MENLO PARK, Calif., Jan. 29, 2025 /PRNewswire/ — Robert Half Inc. (NYSE: RHI) today reported revenues and earnings for the fourth quarter ended December 31, 2024.
For the three months ended December 31, 2024, net income was $54 million, or $0.53 per share, on revenues of $1.382 billion. For the three months ended December 31, 2023, net income was $87 million, or $0.83 per share, on revenues of $1.473 billion.
For the year ended December 31, 2024, net income was $252 million, or $2.44 per share, on revenues of $5.796 billion. For the year ended December 31, 2023, net income was $411 million, or $3.88 per share, on revenues of $6.393 billion.
“Revenues and earnings for the fourth quarter were largely in line with our expectations, led by Protiviti, which reported year-on-year revenue growth for the second straight quarter. Contract revenues remained stable throughout the quarter, sustaining early third-quarter levels for 23 consecutive weeks prior to the holidays. As we move into the new year, we are very encouraged by the significant rise in U.S. business confidence that followed the recent elections,” said M. Keith Waddell, president and chief executive officer at Robert Half. “We are very well-positioned to capitalize on emerging opportunities and support our clients’ talent and consulting needs through the strength of our industry-leading brand, people, technology, and unique business model that includes both professional staffing and business consulting services.
“We’d like to extend our gratitude to our global workforce for making possible a number of new accolades. Just today, Robert Half was honored by Fortune® as one of the World’s Most Admired Companies for the 28th consecutive year. We are proud of our unique position as the only company in our industry to be awarded this distinction for nearly three decades. We were also recently named one of Fortune’s Best Workplaces for Parents and chosen by Newsweek as one of America’s Most Responsible Companies,” Waddell concluded.
Robert Half management will conduct a conference call today at 5 p.m. EST. 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 2689591.
A recording of this call will be available for audio replay beginning at approximately 8 p.m. EST on January 29 and ending after 12 months. To access the replay, visit https://webcasts.com/RobertHalfQ42024. 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 one of the Fortune® World’s Most Admired Companies™ and 100 Best Companies to Work For, and a Forbes Best Employer for Diversity.
Certain information contained in this press release and its attachments may be deemed forward-looking statements regarding events and financial trends that may affect the 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
