PR Newswire | Oct 22, 2020 04:16PM EDT

10/22 15:15 CDT

Robert Half Reports Third-Quarter Financial Results MENLO PARK, Calif., Oct. 22, 2020

MENLO PARK, Calif., Oct. 22, 2020 /PRNewswire/ -- Robert Half International Inc. (NYSE: RHI) today reported revenues and earnings for the third quarter ended September 30, 2020.

For the quarter ended September 30, 2020, net income was $76 million, or $.67 per share, on revenues of $1.190 billion. Net income for the prior year's third quarter was $117 million, or $1.01 per share, on revenues of $1.552 billion.

For the nine months ended September 30, 2020, net income was $212 million, or $1.87 per share, on revenues of $3.805 billion. For the nine months ended September 30, 2019, net income was $342 million, or $2.92 per share, on revenues of $4.537 billion.

"We are very pleased that third-quarter and early October results reflect consistent weekly and monthly sequential gains across our divisions," said M. Keith Waddell, president and CEO of Robert Half. "Protiviti had another outstanding quarter, reporting its 12th consecutive quarter of year-on-year revenue gains, leveraging a strong pipeline of diversified services offerings, including particularly robust growth from the blended solutions with our staffing operations. We were also pleased with the quarter-on-quarter growth in our staffing divisions, led by our permanent placement and OfficeTeam divisions."

Waddell added, "Return on invested capital for the company was 25.8 percent in the third quarter."

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. EST on November 22. 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# 5010819. 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(r), Robert Half(r) Finance & Accounting and Robert Half(r) Management Resources, for temporary, full-time and senior-level project professionals, respectively, in the fields of accounting and finance; OfficeTeam(r), for highly skilled administrative support professionals; Robert Half(r) Technology, for project and full-time technology professionals; Robert Half(r) Legal, for project and full-time staffing of lawyers, paralegals and legal support personnel; and The Creative Group(r), for creative, digital, marketing, advertising and public relations professionals. Robert Half also is the parent company of Protiviti(r), 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.

Summary of Operations ATTACHED: Supplemental Financial Information Non-GAAP Financial Measures

ROBERT HALF INTERNATIONAL INC.

SUMMARY OF OPERATIONS

(in thousands, except per share amounts)



Quarter Nine Months Ended September 30, Ended September 30,

2020 2019 2020 2019

(Unaudited) (Unaudited)



Service revenues $1,189,897$1,552,132$3,804,914$4,537,047

Costs of services 722,551 905,854 2,306,630 2,648,779



Gross margin 467,346 646,278 1,498,284 1,888,268



Selling, general and administrative 390,799 484,837 1,240,879 1,454,374 expenses

Income from investments held in employee deferred (26,095) (1,450) (34,630) (34,628) compensation trusts (1)

Amortization of 334 339 1,002 1,022 intangible assets

Interest income, net (202) (1,230) (1,264) (3,768)



Income before income 102,510 163,782 292,297 471,268 taxes

Provision for income 26,761 46,601 80,437 129,677 taxes



Net income $75,749 $117,181 $211,860 $341,591



Diluted net income per$.67 $1.01 $1.87 $2.92 share



Shares:

Basic 112,809 115,181 112,953 116,203

Diluted 113,355 115,868 113,444 116,934

(1) During the quarter, the Company changed its presentation of selling,general and administrative ("SG&A") expenses to exclude gains and losses oninvestments held to fund the Company's obligations under employee deferredcompensation plans. Under these plans, employees direct the investment of theiraccount balances, and the Company makes cash deposits into an investment trustconsistent with these directions. Going forward, changes in the Company'sdeferred compensation obligations noted above will continue to be included inSG&A or, in the case of Protiviti, direct cost, while investment income will bepresented separately. Reclassifications have been made to prior periods'consolidated financial statements to conform to the current presentation. Thesereclassifications had no impact to previously reported income before incometaxes.

ROBERT HALF INTERNATIONAL INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)



Quarter Nine Months Ended September 30, Ended September 30,

2020 2019 2020 2019

(Unaudited) (Unaudited)

SERVICE REVENUES:

Accountemps $351,598 29.6 %$501,905 32.4 %$1,173,02430.8 %$1,486,57132.8 %

OfficeTeam 173,685 14.6 %267,023 17.2 %549,963 14.4 %781,607 17.2 %

Robert Half 161,007 13.5 %195,630 12.6 %519,687 13.7 %567,517 12.5 %Technology

Robert Half Management 154,917 13.0 %200,421 12.9 %531,826 14.0 %591,660 13.1 %Resources

Elimination of (59,816) (5.0)%(46,518) (3.0)%(147,603) (3.9)%(121,555) (2.7)%intersegment revenues (1)

