MENLO PARK, Calif.,
April 23, 2020 /CNW/ -- Robert
Half International Inc. (NYSE: RHI) today reported revenues and
earnings for the first quarter ended March 31, 2020.
For the quarter ended March 31, 2020, net income was
$90 million, or $.79 per share, on revenues of $1.507 billion. Net income for the prior year's
first quarter was $110 million, or
$.93 per share, on revenues of
$1.469 billion.
M. Keith Waddell, president and
CEO of Robert Half, said, "While our financial results through the
first half of March were strong and above plan, the second half of
March began to reflect the COVID-19 impact on our business,
particularly our staffing operations. Our Robert Half Technology
and Robert Half Management Resources divisions turned in solid
results in the first quarter, notwithstanding this."
Commenting on the company's Protiviti subsidiary, Waddell said,
"Protiviti had another very strong quarter, posting double-digit,
year-on-year revenue gains for the eighth consecutive quarter.
Protiviti saw broad strength across its diversified service
offerings, including internal audit, technology consulting and
regulatory compliance consulting, as well as services provided
jointly with staffing.
"Return on invested capital for the company was 32 percent in
the first quarter," Waddell said.
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
June 2. 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# 9287368. 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
|
|
ROBERT HALF
INTERNATIONAL INC.
|
SUMMARY OF
OPERATIONS
|
(in thousands, except
per share amounts)
|
|
|
Quarter
Ended March 31,
|
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Service
revenues
|
$
|
1,506,691
|
|
|
$
|
1,468,530
|
|
|
Costs of
services
|
895,974
|
|
|
860,942
|
|
|
|
|
|
|
|
Gross
margin
|
610,717
|
|
|
607,588
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
479,573
|
|
|
461,359
|
|
|
Amortization of
intangible assets
|
338
|
|
|
342
|
|
|
Interest income,
net
|
(957)
|
|
|
(1,496)
|
|
|
|
|
|
|
|
Income before income
taxes
|
131,763
|
|
|
147,383
|
|
|
Provision for income
taxes
|
41,848
|
|
|
37,585
|
|
|
|
|
|
|
|
Net income
|
$
|
89,915
|
|
|
$
|
109,798
|
|
|
|
|
|
|
|
Diluted net income
per share
|
$
|
.79
|
|
|
$
|
.93
|
|
|
|
|
|
|
|
Shares:
|
|
|
|
|
Basic
|
113,187
|
|
|
117,068
|
|
|
Diluted
|
113,858
|
|
|
117,966
|
|
|
|
ROBERT HALF
INTERNATIONAL INC.
|
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
|
(in
thousands)
|
|
|
|
|
Quarter Ended
March 31,
|
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
SERVICE
REVENUES:
|