December 31,
Year Ended
December 31,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Service revenues
$ 1,382,372
$ 1,472,892
$ 5,795,837
$ 6,392,517
Costs of services
846,274
888,728
3,548,607
3,817,513
Gross margin
536,098
584,164
2,247,230
2,575,004
Selling, general and administrative expenses
471,326
516,666
2,004,539
2,107,531
Income from investments held in employee deferred compensation trusts
(which is completely offset by related costs and expenses)
(5,740)
(46,657)
(94,079)
(88,020)
Amortization of intangible assets
304
721
1,217
2,883
Interest income, net
(5,128)
(6,697)
(22,118)
(23,973)
Income before income taxes
75,336
120,131
357,671
576,583
Provision for income taxes
21,046
32,827
106,073
165,437
Net income
$ 54,290
$ 87,304
$ 251,598
$ 411,146
Diluted net income per share
$ 0.53
$ 0.83
$ 2.44
$ 3.88
Weighted average shares:
Basic
101,549
104,286
102,661
105,530
Diluted
102,008
104,960
103,028
106,074
ROBERT HALF INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
SERVICE REVENUES INFORMATION
Contract talent solutions
Finance and accounting
$ 574,898
$ 635,281
$ 2,454,119
$ 2,811,093
Administrative and customer support
172,783
189,471
741,468
816,409
Technology
158,009
163,724
634,062
710,156
Elimination of intersegment revenues (1)
(120,176)
(101,098)
(471,777)
(442,326)
Total contract talent solutions
785,514
887,378
3,357,872
3,895,332
Permanent placement talent solutions
108,099
121,564
487,204
567,486
Protiviti
488,759
463,950
1,950,761
1,929,699
Total service revenues
$ 1,382,372
$ 1,472,892
$ 5,795,837
$ 6,392,517
(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 December 31,
Year Ended December 31,
2024
2023
2024
2023
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
(Unaudited)
(Unaudited)
BUSINESS SEGMENT INCOME INFORMATION:
Contract talent solutions
$ 16,410
2.1 %
$ 50,878
5.7 %
$ 130,518
3.9 %
$ 292,815
7.5 %
Permanent placement talent solutions
$ 5,862
5.4 %
$ 10,392
8.5 %
$ 46,052
9.5 %
$ 75,004
13.2 %
Protiviti
$ 48,240
9.9 %
$ 52,885
11.4 %
$ 160,200
8.2 %
$ 187,674
9.7 %
December 31,
2024
2023
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents
$ 537,583
$ 731,740
Accounts receivable, net
$ 772,285
$ 860,872
Total assets
$ 2,854,405
$ 3,010,789
Total current liabilities
$ 1,285,739
$ 1,235,111
Total stockholders’ equity
$ 1,378,003
$ 1,588,351
Year Ended December 31,
2024
2023
(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation
$ 52,053
$ 51,364
Capitalized cloud computing implementation costs
$ 29,210
$ 34,895
Capital expenditures
$ 56,318
$ 45,874
Open market repurchases of common stock (shares)
3,507
3,047
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 December 31,
Relationships
Year Ended December 31,
