ROBERT HALF REPORTS THIRD-QUARTER FINANCIAL RESULTS - Form 8-K

ROBERT HALF REPORTS THIRD-QUARTER FINANCIAL RESULTS

MENLO PARK, Calif., October 21, 2021 - Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the third quarter ended September 30, 2021.

For the quarter ended September 30, 2021, net income was $171 million, or $1.53 per share, on revenues of $1.713 billion. Net income for the prior year's third quarter was $76 million, or $.67 per share, on revenues of $1.190 billion.

"We once again achieved a record level of both revenues and earnings in the third quarter, exceeding the high end of our guidance, as a result of continued broad-based acceleration in the demand for our staffing and business consulting services," said M. Keith Waddell, president and CEO of Robert Half. "Our permanent placement and Protiviti operations continued to show very strong results, growing year-over-year revenues by 79% and 56%, respectively. Our temporary and consultant staffing operations also accelerated in the quarter with year-over-year revenue growth of 35%. Overall, our total revenues were 10% higher than the pre-pandemic third quarter of 2019. Return on invested capital for the Company was 53% in the third quarter.

"We are proud that our commitment to success has earned us several recent accolades, including the Forbes' World's Best Employers and Newsweek's America's Most Responsible Companies lists for 2021," Waddell concluded.

Robert Half management will conduct a conference call today at 5 p.m. EDT. The prepared remarks for this call are available now in the Investor Center of the Robert Half website (www.roberthalf.com/investor-center). Simply click on the Quarterly Conference Calls link. The dial-in number 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 10:59 p.m. EST on November 20. 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# 5657603. The conference call also will be archived in audio format on the Company's website, at www.roberthalf.com/investor-center.

Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects opportunities at great companies with highly skilled job seekers. The Company offers contract and permanent placement solutions for finance and accounting, technology, marketing and creative, legal, and administrative and customer support roles. Named to FORTUNE's Most Admired Companies and 100 Best Companies to Work For lists and a Forbes Best Employer for Diversity, Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions.

Robert Half has operations in more than 400 locations worldwide.

Certain information contained in this press release and its attachments may be deemed forward-looking statements regarding events and financial trends that may affect the Company's future operating results or financial positions. 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: changes to or new interpretations of U.S. or international tax regulations; the global financial and economic situation; the duration and impact of the COVID-19 pandemic and efforts to mitigate its spread; changes in levels of unemployment and other economic conditions in the United States or foreign countries where the Company does business, or in particular regions or industries; reduction in the supply of candidates

for contract employment or the Company's ability to attract candidates; the entry of new competitors into the marketplace or expansion by existing competitors; the ability of the Company to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions; the impact of competitive pressures, including any change in the demand for the Company's services; the Company's ability to maintain its margins; the possibility of the Company incurring liability for its activities, including the activities of its contract employees, or for events impacting its contract employees on clients' premises; the possibility that adverse publicity could impact the Company's ability to attract and retain clients and candidates; the success of the Company in attracting, training, and retaining qualified management personnel and other staff employees; the Company's ability to comply with governmental regulations affecting personnel services businesses in particular or employer/employee relationships in general; whether there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; the Company's reliance on short-term contracts for a significant percentage of its business; litigation relating to prior or current transactions or activities, including litigation that may be disclosed from time to time in the Company's SEC filings; the ability of the Company to manage its international operations and comply with foreign laws and regulations; the impact of fluctuations in foreign currency exchange rates; the possibility that the additional costs the Company will incur as a result of healthcare reform legislation may adversely affect the Company's profit margins or the demand for the Company's services; the possibility that the Company's computer and communications hardware and software systems could be damaged or their service interrupted; and the possibility that the Company may fail to maintain adequate financial and management controls and as a result suffer errors in its financial reporting.

Additionally, with respect to Protiviti, other risks and uncertainties include the fact that future success will depend on its ability to retain employees and attract clients; there can be no assurance that there will be ongoing demand for broad-based consulting, regulatory compliance, technology services, public sector or other high-demand advisory services; failure to produce projected revenues could adversely affect financial results; and there is the possibility of involvement in litigation relating to prior or current transactions or activities.

Because long-term contracts are not a significant part of the Company's business, future results cannot be reliably predicted by considering past trends or extrapolating past results. The Company undertakes no obligation to update information contained in this release.

