PR Newswire | Apr 21, 2021 04:16PM EDT

04/21 15:15 CDT

Robert Half Reports First-Quarter Financial Results MENLO PARK, Calif., April 21, 2021

MENLO PARK, Calif., April 21, 2021 /PRNewswire/ -- Robert Half International Inc. (NYSE: RHI) today reported revenues and earnings for the first quarter ended March 31, 2021.

For the quarter ended March 31, 2021, net income was $111 million, or $.98 per share, on revenues of $1.398 billion. Net income for the prior year's first quarter was $90 million, or $.79 per share, on revenues of $1.507 billion.

"We are extremely pleased that our first quarter results exceeded the high end of our guidance and reflect a broad-based recovery that is well under way," said M. Keith Waddell, president and CEO of Robert Half. "Protiviti's revenues grew 35 percent year-on-year, reflecting continued momentum across its wide array of service offerings, including very strong managed solutions with staffing. This is Protiviti's 14th consecutive quarter of year-on-year revenue gains. Our staffing operations significantly outperformed their historical sequential trends, led by small- and medium-size businesses and permanent placement, which grew 22 percent sequentially."

Waddell continued, "We are experiencing a faster early-cycle recovery than we have seen in the past which positions us well for future growth. As always, the strength of our brands, people, technology and business model will drive our continued success. Our employees have made possible many great accolades, including very recent inclusion on FORTUNE's '100 Best Companies to Work For(r)' and Forbes' 'America's Best Employers for Diversity' lists for 2021.

"Return on invested capital for the company was 37 percent in the first 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 May 20. 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# 5481208. 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 Ended March 31,

2021 2020

(Unaudited)



Service revenues $1,398,380$1,506,691

Costs of services 836,669 892,303



Gross margin 561,711 614,388



Selling, general and administrative expenses (1) 423,062 442,868

(Income) loss from investments held in employee deferred compensation trusts (which is completely (11,988) 40,376 offset by related costs and expenses) (1)

Amortization of intangible assets 576 338

Interest income, net (45) (957)



Income before income taxes 150,106 131,763

Provision for income taxes 39,508 41,848



Net income $110,598 $89,915



Diluted net income per share $.98 $.79



Shares:

Basic 111,424 113,187

Diluted 112,496 113,858

(1) Selling, general and administrative ("SG&A") expenses exclude gains andlosses on investments held to fund the Company's obligations under employeedeferred compensation plans. Under these plans, employees direct the investmentof their account balances, and the Company makes cash deposits into aninvestment trust consistent with these directions. Changes in the Company'sdeferred compensation obligations noted above are included in SG&A or, in thecase of Protiviti, costs of services, while investment income is presentedseparately. Reclassifications have been made to prior periods' consolidatedfinancial 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 Ended March 31,

2021 2020

(Unaudited)

SELECTED CASH FLOW INFORMATION:

Depreciation $13,962 $15,913

Capitalized cloud computing implementation costs$8,488 $10,379

Capital expenditures $9,739 $14,276

Open market repurchases of common stock (shares)797 983



March 31,

2021 2020

(Unaudited)

SELECTED BALANCE SHEET INFORMATION:

Cash and cash equivalents $497,930 $249,914

Accounts receivable, net $799,673 $853,529

Total assets $2,565,169$2,274,852

Total current liabilities $1,076,586$913,354

Total stockholders' equity $1,197,699$1,129,925

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 blended 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.

