ROBERT HALF REPORTS FIRST-QUARTER FINANCIAL RESULTS

Rhea-AI Summary

Robert Half International (NYSE: RHI) reported its Q1 2023 financials, revealing a net income of $122 million or $1.14 per share, down from $168 million or $1.52 per share in the same quarter last year. Revenues decreased to $1.716 billion compared to $1.815 billion in Q1 2022. CEO M. Keith Waddell noted Protiviti's continuous growth with 22 consecutive quarters of year-over-year revenue increases. Despite a cautious hiring environment, the company's performance remained resilient. Robert Half also received multiple accolades, including recognition from Fortune as one of America's Most Innovative Companies and from Forbes as a Best Employer for Diversity.

Positive

• Protiviti achieved 22 consecutive quarters of year-over-year revenue growth.
• Recognition from Fortune for America's Most Innovative Companies and Best Companies to Work For.

Negative

• Net income declined by 27.4% year-over-year.
• Revenues decreased by 5.5% compared to the previous year.

MENLO PARK, Calif., April 26, 2023 /PRNewswire/ -- Robert Half International Inc. (NYSE: RHI) today reported revenues and earnings for the first quarter ended March 31, 2023.

For the quarter ended March 31, 2023, net income was $122 million, or $1.14 per share, on revenues of $1.716 billion. Net income for the prior year's first quarter was $168 million, or $1.52 per share, on revenues of $1.815 billion.

"Our first-quarter results were largely in line with expectations," said M. Keith Waddell, president and chief executive officer at Robert Half. "Protiviti led the way with its 22nd consecutive quarter of year-over-year revenue growth. Talent solutions performed well against a backdrop of client hiring caution and tight labor markets. We remain very optimistic about our ability to navigate the uncertain global macroeconomic environment and are well positioned to benefit as the macro landscape improves.

"Our employees across the globe made possible a number of company accolades in the first quarter. We are proud to have earned three prestigious awards from Fortune — the inaugural America's Most Innovative Companies, the 100 Best Companies to Work For and, for the 26th consecutive year, the Most Admired Companies. We were also recognized by Forbes as a Best Employer for Diversity just yesterday," 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 7679792.

A taped recording of this call will be available for replay beginning at approximately 8 p.m. EDT on April 26 and ending at 8 p.m. EDT on May 24. To access the replay, visit https://webcasts.com/RobertHalfQ12023. 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 that connects people with meaningful work and provides companies with the talent and subject matter expertise they need to confidently compete and grow. Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions. Robert Half, including Protiviti, has been named to the Fortune® Most Admired Companies™ and Most Innovative Companies lists and is a Forbes Best Employer for Diversity.

Robert Half has operations in more than 400 locations worldwide. 

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 Company's future operating results or financial positions. Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as "estimate," "forecast," "target," "project," "plan," "intend," "believe," "expect," "anticipate," 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 ESG and compliance programs, including targets or goals, may not be considered material for SEC reporting purposes and may be based on standards for measuring progress that are still developing, on internal controls, diligence, or processes that are evolving, 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 and, uncertainties, and assumptions that are difficult to predict and often beyond our control and are inherently uncertain. Such risks and uncertainties could cause actual results to differ materially from those expressed in the statements.

These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of U.S. or international tax regulations; the global financial and economic situation; the duration and impact of the COVID-19 pandemic and efforts to mitigate its spread; changes in levels of unemployment and other economic conditions in the United States 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 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; the Company's ability to maintain its margins; the possibility of the Company incurring liability for its activities, including the activities of its contract employees, or for events impacting its contract employees 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 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 healthcare 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; 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.

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 INTERNATIONAL INC
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
	Quarter Ended March 31,
	2023		2022
	(Unaudited)
Service revenues	$  1,716,335		$  1,814,834
Costs of services	1,026,603		1,042,988
Gross margin	689,732		771,846
Selling, general and administrative expenses	552,229		514,194
(Income) loss from investments held in employee deferred compensation trusts	(27,291)		30,001
Amortization of intangible assets	721		417
Interest income, net	(4,825)		(166)
Income before income taxes	168,898		227,400
Provision for income taxes	46,893		59,161
Net income	$   122,005		$   168,239
Diluted net income per share	$          1.14		$          1.52
Shares:
Basic	106,420		109,218
Diluted	107,130		110,591

 

ROBERT HALF INTERNATIONAL INC
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
	Quarter Ended March 31,
	2023		2022
	(Unaudited)
SERVICE REVENUES INFORMATION
Contract talent solutions
Finance and accounting	$    777,833		$    801,690
Administrative and customer support	219,350		284,906
Technology	194,082		213,327
Elimination of intersegment revenues (1)	(125,791)		(144,200)
Total contract talent solutions	1,065,474		1,155,723
Permanent placement talent solutions	156,737		186,782
Protiviti	494,124		472,329
Total service revenues	$ 1,716,335		$ 1,814,834

(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.

