
|
|
0.0
|
%
|
|
0.1
|
%
|
|
0.0
|
%
|
|
0.1
|
%
|
(Income) loss from
investments held in employee
deferred compensation trusts
|
(39,797)
|
|
|
39,797
|
|
|
—
|
|
|
(8,551)
|
|
|
8,551
|
|
|
—
|
|
|
1.3
|
%
|
|
0.3
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Interest expense
(income), net
|
105
|
|
|
—
|
|
|
105
|
|
|
(1,062)
|
|
|
—
|
|
|
(1,062)
|
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Income before income
taxes
|
$
|
353,968
|
|
|
$
|
—
|
|
|
$
|
353,968
|
|
|
$
|
189,787
|
|
|
$
|
—
|
|
|
$
|
189,787
|
|
|
11.9
|
%
|
|
7.3
|
%
|
|
11.9
|
%
|
|
7.3
|
%
|
|
(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
June 30,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
Income before income
taxes
|
|
$
|
203,862
|
|
|
$
|
58,024
|
|
Interest expense
(income), net
|
|
151
|
|
|
(105)
|
|
Amortization of
intangible assets
|
|
576
|
|
|
330
|
|
Combined segment
income
|
|
$
|
204,589
|
|
|
$
|
58,249
|
|
|
|
|
|
|
Six Months
Ended
June 30,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
Income before income
taxes
|
|
$
|
353,968
|
|
|
$
|
189,787
|
|
Interest expense
(income), net
|
|
105
|
|
|
(1,062)
|
|
Amortization of
intangible assets
|
|
1,152
|
|
|
668
|
|
Combined segment
income
|
|
$
|
355,225
|
|
|
$
|
189,393
|
|
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)
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
Global
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accountemps
|
|
0.0
|
|
-33.0
|
|
-29.9
|
|
-22.8
|
|
-14.9
|
|
36.7
|
|
-0.7
|
|
-32.3
|
|
-30.2
|
|
-23.1
|
|
-14.6
|
|
34.4
|
OfficeTeam
|
|
-5.0
|
|
-48.0
|
|
-35.0
|
|
-17.0
|
|
-8.1
|
|
93.1
|
|
-5.7
|
|
-47.8
|
|
-35.8
|
|
-18.2
|
|
-8.7
|
|
89.5
|
RH
Technology
|
|
7.8
|
|
-14.5
|
|
-17.7
|
|
-11.4
|
|
-12.4
|
|
19.9
|
|
6.8
|
|
-14.2
|
|
-18.2
|
|
-11.9
|
|
-12.4
|
|
17.9
|
RH Management
Resources
|
|
8.1
|
|
-15.5
|
|
-22.7
|
|
-16.9
|
|
-13.5
|
|
27.6
|
|
7.5
|
|
-14.8
|
|
-23.5
|
|
-18.1
|
|
-14.3
|
|
24.0
|
Elimination of
intersegment revenues (1)
|
|
26.7
|
|
7.8
|
|
28.6
|
|
81.6
|
|
124.4
|
|
244.5
|
|
24.9
|
|
7.7
|
|
28.2
|
|
81.5
|
|
127.3
|
|
240.9
|
Temporary and
consultant staffing
|
|
0.7
|
|
-31.7
|
|
-30.1
|
|
-23.1
|
|
-18.6
|
|
29.9
|
|
0.0
|
|
-31.2
|
|
-30.7
|
|
-23.8
|
|
-18.9
|
|
27.2
|
Permanent placement
staffing
|
|
-8.4
|
|
-49.6
|
|
-35.2
|
|
-27.7
|
|
-7.3
|
|
102.2
|
|
-9.0
|
|
-49.1
|
|
-35.7
|
|
-28.5
|
|
-8.1
|
|
96.9
|
Total
staffing
|
|
-0.3
|
|
-33.7
|
|
-30.7
|
|
-23.6
|
|
-17.5
|
|
36.1
|
|
-1.0
|
|
-33.2
|
|
-31.2
|
|
-24.3
|
|
-17.8
|
|
33.2
|
Protiviti
|
|
16.5
|
|
4.1
|
|
7.4
|
|
18.9
|
|
35.1
|
|
61.6
|
|
