MENLO
PARK, Calif., Jan. 30,
2024 /CNW/ -- Robert Half Inc. (NYSE: RHI) today
reported revenues and earnings for the fourth quarter ended
December 31, 2023.
For the three months ended December 31, 2023, net income
was $87 million, or $0.83 per share, on revenues of $1.473 billion. For the three months ended
December 31, 2022, net income was $148
million, or $1.37 per share,
on revenues of $1.727 billion.
For the year ended December 31, 2023, net income was
$411 million, or $3.88 per share, on revenues of $6.393 billion. For the year ended
December 31, 2022, net income was $658
million, or $6.03 per share,
on revenues of $7.238
billion.
"We delivered above-consensus top- and bottom-line results for
the fourth quarter, with Protiviti leading the way. Global labor
demand continues to be resilient, and talent shortages persist,
although both are modestly below their peaks. We are encouraged
that our improving weekly revenue trends that began in the third
quarter and continued into the fourth quarter are approaching a
positive inflection point," said M. Keith
Waddell, president and chief executive officer at Robert
Half. "We enter 2024 confident in our ability to navigate the
current climate and optimistic about our growth prospects, built on
our industry-leading brand, people, technology and unique business
model that includes both professional staffing and business
consulting services.
"We'd like to thank our people across the globe, whose
commitment to success made possible a number of new accolades in
2023. Fourth-quarter recognition included being named one of the
Best Workplaces for Parents™ by Great Place to
Work®, one of America's Most Responsible
Companies by Newsweek, and a Best-Managed Company of 2023 by The
Wall Street Journal," Waddell concluded.
Robert Half management will conduct a conference call today at
5 p.m. EST. The prepared remarks for
this call are available now in the Investor Center of the Robert
Half website (www.roberthalf.com/investor-center). Simply click on
the Quarterly Conference Calls link. The dial-in number is
888-394-8218 (+1-323-994-2093 outside the
United States and Canada).
The confirmation code to access the call is 4929633.
A recording of this call will be available for audio replay
beginning at approximately 8 p.m. EST
on January 30 and ending after 12
months. To access the replay, visit
https://webcasts.com/RobertHalfQ42023. The conference call also
will be archived in audio format on the Company's website at
roberthalf.com.
Robert Half is the world's first and largest specialized talent
solutions and business consulting firm that connects people with
meaningful work and provides companies with the talent and subject
matter expertise they need to confidently compete and grow. Robert
Half is the parent company of Protiviti®, a
global consulting firm that provides internal audit, risk, business
and technology consulting solutions. Robert Half, including
Protiviti, has been named one of the Fortune®
Most Admired Companies™ and 100 Best Companies to Work For.
Robert Half talent solutions and consulting operations has
operations in over 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. Forward-looking
statements are not guarantees or promises that goals or targets
will be met. These statements may be identified by words such as
"estimate," "forecast," "target," "project," "plan," "intend,"
"believe," "expect," "anticipate," or variations or negatives
thereof, or by similar or comparable words or phrases. In addition,
historical, current, and forward-looking information about the
Company's ESG and compliance programs, including targets or goals,
may not be considered material for SEC reporting purposes and may
be based on standards for measuring progress that are still
developing, on internal controls, diligence, or processes that are
evolving, and on assumptions that are subject to change in the
future. Forward-looking statements are estimates only, based on
management's current expectations, currently available information
and current strategy, plans, or forecasts, and involve certain
known and unknown risks and, uncertainties, and assumptions that
are difficult to predict and often beyond our control and are
inherently uncertain. Such risks and uncertainties 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; 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.
A summary of additional risks and uncertainties can be found in
the Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company's other
filings with the U.S. Securities and Exchange Commission.
Because long-term contracts are not a significant part of the
Company's business, future results cannot be reliably predicted by
considering past trends or extrapolating past results. The Company
undertakes no obligation to update information contained in this
release, whether as a result of new information, future events, or
otherwise, and notwithstanding any historical practice of doing
so.
A copy of this release is available at
www.roberthalf.com/investor-center.
