EX-99.1 2 rhiq42023ex991.htm EX-99.1 Document

Exhibit 99.1
FOR IMMEDIATE RELEASE
 
Contact: 
 M. Keith Waddell
President and Chief Executive Officer
(650) 234-6000

ROBERT HALF REPORTS FOURTH-QUARTER FINANCIAL RESULTS
MENLO PARK, Calif., January 30, 2024 — Robert Half Inc. (NYSE symbol: RHI) today reported revenues and earnings for the fourth quarter ended December 31, 2023.
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 three months ended December 31, 2022, net income was $148 million, or $1.37 per share, on revenues of $1.727 billion.
For the year ended December 31, 2023, net income was $411 million, or $3.88 per share, on revenues of $6.393 billion. For the year ended December 31, 2022, net income was $658 million, or $6.03 per share, on revenues of $7.238 billion.

“We delivered above-consensus top- and bottom-line results for the fourth quarter, with Protiviti leading the way. Global labor demand continues to be resilient, and talent shortages persist, although both are modestly below their peaks. We are encouraged that our improving weekly revenue trends that began in the third quarter and continued into the fourth quarter are approaching a positive inflection point,” said M. Keith Waddell, president and chief executive officer at Robert Half. “We enter 2024 confident in our ability to navigate the current climate and optimistic about our growth prospects, built on our industry-leading brand, people, technology and unique business model that includes both professional staffing and business consulting services.

“We’d like to thank our people across the globe, whose commitment to success made possible a number of new accolades in 2023. Fourth-quarter recognition included being named one of the Best Workplaces for Parents™ by Great Place to Work®, one of America’s Most Responsible Companies by Newsweek, and a Best-Managed Company of 2023 by The Wall Street Journal,” 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 4929633.
A recording of this call will be available for audio replay beginning at approximately 8 p.m. EST on January 30 and ending after 12 months. To access the replay, visit https://webcasts.com/RobertHalfQ42023. 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 one of the Fortune® Most Admired Companies™ and 100 Best Companies to Work For.
Robert Half talent solutions and consulting operations has operations in over 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.
A summary of additional risks and uncertainties can be found in the Annual Report on Form 10-K for the year ended December 31, 2022, 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














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ROBERT HALF INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
 
 Three Months Ended
December 31,		Year Ended
December 31,
 2023202220232022
 (Unaudited)(Unaudited)
Service revenues$1,472,892 $1,727,026 $6,392,517 $7,238,142 
Costs of services888,728 1,007,979 3,817,513 4,144,093 
Gross margin584,164719,0472,575,0043,094,049
Selling, general and administrative expenses516,666545,1292,107,5312,117,296
(Income) loss from investments held in employee deferred compensation trusts(46,657)(24,819)(88,020)86,139
Amortization of intangible assets7214172,8831,667
Interest income, net(6,697)(4,778)(23,973)(8,008)
Income before income taxes120,131 203,098 576,583 896,955 
Provision for income taxes32,827 55,445 165,437 239,036 
Net income$87,304 $147,653 $411,146 $657,919 
Diluted net income per share$0.83 $1.37 $3.88 $6.03 
 
Weighted average shares:
Basic104,286 106,980 105,530 108,214 
Diluted104,960 107,808 106,074 109,171 

























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ROBERT HALF INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)

Three Months Ended
December 31,		Year Ended
December 31,
2023202220232022
(Unaudited)(Unaudited)
SERVICE REVENUES INFORMATION
Contract talent solutions
Finance and accounting$635,281 $767,354 $2,811,093 $3,185,183 
Administrative and customer support189,471 233,056 816,409 1,042,634 
Technology163,724 209,009 710,156 857,261 
Elimination of intersegment revenues (1)(101,098)(137,738)(442,326)(552,231)
Total contract talent solutions887,378 1,071,681 3,895,332 4,532,847 
Permanent placement talent solutions121,564 155,948 567,486 725,155 
Protiviti463,950 499,397 1,929,699 1,980,140 
Total service revenues$1,472,892 $1,727,026 $6,392,517 $7,238,142 
(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,
2023202220232022
 $% of Revenue$% of Revenue$% of Revenue$% of Revenue
(Unaudited)(Unaudited)
BUSINESS SEGMENT INCOME INFORMATION:
Contract talent solutions$50,878 5.7 %$105,420 9.8 %$292,815 7.5 %$492,281 10.9 %
Permanent placement talent solutions$10,392 8.5 %$21,365 13.7 %$75,004 13.2 %$127,622 17.6 %
Protiviti$52,885 11.4 %$71,952 14.4 %$187,674 9.7 %$270,711 13.7 %

 December 31,
 20232022
 (Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents$731,740 $658,626 
Accounts receivable, net$860,872 $1,018,287 
Total assets$3,010,789 $2,964,488 
Total current liabilities$1,235,111 $1,216,202 
Total stockholders’ equity$1,588,351 $1,568,558 

 Year Ended December 31,
 20232022
(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation$51,364 $47,398 
Capitalized cloud computing implementation costs $34,895 $40,357 
Capital expenditures$45,874 $61,120 
Open market repurchases of common stock (shares)3,0473,319 
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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.






