Robert Half Reports Fourth-Quarter And Year-End Financial Results

Robert Half Reports Fourth-Quarter And Year-End Financial Results 
Annual Earnings Per Share at All-Time High 
MENLO PARK, Calif., Jan. 30, 2014 /CNW/ - Robert Half International Inc. (NYSE 
symbol: RHI) today reported revenues and earnings for the fourth quarter and 
year ended December 31, 2013. 
For the quarter ended December 31, 2013, net income was $66.9 million, or $.49 
per share, on revenues of $1.08 billion.  Net income for the prior year's 
fourth quarter was $58.6 million, or $.42 per share, on revenues of $1.03 
billion. 
For the year ended December 31, 2013, net income was $252.2 million, or $1.83 
per share, on revenues of $4.25 billion.  For the year ended December 31, 
2012, net income was $209.9 million, or $1.50 per share, on revenues of $4.11 
billion. 
"We saw continued strength in our staffing operations in the fourth quarter, 
during which growth rates accelerated for substantially all of Robert Half's 
specialized staffing divisions," said Harold M. Messmer, Jr., chairman and CEO 
of Robert Half.  "Our technology staffing as well as our permanent placement 
divisions reported the strongest staffing revenue gains compared to the 
year-ago quarter.  Protiviti also reported another excellent quarter, with 
revenue up 18 percent year over year." 
Messmer added, "This was Robert Half's 15(th) consecutive quarter of 
double-digit net income and earnings per share growth on a year-over-year 
basis; return on equity was 29 percent for the quarter.  Earnings per share of 
$1.83 for 2013 is the highest ever reported by the company." 
Robert Half management will conduct a conference call today at 5 p.m. EST.  
The dial-in number is 877-814-0475 (+1-706-643-9224 outside the United 
States).  The password to access the call is "Robert Half."  A taped recording 
of this call will be available for replay beginning at approximately 8 p.m. 
EST today and ending at 8 p.m. EST on February 28.  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# 19884932.  The conference call also will be 
archived in audio format on the company's website at www.roberthalf.com. 
Founded in 1948, Robert Half, the world's first and largest specialized 
staffing firm, is a recognized leader in professional consulting and staffing 
services, and is the parent company of Protiviti(®), a global consulting and 
internal audit firm composed of experts in risk, advisory and transaction 
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 temporary administrative support personnel; 
Robert Half(® )Technology, for information technology professionals; Robert 
Half(® )Legal, for legal personnel; and The Creative Group(®), for 
interactive, design, marketing, advertising and public relations 
professionals.  Robert Half has staffing and consulting operations in more 
than 400 locations worldwide. 
Certain information contained in this press release 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                Year
                               Ended December 31,     Ended December 31,
                               2013       2012        2013       2012
                               (Unaudited)            (Unaudited)
    Net service revenues
                               $1,083,864 $1,034,213  $4,245,895 $4,111,213
    Gross margin               443,216    416,425     1,723,092  1,649,060
    Selling, general and       339,151    319,302     1,324,815  1,305,614
    administrative expenses
    Amortization of intangible 400        211         1,700      398
    assets
    Interest income            (229)      (330)       (1,002)    (1,197)
    Income before income taxes 103,894    97,242      397,579    344,245
    Provision for income taxes 37,009     38,623      145,384    134,303
    Net income                 $ 66,885   $ 58,619    $ 252,195  $ 209,942
    Net income available to
    common                     $ 66,885   $ 58,322    $ 252,192  $ 208,867
    stockholders - diluted
    Diluted net income per     $ .49      $ .42       $ 1.83     $ 1.50
    share
    Shares:
    Basic                      135,219    136,929     136,153    138,201