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
$ 306,758
$ 351,893
$ 306,758
$ 351,893
39.1 %
39.7 %
39.1 %
39.7 %
$ 1,316,524
$ 1,549,312
$ 1,316,524
$ 1,549,312
39.2 %
39.8 %
39.2 %
39.8 %
Permanent placement talent
solutions
107,866
121,330
107,866
121,330
99.8 %
99.8 %
99.8 %
99.8 %
486,219
566,381
486,219
566,381
99.8 %
99.8 %
99.8 %
99.8 %
Total talent solutions
414,624
473,223
414,624
473,223
46.4 %
46.9 %
46.4 %
46.9 %
1,802,743
2,115,693
1,802,743
2,115,693
46.9 %
47.4 %
46.9 %
47.4 %
Protiviti
121,474
110,941
122,560
119,951
24.9 %
23.9 %
25.1 %
25.9 %
444,487
459,311
463,250
475,572
22.8 %
23.8 %
23.7 %
24.6 %
Total
$ 536,098
$ 584,164
$ 537,184
$ 593,174
38.8 %
39.7 %
38.9 %
40.3 %
$ 2,247,230
$ 2,575,004
$ 2,265,993
$ 2,591,265
38.8 %
40.3 %
39.1 %
40.5 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended December 31, 2024 and 2023:
Three Months Ended December 31, 2024
Three Months Ended December 31, 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
$ 306,758
39.1 %
$ 107,866
99.8 %
$ 414,624
46.4 %
$ 121,474
24.9 %
$ 536,098
38.8 %
$ 351,893
39.7 %
$ 121,330
99.8 %
$ 473,223
46.9 %
$ 110,941
23.9 %
$ 584,164
39.7 %
Adjustments (1)
—
—
—
—
—
—
1,086
0.2 %
1,086
0.1 %
—
—
—
—
—
—
9,010
2.0 %
9,010
0.6 %
As Adjusted
$ 306,758
39.1 %
$ 107,866
99.8 %
$ 414,624
46.4 %
$ 122,560
25.1 %
$ 537,184
38.9 %
$ 351,893
39.7 %
$ 121,330
99.8 %
$ 473,223
46.9 %
$ 119,951
25.9 %
$ 593,174
40.3 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the years ended December 31, 2024 and 2023:
Year Ended December 31, 2024
Year Ended December 31, 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
$ 1,316,524
39.2 %
$ 486,219
99.8 %
$ 1,802,743
46.9 %
$ 444,487
22.8 %
$ 2,247,230
38.8 %
$ 1,549,312
39.8 %
$ 566,381
99.8 %
$ 2,115,693
47.4 %
$ 459,311
23.8 %
$ 2,575,004
40.3 %
Adjustments (1)
—
—
—
—
—
—
18,763
0.9 %
18,763
0.3 %
—
—
—
—
—
—
16,261
0.8 %
16,261
0.2 %
As Adjusted
$ 1,316,524
39.2 %
$ 486,219
99.8 %
$ 1,802,743
46.9 %
$ 463,250
23.7 %
$ 2,265,993
39.1 %
$ 1,549,312
39.8 %
$ 566,381
99.8 %
$ 2,115,693
47.4 %
$ 475,572
24.6 %
$ 2,591,265
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 December 31,
Relationships
Year Ended December 31,
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
$ 294,387
$ 334,785
$ 290,348
$ 301,015
37.5 %
37.7 %
37.0 %
33.9 %
$ 1,252,588
$ 1,320,752
$ 1,186,006
$ 1,256,497
37.3 %
33.9 %
35.3 %
32.3 %
Permanent placement talent
solutions
102,619
114,815
102,004
110,938
94.9 %
94.4 %
94.4 %
91.3 %
448,901
498,881
440,167
491,377
92.1 %
87.9 %
90.3 %
86.6 %
Total talent solutions
397,006
449,600
392,352
411,953
44.4 %
44.6 %
43.9 %
40.8 %
1,701,489
1,819,633
1,626,173
1,747,874
44.3 %
40.8 %
42.3 %
39.2 %
Protiviti
74,320
67,066
74,320
67,066
15.2 %
14.5 %
15.2 %
