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Exhibit 99.1

FOR IMMEDIATE RELEASE

 

Contact  

M. Keith Waddell

Vice Chairman, President and

Chief Financial Officer

(650) 234-6000

ROBERT HALF REPORTS SECOND-QUARTER FINANCIAL RESULTS

MENLO PARK, Calif., July 22, 2014 — Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the second quarter ended June 30, 2014.

For the quarter ended June 30, 2014, net income was $75.1 million, or $.55 per share, on revenues of $1.16 billion. Net income for the prior year’s second quarter was $63.1 million, or $.46 per share, on revenues of $1.06 billion.

For the six months ended June 30, 2014, net income was $136.7 million, or $1.01 per share, on revenues of $2.25 billion. For the six months ended June 30, 2013, net income was $119.0 million, or $.86 per share, on revenues of $2.09 billion.

“Robert Half’s growth in the second quarter was broad-based and reflective of improving labor markets and higher global demand for our professional staffing services,” said Harold M. Messmer, Jr., chairman and CEO of Robert Half. “Year-over-year revenue growth rates accelerated nicely during the quarter, both in the United States and in our international operations. The company’s Protiviti subsidiary also continued to post very strong operating results.”

Messmer added, “The highest sequential and year-over-year revenue growth rates were reported by our permanent placement operations and Protiviti. This was Robert Half’s 17th consecutive quarter of double-digit net income and earnings-per-share growth on a year-over-year basis. Return on equity, on an unlevered basis, was 31 percent for the quarter.”

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 to listen to today’s conference call is 877-814-0475 (+1-706-643-9224 outside the United States). The password is “Robert Half.”

A taped recording of this call will be available for replay beginning at approximately 8 p.m. EDT today and ending at 8 p.m. EDT on August 22. The dial-in number for the replay is 855-859-2056 (+1-404-537-3406 outside the United States). To access the replay, enter conference ID# 61813931. The conference call also will be archived in audio format on the company’s website at www.roberthalf.com.

Founded in 1948, Robert Half, the world’s first and largest specialized staffing firm, is a recognized leader in professional consulting and staffing services, and is the parent company of Protiviti®, a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit. The company’s specialized staffing divisions include Accountemps®, Robert Half® Finance & Accounting and Robert Half® Management Resources, for temporary, full-time and senior-level project professionals, respectively, in the fields of accounting and finance; OfficeTeam®, for highly skilled temporary administrative support personnel; Robert Half® Technology, for information technology professionals; Robert Half® Legal, for legal personnel; and The Creative Group®, for interactive, design, marketing, advertising and public relations professionals. Robert Half has staffing and consulting 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. These statements may be identified by words such as “estimate”, “forecast”, “project”, “plan”, “intend”, “believe”, “expect”, “anticipate”, or variations or negatives thereof, or by similar or comparable words or phrases. Forward-looking statements are subject to risks and uncertainties that 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: the global financial and economic situation; 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 temporary 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, on the company’s ability to maintain its margins; the possibility of the company incurring liability for its activities, including the activities of its temporary employees, or for events impacting its temporary 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 Sarbanes-Oxley or other regulatory compliance 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.

A copy of this release is available at www.roberthalf.com/investor-center.

 

ATTACHED  

Summary of Operations

 

Supplemental Financial Information

 

Non-GAAP Financial Measures

 

- 2 -


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUMMARY OF OPERATIONS

(in thousands, except per share amounts)

 

     Quarter
Ended June 30,
    Six Months
Ended June 30,
 
     2014     2013     2014     2013  
     (Unaudited)     (Unaudited)  

Net service revenues

   $ 1,164,914      $ 1,063,228      $ 2,249,256      $ 2,086,912   

Direct costs of services

     686,470        631,120        1,332,317        1,244,514   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross margin

     478,444        432,108        916,939        842,398   

Selling, general and administrative expenses

     354,791        331,314        691,177        652,099   

Amortization of intangible assets

     224        434        557        867   

Interest income

     (224     (236     (462     (540
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     123,653        100,596        225,667        189,972   

Provision for income taxes

     48,513        37,507        88,976        71,020   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 75,140      $ 63,089      $ 136,691      $ 118,952   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common stockholders—diluted

   $ 75,140      $ 63,088      $ 136,691      $ 118,948   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net income per share

   $ .55      $ .46      $ 1.01      $ .86   

Shares:

        

Basic

     134,699        136,385        135,014        136,845   

Diluted

     135,708        137,659        135,932        138,024   

 

- 3 -


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)

 

    Quarter
Ended June 30,
    Six Months
Ended June 30,
 
    2014     2013     2014     2013  
    (Unaudited)     (Unaudited)  

REVENUES:

               

Accountemps

  $ 402,996        34.6   $ 378,515        35.6   $ 786,020        34.9   $ 755,129        36.2

