EX-99.1 2 rhiq42016991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
FOR IMMEDIATE RELEASE
 
 
Contact
 
M. Keith Waddell
Vice Chairman, President and
Chief Financial Officer
(650) 234-6000
 
ROBERT HALF REPORTS FOURTH-QUARTER AND YEAR-END FINANCIAL RESULTS
MENLO PARK, Calif., January 26, 2017 — Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the fourth quarter and year ended December 31, 2016.
For the quarter ended December 31, 2016, net income was $78 million, or $.61 per share, on revenues of $1.27 billion. Net income for the prior year’s fourth quarter was $93 million, or $.71 per share, on revenues of $1.30 billion.
For the year ended December 31, 2016, net income was $343 million, or $2.67 per share, on revenues of $5.25 billion. For the year ended December 31, 2015, net income was $358 million, or $2.69 per share, on revenues of $5.09 billion.
Harold M. Messmer, Jr., chairman and CEO of Robert Half, commented: “Robert Half continued to benefit from a tightening job market and solid service demand domestically and in our non-U.S. markets during the fourth quarter. International staffing operations performed particularly well, and Protiviti also reported year-over-year revenue gains.”
Messmer added, “Unlevered return on equity remained strong during the fourth quarter at 29 percent.”

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 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. EST today and ending at 11:59 p.m. EST on February 26. 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# 48653573. The conference call also will be archived in audio format on the company’s website at www.roberthalf.com/investor-center.
Founded in 1948, Robert Half is the world’s first and largest specialized staffing firm and a recognized leader in professional consulting and staffing services. 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 administrative support professionals; Robert Half® Technology, for project and full-time technology professionals; Robert Half® Legal, for project and full-time staffing of lawyers, paralegals and legal support personnel; and The Creative Group®, for interactive, design, marketing, advertising and public relations professionals. Robert Half also is the parent company of Protiviti®, a global consulting firm that provides clients with consulting solutions in finance, technology, operations, data, analytics, governance, risk and internal audit.
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

- 1 -



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 December 31,
 
Year Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Net service revenues
 
$
1,265,073

 
$
1,304,594

 
$
5,250,399

 
$
5,094,933

Direct costs of services
 
745,871

 
764,513

 
3,089,723

 
2,980,462

 
 
 
 
 
 
 
 
 
Gross margin
 
519,202

 
540,081

 
2,160,676

 
2,114,471

 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
394,505

 
395,724

 
1,606,217

 
1,533,799

Amortization of intangible assets
 
309

 
192

 
1,237

 
192

Interest income, net
 
(193
)
 
(150
)
 
(888
)
 
(550
)
 
 
 
 
 
 
 
 
 
Income before income taxes
 
124,581

 
144,315

 
554,110

 
581,030

Provision for income taxes
 
46,793

 
50,872

 
210,721

 
223,234

 
 
 
 
 
 
 
 
 
Net income
 
$
77,788

 
$
93,443

 
$
343,389

 
$
357,796

 
 
 
 
 
 
 
 
 
Diluted net income per share
 
$
.61

 
$
.71

 
$
2.67

 
$
2.69

 
 
 
 
 
 
 
 
 
Shares:
 
 
 
 
 
 
 
 
Basic
 
126,505

 
130,172

 
127,991

 
131,749

Diluted
 
127,428

 
131,430

 
128,766

 
132,930


- 3 -



ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
 
 
 
Quarter Ended December 31,
 
Year Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Unaudited)
 
(Unaudited)
 
 
 
 
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accountemps
 
$
425,158

 
33.6
%
 
$
438,383

 
33.6
%
 
$
1,786,276

 
34.0
%
 
$
1,715,910

 
33.7
%
OfficeTeam
 
239,858

 
19.0
%
 
251,614

 
19.3
%
 
972,414

 
18.5
%
 
973,896

 
19.1
%
Robert Half Technology
 
159,400

 
12.6
%
 
167,551

 
12.8
%
 
659,844

 
12.6
%
 
657,124

 
12.9
%
Robert Half Management Resources
 
144,865

 
11.4
%
 
150,353

 
11.6
%
 
608,243

 
11.6
%
 
583,913

 
11.5
%
Robert Half Finance & Accounting
 
94,469

 
7.5
%
 
101,667

 
7.8
%
 
419,314

 
8.0
%
 
421,411

 
8.2
%
Protiviti
 
201,323

 
15.9
%
 
195,026

 
14.9
%
 
804,308

 
15.3
%
 
742,679

 
14.6
%
Total
 
$
1,265,073

 
100.0
%
 
$
1,304,594

 
100.0
%
 
$
5,250,399

 
100.0
%
 
$
5,094,933

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GROSS MARGIN:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Temporary and consultant staffing
 