2018 2019 2020 2021

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

SERVICE REVENUES:

$Accountemps $ 476,055 $ 488,400 $ 486,240 $ 490,849 $ 490,084 $ 494,582 $ 501,905 $ 498,650 $ 489,884 $ 331,542 $ 351,598 $ 385,000 417,116

OfficeTeam 261,642 268,902 265,758 269,125 252,633 261,952 267,023 259,147 239,979 136,299 173,685 214,985 220,467

Robert Half Technology 166,102 178,711 185,687 186,666 182,426 189,461 195,630 198,314 196,652 162,028 161,007 175,730 172,239

Robert Half Management 183,271 186,690 182,737 181,638 187,745 196,003 195,236 200,421 201,097 211,878 165,031 154,917 167,116Resources

Elimination ofintersegment (24,201) (30,776) (35,557) (41,847) (36,519) (38,519) (46,518) (50,883) (46,273) (41,514) (59,816) (92,393) (103,818)

revenues

Temporary and consultant 889,275 1,066,288 1,087,974 1,083,766 1,092,538 1,084,627 1,102,712 1,118,461 1,106,325 1,092,120 753,386 781,391 850,438staffing

Permanent placement 121,400 135,038 129,667 125,884 131,562 140,894 134,582 126,394 120,489 71,030 87,203 91,387 111,703staffing

Protiviti 207,645 234,042 252,793 263,236 252,341 272,779 299,089 304,666 294,082 283,910 321,303 362,261 397,402

$Total $ 1,395,333 $ 1,457,054 $ 1,466,226 $ 1,481,658 $ 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

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 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.

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED SUMMARY OF OPERATIONS RECONCILIATION (UNAUDITED)

(in thousands)



Quarter Ended March 31, Relationships

2021 2020 2021 2020 2021 2020

Reported AdjustmentsAdjusted (1)Reported AdjustmentsAdjusted (1)Reported Adjusted

SERVICE REVENUES:

Accountemps $417,116 $417,116 $489,884 $489,884 29.8 % 32.5 %29.8 %32.5 %

OfficeTeam 220,467 220,467 239,979 239,979 15.8 % 15.9 %15.8 %15.9 %

Robert Half 172,239 172,239 196,652 196,652 12.3 % 13.1 %12.3 %13.1 %Technology

Robert Half Management 183,271 183,271 211,878 211,878 13.1 % 14.1 %13.1 %14.1 %Resources

Elimination of intersegment (103,818) (103,818) (46,273) (46,273) (7.4) % (3.1)%(7.4)%(3.1)%revenues

Temporary and consultant 889,275 889,275 1,092,120 1,092,120 63.6 % 72.5 %63.6 %72.5 %staffing

Permanent placement 111,703 111,703 120,489 120,489 8.0 % 8.0 %8.0 %8.0 %staffing

Protiviti 397,402 397,402 294,082 294,082 28.4 % 19.5 %28.4 %19.5 %

Total $1,398,380 $1,398,380$1,506,691 $1,506,691100.0 % 100.0%100.0%100.0%



GROSS MARGIN:

Temporary and consultant $344,931 $344,931 $412,996 $412,996 38.8 % 37.8 %38.8 %37.8 %staffing

Permanent placement 111,498 111,498 120,280 120,280 99.8 % 99.8 %99.8 %99.8 %staffing

Protiviti 105,282 1,688 106,970 81,112 (3,671) 77,441 26.5 % 27.6 %26.9 %26.3 %

Total $561,711 $1,688 $563,399 $614,388 $(3,671) $610,717 40.2 % 40.8 %40.3 %40.5 %



SELLING GENERAL AND ADMINISTRATIVE EXPENSE:

Temporary and consultant $278,547 $(9,151) $269,396 $286,174 $33,058 $319,232 31.3 % 26.2 %30.3 %29.2 %staffing

Permanent placement 94,867 (1,149) 93,718 105,722 3,647 109,369 84.9 % 87.7 %83.9 %90.8 %staffing

Protiviti 49,648 - 49,648 50,972 - 50,972 12.5 % 17.3 %12.5 %17.3 %

Total $423,062 $(10,300)$412,762 $442,868 $36,705 $479,573 30.3 % 29.4 %29.5 %31.8 %



OPERATING/ SEGMENT INCOME:

Temporary and consultant $66,384 $9,151 $75,535 $126,822 $(33,058)$93,764 7.5 % 11.6 %8.5 %8.6 %staffing

