ROBERT HALF REPORTS FIRST-QUARTER FINANCIAL RESULTS
Robert Half (NYSE: RHI) reported Q1 2025 financial results with net income of $17 million ($0.17 per share) on revenues of $1.352 billion, compared to $64 million ($0.61 per share) on revenues of $1.476 billion in Q1 2024. Global enterprise revenues declined 8% year-over-year on a reported basis and 6% on an adjusted basis.
The company experienced moderated business confidence levels and heightened economic uncertainty, leading to elongated decision cycles and subdued hiring activity. Key financial metrics include:
- Contract talent solutions revenue: $763.2 million
- Permanent placement solutions: $112.1 million
- Protiviti revenue: $476.6 million
- Gross margin: $499 million
Robert Half (NYSE: RHI) ha comunicato i risultati finanziari del primo trimestre 2025, con un utile netto di 17 milioni di dollari (0,17 dollari per azione) su ricavi per 1,352 miliardi di dollari, rispetto a 64 milioni di dollari (0,61 dollari per azione) su ricavi per 1,476 miliardi di dollari nel primo trimestre 2024. I ricavi globali dell'impresa sono diminuiti dell'8% su base annua secondo i dati riportati e del 6% su base rettificata.
L'azienda ha registrato livelli moderati di fiducia nel business e una maggiore incertezza economica, che hanno portato a cicli decisionali più lunghi e a una riduzione dell'attività di assunzione. I principali indicatori finanziari includono:
- Ricavi da soluzioni di talenti a contratto: 763,2 milioni di dollari
- Soluzioni per assunzioni permanenti: 112,1 milioni di dollari
- Ricavi di Protiviti: 476,6 milioni di dollari
- Margine lordo: 499 milioni di dollari
Robert Half (NYSE: RHI) reportó los resultados financieros del primer trimestre de 2025, con un ingreso neto de 17 millones de dólares (0,17 dólares por acción) sobre ingresos de 1,352 mil millones de dólares, en comparación con 64 millones de dólares (0,61 dólares por acción) sobre ingresos de 1,476 mil millones de dólares en el primer trimestre de 2024. Los ingresos globales de la empresa disminuyeron un 8% interanual en términos reportados y un 6% en términos ajustados.
La compañía experimentó niveles moderados de confianza empresarial y una mayor incertidumbre económica, lo que llevó a ciclos de decisión más prolongados y a una actividad de contratación reducida. Los principales indicadores financieros incluyen:
- Ingresos por soluciones de talento temporal: 763,2 millones de dólares
- Soluciones de colocación permanente: 112,1 millones de dólares
- Ingresos de Protiviti: 476,6 millones de dólares
- Margen bruto: 499 millones de dólares
로버트 하프 (NYSE: RHI)는 2025년 1분기 재무 실적을 발표했으며, 순이익은 1,700만 달러 (주당 0.17달러), 매출은 13억 5,200만 달러로, 2024년 1분기의 6,400만 달러(주당 0.61달러) 및 14억 7,600만 달러 매출에 비해 감소했습니다. 글로벌 기업 매출은 보고 기준으로 전년 대비 8%, 조정 기준으로 6% 감소했습니다.
회사는 완화된 사업 신뢰 수준과 높아진 경제 불확실성으로 인해 의사 결정 주기가 길어지고 채용 활동이 둔화되었습니다. 주요 재무 지표는 다음과 같습니다:
- 계약 인재 솔루션 매출: 7억 6,320만 달러
- 정규직 채용 솔루션: 1억 1,210만 달러
- 프로티비티 매출: 4억 7,660만 달러
- 총 이익: 4억 9,900만 달러
Robert Half (NYSE : RHI) a publié ses résultats financiers du premier trimestre 2025, avec un bénéfice net de 17 millions de dollars (0,17 dollar par action) pour un chiffre d'affaires de 1,352 milliard de dollars, comparé à 64 millions de dollars (0,61 dollar par action) pour un chiffre d'affaires de 1,476 milliard de dollars au premier trimestre 2024. Les revenus mondiaux de l'entreprise ont diminué de 8 % en glissement annuel selon les chiffres rapportés et de 6 % selon les chiffres ajustés.
