Technology
ROBERT HALF REPORTS SECOND-QUARTER FINANCIAL RESULTS
Published
2 years agoon
By
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)
(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)
(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
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
(Unaudited)
(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 %
99.8 %
99.8 %
99.8 %
255,349
305,370
255,349
305,370
99.8 %
99.8 %
99.8 %
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
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% 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
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% 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
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 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 %
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses 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
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 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
$
% of
Revenue
$
% of
Revenue
$
% 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
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
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
-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
-14.7
-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
-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
-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
-0.2
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
-0.7
-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
-0.7
-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
-0.7
-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
-14.7
-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
-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
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SOURCE Robert Half
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Brightstar Lottery PLC Announces Successful Pricing of €500,000,000 of Senior Secured Notes Due 2032
Published
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LONDON, Sept. 9, 2026 /PRNewswire/ — Brightstar Lottery PLC (NYSE: BRSL) (“Brightstar”) announced the successful pricing of €500,000,000 4.875% Senior Secured Notes due 2032 to be issued by Brightstar and to be guaranteed on a senior basis by certain of Brightstar’s wholly‑owned subsidiaries (the “Notes”). The Notes were priced at 99.360% of their nominal amount. Application has been made for the Notes to be listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market of Euronext Dublin.
Settlement of the Notes is subject to customary market and other closing conditions and is expected to occur on September 17, 2026.
Brightstar intends to use the gross proceeds from the sale of the Notes (i) to pay the purchase price for the Regulation S interests in its outstanding 2.375% Senior Secured Notes due 2028 pursuant to the tender offer announced by Brightstar on September 8, 2026 (the “Tender Offer”) and accrued and unpaid interest thereon, (ii) to repay utilizations under its senior revolving credit facilities and (iii) to pay fees and expenses incurred in connection with the offering (the “Offering”) and sale of the Notes and the tender offer.
The Notes are not being, and will not be, offered or sold in the United States. Nothing in the offering memorandum relating to the Offering (the “Offering Memorandum”) constitutes an offer to sell or the solicitation of an offer to buy the Notes in the United States or any other jurisdiction. The Notes may not be offered, sold or delivered in the United States absent registration under, or an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act).
MiFID II Product Governance / Professional Investors and ECPs Only Target Market – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No key information document has been prepared as the Notes are not available to retail investors in the European Economic Area (the “EEA”).
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
U.K. MiFIR Product Governance / Professional Investors and ECPs Only Target Market – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No disclosure document has been prepared as the Notes are not available to retail investors in the United Kingdom.
The Notes are not intended to be offered, sold, distributed or otherwise made available to and should not be offered, sold, distributed or otherwise made available to, any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is either one (or both) of the following: (i) not a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or (ii) not a “qualified investor” as defined in paragraph 15 of Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024. Consequently, no disclosure document required by the FCA Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the Notes or otherwise making them available to retail investors in the United Kingdom may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024. References to Regulations or Directives include, in relation to the United Kingdom, those Regulations or Directives as they form part of United Kingdom domestic law by virtue of the EUWA or have been implemented in United Kingdom domestic law, as appropriate.
No action has been or will be taken in any jurisdiction in relation to the Notes to permit a public offering of securities.
OFFER AND DISTRIBUTION RESTRICTIONS
Neither this news release nor the Offering Memorandum constitutes an offer to sell, or a solicitation of an offer to buy, any security, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
The distribution of this news release and the Offering Memorandum into certain jurisdictions may be restricted by law. Persons into whose possession this news release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
United Kingdom
The communication of this news release, the Offering Memorandum and any other documents or materials relating thereto is not being made, and such documents or materials have not been approved, by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”). Accordingly, such documents or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents or materials is exempt from the restriction on financial promotions under Section 21 of the FSMA on the basis that it is only directed at and may be communicated to (i) persons who have professional experience in matters relating to investments, being investment professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”); (ii) persons who fall within Article 43(2) of the Financial Promotion Order; or (iii) any other persons to whom these documents or materials may lawfully be made under the Financial Promotion Order. Any investment or investment activity to which this news release or the Offering Memorandum relates is available only to such persons or will be engaged only with such persons and other persons should not rely on it.
European Economic Area
In member states of the EEA, this news release and the Offering Memorandum is only addressed to and directed at persons who are “qualified investors” within the meaning of Article 2(e) Regulation (EU) 2017/1129 (as amended), together with any applicable implementing measures in any Member State. The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with qualified investors. This news release should not be acted upon or relied upon in any member state of the EEA by persons who are not qualified investors.
Italy
None of the Offering, this news release or any other document or materials relating to the Offering have been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa (“CONSOB”) pursuant to Italian laws and regulations. The Offering is being carried out in Italy as an exempted offer pursuant to Article 101-bis, paragraph 3-bis of Legislative Decree No. 58 of February 24, 1998, as amended, and Article 35-bis, paragraph 3 of CONSOB Regulation No. 11971 of 14 May 1999, as amended.