 

	Quarter Ended March 31,
	2023			2022
	$	% of Revenue		$	% of Revenue
	(Unaudited)
BUSINESS SEGMENT INCOME INFORMATION:
Contract talent solutions	$  102,146	9.6 %		$  133,246	11.5 %
Permanent placement talent solutions	$  23,827	15.2 %		$  37,328	20.0 %
Protiviti	$  38,821	7.9 %		$  57,077	12.1 %

 

		March 31,
		2023		2022
		(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents		$    547,729		$    550,330
Accounts receivable, net		$ 1,009,192		$ 1,071,608
Total assets		$ 2,912,134		$ 2,950,766
Total current liabilities		$ 1,148,310		$ 1,289,031
Total stockholders' equity		$ 1,598,481		$ 1,452,768

 

		Quarter Ended March 31,
		2023		2022
		(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation		$       12,738		$      11,080
Capitalized cloud computing implementation costs		$       10,457		$         9,464
Capital expenditures		$         9,369		$       14,987
Open market repurchases of common stock (shares)		484		475

ROBERT HALF INTERNATIONAL INC.  
NON-GAAP FINANCIAL MEASURES

The financial results of Robert Half International 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 expense; 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 INTERNATIONAL INC
NON-GAAP FINANCIAL MEASURES
ADJUSTED GROSS MARGIN (UNAUDITED):
(in thousands)
	Quarter Ended March 31,								Relationships
	As Reported				As Adjusted				As Reported				As Adjusted
	2023		2022		2023		2022		2023		2022		2023		2022
Gross Margin
Contract talent solutions	$   423,625		$   461,861		$   423,625		$   461,861		39.8 %		40.0 %		39.8 %		40.0 %
Permanent placement talent solutions	156,395		186,449		156,395		186,449		99.8 %		99.8 %		99.8 %		99.8 %
Total talent solutions	580,020		648,310		580,020		648,310		47.5 %		48.3 %		47.5 %		48.3 %
Protiviti	109,712		123,536		114,484		119,690		22.2 %		26.2 %		23.2 %		25.3 %
Total	$   689,732		$   771,846		$   694,504		$   768,000		40.2 %		42.5 %		40.5 %		42.3 %

The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the quarters ended March 31, 2023 and 2022:

	Quarter Ended March 31, 2023															Quarter Ended March 31, 2022
	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	$   423,625	39.8 %		$   156,395	99.8 %		$   580,020	47.5 %		$   109,712	22.2 %		$   689,732	40.2 %		$   461,861	40.0 %		$   186,449	99.8 %		$   648,310	48.3 %		$   123,536	26.2 %		$   771,846	42.5 %
Adjustments (1)	—	—		—	—		—	—		4,772	1.0 %		4,772	0.3 %		—	—		—	—		—	—		(3,846)	(0.9 %)		(3,846)	(0.2 %)
As Adjusted	$   423,625	39.8 %		$   156,395	99.8 %		$   580,020	47.5 %		$   114,484	23.2 %		$   694,504	40.5 %		$   461,861	40.0 %		$   186,449	99.8 %		$   648,310	48.3 %		$   119,690	25.3 %		$   768,000	42.3 %

(1)

Changes in the Company's deferred compensation obligations related to Protiviti operations are included in costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss 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 INTERNATIONAL INC
NON-GAAP FINANCIAL MEASURES
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED):
(in thousands)
	Quarter Ended March 31,								Relationships
	As Reported				As Adjusted				As Reported				As Adjusted
	2023		2022		2023		2022		2023		2022		2023		2022
Selling, General and Administrative Expenses
Contract talent solutions	$   341,722		$   305,334		$   321,479		$   328,615		32.1 %		26.4 %		30.2 %		28.4 %
Permanent placement talent solutions	134,844		146,247		132,568		149,121		86.0 %		78.3 %		84.6 %		79.8 %
Total talent solutions	476,566		451,581		454,047		477,736		39.0 %		33.6 %		37.1 %		35.6 %
Protiviti	75,663		62,613		75,663		62,613		15.3 %		13.3 %		15.3 %		13.3 %
Total	$   552,229		$   514,194		$   529,710		$   540,349		32.2 %		28.3 %		30.9 %		29.8 %