15.5
|
|
4.5
|
|
6.4
|
|
17.9
|
|
34.7
|
|
58.8
|
Total
|
|
2.6
|
|
-26.9
|
|
-23.3
|
|
-15.2
|
|
-7.2
|
|
42.6
|
|
1.9
|
|
-26.4
|
|
-23.9
|
|
-15.9
|
|
-7.6
|
|
39.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
|
2.0
|
|
-31.7
|
|
-31.0
|
|
-24.1
|
|
-20.3
|
|
27.5
|
|
0.5
|
|
-31.7
|
|
-31.3
|
|
-23.9
|
|
-19.4
|
|
27.7
|
Permanent placement
staffing
|
|
-4.9
|
|
-51.6
|
|
-37.1
|
|
-31.3
|
|
-12.4
|
|
109.3
|
|
-6.3
|
|
-51.6
|
|
-37.3
|
|
-31.0
|
|
-11.4
|
|
109.6
|
Total
staffing
|
|
1.3
|
|
-33.7
|
|
-31.6
|
|
-24.8
|
|
-19.6
|
|
33.6
|
|
-0.2
|
|
-33.7
|
|
-31.9
|
|
-24.6
|
|
-18.6
|
|
33.8
|
Protiviti
|
|
21.3
|
|
6.4
|
|
10.8
|
|
22.9
|
|
35.5
|
|
62.6
|
|
19.5
|
|
6.3
|
|
10.3
|
|
23.3
|
|
37.1
|
|
62.8
|
Total
|
|
4.7
|
|
-26.5
|
|
-23.3
|
|
-15.3
|
|
-8.7
|
|
41.1
|
|
3.2
|
|
-26.5
|
|
-23.7
|
|
-15.0
|
|
-7.6
|
|
41.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
|
-3.8
|
|
-31.8
|
|
-27.0
|
|
-19.3
|
|
-12.3
|
|
38.6
|
|
-1.9
|
|
-28.9
|
|
-28.4
|
|
-23.5
|
|
-17.0
|
|
25.1
|
Permanent placement
staffing
|
|
-15.9
|
|
-45.0
|
|
-30.9
|
|
-19.3
|
|
5.2
|
|
87.8
|
|
-14.6
|
|
-43.2
|
|
-31.7
|
|
-23.0
|
|
0.3
|
|
70.5
|
Total
staffing
|
|
-5.6
|
|
-33.8
|
|
-27.6
|
|
-19.3
|
|
-10.1
|
|
44.8
|
|
-3.7
|
|
-31.1
|
|
-28.9
|
|
-23.4
|
|
-14.8
|
|
30.9
|
Protiviti
|
|
1.3
|
|
-3.9
|
|
-5.0
|
|
4.3
|
|
33.8
|
|
57.6
|
|
2.4
|
|
-1.5
|
|
-8.0
|
|
-1.7
|
|
26.1
|
|
43.5
|
Total
|
|
-4.4
|
|
-28.4
|
|
-23.4
|
|
-14.7
|
|
-2.0
|
|
48.0
|
|
-2.7
|
|
-25.7
|
|
-25.0
|
|
-19.2
|
|
-7.2
|
|
33.9
|
(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.
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 11-13.
ROBERT HALF
INTERNATIONAL INC.
|
NON-GAAP FINANCIAL
MEASURES
|
REVENUE GROWTH RATE
(%) RECONCILIATION (UNAUDITED):
|
|
Year-Over-Year
Revenue Growth – GLOBAL
|
|
|
Q1
2020
|
|
Q2
2020
|
|
Q3
2020
|
|
Q4
2020
|
|
Q1
2021
|
|
Q2
2021
|
Accountemps
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
0.0
|
|
|
-33.0
|
|
|
-29.9
|
|
|
-22.8
|
|
|
-14.9
|
|
|
36.7
|
|
Billing Days
Impact
|
|
-1.5
|
|
|
-0.1
|
|
|
-0.3
|
|
|
-0.1
|
|
|
1.1
|
|
|
0.0
|
|
Currency
Impact
|
|
0.8
|
|
|
0.8
|
|
|
0.0
|
|
|
-0.2
|
|
|
-0.8
|
|
|
-2.3
|
|
As Adjusted
|
|
-0.7
|
|
|
-32.3
|
|
|
-30.2
|
|
|
-23.1
|
|
|
-14.6
|
|
|
34.4
|
|
OfficeTeam
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-5.0
|
|
|
-48.0
|
|
|
-35.0
|
|
|
-17.0
|
|
|
-8.1
|
|
|
93.1
|
|
Billing Days
Impact
|
|
-1.3
|
|
|
-0.1
|
|
|
-0.2
|
|
|
-0.1
|
|
|
1.1
|
|
|
0.0
|
|
Currency
Impact
|
|
0.6
|
|
|
0.3
|
|
|
-0.6
|
|
|
-1.1
|
|
|
-1.7
|
|
|
-3.6
|
|
As Adjusted
|
|
-5.7
|
|
|
-47.8
|
|
|
-35.8
|
|
|