OfficeTeam

    226,505        19.4     207,683        19.5     437,565        19.5     409,320        19.6

Robert Half Technology

    141,988        12.2     131,751        12.4     274,293        12.2     252,752        12.1

Robert Half Management Resources

    139,549        12.0     124,120        11.7     270,730        12.0     248,290        11.9

Robert Half Finance & Accounting

    102,827        8.8     90,347        8.5     195,452        8.7     173,724        8.3

Protiviti

    151,049        13.0     130,812        12.3     285,196        12.7     247,697        11.9
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,164,914        100.0   $ 1,063,228        100.0   $ 2,249,256        100.0   $ 2,086,912        100.0
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GROSS MARGIN:

               

Temporary and consultant staffing

  $ 332,733        36.5   $ 304,383        36.1   $ 641,923        36.3   $ 601,334        36.1

Permanent placement staffing

    102,781        100.0     90,310        100.0     195,383        100.0     173,658        100.0

Risk consulting and internal audit services

    42,930        28.4     37,415        28.6     79,633        27.9     67,406        27.2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 478,444        41.1   $ 432,108        40.6   $ 916,939        40.8   $ 842,398        40.4
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OPERATING INCOME:

               

Temporary and consultant staffing

  $ 88,756        9.7   $ 76,581        9.1   $ 166,241        9.4   $ 149,761        9.0

Permanent placement staffing

    22,448        21.8     15,477        17.1     39,723        20.3     28,062        16.2

Risk consulting and internal audit services

    12,449        8.2     8,736        6.7     19,798        6.9     12,476        5.0
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 123,653        10.6   $ 100,794        9.5   $ 225,762        10.0   $ 190,299        9.1
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

SELECTED CASH FLOW INFORMATION:

               

Amortization of intangible assets

  $ 224        $ 434        $ 557        $ 867     

Depreciation expense

  $ 11,863        $ 11,579        $ 24,063        $ 23,326     

Capital expenditures

  $ 10,642        $ 11,022        $ 23,085        $ 19,104     

Open market repurchases of common stock (shares)

    481          1,190          1,306          2,026     

 

- 4 -


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)

 

     June 30,  
     2014      2013  
     (Unaudited)  

SELECTED BALANCE SHEET INFORMATION:

     

Cash and cash equivalents

   $ 307,778       $ 246,971   

Accounts receivable, less allowances

   $ 617,200       $ 557,311   

Total assets

   $ 1,588,445       $ 1,428,324   

Current liabilities

   $ 580,890       $ 534,895   

Notes payable and other indebtedness, less current portion

   $ 1,231       $ 1,365   

Total stockholders’ equity

   $ 975,561       $ 861,751   

 

- 5 -


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

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 U.S. Securities and Exchange Commission (“SEC”). To help readers understand the Company’s financial performance, the Company supplements its GAAP financial results with revenue growth rates derived from non-GAAP revenue amounts.

Variations in the Company’s financial results include the impact of changes in foreign currency exchange rates and billing days. The Company provides “same billing days and constant currency” revenue growth calculations to remove the impact of these items. These calculations show the year-over-year revenue growth rates for the Company’s lines of business on both a reported basis and also on a same-day, constant-currency basis for global, U.S. and international operations. This information is presented for each of the six most recent quarters. The Company has provided this data because management believes it better reflects the Company’s actual revenue growth rates and aids in evaluating revenue trends over time. The Company expresses year-over-year revenue changes as calculated percentages using the same number of billing days and constant currency exchange rates.

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 actual revenue growth derived from revenue 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.

 

- 6 -


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATES (%) (UNAUDITED):

 

     Year-Over-Year Growth Rates
(As Reported)
     Non-GAAP Year-Over-Year Growth Rates
(Same Billing Days and Constant Currency)
 
     2013      2014      2013      2014  
     Q1      Q2      Q3      Q4      Q1      Q2      Q1      Q2      Q3      Q4      Q1      Q2  

Global

                                   

Accountemps

     -2.3         -0.7         -0.8         -0.4         1.7         6.5         0.2         -1.3         -2.0         -0.3         1.4         6.5   

OfficeTeam

     0.6         2.4         2.5         3.0         4.7         9.1         3.1         1.6         0.8         2.8         4.0         9.0   

RH Technology

     4.6         10.2         11.8         14.1         9.3         7.8         7.4         9.5         10.8         14.9         9.5         8.5   

RH Management Resources

     -3.1         -1.2         -0.2         0.7         5.6         12.4         -0.3         -1.5         -0.9         1.1         5.3         12.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Temporary and consultant staffing

     -0.8         1.6         1.9         2.7         4.1         8.2         1.8         0.9         0.7         2.9         3.8         8.3   

Permanent placement staffing

     0.6         1.4         7.9         6.6         11.1         13.8         4.0         1.2         7.9         7.8         11.6         14.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total staffing