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ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED GROSS MARGIN (UNAUDITED):
(in thousands)
Three Months Ended  December 31,RelationshipsYear Ended December 31,Relationships
As ReportedAs AdjustedAs ReportedAs AdjustedAs ReportedAs AdjustedAs ReportedAs Adjusted
2023202220232022202320222023202220232022202320222023202220232022
Gross Margin
Contract talent solutions
$351,893 $427,736 $351,893 $427,736 39.7 %39.9 %39.7 %39.9 %$1,549,312 $1,804,029 $1,549,312 $1,804,029 39.8 %39.8 %39.8 %39.8 %
Permanent placement talent solutions
121,330 155,559 121,330 155,559 99.8 %99.8 %99.8 %99.8 %566,381 723,706 566,381 723,706 99.8 %99.8 %99.8 %99.8 %
Total talent solutions473,223 583,295 473,223 583,295 46.9 %47.5 %46.9 %47.5 %2,115,693 2,527,735 2,115,693 2,527,735 47.4 %48.1 %47.4 %48.1 %
Protiviti
110,941 135,752 119,951 139,862 23.9 %27.2 %25.9 %28.0 %459,311 566,314 475,572 552,465 23.8 %28.6 %24.6 %27.9 %
Total$584,164 $719,047 $593,174 $723,157 39.7 %41.6 %40.3 %41.9 %$2,575,004 $3,094,049 $2,591,265 $3,080,200 40.3 %42.7 %40.5 %42.6 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended December 31, 2023 and 2022:
Three Months Ended December 31, 2023Three Months Ended December 31, 2022
Contract talent
solutions		Permanent placement talent solutionsTotal talent solutionsProtivitiTotalContract talent
solutions		Permanent placement talent solutionsTotal talent solutionsProtivitiTotal
$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue
Gross Margin
As Reported$351,893 39.7 %$121,330 99.8 %$473,223 46.9 %$110,941 23.9 %$584,164 39.7 %$427,736 39.9 %$155,559 99.8 %$583,295 47.5 %$135,752 27.2 %$719,047 41.6 %
Adjustments (1)— — — — 9,010 2.0 %9,010 0.6 %— — — — — — 4,110 0.8 %4,110 0.3 %
As Adjusted$351,893 39.7 %$121,330 99.8 %$473,223 46.9 %$119,951 25.9 %$593,174 40.3 %$427,736 39.9 %$155,559 99.8 %$583,295 47.5 %$139,862 28.0 %$723,157 41.9 %

The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the years ended December 31, 2023 and 2022:
Year Ended December 31, 2023Year Ended December 31, 2022
Contract talent
solutions		Permanent placement talent solutionsTotal talent solutionsProtivitiTotalContract talent
solutions		Permanent placement talent solutionsTotal talent solutionsProtivitiTotal
$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue$% of Revenue
Gross Margin
As Reported$1,549,312 39.8 %$566,381 99.8 %$2,115,693 47.4 %$459,311 23.8 %$2,575,004 40.3 %$1,804,029 39.8 %$723,706 99.8 %$2,527,735 48.1 %$566,314 28.6 %$3,094,049 42.7 %
Adjustments (1)— — — — — — 16,261 0.8 %16,261 0.2 %— — — — — — (13,849)(0.7 %)(13,849)(0.1 %)
As Adjusted$1,549,312 39.8 %$566,381 99.8 %$2,115,693 47.4 %$475,572 24.6 %$2,591,265 40.5 %$1,804,029 39.8 %$723,706 99.8 %$2,527,735 48.1 %$552,465 27.9 %$3,080,200 42.6 %
(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) 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.