L'entreprise a connu un niveau modéré de confiance commerciale et une incertitude économique accrue, entraînant des cycles de décision plus longs et une activité d'embauche ralentie. Les principaux indicateurs financiers comprennent :
- Revenus des solutions de talents en contrat : 763,2 millions de dollars
- Solutions de placement permanent : 112,1 millions de dollars
- Revenus de Protiviti : 476,6 millions de dollars
- Marge brute : 499 millions de dollars
Robert Half (NYSE: RHI) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 17 Millionen US-Dollar (0,17 US-Dollar pro Aktie) bei Einnahmen von 1,352 Milliarden US-Dollar, verglichen mit 64 Millionen US-Dollar (0,61 US-Dollar pro Aktie) bei Einnahmen von 1,476 Milliarden US-Dollar im ersten Quartal 2024. Die globalen Unternehmensumsätze sanken auf berichteter Basis um 8 % und auf bereinigter Basis um 6 % im Jahresvergleich.
Das Unternehmen verzeichnete eine abgeschwächte Geschäftsklima und erhöhte wirtschaftliche Unsicherheit, was zu verlängerten Entscheidungszyklen und einer gedämpften Einstellungsaktivität führte. Wichtige Finanzkennzahlen sind:
- Umsatz aus Vertrags-Talentlösungen: 763,2 Millionen US-Dollar
- Umsatz aus Festanstellungslösungen: 112,1 Millionen US-Dollar
- Protiviti-Umsatz: 476,6 Millionen US-Dollar
- Bruttomarge: 499 Millionen US-Dollar
- Protiviti segment showed resilience with revenue growth to $476.6M from $464.1M in Q1 2024
- Strong cash position with $342.5M in cash and cash equivalents
- Maintained high gross margins in permanent placement solutions at 99.8%
- Net income dropped 73% YoY from $64M to $17M
- Revenue declined 8% YoY from $1.476B to $1.352B
- EPS decreased significantly from $0.61 to $0.17
- Contract talent solutions revenue declined from $887.1M to $763.2M
- Permanent placement revenue decreased from $124.8M to $112.1M
Insights
Robert Half's Q1 shows significant revenue and earnings decline with net income dropping 73%, signaling cooling labor market conditions.
Robert Half's Q1 2025 results reveal concerning financial deterioration with net income plummeting 73% year-over-year to $17 million ($0.17 per share) from $64 million ($0.61 per share) in Q1 2024. Revenue declined 8% to $1.35 billion from $1.48 billion, indicating substantial business headwinds.
The earnings decline was significantly influenced by a $63.5 million swing in employee deferred compensation trust investments, which shifted from a $43.4 million gain last year to a $20.2 million loss this year. While this is offset elsewhere in the financial statements, it dramatically impacted reported net income.
Segment performance shows a bifurcated business. Contract talent solutions declined 14% to $763.2 million, with finance/accounting staffing down 12.3% and administrative staffing down 17.2%. Permanent placement revenues fell 10% to $112.1 million. However, Protiviti (consulting) showed resilience with 2.7% growth to $476.6 million, indicating some countercyclical strength in advisory services.
The balance sheet shows deterioration with cash and equivalents down 37% year-over-year to $342.5 million from $540.9 million. Total assets decreased to $2.7 billion from $2.9 billion, though the company continued its share repurchase program with 668,000 shares bought back.
Management cited "heightened economic uncertainty" impacting business confidence levels, with client caution elongating decision cycles and subduing hiring activity. This cautious outlook suggests potential continued pressure in upcoming quarters as labor market conditions remain challenging.
Robert Half's results confirm significant staffing market cooling, with both contract and permanent placements declining while consulting remains resilient.
The Q1 2025 results provide compelling evidence of a cooling labor market after years of post-pandemic strength. The 14% drop in contract talent solutions and 10% decline in permanent placement revenues directly reflect organizations becoming more selective and deliberate in their hiring decisions.
The slowdown is affecting both temporary and permanent placements, indicating this isn't merely a shift in hiring preferences but rather a broader pullback. Finance and accounting placements (Robert Half's traditional strength) declined 12.3% year-over-year to $562.9 million. Administrative staffing showed an even steeper 17.2% drop to $165.6 million, while technology staffing demonstrated relative resilience with only a 3.4% decrease to $152.5 million.
Management's comments about "elongated decision cycles" and "subdued hiring activity" are particularly telling. In staffing industry terminology, this typically means employers are requiring more approvals for new hires, extending interview processes, or placing positions on hold – all classic signs of increasing caution and risk aversion.
The 2.7% growth in Protiviti ($476.6 million, up from $464.1 million) demonstrates that while companies may be reluctant to add permanent headcount, they still need specialized expertise to navigate complex business challenges – particularly in areas like risk management and regulatory compliance.