ATTACHED:
|
|
Summary of
Operations
Supplemental Financial
Information
Non-GAAP Financial
Measures
|
|
ROBERT HALF
INC
SUMMARY OF
OPERATIONS
(in thousands, except
per share amounts)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Service
revenues
|
$ 1,472,892
|
|
$ 1,727,026
|
|
$ 6,392,517
|
|
$ 7,238,142
|
Costs of
services
|
888,728
|
|
1,007,979
|
|
3,817,513
|
|
4,144,093
|
|
|
|
|
|
|
|
|
Gross margin
|
584,164
|
|
719,047
|
|
2,575,004
|
|
3,094,049
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
516,666
|
|
545,129
|
|
2,107,531
|
|
2,117,296
|
(Income) loss from
investments held in employee deferred compensation
trusts
|
(46,657)
|
|
(24,819)
|
|
(88,020)
|
|
86,139
|
Amortization of
intangible assets
|
721
|
|
417
|
|
2,883
|
|
1,667
|
Interest income,
net
|
(6,697)
|
|
(4,778)
|
|
(23,973)
|
|
(8,008)
|
Income before income
taxes
|
120,131
|
|
203,098
|
|
576,583
|
|
896,955
|
Provision for income
taxes
|
32,827
|
|
55,445
|
|
165,437
|
|
239,036
|
|
|
|
|
|
|
|
|
Net income
|
$ 87,304
|
|
$
147,653
|
|
$
411,146
|
|
$
657,919
|
|
|
|
|
|
|
|
|
Diluted net income per share
|
$
0.83
|
|
$
1.37
|
|
$
3.88
|
|
$
6.03
|
|
|
|
|
|
|
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
Basic
|
104,286
|
|
106,980
|
|
105,530
|
|
108,214
|
Diluted
|
104,960
|
|
107,808
|
|
106,074
|
|
109,171
|
ROBERT HALF
INC
SUPPLEMENTAL
FINANCIAL INFORMATION
(in
thousands)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
SERVICE REVENUES
INFORMATION
|
|
|
|
|
|
|
|
Contract talent
solutions
|
|
|
|
|
|
|
|
Finance and
accounting
|
$
635,281
|
|
$
767,354
|
|
$ 2,811,093
|
|
$ 3,185,183
|
Administrative and
customer support
|
189,471
|
|
233,056
|
|
816,409
|
|
1,042,634
|
Technology
|
163,724
|
|
209,009
|
|
710,156
|
|
857,261
|
Elimination of
intersegment revenues (1)
|
(101,098)
|
|
(137,738)
|
|
(442,326)
|
|
(552,231)
|
Total contract talent
solutions
|
887,378
|
|
1,071,681
|
|
3,895,332
|
|
4,532,847
|
Permanent placement
talent solutions
|
121,564
|
|
155,948
|
|
567,486
|
|
725,155
|
Protiviti
|
463,950
|
|
499,397
|
|
1,929,699
|
|
1,980,140
|
Total service
revenues
|
$ 1,472,892
|
|
$ 1,727,026
|
|
$ 6,392,517
|
|
$ 7,238,142
|
|
(1)
|
Service revenues for
finance and accounting, administrative and customer support, and
technology include intersegment revenues, which represent revenues
from services provided to the Company's Protiviti segment in
connection with the Company's blended business solutions.
Intersegment revenues for each functional specialization are
aggregated and then eliminated as a single line.
|
|
Three Months Ended December
31,
|
|
Year Ended December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
BUSINESS SEGMENT INCOME
INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
Contract talent
solutions
|
$
50,878
|
5.7 %
|
|
$ 105,420
|
9.8 %
|
|
$ 292,815
|
7.5 %
|
|
$ 492,281
|
10.9 %
|
Permanent placement
talent solutions
|
$
10,392
|
8.5 %
|
|
$
21,365
|
13.7 %
|
|
$
75,004
|
13.2 %
|
|
$ 127,622
|
17.6 %
|
Protiviti
|
$
52,885
|
11.4 %
|
|
$
71,952
|
14.4 %
|
|
$ 187,674
|
9.7 %
|
|
$ 270,711
|
13.7 %
|
|
|
December 31,
|
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
|
SELECTED BALANCE
SHEET
INFORMATION:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
731,740
|
|
$
658,626
|
Accounts receivable,
net
|
|
$
860,872
|
|
$ 1,018,287
|
Total
assets
|
|
$ 3,010,789
|
|
$ 2,964,488
|
Total current
liabilities
|
|
$ 1,235,111
|
|
$ 1,216,202
|
Total stockholders'
equity
|
|
$ 1,588,351
|
|
$ 1,568,558
|
|
|
Year Ended December 31,
|
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
Depreciation
|
|
$ 51,364
|
|
$ 47,398
|
Capitalized cloud
computing implementation costs
|
|
$ 34,895
|
|
$ 40,357
|
Capital
expenditures
|
|
$ 45,874
|
|
$ 61,120
|
Open market
repurchases of common stock (shares)
|
|
3,047
|
|
3,319
|
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
The financial results of Robert Half Inc. (the "Company") are
prepared in conformity with accounting principles generally
accepted in the United States of
America ("GAAP") and the rules of the SEC. To help readers
understand the Company's financial performance, the Company
supplements its GAAP financial results with the following non-GAAP
measures: adjusted gross margin; adjusted selling, general and
administrative expenses; combined segment income; and as adjusted
revenue growth rates.
The following measures: adjusted gross margin and adjusted
selling, general and administrative expenses, include gains and
losses on investments held to fund the Company's obligations under
employee deferred compensation plans. The Company provides these
measures because they are used by management to review its
operational results.
Combined segment income is income before income taxes, adjusted
for interest income and amortization of intangible assets. The
Company provides combined segment income because it is how
management evaluates performance.
As adjusted revenue growth rates represent year-over-year
revenue growth rates after removing the impacts on reported
revenues from the changes in the number of billing days and foreign
currency exchange rates. The Company provides this data because it
focuses on the Company's revenue growth rates attributable to
operating activities and aids in evaluating revenue trends over
time. The impacts from the changes in billing days and foreign
currency exchange rates are calculated as follows:
- Billing days impact is calculated by dividing each comparative
period's reported revenues by the number of billing days for that
period to arrive at a per billing day amount. Same billing day
growth rates are then calculated based on the per billing day
amounts. Management calculates a global, weighted-average number of
billing days for each reporting period based upon inputs from all
countries and all functional specializations and segments.
- Foreign currency impact is calculated by retranslating current
period international revenues, using foreign currency exchange
rates from the prior year's comparable period.
The non-GAAP financial measures provided herein may not provide
information that is directly comparable to that provided by other
companies in the Company's industry, as other companies may
calculate such financial results differently. The Company's
non-GAAP financial measures are not measurements of financial
performance under GAAP and should not be considered as alternatives
to amounts presented in accordance with GAAP. The Company does not
consider these non-GAAP financial measures to be a substitute for,
or superior to, the information provided by GAAP financial results.
A reconciliation of the non-GAAP financial measures to the most
directly comparable GAAP financial measures is provided on the
following pages.
