Technology

ROBERT HALF REPORTS SECOND-QUARTER FINANCIAL RESULTS

Published

2 years ago

July 24, 2024

MENLO PARK, Calif., July 24, 2024 /CNW/ — Robert Half Inc. (NYSE: RHI) today reported revenues and earnings for the second quarter ended June 30, 2024.

For the three months ended June 30, 2024, net income was $68 million, or $0.66 per share, on revenues of $1.473 billion. For the three months ended June 30, 2023, net income was $106 million, or $1.00 per share, on revenues of $1.639 billion.

For the six months ended June 30, 2024, net income was $132 million, or $1.27 per share, on revenues of $2.948 billion. For the six months ended June 30, 2023, net income was $228 million, or $2.14 per share, on revenues of $3.356 billion.

“Client and candidate caution continues to impact hiring activity and new project starts as macroeconomic and interest rate uncertainty persist. Second-quarter revenues and earnings were within our guidance range. Protiviti posted strong results, led by U.S. growth in revenues and segment income both on a sequential and year-on-year basis,” said M. Keith Waddell, president and chief executive officer at Robert Half. “We remain confident in our ability to navigate the current climate and optimistic about our growth prospects.

“We’d like to thank our employees across the globe, whose commitment to success made possible a number of new accolades. Robert Half again ranked No. 1 on Forbes’ list of America’s Best Professional Recruiting Firms, and our people-first culture was reflected in our selection as one of Fortune’s Best Workplaces for Millennials, Forbes’ Best Employers for Diversity, and — just yesterday — Forbes’ Best Employers for Women,” 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 is 888-394-8218 (+1-323-994-2093 outside the United States and Canada). The confirmation code to access the call is 9156621.

A recording of this call will be available for audio replay beginning at approximately 8 p.m. EDT on July 24 and ending after 12 months. To access the replay, visit https://webcasts.com/RobertHalfQ22024. 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, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and permanent placement solutions in the fields of finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and we also provide executive search services. Robert Half is the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business and technology consulting solutions. In the past 12 months, Robert Half, including Protiviti, has been named Fortune® World’s Most Admired Companies™ and 100 Best Companies to Work For, and a Forbes Best Employer for Diversity.

Certain information contained in Management’s Discussion and Analysis and in other parts of this report may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial positions of Robert Half Inc. (the “Company”). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as “anticipate,” “potential,” “estimate,” “forecast,” “target,” “project,” “plan,” “intend,” “believe,” “expect,” “should,” “could,” “would,” “may,” “might,” “will,” 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 environmental, social, and governance and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission (“SEC”) or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing, on internal controls, diligence, or processes that are evolving, on representations reviewed or provided by third parties, 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, uncertainties, and assumptions that are difficult to predict and often beyond our control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results, outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements.

These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of United States of America (“U.S.”) or international tax regulations; the global financial and economic situation; changes in levels of unemployment and other economic conditions in the U.S. 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 development, proliferation and adoption of artificial intelligence (“AI”) by the Company and the third parties it serves; 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 engagement professionals, or for events impacting its engagement professionals 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 impact of extreme weather conditions on the Company and its candidates and clients, 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 health care or other 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 or the Company could experience a cybersecurity breach; 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, 2023, 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
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

(Unaudited)

Service revenues

$ 1,472,524

$ 1,639,478

$ 2,948,461

$ 3,355,813

Costs of services

895,845

979,309

1,808,985

2,005,912

Gross margin

576,679

660,169

1,139,476

1,349,901

Selling, general and administrative expenses

500,832

541,904

1,022,427

1,094,133

Income from investments held in employee deferred compensation trusts
(which is completely offset by related costs and expenses)

(15,733)

(28,347)

(59,109)

(55,638)

Amortization of intangible assets

304

721

608

1,442

Interest income, net

(5,186)

(5,320)

(11,599)

(10,145)

Income before income taxes

96,462

151,211

187,149

320,109

Provision for income taxes

28,306

44,919

55,292

91,812

Net income

$ 68,156

$ 106,292

$ 131,857

$ 228,297

Diluted net income per share

$ 0.66

$ 1.00

$ 1.27

$ 2.14

Weighted average shares:

Basic

103,151

106,102

103,469

106,260

Diluted

103,328

106,422

103,864

106,775

ROBERT HALF INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

(Unaudited)

SERVICE REVENUES INFORMATION

Contract talent solutions

Finance and accounting

$ 623,120

$ 721,391

$ 1,265,090

$ 1,499,224

Administrative and customer support

190,344

211,023

390,276

430,373

Technology

157,899

181,776

315,869

375,858

Elimination of intersegment revenues (1)