About Brightstar Lottery PLC
Brightstar Lottery PLC (NYSE:BRSL) is a global leader in lottery focused on innovation and forward-thinking strategies and solutions, building on our renowned expertise in delivering secure technology and producing reliable, comprehensive solutions for our customers. As a premier pure play global lottery company, our best-in-class lottery operations, retail and digital solutions, and award-winning lottery games enable our customers to achieve their goals, entertain players and distribute meaningful benefits to communities. Brightstar has a well-established local presence and is a trusted partner to governments and regulators around the world, creating value by adhering to the highest standards of service, integrity, and responsibility. Brightstar serves nearly 90 lottery customers and their players on six continents. It is the primary technology provider to 26 of the 46 lottery jurisdictions in the U.S. and eight of the world’s 10 largest lotteries with central systems. Brightstar has approximately 6,000 employees. For more information, please visit www.brightstarlottery.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning Brightstar Lottery PLC and its consolidated subsidiaries (the “Company”) and other matters. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be accompanied by words such as “aim,” “anticipate,” “believe,” “plan,” “could,” “would,” “should,” “shall,” “continue,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project” or the negative or other variations of them. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements represent management’s good faith expectations, projections, guidance or beliefs concerning future events, and it is possible that the results described in this news release will not be achieved. Specifically, the Company cannot assure you that the proposed transactions described above, including the successful completion of the Offering and the Tender Offer or, in the case of the Offering, will be made on the terms the Company currently contemplates, if at all. Information concerning these risks and other factors can be found in the Offering Memorandum and the tender offer memorandum with respect to the Tender Offer and the documents filed or furnished by the Company from time to time with the SEC, including the Company’s latest annual report on Form 20-F, which are available on the SEC’s website at www.sec.gov and on the investor relations section of the Company’s website at www.brightstarlottery.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that may affect the Company’s business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
Contact:
Mike DeAngelis, Corporate Communications, +1 (401) 392-1000,
mike.deangelis@brightstarlottery.com
Matteo Selva, Italian media inquiries, +39 366 6803635
James Hurley, Investor Relations, +1 (401) 392-7190
© 2026 Brightstar Lottery PLC
View original content to download multimedia:https://www.prnewswire.com/news-releases/brightstar-lottery-plc-announces-successful-pricing-of-500-000-000-of-senior-secured-notes-due-2032–302874399.html
SOURCE Brightstar Lottery PLC
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25 minutes agoon
September 10, 2026By
SINGAPORE, Sept. 10, 2026 /PRNewswire/ — Straits Financial Services Pte Ltd (SFSPL), a member of Straits Financial Group, is pleased to announce its successful participation in the first trades of the SGX McCloskey FOB Australia Hard Coking Coal Futures, marking an important milestone in the development of risk management solutions for the global metallurgical coal market.
Straits Financial Services’ participation in the inaugural trades reflects its continued commitment to supporting the development of commodity derivatives markets and providing clients with access to a broad range of exchange-traded risk management solutions.
The new contract further strengthens the suite of commodity products available to participants across the steelmaking value chain, including producers, traders, consumers and financial institutions. By providing a transparent and centrally cleared marketplace, the contract can support price discovery and help market participants manage exposure to fluctuations in hard coking coal prices, a critical raw material in global steel production.
Mr Roger Quek, CEO and MD of SFSPL said: “As commodity markets continue to evolve, access to transparent and liquid derivatives instruments is increasingly important for participants looking to manage price risk effectively. We look forward to supporting the growth of this market and continuing to connect our clients with opportunities across global commodity markets.”
Participation in the inaugural SGX McCloskey FOB Australia Hard Coking Coal Futures trades further demonstrates Straits Financial Services’ commitment to supporting product innovation and the continued development of Asia’s commodity derivatives ecosystem.
About Straits Financial Services Pte Ltd
At Straits Financial Services Pte Ltd, we distinguish ourselves by promoting key and innovative contracts to support the financial and commodity derivative markets as well as providing products and services to fulfill the needs of every trader.
With a strong presence in Asia and a deep understanding of the global markets, we provide value to our clients by enabling global access with a local perspective. Established in 2010, Straits Financial Services Pte Ltd is part of Straits Financial Group which is headquartered in Singapore.
Straits Financial Services Pte Ltd provides a fully integrated service for our clients to access the financial and commodity derivative markets and we strive to build lasting relationships with our clients.
For more information, please visit our website at https://www.straitsfinancial.com.
This document is issued for information purposes only. This document is not intended and should not under any circumstances to be construed as an offer or solicitation to buy or sell, nor financial advice or recommendation in relation to any capital market product. All the information contained herein is based on publicly available information and has been obtained from sources that Straits Financial Services Pte Ltd believes to be reliable and correct at the time of publishing this document.
Straits Financial Services Pte Ltd will not be liable for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind) suffered due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information. Past performance or historical record of futures contracts, derivatives contracts, and commodities is not indicative of the future performance. The information in this document is subject to change without notice.