ROBERT HALF
INC
NON-GAAP FINANCIAL
MEASURES
ADJUSTED GROSS MARGIN
(UNAUDITED):
(in
thousands)
|
|
|
Three Months Ended
December 31,
|
|
Relationships
|
|
Year Ended December
31,
|
|
Relationships
|
|
As
Reported
|
|
As
Adjusted
|
|
As
Reported
|
|
As
Adjusted
|
|
As
Reported
|
|
As
Adjusted
|
|
As
Reported
|
|
As
Adjusted
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract talent
solutions
|
$
351,893
|
|
$
427,736
|
|
$
351,893
|
|
$
427,736
|
|
39.7 %
|
|
39.9 %
|
|
39.7 %
|
|
39.9 %
|
|
$
1,549,312
|
|
$
1,804,029
|
|
$
1,549,312
|
|
$
1,804,029
|
|
39.8 %
|
|
39.8 %
|
|
39.8 %
|
|
39.8 %
|
Permanent placement
talent
solutions
|
121,330
|
|
155,559
|
|
121,330
|
|
155,559
|
|
99.8 %
|
|
99.8 %
|
|
99.8 %
|
|
99.8 %
|
|
566,381
|
|
723,706
|
|
566,381
|
|
723,706
|
|
99.8 %
|
|
99.8 %
|
|
99.8 %
|
|
99.8 %
|
Total talent
solutions
|
473,223
|
|
583,295
|
|
473,223
|
|
583,295
|
|
46.9 %
|
|
47.5 %
|
|
46.9 %
|
|
47.5 %
|
|
2,115,693
|
|
2,527,735
|
|
2,115,693
|
|
2,527,735
|
|
47.4 %
|
|
48.1 %
|
|
47.4 %
|
|
48.1 %
|
Protiviti
|
110,941
|
|
135,752
|
|
119,951
|
|
139,862
|
|
23.9 %
|
|
27.2 %
|
|
25.9 %
|
|
28.0 %
|
|
459,311
|
|
566,314
|
|
475,572
|
|
552,465
|
|
23.8 %
|
|
28.6 %
|
|
24.6 %
|
|
27.9 %
|
Total
|
$
584,164
|
|
$
719,047
|
|
$
593,174
|
|
$
723,157
|
|
39.7 %
|
|
41.6 %
|
|
40.3 %
|
|
41.9 %
|
|
$
2,575,004
|
|
$
3,094,049
|
|
$
2,591,265
|
|
$
3,080,200
|
|
40.3 %
|
|
42.7 %
|
|
40.5 %
|
|
42.6 %
|
The following tables
provide reconciliations of the non-GAAP adjusted gross margin
to reported gross margin for the three months ended
December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
Three Months Ended
December 31, 2022
|
|
Contract
talent
solutions
|
|
Permanent
placement talent
solutions
|
|
Total talent
solutions
|
|
Protiviti
|
|
Total
|
|
Contract
talent
solutions
|
|
Permanent
placement talent
solutions
|
|
Total talent
solutions
|
|
Protiviti
|
|
Total
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
$
351,893
|
39.7 %
|
|
$ 121,330
|
99.8 %
|
|
$
473,223
|
46.9 %
|
|
$
110,941
|
23.9 %
|
|
$ 584,164
|
39.7 %
|
|
$
427,736
|
39.9 %
|
|
$
155,559
|
99.8 %
|
|
$
583,295
|
47.5 %
|
|
$
135,752
|
27.2 %
|
|
$ 719,047
|
41.6 %
|
Adjustments
(1)
|
|
—
|
|
|
—
|
|
—
|
—
|
|
9,010
|
2.0 %
|
|
9,010
|
0.6 %
|
|
—
|
—
|
|
—
|
—
|
|
—
|
—
|
|
4,110
|
0.8 %
|
|
4,110
|
0.3 %
|
As Adjusted
|
$
351,893
|
39.7 %
|
|
$ 121,330
|
99.8 %
|
|
$
473,223
|
46.9 %
|
|
$
119,951
|
25.9 %
|
|
$ 593,174
|
40.3 %
|
|
$
427,736
|
39.9 %
|
|
$
155,559
|
99.8 %
|
|
$
583,295
|
47.5 %
|
|
$
139,862
|
28.0 %
|
|
$ 723,157
|
41.9 %
|
The following tables
provide reconciliations of the non-GAAP adjusted gross margin to
reported gross margin for the years ended December 31, 2023
and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended December 31, 2023
|
|
Year
Ended December 31, 2022
|
|
Contract
talent
solutions
|
|
Permanent
placement talent
solutions
|
|
Total talent
solutions
|
|
Protiviti
|
|
Total
|
|
Contract
talent
solutions
|
|
Permanent
placement talent
solutions
|
|
Total talent
solutions
|
|
Protiviti
|
|
Total
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
$
1,549,312
|
39.8 %
|
|
$
566,381
|
99.8 %
|
|
$
2,115,693
|
47.4 %
|
|
$ 459,311
|
23.8 %
|
|
$
2,575,004
|
40.3 %
|
|
$
1,804,029
|
39.8 %
|
|
$
723,706
|
99.8 %
|
|
$
2,527,735
|
48.1 %
|
|
$ 566,314
|
28.6 %
|
|
$
3,094,049
|
42.7 %
|
Adjustments
(1)
|
—
|
—
|
|
—
|
—
|
|
—
|
—
|
|
16,261
|
0.8 %
|
|
16,261
|
0.2 %
|
|
—
|
—
|
|
—
|
—
|
|
—
|
—
|
|
(13,849)
|
(0.7 %)
|
|
(13,849)
|
(0.1 %)
|
As Adjusted
|
$
1,549,312
|
39.8 %
|
|
$
566,381
|
99.8 %
|
|
$
2,115,693
|
47.4 %
|
|
$ 475,572
|
24.6 %
|
|
$
2,591,265
|
40.5 %
|
|
$
1,804,029
|
39.8 %
|
|
$
723,706
|
99.8 %
|
|
$
2,527,735
|
48.1 %
|
|
$ 552,465
|
27.9 %
|
|
$
3,080,200
|
42.6 %
|
(1)
|
Changes in the
Company's employee deferred compensation plan obligations related
to Protiviti operations are included in costs of services, while
the related investment (income) loss is presented separately. The
non-GAAP financial adjustments shown in the table above are to
reclassify investment (income) loss from investments held in
employee deferred compensation trusts to the same line item that
includes the corresponding change in obligation. These adjustments
have no impact on income before income taxes.