(116,466)

(114,807)

(229,280)

(240,598)

Total contract talent solutions

854,897

999,383

1,741,955

2,064,857

Permanent placement talent solutions

131,063

149,254

255,830

305,991

Protiviti

486,564

490,841

950,676

984,965

Total service revenues

$ 1,472,524

$ 1,639,478

$ 2,948,461

$ 3,355,813

(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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

% of
Revenue

(Unaudited)

BUSINESS SEGMENT INCOME INFORMATION:

Contract talent solutions

$ 38,146

4.5 %

$ 81,316

8.1 %

$ 88,264

5.1 %

$ 183,462

8.9 %

Permanent placement talent solutions

$ 16,148

12.3 %

$ 21,730

14.6 %

$ 28,003

10.9 %

$ 45,557

14.9 %

Protiviti

$ 37,286

7.7 %

$ 43,566

8.9 %

$ 59,891

6.3 %

$ 82,387

8.4 %

June 30,

2024

2023

(Unaudited)

SELECTED BALANCE SHEET INFORMATION:

Cash and cash equivalents

$ 547,370

$ 722,763

Accounts receivable, net

$ 893,467

$ 974,008

Total assets

$ 2,937,749

$ 3,067,641

Total current liabilities

$ 1,263,264

$ 1,276,571

Total stockholders’ equity

$ 1,480,155

$ 1,625,271

Six Months Ended June 30,

2024

2023

(Unaudited)

SELECTED CASH FLOW INFORMATION:

Depreciation

$ 25,520

$ 25,229

Capitalized cloud computing implementation costs

$ 15,557

$ 20,184

Capital expenditures

$ 24,174

$ 19,093

Open market repurchases of common stock (shares)

1,660

1,137

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 June 30,

Relationships

Six Months Ended June 30,

Relationships

As Reported

As Adjusted

As Reported

As Adjusted

As Reported

As Adjusted

As Reported

As Adjusted

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

Gross Margin

Contract talent solutions

$ 336,161

$ 398,636

$ 336,161

$ 398,636

39.3 %

39.9 %

39.3 %

39.9 %

$ 686,731

$ 822,261

$ 686,731

$ 822,261

39.4 %

39.8 %

39.4 %

39.8 %

Permanent placement talent
solutions

130,801

148,975

130,801

148,975

99.8 %

255,349

305,370

255,349

305,370

99.8 %

Total talent solutions

466,962

547,611

466,962

547,611

47.4 %

47.7 %

47.4 %

47.7 %

942,080

1,127,631

942,080

1,127,631

47.2 %

47.6 %

47.2 %

47.6 %

Protiviti

109,717

112,558

112,947

117,882

22.5 %

22.9 %

23.2 %

24.0 %

197,396

222,270

208,983

232,366

20.8 %

22.6 %

22.0 %

23.6 %

Total

$ 576,679

$ 660,169

$ 579,909

$ 665,493

39.2 %

40.3 %

39.4 %

40.6 %

$ 1,139,476

$ 1,349,901

$ 1,151,063

$ 1,359,997

38.6 %

40.2 %

39.0 %

40.5 %

The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024

Three Months Ended June 30, 2023

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

Gross Margin

As Reported

$ 336,161

39.3 %

$ 130,801

99.8 %

$ 466,962

47.4 %

$ 109,717

22.5 %

$ 576,679

39.2 %

$ 398,636

39.9 %

$ 148,975

99.8 %

$ 547,611

47.7 %

$ 112,558

22.9 %

$ 660,169

40.3 %

Adjustments (1)

—

3,230

0.7 %

3,230

0.2 %

—

5,324

1.1 %

5,324

0.3 %

As Adjusted

$ 336,161

39.3 %

$ 130,801

99.8 %

$ 466,962

47.4 %

$ 112,947

23.2 %

$ 579,909

39.4 %

$ 398,636

39.9 %

$ 148,975

99.8 %

$ 547,611

47.7 %

$ 117,882

24.0 %

$ 665,493

40.6 %

The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the six months ended June 30, 2024 and 2023:

Six Months Ended June 30, 2024

Six Months Ended June 30, 2023

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

Gross Margin

As Reported

$ 686,731

39.4 %

$ 255,349

99.8 %

$ 942,080

47.2 %

$ 197,396

20.8 %

$ 1,139,476

38.6 %

$ 822,261

39.8 %

$ 305,370

99.8 %

$ 1,127,631

47.6 %

$ 222,270

22.6 %

$ 1,349,901

40.2 %

Adjustments (1)