If after reading the foregoing content you have any doubts in relation thereto, please consult your own independent legal, financial and/or professional adviser.
View original content:https://www.prnewswire.com/apac/news-releases/straits-financial-services-pte-ltd-successfully-participates-in-first-trades-of-sgx-mccloskey-fob-australia-hard-coking-coal-futures-302873622.html
SOURCE Straits Financial
Technology
Sandbox VR Continues to Expand Across Australia with a New Melbourne Venue, Opening September 14
Published
26 minutes agoon
September 10, 2026By
Sandbox VR brings the ‘best virtual reality experience on the planet’ to Melbourne
MELBOURNE, Australia, Sept. 10, 2026 /PRNewswire/ — Sandbox VR, the world’s premier venue for virtual reality experiences, is set to open its newest location in Melbourne’s vibrant Central Business District. This new location on Bourke Street in Melbourne joins Sandbox VR’s first Australian location on the Gold Coast. Guests can take advantage of a limited-time presale offer of 25% off through September 13 at https://sandboxvr.com/au/melbourne/bourke-street. With nearly 150K players monthly, Sandbox VR is rapidly growing its global footprint with thriving corporate-owned locations and a robust franchising program.
Sandbox VR’s Melbourne venue features a bar, party room and four private rooms where groups of up to six guests suit up with headsets, haptic vests and motion sensors for full-body immersion. The technology allows players to see and physically interact with one another, creating the feeling of living inside the action together. After each experience, guests receive personalised highlight videos to relive and share their adventures. The result is an active, memorable alternative to a conventional night out for friends, families and corporate groups.
“Melbourne is renowned as Australia’s cultural and entertainment capital, with its world-class food, coffee culture, arts, sporting events and vibrant nightlife,” said Bao Phung, Owner of Sandbox VR Melbourne & Gold Coast. “Following the success of our Gold Coast location, we’re incredibly excited to bring Sandbox VR to Melbourne and introduce a completely new form of immersive entertainment. It gives friends, families and corporate groups an active, memorable alternative to a conventional night out, where they can step into another world and experience the action together. Melbourne has always embraced innovation and new experiences, making it a natural home for Sandbox VR and the next chapter of our Australian growth.”
“Melbourne is an important next step in Sandbox VR’s Australian growth story. Bao, Keith and the wider team have built strong momentum for the brand on the Gold Coast, and Melbourne represents the next chapter as they bring our world-leading immersive entertainment to a new audience,” said Senior Director, Global Franchise Operations, Sandbox VR. “As a city that embraces culture, sport and new experiences, Melbourne is a natural fit for Sandbox VR and the memorable group outings it creates.”
Sandbox VR operates both corporate-owned locations and a robust franchise program, and recently hit $300M in lifetime sales while scaling to more than 90 global locations across five continents and 12 countries since launching in 2016. The company is redefining group entertainment with immersive experiences that transform any outing into lasting memories. Built by a team of veteran developers from EA, Sony, and Ubisoft, Sandbox VR delivers full-body immersion through exclusive content and original experiences, including the recently launched Stranger Things: Catalyst, in collaboration with Netflix, and the new Age of Dinosaurs experience in partnership with the Natural History Museum of London and leading dinosaur experts.
Sandbox VR provides an unparalleled entertainment experience with over 250,000 five-star reviews from guests worldwide. With over 6 million lifetime tickets sold across five continents, the company has established itself as the global leader in location-based virtual reality. Sandbox VR is backed by Andreessen Horowitz, Alibaba Entrepreneurs Fund, Gobi Partners, Craft, and Stanford University, along with individuals such as Kevin Durant, Justin Timberlake, and Katy Perry.
To learn more about Sandbox VR, visit https://sandboxvr.com/au/melbourne/bourke-street.
ABOUT SANDBOX VR
Sandbox VR is the world’s premier destination for location-based virtual reality experiences. Operating across 90+ venues around the globe through a robust franchise and corporate-owned model, Sandbox VR attracts nearly 150,000 guests each month. Sandbox VR provides guests the opportunity to step out of everyday reality into unforgettable adventures through exhilarating, group-play immersive experiences. Using a proprietary full-body VR platform, the company develops original and licensed content, including exclusive experiences like Stranger Things: Catalyst and Squid Game Virtuals in collaboration with Netflix, and the Sandbox VR original Deadwood series. With over 6 million tickets sold worldwide, Sandbox VR has become the leader in immersive entertainment, combining premium technology with emotionally engaging storytelling. Recognized as one of Fast Company’s Most Innovative Companies and a two-time honoree on the Inc. 5000 list of America’s fastest-growing private companies, Sandbox VR is headquartered in San Francisco with offices in Hong Kong and Vancouver. The company has raised over $138 million from investors, including Andreessen Horowitz, Alibaba Entrepreneurs Fund, Gobi Partners, and Craft, with individual backers including Justin Timberlake, Kevin Durant, and Will Smith.
Media Contact:
Media@SandboxVR.com
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SOURCE Sandbox VR
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