|
|
|
|
|
|
|
|
Accountemps
|
$
|
480,441
|
|
|
31.9
|
%
|
|
$
|
483,473
|
|
|
32.9
|
%
|
|
OfficeTeam
|
239,036
|
|
|
15.9
|
%
|
|
252,035
|
|
|
17.2
|
%
|
|
Robert Half
Technology
|
183,423
|
|
|
12.2
|
%
|
|
171,928
|
|
|
11.7
|
%
|
|
Robert Half
Management Resources
|
189,220
|
|
|
12.5
|
%
|
|
177,191
|
|
|
12.1
|
%
|
|
Robert Half
Finance & Accounting
|
120,489
|
|
|
8.0
|
%
|
|
131,562
|
|
|
8.9
|
%
|
|
Protiviti
|
294,082
|
|
|
19.5
|
%
|
|
252,341
|
|
|
17.2
|
%
|
|
Total
|
$
|
1,506,691
|
|
|
100.0
|
%
|
|
$
|
1,468,530
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
GROSS
MARGIN:
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
$
|
412,996
|
|
|
37.8
|
%
|
|
$
|
412,465
|
|
|
38.0
|
%
|
|
Permanent placement
staffing
|
120,280
|
|
|
99.8
|
%
|
|
131,308
|
|
|
99.8
|
%
|
|
Risk consulting and
internal audit services
|
77,441
|
|
|
26.3
|
%
|
|
63,815
|
|
|
25.3
|
%
|
|
Total
|
$
|
610,717
|
|
|
40.5
|
%
|
|
$
|
607,588
|
|
|
41.4
|
%
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME:
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
$
|
93,764
|
|
|
8.6
|
%
|
|
$
|
106,018
|
|
|
9.8
|
%
|
|
Permanent placement
staffing
|
10,911
|
|
|
9.1
|
%
|
|
21,557
|
|
|
16.4
|
%
|
|
Risk consulting and
internal audit services
|
26,469
|
|
|
9.0
|
%
|
|
18,654
|
|
|
7.4
|
%
|
|
Total
|
$
|
131,144
|
|
|
8.7
|
%
|
|
$
|
146,229
|
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
|
|
Depreciation
|
$
|
15,913
|
|
|
|
|
$
|
15,652
|
|
|
|
|
Capital
expenditures
|
$
|
14,276
|
|
|
|
|
$
|
12,670
|
|
|
|
|
Open market
repurchases of common stock (shares)
|
983
|
|
|
|
|
781
|
|
|
|
ROBERT HALF
INTERNATIONAL INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
(in
thousands)
|
|
|
|
March
31,
|
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
249,914
|
|
|
$
|
269,645
|
|
Accounts receivable,
less allowances
|
|
$
|
853,529
|
|
|
$
|
826,366
|
|
Total
assets
|
|
$
|
2,274,852
|
|
|
$
|
2,204,607
|
|
Total current
liabilities
|
|
$
|
913,354
|
|
|
$
|
900,730
|
|
Notes payable, less
current portion
|
|
$
|
181
|
|
|
$
|
404
|
|
Total stockholders'
equity
|
|
$
|
1,129,925
|
|
|
$
|
1,077,029
|
|
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 revenue growth rates derived from non-GAAP
revenue amounts.
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 actual revenue growth derived from revenue 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
|
|
|
|
|
|
REVENUE GROWTH RATES
(%) (UNAUDITED):
|
|
|
|
|
|
|
Year-Over-Year
Growth Rates
(As Reported)
|
|
Non-GAAP
Year-Over-Year Growth Rates
(As Adjusted)