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 INTERNATIONAL INC.

SUMMARY OF OPERATIONS

(in thousands, except per share amounts)

	Quarter Ended September 30,	Nine Months Ended September 30,
	2021	2020	2021	2020
	(Unaudited)	(Unaudited)
Service revenues	$	1,712,566	$	1,189,897	$	4,691,527	$	3,804,914
Costs of services	987,239	722,551	2,739,618	2,306,630
Gross margin	725,327	467,346	1,951,909	1,498,284
Selling, general and administrative expenses (1)	495,576	390,799	1,406,731	1,240,879
(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses) (1)	1,759	(26,095)	(38,039)	(34,630)
Amortization of intangible assets	572	334	1,724	1,002
Interest income, net	(238)	(202)	(145)	(1,264)
Income before income taxes	227,658	102,510	581,638	292,297
Provision for income taxes	56,787	26,761	150,956	80,437
Net income	$	170,871	$	75,749	$	430,682	$	211,860
Diluted net income per share	$	1.53	$	.67	$	3.85	$	1.87
Shares:
Basic	110,176	112,809	110,816	112,953
Diluted	111,490	113,355	111,954	113,444

(1) Selling, general and administrative ("SG&A") expenses exclude gains and losses on investments held to fund the Company's obligations under employee deferred compensation plans. Under these plans, employees direct the investment of their account balances, and the Company makes cash deposits into an investment trust consistent with these directions. Changes in the Company's deferred compensation obligations noted above are included in SG&A or, in the case of Protiviti, costs of services, while investment (income) loss is presented separately.

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ROBERT HALF INTERNATIONAL INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)

	Nine Months Ended September 30,
	2021	2020
	(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation	$	40,536	$	47,097
Capitalized cloud computing implementation costs	$	23,735	$	26,121
Capital expenditures	$	24,797	$	28,878
Open market repurchases of common stock (shares)	2,254	1,432

	September 30,
	2021	2020
	(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents	$	633,719	$	587,000
Accounts receivable, net	$	1,005,633	$	690,259
Total assets	$	2,931,718	$	2,563,092
Total current liabilities	$	1,341,602	$	1,052,785
Total stockholders' equity	$	1,316,043	$	1,194,029

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ROBERT HALF INTERNATIONAL INC.

SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)

(in thousands)

Beginning in Q3 2020, the Company modified its presentation of service revenues for Accountemps, OfficeTeam, Robert Half Technology and Robert Half Management Resources to include inter-segment revenues from services provided to Protiviti in connection with the Company's managed business solutions. This is how the Company measures and manages these divisions internally. The combined amount of divisional intersegment revenues with Protiviti are aggregated and then eliminated as a single line item. The Company has prepared the below schedule to provide readers with historical comparative information to better evaluate the related trends.

2019	2020	2021
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SERVICE REVENUES:
Accountemps	$	490,084	$	494,582	$	501,905	$	498,650	$	489,884	$	331,542	$	351,598	$	385,000	$	417,116	$	453,342	$	492,558
OfficeTeam	252,633	261,952	267,023	259,147	239,979	136,299	173,685	214,985	220,467	263,192	279,370
Robert Half Technology	182,426	189,461	195,630	198,314	196,652	162,028	161,007	175,730	172,239	194,233	215,500
Robert Half Management Resources	196,003	195,236	200,421	201,097	211,878	165,031	154,917	167,116	183,271	210,550	239,807
Elimination of intersegment revenues	(36,519)	(38,519)	(46,518)	(50,883)	(46,273)	(41,514)	(59,816)	(92,393)	(103,818)	(143,036)	(172,534)
Temporary and consultant staffing	1,084,627	1,102,712	1,118,461	1,106,325	1,092,120	753,386	781,391	850,438	889,275	978,281	1,054,701
Permanent placement staffing	131,562	140,894	134,582	126,394	120,489	71,030	87,203	91,387	111,703	143,640	156,444
Protiviti	252,341	272,779	299,089	304,666	294,082	283,910	321,303	362,261	397,402	458,660	501,421
Total	$	1,468,530	$	1,516,385	$	1,552,132	$	1,537,385	$	1,506,691	$	1,108,326	$	1,189,897	$	1,304,086	$	1,398,380	$	1,580,581	$	1,712,566

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ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

The financial results of Robert Half International Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the U.S. Securities and Exchange Commission ("SEC"). To help readers understand the Company's financial performance, the Company supplements its GAAP financial results with the following non-GAAP measures: adjusted gross margin; adjusted selling, general and administrative expense; segment income; combined segment income; and as adjusted revenue growth rates.