|
ROBERT HALF INC
NON-GAAP FINANCIAL
MEASURES
ADJUSTED SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED):
(in
thousands)
|
|
|
Three Months Ended
December 31,
|
|
Relationships
|
|
Year Ended December
31,
|
|
Relationships
|
|
As
Reported
|
|
As
Adjusted
|
|
As
Reported
|
|
As
Adjusted
|
|
As
Reported
|
|
As
Adjusted
|
|
As
Reported
|
|
As
Adjusted
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Selling, General
and
Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract talent
solutions
|
$
334,785
|
|
$
340,492
|
|
$
301,015
|
|
$
322,316
|
|
37.7 %
|
|
31.8 %
|
|
33.9 %
|
|
30.1 %
|
|
$
1,320,752
|
|
$
1,248,378
|
|
$
1,256,497
|
|
$
1,311,748
|
|
33.9 %
|
|
27.5 %
|
|
32.3 %
|
|
28.9 %
|
Permanent placement
talent
solutions
|
114,815
|
|
136,727
|
|
110,938
|
|
134,194
|
|
94.4 %
|
|
87.7 %
|
|
91.3 %
|
|
86.1 %
|
|
498,881
|
|
587,164
|
|
491,377
|
|
596,084
|
|
87.9 %
|
|
81.0 %
|
|
86.6 %
|
|
82.2 %
|
Total talent
solutions
|
449,600
|
|
477,219
|
|
411,953
|
|
456,510
|
|
44.6 %
|
|
38.9 %
|
|
40.8 %
|
|
37.2 %
|
|
1,819,633
|
|
1,835,542
|
|
1,747,874
|
|
1,907,832
|
|
40.8 %
|
|
34.9 %
|
|
39.2 %
|
|
36.3 %
|
Protiviti
|
67,066
|
|
67,910
|
|
67,066
|
|
67,910
|
|
14.5 %
|
|
13.6 %
|
|
14.5 %
|
|
13.6 %
|
|
287,898
|
|
281,754
|
|
287,898
|
|
281,754
|
|
14.9 %
|
|
14.2 %
|
|
14.9 %
|
|
14.2 %
|
Total
|
$
516,666
|
|
$
545,129
|
|
$
479,019
|
|
$
524,420
|
|
35.1 %
|
|
31.6 %
|
|
32.5 %
|
|
30.4 %
|
|
$
2,107,531
|
|
$
2,117,296
|
|
$
2,035,772
|
|
$
2,189,586
|
|
33.0 %
|
|
29.3 %
|
|
31.8 %
|
|
30.3 %
|
The following tables
provide reconciliations of the non-GAAP adjusted selling,
general and administrative expenses to reported selling, general
and administrative expenses for the three months ended
December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
Three Months Ended
December 31, 2022
|
|
Contract
talent
solutions
|
|
Permanent
placement talent
solutions
|
|
Total talent
solutions
|
|
Protiviti
|
|
Total
|
|
Contract
talent
solutions
|
|
Permanent
placement talent
solutions
|
|
Total talent
solutions
|
|
Protiviti
|
|
Total
|
|
$
|
% of
|Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
Selling, General
and
Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
$ 334,785
|
37.7 %
|
|
$ 114,815
|
94.4 %
|
|
$
449,600
|
44.6 %
|
|
$ 67,066
|
14.5 %
|
|
$
516,666
|
35.1 %
|
|
$ 340,492
|
31.8 %
|
|
$ 136,727
|
87.7 %
|
|
$ 477,219
|
38.9 %
|
|
$ 67,910
|
13.6 %
|
|
$
545,129
|
31.6 %
|
Adjustments
(1)
|
(33,770)
|
(3.8 %)
|
|
(3,877)
|
(3.1 %)
|
|
(37,647)
|
(3.8 %)
|
|
—
|
—
|
|
(37,647)
|
(2.6 %)
|
|
(18,176)
|
(1.7 %)
|
|
(2,533)
|
(1.6 %)
|
|
(20,709)
|
(1.7 %)
|
|
—
|
—
|
|
(20,709)
|
(1.2 %)
|
As Adjusted
|
$ 301,015
|
33.9 %
|
|
$ 110,938
|
91.3 %
|
|
$
411,953
|
40.8 %
|
|
$ 67,066
|
14.5 %
|
|
$
479,019
|
32.5 %
|
|
$ 322,316
|
30.1 %
|
|
$ 134,194
|
86.1 %
|
|
$ 456,510
|
37.2 %
|
|
$ 67,910
|
13.6 %
|
|
$
524,420
|
30.4 %
|
The following tables
provide reconciliations of the non-GAAP adjusted selling,
general and administrative expenses to reported selling, general
and administrative expenses for the years ended December 31, 2023
and 2022:
|
|
Year
Ended December 31, 2023
|
|
Year
Ended December 31, 2022
|
|
Contract talent
solutions
|
|
Permanent
placement talent
solutions
|
|
Total talent
solutions
|
|
Protiviti
|
|
Total
|
|
Contract talent
solutions
|
|
Permanent
placement talent
solutions
|
|
Total talent
solutions
|
