Robert Half Reports Second-Quarter Financial Results

MENLO PARK, Calif., July 22, 2014 /CNW/ -- Robert Half International Inc. 
(NYSE symbol: RHI) today reported revenues and earnings for the second quarter 
ended June 30, 2014. 
For the quarter ended June 30, 2014, net income was $75.1 million, or $.55 per 
share, on revenues of $1.16 billion.  Net income for the prior year's second 
quarter was $63.1 million, or $.46 per share, on revenues of $1.06 billion. 
For the six months ended June 30, 2014, net income was $136.7 million, or 
$1.01 per share, on revenues of $2.25 billion.  For the six months ended June 
30, 2013, net income was $119.0 million, or $.86 per share, on revenues of 
$2.09 billion. 
"Robert Half's growth in the second quarter was broad-based and reflective of 
improving labor markets and higher global demand for our professional staffing 
services," said Harold M. Messmer, Jr., chairman and CEO of Robert Half.  
"Year-over-year revenue growth rates accelerated nicely during the quarter, 
both in the United States and in our international operations.  The company's 
Protiviti subsidiary also continued to post very strong operating results." 
Messmer added, "The highest sequential and year-over-year revenue growth rates 
were reported by our permanent placement operations and Protiviti.  This was 
Robert Half's 17th consecutive quarter of double-digit net income and 
earnings-per-share growth on a year-over-year basis.  Return on equity, on an 
unlevered basis, was 31 percent for the quarter." 
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 8 p.m. EDT on August 22.  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# 61813931.  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 firm 
that helps companies solve problems in finance, technology, operations, 
governance, risk and internal audit.  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 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                               Six Months
                                                 Ended June 30,                          Ended June 30,
                                               --------------                       --------------
                                                  2014             2013                    2014             2013
                                                  ----             ----                    ----             ----
    Net service revenues                         (Unaudited)                          (Unaudited)
                           $1,164,914       $1,063,228                   $2,249,256  $2,086,912
    Direct costs of
     services                                  686,470          631,120               1,332,317        1,244,514
                                               -------          -------               ---------        ---------
    Gross margin                               478,444          432,108                 916,939          842,398
    Selling, general and
     administrative
     expenses                                  354,791          331,314                 691,177          652,099
    Amortization of
     intangible assets                             224              434                     557              867
    Interest income                              (224)           (236)                  (462)           (540)
                                                  ----             ----                    ----             ----
    Income before income
     taxes                                     123,653          100,596                 225,667          189,972
    Provision for income
     taxes                                      48,513           37,507                  88,976           71,020
                                                ------           ------                  ------           ------
    Net income                                 $75,140          $63,089                $136,691         $118,952
                                               =======          =======                ========         ========
    Net income available
     to common
     stockholders-
     diluted                                   $75,140          $63,088                $136,691         $118,948
                                               =======          =======                ========         ========
    Diluted net income
     per share                                    $.55             $.46                   $1.01             $.86
    Shares:
       Basic                                   134,699          136,385                 135,014          136,845
       Diluted                                 135,708          137,659                 135,932          138,024
                                                       ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                                                              SUPPLEMENTAL FINANCIAL INFORMATION
                                                                        (in thousands)
                                        Quarter                                          Six Months
                                    Ended June 30,                                     Ended June 30,
                                    --------------                                   --------------
                                                  2014               2013                                2014  2013
                                                  ----               ----                                ----  ----
                                      (Unaudited)                                      (Unaudited)
    REVENUES:


  Accountemps                             $402,996              34.6%                  $378,515     35.6%         
$786,020    34.9%     $755,129     36.2% 
  OfficeTeam                               226,505              19.4%                   207,683     19.5%          
437,565    19.5%      409,320     19.6% 
  Robert Half Technology                   141,988              12.2%                   131,751     12.4%          
274,293    12.2%      252,752     12.1% 
  Robert Half Management 
   Resources                               139,549              12.0%                   124,120     11.7%          
270,730    12.0%      248,290     11.9% 
  Robert Half Finance & 
   Accounting                              102,827               8.8%                    90,347      8.5%          
195,452     8.7%      173,724      8.3% 
  Protiviti                                151,049              13.0%                   130,812     12.3%          
285,196    12.7%      247,697     11.9% 
                                           -------               ----                    -------      ----          
 -------     ----       -------      ---- 
  Total                                 $1,164,914             100.0%                $1,063,228    100.0%       
$2,249,256   100.0%   $2,086,912    100.0% 
                                        ==========              =====                 ==========     =====        
==========    =====    ==========     ===== 


    GROSS MARGIN:
      Temporary and


   consultant staffing                    $332,733              36.5%                  $304,383     36.1%         
$641,923    36.3%     $601,334     36.1% 
  Permanent placement 
   staffing                                102,781             100.0%                    90,310    100.0%          
195,383   100.0%      173,658    100.0% 