The following measures: adjusted gross margin; adjusted selling, general and administrative expense; and segment income 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, net and amortization of intangible assets. The Company provides combined segment income because it is how the Company evaluates segment performance.

Variations in the Company's financial results include the impact of changes in foreign currency exchange rates and billing days. The Company provides "as adjusted" 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 an as adjusted 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 it focuses on the Company's revenue growth rates attributable to operating activities 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 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 INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED SUMMARY OF OPERATIONS RECONCILIATION (UNAUDITED)

(in thousands)

Quarter Ended September 30,	Relationships
2021	2020	2021	2020	2021	2020
Reported	Adjustments	Adjusted (1)	Reported	Adjustments	Adjusted (1)	Reported	Adjusted
SERVICE REVENUES:
Accountemps	$	492,558	$	-	$	492,558	$	351,598	$	-	$	351,598	28.8	%	29.5	%	28.8	%	29.6	%
OfficeTeam	279,370	-	279,370	173,685	-	173,685	16.3	%	14.6	%	16.3	%	14.6	%
Robert Half Technology	215,500	-	215,500	161,007	-	161,007	12.6	%	13.5	%	12.6	%	13.5	%
Robert Half Management Resources	239,807	-	239,807	154,917	-	154,917	14.0	%	13.0	%	14.0	%	13.0	%
Elimination of intersegment revenues	(172,534)	-	(172,534)	(59,816)	-	(59,816)	(10.1	%)	(5.0	%)	(10.1	%)	(5.0	%)
Temporary and consultant staffing	1,054,701	-	1,054,701	781,391	-	781,391	61.6	%	65.7	%	61.6	%	65.7	%
Permanent placement staffing	156,444	-	156,444	87,203	-	87,203	9.1	%	7.3	%	9.1	%	7.3	%
Protiviti	501,421	-	501,421	321,303	-	321,303	29.3	%	27.0	%	29.3	%	27.0	%
Total	$	1,712,566	$	-	$	1,712,566	$	1,189,897	$	-	$	1,189,897	100.0	%	100.0	%	100.0	%	100.0	%
GROSS MARGIN:
Temporary and consultant staffing	$	421,419	$	-	$	421,419	$	293,318	$	-	$	293,318	40.0	%	37.5	%	40.0	%	37.5	%
Permanent placement staffing	156,170	-	156,170	87,043	-	87,043	99.8	%	99.8	%	99.8	%	99.8	%
Protiviti	147,738	(277)	147,461	86,985	3,392	90,377	29.5	%	27.1	%	29.4	%	28.1	%
Total	$	725,327	$	(277)	$	725,050	$	467,346	$	3,392	$	470,738	42.4	%	39.3	%	42.3	%	39.6	%
SELLING GENERAL AND ADMINISTRATIVE EXPENSE:
Temporary and consultant staffing	$	310,112	$	1,297	$	311,409	$	269,963	$	(20,424)	$	249,539	29.4	%	34.5	%	29.5	%	31.9	%
Permanent placement staffing	124,955	185	125,140	79,194	(2,279)	76,915	79.9	%	90.8	%	80.0	%	88.2	%
Protiviti	60,509	-	60,509	41,642	-	41,642	12.1	%	13.0	%	12.1	%	13.0	%
Total	$	495,576	$	1,482	$	497,058	$	390,799	$	(22,703)	$	368,096	28.9	%	32.8	%	29.0	%	30.9	%
OPERATING/SEGMENT INCOME:
Temporary and consultant staffing	$	111,307	$	(1,297)	$	110,010	$	23,355	$	20,424	$	43,779	10.6	%	3.0	%	10.4	%	5.6	%
Permanent placement staffing	31,215	(185)	31,030	7,849	2,279	10,128	20.0	%	9.0	%	19.8	%	11.6	%
Protiviti	87,229	(277)	86,952	45,343	3,392	48,735	17.4	%	14.1	%	17.3	%	15.2	%
Total	$	229,751	$	(1,759)	$	227,992	$	76,547	$	26,095	$	102,642	13.4	%	6.4	%	13.3	%	8.6	%
(Income) loss from investments held in employee deferred compensation trusts	1,759	(1,759)	-	(26,095)	26,095	-	(0.1	%)	2.2	%	0.0	%	0.0	%
Amortization of intangible assets	572	-	572	334	-	334.0	0.0	%	0.0	%	0.0	%	0.0	%
Interest income, net	(238)	-	(238)	(202)	-	(202)	0.0	%	0.0	%	0.0	%	0.0	%
Income before income taxes	$	227,658	$	-	$	227,658	$	102,510	$	-	$	102,510	13.3	%	8.6	%	13.3	%	8.6	%