—

11,587

1.2 %

11,587

0.4 %

—

10,096

1.0 %

10,096

0.3 %

As Adjusted

$ 686,731

39.4 %

$ 255,349

99.8 %

$ 942,080

47.2 %

$ 208,983

22.0 %

$ 1,151,063

39.0 %

$ 822,261

39.8 %

$ 305,370

99.8 %

$ 1,127,631

47.6 %

$ 232,366

23.6 %

$ 1,359,997

40.5 %

(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 is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income 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 June 30,

Relationships

Six Months Ended June 30,

Relationships

As Reported

As Adjusted

As Reported

As Adjusted

As Reported

As Adjusted

As Reported

As Adjusted

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

Selling, General and

Administrative Expenses

Contract talent solutions

$ 308,886

$ 337,742

$ 298,015

$ 317,320

36.1 %

33.8 %

34.9 %

31.8 %

$ 640,474

$ 679,464

$ 598,467

$ 638,799

36.8 %

32.9 %

34.4 %

30.9 %

Permanent placement talent
solutions

116,285

129,846

114,653

127,245

88.7 %

87.0 %

87.5 %

85.3 %

232,861

264,690

227,346

259,813

91.0 %

86.5 %

88.9 %

84.9 %

Total talent solutions

425,171

467,588

412,668

444,565

43.1 %

40.7 %

41.9 %

38.7 %

873,335

944,154

825,813

898,612

43.7 %

39.8 %

41.3 %

37.9 %

Protiviti

75,661

74,316

75,661

74,316

15.6 %

15.1 %

15.6 %

15.1 %

149,092

149,979

149,092

149,979

15.7 %

15.2 %

15.7 %

15.2 %

Total

$ 500,832

$ 541,904

$ 488,329

$ 518,881

34.0 %

33.1 %

33.2 %

31.6 %

$ 1,022,427

$ 1,094,133

$ 974,905

$ 1,048,591

34.7 %

32.6 %

33.1 %

31.2 %

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 June 30, 2024 and 2023:

Three Months Ended June 30, 2024

Three Months Ended June 30, 2023

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

Selling, General and

Administrative Expenses

As Reported

$ 308,886

36.1 %

$ 116,285

88.7 %

$ 425,171

43.1 %

$ 75,661

15.6 %

$ 500,832

34.0 %

$ 337,742

33.8 %

$ 129,846

87.0 %

$ 467,588

40.7 %

$ 74,316

15.1 %

$ 541,904

33.1 %

Adjustments (1)

(10,871)

(1.2 %)

(1,632)

(1.2 %)

(12,503)

(1.2 %)

—

(12,503)

(0.8 %)

(20,422)

(2.0 %)

(2,601)

(1.7 %)

(23,023)

(2.0 %)

—

(23,023)

(1.5 %)

As Adjusted

$ 298,015

34.9 %

$ 114,653

87.5 %

$ 412,668

41.9 %

$ 75,661

15.6 %

$ 488,329

33.2 %

$ 317,320

31.8 %

$ 127,245

85.3 %

$ 444,565

38.7 %

$ 74,316

15.1 %

$ 518,881

31.6 %

Six Months Ended June 30, 2024

Six Months Ended June 30, 2023

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

Selling, General and

Administrative Expenses

As Reported

$ 640,474

36.8 %

$ 232,861

91.0 %

$ 873,335

43.7 %

$ 149,092

15.7 %

$ 1,022,427

34.7 %

$ 679,464

32.9 %

$ 264,690

86.5 %

$ 944,154

39.8 %

$ 149,979

15.2 %

$ 1,094,133

32.6 %

Adjustments (1)

(42,007)

(2.4 %)

(5,515)

(2.1 %)

(47,522)

(2.4) %

—

(47,522)

(1.6 %)

(40,665)

(2.0 %)

(4,877)

(1.6 %)

(45,542)

(1.9 %)

—

(45,542)

(1.4 %)

As Adjusted

$ 598,467

34.4 %

$ 227,346

88.9 %

$ 825,813

41.3 %

$ 149,092

15.7 %

$ 974,905

33.1 %

$ 638,799

30.9 %

$ 259,813

84.9 %

$ 898,612

37.9 %

$ 149,979

15.2 %

$ 1,048,591

31.2 %

(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 is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income 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 and six months ended June 30, 2024 and 2023:

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

% of
Revenue

Income before income taxes

$ 96,462

6.6 %

$ 151,211

9.2 %

$ 187,149

6.3 %

$ 320,109

9.5 %

Interest income, net

(5,186)

(0.4 %)

(5,320)

(0.3 %)

(11,599)

(0.3 %)

(10,145)

(0.2 %)

Amortization of intangible assets

304

0.0 %

721

0.0 %

608

0.0 %

1,442

0.0 %

Combined segment income

$ 91,580

6.2 %

$ 146,612

8.9 %

$ 176,158

6.0 %

$ 311,406

9.3 %

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)

2023

2024

2023

2024

Global

Finance and accounting

-3.0

-11.0

-16.0

-17.2

-17.5

-13.6

-3.1

-10.8

-15.2

-17.8

-17.0

-13.5

Administrative and customer support

-23.0

-21.5

-18.7

-8.9

-9.8

-23.2

-23.0

-21.2

-19.4

-8.3

-9.8

Technology

-9.0

-16.7

-21.3

-21.7

-18.6

-13.1

-9.3

-16.2

-20.0

-21.8

-17.8

-13.1

Elimination of intersegment revenues (1)

-12.8

-16.5

-24.2

-26.6

-10.3

1.4

-12.7

-16.5

-23.8

-27.2

-9.9

1.3

Total contract talent solutions

-7.8

-14.3

-17.3

-17.2

-16.7

-14.5

-8.0

-14.0

-16.4

-17.7

-16.2

-14.4

Permanent placement talent solutions

-16.1

-25.4

-23.3

-22.0

-20.4

-12.2

-15.8

-25.0

-22.5

-22.6

-19.8

-12.0

Total talent solutions

-9.0

-15.9

-18.1

-17.8

-17.2

-14.2

-9.1

-15.6

-17.3

-18.3

-16.7

-14.0

Protiviti

4.6

-1.2

-6.0

-7.1

-6.1

-0.9

4.4

-1.0

-4.9

-7.5

-5.4

-0.9

Total

-5.4

-12.0

-14.7

-14.0

-10.2

-5.6

-11.7

-13.8

-15.2

-13.4

-10.1

United States

Contract talent solutions

-8.6

-16.0

-20.7

-20.5

-19.1

-15.7

-9.9

-15.9

-19.2

-20.3

-18.6

-15.8

Permanent placement talent solutions

-16.9

-26.2

-26.9

-22.6

-19.3

-11.5

-18.1

-26.1

-25.5

-22.5

-18.7

-11.7

Total talent solutions

-9.7

-17.4

-21.5

-20.7

-19.1

-15.2

-11.0

-17.2

-20.0

-20.6

-18.6

-15.3

Protiviti

7.5

-2.4

-7.4

-7.3

-4.8

3.3

5.9

-2.3

-5.6

-7.2

-4.2

3.1

Total

-5.2

-13.3

-17.5

-16.8

-14.9

-9.6

-6.6

-13.2

-15.9

-16.7

-14.3

-9.7

International

Contract talent solutions

-4.7

-7.6

-3.1

-4.4

-8.4

-10.0

-1.2

-6.2

-4.9

-7.5

-9.4

Permanent placement talent solutions

-14.0

-23.4

-13.0

-20.6

-23.2

-13.8

-10.5

-21.9

-14.2

-22.8

-22.1

-13.0

Total talent solutions

-6.4

-10.6

-4.8

-7.2

-10.8

-10.7

-2.9

-9.2

-6.6

-10.1

-9.9

-10.0

Protiviti

-5.7

3.3

0.3

-6.1

-11.3

-16.2

-1.5

4.2

-1.5

-8.9

-10.1

-15.9

Total

-6.2

-7.0

-3.5

-6.9

-10.9

-12.2

-2.5

-5.8

-5.3

-9.8

-10.0

-11.6

(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

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Finance and accounting

As Reported

-3.0

-11.0

-16.0

-17.2

-17.5

-13.6

Billing Days Impact

-1.3

0.1

1.6

0.1

0.7

-0.3

Currency Impact

1.2

0.1

-0.8

-0.7

-0.2

0.4

As Adjusted

-3.1

-10.8

-15.2

-17.8

-17.0

-13.5

Administrative and customer support

As Reported

-23.0

-21.5

-18.7

-8.9

-9.8

Billing Days Impact

-1.1

0.1