The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the quarters ended March 31, 2023 and 2022:

	Quarter Ended March 31, 2023															Quarter Ended March 31, 2022
	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	$   341,722	32.1 %		$   134,844	86.0 %		$   476,566	39.0 %		$    75,663	15.3 %		$   552,229	32.2 %		$   305,334	26.4 %		$   146,247	78.3 %		$   451,581	33.6 %		$    62,613	13.3 %		$   514,194	28.3 %
Adjustments (1)	(20,243)	(1.9 %)		(2,276)	(1.4 %)		(22,519)	(1.9) %		—	—		(22,519)	(1.3 %)		23,281	2.0 %		2,874	1.5 %		26,155	2.0 %		—	—		26,155	1.5 %
As Adjusted	$   321,479	30.2 %		$   132,568	84.6 %		$   454,047	37.1 %		$    75,663	15.3 %		$   529,710	30.9 %		$   328,615	28.4 %		$   149,121	79.8 %		$   477,736	35.6 %		$    62,613	13.3 %		$   540,349	29.8 %

(1)

Changes in the Company's deferred compensation obligations related to talent solutions operations are included in selling, general and administrative expenses, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss 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 INTERNATIONAL 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 quarters ended March 31, 2023 and 2022:

	Quarter Ended March 31,
	2023			2022
	$	% of Revenue		$	% of Revenue
Income before income taxes	$ 168,898	9.8 %		$ 227,400	12.5 %
Interest income, net	(4,825)	(0.2 %)		(166)	0.0 %
Amortization of intangible assets	721	0.0 %		417	0.0 %
Combined segment income	$ 164,794	9.6 %		$ 227,651	12.5 %

 

ROBERT HALF INTERNATIONAL 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)
		2021		2022								2023		2021		2022								2023
		Q4		Q1		Q2		Q3		Q4		Q1		Q4		Q1		Q2		Q3		Q4		Q1
Global
Finance and accounting		39.1		33.5		22.1		9.9		-0.1		-3.0		39.8		34.6		24.4		12.8		2.9		-3.1
Administrative and customer support		37.6		29.2		4.2		-10.3		-21.2		-23.0		38.4		30.5		6.3		-7.8		-18.8		-23.2
Technology		21.4		23.9		12.3		0.6		-2.1		-9.0		21.8		24.6		13.9		2.5		0.5		-9.3
Elimination of intersegment revenues (1)		74.3		38.9		-3.8		-23.1		-14.5		-12.8		75.1		40.1		-1.9		-20.8		-11.5		-12.7
Total contract talent solutions		31.3		30.0		19.2		8.1		-4.0		-7.8		31.9		31.0		21.3		10.7		-1.2		-8.0
Permanent placement talent solutions		73.0		67.2		39.3		16.5		-1.4		-16.1		73.8		68.8		42.6		20.3		2.4		-15.8
Total talent solutions		35.3		34.1		21.7		9.2		-3.7		-9.0		36.0		35.2		24.0		12.0		-0.8		-9.1
Protiviti		36.7		18.9		8.4		2.0		0.8		4.6		37.4		20.0		10.8		4.8		4.0		4.4
Total		35.7		29.8		17.9		7.1		-2.4		-5.4		36.3		30.9		20.2		9.9		0.6		-5.6
United States
Contract talent solutions		33.4		33.4		22.7		11.3		-3.4		-8.6		33.6		33.4		22.7		11.3		-2.9		-9.9
Permanent placement talent solutions		78.6		78.3		44.3		22.4		1.4		-16.9		78.9		78.3		44.3		22.4		1.9		-18.1
Total talent solutions		37.2		37.8		25.2		12.6		-2.9		-9.7		37.4		37.8		25.2		12.6		-2.4		-11.0
Protiviti		31.7		17.0		8.3		4.1		3.6		7.5		31.9		17.0		8.3		4.1		4.1		5.9
Total		35.6		31.7		20.2		10.0		-1.1		-5.2		35.8		31.7		20.2		10.0		-0.6		-6.6
International
Contract talent solutions		24.0		18.5		7.0		-3.2		-6.3		-4.7		26.3		23.5		16.6		8.7		5.3		-1.2
Permanent placement talent solutions		61.9		44.7		28.0		2.9		-7.5		-14.0		64.0		50.0		39.0		15.4		4.3		-10.5
Total talent solutions		29.2		22.5		10.5		-2.2		-6.5		-6.4		31.6		27.5		20.3		9.8		5.2		-2.9
Protiviti		58.3		26.2		8.6		-6.3		-9.2		-5.7		61.2		32.3		20.6		7.3		3.7		-1.5
Total		36.2		23.4		10.0		-3.3		-7.3		-6.2		38.6		28.7		20.4		9.1		4.8		-2.5