     -0.6         1.6         2.5         3.1         4.8         8.7         2.0         1.0         1.3         3.3         4.5         8.9   

Protiviti

     13.6         18.7         16.3         18.0         14.8         15.5         18.9         20.3         16.9         15.6         14.1         14.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     0.8         3.4         4.1         4.8         5.9         9.6         3.9         3.2         3.3         4.9         5.7         9.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

United States

                       

Temporary and consultant staffing

     2.9         4.0         4.5         5.0         5.9         9.3         5.5         3.3         3.3         5.2         5.4         9.8   

Permanent placement staffing

     14.9         10.3         13.8         11.0         12.6         15.8         17.8         9.6         12.5         11.3         12.1         16.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total staffing

     3.7         4.5         5.2         5.4         6.4         9.8         6.3         3.8         4.0         5.6         5.9         10.3   

Protiviti

     16.6         23.3         22.1         19.6         19.0         19.0         21.3         24.3         21.7         16.5         18.0         18.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     5.1         6.6         7.2         7.1         7.9         11.0         8.1         6.2         6.3         7.1         7.5         11.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

International

                       

Temporary and consultant staffing

     -10.7         -5.8         -5.9         -4.2         -1.2         4.6         -8.2         -6.2         -7.2         -4.2         -1.0         3.3   

Permanent placement staffing

     -16.6         -10.8         -0.8         0.0         8.6         10.6         -12.7         -10.1         1.0         2.7         10.8         10.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total staffing

     -11.6         -6.5         -5.2         -3.6         0.1         5.4         -8.8         -6.8         -6.0         -3.3         0.6         4.4   

Protiviti

     4.3         4.2         -3.8         12.0         0.4         2.4         11.5         7.9         0.2         12.5         0.8         -0.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     -10.2         -5.5         -5.1         -2.0         0.1         5.1         -6.9         -5.2         -5.3         -1.4         0.6         3.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The non-GAAP financial measures included in the table above adjust for the following items:

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. In order to calculate “Constant Currency” revenue growth rates, as-reported amounts are retranslated using foreign exchange rates from the prior year’s comparable period.

Billing Days. The “As Reported” revenue growth rates are based upon reported revenues. Management calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all lines of business. In order to remove the fluctuations caused by comparable periods having different billing days, the company calculates “same billing day” revenue growth rates by dividing each comparative period’s reported revenues by the calculated number of billing days for that period, to arrive at a “per billing day” amount. The “same billing day” growth rates are then calculated based upon the “per billing day” amounts.

The term “same billing days and constant currency” means that the impact of different billing days has been removed from constant currency 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 8-10.

 

- 7 -


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

 

Year-Over-Year Revenue Growth – GLOBAL

 
     Q1 2013      Q2 2013      Q3 2013      Q4 2013      Q1 2014      Q2 2014  

Accountemps

              

As Reported

     -2.3         -0.7         -0.8         -0.4         1.7         6.5   

Billing Days Impact

     2.5         -0.6         -1.1         0.2         -0.5         0.4   

Currency Impact

     0.0         0.0         -0.1         -0.1         0.2         -0.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     0.2         -1.3         -2.0         -0.3         1.4         6.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

OfficeTeam

              

As Reported

     0.6         2.4         2.5         3.0         4.7         9.1   

Billing Days Impact

     2.5         -0.7         -1.2         0.2         -0.5         0.5   

Currency Impact

     0.0         -0.1         -0.5         -0.4         -0.2         -0.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     3.1         1.6         0.8         2.8         4.0         9.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Robert Half Technology

              

As Reported

     4.6         10.2         11.8         14.1         9.3         7.8   

Billing Days Impact

     2.7         -0.8         -1.4         0.3         -0.5         0.5   

Currency Impact

     0.1         0.1         0.4         0.5         0.7         0.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     7.4         9.5         10.8         14.9         9.5         8.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Robert Half Management Resources

              

As Reported

     -3.1         -1.2         -0.2         0.7         5.6         12.4   

Billing Days Impact

     2.4         -0.8         -1.1         0.2         -0.4         0.6   

Currency Impact

     0.4         0.5         0.4         0.2         0.1         -0.8   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     -0.3         -1.5         -0.9         1.1         5.3         12.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Temporary and consultant staffing

              

As Reported

     -0.8         1.6         1.9         2.7         4.1         8.2   

Billing Days Impact

     2.5         -0.8         -1.2         0.3         -0.5         0.5   

Currency Impact

     0.1         0.1         0.0         -0.1         0.2         -0.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     1.8         0.9         0.7         2.9         3.8         8.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Permanent placement staffing

              

As Reported

     0.6         1.4         7.9         6.6         11.1         13.8   

Billing Days Impact

     2.6         -0.7         -1.2         0.2         -0.5         0.6   

Currency Impact

     0.8         0.5         1.2         1.0         1.0         -0.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     4.0         1.2         7.9         7.8         11.6         14.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total staffing