|
|
2018
|
|
2019
|
|
2020
|
|
2018
|
|
2019
|
|
2020
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
Global
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accountemps
|
8.4
|
|
2.5
|
|
1.3
|
|
2.1
|
|
0.6
|
|
-0.6
|
|
8.7
|
|
5.6
|
|
2.8
|
|
1.6
|
|
1.1
|
|
-1.3
|
OfficeTeam
|
4.0
|
|
-3.5
|
|
-2.7
|
|
0.3
|
|
-3.8
|
|
-5.2
|
|
4.1
|
|
-0.4
|
|
-1.2
|
|
-0.1
|
|
-3.2
|
|
-5.9
|
RH
Technology
|
11.4
|
|
7.4
|
|
4.6
|
|
4.9
|
|
6.4
|
|
6.7
|
|
11.4
|
|
10.7
|
|
6.4
|
|
4.8
|
|
7.2
|
|
5.7
|
RH Management
Resources
|
4.1
|
|
2.1
|
|
4.6
|
|
9.2
|
|
6.1
|
|
6.8
|
|
9.1
|
|
14.3
|
|
12.0
|
|
12.9
|
|
9.4
|
|
6.3
|
Temporary and
consultant staffing
|
7.1
|
|
1.7
|
|
1.4
|
|
3.2
|
|
1.3
|
|
0.7
|
|
8.0
|
|
6.2
|
|
3.7
|
|
3.4
|
|
2.2
|
|
0.0
|
Permanent placement
staffing
|
12.8
|
|
8.4
|
|
4.3
|
|
3.8
|
|
0.4
|
|
-8.4
|
|
13.5
|
|
12.3
|
|
6.2
|
|
3.4
|
|
0.9
|
|
-9.0
|
Total
staffing
|
7.6
|
|
2.4
|
|
1.7
|
|
3.3
|
|
1.2
|
|
-0.3
|
|
8.5
|
|
6.9
|
|
4.0
|
|
3.4
|
|
2.1
|
|
-1.0
|
Protiviti
|
22.8
|
|
21.5
|
|
16.6
|
|
18.3
|
|
15.7
|
|
16.5
|
|
19.2
|
|
17.3
|
|
13.8
|
|
14.6
|
|
14.1
|
|
15.5
|
Total
|
10.1
|
|
5.2
|
|
4.1
|
|
5.9
|
|
3.8
|
|
2.6
|
|
10.3
|
|
8.5
|
|
5.6
|
|
5.4
|
|
4.3
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
7.4
|
|
3.4
|
|
3.5
|
|
5.7
|
|
3.0
|
|
2.0
|
|
6.3
|
|
5.1
|
|
3.8
|
|
4.5
|
|
3.2
|
|
0.5
|
Permanent placement
staffing
|
16.4
|
|
10.0
|
|
6.6
|
|
6.5
|
|
3.0
|
|
-4.9
|
|
15.3
|
|
11.8
|
|
6.9
|
|
5.3
|
|
3.2
|
|
-6.3
|
Total
staffing
|
8.1
|
|
4.0
|
|
3.8
|
|
5.8
|
|
3.0
|
|
1.3
|
|
7.1
|
|
5.7
|
|
4.1
|
|
4.5
|
|
3.2
|
|
-0.2
|
Protiviti
|
17.6
|
|
14.9
|
|
14.7
|
|
17.5
|
|
17.3
|
|
21.3
|
|
16.4
|
|
16.8
|
|
15.1
|
|
16.2
|
|
17.5
|
|
19.5
|
Total
|
9.7
|
|
5.7
|
|
5.6
|
|
7.9
|
|
5.6
|
|
4.7
|
|
8.7
|
|
7.4
|
|
6.0
|
|
6.6
|
|
5.7
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary and
consultant staffing
|
6.1
|
|
-3.7
|
|
-5.9
|
|
-5.0
|
|
-4.8
|
|
-3.8
|
|
14.1
|
|
10.2
|
|
3.1
|
|
-0.2
|
|
-1.0
|
|
-1.9
|
Permanent placement
staffing
|
5.6
|
|
4.9
|
|
-0.6
|
|
-2.1
|
|
-5.3
|
|
-15.9
|
|
10.4
|
|
12.8
|
|
4.4
|
|
-0.6
|
|
-4.1
|
|
-14.6
|
Total
staffing
|
6.0
|
|
-2.5
|
|
-5.1
|
|
-4.6
|
|
-4.8
|
|
-5.6
|
|
13.6
|
|
10.5
|
|
3.3
|
|
-0.3
|
|
-1.5
|
|
-3.7
|
Protiviti
|
45.1
|
|
48.8
|
|
23.2
|
|
21.2
|
|
10.4
|
|
1.3
|
|
29.5
|
|
18.9
|
|
9.4
|
|
9.3
|
|
3.3
|
|
2.4
|
Total
|
11.2
|
|
3.7
|
|
-1.0
|
|
-0.7
|
|
-2.2
|
|
-4.4
|
|
16.0
|
|
11.9
|
|
4.4
|
|
1.4
|
|
-0.6
|
|
-2.7
|
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 8-10.
ROBERT HALF
INTERNATIONAL INC.