14.5 %
303,050
287,898
303,050
287,898
15.5 %
14.9 %
15.5 %
14.9 %
Total
$ 471,326
$ 516,666
$ 466,672
$ 479,019
34.1 %
35.1 %
33.8 %
32.5 %
$ 2,004,539
$ 2,107,531
$ 1,929,223
$ 2,035,772
34.6 %
33.0 %
33.3 %
31.8 %
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 December 31, 2024 and 2023:
Three Months Ended December 31, 2024
Three Months Ended December 31, 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
$ 294,387
37.5 %
$ 102,619
94.9 %
$ 397,006
44.4 %
$ 74,320
15.2 %
$ 471,326
34.1 %
$ 334,785
37.7 %
$ 114,815
94.4 %
$ 449,600
44.6 %
$ 67,066
14.5 %
$ 516,666
35.1 %
Adjustments (1)
(4,039)
(0.5 %)
(615)
(0.5 %)
(4,654)
(0.5 %)
—
—
(4,654)
(0.3 %)
(33,770)
(3.8 %)
(3,877)
(3.1 %)
(37,647)
(3.8 %)
—
—
(37,647)
(2.6 %)
As Adjusted
$ 290,348
37.0 %
$ 102,004
94.4 %
$ 392,352
43.9 %
$ 74,320
15.2 %
$ 466,672
33.8 %
$ 301,015
33.9 %
$ 110,938
91.3 %
$ 411,953
40.8 %
$ 67,066
14.5 %
$ 479,019
32.5 %
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the years ended December 31, 2024 and 2023:
Year Ended December 31, 2024
Year Ended December 31, 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
$ 1,252,588
37.3 %
$ 448,901
92.1 %
$ 1,701,489
44.3 %
$ 303,050
15.5 %
$ 2,004,539
34.6 %
$ 1,320,752
33.9 %
$ 498,881
87.9 %
$ 1,819,633
40.8 %
$ 287,898
14.9 %
$ 2,107,531
33.0 %
Adjustments (1)
(66,582)
(2.0 %)
(8,734)
(1.8 %)
(75,316)
(2.0 %)
—
—
(75,316)
(1.3 %)
(64,255)
(1.6 %)
(7,504)
(1.3 %)
(71,759)
(1.6 %)
—
—
(71,759)
(1.2 %)
As Adjusted
$ 1,186,006
35.3 %
$ 440,167
90.3 %
$ 1,626,173
42.3 %
$ 303,050
15.5 %
$ 1,929,223
33.3 %
$ 1,256,497
32.3 %
$ 491,377
86.6 %
$ 1,747,874
39.2 %
$ 287,898
14.9 %
$ 2,035,772
31.8 %
(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 months and years ended December 31, 2024 and 2023:
Three Months Ended December 31,
Year Ended December 31,
2024
2023
2024
2023
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Income before income taxes
$ 75,336
5.4 %
$ 120,131
8.2 %
$ 357,671
6.2 %
$ 576,583
9.0 %
Interest income, net
(5,128)
(0.3 %)
(6,697)
(0.4 %)
(22,118)
(0.4 %)
(23,973)
(0.3 %)
Amortization of intangible assets
304
0.0 %
721
0.0 %
1,217
0.0 %
2,883
0.0 %
Combined segment income
$ 70,512
5.1 %
$ 114,155
7.8 %
$ 336,770
5.8 %
$ 555,493
8.7 %
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
Q3
Q4
Q1
Q2
Q3
Q4
Q3
Q4
Q1
Q2
Q3
Q4
Global
Finance and accounting
-16.0
-17.2
-17.5
-13.6
-9.2
-9.5
-15.2
-17.8
-17.0
-13.5
-10.5
-9.8
Administrative and customer
support
-21.5
-18.7
-8.9
-9.8
-9.2
-8.8
-21.2
-19.4
-8.3
-9.8
-10.8
-9.4
Technology
-21.3
-21.7
-18.6
-13.1
-6.1
-3.5
-20.0
-21.8
-17.8
-13.1
-7.6
-4.1
Elimination of intersegment
revenues (1)
-24.2
-26.6
-10.3
1.4
21.6
18.9
-23.8
-27.2
-9.9
1.3
19.4
17.8
Total contract talent solutions
-17.3