|
Protiviti
|
|
Total
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
Selling, General
and
Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
$
1,320,752
|
33.9 %
|
|
$ 498,881
|
87.9 %
|
|
$
1,819,633
|
40.8 %
|
|
$
287,898
|
14.9 %
|
|
$
2,107,531
|
33.0 %
|
|
$
1,248,378
|
27.5 %
|
|
$
587,164
|
81.0 %
|
|
$
1,835,542
|
34.9 %
|
|
$
281,754
|
14.2 %
|
|
$
2,117,296
|
29.3 %
|
Adjustments
(1)
|
(64,255)
|
(1.6 %)
|
|
(7,504)
|
(1.3 %)
|
|
(71,759)
|
(1.6) %
|
|
—
|
—
|
|
(71,759)
|
(1.2 %)
|
|
63,370
|
1.4 %
|
|
8,920
|
1.2 %
|
|
72,290
|
1.4 %
|
|
—
|
—
|
|
72,290
|
1.0 %
|
As Adjusted
|
$
1,256,497
|
32.3 %
|
|
$ 491,377
|
86.6 %
|
|
$
1,747,874
|
39.2 %
|
|
$
287,898
|
14.9 %
|
|
$
2,035,772
|
31.8 %
|
|
$
1,311,748
|
28.9 %
|
|
$
596,084
|
82.2 %
|
|
$
1,907,832
|
36.3 %
|
|
$
281,754
|
14.2 %
|
|
$
2,189,586
|
30.3 %
|
(1)
|
Changes in the
Company's employee deferred compensation plan obligations related
to talent solutions operations are included in selling, general and
administrative expenses, while the related investment (income) loss
is presented separately. The non-GAAP financial adjustments shown
in the table above are to reclassify investment (income) loss from
investments held in employee deferred compensation trusts to the
same line item that includes the corresponding change in
obligation. These adjustments have no impact on income before
income taxes.
|
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
COMBINED SEGMENT INCOME (UNAUDITED):
(in thousands)
The following tables
provide reconciliations of the non-GAAP combined segment income to
reported income before income taxes for the three months and years
ended December 31, 2023 and 2022:
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
|
$
|
% of
Revenue
|
Income before income
taxes
|
$
120,131
|
8.2 %
|
|
$
203,098
|
11.8 %
|
|
$ 576,583
|
9.0 %
|
|
$ 896,955
|
12.4 %
|
Interest income,
net
|
(6,697)
|
(0.4 %)
|
|
(4,778)
|
(0.3 %)
|
|
(23,973)
|
(0.3 %)
|
|
(8,008)
|
(0.1 %)
|
Amortization of
intangible assets
|
721
|
0.0 %
|
|
417
|
0.0 %
|
|
2,883
|
0.0 %
|
|
1,667
|
0.0 %
|
Combined segment
income
|
$
114,155
|
7.8 %
|
|
$
198,737
|
11.5 %
|
|
$ 555,493
|
8.7 %
|
|
$ 890,614
|
12.3 %
|
ROBERT HALF
INC
NON-GAAP FINANCIAL
MEASURES
REVENUE GROWTH RATES
(%) (UNAUDITED):
|
|
|
|
|
|
|
|
Year-Over-Year
Growth Rates
(As
Reported)
|
|
Non-GAAP
Year-Over-Year Growth Rates
(As
Adjusted)
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
Global
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance and
accounting
|
|
9.9
|
|
-0.1
|
|
-3.0
|
|
-11.0
|
|
-16.0
|
|
-17.2
|
|
12.8
|
|
2.9
|
|
-3.1
|
|
-10.8
|
|
-15.2
|
|
-17.8
|
Administrative and
customer support
|
|
-10.3
|
|
-21.2
|
|
-23.0
|
|
-23.0
|
|
-21.5
|
|
-18.7
|
|
-7.8
|
|
-18.8
|
|
-23.2
|
|
-23.0
|
|
-21.2
|
|
-19.4
|
Technology
|
|
0.6
|
|
-2.1
|
|
-9.0
|
|
-16.7
|
|
-21.3
|
|
-21.7
|
|
2.5
|
|
0.5
|
|
-9.3
|
|
-16.2
|
|
-20.0
|
|
-21.8
|
Elimination of
intersegment revenues (1)
|
|
-23.1
|
|
-14.5
|
|
-12.8
|
|
-16.5
|
|
-24.2
|
|
-26.6
|
|
-20.8
|
|
-11.5
|
|
-12.7
|
|
-16.5
|
|
-23.8
|
|
-27.2
|
Total contract talent
solutions
|
|
8.1
|
|
-4.0
|
|
-7.8
|
|
-14.3
|
|
-17.3
|
|
-17.2
|
|
10.7
|
|
-1.2
|
|
-8.0
|
|
-14.0
|
|
-16.4
|
|
-17.7
|
Permanent placement
talent solutions
|
|
16.5
|
|
-1.4
|
|
-16.1
|
|
-25.4
|
|
-23.3
|
|
-22.0
|
|
20.3
|
|
2.4
|
|
-15.8
|
|
-25.0
|
|
-22.5
|
|
-22.6
|
Total talent
solutions
|
|