|
NON-GAAP FINANCIAL
MEASURES
|
|
REVENUE GROWTH RATE
(%) RECONCILIATION (UNAUDITED):
|
|
Year-Over-Year
Revenue Growth – GLOBAL
|
|
Q4
2018
|
|
Q1
2019
|
|
Q2
2019
|
|
Q3
2019
|
|
Q4
2019
|
|
Q1
2020
|
Accountemps
|
|
|
|
|
|
|
|
As Reported
|
8.4
|
|
|
|
2.5
|
|
|
|
1.3
|
|
|
|
2.1
|
|
|
|
0.6
|
|
|
|
-0.6
|
|
Billing Days
Impact
|
-0.7
|
|
|
|
1.4
|
|
|
|
0.3
|
|
|
|
-1.3
|
|
|
|
0.0
|
|
|
|
-1.5
|
|
Currency
Impact
|
1.0
|
|
|
|
1.7
|
|
|
|
1.2
|
|
|
|
0.8
|
|
|
|
0.5
|
|
|
|
0.8
|
|
As Adjusted
|
8.7
|
|
|
|
5.6
|
|
|
|
2.8
|
|
|
|
1.6
|
|
|
|
1.1
|
|
|
|
-1.3
|
|
OfficeTeam
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
4.0
|
|
|
|
-3.5
|
|
|
|
-2.7
|
|
|
|
0.3
|
|
|
|
-3.8
|
|
|
|
-5.2
|
|
Billing Days
Impact
|
-0.7
|
|
|
|
1.3
|
|
|
|
0.2
|
|
|
|
-1.4
|
|
|
|
0.0
|
|
|
|
-1.3
|
|
Currency
Impact
|
0.8
|
|
|
|
1.8
|
|
|
|
1.3
|
|
|
|
1.0
|
|
|
|
0.6
|
|
|
|
0.6
|
|
As Adjusted
|
4.1
|
|
|
|
-0.4
|
|
|
|
-1.2
|
|
|
|
-0.1
|
|
|
|
-3.2
|
|
|
|
-5.9
|
|
Robert Half
Technology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
11.4
|
|
|
|
7.4
|
|
|
|
4.6
|
|
|
|
4.9
|
|
|
|
6.4
|
|
|
|
6.7
|
|
Billing Days
Impact
|
-0.9
|
|
|
|
1.4
|
|
|
|
0.3
|
|
|
|
-1.4
|
|
|
|
0.1
|
|
|
|
-1.5
|
|
Currency
Impact
|
0.7
|
|
|
|
1.2
|
|
|
|
0.9
|
|
|
|
0.6
|
|
|
|
0.3
|
|
|
|
0.5
|
|
Intercompany
Adjustments
|
0.2
|
|
|
0.7
|
|
|
0.6
|
|
|
0.7
|
|
|
0.4
|
|
|
—
|
|
As Adjusted
|
11.4
|
|
|
|
10.7
|
|
|
|
6.4
|
|
|
|
4.8
|
|
|
|
7.2
|
|
|
|
5.7
|
|
Robert Half
Management Resources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
4.1
|
|
|
|
2.1
|
|
|
|
4.6
|
|
|
|
9.2
|
|
|
|
6.1
|
|
|
|
6.8
|
|
Billing Days
Impact
|
-0.8
|
|
|
|
1.5
|
|
|
|
0.2
|
|
|
|
-1.5
|
|
|
|
0.0
|
|
|
|
-1.5
|
|
Currency
Impact
|
1.4
|
|
|
|
2.8
|
|
|
|
2.0
|
|
|
|
1.3
|
|
|
|
0.8
|
|
|
|
1.0
|
|
Intercompany
Adjustments
|
4.4
|
|
|
7.9
|
|
|
5.2
|
|
|
3.9
|
|
|
2.5
|
|
|
—
|
|
As Adjusted
|
9.1
|
|
|
|
14.3
|
|
|
|
12.0
|
|
|
|
12.9
|
|
|
|
9.4
|
|
|
|
6.3
|
|
Temporary and
consultant staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
7.1
|
|
|
|
1.7
|
|
|
|
1.4
|
|
|
|
3.2
|
|
|
|
1.3
|
|
|
|
0.7
|
|