Permanent placement 16,631 1,149 17,780 14,558 (3,647) 10,911 14.9 % 12.1 %15.9 %9.1 %staffing

Protiviti 55,634 1,688 57,322 30,140 (3,671) 26,469 14.0 % 10.2 %14.4 %9.0 %

Total $138,649 $11,988 $150,637 $171,520 $(40,376)$131,144 9.9 % 11.4 %10.8 %8.7 %

Amortization of intangible 576 - 576 338 - 338 0.1 % 0.1 %0.1 %0.1 %assets

(Income) loss from investments held in (11,988) 11,988 - 40,376 (40,376) - 0.9 % (2.7)%0.0 %0.0 %employee deferred compensation trusts

Interest (45) - (45) (957) - (957) 0.0 % 0.1 %0.0 %0.1 %income, net

Income before $150,106 $- $150,106 $131,763 $- $131,763 10.7 % 8.7 %10.7 %8.7 %income taxes

(1) Changes in the Company's deferred compensation obligations are included inselling, general and administrative expense or, in the case of Protiviti, costsof services, while the related investment income is presented separately. Thenon-GAAP financial measures shown in the table above are adjusted to reclassifyinvestment income from investments held in employee deferred compensationtrusts to the same line item which includes the corresponding change inobligation. 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 March 31,

2021 2020



Income before income taxes $150,106$131,763

Interest income, net (45) (957)

Amortization of intangible assets576 338

Combined segment income $150,637$131,144

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)

20192020 2021 20192020 2021

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

Global

Accountemps 1.6 0.0 -33.0-29.9-22.8-14.92.1 -0.7 -32.3-30.2-23.1-14.6

OfficeTeam -3.7-5.0 -48.0-35.0-17.0-8.1 -3.1-5.7 -47.8-35.8-18.2-8.7

RH Technology 6.2 7.8 -14.5-17.7-11.4-12.47.0 6.8 -14.2-18.2-11.9-12.4

RH Management Resources 7.1 8.1 -15.5-22.7-16.9-13.510.37.5 -14.8-23.5-18.1-14.3

Elimination of intersegment revenues (1)21.626.7 7.8 28.6 81.6 124.421.624.9 7.7 28.2 81.5 127.3

Temporary and consultant staffing 1.3 0.7 -31.7-30.1-23.1-18.62.2 0.0 -31.2-30.7-23.8-18.9

Permanent placement staffing 0.4 -8.4 -49.6-35.2-27.7-7.3 0.9 -9.0 -49.1-35.7-28.5-8.1

Total staffing 1.2 -0.3 -33.7-30.7-23.6-17.52.1 -1.0 -33.2-31.2-24.3-17.8

Protiviti 15.716.5 4.1 7.4 18.9 35.1 14.115.5 4.5 6.4 17.9 34.7

Total 3.8 2.6 -26.9-23.3-15.2-7.2 4.3 1.9 -26.4-23.9-15.9-7.6



United States

Temporary and consultant staffing 3.0 2.0 -31.7-31.0-24.1-20.33.2 0.5 -31.7-31.3-23.9-19.4

Permanent placement staffing 3.0 -4.9 -51.6-37.1-31.3-12.43.2 -6.3 -51.6-37.3-31.0-11.4

Total staffing 3.0 1.3 -33.7-31.6-24.8-19.63.2 -0.2 -33.7-31.9-24.6-18.6

Protiviti 17.321.3 6.4 10.8 22.9 35.5 17.519.5 6.3 10.3 23.3 37.1

Total 5.6 4.7 -26.5-23.3-15.3-8.7 5.7 3.2 -26.5-23.7-15.0-7.6



International

Temporary and consultant staffing -4.8-3.8 -31.8-27.0-19.3-12.3-1.0-1.9 -28.9-28.4-23.5-17.0

Permanent placement staffing -5.3-15.9-45.0-30.9-19.35.2 -4.1-14.6-43.2-31.7-23.00.3

Total staffing -4.8-5.6 -33.8-27.6-19.3-10.1-1.5-3.7 -31.1-28.9-23.4-14.8

Protiviti 10.41.3 -3.9 -5.0 4.3 33.8 3.3 2.4 -1.5 -8.0 -1.7 26.1

Total -2.2-4.4 -28.4-23.4-14.7-2.0 -0.6-2.7 -25.7-25.0-19.2-7.2

(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.