9.2
|
|
-3.7
|
|
-9.0
|
|
-15.9
|
|
-18.1
|
|
-17.8
|
|
12.0
|
|
-0.8
|
|
-9.1
|
|
-15.6
|
|
-17.3
|
|
-18.3
|
Protiviti
|
|
2.0
|
|
0.8
|
|
4.6
|
|
-1.2
|
|
-6.0
|
|
-7.1
|
|
4.8
|
|
4.0
|
|
4.4
|
|
-1.0
|
|
-4.9
|
|
-7.5
|
Total
|
|
7.1
|
|
-2.4
|
|
-5.4
|
|
-12.0
|
|
-14.7
|
|
-14.7
|
|
9.9
|
|
0.6
|
|
-5.6
|
|
-11.7
|
|
-13.8
|
|
-15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract talent
solutions
|
|
11.3
|
|
-3.4
|
|
-8.6
|
|
-16.0
|
|
-20.7
|
|
-20.5
|
|
11.3
|
|
-2.9
|
|
-9.9
|
|
-15.9
|
|
-19.2
|
|
-20.3
|
Permanent placement
talent solutions
|
|
22.4
|
|
1.4
|
|
-16.9
|
|
-26.2
|
|
-26.9
|
|
-22.6
|
|
22.4
|
|
1.9
|
|
-18.1
|
|
-26.1
|
|
-25.5
|
|
-22.5
|
Total talent
solutions
|
|
12.6
|
|
-2.9
|
|
-9.7
|
|
-17.4
|
|
-21.5
|
|
-20.7
|
|
12.6
|
|
-2.4
|
|
-11.0
|
|
-17.2
|
|
-20.0
|
|
-20.6
|
Protiviti
|
|
4.1
|
|
3.6
|
|
7.5
|
|
-2.4
|
|
-7.4
|
|
-7.3
|
|
4.1
|
|
4.1
|
|
5.9
|
|
-2.3
|
|
-5.6
|
|
-7.2
|
Total
|
|
10.0
|
|
-1.1
|
|
-5.2
|
|
-13.3
|
|
-17.5
|
|
-16.8
|
|
10.0
|
|
-0.6
|
|
-6.6
|
|
-13.2
|
|
-15.9
|
|
-16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract talent
solutions
|
|
-3.2
|
|
-6.3
|
|
-4.7
|
|
-7.6
|
|
-3.1
|
|
-4.4
|
|
8.7
|
|
5.3
|
|
-1.2
|
|
-6.2
|
|
-4.9
|
|
-7.5
|
Permanent placement
talent solutions
|
|
2.9
|
|
-7.5
|
|
-14.0
|
|
-23.4
|
|
-13.0
|
|
-20.6
|
|
15.4
|
|
4.3
|
|
-10.5
|
|
-21.9
|
|
-14.2
|
|
-22.8
|
Total talent
solutions
|
|
-2.2
|
|
-6.5
|
|
-6.4
|
|
-10.6
|
|
-4.8
|
|
-7.2
|
|
9.8
|
|
5.2
|
|
-2.9
|
|
-9.2
|
|
-6.6
|
|
-10.1
|
Protiviti
|
|
-6.3
|
|
-9.2
|
|
-5.7
|
|
3.3
|
|
0.3
|
|
-6.1
|
|
7.3
|
|
3.7
|
|
-1.5
|
|
4.2
|
|
-1.5
|
|
-8.9
|
Total
|
|
-3.3
|
|
-7.3
|
|
-6.2
|
|
-7.0
|
|
-3.5
|
|
-6.9
|
|
9.1
|
|
4.8
|
|
-2.5
|
|
-5.8
|
|
-5.3
|
|
-9.8
|
(1)
|
Service revenues
for finance and accounting, administrative and customer support,
and technology include intersegment revenues, which represent
revenues from services provided to Protiviti in connection with the
Company's blended business solutions. Intersegment revenues for
each functional specialization are aggregated and then eliminated
as a single line item.
|
The non-GAAP financial measures included in the table above
adjust for the following items:
Billing Days. The "As Reported"
revenue growth rates are based upon reported revenues. Management
calculates the billing day impact by dividing each comparative
period's reported revenues by the number of billing days for that
period to arrive at a per billing day amount. Same billing day
growth rates are then calculated based on the per billing day
amounts. Management calculates a global, weighted-average number of
billing days for each reporting period based upon input from all
countries and all functional specializations and segments.
Foreign Currency Translation. The
"As Reported" revenue growth rates are based upon reported
revenues, which include the impact of changes in foreign currency
exchange rates. The foreign currency impact is calculated by
retranslating current period international revenues, using foreign
currency exchange rates from the prior year's comparable
period.
The term "As Adjusted" means that the impact of different
billing days and constant currency fluctuations are removed from
the revenue growth rate calculation. A reconciliation of the
non-GAAP year-over-year revenue growth rates to the "As Reported"
year-over-year revenue growth rates is included herein, on Pages
10-12.
