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

HydraForce, Elevāt, and Bosch Rexroth Announce Enhanced Remote OTA Update Capabilities for Off-Highway Equipment

Published

39 minutes ago

July 23, 2026

SEATTLE, July 23, 2026 /PRNewswire/ — Building on their strategic collaboration, HydraForce, a global leader in motion control systems and Elevāt, an industrial IoT and applied AI platform provider, announced a significant advancement in remote machine management.

The HydraForce Connected Control Unit (CCU) from Bosch, integrated with Elevāt software, is now capable of providing remote access and performing over-the-air (OTA) updates on Bosch Rexroth BODAS controllers.

This enhanced capability empowers HydraForce and Elevāt customers to streamline operations, reduce downtime, and significantly improve machine performance and serviceability. By leveraging the integrated solution, OEMs can use the Elevāt platform to remotely diagnose issues and deploy critical software updates to the BODAS controllers on their equipment without requiring on-site service personnel.

“The ability to remotely access and update Bosch Rexroth BODAS controllers using the Elevāt platform takes our collaborative vision of bridging hydraulics, electronics, and digital services to the next level,” said Russ Schneidewind, director of business developmentat at HydraForce. “The cooperation between Elevāt and Bosch Rexroth is directly addressing the industry’s need for complete, future-ready solutions.”

Adam Livesay, co-founder and CEO of Elevāt, commented, “At Elevāt, we believe the future of equipment service is connected, intelligent, and proactive. This collaboration helps OEMs deliver the next generation of service by accelerating software deployment and enabling faster issue resolution in the field. The addition of remote BODAS controller updates is another key milestone toward a fully integrated ecosystem that simplifies the connection between hardware, software, and digital services—helping manufacturers bring intelligent equipment to market faster while creating new opportunities for recurring customer value.”

HydraForce and Elevāt plan to further their collaboration with additional remote machine management capabilities to be announced in the future.

About HydraForce HydraForce is a global designer and manufacturer of motion control systems, encompassing hydraulic cartridge valves, manifolds and electronic controls for a variety of off-highway industries, including farming, construction, marine, material handling, mining, and forestry. HydraForce was acquired by Bosch Rexroth, becoming a significant part of the Compact Hydraulics Business Unit. Bosch Rexroth and HydraForce combine their presence in complementary regions to provide comprehensive coverage in Europe and North America, while enabling growth in Asia.

About Bosch Rexroth As one of the world’s leading suppliers of drive and control technologies, Bosch Rexroth ensures efficient, powerful and safe movement in machines and systems of any size. The company bundles global application experience in the market segments of Mobile and Industrial Applications as well as Factory Automation. With its intelligent components, customized system solutions, engineering and services, Bosch Rexroth is creating the necessary environment for fully connected applications. Bosch Rexroth offers its customers hydraulics, electric drive and control technology, gear technology and linear motion and assembly technology, including software and interfaces to the Internet of Things. With locations in over 80 countries, around 31,900 associates generated sales revenue of 6.5 billion euros in 2025. To learn more, please visit www.boschrexroth.com.

About Bosch Having established a presence in North America in 1906, today the Bosch Group employs around 38,000 associates in more than 100 locations in the North American region (as of Dec. 31, 2024). According to preliminary figures, Bosch generated consolidated sales of $18.7 billion in the U.S., Mexico and Canada in 2025. For more information visit www.bosch.us, www.bosch.mx and www.bosch.ca. The Bosch Group is a leading global supplier of technology and services. It employs roughly 412,000 associates worldwide (as of December 31, 2025). According to preliminary figures, the company generated sales of 91 billion euros in 2025. Its operations are divided into four business sectors: Mobility, Industrial Technology, Consumer Goods, and Energy and Building Technology. With its business activities, the company aims to use technology to help shape universal trends such as automation, electrification, digitalization, connectivity, and an orientation to sustainability. In this context, Bosch’s broad diversification across regions and industries strengthens its innovativeness and robustness. Bosch uses its proven expertise in sensor technology, software, and services to offer customers cross-domain solutions from a single source. It also applies its expertise in connectivity and artificial intelligence in order to develop and manufacture user-friendly, sustainable products. With technology that is “Invented for life,” Bosch wants to help improve quality of life and conserve natural resources. The Bosch Group comprises Robert Bosch GmbH and its roughly 490 subsidiary and regional companies in over 60 countries. Including sales and service partners, Bosch’s global manufacturing, engineering, and sales network covers nearly every country in the world. Bosch’s innovative strength is key to the company’s further development. At 136 locations across the globe, Bosch employs some 82,000 associates in research and development. The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as “Workshop for Precision Mechanics and Electrical Engineering.” The special ownership structure of Robert Bosch GmbH guarantees the entrepreneurial freedom of the Bosch Group, making it possible for the company to plan over the long term and to undertake significant upfront investments in the safeguarding of its future. Ninety-four percent of the share capital of Robert Bosch GmbH is held by Robert Bosch Stiftung GmbH, a limited liability company with a charitable purpose. The remaining shares are held by Robert Bosch GmbH and by a company owned by the Bosch family. The majority of voting rights are held by Robert Bosch Industrietreuhand KG. It is entrusted with the task of safeguarding the company’s long-term existence and in particular its financial independence – in line with the mission handed down in the will of the company’s founder, Robert Bosch. Additional information is available online at www.bosch-press.com, www.bosch.com.