These results align with broader industry patterns where staffing performance often serves as a leading indicator for overall employment trends. The significant decline in Robert Half's core staffing business suggests organizations are prioritizing efficiency and cost control over workforce expansion in the current economic environment.
For the three months ended March 31, 2025, net income was
"For the first quarter of 2025, global enterprise revenues were
"We'd like to thank our employees across the globe for their resilience and unwavering commitment to success. Their efforts have earned us significant recognition already in 2025, including being honored as one of America's Most Innovative Companies by Fortune and one of America's Best Large Employers by Forbes. We are particularly proud that high levels of employee engagement again earned both Robert Half and Protiviti recognition as two of Fortune's 100 Best Companies to Work For," 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 is 888-394-8218 (+1-323-994-2093 outside
A recording of this call will be available for audio replay beginning at approximately 8 p.m. EDT on April 23 and ending after 12 months. To access the replay, visit https://webcasts.com/RobertHalfQ12025. The conference call also will be archived in audio format on the Company's website at roberthalf.com.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and permanent placement solutions in the fields of finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and we also provide executive search services. Robert Half is the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business and technology consulting solutions. In the past 12 months, Robert Half, including Protiviti, has been named one of the Fortune® World's Most Admired Companies™ and 100 Best Companies to Work For.
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 future operating results or financial positions of Robert Half Inc. (the "Company"). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as "anticipate," "potential," "estimate," "forecast," "target," "project," "plan," "intend," "believe," "expect," "should," "could," "would," "may," "might," "will," or variations or negatives thereof or by similar or comparable words or phrases. In addition, historical, current and forward-looking information about the Company's corporate responsibility and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission ("SEC") or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing, on internal controls, diligence or processes that are evolving, on representations reviewed or provided by third parties, and on assumptions that are subject to change in the future. Forward-looking statements are estimates only and are based on management's current expectations, currently available information and current strategy, plans or forecasts, and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict, often beyond our control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results and outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements.
These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of
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.
A summary of additional risks and uncertainties can be found in the Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's other filings with the
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. Except as required by law, the Company undertakes no obligation to update information in this report, whether as a result of new information, future events, or otherwise, and notwithstanding any historical practice of doing so.
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 INC. | |||
SUMMARY OF OPERATIONS | |||
(in thousands, except per share amounts) | |||
Three Months Ended | |||
2025 | 2024 | ||
(Unaudited) | |||
Service revenues | $ 1,351,907 | $ 1,475,937 | |
Costs of services | 852,862 | 913,140 | |
Gross margin | 499,045 | 562,797 | |
Selling, general and administrative expenses | 460,163 | 521,899 | |
Operating income | 38,882 | 40,898 | |
(Income) loss from investments held in employee deferred compensation trusts (which is | 20,171 | (43,376) | |
Interest income, net | (3,572) | (6,413) | |
Income before income taxes | 22,283 | 90,687 | |
Provision for income taxes | 4,933 | 26,986 | |
Net income | $ 17,350 | $ 63,701 | |
Diluted net income per share | $ 0.17 | $ 0.61 | |
Weighted average shares: | |||
Basic | 100,666 | 103,787 | |
Diluted | 101,015 | 104,399 | |
ROBERT HALF INC. | |||
SUPPLEMENTAL FINANCIAL INFORMATION | |||
(in thousands) | |||
Three Months Ended | |||
2025 | 2024 | ||
(Unaudited) | |||
SERVICE REVENUES INFORMATION | |||
Contract talent solutions | |||
Finance and accounting | $ 562,933 | $ 641,970 | |
Administrative and customer support | 165,627 | 199,932 | |
Technology | 152,542 | 157,970 | |
Elimination of intersegment revenues (1) | (117,897) | (112,814) | |
Total contract talent solutions | 763,205 | 887,058 | |
Permanent placement talent solutions | 112,091 | 124,767 | |
Protiviti | 476,611 | 464,112 | |
Total service revenues | |||
(1) | Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company's Protiviti segment in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line. |
March 31, | ||||
2025 | 2024 | |||
(Unaudited) | ||||
SELECTED BALANCE SHEET INFORMATION: | ||||
Cash and cash equivalents | $ 342,473 | $ 540,939 | ||
Accounts receivable, net | $ 786,560 | $ 861,450 | ||
Total assets | ||||
Total current liabilities | ||||
Total stockholders' equity | ||||
Three Months Ended March 31, | ||||
2025 | 2024 | |||
(Unaudited) | ||||
SELECTED CASH FLOW INFORMATION: | ||||
Depreciation | $ 13,006 | $ 13,004 | ||
Capitalized cloud computing implementation costs | $ 6,160 | $ 8,391 | ||
Capital expenditures | $ 12,394 | $ 11,780 | ||
Open market repurchases of common stock (shares) | 668 | 761 | ||
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
The financial results of Robert Half Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in
The following measures: adjusted gross margin, adjusted selling, general and administrative expenses and adjusted operating 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.