Billing Days
Impact
|
-0.8
|
|
|
|
1.4
|
|
|
|
0.2
|
|
|
|
-1.3
|
|
|
|
0.0
|
|
|
|
-1.4
|
|
Currency
Impact
|
1.0
|
|
|
|
1.8
|
|
|
|
1.3
|
|
|
|
0.9
|
|
|
|
0.5
|
|
|
|
0.7
|
|
Intercompany
Adjustments
|
0.7
|
|
|
1.3
|
|
|
0.8
|
|
|
0.6
|
|
|
0.4
|
|
|
—
|
|
As Adjusted
|
8.0
|
|
|
|
6.2
|
|
|
|
3.7
|
|
|
|
3.4
|
|
|
|
2.2
|
|
|
|
0.0
|
|
Permanent
placement staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
12.8
|
|
|
|
8.4
|
|
|
|
4.3
|
|
|
|
3.8
|
|
|
|
0.4
|
|
|
|
-8.4
|
|
Billing Days
Impact
|
-0.7
|
|
|
|
1.4
|
|
|
|
0.2
|
|
|
|
-1.4
|
|
|
|
0.0
|
|
|
|
-1.4
|
|
Currency
Impact
|
1.4
|
|
|
|
2.5
|
|
|
|
1.7
|
|
|
|
1.0
|
|
|
|
0.5
|
|
|
|
0.8
|
|
As Adjusted
|
13.5
|
|
|
|
12.3
|
|
|
|
6.2
|
|
|
|
3.4
|
|
|
|
0.9
|
|
|
|
-9.0
|
|
Total
staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
7.6
|
|
|
|
2.4
|
|
|
|
1.7
|
|
|
|
3.3
|
|
|
|
1.2
|
|
|
|
-0.3
|
|
Billing Days
Impact
|
-0.7
|
|
|
|
1.4
|
|
|
|
0.3
|
|
|
|
-1.4
|
|
|
|
0.0
|
|
|
|
-1.4
|
|
Currency
Impact
|
1.0
|
|
|
|
1.9
|
|
|
|
1.3
|
|
|
|
0.9
|
|
|
|
0.5
|
|
|
|
0.7
|
|
Intercompany
Adjustments
|
0.6
|
|
|
1.2
|
|
|
0.7
|
|
|
0.6
|
|
|
0.4
|
|
|
—
|
|
As Adjusted
|
8.5
|
|
|
|
6.9
|
|
|
|
4.0
|
|
|
|
3.4
|
|
|
|
2.1
|
|
|
|
-1.0
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
22.8
|
|
|
|
21.5
|
|
|
|
16.6
|
|
|
|
18.3
|
|
|
|
15.7
|
|
|
|
16.5
|
|
Billing Days
Impact
|
-0.8
|
|
|
|
1.5
|
|
|
|
0.3
|
|
|
|
-1.4
|
|
|
|
0.1
|
|
|
|
-1.6
|
|
Currency
Impact
|
0.9
|
|
|
|
1.7
|
|
|
|
1.2
|
|
|
|
0.8
|
|
|
|
0.3
|
|
|
|
0.6
|
|
Intercompany
Adjustments
|
-3.7
|
|
|
-7.4
|
|
|
-4.3
|
|
|
-3.1
|
|
|
-2.0
|
|
|
—
|
|
As Adjusted
|
19.2
|
|
|
|
17.3
|
|
|
|
13.8
|
|
|
|
14.6
|
|
|
|
14.1
|
|
|
|
15.5
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
10.1
|
|
|
|
5.2
|
|
|
|
4.1
|
|
|
|
5.9
|
|
|
|
3.8
|
|
|
|
2.6
|
|
Billing Days
Impact
|
-0.8
|
|
|
|
1.4
|
|
|
|
0.2
|
|
|
|
-1.4
|
|
|
|
0.0
|
|
|
|
-1.4
|
|
Currency
Impact
|
1.0
|
|
|
|
1.9
|
|
|
|
1.3
|
|
|
|
0.9
|
|
|
|
0.5
|
|
|
|
0.7
|
|
As Adjusted
|
10.3
|
|
|
|
8.5
|
|
|
|
5.6
|
|
|
|
5.4
|
|
|
|
4.3
|
|
|
|
1.9
|
|
|
ROBERT HALF
INTERNATIONAL INC.