Temporary and 781,391 65.7 %1,118,461 72.1 %2,626,897 69.0 %3,305,800 72.9 %consultant staffing

Permanent placement 87,203 7.3 %134,582 8.6 %278,722 7.4 %407,038 8.9 %staffing

Protiviti 321,303 27.0 %299,089 19.3 %899,295 23.6 %824,209 18.2 %

Total $1,189,897100.0%$1,552,132100.0%$3,804,914100.0%$4,537,047100.0%



GROSS MARGIN:

Temporary and $293,318 37.5 %$423,939 37.9 %$985,616 37.5 %$1,257,24138.0 %consultant staffing

Permanent placement 87,043 99.8 %134,354 99.8 %278,229 99.8 %406,300 99.8 %staffing

Protiviti 86,985 27.1 %87,985 29.4 %234,439 26.1 %224,727 27.3 %

Total $467,346 39.3 %$646,278 41.6 %$1,498,28439.4 %$1,888,26841.6 %



SEGMENT INCOME:

Temporary and $43,779 5.6 %$101,428 9.1 %$165,933 6.3 %$312,684 9.5 %consultant staffing

Permanent placement 10,128 11.6 %21,817 16.2 %20,791 7.5 %68,718 16.9 %staffing

Protiviti 48,735 15.2 %39,646 13.3 %105,311 11.7 %87,120 10.6 %

Combined segment $102,642 8.6 %$162,891 10.5 %$292,035 7.7 %$468,522 10.3 %income (2)



SELECTED CASH FLOW INFORMATION:

Depreciation$15,588 $16,745 $47,097 $48,485

Capital $6,614 $16,513 $28,878 $45,138 expenditures

Open market repurchases of common 449 1,454 1,432 3,266 stock (shares)



(1) Service revenues for Accountemps, OfficeTeam, Robert Half Technology andRobert Half Management Resources include intersegment revenues, which representrevenues from services provided to Protiviti in connection with the Company'sblended business solutions. Intersegment revenues for each line of business areaggregated and then eliminated as a single line item.

(2) Combined segment income is a non-GAAP measure described further on page 6.

ROBERT HALF INTERNATIONAL INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)



September 30,

2020 2019

(Unaudited)

SELECTED BALANCE SHEET INFORMATION:

Cash and cash equivalents $587,000 $312,741

Accounts receivable, less allowances$690,259 $852,843

Total assets $2,563,092$2,311,570

Total current liabilities $1,052,785$977,440

Notes payable, less current portion $62 $295

Total stockholders' equity $1,194,029$1,111,830

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: combined segment income and as adjusted revenue growth rates.

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 the Company evaluates segment performance.

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 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.

COMBINED SEGMENT INCOME RECONCILIATION (UNAUDITED):

Quarter Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019



Income before income taxes $102,510$163,782$292,297$471,268

Interest income, net (202) (1,230) (1,264) (3,768)

Amortization of intangible assets334 339 1,002 1,022

Combined segment income $102,642$162,891$292,035$468,522

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES



REVENUE GROWTH RATES (%) (UNAUDITED):

Year-Over-Year Growth Rates Non-GAAP Year-Over-Year Growth Rates (As Reported) (As Adjusted)

2019 2020 2019 2020

Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3

Global

Accountemps 1.3 3.2 1.6 0.0 -33.0-29.92.7 2.7 2.1 -0.7 -32.3-30.2

OfficeTeam -2.60.5 -3.7-5.0 -48.0-35.0-1.10.1 -3.1-5.7 -47.8-35.8

RH Technology6.0 5.4 6.2 7.8 -14.5-17.77.7 5.2 7.0 6.8 -14.2-18.2

RH Management6.8 10.37.1 8.1 -15.5-22.714.013.910.37.5 -14.8-23.5Resources

Elimination of 25.230.821.626.7 7.8 28.6 25.829.321.624.9 7.7 28.2 intersegment revenues (1)

Temporary and consultant 1.4 3.2 1.3 0.7 -31.7-30.13.7 3.4 2.2 0.0 -31.2-30.7staffing

Permanent placement 4.3 3.8 0.4 -8.4 -49.6-35.26.2 3.4 0.9 -9.0 -49.1-35.7staffing

Total 1.7 3.3 1.2 -0.3 -33.7-30.74.0 3.4 2.1 -1.0 -33.2-31.2staffing

Protiviti 16.618.315.716.5 4.1 7.4 13.814.614.115.5 4.5 6.4

Total 4.1 5.9 3.8 2.6 -26.9-23.35.6 5.4 4.3 1.9 -26.4-23.9



United States

Temporary and consultant 3.5 5.7 3.0 2.0 -31.7-31.03.8 4.5 3.2 0.5 -31.7-31.3staffing