-18.2
|
|
|
-8.7
|
|
|
89.5
|
|
Robert Half
Technology
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
7.8
|
|
|
-14.5
|
|
|
-17.7
|
|
|
-11.4
|
|
|
-12.4
|
|
|
19.9
|
|
Billing Days
Impact
|
|
-1.5
|
|
|
-0.1
|
|
|
-0.2
|
|
|
0.0
|
|
|
1.1
|
|
|
0.0
|
|
Currency
Impact
|
|
0.5
|
|
|
0.4
|
|
|
-0.3
|
|
|
-0.5
|
|
|
-1.1
|
|
|
-2.0
|
|
As Adjusted
|
|
6.8
|
|
|
-14.2
|
|
|
-18.2
|
|
|
-11.9
|
|
|
-12.4
|
|
|
17.9
|
|
Robert Half
Management Resources
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
8.1
|
|
|
-15.5
|
|
|
-22.7
|
|
|
-16.9
|
|
|
-13.5
|
|
|
27.6
|
|
Billing Days
Impact
|
|
-1.5
|
|
|
-0.1
|
|
|
-0.2
|
|
|
0.0
|
|
|
1.1
|
|
|
0.0
|
|
Currency
Impact
|
|
0.9
|
|
|
0.8
|
|
|
-0.6
|
|
|
-1.2
|
|
|
-1.9
|
|
|
-3.6
|
|
As Adjusted
|
|
7.5
|
|
|
-14.8
|
|
|
-23.5
|
|
|
-18.1
|
|
|
-14.3
|
|
|
24.0
|
|
Elimination of
intersegment revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
26.7
|
|
|
7.8
|
|
|
28.6
|
|
|
81.6
|
|
|
124.4
|
|
|
244.5
|
|
Billing Days
Impact
|
|
-1.8
|
|
|
-0.2
|
|
|
-0.4
|
|
|
-0.1
|
|
|
2.7
|
|
|
0.0
|
|
Currency
Impact
|
|
0.0
|
|
|
0.1
|
|
|
0.0
|
|
|
0.0
|
|
|
0.2
|
|
|
-3.6
|
|
As Adjusted
|
|
24.9
|
|
|
7.7
|
|
|
28.2
|
|
|
81.5
|
|
|
127.3
|
|
|
240.9
|
|
Temporary and
consultant staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
0.7
|
|
|
-31.7
|
|
|
-30.1
|
|
|
-23.1
|
|
|
-18.6
|
|
|
29.9
|
|
Billing Days
Impact
|
|
-1.4
|
|
|
-0.1
|
|
|
-0.3
|
|
|
0.0
|
|
|
1.0
|
|
|
0.0
|
|
Currency
Impact
|
|
0.7
|
|
|
0.6
|
|
|
-0.3
|
|
|
-0.7
|
|
|
-1.3
|
|
|
-2.7
|
|
As Adjusted
|
|
0.0
|
|
|
-31.2
|
|
|
-30.7
|
|
|
-23.8
|
|
|
-18.9
|
|
|
27.2
|
|
Permanent
placement staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-8.4
|
|
|
-49.6
|
|
|
-35.2
|
|
|
-27.7
|
|
|
-7.3
|
|
|
102.2
|
|
Billing Days
Impact
|
|
-1.4
|
|
|
-0.1
|
|
|
-0.2
|
|
|
0.0
|
|
|
1.1
|
|
|
0.0
|
|
Currency
Impact
|
|
0.8
|
|
|
0.6
|
|
|
-0.3
|
|
|
-0.8
|
|
|
-1.9
|
|
|
-5.3
|
|
As Adjusted
|
|
-9.0
|
|
|
-49.1
|
|
|
-35.7
|
|
|
-28.5
|
|
|
-8.1
|
|
|
96.9
|
|
Total
staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-0.3
|
|
|
-33.7
|
|
|
-30.7
|
|
|
-23.6
|
|
|
-17.5
|
|
|
36.1
|
|
Billing Days
Impact
|
|
-1.4
|
|
|
-0.1
|
|
|
-0.2
|
|
|
0.0
|
|
|
1.1
|
|
|
0.0
|
|
Currency
Impact
|
|
0.7
|
|
|
0.6
|
|
|
-0.3
|
|
|
-0.7
|
|
|
-1.4
|
|
|
-2.9
|
|
As Adjusted
|
|
-1.0
|
|
|
-33.2
|
|
|
-31.2
|
|
|
-24.3
|
|
|
-17.8
|
|
|
33.2
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
16.5
|
|
|
4.1
|
|
|
7.4
|
|
|
18.9
|
|
|
35.1
|
|
|
61.6
|
|
Billing Days
Impact
|
|
-1.6
|
|
|
-0.1
|
|
|
-0.3
|
|
|
0.0
|
|
|
1.6
|
|
|
0.0
|
|
Currency
Impact
|
|
0.6