(1) Changes in the Company's deferred compensation obligations are included in selling, general and administrative expense or, in the case of Protiviti, costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial measures shown in the table above are adjusted to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item which includes the corresponding change in obligation. These adjustments have no impact to income before income taxes.

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ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED SUMMARY OF OPERATIONS RECONCILIATION (UNAUDITED)
(in thousands)

Nine Months Ended September 30,	Relationships
2021	2020	2021	2020	2021	2020
Reported	Adjustments	Adjusted (1)	Reported	Adjustments	Adjusted (1)	Reported	Adjusted
SERVICE REVENUES:
Accountemps	$	1,363,007	$	-	$	1,363,007	$	1,173,024	$	-	$	1,173,024	29.0	%	30.8	%	29.0	%	30.8	%
OfficeTeam	763,035	-	763,035	549,963	-	549,963	16.3	%	14.5	%	16.3	%	14.5	%
Robert Half Technology	581,905	-	581,905	519,687	-	519,687	12.4	%	13.7	%	12.4	%	13.7	%
Robert Half Management Resources	633,685	-	633,685	531,826	-	531,826	13.5	%	14.0	%	13.5	%	14.0	%
Elimination of intersegment revenues	(419,375)	-	(419,375)	(147,603)	-	(147,603)	(8.9	%)	(3.9	%)	(8.9	%)	(3.9	%)
Temporary and consultant staffing	2,922,257	-	2,922,257	2,626,897	-	2,626,897	62.3	%	69.0	%	62.3	%	69.0	%
Permanent placement staffing	411,788	-	411,788	278,722	-	278,722	8.8	%	7.3	%	8.8	%	7.3	%
Protiviti	1,357,482	-	1,357,482	899,295	-	899,295	28.9	%	23.6	%	28.9	%	23.6	%
Total	$	4,691,527	$	-	$	4,691,527	$	3,804,914	$	-	$	3,804,914	100.0	%	100.0	%	100.0	%	100.0	%
GROSS MARGIN:
Temporary and consultant staffing	$	1,154,420	$	-	$	1,154,420	$	985,616	$	-	$	985,616	39.5	%	37.5	%	39.5	%	37.5	%
Permanent placement staffing	411,122	-	411,122	278,229	-	278,229	99.8	%	99.8	%	99.8	%	99.8	%
Protiviti	386,367	5,565	391,932	234,439	6,248	240,687	28.5	%	26.1	%	28.9	%	26.8	%
Total	$	1,951,909	$	5,565	$	1,957,474	$	1,498,284	$	6,248	$	1,504,532	41.6	%	39.4	%	41.7	%	39.5	%
SELLING GENERAL AND ADMINISTRATIVE EXPENSE:
Temporary and consultant staffing	$	903,739	$	(29,016)	$	874,723	$	845,342	$	(25,659)	$	819,683	30.9	%	32.2	%	29.9	%	31.2	%
Permanent placement staffing	335,316	(3,458)	331,858	260,161	(2,723)	257,438	81.4	%	93.3	%	80.6	%	92.4	%
Protiviti	167,676	-	167,676	135,376	-	135,376	12.4	%	15.1	%	12.4	%	15.1	%
Total	$	1,406,731	$	(32,474)	$	1,374,257	$	1,240,879	$	(28,382)	$	1,212,497	30.0	%	32.6	%	29.3	%	31.9	%
OPERATING/SEGMENT INCOME:
Temporary and consultant staffing	$	250,681	$	29,016	$	279,697	$	140,274	$	25,659	$	165,933	8.6	%	5.3	%	9.6	%	6.3	%
Permanent placement staffing	75,806	3,458	79,264	18,068	2,723	20,791	18.4	%	6.5	%	19.2	%	7.5	%
Protiviti	218,691	5,565	224,256	99,063	6,248	105,311	16.1	%	11.0	%	16.5	%	11.7	%
Total	$	545,178	$	38,039	$	583,217	$	257,405	$	34,630	$	292,035	11.6	%	6.8	%	12.4	%	7.7	%
(Income) loss from investments held in employee deferred compensation trusts	(38,039)	38,039	-	(34,630)	34,630	-	0.8	%	0.9	%	0.0	%	0.0	%
Amortization of intangible assets	1,724	-	1,724	1,002	-	1,002	0.0	%	0.0	%	0.0	%	0.0	%
Interest income, net	(145)	-	(145)	(1,264)	-	(1,264)	0.0	%	0.0	%	0.0	%	0.0	%
Income before income taxes	$	581,638	$	-	$	581,638	$	292,297	$	-	$	292,297	12.4	%	7.7	%	12.4	%	7.7	%

