Robert Half (PRNewsfoto/Robert Half)

Robert Half (PRNewsfoto/Robert Half)

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



 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/robert-half-reports-second-quarter-financial-results-301339871.html

SOURCE Robert Half

DISCLAIMER FOR COMMENTS: The views expressed by public comments are not those of this company or its affiliated companies. Please note by clicking on "Post" you acknowledge that you have read the TERMS OF USE and the comment you are posting is in compliance with such terms. Your comments may be used on air. Be polite. Inappropriate posts or posts containing offsite links, images, GIFs, inappropriate language, or memes may be removed by the moderator. Job listings and similar posts are likely automated SPAM messages from Facebook and are not placed by WFMZ-TV.