$
367,961

 
38.0
%
 
$
376,083

 
37.3
%
 
$
1,510,941

 
37.5
%
 
$
1,463,407

 
37.2
%
Permanent placement staffing
 
94,303

 
99.8
%
 
101,521

 
99.9
%
 
418,535

 
99.8
%
 
420,747

 
99.8
%
Risk consulting and internal audit services
 
56,938

 
28.3
%
 
62,477

 
32.0
%
 
231,200

 
28.7
%
 
230,317

 
31.0
%
Total
 
$
519,202

 
41.0
%
 
$
540,081

 
41.4
%
 
$
2,160,676

 
41.2
%
 
$
2,114,471

 
41.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING INCOME:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Temporary and consultant staffing
 
$
90,902

 
9.4
%
 
$
99,404

 
9.9
%
 
$
393,704

 
9.8
%
 
$
399,808

 
10.2
%
Permanent placement staffing
 
13,637

 
14.4
%
 
17,559

 
17.3
%
 
80,001

 
19.1
%
 
85,019

 
20.2
%
Risk consulting and internal audit services
 
20,158

 
10.0
%
 
27,394

 
14.0
%
 
80,754

 
10.0
%
 
95,845

 
12.9
%
Total
 
$
124,697

 
9.9
%
 
$
144,357

 
11.1
%
 
$
554,459

 
10.6
%
 
$
580,672

 
11.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED CASH FLOW INFORMATION:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets
 
$
309

 
 
 
$
192

 
 
 
$
1,237

 
 
 
$
192

 
 
Depreciation expense
 
$
16,307

 
 
 
$
13,786

 
 
 
$
63,078

 
 
 
$
53,273

 
 
Capital expenditures
 
$
19,676

 
 
 
$
26,781

 
 
 
$
82,956

 
 
 
$
75,057

 
 
Open market repurchases of common stock (shares)
 
1,113

 
 
 
1,411

 
 
 
4,046

 
 
 
4,343

 
 

- 4 -



ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
 
 
 
December 31,
 
 
2016
 
2015
 
 
(Unaudited)
 
 
SELECTED BALANCE SHEET INFORMATION:
 
 
 
 
Cash and cash equivalents
 
$
260,201

 
$
224,577

Accounts receivable, less allowances
 
$
703,228

 
$
704,640

Total assets
 
$
1,777,971

 
$
1,702,960

Current liabilities
 
$
679,896

 
$
655,549

Notes payable and other indebtedness, less current portion
 
$
840

 
$
1,007

Total stockholders’ equity
 
$
1,086,599

 
$
1,003,781


- 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)
 