Adjusted revenue growth rates represent year-over-year revenue growth rates after removing the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rates. The Company provides 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 impacts from the changes in billing days and foreign currency exchange rates are calculated as follows:
- Billing days impact is calculated by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon inputs from all countries and all functional specializations and segments.
- Foreign currency impact is calculated by retranslating current period international revenues, using foreign currency exchange rates from the prior year's comparable period.
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.
ROBERT HALF INC. | |||||||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||||||
ADJUSTED GROSS MARGIN (UNAUDITED): | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended March 31, | Relationships | ||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
Gross Margin | |||||||||||||||
Contract talent solutions | $ 296,933 | $ 350,570 | $ 296,933 | $ 350,570 | 38.9 % | 39.5 % | 38.9 % | 39.5 % | |||||||
Permanent placement talent solutions | 111,861 | 124,548 | 111,861 | 124,548 | 99.8 % | 99.8 % | 99.8 % | 99.8 % | |||||||
Total talent solutions | 408,794 | 475,118 | 408,794 | 475,118 | 46.7 % | 47.0 % | 46.7 % | 47.0 % | |||||||
Protiviti | 90,251 | 87,679 | 86,212 | 96,036 | 18.9 % | 18.9 % | 18.1 % | 20.7 % | |||||||
Total | $ 499,045 | $ 562,797 | $ 495,006 | $ 571,154 | 36.9 % | 38.1 % | 36.6 % | 38.7 % | |||||||
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||
Contract talent solutions | Permanent | Total talent | Protiviti | Total | Contract talent solutions | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Gross Margin | |||||||||||||||||||||||||||||
As Reported | $ 296,933 | 38.9 % | $ 111,861 | 99.8 % | $ 408,794 | 46.7 % | $ 90,251 | 18.9 % | $ 499,045 | 36.9 % | $ 350,570 | 39.5 % | $ 124,548 | 99.8 % | $ 475,118 | 47.0 % | $ 87,679 | 18.9 % | $ 562,797 | 38.1 % | |||||||||
Adjustments (1) | — | — | — | — | — | — | (4,039) | (0.8 %) | (4,039) | (0.3 %) | — | — | — | — | — | — | 8,357 | 1.8 % | 8,357 | 0.6 % | |||||||||
As Adjusted | $ 296,933 | 38.9 % | $ 111,861 | 99.8 % | $ 408,794 | 46.7 % | $ 86,212 | 18.1 % | $ 495,006 | 36.6 % | $ 350,570 | 39.5 % | $ 124,548 | 99.8 % | $ 475,118 | 47.0 % | $ 96,036 | 20.7 % | $ 571,154 | 38.7 % | |||||||||
(1) | Changes in the Company's employee deferred compensation plan obligations related to Protiviti operations are included in costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes. |
ROBERT HALF INC. | |||||||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||||||
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED): | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended March 31, | Relationships | ||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
Selling, General and Administrative Expenses | |||||||||||||||
Contract talent solutions | $ 276,212 | $ 331,588 | $ 290,242 | $ 300,452 | 36.2 % | 37.4 % | 38.0 % | 33.9 % | |||||||
Permanent placement talent solutions | 106,135 | 116,576 | 108,237 | 112,693 | 94.7 % | 93.4 % | 96.6 % | 90.3 % | |||||||