-17.2
-16.7
-14.5
-11.9
-11.5
-16.4
-17.7
-16.2
-14.4
-13.2
-11.8
Permanent placement talent
solutions
-23.3
-22.0
-20.4
-12.2
-11.9
-11.1
-22.5
-22.6
-19.8
-12.0
-13.2
-11.4
Total talent solutions
-18.1
-17.8
-17.2
-14.2
-11.9
-11.4
-17.3
-18.3
-16.7
-14.0
-13.2
-11.7
Protiviti
-6.0
-7.1
-6.1
-0.9
6.4
5.3
-4.9
-7.5
-5.4
-0.9
4.5
4.5
Total
-14.7
-14.7
-14.0
-10.2
-6.3
-6.1
-13.8
-15.2
-13.4
-10.1
-7.7
-6.6
United States
Contract talent solutions
-20.7
-20.5
-19.1
-15.7
-12.4
-10.3
-19.2
-20.3
-18.6
-15.8
-13.7
-11.2
Permanent placement talent
solutions
-26.9
-22.6
-19.3
-11.5
-9.0
-9.6
-25.5
-22.5
-18.7
-11.7
-10.4
-10.4
Total talent solutions
-21.5
-20.7
-19.1
-15.2
-12.0
-10.2
-20.0
-20.6
-18.6
-15.3
-13.3
-11.1
Protiviti
-7.4
-7.3
-4.8
3.3
9.3
6.6
-5.6
-7.2
-4.2
3.1
7.6
5.6
Total
-17.5
-16.8
-14.9
-9.6
-5.2
-4.7
-15.9
-16.7
-14.3
-9.7
-6.7
-5.7
International
Contract talent solutions
-3.1
-4.4
-8.4
-10.0
-10.6
-15.2
-4.9
-7.5
-7.5
-9.4
-11.7
-13.9
Permanent placement talent
solutions
-13.0
-20.6
-23.2
-13.8
-18.6
-14.7
-14.2
-22.8
-22.1
-13.0
-19.8
-13.7
Total talent solutions
-4.8
-7.2
-10.8
-10.7
-11.9
-15.1
-6.6
-10.1
-9.9
-10.0
-13.0
-13.9
Protiviti
0.3
-6.1
-11.3
-16.2
-5.6
0.2
-1.5
-8.9
-10.1
-15.9
-8.1
-0.4
Total
-3.5
-6.9
-10.9
-12.2
-10.2
-10.9
-5.3
-9.8
-10.0
-11.6
-11.7
-10.2
(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
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Finance and accounting
As Reported
-16.0
-17.2
-17.5
-13.6
-9.2
-9.5
Billing Days Impact
1.6
0.1
0.7
-0.3
-1.5
-0.8
Currency Impact
-0.8
-0.7
-0.2
0.4
0.2
0.5
As Adjusted
-15.2
-17.8
-17.0
-13.5
-10.5
-9.8
Administrative and customer support
As Reported
-21.5
-18.7
-8.9
-9.8
-9.2
-8.8
Billing Days Impact
1.4
0.2
0.8
-0.3
-1.5
-0.8
Currency Impact
-1.1
-0.9
-0.2
0.3
-0.1
0.2
As Adjusted
-21.2
-19.4
-8.3
-9.8
-10.8
-9.4
Technology
As Reported
-21.3
-21.7
-18.6
-13.1
-6.1
-3.5
Billing Days Impact
1.5
0.1
0.7
-0.3
-1.5
-0.7
Currency Impact
-0.2
-0.2
0.1
0.3
0.0
0.1
As Adjusted
-20.0
-21.8
-17.8
-13.1
-7.6
-4.1
Elimination of intersegment revenues
As Reported
-24.2
-26.6
-10.3
1.4
21.6
18.9
Billing Days Impact
1.4
0.1
0.7
-0.3
-1.9
-1.0
Currency Impact
-1.0
-0.7
-0.3
0.2
-0.3
-0.1
As Adjusted
-23.8
-27.2
-9.9
1.3
19.4
17.8
Total contract talent solutions
As Reported
-17.3
-17.2
-16.7
-14.5
-11.9
-11.5
Billing Days Impact
1.6
0.2
0.6
-0.3
-1.4
-0.7
Currency Impact
-0.7
-0.7
-0.1
0.4
0.1
0.4
As Adjusted
-16.4
-17.7
-16.2
-14.4
-13.2
-11.8
Permanent placement talent solutions
As Reported
-23.3
-22.0
-20.4
-12.2
-11.9
-11.1
Billing Days Impact
1.5
0.1
0.7
-0.3
-1.4
-0.7
Currency Impact
-0.7
-0.7
-0.1
0.5
0.1
0.4
As Adjusted
-22.5
-22.6
-19.8
-12.0
-13.2
-11.4
Total talent solutions
As Reported
-18.1
-17.8
-17.2
-14.2