1.4

0.2

0.8

-0.3

Currency Impact

0.9

-0.1

-1.1

-0.9

-0.2

0.3

As Adjusted

-23.2

-23.0

-21.2

-19.4

-8.3

-9.8

Technology

As Reported

-9.0

-16.7

-21.3

-21.7

-18.6

-13.1

Billing Days Impact

-1.3

0.1

1.5

0.1

0.7

-0.3

Currency Impact

1.0

0.4

-0.2

0.1

0.3

As Adjusted

-9.3

-16.2

-20.0

-21.8

-17.8

-13.1

Elimination of intersegment revenues

As Reported

-12.8

-16.5

-24.2

-26.6

-10.3

1.4

Billing Days Impact

-1.3

0.1

1.4

0.1

0.7

-0.3

Currency Impact

1.4

-0.1

-1.0

-0.7

-0.3

0.2

As Adjusted

-12.7

-16.5

-23.8

-27.2

-9.9

1.3

Total contract talent solutions

As Reported

-7.8

-14.3

-17.3

-17.2

-16.7

-14.5

Billing Days Impact

-1.3

0.1

1.6

0.2

0.6

-0.3

Currency Impact

1.1

0.2

-0.7

-0.1

0.4

As Adjusted

-8.0

-14.0

-16.4

-17.7

-16.2

-14.4

Permanent placement talent solutions

As Reported

-16.1

-25.4

-23.3

-22.0

-20.4

-12.2

Billing Days Impact

-1.1

0.1

1.5

0.1

0.7

-0.3

Currency Impact

1.4

0.3

-0.7

-0.1

0.5

As Adjusted

-15.8

-25.0

-22.5

-22.6

-19.8

-12.0

Total talent solutions

As Reported

-9.0

-15.9

-18.1

-17.8

-17.2

-14.2

Billing Days Impact

-1.2

0.1

1.5

0.2

0.6

-0.2

Currency Impact

1.1

0.2

-0.7

-0.1

0.4

As Adjusted

-9.1

-15.6

-17.3

-18.3

-16.7

-14.0

Protiviti

As Reported

4.6

-1.2

-6.0

-7.1

-6.1

-0.9

Billing Days Impact

-1.5

0.2

1.8

0.2

0.7

-0.3

Currency Impact

1.3

0.0

-0.7

-0.6

0.0

0.3

As Adjusted

4.4

-1.0

-4.9

-7.5

-5.4

-0.9

Total

As Reported

-5.4

-12.0

-14.7

-14.0

-10.2

Billing Days Impact

-1.4

0.2

1.6

0.1

0.7

-0.3

Currency Impact

1.2

0.1

-0.7

-0.6

-0.1

0.4

As Adjusted

-5.6

-11.7

-13.8

-15.2

-13.4

-10.1

ROBERT HALF INC

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth – UNITED STATES

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Contract talent solutions

As Reported

-8.6

-16.0

-20.7

-20.5

-19.1

-15.7

Billing Days Impact

-1.3

0.1

1.5

0.2

0.5

-0.1

Currency Impact

―

As Adjusted

-9.9

-15.9

-19.2

-20.3

-18.6

-15.8

Permanent placement talent solutions

As Reported

-16.9

-26.2

-26.9

-22.6

-19.3

-11.5

Billing Days Impact

-1.2

0.1

1.4

0.1

0.6

-0.2

Currency Impact

―

As Adjusted

-18.1

-26.1

-25.5

-22.5

-18.7

-11.7

Total talent solutions

As Reported

-9.7

-17.4

-21.5

-20.7

-19.1

-15.2

Billing Days Impact

-1.3

0.2

1.5

0.1

0.5

-0.1

Currency Impact

―

As Adjusted

-11.0

-17.2

-20.0

-20.6

-18.6

-15.3

Protiviti

As Reported

7.5

-2.4

-7.4

-7.3

-4.8

3.3

Billing Days Impact

-1.6

0.1

1.8

0.1

0.6

-0.2

Currency Impact

―

As Adjusted

5.9

-2.3

-5.6

-7.2

-4.2

3.1

Total

As Reported

-5.2

-13.3

-17.5

-16.8

-14.9

-9.6

Billing Days Impact

-1.4

0.1

1.6

0.1

0.6

-0.1

Currency Impact

―

As Adjusted

-6.6

-13.2

-15.9

-16.7

-14.3

-9.7

ROBERT HALF INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth – INTERNATIONAL

