EX-99.1 2 rhiq32016ex991.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 THIRD-QUARTER FINANCIAL RESULTS

MENLO PARK, Calif., October 26, 2016 — Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the third quarter ended September 30, 2016.
For the quarter ended September 30, 2016, net income was $91 million, or $.71 per share, on revenues of $1.34 billion. Net income for the prior year’s third quarter was $97 million, or $.73 per share, on revenues of $1.31 billion.
For the nine months ended September 30, 2016, net income was $266 million, or $2.06 per share, on revenues of $3.99 billion. For the nine months ended September 30, 2015, net income was $264 million, or $1.98 per share, on revenues of $3.79 billion.
“We saw solid demand in the third quarter, particularly for our accounting and finance-related professional staffing and consulting services,” said Harold M. Messmer, Jr., chairman and CEO of Robert Half. “Our Accountemps and Robert Half Management Resources staffing divisions and Protiviti reported the highest year-over-year revenue gains. Our international operations also posted strong results.”
Messmer added, “Unlevered return on equity for the company remained strong at 33 percent.”
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 11:59 p.m. EST on November 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# 89850299. 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 helps companies solve problems in finance, technology, operations, 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

- 1 -



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 September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
Net service revenues
 
$
1,338,541

 
$
1,312,718

 
$
3,985,326

 
$
3,790,339

Direct costs of services
 
786,032

 
762,917

 
2,343,852

 
2,215,949

 
 
 
 
 
 
 
 
 
Gross margin
 
552,509

 
549,801

 
1,641,474

 
1,574,390

 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
406,142

 
390,735

 
1,211,712

 
1,138,075

Amortization of intangible assets
 
326

 

 
928

 

Interest income, net
 
(283
)
 
(240
)
 
(695
)
 
(400
)
 
 
 
 
 
 
 
 
 
Income before income taxes
 
146,324

 
159,306

 
429,529

 
436,715

Provision for income taxes
 
55,755

 
62,581

 
163,928

 
172,362

 
 
 
 
 
 
 
 
 
Net income
 
$
90,569

 
$
96,725

 
$
265,601

 
$
264,353

 
 
 
 
 
 
 
 
 
Diluted net income per share
 
$
.71

 
$
.73

 
$
2.06

 
$
1.98

 
 
 
 
 
 
 
 
 
Shares:
 
 
 
 
 
 
 
 
Basic
 
127,615

 
131,285

 
128,491

 
132,280

Diluted
 
128,191

 
132,488

 
129,216

 
133,436


- 3 -



ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
 
 
 
Quarter Ended September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Unaudited)
 
(Unaudited)
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accountemps
 
$
452,338

 
33.8
%
 
$
434,152

 
33.1
%
 
$
1,361,118

 
34.1
%
 
$
1,277,527

 
33.7
%
OfficeTeam
 
245,445

 
18.3
%
 
249,087

 
19.0
%
 
732,556

 
18.4
%
 
722,282

 
19.1
%
Robert Half Technology
 
167,566

 
12.5
%
 
170,211

 
13.0
%
 
500,444

 
12.6
%
 
489,573

 
12.9
%
Robert Half Management Resources
 
150,899

 
11.3
%
 
146,372

 
11.1
%
 
463,378

 
11.6
%
 
433,560

 
11.4
%
Robert Half Finance & Accounting
 
105,117

 
7.9
%
 
110,748

 
8.4
%
 
324,845

 
8.2
%
 
319,744

 
8.5
%
Protiviti
 
217,176

 
16.2
%
 
202,148

 
15.4
%
 
602,985

 
15.1
%
 
547,653

 
14.4
%
Total
 
$
1,338,541

 
100.0
%
 
$
1,312,718

 
100.0
%
 
$
3,985,326

 
100.0
%
 
$
3,790,339

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GROSS MARGIN:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Temporary and consultant staffing
 
$
380,437

 
37.4
%
 
$
372,762

 
37.3
%
 
$
1,142,980

 
37.4
%
 
$
1,087,324

 
37.2
%
Permanent placement staffing
 
104,865

 
99.8
%
 
110,610

 
99.9
%
 
324,232

 
99.8
%
 
319,226

 
99.8
%
Risk consulting and internal audit services
 
67,207

 
30.9
%
 
66,429

 
32.9
%
 
174,262

 
28.9
%
 
167,840

 
30.6
%
Total
 
$
552,509

 
41.3
%
 
$
549,801

 
41.9
%
 
$
1,641,474

 
41.2
%
 
$
1,574,390

 
41.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING INCOME:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Temporary and consultant staffing
 