 
2015
 
2016
 
2015
 
2016
 
 
Q3
 
Q4
 
Q1
 
Q2
 
Q3
 
Q4
 
Q3
 
Q4
 
Q1
 
Q2
 
Q3
 
Q4
Global
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accountemps
 
4.3
 
5.8
 
8.4
 
7.1
 
4.2
 
-3.0
 
7.6
 
7.5
 
8.3
 
6.5
 
4.9
 
-0.8
OfficeTeam
 
4.8
 
4.1
 
4.2
 
1.8
 
-1.5
 
-4.7
 
8.3
 
5.8
 
3.7
 
0.6
 
-1.3
 
-3.0
Robert Half Technology
 
13.3
 
9.6
 
6.8
 
1.8
 
-1.6
 
-4.9
 
15.4
 
10.2
 
6.2
 
0.9
 
-1.4
 
-3.4
Robert Half Management Resources
 
-2.4
 
4.0
 
7.5
 
10.2
 
3.1
 
-3.7
 
2.9
 
7.1
 
7.7
 
9.4
 
3.7
 
-1.3
Temporary and consultant staffing
 
4.8
 
5.7
 
7.0
 
5.4
 
1.6
 
-3.8
 
8.3
 
7.4
 
6.7
 
4.5
 
2.1
 
-1.8
Permanent placement staffing
 
8.2
 
5.1
 
8.0
 
2.6
 
-5.1
 
-7.1
 
13.6
 
8.2
 
8.6
 
2.1
 
-4.5
 
-4.9
Total staffing
 
5.1
 
5.7
 
7.1
 
5.1
 
1.0
 
-4.1
 
8.8
 
7.5
 
6.9
 
4.3
 
1.5
 
-2.1
Protiviti
 
20.5
 
13.9
 
14.4
 
9.2
 
7.4
 
3.2
 
23.0
 
15.4
 
13.7
 
8.3
 
7.8
 
5.3
Total
 
7.2
 
6.8
 
8.1
 
5.7
 
2.0
 
-3.0
 
10.9
 
8.7
 
7.8
 
4.9
 
2.4
 
-1.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Temporary and consultant staffing
 
9.9
 
9.2
 
8.5
 
4.6
 
0.4
 
-4.9
 
9.8
 
8.2
 
7.3
 
3.5
 
0.6
 
-3.5
Permanent placement staffing
 
16.2
 
11.5
 
12.9
 
3.8
 
-5.2
 
-9.4
 
16.1
 
10.5
 
11.6
 
2.7
 
-5.0
 
-8.1
Total staffing
 
10.4
 
9.4
 
8.9
 
4.5
 
-0.1
 
-5.3
 
10.3
 
8.4
 
7.6
 
3.4
 
0.1
 
-3.9
Protiviti
 
24.6
 
15.5
 
16.2
 
7.6
 
6.1
 
3.7
 
24.4
 
15.1
 
14.9
 
6.5
 
6.3
 
5.3
Total
 
12.5
 
10.3
 
9.9
 
5.0
 
0.9
 
-3.9
 
12.6
 
9.5
 
8.7
 
3.9
 
1.1
 
-2.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
International
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Temporary and consultant staffing
 
-12.8
 
-7.2
 
0.5
 
8.6
 
7.0
 
0.8
 
3.1
 
4.4
 
4.5
 
8.9
 
8.8
 
5.3
Permanent placement staffing
 
-7.3
 
-7.8
 
-2.8
 
-0.3
 
-4.9
 
-1.3
 
8.9
 
3.5
 
2.0
 
0.8
 
-3.4
 
2.9
Total staffing
 
-12.1
 
-7.3
 
0.0
 
7.2
 
5.3
 
0.5
 
3.9
 
4.3
 
4.1
 
7.7
 
7.0
 
5.0
Protiviti
 
1.2
 
6.0
 
5.4
 
17.3
 
15.2
 
0.7
 
16.4
 
16.9
 
8.0
 
17.5
 
16.6
 
5.3
Total
 
-10.7
 
-5.8
 
0.6
 
8.4
 
6.5
 
0.5
 
5.3
 
5.9
 
4.6
 
8.9
 
8.1
 
5.0
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
 
 
 Q3 2015
 
 Q4 2015
 
 Q1 2016
 
 Q2 2016
 
 Q3 2016
 
 Q4 2016
Accountemps
 
 
 
 
 
 
 
 
 
 
As Reported
 
4.3

 
5.8

 
8.4

 
7.1

 
4.2

 
-3.0

Billing Days Impact
 
-0.2

 
-0.9

 
-1.2

 
-1.1

 
0.2

 
1.4

Currency Impact
 
3.5

 
2.6

 
1.1

 
0.5

 
0.5

 
0.8

Same Billing Days and Constant Currency
 
7.6

 
7.5

 
8.3

 
6.5

 
4.9

 
-0.8

OfficeTeam
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
4.8

 
4.1

 
4.2

 
1.8

 
-1.5

 
-4.7

Billing Days Impact
 
-0.2

 
-1.0

 
-1.2

 
-1.1

 
0.2

 
1.4

Currency Impact
 
3.7

 
2.7

 
0.7

 
-0.1

 
0.0

 
0.3

Same Billing Days and Constant Currency
 
8.3

 
5.8

 
3.7

 
0.6

 
-1.3

 
-3.0

Robert Half Technology
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
13.3