(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 INTERNATIONAL INC
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – GLOBAL
		Q4 2021		Q1 2022		Q2 2022		Q3 2022		Q4 2022		Q1 2023
Finance and accounting
As Reported		39.1		33.5		22.1		9.9		-0.1		-3.0
Billing Days Impact		0.3		-0.2		0.0		0.2		0.8		-1.3
Currency Impact		0.4		1.3		2.3		2.7		2.2		1.2
As Adjusted		39.8		34.6		24.4		12.8		2.9		-3.1
Administrative and customer support
As Reported		37.6		29.2		4.2		-10.3		-21.2		-23.0
Billing Days Impact		0.1		-0.2		0.0		0.1		0.7		-1.1
Currency Impact		0.7		1.5		2.1		2.4		1.7		0.9
As Adjusted		38.4		30.5		6.3		-7.8		-18.8		-23.2
Technology
As Reported		21.4		23.9		12.3		0.6		-2.1		-9.0
Billing Days Impact		0.1		-0.2		0.0		0.1		0.9		-1.3
Currency Impact		0.3		0.9		1.6		1.8		1.7		1.0
As Adjusted		21.8		24.6		13.9		2.5		0.5		-9.3
Elimination of intersegment revenues
As Reported		74.3		38.9		-3.8		-23.1		-14.5		-12.8
Billing Days Impact		0.1		-0.2		0.0		0.2		0.8		-1.3
Currency Impact		0.7		1.4		1.9		2.1		2.2		1.4
As Adjusted		75.1		40.1		-1.9		-20.8		-11.5		-12.7
Total contract talent solutions
As Reported		31.3		30.0		19.2		8.1		-4.0		-7.8
Billing Days Impact		0.1		-0.2		0.0		0.1		0.8		-1.3
Currency Impact		0.5		1.2		2.1		2.5		2.0		1.1
As Adjusted		31.9		31.0		21.3		10.7		-1.2		-8.0
Permanent placement talent solutions
As Reported		73.0		67.2		39.3		16.5		-1.4		-16.1
Billing Days Impact		0.1		-0.3		0.0		0.2		0.8		-1.1
Currency Impact		0.7		1.9		3.3		3.6		3.0		1.4
As Adjusted		73.8		68.8		42.6		20.3		2.4		-15.8
Total talent solutions
As Reported		35.3		34.1		21.7		9.2		-3.7		-9.0
Billing Days Impact		0.2		-0.2		0.0		0.1		0.8		-1.2
Currency Impact		0.5		1.3		2.3		2.7		2.1		1.1
As Adjusted		36.0		35.2		24.0		12.0		-0.8		-9.1
Protiviti
As Reported		36.7		18.9		8.4		2.0		0.8		4.6
Billing Days Impact		0.2		-0.2		0.0		0.2		0.8		-1.5
Currency Impact		0.5		1.3		2.4		2.6		2.4		1.3
As Adjusted		37.4		20.0		10.8		4.8		4.0		4.4
Total
As Reported		35.7		29.8		17.9		7.1		-2.4		-5.4
Billing Days Impact		0.1		-0.2		0.0		0.2		0.8		-1.4
Currency Impact		0.5		1.3		2.3		2.6		2.2		1.2
As Adjusted		36.3		30.9		20.2		9.9		0.6		-5.6

 