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
|
|
REVENUE GROWTH RATE
(%) RECONCILIATION (UNAUDITED):
|
|
|
|
Year-Over-Year
Revenue Growth – UNITED STATES
|
|
|
Q4
2018
|
|
Q1
2019
|
|
Q2
2019
|
|
Q3
2019
|
|
Q4
2019
|
|
Q1
2020
|
Temporary and
consultant staffing
|
|
|
|
|
As
Reported
|
7.4
|
|
|
|
3.4
|
|
|
|
3.5
|
|
|
|
5.7
|
|
|
|
3.0
|
|
|
|
2.0
|
|
|
Billing Days
Impact
|
-1.1
|
|
|
|
1.7
|
|
|
|
0.3
|
|
|
|
-1.2
|
|
|
|
0.2
|
|
|
|
-1.5
|
|
|
Currency
Impact
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
As
Adjusted
|
6.3
|
|
|
|
5.1
|
|
|
|
3.8
|
|
|
|
4.5
|
|
|
|
3.2
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent
placement staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
16.4
|
|
|
|
10.0
|
|
|
|
6.6
|
|
|
|
6.5
|
|
|
|
3.0
|
|
|
|
-4.9
|
|
|
Billing Days
Impact
|
-1.1
|
|
|
|
1.8
|
|
|
|
0.3
|
|
|
|
-1.2
|
|
|
|
0.2
|
|
|
|
-1.4
|
|
|
Currency
Impact
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
As
Adjusted
|
15.3
|
|
|
|
11.8
|
|
|
|
6.9
|
|
|
|
5.3
|
|
|
|
3.2
|
|
|
|
-6.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
8.1
|
|
|
|
4.0
|
|
|
|
3.8
|
|
|
|
5.8
|
|
|
|
3.0
|
|
|
|
1.3
|
|
|
Billing Days
Impact
|
-1.0
|
|
|
|
1.7
|
|
|
|
0.3
|
|
|
|
-1.3
|
|
|
|
0.2
|
|
|
|
-1.5
|
|
|
Currency
Impact
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
As
Adjusted
|
7.1
|
|
|
|
5.7
|
|
|
|
4.1
|
|
|
|
4.5
|
|
|
|
3.2
|
|
|
|
-0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
17.6
|
|
|
|
14.9
|
|
|
|
14.7
|
|
|
|
17.5
|
|
|
|
17.3
|
|
|
|
21.3
|
|
|
Billing Days
Impact
|
-1.2
|
|
|
|
1.9
|
|
|
|
0.4
|
|
|
|
-1.3
|
|
|
|
0.2
|
|
|
|
-1.8
|
|
|
Currency
Impact
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
As
Adjusted
|
16.4
|
|
|
|
16.8
|
|
|
|
15.1
|
|
|
|
16.2
|
|
|
|
17.5
|
|
|
|
19.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
9.7
|
|
|
|
5.7
|
|
|
|
5.6
|
|
|
|
7.9
|
|
|
|
5.6
|
|
|
|
4.7
|
|
|
Billing Days
Impact
|
-1.0
|
|
|
|
1.7
|
|
|
|
0.4
|
|
|
|
-1.3
|
|
|
|
0.1
|
|
|
|
-1.5
|
|
|
Currency
Impact
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
As
Adjusted
|
8.7
|
|
|
|
7.4
|
|
|
|
6.0
|
|
|
|
6.6
|
|
|
|
5.7
|
|
|
|
3.2
|
|
|
ROBERT HALF
INTERNATIONAL INC.