$
97,786

 
9.6
%
 
$
102,991

 
10.3
%
 
$
302,802

 
9.9
%
 
$
300,404

 
10.3
%
Permanent placement staffing
 
20,286

 
19.3
%
 
24,377

 
22.0
%
 
66,364

 
20.4
%
 
67,460

 
21.1
%
Risk consulting and internal audit services
 
28,295

 
13.0
%
 
31,698

 
15.7
%
 
60,596

 
10.0
%
 
68,451

 
12.5
%
Total
 
$
146,367

 
10.9
%
 
$
159,066

 
12.1
%
 
$
429,762

 
10.8
%
 
$
436,315

 
11.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED CASH FLOW INFORMATION:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets
 
$
326

 
 
 
$

 
 
 
$
928

 
 
 
$

 
 
Depreciation expense
 
$
16,061

 
 
 
$
12,919

 
 
 
$
46,771

 
 
 
$
39,487

 
 
Capital expenditures
 
$
19,540

 
 
 
$
18,753

 
 
 
$
63,280

 
 
 
$
48,276

 
 
Open market repurchases of common stock (shares)
 
1,239

 
 
 
1,551

 
 
 
2,933

 
 
 
2,932

 
 

- 4 -



ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
 
 
 
September 30,
 
 
2016
 
2015
 
 
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
 
 
 
 
Cash and cash equivalents
 
$
292,451

 
$
251,818

Accounts receivable, less allowances
 
$
742,824

 
$
731,574

Total assets
 
$
1,871,981

 
$
1,715,272

Current liabilities
 
$
729,676

 
$
664,169

Notes payable and other indebtedness, less current portion
 
$
883

 
$
1,046

Total stockholders’ equity
 
$
1,094,930

 
$
1,006,476


- 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
 
 
Q2
 
Q3
 
Q4
 
Q1
 
Q2
 
Q3
 
Q2
 
Q3
 
Q4
 
Q1
 
Q2
 
Q3
Global
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accountemps
 
6.6
 
4.3
 
5.8
 
8.4
 
7.1
 
4.2
 
10.1
 
7.6
 
7.5
 
8.3
 
6.5
 
4.9
OfficeTeam
 
6.9
 
4.8
 
4.1
 
4.2
 
1.8
 
-1.5
 
10.8
 
8.3
 
5.8
 
3.7
 
0.6
 
-1.3
RH Technology
 
16.6
 
13.3
 
9.6
 
6.8
 
1.8
 
-1.6
 
18.8
 
15.4
 
10.2
 
6.2
 
0.9
 
-1.4
RH Management Resources
 
2.0
 
-2.4
 
4.0
 
7.5
 
10.2
 
3.1
 
7.9
 
2.9
 
7.1
 
7.7
 
9.4
 
3.7
Temporary and consultant staffing
 
7.5
 
4.8
 
5.7
 
7.0
 
5.4
 
1.6
 
11.3
 
8.3
 
7.4
 
6.7
 
4.5
 
2.1
Permanent placement staffing
 
7.5
 
8.2
 
5.1
 
8.0
 
2.6
 
-5.1
 
13.0
 
13.6
 
8.2
 
8.6
 
2.1
 
-4.5
Total staffing
 
7.5
 
5.1
 
5.7
 
7.1
 
5.1
 
1.0
 
11.5
 
8.8
 
7.5
 
6.9
 
4.3
 
1.5
Protiviti
 
20.4
 
20.5
 
13.9
 
14.4
 
9.2
 
7.4
 
23.4
 
23.0
 
15.4
 
13.7
 
8.3
 
7.8
Total
 
9.2
 
7.2
 
6.8
 
8.1
 
5.7
 
2.0
 
13.1
 
10.9
 
8.7
 
7.8
 
4.9
 
2.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Temporary and consultant staffing
 
12.4
 
9.9
 
9.2
 
8.5
 
4.6
 
0.4
 
12.4
 
9.8
 
8.2
 
7.3
 
3.5
 
0.6
Permanent placement staffing
 
18.7
 
16.2
 
11.5
 
12.9
 
3.8
 
-5.2
 
18.6
 
16.1
 
10.5
 
11.6
 
2.7
 
-5.0
Total staffing
 
12.9
 
10.4
 
9.4
 
8.9
 
4.5
 
-0.1
 
12.9
 
10.3
 
8.4
 
7.6
 
3.4
 
0.1
Protiviti
 
24.3
 
24.6
 
15.5
 
16.2
 
7.6
 
6.1
 
24.1
 
24.4
 
15.1
 
14.9
 
6.5
 
6.3
Total
 
14.5
 
12.5
 
10.3
 
9.9
 
5.0
 
0.9
 
14.5
 
12.6
 
9.5
 
8.7
 
3.9
 
1.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
International
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Temporary and consultant staffing
 