ROBERT HALF
INC
NON-GAAP FINANCIAL
MEASURES
REVENUE GROWTH RATE (%)
RECONCILIATION (UNAUDITED):
|
|
Year-Over-Year
Revenue Growth – GLOBAL
|
|
|
Q3
2022
|
|
Q4
2022
|
|
Q1
2023
|
|
Q2
2023
|
|
Q3
2023
|
|
Q4
2023
|
Finance and
accounting
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
9.9
|
|
-0.1
|
|
-3.0
|
|
-11.0
|
|
-16.0
|
|
-17.2
|
Billing Days
Impact
|
|
0.2
|
|
0.8
|
|
-1.3
|
|
0.1
|
|
1.6
|
|
0.1
|
Currency
Impact
|
|
2.7
|
|
2.2
|
|
1.2
|
|
0.1
|
|
-0.8
|
|
-0.7
|
As Adjusted
|
|
12.8
|
|
2.9
|
|
-3.1
|
|
-10.8
|
|
-15.2
|
|
-17.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative and
customer support
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-10.3
|
|
-21.2
|
|
-23.0
|
|
-23.0
|
|
-21.5
|
|
-18.7
|
Billing Days
Impact
|
|
0.1
|
|
0.7
|
|
-1.1
|
|
0.1
|
|
1.4
|
|
0.2
|
Currency
Impact
|
|
2.4
|
|
1.7
|
|
0.9
|
|
-0.1
|
|
-1.1
|
|
-0.9
|
As Adjusted
|
|
-7.8
|
|
-18.8
|
|
-23.2
|
|
-23.0
|
|
-21.2
|
|
-19.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
0.6
|
|
-2.1
|
|
-9.0
|
|
-16.7
|
|
-21.3
|
|
-21.7
|
Billing Days
Impact
|
|
0.1
|
|
0.9
|
|
-1.3
|
|
0.1
|
|
1.5
|
|
0.1
|
Currency
Impact
|
|
1.8
|
|
1.7
|
|
1.0
|
|
0.4
|
|
-0.2
|
|
-0.2
|
As Adjusted
|
|
2.5
|
|
0.5
|
|
-9.3
|
|
-16.2
|
|
-20.0
|
|
-21.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of
intersegment revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-23.1
|
|
-14.5
|
|
-12.8
|
|
-16.5
|
|
-24.2
|
|
-26.6
|
Billing Days
Impact
|
|
0.2
|
|
0.8
|
|
-1.3
|
|
0.1
|
|
1.4
|
|
0.1
|
Currency
Impact
|
|
2.1
|
|
2.2
|
|
1.4
|
|
-0.1
|
|
-1.0
|
|
-0.7
|
As Adjusted
|
|
-20.8
|
|
-11.5
|
|
-12.7
|
|
-16.5
|
|
-23.8
|
|
-27.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total contract
talent solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
8.1
|
|
-4.0
|
|
-7.8
|
|
-14.3
|
|
-17.3
|
|
-17.2
|
Billing Days
Impact
|
|
0.1
|
|
0.8
|
|
-1.3
|
|
0.1
|
|
1.6
|
|
0.2
|
Currency
Impact
|
|
2.5
|
|
2.0
|
|
1.1
|
|
0.2
|
|
-0.7
|
|
-0.7
|
As Adjusted
|
|
10.7
|
|
-1.2
|
|
-8.0
|
|
-14.0
|
|
-16.4
|
|
-17.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent placement
talent solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
16.5
|
|
-1.4
|
|
-16.1
|
|
-25.4
|
|
-23.3
|
|
-22.0
|
Billing Days
Impact
|
|
0.2
|
|
0.8
|
|
-1.1
|
|
0.1
|
|
1.5
|
|
0.1
|
Currency
Impact
|
|
3.6
|
|
3.0
|
|
1.4
|
|
0.3
|
|
-0.7
|
|
-0.7
|
As Adjusted
|
|
20.3
|
|
2.4
|
|
-15.8
|
|
-25.0
|
|
-22.5
|
|
-22.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total talent
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
9.2
|
|
-3.7
|
|
-9.0
|
|
-15.9
|
|
-18.1
|
|
-17.8
|
Billing Days
Impact
|
|
0.1
|
|
0.8
|
|
-1.2
|
|
0.1
|
|
1.5
|
|
0.2
|
Currency
Impact
|
|
2.7
|
|
2.1
|
|
1.1
|
|
0.2
|
|
-0.7
|
|
-0.7
|
As Adjusted
|
|
12.0
|
|
-0.8
|
|
-9.1
|
|
-15.6
|
|
-17.3
|
|
-18.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
2.0
|
|
0.8
|
|
4.6
|
|
-1.2
|
|
-6.0
|
|
-7.1
|
Billing Days
Impact
|
|
0.2
|
|
0.8
|
|
-1.5
|
|
0.2
|
|
1.8
|
|
0.2
|
Currency
Impact
|
|
2.6
|
|
2.4
|
|
1.3
|
|
0.0
|
|
-0.7
|
|
-0.6
|
As Adjusted
|
|
4.8
|
|
4.0
|
|
4.4
|
|
-1.0
|
|
-4.9
|
|
-7.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
7.1
|
|
-2.4
|
|
-5.4
|
|
-12.0
|
|
-14.7
|
|
-14.7
|
Billing Days
Impact
|
|
0.2
|
|
0.8
|
|
-1.4
|
|
0.2
|
|
1.6
|
|
0.1
|
Currency
Impact
|
|
2.6
|
|
2.2
|
|
1.2
|
|
0.1
|
|
-0.7
|
|
-0.6
|
As Adjusted
|
|
9.9
|
|
0.6
|
|
-5.6
|
|
-11.7
|
|
-13.8
|
|
-15.2
|
ROBERT HALF
INC
NON-GAAP FINANCIAL
MEASURES
REVENUE GROWTH RATE (%)
RECONCILIATION (UNAUDITED):
|
|
Year-Over-Year
Revenue Growth – UNITED STATES
|
|
|
Q3
2022
|
|
Q4
2022
|
|
Q1
2023
|
|
Q2
2023
|
|
Q3
2023
|
|
Q4
2023
|
Contract talent
solutions
|
|
|
|
|
As Reported
|
|
11.3