 
9.6

 
6.8

 
1.8

 
-1.6

 
-4.9

Billing Days Impact
 
-0.1

 
-1.0

 
-1.2

 
-1.1

 
0.2

 
1.4

Currency Impact
 
2.2

 
1.6

 
0.6

 
0.2

 
0.0

 
0.1

Same Billing Days and Constant Currency
 
15.4

 
10.2

 
6.2

 
0.9

 
-1.4

 
-3.4

Robert Half Management Resources
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
-2.4

 
4.0

 
7.5

 
10.2

 
3.1

 
-3.7

Billing Days Impact
 
0.0

 
-1.0

 
-1.3

 
-1.2

 
0.2

 
1.5

Currency Impact
 
5.3

 
4.1

 
1.5

 
0.4

 
0.4

 
0.9

Same Billing Days and Constant Currency
 
2.9

 
7.1

 
7.7

 
9.4

 
3.7

 
-1.3

Temporary and consultant staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
4.8

 
5.7

 
7.0

 
5.4

 
1.6

 
-3.8

Billing Days Impact
 
-0.1

 
-1.0

 
-1.3

 
-1.2

 
0.2

 
1.4

Currency Impact
 
3.6

 
2.7

 
1.0

 
0.3

 
0.3

 
0.6

Same Billing Days and Constant Currency
 
8.3

 
7.4

 
6.7

 
4.5

 
2.1

 
-1.8

Permanent placement staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
8.2

 
5.1

 
8.0

 
2.6

 
-5.1

 
-7.1

Billing Days Impact
 
-0.2

 
-0.9

 
-1.2

 
-1.2

 
0.2

 
1.4

Currency Impact
 
5.6

 
4.0

 
1.8

 
0.7

 
0.4

 
0.8

Same Billing Days and Constant Currency
 
13.6

 
8.2

 
8.6

 
2.1

 
-4.5

 
-4.9

Total staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
5.1

 
5.7

 
7.1

 
5.1

 
1.0

 
-4.1

Billing Days Impact
 
-0.1

 
-1.0

 
-1.3

 
-1.1

 
0.2

 
1.4

Currency Impact
 
3.8

 
2.8

 
1.1

 
0.3

 
0.3

 
0.6

Same Billing Days and Constant Currency
 
8.8

 
7.5

 
6.9

 
4.3

 
1.5

 
-2.1

Protiviti
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
20.5

 
13.9

 
14.4

 
9.2

 
7.4

 
3.2

Billing Days Impact
 
-0.2

 
-0.4

 
-1.4

 
-1.1

 
0.2

 
1.6

Currency Impact
 
2.7

 
1.9

 
0.7

 
0.2

 
0.2

 
0.5

Same Billing Days and Constant Currency
 
23.0

 
15.4

 
13.7

 
8.3

 
7.8

 
5.3

Total
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
7.2

 
6.8

 
8.1

 
5.7

 
2.0

 
-3.0

Billing Days Impact
 
0.0

 
-0.8

 
-1.3

 
-1.1

 
0.1

 
1.4

Currency Impact
 
3.7

 
2.7

 
1.0

 
0.3

 
0.3

 
0.6

Same Billing Days and Constant Currency
 
10.9

 
8.7

 
7.8

 
4.9

 
2.4

 
-1.0


- 8 -



ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
 
Year-Over-Year Revenue Growth – UNITED STATES
 
 
 Q3 2015
 
 Q4 2015
 
 Q1 2016
 
 Q2 2016
 
 Q3 2016
 
 Q4 2016
Temporary and consultant staffing
 
 
As Reported
 
9.9

 
9.2

 
8.5

 
4.6

 
0.4

 
-4.9

Billing Days Impact
 
-0.1

 
-1.0

 
-1.2

 
-1.1

 
0.2

 
1.4

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
9.8

 
8.2

 
7.3

 
3.5

 
0.6

 
-3.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Permanent placement staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
16.2