    Diluted                    136,813    138,439     137,589    139,409
    ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL INFORMATION
    (in thousands)
                 Quarter                            Year
                 Ended December 31,                 Ended December 31,
                 2013             2012              2013              2012
                 (Unaudited)                        (Unaudited)
    REVENUES:
    Accountemps  $ 377,735 34.8%  $ 379,228 36.7%   $          35.6%  $         37.2%
                                                    1,510,981         1,526,934
    OfficeTeam   214,717   19.8%  208,385   20.1%   832,397    19.6%  814,858   19.8%
    Robert Half  137,224   12.7%  120,217   11.6%   525,251    12.4%  476,458   11.6%
    Technology
    Robert Half
    Management   126,787   11.7%  125,869   12.2%   501,211    11.8%  506,036   12.3%
    Resources
    Robert Half
    Finance &    85,769    7.9%   80,438    7.8%    347,715    8.2%   334,198   8.1%
    Accounting
    Protiviti    141,632   13.1%  120,076   11.6%   528,340    12.4%  452,729   11.0%
    Total        $         100.0% $         100.0%  $4,245,895 100.0% $         100.0%
                 1,083,864        1,034,213                           4,111,213
    GROSS
    MARGIN:
    Temporary
    and          $ 312,465 36.5%  $ 303,783 36.4%   $          36.2%  $         36.0%
    consultant                                      1,220,749         1,197,773
    staffing
    Permanent
    placement    85,743    100.0% 80,371    99.9%   347,579    100.0% 334,029   99.9%
    staffing
    Risk
    consulting
    and internal 45,008    31.8%  32,271    26.9%   154,764    29.3%  117,258   25.9%
    audit
    services
    Total        $ 443,216 40.9%  $ 416,425 40.3%   $          40.6%  $         40.1%
                                                    1,723,092         1,649,060
    OPERATING
    INCOME:
    Temporary
    and          $ 74,892  8.7%   $ 80,172  9.6%    $ 301,185  8.9%   $ 276,826 8.3%
    consultant
    staffing
    Permanent
    placement    12,637    14.7%  11,583    14.4%   54,390     15.6%  55,745    16.7%
    staffing
    Risk
    consulting
    and internal 16,536    11.7%  5,368     4.5%    42,702     8.1%   10,875    2.4%
    audit
    services
    Total        $ 104,065 9.6%   $ 97,123  9.4%    $ 398,277  9.4%   $ 343,446 8.4%
    SELECTED
    CASH FLOW
    INFORMATION:
    Amortization
    of           $ 400            $ 211             $ 1,700           $ 398
    intangible
    assets
    Depreciation $ 12,077         $ 12,003          $ 47,072          $ 48,326
    expense
    Capital      $ 21,033         $ 14,240          $ 53,150          $ 50,056
    expenditures
    Open market
    repurchases
    of common    526              1,187             3,305             4,689
    stock
    (shares)
    ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL INFORMATION
    (in thousands)
                                          December 31,
                                          2013        2012
                                          (Unaudited)
    SELECTED BALANCE SHEET INFORMATION:
    Cash and cash equivalents             $ 275,764   $ 287,635
    Accounts receivable, less allowances  $ 551,905   $ 512,852
    Total assets                          $ 1,487,764 $ 1,381,271
    Current liabilities                   $ 535,853   $ 501,637
    Notes payable and other indebtedness,
                                          $ 1,300     $ 1,428
    less current portion
    Total stockholders' equity            $ 919,643   $ 842,011

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 staffing 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 five 
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                                          |
    |_____________________________________________________________________|
    |                                                                     |
    |_____________________________________________________________________|
    |STAFFING REVENUE GROWTH RATES (%) (UNAUDITED):                       |
    |_____________________________________________________________________|