              

As Reported

     -0.6         1.6         2.5         3.1         4.8         8.7   

Billing Days Impact

     2.5         -0.7         -1.3         0.2         -0.5         0.6   

Currency Impact

     0.1         0.1         0.1         0.0         0.2         -0.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     2.0         1.0         1.3         3.3         4.5         8.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Protiviti

              

As Reported

     13.6         18.7         16.3         18.0         14.8         15.5   

Billing Days Impact

     4.6         0.9         -0.4         -3.2         -1.0         -0.7   

Currency Impact

     0.7         0.7         1.0         0.8         0.3         -0.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     18.9         20.3         16.9         15.6         14.1         14.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

              

As Reported

     0.8         3.4         4.1         4.8         5.9         9.6   

Billing Days Impact

     2.9         -0.4         -1.0         0.0         -0.4         0.4   

Currency Impact

     0.2         0.2         0.2         0.1         0.2         -0.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     3.9         3.2         3.3         4.9         5.7         9.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

- 8 -


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

 

Year-Over-Year Revenue Growth – UNITED STATES

 
     Q1 2013      Q2 2013      Q3 2013      Q4 2013      Q1 2014      Q2 2014  

Temporary and consultant staffing

  

As Reported

     2.9         4.0         4.5         5.0         5.9         9.3   

Billing Days Impact

     2.6         -0.7         -1.2         0.2         -0.5         0.5   

Currency Impact

                                               
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     5.5         3.3         3.3         5.2         5.4         9.8   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Permanent placement staffing

                 

As Reported

     14.9         10.3         13.8         11.0         12.6         15.8   

Billing Days Impact

     2.9         -0.7         -1.3         0.3         -0.5         0.5   

Currency Impact

                                               
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     17.8         9.6         12.5         11.3         12.1         16.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total staffing

                 

As Reported

     3.7         4.5         5.2         5.4         6.4         9.8   

Billing Days Impact

     2.6         -0.7         -1.2         0.2         -0.5         0.5   

Currency Impact

                                               
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     6.3         3.8         4.0         5.6         5.9         10.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Protiviti

                 

As Reported

     16.6         23.3         22.1         19.6         19.0         19.0   

Billing Days Impact

     4.7         1.0         -0.4         -3.1         -1.0         -0.6   

Currency Impact

                                               
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     21.3         24.3         21.7         16.5         18.0         18.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

                 

As Reported

     5.1         6.6         7.2         7.1         7.9         11.0   

Billing Days Impact

     3.0         -0.4         -0.9         0.0         -0.4         0.4   

Currency Impact

                                               
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     8.1         6.2         6.3         7.1         7.5         11.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

- 9 -


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

 

Year-Over-Year Revenue Growth – INTERNATIONAL

 
     Q1 2013      Q2 2013      Q3 2013      Q4 2013      Q1 2014      Q2 2014  

Temporary and consultant staffing

                 

As Reported

     -10.7         -5.8         -5.9         -4.2         -1.2         4.6   

Billing Days Impact

     2.2         -0.7         -1.2         0.2         -0.4         0.4   

Currency Impact

     0.3         0.3         -0.1         -0.2         0.6         -1.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     -8.2         -6.2         -7.2         -4.2         -1.0         3.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Permanent placement staffing

                 

As Reported

     -16.6         -10.8         -0.8         0.0         8.6         10.6   

Billing Days Impact

     2.1         -0.6         -1.2         0.3         -0.5         0.5   

Currency Impact

     1.8         1.3         3.0         2.4         2.7         -0.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     -12.7         -10.1         1.0         2.7         10.8         10.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total staffing

                 

As Reported

     -11.6         -6.5         -5.2         -3.6         0.1         5.4   

Billing Days Impact

     2.3         -0.7         -1.1         0.1         -0.4         0.5   

Currency Impact

     0.5         0.4         0.3         0.2         0.9         -1.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     -8.8         -6.8         -6.0         -3.3         0.6         4.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Protiviti

                 

As Reported

     4.3         4.2         -3.8         12.0         0.4         2.4   

Billing Days Impact

     4.4         0.8         -0.3         -3.0         -0.8         -0.6   

Currency Impact

     2.8         2.9         4.3         3.5         1.2         -2.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     11.5         7.9         0.2         12.5         0.8         -0.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

                 

As Reported

     -10.2         -5.5         -5.1         -2.0         0.1         5.1   

Billing Days Impact

     2.6         -0.4         -0.9         0.1         -0.5         0.4   

Currency Impact

     0.7         0.7         0.7         0.5         1.0         -1.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Same Billing Days and Constant Currency

     -6.9         -5.2         -5.3         -1.4         0.6         3.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

- 10 -