 
11.5

 
12.9

 
3.8

 
-5.2

 
-9.4

Billing Days Impact
 
-0.1

 
-1.0

 
-1.3

 
-1.1

 
0.2

 
1.3

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
16.1

 
10.5

 
11.6

 
2.7

 
-5.0

 
-8.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Total staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
10.4

 
9.4

 
8.9

 
4.5

 
-0.1

 
-5.3

Billing Days Impact
 
-0.1

 
-1.0

 
-1.3

 
-1.1

 
0.2

 
1.4

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
10.3

 
8.4

 
7.6

 
3.4

 
0.1

 
-3.9

 
 
 
 
 
 
 
 
 
 
 
 
 
Protiviti
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
24.6

 
15.5

 
16.2

 
7.6

 
6.1

 
3.7

Billing Days Impact
 
-0.2

 
-0.4

 
-1.3

 
-1.1

 
0.2

 
1.6

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
24.4

 
15.1

 
14.9

 
6.5

 
6.3

 
5.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
12.5

 
10.3

 
9.9

 
5.0

 
0.9

 
-3.9

Billing Days Impact
 
0.1

 
-0.8

 
-1.2

 
-1.1

 
0.2

 
1.5

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
12.6

 
9.5

 
8.7

 
3.9

 
1.1

 
-2.4


- 9 -



ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
 
Year-Over-Year Revenue Growth – INTERNATIONAL
 
 
 Q3 2015
 
 Q4 2015
 
 Q1 2016
 
 Q2 2016
 
 Q3 2016
 
 Q4 2016
Temporary and consultant staffing
 
 
As Reported
 
-12.8

 
-7.2

 
0.5

 
8.6

 
7.0

 
0.8

Billing Days Impact
 
-0.2

 
-1.0

 
-1.2

 
-1.2

 
0.3

 
1.5

Currency Impact
 
16.1

 
12.6

 
5.2

 
1.5

 
1.5

 
3.0

Same Billing Days and Constant Currency
 
3.1

 
4.4

 
4.5

 
8.9

 
8.8

 
5.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Permanent placement staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
-7.3

 
-7.8

 
-2.8

 
-0.3

 
-4.9

 
-1.3

Billing Days Impact
 
-0.1

 
-1.0

 
-1.1

 
-1.1

 
0.2

 
1.4

Currency Impact
 
16.3

 
12.3

 
5.9

 
2.2

 
1.3

 
2.8

Same Billing Days and Constant Currency
 
8.9

 
3.5

 
2.0

 
0.8

 
-3.4

 
2.9

 
 
 
 
 
 
 
 
 
 
 
 
 
Total staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
-12.1

 
-7.3

 
0.0

 
7.2

 
5.3

 
0.5

Billing Days Impact
 
-0.1

 
-1.0

 
-1.2

 
-1.1

 
0.2

 
1.6

Currency Impact
 
16.1

 
12.6

 
5.3

 
1.6

 
1.5

 
2.9

Same Billing Days and Constant Currency
 
3.9

 
4.3

 
4.1

 
7.7

 
7.0

 
5.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Protiviti
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
1.2

 
6.0

 
5.4

 
17.3

 
15.2

 
0.7

Billing Days Impact
 
-0.2

 
-0.4

 
-1.3

 
-1.3

 
0.3

 
1.5

Currency Impact
 
15.4

 
11.3

 
3.9

 
1.5

 
1.1

 
3.1

Same Billing Days and Constant Currency
 
16.4

 
16.9

 
8.0

 
17.5

 
16.6

 
5.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
-10.7

 
-5.8

 
0.6

 
8.4

 
6.5

 
0.5

Billing Days Impact
 
0.0

 
-0.7

 
-1.1

 
-1.1

 
0.2

 
1.6

Currency Impact
 
16.0

 
12.4

 
5.1

 
1.6

 
1.4

 
2.9

Same Billing Days and Constant Currency
 
5.3

 
5.9

 
4.6

 
8.9

 
8.1

 
5.0



- 10 -