Technology

ROBERT HALF REPORTS FOURTH-QUARTER FINANCIAL RESULTS

Published

1 year ago

January 29, 2025

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)

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)

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

(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 %

486,219

566,381

486,219

566,381

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

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

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 %

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

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 %

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

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

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

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

Total

-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

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

-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

0.1

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

-0.1

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

-0.1

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

-0.1

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

Total

As Reported

-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

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

-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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SOURCE Robert Half

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

3 hours ago

July 18, 2026

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it! AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html

SOURCE HUAWEI

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

4 hours ago

July 18, 2026

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen:

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html

SOURCE Laifen

Technology

Pillsbury Notice of Data Breach

Published

7 hours ago

July 18, 2026

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html

SOURCE Pillsbury Winthrop Shaw Pittman LLP