(1) Changes in the Company's deferred compensation obligations are included in selling, general and administrative expense or, in the case of Protiviti, costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial measures shown in the table above are adjusted to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item which includes the corresponding change in obligation. These adjustments have no impact to income before income taxes.

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ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

COMBINED SEGMENT INCOME RECONCILIATION (UNAUDITED):

	Quarter Ended September 30,	Nine Months Ended September 30,
	2021	2020	2021	2020
Income before income taxes	$	227,658	$	102,510	$	581,638	$	292,297
Interest income, net	(238)	(202)	(145)	(1,264)
Amortization of intangible assets	572	334	1,724	1,002
Combined segment income	$	227,992	$	102,642	$	583,217	$	292,035

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ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATES (%) (UNAUDITED):

	Year-Over-Year Growth Rates (As Reported)	Non-GAAP Year-Over-Year Growth Rates (As Adjusted)
	2020	2021	2020	2021
	Q2	Q3	Q4	Q1	Q2	Q3	Q2	Q3	Q4	Q1	Q2	Q3
Global
Accountemps	-33.0	-29.9	-22.8	-14.9	36.7	40.1	-32.3	-30.2	-23.1	-14.6	34.4	39.1
OfficeTeam	-48.0	-35.0	-17.0	-8.1	93.1	60.8	-47.8	-35.8	-18.2	-8.7	89.5	60.0
RH Technology	-14.5	-17.7	-11.4	-12.4	19.9	33.8	-14.2	-18.2	-11.9	-12.4	17.9	33.1
RH Management Resources	-15.5	-22.7	-16.9	-13.5	27.6	54.8	-14.8	-23.5	-18.1	-14.3	24.0	53.6
Elimination of intersegment revenues (1)	7.8	28.6	81.6	124.4	244.5	188.4	7.7	28.2	81.5	127.3	240.9	187.5
Temporary and consultant staffing	-31.7	-30.1	-23.1	-18.6	29.9	35.0	-31.2	-30.7	-23.8	-18.9	27.2	34.0
Permanent placement staffing	-49.6	-35.2	-27.7	-7.3	102.2	79.4	-49.1	-35.7	-28.5	-8.1	96.9	77.7
Total staffing	-33.7	-30.7	-23.6	-17.5	36.1	39.4	-33.2	-31.2	-24.3	-17.8	33.2	38.4
Protiviti	4.1	7.4	18.9	35.1	61.6	56.1	4.5	6.4	17.9	34.7	58.8	55.1
Total	-26.9	-23.3	-15.2	-7.2	42.6	43.9	-26.4	-23.9	-15.9	-7.6	39.7	42.9
United States
Temporary and consultant staffing	-31.7	-31.0	-24.1	-20.3	27.5	35.5	-31.7	-31.3	-23.9	-19.4	27.7	35.5
Permanent placement staffing	-51.6	-37.1	-31.3	-12.4	109.3	85.1	-51.6	-37.3	-31.0	-11.4	109.6	85.1
Total staffing	-33.7	-31.6	-24.8	-19.6	33.6	40.0	-33.7	-31.9	-24.6	-18.6	33.8	40.0
Protiviti	6.4	10.8	22.9	35.5	62.6	53.7	6.3	10.3	23.3	37.1	62.8	53.7
Total	-26.5	-23.3	-15.3	-8.7	41.1	43.8	-26.5	-23.7	-15.0	-7.6	41.3	43.8
International
Temporary and consultant staffing	-31.8	-27.0	-19.3	-12.3	38.6	33.0	-28.9	-28.4	-23.5	-17.0	25.1	29.1
Permanent placement staffing	-45.0	-30.9	-19.3	5.2	87.8	67.3	-43.2	-31.7	-23.0	0.3	70.5	62.1
Total staffing	-33.8	-27.6	-19.3	-10.1	44.8	37.7	-31.1	-28.9	-23.4	-14.8	30.9	33.7
Protiviti	-3.9	-5.0	4.3	33.8	57.6	65.9	-1.5	-8.0	-1.7	26.1	43.5	61.4
Total	-28.4	-23.4	-14.7	-2.0	48.0	44.3	-25.7	-25.0	-19.2	-7.2	33.9	40.1