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Contract talent solutions

As Reported

-4.7

-7.6

-3.1

-4.4

-8.4

-10.0

Billing Days Impact

-1.7

0.6

1.8

0.1

1.5

-1.1

Currency Impact

5.2

0.8

-3.6

-3.2

-0.6

1.7

As Adjusted

-1.2

-6.2

-4.9

-7.5

-9.4

Permanent placement talent solutions

As Reported

-14.0

-23.4

-13.0

-20.6

-23.2

-13.8

Billing Days Impact

-1.6

0.5

1.6

0.1

1.3

-1.0

Currency Impact

5.1

1.0

-2.8

-2.3

-0.2

1.8

As Adjusted

-10.5

-21.9

-14.2

-22.8

-22.1

-13.0

Total talent solutions

As Reported

-6.4

-10.6

-4.8

-7.2

-10.8

-10.7

Billing Days Impact

-1.7

0.6

1.7

0.2

1.4

-1.0

Currency Impact

5.2

0.8

-3.5

-3.1

-0.5

1.7

As Adjusted

-2.9

-9.2

-6.6

-10.1

-9.9

-10.0

Protiviti

As Reported

-5.7

3.3

0.3

-6.1

-11.3

-16.2

Billing Days Impact

-1.7

0.7

1.8

0.2

1.4

-1.0

Currency Impact

5.9

0.2

-3.6

-3.0

-0.2

1.3

As Adjusted

-1.5

4.2

-1.5

-8.9

-10.1

-15.9

Total

As Reported

-6.2

-7.0

-3.5

-6.9

-10.9

-12.2

Billing Days Impact

-1.7

0.5

1.7

0.1

1.3

-1.0

Currency Impact

5.4

0.7

-3.5

-3.0

-0.4

1.6

As Adjusted

-2.5

-5.8

-5.3

-9.8

-10.0

-11.6

View original content to download multimedia:https://www.prnewswire.com/news-releases/robert-half-reports-second-quarter-financial-results-302205820.html

SOURCE Robert Half

Technology

University of Phoenix Highlights Student Success Stories from President’s and Dean’s List Honorees

Published

2 hours ago

September 9, 2026

Student reflections from President’s and Dean’s List honorees highlight flexibility, career-focused learning and perseverance while balancing work, family and education

PHOENIX, Sept. 9, 2026 /PRNewswire/ — University of Phoenix is spotlighting the experiences of students recognized on its July 2026 President’s and Dean’s Lists, sharing stories that illustrate the dedication, persistence and personal goals behind their academic achievement. As an extension of the July 2026 recognition, the University hosted a giveaway for President’s and Dean’s List honorees and invited eligible students to join the University of Phoenix subreddit and share what had been most valuable about their educational journeys. Responses submitted as part of the giveaway highlighted themes including flexibility, career-focused learning, and pursuing educational goals while balancing work, family and other responsibilities.

Celebrating Student Achievement Across University Programs

In July, the University recognized 32,416 students for academic achievement through its semi-annual President’s and Dean’s Lists. The President’s List honored 9,496 students who earned a 4.0 grade point average (GPA), while 22,920 students were named to the Dean’s Lists for achieving high academic standing in their programs of study.

“Behind every President’s and Dean’s List recognition is a unique story of commitment, perseverance and purpose,” said John Woods, PhD, provost and chief academic officer at University of Phoenix. “The student reflections shared through this initiative highlight the determination our learners bring to their educational journeys and the many ways they balance academic goals alongside career, family and personal responsibilities. We are proud to celebrate not only their academic achievement, but also the experiences that helped shape their success.”

Key Themes Shared by President’s and Dean’s List Students

The giveaway generated 787 eligible student submissions on the University of Phoenix subreddit, with 30 participants selected to receive University of Phoenix swag boxes.

In reviewing the submissions, the University identified several recurring themes, including:

Flexibility to balance education with work and family responsibilitiesCoursework that aligned directly to career goalsEducational milestones such as becoming the first in a family to earn a college degreeContinued learning through advanced degree programs

Students Share Their Educational Journeys

Derell Vanstory, who recently completed a Bachelor of Science in Business and earned Dean’s List recognition, reflected on balancing school, work and family responsibilities while pursuing his degree. This fall, he plans to pursue dual master’s degrees, an MBA and Master of Health Administration, as he works toward a career in healthcare leadership.

“The most valuable part of my journey at the University of Phoenix has been learning how to stay disciplined and resilient,” said Vanstory. “Balancing school, work, and family responsibilities taught me that success isn’t about having an easy path, it’s about continuing to move forward even when things get difficult.”

Reenae Flores, who is pursuing a Bachelor of Science in Business with a concentration in Human Resource Management, described Dean’s List recognition as a meaningful milestone in her educational journey.