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ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED):
(in thousands)
Three Months Ended  December 31,RelationshipsYear Ended December 31,Relationships
As ReportedAs AdjustedAs ReportedAs AdjustedAs ReportedAs AdjustedAs ReportedAs Adjusted
2023202220232022202320222023202220232022202320222023202220232022
Selling, General and Administrative Expenses
Contract talent solutions
$334,785 $340,492 $301,015 $322,316 37.7 %31.8 %33.9 %30.1 %$1,320,752 $1,248,378 $1,256,497 $1,311,748 33.9 %27.5 %32.3 %28.9 %
Permanent placement talent solutions
114,815 136,727 110,938 134,194 94.4 %87.7 %91.3 %86.1 %498,881 587,164 491,377 596,084 87.9 %81.0 %86.6 %82.2 %
Total talent solutions449,600 477,219 411,953 456,510 44.6 %38.9 %40.8 %37.2 %1,819,633 1,835,542 1,747,874 1,907,832 40.8 %34.9 %39.2 %36.3 %
Protiviti
67,066 67,910 67,066 67,910 14.5 %13.6 %14.5 %13.6 %287,898 281,754 287,898 281,754 14.9 %14.2 %14.9 %14.2 %
Total$516,666 $545,129 $479,019 $524,420 35.1 %31.6 %32.5 %30.4 %$2,107,531 $2,117,296 $2,035,772 $2,189,586 33.0 %29.3 %31.8 %30.3 %
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, 2023 and 2022:
Three Months Ended December 31, 2023Three Months Ended December 31, 2022
Contract talent
solutions		Permanent placement talent solutionsTotal talent solutionsProtivitiTotalContract talent
solutions		Permanent placement talent solutionsTotal talent solutionsProtivitiTotal
$% of Revenue$% 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$334,785 37.7 %$114,815 94.4 %$449,600 44.6 %$67,066 14.5 %$516,666 35.1 %$340,492 31.8 %$136,727 87.7 %$477,219 38.9 %$67,910 13.6 %$545,129 31.6 %
Adjustments (1)(33,770)(3.8 %)(3,877)(3.1 %)(37,647)(3.8 %)— — (37,647)(2.6 %)(18,176)(1.7 %)(2,533)(1.6 %)(20,709)(1.7 %)— — (20,709)(1.2 %)
As Adjusted$301,015 33.9 %$110,938 91.3 %$411,953 40.8 %$67,066 14.5 %$479,019 32.5 %$322,316 30.1 %$134,194 86.1 %$456,510 37.2 %$67,910 13.6 %$524,420 30.4 %

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, 2023 and 2022:
Year Ended December 31, 2023Year Ended December 31, 2022
Contract talent solutionsPermanent placement talent solutionsTotal talent solutionsProtivitiTotalContract talent solutionsPermanent placement talent solutionsTotal talent solutionsProtivitiTotal
$% of Revenue$% 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$1,320,752 33.9 %$498,881 87.9 %$1,819,633 40.8 %$287,898 14.9 %$2,107,531 33.0 %$1,248,378 27.5 %$587,164 81.0 %$1,835,542 34.9 %$281,754 14.2 %$2,117,296 29.3 %
Adjustments (1)(64,255)(1.6 %)(7,504)(1.3 %)(71,759)(1.6)%— — (71,759)(1.2 %)63,370 1.4 %8,920 1.2 %72,290 1.4 %— — 72,290 1.0 %
As Adjusted$1,256,497 32.3 %$491,377 86.6 %$1,747,874 39.2 %$287,898 14.9 %$2,035,772 31.8 %$1,311,748 28.9 %$596,084 82.2 %$1,907,832 36.3 %$281,754 14.2 %$2,189,586 30.3 %
(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) 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.
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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, 2023 and 2022:
 Three Months Ended  December 31,Year Ended December 31,
2023202220232022
 $% of Revenue$% of Revenue$% of Revenue$% of Revenue
Income before income taxes$120,131 8.2 %$203,098 11.8 %$576,583 9.0 %$896,955 12.4 %
Interest income, net(6,697)(0.4 %)(4,778)(0.3 %)(23,973)(0.3 %)(8,008)(0.1 %)
Amortization of intangible assets721 0.0 %417 0.0 %2,883 0.0 %1,667 0.0 %
Combined segment income$114,155 7.8 %$198,737 11.5 %$555,493 8.7 %$890,614 12.3 %