Total talent solutions | 382,347 | 448,164 | 398,479 | 413,145 | 43.7 % | 44.3 % | 45.5 % | 40.8 % | |||||||
Protiviti | 77,816 | 73,735 | 77,816 | 73,735 | 16.3 % | 15.9 % | 16.3 % | 15.9 % | |||||||
Total | $ 460,163 | $ 521,899 | $ 476,295 | $ 486,880 | 34.0 % | 35.4 % | 35.2 % | 33.0 % | |||||||
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||
Contract talent solutions | Permanent | Total talent | Protiviti | Total | Contract talent solutions | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||
As Reported | 36.2 % | $ 106,135 | 94.7 % | $ 382,347 | 43.7 % | $ 77,816 | 16.3 % | $ 460,163 | 34.0 % | 37.4 % | 93.4 % | 44.3 % | $ 73,735 | 15.9 % | $ 521,899 | 35.4 % | |||||||||||||
Adjustments (1) | 14,030 | 1.8 % | 2,102 | 1.9 % | 16,132 | 1.8 % | — | — | 16,132 | 1.2 % | (31,136) | (3.5 %) | (3,883) | (3.1 %) | (35,019) | (3.5 %) | — | — | (35,019) | (2.4 %) | |||||||||
As Adjusted | 38.0 % | $ 108,237 | 96.6 % | $ 398,479 | 45.5 % | $ 77,816 | 16.3 % | $ 476,295 | 35.2 % | 33.9 % | 90.3 % | 40.8 % | $ 73,735 | 15.9 % | $ 486,880 | 33.0 % | |||||||||||||
(1) | Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in selling, general and administrative expenses, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes. |
ROBERT HALF INC. | |||||||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||||||
ADJUSTED OPERATING INCOME (UNAUDITED): | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended March 31, | Relationships | ||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
Operating income | |||||||||||||||
Contract talent solutions | $ 20,721 | $ 18,982 | $ 6,691 | $ 50,118 | 2.7 % | 2.1 % | 0.9 % | 5.6 % | |||||||
Permanent placement talent solutions | 5,726 | 7,972 | 3,624 | 11,855 | 5.1 % | 6.4 % | 3.2 % | 9.5 % | |||||||
Total talent solutions | 26,447 | 26,954 | 10,315 | 61,973 | 3.0 % | 2.7 % | 1.2 % | 6.1 % | |||||||
Protiviti | 12,435 | 13,944 | 8,396 | 22,301 | 2.6 % | 3.0 % | 1.8 % | 4.8 % | |||||||
Total | $ 38,882 | $ 40,898 | $ 18,711 | $ 84,274 | 2.9 % | 2.8 % | 1.4 % | 5.7 % | |||||||
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating income for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||
Contract talent solutions | Permanent | Total talent | Protiviti | Total | Contract talent solutions | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Operating income | |||||||||||||||||||||||||||||
As Reported | $ 20,721 | 2.7 % | $ 5,726 | 5.1 % | $ 26,447 | 3.0 % | $ 12,435 | 2.6 % | $ 38,882 | 2.9 % | $ 18,982 | 2.1 % | $ 7,972 | 6.4 % | $ 26,954 | 2.7 % | $ 13,944 | 3.0 % | $ 40,898 | 2.8 % | |||||||||
Adjustments (1) | (14,030) | (1.8 %) | (2,102) | (1.9 %) | (16,132) | (1.8 %) | (4,039) | (0.8 %) | (20,171) | (1.5 %) | 31,136 | 3.5 % | 3,883 | 3.1 % | 35,019 | 3.4 % | 8,357 | 1.8 % | 43,376 | 2.9 % | |||||||||
As Adjusted | $ 6,691 | 0.9 % | $ 3,624 | 3.2 % | $ 10,315 | 1.2 % | $ 8,396 | 1.8 % | $ 18,711 | 1.4 % | $ 50,118 | 5.6 % | $ 11,855 | 9.5 % | $ 61,973 | 6.1 % | $ 22,301 | 4.8 % | $ 84,274 | 5.7 % | |||||||||
(1) | Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in operating income. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes. |
ROBERT HALF 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) | |||||||||||||||||||||||