“This recognition represents so much more than a GPA,” said Flores. “It represents late nights after work, balancing family life, pushing through challenges, and refusing to give up on a dream that once felt out of reach.”

Flores shared that the flexibility of her educational experience allowed her to continue growing professionally while remaining present for her family.

Alisha Saffold, who recently completed a Bachelor of Science in Health Management, graduated summa cum laude with a 4.0 GPA, and is continuing her education as a Master of Public Health student, highlighted the value of applying classroom learning directly to her professional goals.

“The most valuable part of my University of Phoenix experience has been learning how to apply what I studied directly to my career and my passion for serving others,” said Saffold. “Every course challenged me to think like a healthcare leader and strengthened my commitment to improving access to preventive care, advancing health equity, and making a difference in underserved communities.”

Academic Achievement Among Working Adult Learners

The experiences shared by President’s and Dean’s List honorees reflect those of many University of Phoenix students who pursue education while balancing work, family and other responsibilities. According to University data, 75.4% of students are employed. In the Encoura + Ruffalo Noel Levitz Priorities Survey for Online Learners, 63% of University student respondents indicated they have caregiving responsibilities, while 91% expressed satisfaction that their chosen program aligns with their career path and that the course format fits into their busy lives.

To support students managing these competing demands, University of Phoenix offers resources including flexible course scheduling, on-demand support and access to its Life Resource Center.

About University of Phoenix

University of Phoenix is Built for Real Life. 50 Years Strong. The University innovates to help working adults enhance their careers and develop skills in a rapidly changing world through flexible online learning, relevant courses, academic AI pillars, and skills-mapped curriculum for associate, bachelor’s and master’s degree programs. Active students and alumni have access to Career Services for Life® resources including career guidance and tools. For more information, visit phoenix.edu.

View original content to download multimedia:https://www.prnewswire.com/news-releases/university-of-phoenix-highlights-student-success-stories-from-presidents-and-deans-list-honorees-302874381.html

SOURCE University of Phoenix

Technology

iFlex Stretch Studios Adds Kinotek® 3D Movement Technology to Every Experience

Published

2 hours ago

September 9, 2026

The assisted stretching franchise combines markerless, AI-driven movement analysis with certified stretch therapist expertise to deliver more personalized programming and enhanced member experiences.

NEWPORT BEACH, Calif., Sept. 9, 2026 /PRNewswire/ — iFlex Stretch Studios, the assisted stretching and mobility brand under Sequel Brands, today announced the addition of Kinotek®’s 3D movement assessment technology across its studio network. The integration provides iFlex stretch therapists with a precise, visual understanding of each client’s mobility, potential asymmetries, and movement patterns to further personalize their stretching experience.

Before a therapist begins a session, Kinotek’s markerless 3D movement assessment captures a client’s body in motion – no markers, sensors, or wearables required. In seconds, the technology analyzes range of motion, symmetry, and movement quality to provide deeper insights into each client’s mobility needs.

Each initial assessment helps establish a personalized stretching plan, with movement data informing AI-supported programming that therapists use to customize sessions, recommend at-home mobility work, and suggest recovery and mobility products aligned with individual goals.

“Assisted stretching has always come down to what a good stretch therapist can see and feel,” said Verdine Baker, Founder of iFlex Stretch Studios. “Kinotek gives our therapists a second set of eyes. It shows them things the human eye may miss and gives clients a clear way to see their progress session over session.”

The rollout follows a period of steady growth for iFlex, which has expanded across Arizona, Texas, Florida, California, Georgia, New Mexico, and Virginia under Sequel Brands while continuing to add franchise territories nationwide. Adding Kinotek across the network builds on the brand’s commitment to a more technology-driven studio experience, following the introduction of AI-supported client communication tools earlier this year.

“Movement health is one of the clearest predictors of how well and how independently people live as they age, and until recently there was no fast, practical way to measure it,” said Dr. Marty Miller, Chief Movement Officer at Kinotek. “iFlex is putting an objective measurement in front of every client and pairing it with therapists trained to act on it. Data plus skilled hands is what actually changes outcomes.”

For clients, Kinotek establishes a baseline at the first visit and enables progress tracking over time through easy-to-understand scored movement reports. The technology transforms mobility improvements into measurable insights, helping clients visualize progress beyond simply feeling better.

The technology is now available at participating iFlex locations, with additional studios rolling out Kinotek in the coming months.

