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Robert Half Reports Third-Quarter Financial Results

Robert Half (PRNewsFoto/Robert Half)

News provided by

Robert Half

Oct 24, 2017, 16:15 ET

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MENLO PARK, Calif., Oct. 24, 2017 /CNW/ -- Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the third quarter ended September 30, 2017.

For the quarter ended September 30, 2017, net income was $85 million, or $.68 per share, on revenues of $1.32 billion. Net income for the prior year's third quarter was $91 million, or $.71 per share, on revenues of $1.34 billion.

For the nine months ended September 30, 2017, net income was $244 million, or $1.94 per share, on revenues of $3.92 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.

"Our third-quarter results were generally as expected and within the range of our previous guidance, led by our strong European operations," said Harold M. Messmer, Jr., chairman and CEO of Robert Half. "Trends strengthened during the quarter, and we are very encouraged by the broad-based improvement in revenue growth rates that began in September and continued into October, particularly in the United States."

Messmer added, "During the third quarter, return on invested capital for the company was 30 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 24. 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# 92846415. 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 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


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUMMARY OF OPERATIONS

(in thousands, except per share amounts)




















Quarter Ended September 30,


Nine Months Ended
September 30,



2017


2016


2017


2016



(Unaudited)


(Unaudited)










Net service revenues


$

1,324,709



$

1,338,541



$

3,920,507



$

3,985,326


Direct costs of services


778,309



786,032



2,309,841



2,343,852











Gross margin


546,400



552,509



1,610,666



1,641,474











Selling, general and administrative expenses


414,179



406,142



1,222,149



1,211,712


Amortization of intangible assets


481



326



1,147



928


Interest income, net


(530)



(283)



(1,108)



(695)











Income before income taxes


132,270



146,324



388,478



429,529


Provision for income taxes


47,570



55,755



144,941



163,928











Net income


$

84,700



$

90,569



$

243,537



$

265,601











Diluted net income per share


$

.68



$

.71



$

1.94



$

2.06











Shares:









Basic


123,569



127,615



124,567



128,491


Diluted


124,200



128,191



125,233



129,216


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)
































Quarter Ended September 30,


Nine Months Ended September 30,



2017


2016


2017


2016



(Unaudited)


(Unaudited)

REVENUES:

















Accountemps


$

443,376



33.5

%


$

452,338



33.8

%


$

1,319,649



33.7

%


$

1,361,118



34.1

%

OfficeTeam


246,207



18.6

%


245,445



18.3

%


726,755



18.5

%


732,556



18.4

%

Robert Half Technology


157,038



11.9

%


167,566



12.5

%


472,309



12.1

%


500,444



12.6

%

Robert Half Management Resources


158,187



11.9

%


150,899



11.3

%


471,997



12.0

%


463,378



11.6

%

Robert Half Finance & Accounting


111,333



8.4

%


105,117



7.9

%


327,619



8.3

%


324,845



8.2

%

Protiviti


208,568



15.7

%


217,176



16.2

%


602,178



15.4

%


602,985



15.1

%

Total


$

1,324,709



100.0

%


$

1,338,541



100.0

%


$

3,920,507



100.0

%


$

3,985,326



100.0

%


















GROSS MARGIN:

















Temporary and consultant staffing


$

373,487



37.2

%


$

380,437



37.4

%


$

1,116,184



37.3

%


$

1,142,980



37.4

%

Permanent placement staffing


111,098



99.8

%


104,865



99.8

%


326,969



99.8

%


324,232



99.8

%

Risk consulting and internal audit services


61,815



29.6

%


67,207



30.9

%


167,513



27.8

%


174,262



28.9

%

Total


$

546,400



41.2

%


$

552,509



41.3

%


$

1,610,666



41.1

%


$

1,641,474



41.2

%


















OPERATING INCOME:

