Permanent placement 6.6 6.5 3.0 -4.9 -51.6-37.16.9 5.3 3.2 -6.3 -51.6-37.3staffing

Total 3.8 5.8 3.0 1.3 -33.7-31.64.1 4.5 3.2 -0.2 -33.7-31.9staffing

Protiviti 14.717.517.321.3 6.4 10.8 15.116.217.519.5 6.3 10.3

Total 5.6 7.9 5.6 4.7 -26.5-23.36.0 6.6 5.7 3.2 -26.5-23.7



International

Temporary and consultant -5.9-5.0-4.8-3.8 -31.8-27.03.1 -0.2-1.0-1.9 -28.9-28.4staffing

Permanent placement -0.6-2.1-5.3-15.9-45.0-30.94.4 -0.6-4.1-14.6-43.2-31.7staffing

Total -5.1-4.6-4.8-5.6 -33.8-27.63.3 -0.3-1.5-3.7 -31.1-28.9staffing

Protiviti 23.221.210.41.3 -3.9 -5.0 9.4 9.3 3.3 2.4 -1.5 -8.0

Total -1.0-0.7-2.2-4.4 -28.4-23.44.4 1.4 -0.6-2.7 -25.7-25.0

(1) Service revenues for Accountemps, OfficeTeam, Robert Half Technology andRobert Half Management Resources include intersegment revenues, which representrevenues from services provided to Protiviti in connection with the Company'sblended business solutions. Intersegment revenues for each line of business areaggregated 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.