About Elevāt Elevāt is a leading industrial IoT and applied AI platform purpose-built for off-highway OEMs. Elevāt enables manufacturers to connect machines, unlock actionable intelligence, and deliver next-generation digital services across the entire equipment lifecycle. Additional information is available online at www.getelevat.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/hydraforce-elevt-and-bosch-rexroth-announce-enhanced-remote-ota-update-capabilities-for-off-highway-equipment-302833060.html

SOURCE Elevat, Inc

Technology

FutureSports launches as new index provider transforming sports statistics into tradable financial instruments

Published

39 minutes ago

July 23, 2026

Backed by leading financial and sports institutions, firm will leverage partnerships to bring critical new hedging vehicles to sports ecosystem

CHICAGO, July 23, 2026 /PRNewswire/ — FutureSports, the new independent index administrator transforming professional and college sports statistics into rules-based, benchmark financial indexes, today announced its emergence from stealth. Backed by a broad range of leading financial and sports institutions, FutureSports in the coming months will announce a series of partnerships, collaborations and products that will bring significant new risk management and trading opportunities to the massive ecosystem supporting the most popular sports.

FutureSports previously raised a seed investment round co-led by Marquee Ventures, spun out of the ownership group of the Chicago Cubs. Major financial industry leaders joined the round, including CME Ventures (the corporate venture capital division of CME Group), Robinhood Markets, Inc., WEDBUSH and DRW Special Investments (an investment arm of DRW). Other investors include Motivate VC, Phoenix Capital Ventures, and John and Linda Henry (Fenway Sports Group).

The company also announced the addition of industry experts to its board of directors, including Chairman Mark Wassersug, longtime Chief Operating & Information Officer of Intercontinental Exchange (ICE); Tim McCourt, Senior Managing Director, Global Head of Equity, FX, and Alternative Products at CME Group, and Erik Hammer, Managing Partner at Marquee Ventures.

The firm will soon unveil its first series of exclusive partnerships with major sports leagues, paving the way for institutional investors and companies in and around the sports industry to manage their risk in an unprecedented fashion and participate in regulated, tradable, broad-based index futures contracts based on team and athlete statistical performance. FutureSports creates rules-based financial indexes, known as FutureSports Performance Indexes (FSPI), that accurately represent the performance of teams and athletes in prominent sports leagues. By utilizing transparent, rules-based methodologies based on officially reported statistical outcomes, the company creates continuous values designed to underpin tradable financial products, such as listed derivatives, exchange-traded funds (ETFs) and over-the-counter (OTC) swaps.

Potential market participants will include league broadcasting partners, team and athlete sponsors and endorsers, insurers, stadium owners and operators, private equity investors, lenders, and apparel manufacturers. Asset managers, pension funds and professional trading firms are expected to participate in the contracts and contribute to liquidity in this new uncorrelated asset class. Retail investors will also be able to participate in the first-of-their-kind trading vehicles, which the company expects to capture the interest of sophisticated traders looking for more traditional financial trading instruments

Leigh Taylforth, FutureSports Co-Founder, said: “The global sporting industry generates $650 billion a year, yet there has been no liquid, robust opportunity to hedge the extensive and varied industry risks that range from weather events, to injuries, to unanticipated behavior issues and more. That is about to change. We’ve been truly gratified to see the interest our business has generated within the sports and sports-adjacent industries and the quality of investors we have attracted already.”

Rhett Dinsdale, FutureSports Co-Founder, said: “Up until today, we have been operating in stealth mode while developing our products and establishing key relationships that we expect to be fundamental to our success as we move forward. The recent rise in popularity of prediction markets has only reinforced the concept we created several years ago, that sports as an asset class has huge utility within the sports and entertainment industries, with indexes serving as key institutional instruments to manage risk. What is sorely needed is the type of reliable data and financial instruments that institutional investors have leveraged for so long within the regulated derivatives industry, and we’re excited to bring these to market.”