2023 | 2024 | 2025 | 2023 | 2024 | 2025 | |||||||||||||||||||
Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||||||||||||
Global | ||||||||||||||||||||||||
Finance and accounting | -17.2 | -17.5 | -13.6 | -9.2 | -9.5 | -12.3 | -17.8 | -17.0 | -13.5 | -10.5 | -9.8 | -10.0 | ||||||||||||
Administrative and customer | -18.7 | -8.9 | -9.8 | -9.2 | -8.8 | -17.2 | -19.4 | -8.3 | -9.8 | -10.8 | -9.4 | -15.2 | ||||||||||||
Technology | -21.7 | -18.6 | -13.1 | -6.1 | -3.5 | -3.4 | -21.8 | -17.8 | -13.1 | -7.6 | -4.1 | -1.3 | ||||||||||||
Elimination of intersegment | -26.6 | -10.3 | 1.4 | 21.6 | 18.9 | 4.5 | -27.2 | -9.9 | 1.3 | 19.4 | 17.8 | 6.8 | ||||||||||||
Total contract talent solutions | -17.2 | -16.7 | -14.5 | -11.9 | -11.5 | -14.0 | -17.7 | -16.2 | -14.4 | -13.2 | -11.8 | -11.8 | ||||||||||||
Permanent placement talent | -22.0 | -20.4 | -12.2 | -11.9 | -11.1 | -10.2 | -22.6 | -19.8 | -12.0 | -13.2 | -11.4 | -7.8 | ||||||||||||
Total talent solutions | -17.8 | -17.2 | -14.2 | -11.9 | -11.4 | -13.5 | -18.3 | -16.7 | -14.0 | -13.2 | -11.7 | -11.3 | ||||||||||||
Protiviti | -7.1 | -6.1 | -0.9 | 6.4 | 5.3 | 2.7 | -7.5 | -5.4 | -0.9 | 4.5 | 4.5 | 4.7 | ||||||||||||
Total | -14.7 | -14.0 | -10.2 | -6.3 | -6.1 | -8.4 | -15.2 | -13.4 | -10.1 | -7.7 | -6.6 | -6.2 | ||||||||||||
Contract talent solutions | -20.5 | -19.1 | -15.7 | -12.4 | -10.3 | -11.8 | -20.3 | -18.6 | -15.8 | -13.7 | -11.2 | -10.7 | ||||||||||||
Permanent placement talent | -22.6 | -19.3 | -11.5 | -9.0 | -9.6 | -8.5 | -22.5 | -18.7 | -11.7 | -10.4 | -10.4 | -7.3 | ||||||||||||
Total talent solutions | -20.7 | -19.1 | -15.2 | -12.0 | -10.2 | -11.4 | -20.6 | -18.6 | -15.3 | -13.3 | -11.1 | -10.3 | ||||||||||||
Protiviti | -7.3 | -4.8 | 3.3 | 9.3 | 6.6 | 2.3 | -7.2 | -4.2 | 3.1 | 7.6 | 5.6 | 3.6 | ||||||||||||
Total | -16.8 | -14.9 | -9.6 | -5.2 | -4.7 | -6.9 | -16.7 | -14.3 | -9.7 | -6.7 | -5.7 | -5.7 | ||||||||||||
International | ||||||||||||||||||||||||
Contract talent solutions | -4.4 | -8.4 | -10.0 | -10.6 | -15.2 | -20.7 | -7.5 | -7.5 | -9.4 | -11.7 | -13.9 | -16.2 | ||||||||||||
Permanent placement talent | -20.6 | -23.2 | -13.8 | -18.6 | -14.7 | -14.5 | -22.8 | -22.1 | -13.0 | -19.8 | -13.7 | -10.1 | ||||||||||||
Total talent solutions | -7.2 | -10.8 | -10.7 | -11.9 | -15.1 | -19.8 | -10.1 | -9.9 | -10.0 | -13.0 | -13.9 | -15.3 | ||||||||||||
Protiviti | -6.1 | -11.3 | -16.2 | -5.6 | 0.2 | 4.4 | -8.9 | -10.1 | -15.9 | -8.1 | -0.4 | 7.9 | ||||||||||||
Total | -6.9 | -10.9 | -12.2 | -10.2 | -10.9 | -13.6 | -9.8 | -10.0 | -11.6 | -11.7 | -10.2 | -9.4 | ||||||||||||
(1) | Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization 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:
Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates the billing day impact by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all functional specializations and segments.
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. The foreign currency impact is calculated by retranslating current period international revenues, using foreign currency exchange rates from the prior year's comparable period.
The term "As Adjusted" means that the impact of different billing days and constant currency fluctuations 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 10-12.