|
|
-3.4
|
|
-8.6
|
|
-16.0
|
|
-20.7
|
|
-20.5
|
Billing Days
Impact
|
|
0.0
|
|
0.5
|
|
-1.3
|
|
0.1
|
|
1.5
|
|
0.2
|
Currency
Impact
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
As Adjusted
|
|
11.3
|
|
-2.9
|
|
-9.9
|
|
-15.9
|
|
-19.2
|
|
-20.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent placement
talent solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
22.4
|
|
1.4
|
|
-16.9
|
|
-26.2
|
|
-26.9
|
|
-22.6
|
Billing Days
Impact
|
|
0.0
|
|
0.5
|
|
-1.2
|
|
0.1
|
|
1.4
|
|
0.1
|
Currency
Impact
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
As Adjusted
|
|
22.4
|
|
1.9
|
|
-18.1
|
|
-26.1
|
|
-25.5
|
|
-22.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total talent
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
12.6
|
|
-2.9
|
|
-9.7
|
|
-17.4
|
|
-21.5
|
|
-20.7
|
Billing Days
Impact
|
|
0.0
|
|
0.5
|
|
-1.3
|
|
0.2
|
|
1.5
|
|
0.1
|
Currency
Impact
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
As Adjusted
|
|
12.6
|
|
-2.4
|
|
-11.0
|
|
-17.2
|
|
-20.0
|
|
-20.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
4.1
|
|
3.6
|
|
7.5
|
|
-2.4
|
|
-7.4
|
|
-7.3
|
Billing Days
Impact
|
|
0.0
|
|
0.5
|
|
-1.6
|
|
0.1
|
|
1.8
|
|
0.1
|
Currency
Impact
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
As Adjusted
|
|
4.1
|
|
4.1
|
|
5.9
|
|
-2.3
|
|
-5.6
|
|
-7.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
10.0
|
|
-1.1
|
|
-5.2
|
|
-13.3
|
|
-17.5
|
|
-16.8
|
Billing Days
Impact
|
|
0.0
|
|
0.5
|
|
-1.4
|
|
0.1
|
|
1.6
|
|
0.1
|
Currency
Impact
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
|
―
|
As Adjusted
|
|
10.0
|
|
-0.6
|
|
-6.6
|
|
-13.2
|
|
-15.9
|
|
-16.7
|
ROBERT HALF
INC
NON-GAAP FINANCIAL
MEASURES
REVENUE GROWTH RATE (%)
RECONCILIATION (UNAUDITED):
|
|
Year-Over-Year
Revenue Growth – INTERNATIONAL
|
|
|
Q3
2022
|
|
Q4
2022
|
|
Q1
2023
|
|
Q2
2023
|
|
Q3
2023
|
|
Q4
2023
|
Contract talent
solutions
|
|
|
|
|
As Reported
|
|
-3.2
|
|
-6.3
|
|
-4.7
|
|
-7.6
|
|
-3.1
|
|
-4.4
|
Billing Days
Impact
|
|
0.5
|
|
2.1
|
|
-1.7
|
|
0.6
|
|
1.8
|
|
0.1
|
Currency
Impact
|
|
11.4
|
|
9.5
|
|
5.2
|
|
0.8
|
|
-3.6
|
|
-3.2
|
As Adjusted
|
|
8.7
|
|
5.3
|
|
-1.2
|
|
-6.2
|
|
-4.9
|
|
-7.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent placement
talent solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
2.9
|
|
-7.5
|
|
-14.0
|
|
-23.4
|
|
-13.0
|
|
-20.6
|
Billing Days
Impact
|
|
0.6
|
|
2.2
|
|
-1.6
|
|
0.5
|
|
1.6
|
|
0.1
|
Currency
Impact
|
|
11.9
|
|
9.6
|
|
5.1
|
|
1.0
|
|
-2.8
|
|
-2.3
|
As Adjusted
|
|
15.4
|
|
4.3
|
|
-10.5
|
|
-21.9
|
|
-14.2
|
|
-22.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total talent
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-2.2
|
|
-6.5
|
|
-6.4
|
|
-10.6
|
|
-4.8
|
|
-7.2
|
Billing Days
Impact
|
|
0.5
|
|
2.2
|
|
-1.7
|
|
0.6
|
|
1.7
|
|
0.2
|
Currency
Impact
|
|
11.5
|
|
9.5
|
|
5.2
|
|
0.8
|
|
-3.5
|
|
-3.1
|
As Adjusted
|
|
9.8
|
|
5.2
|
|
-2.9
|
|
-9.2
|
|
-6.6
|
|
-10.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protiviti
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-6.3
|
|
-9.2
|
|
-5.7
|
|
3.3
|
|
0.3
|
|
-6.1
|
Billing Days
Impact
|
|
0.5
|
|
2.1
|
|
-1.7
|
|
0.7
|
|
1.8
|
|
0.2
|
Currency
Impact
|
|
13.1
|
|
10.8
|
|
5.9
|
|
0.2
|
|
-3.6
|
|
-3.0
|
As Adjusted
|
|
7.3
|
|
3.7
|
|
-1.5
|
|
4.2
|
|
-1.5
|
|
-8.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
-3.3
|
|
-7.3
|
|
-6.2
|
|
-7.0
|
|
-3.5
|
|
-6.9
|
Billing Days
Impact
|
|
0.5
|
|
2.2
|
|
-1.7
|
|
0.5
|
|
1.7
|
|
0.1
|
Currency
Impact
|
|
11.9
|
|
9.9
|
|
5.4
|
|
0.7
|
|
-3.5
|
|
-3.0
|
As Adjusted
|
|
9.1
|
|
4.8
|
|
-2.5
|
|
-5.8
|
|
-5.3
|
|
-9.8
|
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SOURCE Robert Half