|
|
|
0.5
|
|
|
-0.7
|
|
|
-1.0
|
|
|
-2.0
|
|
|
-2.8
|
|
As Adjusted
|
|
15.5
|
|
|
4.5
|
|
|
6.4
|
|
|
17.9
|
|
|
34.7
|
|
|
58.8
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
2.6
|
|
|
-26.9
|
|
|
-23.3
|
|
|
-15.2
|
|
|
-7.2
|
|
|
42.6
|
|
Billing Days
Impact
|
|
-1.4
|
|
|
-0.1
|
|
|
-0.2
|
|
|
0.0
|
|
|
1.1
|
|
|
0.0
|
|
Currency
Impact
|
|
0.7
|
|
|
0.6
|
|
|
-0.4
|
|
|
-0.7
|
|
|
-1.5
|
|
|
-2.9
|
|
As Adjusted
|
|
1.9
|
|
|
-26.4
|
|
|
-23.9
|
|
|
-15.9
|
|
|
-7.6
|
|
|
39.7
|
|
ROBERT HALF
INTERNATIONAL INC.
|
NON-GAAP FINANCIAL
MEASURES
|
REVENUE GROWTH RATE
(%) RECONCILIATION (UNAUDITED):
|
|
Year-Over-Year
Revenue Growth – UNITED STATES
|
|
|
Q1
2020
|
|
Q2
2020
|
|
Q3
2020
|
|
Q4
2020
|
|
Q1
2021
|
|
Q2
2021
|
Temporary and
consultant staffing
|
|
|
|
|
As Reported
|
|
2.0
|
|
|
-31.7
|
|
|
-31.0
|
|
|
-24.1
|
|
|
-20.3
|
|
|
27.5
|
|
Billing Days
Impact
|
|
-1.5
|
|
|
0.0
|
|
|
-0.3
|
|
|
0.2
|
|
|
0.9
|
|
|
0.2
|
|
Currency
Impact
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
As Adjusted
|
|
0.5
|
|
|
-31.7
|
|
|
-31.3
|
|
|
-23.9
|
|
|
-19.4
|
|
|
27.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent
placement staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-4.9
|
|
|
-51.6
|
|
|
-37.1
|
|
|
-31.3
|
|
|
-12.4
|
|
|
109.3
|
|
Billing Days
Impact
|
|
-1.4
|
|
|
0.0
|
|
|
-0.2
|
|
|
0.3
|
|
|
1.0
|
|
|
0.3
|
|
Currency
Impact
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
As Adjusted
|
|
-6.3
|
|
|
-51.6
|
|
|
-37.3
|
|
|
-31.0
|
|
|
-11.4
|
|
|
109.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
1.3
|
|
|
-33.7
|
|
|
-31.6
|
|
|
-24.8
|
|
|
-19.6
|
|
|
33.6
|
|
Billing Days
Impact
|
|
-1.5
|
|
|
0.0
|
|
|
-0.3
|
|
|
0.2
|
|
|
1.0
|
|
|
0.2
|
|
Currency
Impact
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
As Adjusted
|
|
-0.2
|
|
|
-33.7
|
|
|
-31.9
|
|
|
-24.6
|
|
|
-18.6
|
|
|
33.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
21.3
|
|
|
6.4
|
|
|
10.8
|
|
|
22.9
|
|
|
35.5
|
|
|
62.6
|
|
Billing Days
Impact
|
|
-1.8
|
|
|
-0.1
|
|
|
-0.5
|
|
|
0.4
|
|
|
1.6
|
|
|
0.2
|
|
Currency
Impact
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
As Adjusted
|
|
19.5
|
|
|
6.3
|
|
|
10.3
|
|
|
23.3
|
|
|
37.1
|
|
|
62.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
4.7
|
|
|
-26.5
|
|
|
-23.3
|
|
|
-15.3
|
|
|
-8.7
|
|
|
41.1
|
|
Billing Days
Impact
|
|
-1.5
|
|
|
0.0
|
|
|
-0.4
|
|
|
0.3
|
|
|
1.1
|
|
|
0.2
|
|
Currency
Impact
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
|
―
|
|
As Adjusted
|
|
3.2
|
|
|
-26.5
|
|
|
-23.7
|
|
|
-15.0
|
|
|
-7.6
|
|
|
41.3
|
|
ROBERT HALF
INTERNATIONAL INC.