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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)
 2022202320222023
 Q3Q4Q1Q2Q3Q4Q3Q4Q1Q2Q3Q4
Global
Finance and accounting9.9-0.1-3.0-11.0-16.0-17.212.82.9-3.1-10.8-15.2-17.8
Administrative and customer support-10.3-21.2-23.0-23.0-21.5-18.7-7.8-18.8-23.2-23.0-21.2-19.4
Technology0.6-2.1-9.0-16.7-21.3-21.72.50.5-9.3-16.2-20.0-21.8
Elimination of intersegment revenues (1)-23.1-14.5-12.8-16.5-24.2-26.6-20.8-11.5-12.7-16.5-23.8-27.2
Total contract talent solutions
8.1-4.0-7.8-14.3-17.3-17.210.7-1.2-8.0-14.0-16.4-17.7
Permanent placement talent solutions16.5-1.4-16.1-25.4-23.3-22.020.32.4-15.8-25.0-22.5-22.6
Total talent solutions9.2-3.7-9.0-15.9-18.1-17.812.0-0.8-9.1-15.6-17.3-18.3
Protiviti
2.00.84.6-1.2-6.0-7.14.84.04.4-1.0-4.9-7.5
Total7.1-2.4-5.4-12.0-14.7-14.79.90.6-5.6-11.7-13.8-15.2
United States
Contract talent solutions
11.3-3.4-8.6-16.0-20.7-20.511.3-2.9-9.9-15.9-19.2-20.3
Permanent placement talent solutions22.41.4-16.9-26.2-26.9-22.622.41.9-18.1-26.1-25.5-22.5
Total talent solutions12.6-2.9-9.7-17.4-21.5-20.712.6-2.4-11.0-17.2-20.0-20.6
Protiviti
4.13.67.5-2.4-7.4-7.34.14.15.9-2.3-5.6-7.2
Total10.0-1.1-5.2-13.3-17.5-16.810.0-0.6-6.6-13.2-15.9-16.7
International
Contract talent solutions
-3.2-6.3-4.7-7.6-3.1-4.48.75.3-1.2-6.2-4.9-7.5
Permanent placement talent solutions2.9-7.5-14.0-23.4-13.0-20.615.44.3-10.5-21.9-14.2-22.8
Total talent solutions-2.2-6.5-6.4-10.6-4.8-7.29.85.2-2.9-9.2-6.6-10.1
Protiviti
-6.3-9.2-5.73.30.3-6.17.33.7-1.54.2-1.5-8.9
Total-3.3-7.3-6.2-7.0-3.5-6.99.14.8-2.5-5.8-5.3-9.8
(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.


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ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – GLOBAL
 Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023 Q4 2023
Finance and accounting
As Reported9.9 -0.1 -3.0 -11.0 -16.0 -17.2 
Billing Days Impact0.2 0.8 -1.3 0.1 1.6 0.1 
Currency Impact2.7 2.2 1.2 0.1 -0.8 -0.7 
As Adjusted 12.8 2.9 -3.1 -10.8 -15.2 -17.8 
Administrative and customer support
As Reported-10.3 -21.2 -23.0 -23.0 -21.5 -18.7 
Billing Days Impact0.1 0.7 -1.1 0.1 1.4 0.2 
Currency Impact2.4 1.7 0.9 -0.1 -1.1 -0.9 
As Adjusted -7.8 -18.8 -23.2 -23.0 -21.2 -19.4 
Technology
As Reported0.6 -2.1 -9.0 -16.7 -21.3 -21.7 
Billing Days Impact0.1 0.9 -1.3 0.1 1.5 0.1 
Currency Impact1.8 1.7 1.0 0.4 -0.2 -0.2 
As Adjusted 2.5 0.5 -9.3 -16.2 -20.0 -21.8 
Elimination of intersegment revenues
As Reported-23.1 -14.5 -12.8 -16.5 -24.2 -26.6 
Billing Days Impact0.2 0.8 -1.3 0.1 1.4 0.1 
Currency Impact2.1 2.2 1.4 -0.1 -1.0 -0.7 
As Adjusted-20.8 -11.5 -12.7 -16.5 -23.8 -27.2 
Total contract talent solutions
As Reported8.1 -4.0 -7.8 -14.3 -17.3 -17.2 
Billing Days Impact0.1 0.8 -1.3 0.1 1.6 0.2 
Currency Impact2.5 2.0 1.1 0.2 -0.7 -0.7 
As Adjusted10.7 -1.2 -8.0 -14.0 -16.4 -17.7 
Permanent placement talent solutions
As Reported16.5 -1.4 -16.1 -25.4 -23.3 -22.0 
Billing Days Impact0.2 0.8 -1.1 0.1 1.5 0.1 
Currency Impact3.6 3.0 1.4 0.3 -0.7 -0.7 
As Adjusted20.3 2.4 -15.8 -25.0 -22.5 -22.6 
Total talent solutions
As Reported9.2 -3.7 -9.0 -15.9 -18.1 -17.8 
Billing Days Impact0.1 0.8 -1.2 0.1 1.5 0.2 
Currency Impact2.7 2.1 1.1 0.2 -0.7 -0.7 
As Adjusted12.0 -0.8 -9.1 -15.6 -17.3 -18.3 
Protiviti
As Reported2.0 0.8 4.6 -1.2 -6.0 -7.1 
Billing Days Impact0.2 0.8 -1.5 0.2 1.8 0.2 
Currency Impact2.6 2.4 1.3 0.0 -0.7 -0.6 
As Adjusted4.8 4.0 4.4 -1.0 -4.9 -7.5 
Total
As Reported7.1 -2.4 -5.4 -12.0 -14.7 -14.7 
Billing Days Impact0.2 0.8 -1.4 0.2 1.6 0.1 
Currency Impact2.6 2.2 1.2 0.1 -0.7 -0.6 
As Adjusted9.9 0.6 -5.6 -11.7 -13.8 -15.2 