ROBERT HALF INC. | ||||||||||||
NON-GAAP FINANCIAL MEASURES | ||||||||||||
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED): | ||||||||||||
Year-Over-Year Revenue Growth – GLOBAL | ||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |||||||
Finance and accounting | ||||||||||||
As Reported | -17.2 | -17.5 | -13.6 | -9.2 | -9.5 | -12.3 | ||||||
Billing Days Impact | 0.1 | 0.7 | -0.3 | -1.5 | -0.8 | 1.3 | ||||||
Currency Impact | -0.7 | -0.2 | 0.4 | 0.2 | 0.5 | 1.0 | ||||||
As Adjusted | -17.8 | -17.0 | -13.5 | -10.5 | -9.8 | -10.0 | ||||||
Administrative and customer support | ||||||||||||
As Reported | -18.7 | -8.9 | -9.8 | -9.2 | -8.8 | -17.2 | ||||||
Billing Days Impact | 0.2 | 0.8 | -0.3 | -1.5 | -0.8 | 1.3 | ||||||
Currency Impact | -0.9 | -0.2 | 0.3 | -0.1 | 0.2 | 0.7 | ||||||
As Adjusted | -19.4 | -8.3 | -9.8 | -10.8 | -9.4 | -15.2 | ||||||
Technology | ||||||||||||
As Reported | -21.7 | -18.6 | -13.1 | -6.1 | -3.5 | -3.4 | ||||||
Billing Days Impact | 0.1 | 0.7 | -0.3 | -1.5 | -0.7 | 1.4 | ||||||
Currency Impact | -0.2 | 0.1 | 0.3 | 0.0 | 0.1 | 0.7 | ||||||
As Adjusted | -21.8 | -17.8 | -13.1 | -7.6 | -4.1 | -1.3 | ||||||
Elimination of intersegment revenues | ||||||||||||
As Reported | -26.6 | -10.3 | 1.4 | 21.6 | 18.9 | 4.5 | ||||||
Billing Days Impact | 0.1 | 0.7 | -0.3 | -1.9 | -1.0 | 1.6 | ||||||
Currency Impact | -0.7 | -0.3 | 0.2 | -0.3 | -0.1 | 0.7 | ||||||
As Adjusted | -27.2 | -9.9 | 1.3 | 19.4 | 17.8 | 6.8 | ||||||
Total contract talent solutions | ||||||||||||
As Reported | -17.2 | -16.7 | -14.5 | -11.9 | -11.5 | -14.0 | ||||||
Billing Days Impact | 0.2 | 0.6 | -0.3 | -1.4 | -0.7 | 1.3 | ||||||
Currency Impact | -0.7 | -0.1 | 0.4 | 0.1 | 0.4 | 0.9 | ||||||
As Adjusted | -17.7 | -16.2 | -14.4 | -13.2 | -11.8 | -11.8 | ||||||
Permanent placement talent solutions | ||||||||||||
As Reported | -22.0 | -20.4 | -12.2 | -11.9 | -11.1 | -10.2 | ||||||
Billing Days Impact | 0.1 | 0.7 | -0.3 | -1.4 | -0.7 | 1.3 | ||||||
Currency Impact | -0.7 | -0.1 | 0.5 | 0.1 | 0.4 | 1.1 | ||||||
As Adjusted | -22.6 | -19.8 | -12.0 | -13.2 | -11.4 | -7.8 | ||||||
Total talent solutions | ||||||||||||
As Reported | -17.8 | -17.2 | -14.2 | -11.9 | -11.4 | -13.5 | ||||||
Billing Days Impact | 0.2 | 0.6 | -0.2 | -1.4 | -0.7 | 1.2 | ||||||
Currency Impact | -0.7 | -0.1 | 0.4 | 0.1 | 0.4 | 1.0 | ||||||
As Adjusted | -18.3 | -16.7 | -14.0 | -13.2 | -11.7 | -11.3 | ||||||
Protiviti | ||||||||||||
As Reported | -7.1 | -6.1 | -0.9 | 6.4 | 5.3 | 2.7 | ||||||
Billing Days Impact | 0.2 | 0.7 | -0.3 | -1.7 | -0.8 | 1.5 | ||||||
Currency Impact | -0.6 | 0.0 | 0.3 | -0.2 | 0.0 | 0.5 | ||||||
As Adjusted | -7.5 | -5.4 | -0.9 | 4.5 | 4.5 | 4.7 | ||||||
Total | ||||||||||||
As Reported | -14.7 | -14.0 | -10.2 | -6.3 | -6.1 | -8.4 | ||||||
Billing Days Impact | 0.1 | 0.7 | -0.3 | -1.4 | -0.8 | 1.4 | ||||||
Currency Impact | -0.6 | -0.1 | 0.4 | 0.0 | 0.3 | 0.8 | ||||||
As Adjusted | -15.2 | -13.4 | -10.1 | -7.7 | -6.6 | -6.2 | ||||||
ROBERT HALF INC. | ||||||||||||
NON-GAAP FINANCIAL MEASURES | ||||||||||||
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED): | ||||||||||||
Year-Over-Year Revenue Growth – | ||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |||||||