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
|
|
REVENUE GROWTH RATE
(%) RECONCILIATION (UNAUDITED):
|
|
|
|
Year-Over-Year
Revenue Growth – INTERNATIONAL
|
|
|
Q4
2018
|
|
Q1
2019
|
|
Q2
2019
|
|
Q3
2019
|
|
Q4
2019
|
|
Q1
2020
|
Temporary and
consultant staffing
|
|
|
|
|
As
Reported
|
6.1
|
|
|
|
-3.7
|
|
|
|
-5.9
|
|
|
|
-5.0
|
|
|
|
-4.8
|
|
|
|
-3.8
|
|
|
Billing Days
Impact
|
0.4
|
|
|
|
0.4
|
|
|
|
-0.2
|
|
|
|
-1.6
|
|
|
|
-0.4
|
|
|
|
-1.4
|
|
|
Currency
Impact
|
4.4
|
|
|
|
8.1
|
|
|
|
5.7
|
|
|
|
3.8
|
|
|
|
2.4
|
|
|
|
3.3
|
|
|
Intercompany
Adjustments
|
3.2
|
|
|
5.4
|
|
|
3.5
|
|
|
2.6
|
|
|
1.8
|
|
|
—
|
|
|
As
Adjusted
|
14.1
|
|
|
|
10.2
|
|
|
|
3.1
|
|
|
|
-0.2
|
|
|
|
-1.0
|
|
|
|
-1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent
placement staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
5.6
|
|
|
|
4.9
|
|
|
|
-0.6
|
|
|
|
-2.1
|
|
|
|
-5.3
|
|
|
|
-15.9
|
|
|
Billing Days
Impact
|
0.5
|
|
|
|
0.3
|
|
|
|
-0.2
|
|
|
|
-1.5
|
|
|
|
-0.4
|
|
|
|
-1.1
|
|
|
Currency
Impact
|
4.3
|
|
|
|
7.6
|
|
|
|
5.2
|
|
|
|
3.0
|
|
|
|
1.6
|
|
|
|
2.4
|
|
|
As
Adjusted
|
10.4
|
|
|
|
12.8
|
|
|
|
4.4
|
|
|
|
-0.6
|
|
|
|
-4.1
|
|
|
|
-14.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
staffing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
6.0
|
|
|
|
-2.5
|
|
|
|
-5.1
|
|
|
|
-4.6
|
|
|
|
-4.8
|
|
|
|
-5.6
|
|
|
Billing Days
Impact
|
0.5
|
|
|
|
0.3
|
|
|
|
-0.2
|
|
|
|
-1.6
|
|
|
|
-0.6
|
|
|
|
-1.3
|
|
|
Currency
Impact
|
4.4
|
|
|
|
8.0
|
|
|
|
5.6
|
|
|
|
3.7
|
|
|
|
2.3
|
|
|
|
3.2
|
|
|
Intercompany
Adjustments
|
2.7
|
|
|
4.7
|
|
|
3.0
|
|
|
2.2
|
|
|
1.6
|
|
|
—
|
|
|
As
Adjusted
|
13.6
|
|
|
|
10.5
|
|
|
|
3.3
|
|
|
|
-0.3
|
|
|
|
-1.5
|
|
|
|
-3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
45.1
|
|
|
|
48.8
|
|
|
|
23.2
|
|
|
|
21.2
|
|
|
|
10.4
|
|
|
|
1.3
|
|
|
Billing Days
Impact
|
0.6
|
|
|
|
0.3
|
|
|
|
-0.1
|
|
|
|
-1.8
|
|
|
|
-0.6
|
|
|
|
-1.4
|
|
|
Currency
Impact
|
4.2
|
|
|
|
7.1
|
|
|
|
5.0
|
|
|
|
3.5
|
|
|
|
1.4
|
|
|
|
2.5
|
|
|
Intercompany
Adjustments
|
-20.4
|
|
|
-37.3
|
|
|
-18.7
|
|
|
-13.6
|
|
|
-7.9
|
|
|
—
|
|
|
As
Adjusted
|
29.5
|
|
|
|
18.9
|
|
|
|
9.4
|
|
|
|
9.3
|
|
|
|
3.3
|
|
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
11.2
|
|
|
|
3.7
|
|
|
|
-1.0
|
|
|
|
-0.7
|
|
|
|
-2.2
|
|
|
|
-4.4
|
|
|
Billing Days
Impact
|
0.4
|
|
|
|
0.4
|
|
|
|
-0.1
|
|
|
|
-1.6
|
|
|
|
-0.5
|
|
|
|
-1.3
|
|
|
Currency
Impact
|
4.4
|
|
|
|
7.8
|
|
|
|
5.5
|
|
|
|
3.7
|
|
|
|
2.1
|
|
|
|
3.0
|
|
|
As
Adjusted
|
16.0
|
|
|
|
11.9
|
|
|
|
4.4
|
|
|
|
1.4
|
|
|
|
-0.6
|
|
|
|
-2.7
|
|
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SOURCE Robert Half