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ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth – UNITED STATES
 Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023 Q4 2023
Contract talent solutions
As Reported11.3 -3.4 -8.6 -16.0 -20.7 -20.5 
Billing Days Impact0.0 0.5 -1.3 0.1 1.5 0.2 
Currency Impact――――――
As Adjusted11.3 -2.9 -9.9 -15.9 -19.2 -20.3 
Permanent placement talent solutions
As Reported22.4 1.4 -16.9 -26.2 -26.9 -22.6 
Billing Days Impact0.0 0.5 -1.2 0.1 1.4 0.1 
Currency Impact――――――
As Adjusted22.4 1.9 -18.1 -26.1 -25.5 -22.5 
Total talent solutions
As Reported12.6 -2.9 -9.7 -17.4 -21.5 -20.7 
Billing Days Impact0.0 0.5 -1.3 0.2 1.5 0.1 
Currency Impact――――――
As Adjusted12.6 -2.4 -11.0 -17.2 -20.0 -20.6 
Protiviti
As Reported4.1 3.6 7.5 -2.4 -7.4 -7.3 
Billing Days Impact0.0 0.5 -1.6 0.1 1.8 0.1 
Currency Impact――――――
As Adjusted4.1 4.1 5.9 -2.3 -5.6 -7.2 
Total
As Reported10.0 -1.1 -5.2 -13.3 -17.5 -16.8 
Billing Days Impact0.0 0.5 -1.4 0.1 1.6 0.1 
Currency Impact――――――
As Adjusted10.0 -0.6 -6.6 -13.2 -15.9 -16.7 
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ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – INTERNATIONAL
 Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023 Q4 2023
Contract talent solutions
As Reported-3.2 -6.3 -4.7 -7.6 -3.1 -4.4 
Billing Days Impact0.5 2.1 -1.7 0.6 1.8 0.1 
Currency Impact11.4 9.5 5.2 0.8 -3.6 -3.2 
As Adjusted8.7 5.3 -1.2 -6.2 -4.9 -7.5 
Permanent placement talent solutions
As Reported2.9 -7.5 -14.0 -23.4 -13.0 -20.6 
Billing Days Impact0.6 2.2 -1.6 0.5 1.6 0.1 
Currency Impact11.9 9.6 5.1 1.0 -2.8 -2.3 
As Adjusted15.4 4.3 -10.5 -21.9 -14.2 -22.8 
Total talent solutions
As Reported-2.2 -6.5 -6.4 -10.6 -4.8 -7.2 
Billing Days Impact0.5 2.2 -1.7 0.6 1.7 0.2 
Currency Impact11.5 9.5 5.2 0.8 -3.5 -3.1 
As Adjusted9.8 5.2 -2.9 -9.2 -6.6 -10.1 
Protiviti
As Reported-6.3 -9.2 -5.7 3.3 0.3 -6.1 
Billing Days Impact0.5 2.1 -1.7 0.7 1.8 0.2 
Currency Impact13.1 10.8 5.9 0.2 -3.6 -3.0 
As Adjusted7.3 3.7 -1.5 4.2 -1.5 -8.9 
Total
As Reported-3.3 -7.3 -6.2 -7.0 -3.5 -6.9 
Billing Days Impact0.5 2.2 -1.7 0.5 1.7 0.1 
Currency Impact11.9 9.9 5.4 0.7 -3.5 -3.0 
As Adjusted9.1 4.8 -2.5 -5.8 -5.3 -9.8 




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