-9.3
 
-12.8
 
-7.2
 
0.5
 
8.6
 
7.0
 
7.7
 
3.1
 
4.4
 
4.5
 
8.9
 
8.8
Permanent placement staffing
 
-11.9
 
-7.3
 
-7.8
 
-2.8
 
-0.3
 
-4.9
 
3.1
 
8.9
 
3.5
 
2.0
 
0.8
 
-3.4
Total staffing
 
-9.7
 
-12.1
 
-7.3
 
0.0
 
7.2
 
5.3
 
7.0
 
3.9
 
4.3
 
4.1
 
7.7
 
7.0
Protiviti
 
4.0
 
1.2
 
6.0
 
5.4
 
17.3
 
15.2
 
20.4
 
16.4
 
16.9
 
8.0
 
17.5
 
16.6
Total
 
-8.2
 
-10.7
 
-5.8
 
0.6
 
8.4
 
6.5
 
8.5
 
5.3
 
5.9
 
4.6
 
8.9
 
8.1
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
 
 
Q2 2015
 
Q3 2015
 
 Q4 2015
 
Q1 2016
 
 Q2 2016
 
 Q3 2016
Accountemps
 
 
 
 
 
 
 
 
As Reported
 
6.6

 
4.3

 
5.8

 
8.4

 
7.1

 
4.2

Billing Days Impact
 
-0.1

 
-0.2

 
-0.9

 
-1.2

 
-1.1

 
0.2

Currency Impact
 
3.6

 
3.5

 
2.6

 
1.1

 
0.5

 
0.5

Same Billing Days and Constant Currency
 
10.1

 
7.6

 
7.5

 
8.3

 
6.5

 
4.9

OfficeTeam
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
6.9

 
4.8

 
4.1

 
4.2

 
1.8

 
-1.5

Billing Days Impact
 
-0.1

 
-0.2

 
-1.0

 
-1.2

 
-1.1

 
0.2

Currency Impact
 
4.0

 
3.7

 
2.7

 
0.7

 
-0.1

 
0.0

Same Billing Days and Constant Currency
 
10.8

 
8.3

 
5.8

 
3.7

 
0.6

 
-1.3

Robert Half Technology
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
16.6

 
13.3

 
9.6

 
6.8

 
1.8

 
-1.6

Billing Days Impact
 
0.0

 
-0.1

 
-1.0

 
-1.2

 
-1.1

 
0.2

Currency Impact
 
2.2

 
2.2

 
1.6

 
0.6

 
0.2

 
0.0

Same Billing Days and Constant Currency
 
18.8

 
15.4

 
10.2

 
6.2

 
0.9

 
-1.4

Robert Half Management Resources
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
2.0

 
-2.4

 
4.0

 
7.5

 
10.2

 
3.1

Billing Days Impact
 
0.0

 
0.0

 
-1.0

 
-1.3

 
-1.2

 
0.2

Currency Impact
 
5.9

 
5.3

 
4.1

 
1.5

 
0.4

 
0.4

Same Billing Days and Constant Currency
 
7.9

 
2.9

 
7.1

 
7.7

 
9.4

 
3.7

Temporary and consultant staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
7.5

 
4.8

 
5.7

 
7.0

 
5.4

 
1.6

Billing Days Impact
 
0.0

 
-0.1

 
-1.0

 
-1.3

 
-1.2

 
0.2

Currency Impact
 
3.8

 
3.6

 
2.7

 
1.0

 
0.3

 
0.3

Same Billing Days and Constant Currency
 
11.3

 
8.3

 
7.4

 
6.7

 
4.5

 
2.1

Permanent placement staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
7.5

 
8.2

 
5.1

 
8.0

 
2.6

 
-5.1

Billing Days Impact
 
0.0

 
-0.2

 
-0.9

 
-1.2

 
-1.2

 
0.2

Currency Impact
 
5.5

 
5.6

 
4.0

 
1.8

 
0.7

 
0.4

Same Billing Days and Constant Currency
 
13.0

 
13.6

 
8.2

 
8.6

 
2.1

 
-4.5

Total staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
7.5

 
5.1

 
5.7

 
7.1

 
5.1

 
1.0

Billing Days Impact
 
0.0

 
-0.1

 
-1.0

 
-1.3

 
-1.1

 
0.2

Currency Impact
 
4.0

 
3.8

 
2.8

 
1.1

 
0.3

 
0.3

Same Billing Days and Constant Currency
 
11.5

 
8.8

 
7.5

 
6.9

 
4.3

 
1.5

Protiviti
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
20.4

 
20.5

 
13.9

 
14.4

 
9.2

 
7.4

Billing Days Impact
 
-0.1

 
-0.2

 
-0.4

 
-1.4

 
-1.1

 
0.2

Currency Impact
 
3.1

 
2.7

 
1.9

 
0.7

 
0.2

 
0.2

Same Billing Days and Constant Currency
 
23.4

 
23.0

 
15.4

 
13.7

 
8.3

 
7.8

Total
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
9.2

 
7.2

 
6.8

 
8.1

 
5.7

 
2.0

Billing Days Impact
 
0.0

 
0.0

 
-0.8

 
-1.3

 
-1.1

 
0.1

Currency Impact
 
3.9

 
3.7

 
2.7

 
1.0

 
0.3

 
0.3

Same Billing Days and Constant Currency
 
13.1

 
10.9

 
8.7

 
7.8

 
4.9

 
2.4


- 8 -



ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
 
Year-Over-Year Revenue Growth – UNITED STATES
 
 
Q2 2015
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
Temporary and consultant staffing
 