-11.9
-11.4
Billing Days Impact
1.5
0.2
0.6
-0.2
-1.4
-0.7
Currency Impact
-0.7
-0.7
-0.1
0.4
0.1
0.4
As Adjusted
-17.3
-18.3
-16.7
-14.0
-13.2
-11.7
Protiviti
As Reported
-6.0
-7.1
-6.1
-0.9
6.4
5.3
Billing Days Impact
1.8
0.2
0.7
-0.3
-1.7
-0.8
Currency Impact
-0.7
-0.6
0.0
0.3
-0.2
0.0
As Adjusted
-4.9
-7.5
-5.4
-0.9
4.5
4.5
Total
As Reported
-14.7
-14.7
-14.0
-10.2
-6.3
-6.1
Billing Days Impact
1.6
0.1
0.7
-0.3
-1.4
-0.8
Currency Impact
-0.7
-0.6
-0.1
0.4
0.0
0.3
As Adjusted
-13.8
-15.2
-13.4
-10.1
-7.7
-6.6
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – UNITED STATES
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Contract talent solutions
As Reported
-20.7
-20.5
-19.1
-15.7
-12.4
-10.3
Billing Days Impact
1.5
0.2
0.5
-0.1
-1.3
-0.9
Currency Impact
―
―
―
―
―
―
As Adjusted
-19.2
-20.3
-18.6
-15.8
-13.7
-11.2
Permanent placement talent solutions
As Reported
-26.9
-22.6
-19.3
-11.5
-9.0
-9.6
Billing Days Impact
1.4
0.1
0.6
-0.2
-1.4
-0.8
Currency Impact
―
―
―
―
―
―
As Adjusted
-25.5
-22.5
-18.7
-11.7
-10.4
-10.4
Total talent solutions
As Reported
-21.5
-20.7
-19.1
-15.2
-12.0
-10.2
Billing Days Impact
1.5
0.1
0.5
-0.1
-1.3
-0.9
Currency Impact
―
―
―
―
―
―
As Adjusted
-20.0
-20.6
-18.6
-15.3
-13.3
-11.1
Protiviti
As Reported
-7.4
-7.3
-4.8
3.3
9.3
6.6
Billing Days Impact
1.8
0.1
0.6
-0.2
-1.7
-1.0
Currency Impact
―
―
―
―
―
―
As Adjusted
-5.6
-7.2
-4.2
3.1
7.6
5.6
Total
As Reported
-17.5
-16.8
-14.9
-9.6
-5.2
-4.7
Billing Days Impact
1.6
0.1
0.6
-0.1
-1.5
-1.0
Currency Impact
―
―
―
―
―
―
As Adjusted
-15.9
-16.7
-14.3
-9.7
-6.7
-5.7
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – INTERNATIONAL
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Contract talent solutions
As Reported
-3.1
-4.4
-8.4
-10.0
-10.6
-15.2
Billing Days Impact
1.8
0.1
1.5
-1.1
-1.6
-0.4
Currency Impact
-3.6
-3.2
-0.6
1.7
0.5
1.7
As Adjusted
-4.9
-7.5
-7.5
-9.4
-11.7
-13.9
Permanent placement talent solutions
As Reported
-13.0
-20.6
-23.2
-13.8
-18.6
-14.7
Billing Days Impact
1.6
0.1
1.3
-1.0
-1.6
-0.4
Currency Impact
-2.8
-2.3
-0.2
1.8
0.4
1.4
As Adjusted
-14.2
-22.8
-22.1
-13.0
-19.8
-13.7
Total talent solutions
As Reported
-4.8
-7.2
-10.8
-10.7
-11.9
-15.1
Billing Days Impact
1.7
0.2
1.4
-1.0
-1.6
-0.5
Currency Impact
-3.5
-3.1
-0.5
1.7
0.5
1.7
As Adjusted
-6.6
-10.1
-9.9
-10.0
-13.0
-13.9
Protiviti
As Reported
0.3
-6.1
-11.3
-16.2
-5.6
0.2
Billing Days Impact
1.8
0.2
1.4
-1.0
-1.7
-0.4
Currency Impact
-3.6
-3.0
-0.2
1.3
-0.8
-0.2
As Adjusted
-1.5
-8.9
-10.1
-15.9
-8.1
-0.4
Total
As Reported
-3.5
-6.9
-10.9
-12.2
-10.2
-10.9
Billing Days Impact
1.7
0.1
1.3
-1.0
-1.6
-0.5
Currency Impact
-3.5
-3.0
-0.4
1.6
0.1
1.2
As Adjusted
-5.3
-9.8
-10.0
-11.6
-11.7
-10.2
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