    |                                                                     |
    |_____________________________________________________________________|
    |             |                           ||Non-GAAP Year-Over-Year   |
    |             |Year-Over-Year Growth Rates||Growth Rates              |
    |             |                           ||                          |
    |             |(As Reported)              ||(Same Billing Days and    |
    |             |                           ||Constant Currency)        |
    |_____________|___________________________||__________________________|
    |             |2012|2013                  ||2012|2013                 |
    |_____________|____|______________________||____|_____________________|
    |Global       |Q4  |Q1   |Q2   |Q3  |Q4   ||Q4  |Q1   |Q2   |Q3  |Q4  |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Accountemps  |4.2 |-2.3 |-0.7 |-0.8|-0.4 ||2.8 |0.2  |-1.3 |-2.0|-0.3|
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |OfficeTeam   |6.4 |0.6  |2.4  |2.5 |3.0  ||5.2 |3.1  |1.6  |0.8 |2.8 |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |RH Technology|6.4 |4.6  |10.2 |11.8|14.1 ||4.6 |7.4  |9.5  |10.8|14.9|
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |RH Management|8.0 |-3.1 |-1.2 |-0.2|0.7  ||6.7 |-0.3 |-1.5 |-0.9|1.1 |
    |Resources    |    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Temporary and|    |     |     |    |     ||    |     |     |    |    |
    |consultant   |5.6 |-0.8 |1.6  |1.9 |2.7  ||4.2 |1.8  |0.9  |0.7 |2.9 |
    |staffing     |    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Permanent    |    |     |     |    |     ||    |     |     |    |    |
    |placement    |7.5 |0.6  |1.4  |7.9 |6.6  ||6.5 |4.0  |1.2  |7.9 |7.8 |
    |staffing     |    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Total        |5.8 |-0.6 |1.6  |2.5 |3.1  ||4.4 |2.0  |1.0  |1.3 |3.3 |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |United States|    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Temporary and|    |     |     |    |     ||    |     |     |    |    |
    |consultant   |9.1 |2.9  |4.0  |4.5 |5.0  ||7.4 |5.5  |3.3  |3.3 |5.2 |
    |staffing     |    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Permanent    |    |     |     |    |     ||    |     |     |    |    |
    |placement    |16.9|14.9 |10.3 |13.8|11.0 ||15.0|17.8 |9.6  |12.5|11.3|
    |staffing     |    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Total        |9.6 |3.7  |4.5  |5.2 |5.4  ||7.9 |6.3  |3.8  |4.0 |5.6 |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |International|    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Temporary and|    |     |     |    |     ||    |     |     |    |    |
    |consultant   |-3.8|-10.7|-5.8 |-5.9|-4.2 ||-4.4|-8.2 |-6.2 |-7.2|-4.2|
    |staffing     |    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Permanent    |    |     |     |    |     ||    |     |     |    |    |
    |placement    |-4.1|-16.6|-10.8|-0.8|0.0  ||-3.9|-12.7|-10.1|1.0 |2.7 |
    |staffing     |    |     |     |    |     ||    |     |     |    |    |
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|
    |Total        |-3.8|-11.6|-6.5 |-5.2|-3.6 ||-4.4|-8.8 |-6.8 |-6.0|-3.3|
    |_____________|____|_____|_____|____|_____||____|_____|_____|____|____|

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 
Staffing lines of business.  In order to remove the fluctuations caused by 
comparable periods having different billing days, the company calculates "same 
billing day" revenue growth rates by dividing each comparative period's 
reported revenues by the calculated number of billing days for that period, to 
arrive at a "per billing day" amount.  The "same billing day" growth rates are 
then calculated based upon the "per billing day" amounts.

The term "same billing days and constant currency" means that the impact of 
different billing days has been removed from constant currency calculation.  A 
reconciliation of the non-GAAP year-over-year revenue growth rates to the "As 
Reported" year-over-year revenue growth rates is included herein on Pages 
10-11.
    ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
    STAFFING REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
    Year-Over-Year Staffing Revenue Growth – GLOBAL
                                   Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
    Accountemps
    As Reported                    4.2     -2.3    -0.7    -0.8    -0.4
    Billing Days Impact            -1.6    2.5     -0.6    -1.1    0.2
    Currency Impact                0.2     0.0     0.0     -0.1    -0.1
    Same Billing Days and Constant 2.8     0.2     -1.3    -2.0    -0.3
    Currency
    OfficeTeam
    As Reported                    6.4     0.6     2.4     2.5     3.0
    Billing Days Impact            -1.7    2.5     -0.7    -1.2    0.2
    Currency Impact                0.5     0.0     -0.1    -0.5    -0.4
    Same Billing Days and Constant 5.2     3.1     1.6     0.8     2.8
    Currency
    Robert Half Technology
    As Reported                    6.4     4.6     10.2    11.8    14.1
    Billing Days Impact            -1.7    2.7     -0.8    -1.4    0.3
    Currency Impact                -0.1    0.1     0.1     0.4     0.5
    Same Billing Days and Constant 4.6     7.4     9.5     10.8    14.9
    Currency
    Robert Half Management
    Resources
    As Reported                    8.0     -3.1    -1.2    -0.2    0.7
    Billing Days Impact            -1.7    2.4     -0.8    -1.1    0.2
    Currency Impact                0.4     0.4     0.5     0.4     0.2
    Same Billing Days and Constant 6.7     -0.3    -1.5    -0.9    1.1
    Currency
    Temporary and consultant
    staffing
    As Reported                    5.6     -0.8    1.6     1.9     2.7
    Billing Days Impact            -1.6    2.5     -0.8    -1.2    0.3
    Currency Impact                0.2     0.1     0.1     0.0     -0.1
    Same Billing Days and Constant 4.2     1.8     0.9     0.7     2.9
    Currency
    Permanent placement staffing
    As Reported                    7.5     0.6     1.4     7.9     6.6
    Billing Days Impact            -1.7    2.6     -0.7    -1.2    0.2
    Currency Impact                0.7     0.8     0.5     1.2     1.0
    Same Billing Days and Constant 6.5     4.0     1.2     7.9     7.8
    Currency
    Total
    As Reported                    5.8     -0.6    1.6     2.5     3.1
    Billing Days Impact            -1.7    2.5     -0.7    -1.3    0.2
    Currency Impact                0.3     0.1     0.1     0.1     0.0
    Same Billing Days and Constant 4.4     2.0     1.0     1.3     3.3
    Currency
    ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
    STAFFING REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
    Year-Over-Year Staffing Revenue Growth – UNITED STATES
                                   Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
    Temporary and consultant
    staffing
    As Reported                    9.1     2.9     4.0     4.5     5.0
    Billing Days Impact            -1.7    2.6     -0.7    -1.2    0.2
    Currency Impact                − ?       ?       ?       ?
    Same Billing Days and Constant 7.4     5.5     3.3     3.3     5.2
    Currency
    Permanent placement staffing
    As Reported                    16.9    14.9    10.3    13.8    11.0
    Billing Days Impact            -1.9    2.9     -0.7    -1.3    0.3
    Currency Impact                − ?       ?       ?       ?
    Same Billing Days and Constant 15.0    17.8    9.6     12.5    11.3
    Currency
    Total
    As Reported                    9.6     3.7     4.5     5.2     5.4
    Billing Days Impact            -1.7    2.6     -0.7    -1.2    0.2
    Currency Impact                − ?       ?       ?       ?
    Same Billing Days and Constant 7.9     6.3     3.8     4.0     5.6
    Currency
    Year-Over-Year Staffing Revenue Growth – INTERNATIONAL
                                   Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
    Temporary and consultant
    staffing
    As Reported                    -3.8    -10.7   -5.8    -5.9    -4.2
    Billing Days Impact            -1.5    2.2     -0.7    -1.2    0.2
    Currency Impact                0.9     0.3     0.3     -0.1    -0.2
    Same Billing Days and Constant -4.4    -8.2    -6.2    -7.2    -4.2
    Currency
    Permanent placement staffing
    As Reported                    -4.1    -16.6   -10.8   -0.8    0.0
    Billing Days Impact            -1.4    2.1     -0.6    -1.2    0.3
    Currency Impact                1.6     1.8     1.3     3.0     2.4
    Same Billing Days and Constant -3.9    -12.7   -10.1   1.0     2.7
    Currency
    Total
    As Reported                    -3.8    -11.6   -6.5    -5.2    -3.6
    Billing Days Impact            -1.6    2.3     -0.7    -1.1    0.1
    Currency Impact                1.0     0.5     0.4     0.3     0.2
    Same Billing Days and Constant -4.4    -8.8    -6.8    -6.0    -3.3
    Currency



SOURCE  Robert Half 
M. Keith Waddell, Vice Chairman, President and Chief Financial Officer, (650) 
234-6000 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/January2014/30/c6430.html 
CO: Robert Half
ST: California
NI: FIN CONF ERN  
-0- Jan/30/2014 21:03 GMT
 
 
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