Temporary and consultant staffing


$

87,703



8.7

%


$

97,786



9.6

%


$

271,162



9.1

%


$

302,802



9.9

%

Permanent placement staffing


19,945



17.9

%


20,286



19.3

%


59,293



18.1

%


66,364



20.4

%

Risk consulting and internal audit services


24,573



11.8

%


28,295



13.0

%


58,062



9.6

%


60,596



10.0

%

Total


$

132,221



10.0

%


$

146,367



10.9

%


$

388,517



9.9

%


$

429,762



10.8

%


















SELECTED CASH FLOW INFORMATION:

















Amortization of intangible assets


$

481





$

326





$

1,147





$

928




Depreciation expense


$

16,071





$

16,061





$

47,916





$

46,771




Capital expenditures


$

7,354





$

19,540





$

28,540





$

63,280




Open market repurchases of common stock (shares)


820





1,239





2,957





2,933




ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)












September 30,



2017


2016



(Unaudited)

SELECTED BALANCE SHEET INFORMATION:





Cash and cash equivalents


$

347,127



$

292,451


Accounts receivable, less allowances


$

737,901



$

742,824


Total assets


$

1,931,643



$

1,837,449


Current liabilities


$

777,139



$

729,676


Notes payable and other indebtedness, less current portion


$

704



$

883


Total stockholders' equity


$

1,139,818



$

1,094,930


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.

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)



2016


2017


2016


2017



Q2


Q3


Q4


Q1


Q2


Q3


Q2


Q3


Q4


Q1


Q2


Q3

Global

























Accountemps


7.1


4.2


-3.0


-2.7


-4.5


-2.0


6.5


4.9


-0.8


-3.3


-2.8


-1.1

OfficeTeam


1.8


-1.5


-4.7


-1.9


-0.8


0.3


0.6


-1.3


-3.0


-2.6


0.8


0.9

RH Technology


1.8


-1.6


-4.9


-4.2


-6.4


-6.3


0.9


-1.4


-3.4


-5.2


-5.1


-5.2

RH Management Resources


10.2


3.1


-3.7


1.2


-0.3


4.8


9.4


3.7


-1.3


0.8


1.9


5.2

Temporary and consultant staffing


5.4


1.6


-3.8


-2.1


-3.3


-1.1


4.5


2.1


-1.8


-2.8


-1.6


-0.4

Permanent placement staffing


2.6


-5.1


-7.1


-2.5


-0.7


5.9


2.1


-4.5


-4.9


-3.1


1.4


6.7

Total staffing


5.1


1.0


-4.1


-2.2


-3.0


-0.5


4.3


1.5


-2.1


-2.8


-1.3


0.3

Protiviti


9.2


7.4


3.2


4.8


-0.6


-4.0


8.3


7.8


5.3


4.2


1.1


-2.7

Total


5.7


2.0


-3.0


-1.2


-2.7


-1.0


4.9


2.4


-1.0


-1.8


-0.9


-0.2


























United States























Temporary and consultant staffing


4.6


0.4


-4.9


-4.4


-4.5


-4.5


3.5


0.6


-3.5


-5.6


-3.5


-3.0

Permanent placement staffing


3.8


-5.2


-9.4


-6.4


-2.6


1.5


2.7


-5.0


-8.1


-7.6


-1.6


3.2

Total staffing


4.5


-0.1


-5.3


-4.6


-4.3


-4.0


3.4


0.1


-3.9


-5.8


-3.4


-2.5

Protiviti


7.6


6.1


3.7


4.8


0.6


-6.9


6.5


6.3


5.3


3.6


1.6


-5.4

Total


5.0


0.9


-3.9


-3.2


-3.6


-4.5


3.9


1.1


-2.4


-4.4


-2.6


-3.0


























International























Temporary and consultant staffing


8.6


7.0


0.8


8.1


1.7


12.6


8.9


8.8


5.3


9.4


6.4


10.2

Permanent placement staffing


-0.3


-4.9


-1.3


7.6


4.0


16.5


0.8


-3.4


2.9


8.4


8.7


15.1

Total staffing


7.2


5.3


0.5


8.0


2.1


13.2


7.7


7.0


5.0


9.3


6.7


10.9

Protiviti


17.3


15.2


0.7


4.5


-6.0


11.5


17.5


16.6


5.3


7.2


-1.1


11.6

Total


8.4


6.5


0.5


7.6


1.0


12.9


8.9


8.1


5.0


9.0


5.7


11.0

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 the 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.

ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES


REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):




















Year-Over-Year Revenue Growth – GLOBAL



 Q2 2016


 Q3 2016


 Q4 2016


 Q1 2017


 Q2 2017


 Q3 2017

Accountemps









As Reported


7.1



4.2



-3.0



-2.7



-4.5



-2.0


Billing Days Impact


-1.1



0.2



1.4



-1.1



1.0



1.6


Currency Impact


0.5



0.5



0.8



0.5



0.7



-0.7


Same Billing Days and Constant Currency


6.5



4.9



-0.8



-3.3



-2.8



-1.1


OfficeTeam













As Reported


1.8



-1.5



-4.7



-1.9



-0.8



0.3


Billing Days Impact


-1.1



0.2



1.4



-1.2



1.0



1.6


Currency Impact


-0.1



0.0



0.3



0.5



0.6



-1.0


Same Billing Days and Constant Currency


0.6



-1.3



-3.0



-2.6



0.8



0.9


Robert Half Technology













As Reported


1.8



-1.6



-4.9



-4.2



-6.4



-6.3


Billing Days Impact


-1.1



0.2



1.4



-1.1



0.9



1.5


Currency Impact


0.2



0.0



0.1



0.1



0.4



-0.4


Same Billing Days and Constant Currency


0.9



-1.4



-3.4



-5.2



-5.1



-5.2


Robert Half Management Resources













As Reported


10.2



3.1



-3.7



1.2



-0.3



4.8


Billing Days Impact


-1.2



0.2



1.5



-1.2



1.0



1.6


Currency Impact


0.4



0.4



0.9



0.8



1.2



-1.2


Same Billing Days and Constant Currency


9.4



3.7



-1.3



0.8



1.9



5.2


Temporary and consultant staffing













As Reported


5.4



1.6



-3.8



-2.1



-3.3



-1.1


Billing Days Impact


-1.2



0.2



1.4



-1.2



1.0



1.5


Currency Impact


0.3



0.3



0.6



0.5



0.7



-0.8


Same Billing Days and Constant Currency


4.5



2.1



-1.8



-2.8



-1.6



-0.4


Permanent placement staffing













As Reported


2.6



-5.1



-7.1



-2.5



-0.7



5.9


Billing Days Impact


-1.2



0.2



1.4



-1.2



1.1



1.7


Currency Impact


0.7



0.4



0.8



0.6



1.0



-0.9


Same Billing Days and Constant Currency


2.1



-4.5



-4.9



-3.1



1.4



6.7


Total staffing













As Reported


5.1



1.0



-4.1



-2.2



-3.0



-0.5


Billing Days Impact


-1.1



0.2



1.4



-1.1



1.0



1.6


Currency Impact


0.3



0.3



0.6



0.5



0.7



-0.8


Same Billing Days and Constant Currency


4.3



1.5



-2.1



-2.8



-1.3



0.3


Protiviti













As Reported


9.2



7.4



3.2



4.8



-0.6



-4.0


Billing Days Impact


-1.1



0.2



1.6



-1.2



1.0



1.6


Currency Impact


0.2



0.2



0.5



0.6



0.7



-0.3


Same Billing Days and Constant Currency


8.3



7.8



5.3



4.2



1.1



-2.7


Total













As Reported


5.7



2.0



-3.0



-1.2



-2.7



-1.0


Billing Days Impact


-1.1



0.1



1.4



-1.1



1.1



1.5


Currency Impact


0.3



0.3



0.6



0.5



0.7



-0.7


Same Billing Days and Constant Currency


4.9



2.4



-1.0



-1.8



-0.9



-0.2


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES


REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):




