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

Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020 Q3 2020

Accountemps

As Reported 1.3 3.2 1.6 0.0 -33.0 -29.9

Billing Days Impact 0.2 -1.3 0.0 -1.5 -0.1 -0.3

Currency Impact 1.2 0.8 0.5 0.8 0.8 0.0

As Adjusted 2.7 2.7 2.1 -0.7 -32.3 -30.2

OfficeTeam

As Reported -2.6 0.5 -3.7 -5.0 -48.0 -35.0

Billing Days Impact 0.2 -1.3 0.0 -1.3 -0.1 -0.2

Currency Impact 1.3 0.9 0.6 0.6 0.3 -0.6

As Adjusted -1.1 0.1 -3.1 -5.7 -47.8 -35.8

Robert Half Technology

As Reported 6.0 5.4 6.2 7.8 -14.5 -17.7

Billing Days Impact 0.3 -1.4 0.1 -1.5 -0.1 -0.2

Currency Impact 0.8 0.5 0.3 0.5 0.4 -0.3

Intercompany 0.6 0.7 0.4 ? ? ? Adjustments

As Adjusted 7.7 5.2 7.0 6.8 -14.2 -18.2

Robert Half Management Resources

As Reported 6.8 10.3 7.1 8.1 -15.5 -22.7

Billing Days Impact 0.3 -1.4 0.0 -1.5 -0.1 -0.2

Currency Impact 1.7 1.1 0.7 0.9 0.8 -0.6

Intercompany 5.2 3.9 2.5 ? ? ? Adjustments

As Adjusted 14.0 13.9 10.3 7.5 -14.8 -23.5

Elimination of intersegment revenues

As Reported 25.2 30.8 21.6 26.7 7.8 28.6

Billing Days Impact 0.2 -1.6 0.0 -1.8 -0.2 -0.4

Currency Impact 0.4 0.1 0.0 0.0 0.1 0.0

As Adjusted 25.8 29.3 21.6 24.9 7.7 28.2

Temporary and consultant staffing

As Reported 1.4 3.2 1.3 0.7 -31.7 -30.1

Billing Days Impact 0.2 -1.3 0.0 -1.4 -0.1 -0.3

Currency Impact 1.3 0.9 0.5 0.7 0.6 -0.3

Intercompany 0.8 0.6 0.4 ? ? ? Adjustments

As Adjusted 3.7 3.4 2.2 0.0 -31.2 -30.7

Permanent placement staffing

As Reported 4.3 3.8 0.4 -8.4 -49.6 -35.2

Billing Days Impact 0.2 -1.4 0.0 -1.4 -0.1 -0.2

Currency Impact 1.7 1.0 0.5 0.8 0.6 -0.3

As Adjusted 6.2 3.4 0.9 -9.0 -49.1 -35.7

Total staffing

As Reported 1.7 3.3 1.2 -0.3 -33.7 -30.7

Billing Days Impact 0.3 -1.4 0.0 -1.4 -0.1 -0.2

Currency Impact 1.3 0.9 0.5 0.7 0.6 -0.3

Intercompany 0.7 0.6 0.4 ? ? ? Adjustments

As Adjusted 4.0 3.4 2.1 -1.0 -33.2 -31.2

Protiviti

As Reported 16.6 18.3 15.7 16.5 4.1 7.4

Billing Days Impact 0.3 -1.4 0.1 -1.6 -0.1 -0.3

Currency Impact 1.2 0.8 0.3 0.6 0.5 -0.7

Intercompany -4.3 -3.1 -2.0 ? ? ? Adjustments

As Adjusted 13.8 14.6 14.1 15.5 4.5 6.4

Total

As Reported 4.1 5.9 3.8 2.6 -26.9 -23.3

Billing Days Impact 0.2 -1.4 0.0 -1.4 -0.1 -0.2

Currency Impact 1.3 0.9 0.5 0.7 0.6 -0.4

As Adjusted 5.6 5.4 4.3 1.9 -26.4 -23.9

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES



REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):



Year-Over-Year Revenue Growth - UNITED STATES

Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020 Q3 2020

Temporary and consultant staffing

As Reported 3.5 5.7 3.0 2.0 -31.7 -31.0

Billing Days Impact 0.3 -1.2 0.2 -1.5 0.0 -0.3

Currency Impact ? ? ? ? ? ?

As Adjusted 3.8 4.5 3.2 0.5 -31.7 -31.3



Permanent placement staffing

As Reported 6.6 6.5 3.0 -4.9 -51.6 -37.1

Billing Days Impact 0.3 -1.2 0.2 -1.4 0.0 -0.2

Currency Impact ? ? ? ? ? ?

As Adjusted 6.9 5.3 3.2 -6.3 -51.6 -37.3



Total staffing

As Reported 3.8 5.8 3.0 1.3 -33.7 -31.6

Billing Days Impact 0.3 -1.3 0.2 -1.5 0.0 -0.3

Currency Impact ? ? ? ? ? ?

As Adjusted 4.1 4.5 3.2 -0.2 -33.7 -31.9



Protiviti

As Reported 14.7 17.5 17.3 21.3 6.4 10.8

Billing Days Impact 0.4 -1.3 0.2 -1.8 -0.1 -0.5

Currency Impact ? ? ? ? ? ?

As Adjusted 15.1 16.2 17.5 19.5 6.3 10.3



Total

As Reported 5.6 7.9 5.6 4.7 -26.5 -23.3

Billing Days Impact 0.4 -1.3 0.1 -1.5 0.0 -0.4

Currency Impact ? ? ? ? ? ?

As Adjusted 6.0 6.6 5.7 3.2 -26.5 -23.7

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES



REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):



Year-Over-Year Revenue Growth - INTERNATIONAL

Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020 Q3 2020

Temporary and consultant staffing

As Reported -5.9 -5.0 -4.8 -3.8 -31.8 -27.0

Billing Days Impact -0.2 -1.6 -0.4 -1.4 0.0 0.0

Currency Impact 5.7 3.8 2.4 3.3 2.9 -1.4

Intercompany 3.5 2.6 1.8 ? ? ? Adjustments

As Adjusted 3.1 -0.2 -1.0 -1.9 -28.9 -28.4



Permanent placement staffing

As Reported -0.6 -2.1 -5.3 -15.9 -45.0 -30.9

Billing Days Impact -0.2 -1.5 -0.4 -1.1 -0.1 0.0

Currency Impact 5.2 3.0 1.6 2.4 1.9 -0.8

As Adjusted 4.4 -0.6 -4.1 -14.6 -43.2 -31.7



Total staffing

As Reported -5.1 -4.6 -4.8 -5.6 -33.8 -27.6

Billing Days Impact -0.2 -1.6 -0.6 -1.3 -0.1 0.0

Currency Impact 5.6 3.7 2.3 3.2 2.8 -1.3

Intercompany 3.0 2.2 1.6 ? ? ? Adjustments

As Adjusted 3.3 -0.3 -1.5 -3.7 -31.1 -28.9



Protiviti

As Reported 23.2 21.2 10.4 1.3 -3.9 -5.0

Billing Days Impact -0.1 -1.8 -0.6 -1.4 - 0.1

Currency Impact 5.0 3.5 1.4 2.5 2.4 -3.1

Intercompany -18.7 -13.6 -7.9 ? ? ? Adjustments

As Adjusted 9.4 9.3 3.3 2.4 -1.5 -8.0



Total

As Reported -1.0 -0.7 -2.2 -4.4 -28.4 -23.4

Billing Days Impact -0.1 -1.6 -0.5 -1.3 - 0.1

Currency Impact 5.5 3.7 2.1 3.0 2.7 -1.7

As Adjusted 4.4 1.4 -0.6 -2.7 -25.7 -25.0

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SOURCE Robert Half