|
NON-GAAP FINANCIAL
MEASURES
|
REVENUE GROWTH RATE
(%) RECONCILIATION (UNAUDITED):
|
|
Year-Over-Year
Revenue Growth – INTERNATIONAL
|
|
|
Q1
2020
|
|
Q2
2020
|
|
Q3
2020
|
|
Q4
2020
|
|
Q1
2021
|
|
Q2
2021
|
Temporary and
consultant staffing
|
|
|
|
|
As Reported
|
|
-3.8
|
|
|
-31.8
|
|
|
-27.0
|
|
|
-19.3
|
|
|
-12.3
|
|
|
38.6
|
|
Billing Days
Impact
|
|
-1.4
|
|
|
0.0
|
|
|
0.0
|
|
|
-1.0
|
|
|
1.4
|
|
|
-0.8
|
|
Currency
Impact
|
|
3.3
|
|
|
2.9
|
|
|
-1.4
|
|
|
-3.2
|
|
|
-6.1
|
|
|
-12.7
|
|
As Adjusted
|
|
-1.9
|
|
|
-28.9
|
|
|
-28.4
|
|
|
-23.5
|
|
|
-17.0
|
|
|
25.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent
placement staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-15.9
|
|
|
-45.0
|
|
|
-30.9
|
|
|
-19.3
|
|
|
5.2
|
|
|
87.8
|
|
Billing Days
Impact
|
|
-1.1
|
|
|
-0.1
|
|
|
0.0
|
|
|
-1.0
|
|
|
1.7
|
|
|
-1.1
|
|
Currency
Impact
|
|
2.4
|
|
|
1.9
|
|
|
-0.8
|
|
|
-2.7
|
|
|
-6.6
|
|
|
-16.2
|
|
As Adjusted
|
|
-14.6
|
|
|
-43.2
|
|
|
-31.7
|
|
|
-23.0
|
|
|
0.3
|
|
|
70.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-5.6
|
|
|
-33.8
|
|
|
-27.6
|
|
|
-19.3
|
|
|
-10.1
|
|
|
44.8
|
|
Billing Days
Impact
|
|
-1.3
|
|
|
-0.1
|
|
|
0.0
|
|
|
-1.0
|
|
|
1.5
|
|
|
-0.8
|
|
Currency
Impact
|
|
3.2
|
|
|
2.8
|
|
|
-1.3
|
|
|
-3.1
|
|
|
-6.2
|
|
|
-13.1
|
|
As Adjusted
|
|
-3.7
|
|
|
-31.1
|
|
|
-28.9
|
|
|
-23.4
|
|
|
-14.8
|
|
|
30.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
1.3
|
|
|
-3.9
|
|
|
-5.0
|
|
|
4.3
|
|
|
33.8
|
|
|
57.6
|
|
Billing Days
Impact
|
|
-1.4
|
|
|
0.0
|
|
|
0.1
|
|
|
-1.4
|
|
|
2.1
|
|
|
-0.8
|
|
Currency
Impact
|
|
2.5
|
|
|
2.4
|
|
|
-3.1
|
|
|
-4.6
|
|
|
-9.8
|
|
|
-13.3
|
|
As Adjusted
|
|
2.4
|
|
|
-1.5
|
|
|
-8.0
|
|
|
-1.7
|
|
|
26.1
|
|
|
43.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-4.4
|
|
|
-28.4
|
|
|
-23.4
|
|
|
-14.7
|
|
|
-2.0
|
|
|
48.0
|
|
Billing Days
Impact
|
|
-1.3
|
|
|
0.0
|
|
|
0.1
|
|
|
-1.1
|
|
|
1.6
|
|
|
-0.9
|
|
Currency
Impact
|
|
3.0
|
|
|
2.7
|
|
|
-1.7
|
|
|
-3.4
|
|
|
-6.8
|
|
|
-13.2
|
|
As Adjusted
|
|
-2.7
|
|
|
-25.7
|
|
|
-25.0
|
|
|
-19.2
|
|
|
-7.2
|
|
|
33.9
|
|
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SOURCE Robert Half