(1) Service revenues for Accountemps, OfficeTeam, Robert Half Technology and Robert Half Management Resources include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each line of business 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:

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 inputs 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 "As Adjusted" means that the impact of different billing days, constant currency fluctuations, and certain intercompany adjustments 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 11-13.

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ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - GLOBAL
	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Accountemps
As Reported	-33.0	-29.9	-22.8	-14.9	36.7	40.1
Billing Days Impact	-0.1	-0.3	-0.1	1.1	0.0	-0.2
Currency Impact	0.8	0.0	-0.2	-0.8	-2.3	-0.8
As Adjusted	-32.3	-30.2	-23.1	-14.6	34.4	39.1
OfficeTeam
As Reported	-48.0	-35.0	-17.0	-8.1	93.1	60.8
Billing Days Impact	-0.1	-0.2	-0.1	1.1	0.0	-0.2
Currency Impact	0.3	-0.6	-1.1	-1.7	-3.6	-0.6
As Adjusted	-47.8	-35.8	-18.2	-8.7	89.5	60.0
Robert Half Technology
As Reported	-14.5	-17.7	-11.4	-12.4	19.9	33.8
Billing Days Impact	-0.1	-0.2	0.0	1.1	0.0	-0.1
Currency Impact	0.4	-0.3	-0.5	-1.1	-2.0	-0.6
As Adjusted	-14.2	-18.2	-11.9	-12.4	17.9	33.1
Robert Half Management Resources
As Reported	-15.5	-22.7	-16.9	-13.5	27.6	54.8
Billing Days Impact	-0.1	-0.2	0.0	1.1	0.0	-0.2
Currency Impact	0.8	-0.6	-1.2	-1.9	-3.6	-1.0
As Adjusted	-14.8	-23.5	-18.1	-14.3	24.0	53.6
Elimination of intersegment revenues
As Reported	7.8	28.6	81.6	124.4	244.5	188.4
Billing Days Impact	-0.2	-0.4	-0.1	2.7	0.0	-0.4
Currency Impact	0.1	0.0	0.0	0.2	-3.6	-0.5
As Adjusted	7.7	28.2	81.5	127.3	240.9	187.5
Temporary and consultant staffing
As Reported	-31.7	-30.1	-23.1	-18.6	29.9	35.0
Billing Days Impact	-0.1	-0.3	0.0	1.0	0.0	-0.2
Currency Impact	0.6	-0.3	-0.7	-1.3	-2.7	-0.8
As Adjusted	-31.2	-30.7	-23.8	-18.9	27.2	34.0
Permanent placement staffing
As Reported	-49.6	-35.2	-27.7	-7.3	102.2	79.4
Billing Days Impact	-0.1	-0.2	0.0	1.1	0.0	-0.2
Currency Impact	0.6	-0.3	-0.8	-1.9	-5.3	-1.5
As Adjusted	-49.1	-35.7	-28.5	-8.1	96.9	77.7
Total staffing
As Reported	-33.7	-30.7	-23.6	-17.5	36.1	39.4
Billing Days Impact	-0.1	-0.2	0.0	1.1	0.0	-0.2
Currency Impact	0.6	-0.3	-0.7	-1.4	-2.9	-0.8
As Adjusted	-33.2	-31.2	-24.3	-17.8	33.2	38.4
Protiviti
As Reported	4.1	7.4	18.9	35.1	61.6	56.1
Billing Days Impact	-0.1	-0.3	0.0	1.6	0.0	-0.3
Currency Impact	0.5	-0.7	-1.0	-2.0	-2.8	-0.7
As Adjusted	4.5	6.4	17.9	34.7	58.8	55.1
Total
As Reported	-26.9	-23.3	-15.2	-7.2	42.6	43.9
Billing Days Impact	-0.1	-0.2	0.0	1.1	0.0	-0.2
Currency Impact	0.6	-0.4	-0.7	-1.5	-2.9	-0.8
As Adjusted	-26.4	-23.9	-15.9	-7.6	39.7	42.9