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 10-12.

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - GLOBAL

Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2020 2020 2020 2021

Accountemps

As Reported 1.6 0.0 -33.0-29.9-22.8-14.9

Billing Days Impact 0.0 -1.5 -0.1 -0.3 -0.1 1.1

Currency Impact 0.5 0.8 0.8 0.0 -0.2 -0.8

As Adjusted 2.1 -0.7 -32.3-30.2-23.1-14.6

OfficeTeam

As Reported -3.7 -5.0 -48.0-35.0-17.0-8.1

Billing Days Impact 0.0 -1.3 -0.1 -0.2 -0.1 1.1

Currency Impact 0.6 0.6 0.3 -0.6 -1.1 -1.7

As Adjusted -3.1 -5.7 -47.8-35.8-18.2-8.7

Robert Half Technology

As Reported 6.2 7.8 -14.5-17.7-11.4-12.4

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

Currency Impact 0.3 0.5 0.4 -0.3 -0.5 -1.1

Intercompany Adjustments 0.4 ? ? ? ? ?

As Adjusted 7.0 6.8 -14.2-18.2-11.9-12.4

Robert Half Management Resources

As Reported 7.1 8.1 -15.5-22.7-16.9-13.5

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

Currency Impact 0.7 0.9 0.8 -0.6 -1.2 -1.9

Intercompany Adjustments 2.5 ? ? ? ? ?

As Adjusted 10.3 7.5 -14.8-23.5-18.1-14.3

Elimination of intersegment revenues

As Reported 21.6 26.7 7.8 28.6 81.6 124.4

Billing Days Impact 0.0 -1.8 -0.2 -0.4 -0.1 2.7

Currency Impact 0.0 0.0 0.1 0.0 0.0 0.2

As Adjusted 21.6 24.9 7.7 28.2 81.5 127.3

Temporary and consultant staffing

As Reported 1.3 0.7 -31.7-30.1-23.1-18.6

Billing Days Impact 0.0 -1.4 -0.1 -0.3 0.0 1.0

Currency Impact 0.5 0.7 0.6 -0.3 -0.7 -1.3

Intercompany Adjustments 0.4 ? ? ? ? ?

As Adjusted 2.2 0.0 -31.2-30.7-23.8-18.9

Permanent placement staffing

As Reported 0.4 -8.4 -49.6-35.2-27.7-7.3

Billing Days Impact 0.0 -1.4 -0.1 -0.2 0.0 1.1

Currency Impact 0.5 0.8 0.6 -0.3 -0.8 -1.9

As Adjusted 0.9 -9.0 -49.1-35.7-28.5-8.1

Total staffing

As Reported 1.2 -0.3 -33.7-30.7-23.6-17.5

Billing Days Impact 0.0 -1.4 -0.1 -0.2 0.0 1.1

Currency Impact 0.5 0.7 0.6 -0.3 -0.7 -1.4

Intercompany Adjustments 0.4 ? ? ? ? ?

As Adjusted 2.1 -1.0 -33.2-31.2-24.3-17.8

Protiviti

As Reported 15.7 16.5 4.1 7.4 18.9 35.1

Billing Days Impact 0.1 -1.6 -0.1 -0.3 0.0 1.6

Currency Impact 0.3 0.6 0.5 -0.7 -1.0 -2.0

Intercompany Adjustments -2.0 ? ? ? ? ?