 
As Reported
 
12.4

 
9.9

 
9.2

 
8.5

 
4.6

 
0.4

Billing Days Impact
 
0.0

 
-0.1

 
-1.0

 
-1.2

 
-1.1

 
0.2

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
12.4

 
9.8

 
8.2

 
7.3

 
3.5

 
0.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Permanent placement staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
18.7

 
16.2

 
11.5

 
12.9

 
3.8

 
-5.2

Billing Days Impact
 
0.0

 
-0.1

 
-1.0

 
-1.3

 
-1.1

 
0.2

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
18.7

 
16.1

 
10.5

 
11.6

 
2.7

 
-5.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Total staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
12.9

 
10.4

 
9.4

 
8.9

 
4.5

 
-0.1

Billing Days Impact
 
0.0

 
-0.1

 
-1.0

 
-1.3

 
-1.1

 
0.2

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
12.9

 
10.3

 
8.4

 
7.6

 
3.4

 
0.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Protiviti
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
24.3

 
24.6

 
15.5

 
16.2

 
7.6

 
6.1

Billing Days Impact
 
-0.2

 
-0.2

 
-0.4

 
-1.3

 
-1.1

 
0.2

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
24.1

 
24.4

 
15.1

 
14.9

 
6.5

 
6.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
14.5

 
12.5

 
10.3

 
9.9

 
5.0

 
0.9

Billing Days Impact
 
0.0

 
0.1

 
-0.8

 
-1.2

 
-1.1

 
0.2

Currency Impact
 

 

 

 

 

 

Same Billing Days and Constant Currency
 
14.5

 
12.6

 
9.5

 
8.7

 
3.9

 
1.1


- 9 -



ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
 
Year-Over-Year Revenue Growth – INTERNATIONAL
 
 
Q2 2015
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
Temporary and consultant staffing
 
 
As Reported
 
-9.3

 
-12.8

 
-7.2

 
0.5

 
8.6

 
7.0

Billing Days Impact
 
0.0

 
-0.2

 
-1.0

 
-1.2

 
-1.2

 
0.3

Currency Impact
 
17.0

 
16.1

 
12.6

 
5.2

 
1.5

 
1.5

Same Billing Days and Constant Currency
 
7.7

 
3.1

 
4.4

 
4.5

 
8.9

 
8.8

 
 
 
 
 
 
 
 
 
 
 
 
 
Permanent placement staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
-11.9

 
-7.3

 
-7.8

 
-2.8

 
-0.3

 
-4.9

Billing Days Impact
 
0.0

 
-0.1

 
-1.0

 
-1.1

 
-1.1

 
0.2

Currency Impact
 
15.0

 
16.3

 
12.3

 
5.9

 
2.2

 
1.3

Same Billing Days and Constant Currency
 
3.1

 
8.9

 
3.5

 
2.0

 
0.8

 
-3.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Total staffing
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
-9.7

 
-12.1

 
-7.3

 
0.0

 
7.2

 
5.3

Billing Days Impact
 
0.0

 
-0.1

 
-1.0

 
-1.2

 
-1.1

 
0.2

Currency Impact
 
16.7

 
16.1

 
12.6

 
5.3

 
1.6

 
1.5

Same Billing Days and Constant Currency
 
7.0

 
3.9

 
4.3

 
4.1

 
7.7

 
7.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Protiviti
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
4.0

 
1.2

 
6.0

 
5.4

 
17.3

 
15.2

Billing Days Impact
 
-0.1

 
-0.2

 
-0.4

 
-1.3

 
-1.3

 
0.3

Currency Impact
 
16.5

 
15.4

 
11.3

 
3.9

 
1.5

 
1.1

Same Billing Days and Constant Currency
 
20.4

 
16.4

 
16.9

 
8.0

 
17.5

 
16.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
-8.2

 
-10.7

 
-5.8

 
0.6

 
8.4

 
6.5

Billing Days Impact
 
0.0

 
0.0

 
-0.7

 
-1.1

 
-1.1

 
0.2

Currency Impact
 
16.7

 
16.0

 
12.4

 
5.1

 
1.6

 
1.4

Same Billing Days and Constant Currency
 
8.5

 
5.3

 
5.9

 
4.6

 
8.9

 
8.1



- 10 -