Contract talent solutions | ||||||||||||
As Reported | -20.5 | -19.1 | -15.7 | -12.4 | -10.3 | -11.8 | ||||||
Billing Days Impact | 0.2 | 0.5 | -0.1 | -1.3 | -0.9 | 1.1 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -20.3 | -18.6 | -15.8 | -13.7 | -11.2 | -10.7 | ||||||
Permanent placement talent solutions | ||||||||||||
As Reported | -22.6 | -19.3 | -11.5 | -9.0 | -9.6 | -8.5 | ||||||
Billing Days Impact | 0.1 | 0.6 | -0.2 | -1.4 | -0.8 | 1.2 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -22.5 | -18.7 | -11.7 | -10.4 | -10.4 | -7.3 | ||||||
Total talent solutions | ||||||||||||
As Reported | -20.7 | -19.1 | -15.2 | -12.0 | -10.2 | -11.4 | ||||||
Billing Days Impact | 0.1 | 0.5 | -0.1 | -1.3 | -0.9 | 1.1 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -20.6 | -18.6 | -15.3 | -13.3 | -11.1 | -10.3 | ||||||
Protiviti | ||||||||||||
As Reported | -7.3 | -4.8 | 3.3 | 9.3 | 6.6 | 2.3 | ||||||
Billing Days Impact | 0.1 | 0.6 | -0.2 | -1.7 | -1.0 | 1.3 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -7.2 | -4.2 | 3.1 | 7.6 | 5.6 | 3.6 | ||||||
Total | ||||||||||||
As Reported | -16.8 | -14.9 | -9.6 | -5.2 | -4.7 | -6.9 | ||||||
Billing Days Impact | 0.1 | 0.6 | -0.1 | -1.5 | -1.0 | 1.2 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -16.7 | -14.3 | -9.7 | -6.7 | -5.7 | -5.7 | ||||||
ROBERT HALF INC. | ||||||||||||
NON-GAAP FINANCIAL MEASURES | ||||||||||||
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED): | ||||||||||||
Year-Over-Year Revenue Growth – INTERNATIONAL | ||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |||||||
Contract talent solutions | ||||||||||||
As Reported | -4.4 | -8.4 | -10.0 | -10.6 | -15.2 | -20.7 | ||||||
Billing Days Impact | 0.1 | 1.5 | -1.1 | -1.6 | -0.4 | 0.6 | ||||||
Currency Impact | -3.2 | -0.6 | 1.7 | 0.5 | 1.7 | 3.9 | ||||||
As Adjusted | -7.5 | -7.5 | -9.4 | -11.7 | -13.9 | -16.2 | ||||||
Permanent placement talent solutions | ||||||||||||
As Reported | -20.6 | -23.2 | -13.8 | -18.6 | -14.7 | -14.5 | ||||||
Billing Days Impact | 0.1 | 1.3 | -1.0 | -1.6 | -0.4 | 0.6 | ||||||
Currency Impact | -2.3 | -0.2 | 1.8 | 0.4 | 1.4 | 3.8 | ||||||
As Adjusted | -22.8 | -22.1 | -13.0 | -19.8 | -13.7 | -10.1 | ||||||
Total talent solutions | ||||||||||||
As Reported | -7.2 | -10.8 | -10.7 | -11.9 | -15.1 | -19.8 | ||||||
Billing Days Impact | 0.2 | 1.4 | -1.0 | -1.6 | -0.5 | 0.6 | ||||||
Currency Impact | -3.1 | -0.5 | 1.7 | 0.5 | 1.7 | 3.9 | ||||||
As Adjusted | -10.1 | -9.9 | -10.0 | -13.0 | -13.9 | -15.3 | ||||||
Protiviti | ||||||||||||
As Reported | -6.1 | -11.3 | -16.2 | -5.6 | 0.2 | 4.4 | ||||||
Billing Days Impact | 0.2 | 1.4 | -1.0 | -1.7 | -0.4 | 0.7 | ||||||
Currency Impact | -3.0 | -0.2 | 1.3 | -0.8 | -0.2 | 2.8 | ||||||
As Adjusted | -8.9 | -10.1 | -15.9 | -8.1 | -0.4 | 7.9 | ||||||
Total | ||||||||||||
As Reported | -6.9 | -10.9 | -12.2 | -10.2 | -10.9 | -13.6 | ||||||
Billing Days Impact | 0.1 | 1.3 | -1.0 | -1.6 | -0.5 | 0.6 | ||||||
Currency Impact | -3.0 | -0.4 | 1.6 | 0.1 | 1.2 | 3.6 | ||||||
As Adjusted | -9.8 | -10.0 | -11.6 | -11.7 | -10.2 | -9.4 | ||||||
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SOURCE Robert Half
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