To learn more about iFlex Stretch Studios, book a session, or inquire about franchise ownership, visit www.iflexstretchstudios.com or follow @iFlexStretchStudios on social media.

About iFlex Stretch Studios

iFlex Stretch Studios is a Sequel Brands company and a premier assisted stretching franchise offering personalized, therapist-led sessions designed to improve mobility, flexibility, and overall wellness. Founded in 2022 and acquired by Sequel Brands in 2025, iFlex has expanded from its first Arizona studio to locations across Texas, Florida, California, Georgia, New Mexico, and Virginia under the leadership of CEO Verdine Baker. Each guest begins with a personalized flexibility assessment, with ongoing progress tracking to support customized programming. iFlex is actively expanding franchise opportunities nationwide.

About Kinotek

Kinotek is a movement health company serving fitness, wellness, and medical professionals. Its markerless 3D platform measures a client’s movement in seconds, giving trainers, therapists, and clinicians an objective read on movement health – a leading indicator of longevity – and a way to track progress over time. For more information go to www.kinotek.com.

Media Contact:
Sequel Brands Communications
communications@sequelbrands.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/iflex-stretch-studios-adds-kinotek-3d-movement-technology-to-every-experience-302874396.html

SOURCE iFlex Stretch Studios

Technology

BioEdge Research Labs Advances Transparency in Research Compound Documentation

Published

2 hours ago

September 9, 2026

US-based research peptide supplier expands access to batch-level analytical documentation for its research-use-only materials, so researchers can verify identity and purity records for the lot they receive. All products are sold for laboratory research use only.

MIAMI, Sept. 9, 2026 /PRNewswire/ — BioEdge Research Labs, a United States-based supplier of research peptides and reference materials, today announced an initiative to advance transparency in how its research materials are documented. The initiative expands researcher access to batch-level analytical records for the company’s research-use-only materials.

Transparency has become a distinguishing factor in the research materials market. Because documentation practices vary from supplier to supplier, laboratory and research customers increasingly look for records they can review and confirm, rather than relying on a supplier’s summary alone. BioEdge’s initiative centers on making batch-level analytical documentation accessible for the material a researcher actually receives.

Accessible Certificates of Analysis

Each lot supplied by BioEdge is paired with its own Certificate of Analysis (COA), and batch-specific COAs are made available on the company’s product pages. Rather than a single certificate carried across multiple production runs, each vial carries a lot number that corresponds to the documentation for that batch, so the record can be matched to the material in hand.

Independent Analysis Behind the Record

The documentation reflects analysis performed by an independent third-party laboratory, covering identity by mass spectrometry (MS), purity by high-performance liquid chromatography (HPLC), and contaminant screening. Because the underlying analysis is conducted by a separate laboratory, the record reflects more than a supplier’s own description of the material.

Records a Researcher Can Match

The emphasis on batch-level records is intended to let a researcher confirm that a document corresponds to the specific lot received. Matching the lot number on the vial to its Certificate of Analysis is a straightforward check, and one that BioEdge’s documentation practices are designed to support across the product line.

Research Use Only

All materials supplied by BioEdge Research Labs are sold strictly for laboratory research and in vitro use by qualified researchers and scientific professionals. They are not drugs, supplements, or medical products.

About BioEdge Research Labs

BioEdge Research Labs is a United States-based supplier of research peptides and reference materials serving laboratory and research customers. The company sources from reputable U.S.-based facilities and supports its research-grade materials with independent third-party analytical testing and batch-specific Certificates of Analysis. Learn more at https://bioedgeresearchlabs.com

Media Contact

BioEdge Research Labs
2751 Biscayne Harbor Drive, Suite 620
Miami, FL 33137
(305) 757-0163
admin@thebioedgeresearchlabs.com

All products sold by BioEdge Research Labs are intended strictly for laboratory research and in vitro use by qualified researchers and scientific professionals. These products are not intended to diagnose, treat, cure, or prevent any disease, are not intended to affect the structure or any function of the body, and are not intended for human or veterinary use, consumption, or self-administration. They have not been evaluated or approved by the U.S. Food and Drug Administration for diagnostic, therapeutic, or preventative purposes. BioEdge Research Labs is a chemical supplier and is not a compounding pharmacy or outsourcing facility as defined under Sections 503A or 503B of the Federal Food, Drug, and Cosmetic Act. BioEdge Research Labs makes no therapeutic claims.

View original content:https://www.prnewswire.com/news-releases/bioedge-research-labs-advances-transparency-in-research-compound-documentation-302874401.html

SOURCE BioEdge Research Labs