ROBERT HALF INTERNATIONAL INC
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – UNITED STATES
		Q4 2021		Q1 2022		Q2 2022		Q3 2022		Q4 2022		Q1 2023
Contract talent solutions
As Reported		33.4		33.4		22.7		11.3		-3.4		-8.6
Billing Days Impact		0.2		0.0		0.0		0.0		0.5		-1.3
Currency Impact		―		―		―		―		―		―
As Adjusted		33.6		33.4		22.7		11.3		-2.9		-9.9
Permanent placement talent solutions
As Reported		78.6		78.3		44.3		22.4		1.4		-16.9
Billing Days Impact		0.3		0.0		0.0		0.0		0.5		-1.2
Currency Impact		―		―		―		―		―		―
As Adjusted		78.9		78.3		44.3		22.4		1.9		-18.1
Total talent solutions
As Reported		37.2		37.8		25.2		12.6		-2.9		-9.7
Billing Days Impact		0.2		0.0		0.0		0.0		0.5		-1.3
Currency Impact		―		―		―		―		―		―
As Adjusted		37.4		37.8		25.2		12.6		-2.4		-11.0
Protiviti
As Reported		31.7		17.0		8.3		4.1		3.6		7.5
Billing Days Impact		0.2		0.0		0.0		0.0		0.5		-1.6
Currency Impact		―		―		―		―		―		―
As Adjusted		31.9		17.0		8.3		4.1		4.1		5.9
Total
As Reported		35.6		31.7		20.2		10.0		-1.1		-5.2
Billing Days Impact		0.2		0.0		0.0		0.0		0.5		-1.4
Currency Impact		―		―		―		―		―		―
As Adjusted		35.8		31.7		20.2		10.0		-0.6		-6.6

 

ROBERT HALF INTERNATIONAL INC
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – INTERNATIONAL
		Q4 2021		Q1 2022		Q2 2022		Q3 2022		Q4 2022		Q1 2023
Contract talent solutions
As Reported		24.0		18.5		7.0		-3.2		-6.3		-4.7
Billing Days Impact		0.1		-0.4		0.2		0.5		2.1		-1.7
Currency Impact		2.2		5.4		9.4		11.4		9.5		5.2
As Adjusted		26.3		23.5		16.6		8.7		5.3		-1.2
Permanent placement talent solutions
As Reported		61.9		44.7		28.0		2.9		-7.5		-14.0
Billing Days Impact		0.1		-0.5		0.2		0.6		2.2		-1.6
Currency Impact		2.0		5.8		10.8		11.9		9.6		5.1
As Adjusted		64.0		50.0		39.0		15.4		4.3		-10.5
Total talent solutions
As Reported		29.2		22.5		10.5		-2.2		-6.5		-6.4
Billing Days Impact		0.2		-0.4		0.1		0.5		2.2		-1.7
Currency Impact		2.2		5.4		9.7		11.5		9.5		5.2
As Adjusted		31.6		27.5		20.3		9.8		5.2		-2.9
Protiviti
As Reported		58.3		26.2		8.6		-6.3		-9.2		-5.7
Billing Days Impact		0.1		-0.5		0.2		0.5		2.1		-1.7
Currency Impact		2.8		6.6		11.8		13.1		10.8		5.9
As Adjusted		61.2		32.3		20.6		7.3		3.7		-1.5
Total
As Reported		36.2		23.4		10.0		-3.3		-7.3		-6.2
Billing Days Impact		0.1		-0.4		0.2		0.5		2.2		-1.7
Currency Impact		2.3		5.7		10.2		11.9		9.9		5.4
As Adjusted		38.6		28.7		20.4		9.1		4.8		-2.5

 

 

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SOURCE Robert Half

FAQ

What were Robert Half's Q1 2023 earnings results?

In Q1 2023, Robert Half reported a net income of $122 million, or $1.14 per share, with revenues of $1.716 billion.

How did Robert Half's revenues change compared to last year?

Robert Half's revenues decreased by 5.5% from $1.815 billion in Q1 2022 to $1.716 billion in Q1 2023.

What recognition did Robert Half receive in Q1 2023?

Robert Half was recognized as one of America's Most Innovative Companies and was named a Best Employer for Diversity by Forbes.

What impact did Protiviti have on Robert Half's performance?

Protiviti contributed positively with 22 consecutive quarters of year-over-year revenue growth, despite overall revenue declines.