As Adjusted 14.1 15.5 4.5 6.4 17.9 34.7

Total

As Reported 3.8 2.6 -26.9-23.3-15.2-7.2

Billing Days Impact 0.0 -1.4 -0.1 -0.2 0.0 1.1

Currency Impact 0.5 0.7 0.6 -0.4 -0.7 -1.5

As Adjusted 4.3 1.9 -26.4-23.9-15.9-7.6

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - UNITED STATES

Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2020 2020 2020 2021

Temporary and consultant staffing

As Reported 3.0 2.0 -31.7 -31.0 -24.1 -20.3

Billing Days Impact 0.2 -1.5 0.0 -0.3 0.2 0.9

Currency Impact ? ? ? ? ? ?

As Adjusted 3.2 0.5 -31.7 -31.3 -23.9 -19.4



Permanent placement staffing

As Reported 3.0 -4.9 -51.6 -37.1 -31.3 -12.4

Billing Days Impact 0.2 -1.4 0.0 -0.2 0.3 1.0

Currency Impact ? ? ? ? ? ?

As Adjusted 3.2 -6.3 -51.6 -37.3 -31.0 -11.4



Total staffing

As Reported 3.0 1.3 -33.7 -31.6 -24.8 -19.6

Billing Days Impact 0.2 -1.5 0.0 -0.3 0.2 1.0

Currency Impact ? ? ? ? ? ?

As Adjusted 3.2 -0.2 -33.7 -31.9 -24.6 -18.6



Protiviti

As Reported 17.3 21.3 6.4 10.8 22.9 35.5

Billing Days Impact 0.2 -1.8 -0.1 -0.5 0.4 1.6

Currency Impact ? ? ? ? ? ?

As Adjusted 17.5 19.5 6.3 10.3 23.3 37.1



Total

As Reported 5.6 4.7 -26.5 -23.3 -15.3 -8.7

Billing Days Impact 0.1 -1.5 0.0 -0.4 0.3 1.1

Currency Impact ? ? ? ? ? ?

As Adjusted 5.7 3.2 -26.5 -23.7 -15.0 -7.6

ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - INTERNATIONAL

Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2020 2020 2020 2021

Temporary and consultant staffing

As Reported -4.8 -3.8 -31.8 -27.0 -19.3 -12.3

Billing Days Impact -0.4 -1.4 0.0 0.0 -1.0 1.4

Currency Impact 2.4 3.3 2.9 -1.4 -3.2 -6.1

Intercompany Adjustments 1.8 ? ? ? ? ?

As Adjusted -1.0 -1.9 -28.9 -28.4 -23.5 -17.0



Permanent placement staffing

As Reported -5.3 -15.9 -45.0 -30.9 -19.3 5.2

Billing Days Impact -0.4 -1.1 -0.1 0.0 -1.0 1.7

Currency Impact 1.6 2.4 1.9 -0.8 -2.7 -6.6

As Adjusted -4.1 -14.6 -43.2 -31.7 -23.0 0.3



Total staffing

As Reported -4.8 -5.6 -33.8 -27.6 -19.3 -10.1

Billing Days Impact -0.6 -1.3 -0.1 0.0 -1.0 1.5

Currency Impact 2.3 3.2 2.8 -1.3 -3.1 -6.2

Intercompany Adjustments 1.6 ? ? ? ? ?

As Adjusted -1.5 -3.7 -31.1 -28.9 -23.4 -14.8



Protiviti

As Reported 10.4 1.3 -3.9 -5.0 4.3 33.8

Billing Days Impact -0.6 -1.4 0.0 0.1 -1.4 2.1

Currency Impact 1.4 2.5 2.4 -3.1 -4.6 -9.8

Intercompany Adjustments -7.9 ? ? ? ? ?

As Adjusted 3.3 2.4 -1.5 -8.0 -1.7 26.1



Total

As Reported -2.2 -4.4 -28.4 -23.4 -14.7 -2.0

Billing Days Impact -0.5 -1.3 0.0 0.1 -1.1 1.6

Currency Impact 2.1 3.0 2.7 -1.7 -3.4 -6.8

As Adjusted -0.6 -2.7 -25.7 -25.0 -19.2 -7.2

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SOURCE Robert Half