Year-Over-Year Revenue Growth – UNITED STATES



 Q2 2016


 Q3 2016


 Q4 2016


 Q1 2017


 Q2 2017


 Q3 2017

Temporary and consultant staffing





As Reported


4.6



0.4



-4.9



-4.4



-4.5



-4.5


Billing Days Impact


-1.1



0.2



1.4



-1.2



1.0



1.5


Currency Impact


—



—



—



—



—



—


Same Billing Days and Constant Currency


3.5



0.6



-3.5



-5.6



-3.5



-3.0















Permanent placement staffing













As Reported


3.8



-5.2



-9.4



-6.4



-2.6



1.5


Billing Days Impact


-1.1



0.2



1.3



-1.2



1.0



1.7


Currency Impact


—



—



—



—



—



—


Same Billing Days and Constant Currency


2.7



-5.0



-8.1



-7.6



-1.6



3.2















Total staffing













As Reported


4.5



-0.1



-5.3



-4.6



-4.3



-4.0


Billing Days Impact


-1.1



0.2



1.4



-1.2



0.9



1.5


Currency Impact


—



—



—



—



—



—


Same Billing Days and Constant Currency


3.4



0.1



-3.9



-5.8



-3.4



-2.5















Protiviti













As Reported


7.6



6.1



3.7



4.8



0.6



-6.9


Billing Days Impact


-1.1



0.2



1.6



-1.2



1.0



1.5


Currency Impact


—



—



—



—



—



—


Same Billing Days and Constant Currency


6.5



6.3



5.3



3.6



1.6



-5.4















Total













As Reported


5.0



0.9



-3.9



-3.2



-3.6



-4.5


Billing Days Impact


-1.1



0.2



1.5



-1.2



1.0



1.5


Currency Impact


—



—



—



—



—



—


Same Billing Days and Constant Currency


3.9



1.1



-2.4



-4.4



-2.6



-3.0


ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES


REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):




















Year-Over-Year Revenue Growth – INTERNATIONAL



 Q2 2016


 Q3 2016


 Q4 2016


 Q1 2017


 Q2 2017


 Q3 2017

Temporary and consultant staffing





As Reported


8.6



7.0



0.8



8.1



1.7



12.6


Billing Days Impact


-1.2



0.3



1.5



-1.4



1.1



1.7


Currency Impact


1.5



1.5



3.0



2.7



3.6



-4.1


Same Billing Days and Constant Currency


8.9



8.8



5.3



9.4



6.4



10.2















Permanent placement staffing













As Reported


-0.3



-4.9



-1.3



7.6



4.0



16.5


Billing Days Impact


-1.1



0.2



1.4



-1.3



1.1



1.8


Currency Impact


2.2



1.3



2.8



2.1



3.6



-3.2


Same Billing Days and Constant Currency


0.8



-3.4



2.9



8.4



8.7



15.1















Total staffing













As Reported


7.2



5.3



0.5



8.0



2.1



13.2


Billing Days Impact


-1.1



0.2



1.6



-1.3



1.0



1.7


Currency Impact


1.6



1.5



2.9



2.6



3.6



-4.0


Same Billing Days and Constant Currency


7.7



7.0



5.0



9.3



6.7



10.9















Protiviti













As Reported


17.3



15.2



0.7



4.5



-6.0



11.5


Billing Days Impact


-1.3



0.3



1.5



-1.3



1.0



1.7


Currency Impact


1.5



1.1



3.1



4.0



3.9



-1.6


Same Billing Days and Constant Currency


17.5



16.6



5.3



7.2



-1.1



11.6















Total













As Reported


8.4



6.5



0.5



7.6



1.0



12.9


Billing Days Impact


-1.1



0.2



1.6



-1.4



1.1



1.8


Currency Impact


1.6



1.4



2.9



2.8



3.6



-3.7


Same Billing Days and Constant Currency


8.9



8.1



5.0



9.0



5.7



11.0


SOURCE Robert Half

M. Keith Waddell, Vice Chairman, President and Chief Financial Officer, (650) 234-6000, http://www.roberthalf.com

Related Links

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