The Executive team includes Co-Founders Taylforth and Dinsdale, who each have more than 20 years of experience in derivatives trading for market makers, investment banks and hedge funds, along with:

Dave Abbott, Chief Technology Officer – formerly Managing Director at Sportradar;Steve Byrd, Head of Partnerships – formerly Chief Operating Officer (COO) at STATS LLC & Chief Commercial Officer at Sportradar US;Jodie Gunzberg, Head of Index Services – formerly Managing Director at S&P Dow Jones Indices, Morgan Stanley & CoinDesk;Tom Jenkins, Head of Business Development – formerly Head of Index Partnerships & Strategy at FTSE Russell;Josh Kravitt, Head of Operations – formerly Director at CME Ventures;Sunny Modi, Head of Product – formerly Head of BI at Ardent Leisure Group;Mike Philipp, Chief Legal & Strategy Officer – formerly partner at Morgan, Lewis & Bockius LLP;Charlie Thornton, Chief Regulatory Affairs Officer – formerly Chief of Staff and COO at the U.S. Commodity Futures Trading Commission (CFTC).

About FutureSports

Under development since 2022 and launched in 2026, Chicago-based FutureSports has created a proprietary index methodology for measuring on-field, on-ice and on-court performance for a range of professional sporting teams and athletes. Partnering with many of the most recognizable sports leagues and financial market participants, FutureSports transforms live, play-by-play statistical data into rules-based, benchmark indexes that may be referenced by exchange-listed financial products. The indexes are designed to serve the same benchmarking function as the leading equity, commodity and fixed income indexes utilized every day across major global exchanges to track performance and hedge risk in the financial markets. For more information, visit www.futuresports.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/futuresports-launches-as-new-index-provider-transforming-sports-statistics-into-tradable-financial-instruments-302832829.html

SOURCE FutureSports

Technology

Capital Group Canada Launches Three Active Equity ETFs on TSX

Published

39 minutes ago

July 23, 2026

The ETF suite now includes five active equity ETFs and two active fixed income ETFs designed to sit at the core of investment portfolios

TORONTO, July 23, 2026 /CNW/ — Capital International Asset Management (Canada), Inc. (“Capital Group Canada”) has launched three new active exchange-traded funds (ETFs) that begin trading on the Toronto Stock Exchange (TSX) today. The three equity strategies are designed to give options for investors looking to diversify their portfolios with non-domestic exposures including U.S., international and developed market securities.

The new active ETFs are:

CAPU – Capital Group U.S. Equity Select ETF (Canada): Seeks long-term growth of capital and income through investments primarily in common stocks of U.S. issuers.CAPN – Capital Group International Developed Equity Select ETF (Canada): Seeks to provide prudent growth of capital through investments primarily in equity securities of issuers in developed markets outside North America. CAPQ – Capital Group Global Developed Equity Select ETF (Canada): Seeks to provide prudent growth of capital through investments primarily in equity securities of issuers in developed markets.

“As demand for ETFs continues to grow, our expanded lineup gives investors more ways to access Capital Group’s distinctive active investment approach, including our deep research capabilities and multiple portfolio manager system,” said Rick Headrick, president of Capital Group Canada. “As one of the world’s largest active investment managers with over 90 years of experience, we are able to share the benefits of our global scale and offer competitively priced active ETFs designed to sit at the core of an investor’s portfolio.”

“Clients tell us they are looking beyond borders for opportunities to build diversified portfolios,” said Angela Shim, head of product and development at Capital Group Canada. “The three equity strategies expand Capital Group Canada’s core offerings in U.S., international, and global equities, giving investors flexible solutions that can help them navigate global markets and stay focused on their long-term investment goals.”

The three ETFs closed their initial offering of units on July 22, 2026.

The additions expand Capital Group Canada’s ETF lineup to seven, building on a prior launch of two equity and two fixed income ETFs. Details of Capital Group Canada’s full suite of active ETFs can be found here.

About Capital Group

Capital International Asset Management (Canada), Inc. is part of Capital Group, a global investment management firm originating in Los Angeles, California. As Capital Group approaches its 100th anniversary in 2031, its long-term strategy remains firmly rooted in its mission to improve people’s lives through successful investing. With over 9,000 associates and 34 offices around the world, Capital Group manages US$3.6 trillion in assets for millions of wealth management and institutional clients around the world*.

*As of June 30, 2026.

For more information, visit: www.capitalgroup.com/ca/en

SOURCE Capital Group Canada