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ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - UNITED STATES
	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Temporary and consultant staffing
As Reported	-31.7	-31.0	-24.1	-20.3	27.5	35.5
Billing Days Impact	0.0	-0.3	0.2	0.9	0.2	0.0
Currency Impact	―	―	―	―	―	―
As Adjusted	-31.7	-31.3	-23.9	-19.4	27.7	35.5
Permanent placement staffing
As Reported	-51.6	-37.1	-31.3	-12.4	109.3	85.1
Billing Days Impact	0.0	-0.2	0.3	1.0	0.3	0.0
Currency Impact	―	―	―	―	―	―
As Adjusted	-51.6	-37.3	-31.0	-11.4	109.6	85.1
Total staffing
As Reported	-33.7	-31.6	-24.8	-19.6	33.6	40.0
Billing Days Impact	0.0	-0.3	0.2	1.0	0.2	0.0
Currency Impact	―	―	―	―	―	―
As Adjusted	-33.7	-31.9	-24.6	-18.6	33.8	40.0
Protiviti
As Reported	6.4	10.8	22.9	35.5	62.6	53.7
Billing Days Impact	-0.1	-0.5	0.4	1.6	0.2	0.0
Currency Impact	―	―	―	―	―	―
As Adjusted	6.3	10.3	23.3	37.1	62.8	53.7
Total
As Reported	-26.5	-23.3	-15.3	-8.7	41.1	43.8
Billing Days Impact	0.0	-0.4	0.3	1.1	0.2	0.0
Currency Impact	―	―	―	―	―	―
As Adjusted	-26.5	-23.7	-15.0	-7.6	41.3	43.8

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ROBERT HALF INTERNATIONAL INC.

NON-GAAP FINANCIAL MEASURES

REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):

Year-Over-Year Revenue Growth - INTERNATIONAL
	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Temporary and consultant staffing
As Reported	-31.8	-27.0	-19.3	-12.3	38.6	33.0
Billing Days Impact	0.0	0.0	-1.0	1.4	-0.8	-0.5
Currency Impact	2.9	-1.4	-3.2	-6.1	-12.7	-3.4
As Adjusted	-28.9	-28.4	-23.5	-17.0	25.1	29.1
Permanent placement staffing
As Reported	-45.0	-30.9	-19.3	5.2	87.8	67.3
Billing Days Impact	-0.1	0.0	-1.0	1.7	-1.1	-0.6
Currency Impact	1.9	-0.8	-2.7	-6.6	-16.2	-4.6
As Adjusted	-43.2	-31.7	-23.0	0.3	70.5	62.1
Total staffing
As Reported	-33.8	-27.6	-19.3	-10.1	44.8	37.7
Billing Days Impact	-0.1	0.0	-1.0	1.5	-0.8	-0.5
Currency Impact	2.8	-1.3	-3.1	-6.2	-13.1	-3.5
As Adjusted	-31.1	-28.9	-23.4	-14.8	30.9	33.7
Protiviti
As Reported	-3.9	-5.0	4.3	33.8	57.6	65.9
Billing Days Impact	0.0	0.1	-1.4	2.1	-0.8	-0.7
Currency Impact	2.4	-3.1	-4.6	-9.8	-13.3	-3.8
As Adjusted	-1.5	-8.0	-1.7	26.1	43.5	61.4
Total
As Reported	-28.4	-23.4	-14.7	-2.0	48.0	44.3
Billing Days Impact	0.0	0.1	-1.1	1.6	-0.9	-0.6
Currency Impact	2.7	-1.7	-3.4	-6.8	-13.2	-3.6
As Adjusted	-25.7	-25.0	-19.2	-7.2	33.9	40.1

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