      Risk consulting and
       internal audit


   services                                 42,930              28.4%                    37,415     28.6%           
79,633    27.9%       67,406     27.2% 
                                            ------               ----                     ------      ----          
  ------     ----        ------      ---- 
  Total                                   $478,444              41.1%                  $432,108     40.6%         
$916,939    40.8%     $842,398     40.4% 
                                          ========               ====                   ========      ====          
========     ====      ========      ==== 


    OPERATING INCOME:
      Temporary and


   consultant staffing                     $88,756               9.7%                   $76,581      9.1%         
$166,241     9.4%     $149,761      9.0% 
  Permanent placement 
   staffing                                 22,448              21.8%                    15,477     17.1%           
39,723    20.3%       28,062     16.2% 


      Risk consulting and
       internal audit


   services                                 12,449               8.2%                     8,736      6.7%           
19,798     6.9%       12,476      5.0% 
                                            ------                ---                      -----       ---          
  ------      ---        ------       --- 
  Total                                   $123,653              10.6%                  $100,794      9.5%         
$225,762    10.0%     $190,299      9.1% 
                                          ========               ====                   ========       ===          
========     ====      ========       === 


    SELECTED CASH FLOW INFORMATION:
      Amortization of


   intangible assets                          $224                                         $434                     
  $557                  $867 
  Depreciation expense                     $11,863                                      $11,579                    
$24,063               $23,326 
  Capital expenditures                     $10,642                                      $11,022                    
$23,085               $19,104 


      Open market
       repurchases of common


   stock (shares)                              481                                        1,190                     
 1,306                 2,026 


       ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
              SUPPLEMENTAL FINANCIAL INFORMATION
                        (in thousands)
                                                        June 30,
                                                       --------
                                                     2014           2013
                                                     ----           ----
                                                   (Unaudited)
    SELECTED BALANCE SHEET INFORMATION:
            Cash and cash equivalents            $307,778       $246,971
            Accounts receivable, less
             allowances                          $617,200       $557,311
            Total assets                       $1,588,445     $1,428,324
            Current liabilities                  $580,890       $534,895
            Notes payable and other
             indebtedness,                         $1,231         $1,365
                less current portion
            Total stockholders' equity           $975,561       $861,751

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                    Non-GAAP Year-Over-Year Growth Rates 
                                                       (As Reported)                             (Same Billing Days 
and Constant 
                                                                                                         Currency) 
                                                     ------------                           ------------------------
-------- 


                                               2013                        2014                                2013     
          2014
                                               ----                        ----                                ----     
          ----


Global                                 Q1                   Q2                     Q3                Q4              
Q1            Q2       Q1        Q2        Q3      Q4  Q1        Q2 
                                      ---                  ---                    ---               ---             
  ---           ---      ---       ---       ---      --- ---      --- 


    Accountemps                                -2.3                        -0.7              -0.8               -0.4    
            1.7      6.5       0.2      -1.3     -2.0     -0.3  1.4     6.5
    OfficeTeam                                  0.6                         2.4               2.5                3.0    
            4.7      9.1       3.1       1.6      0.8      2.8  4.0     9.0
    RH Technology                               4.6                        10.2              11.8               14.1    
            9.3      7.8       7.4       9.5     10.8     14.9  9.5     8.5
    RH Management Resources                    -3.1                        -1.2              -0.2                0.7    
            5.6     12.4      -0.3      -1.5     -0.9      1.1  5.3    12.2
                                               ----                        ----              ----                ---    
            ---     ----      ----      ----     ----      ---  ---    ----
    Temporary and consultant
     staffing                                  -0.8                         1.6               1.9                2.7    
            4.1      8.2       1.8       0.9      0.7      2.9  3.8     8.3
    Permanent placement
     staffing                                   0.6                         1.4               7.9                6.6    
           11.1     13.8       4.0       1.2      7.9      7.8 11.6    14.2
                                                ---                         ---               ---                ---    
           ----     ----       ---       ---      ---      --- ----    ----
    Total staffing                             -0.6                         1.6               2.5                3.1    
            4.8      8.7       2.0       1.0      1.3      3.3  4.5     8.9
    Protiviti                                  13.6                        18.7              16.3               18.0    
           14.8     15.5      18.9      20.3     16.9     15.6 14.1    14.4
                                               ----                        ----              ----               ----    
           ----     ----      ----      ----     ----     ---- ----    ----
    Total                                       0.8                         3.4               4.1                4.8    
            5.9      9.6       3.9       3.2      3.3      4.9  5.7     9.6
                                                ===                         ===               ===                ===    
            ===      ===       ===       ===      ===      ===  ===     ===
    United States
    Temporary and consultant
     staffing                                   2.9                         4.0               4.5                5.0    
            5.9      9.3       5.5       3.3      3.3      5.2  5.4     9.8
    Permanent placement
     staffing                                  14.9                        10.3              13.8               11.0    
           12.6     15.8      17.8       9.6     12.5     11.3 12.1    16.3
                                               ----                        ----              ----               ----    
           ----     ----      ----       ---     ----     ---- ----    ----
    Total staffing                              3.7                         4.5               5.2                5.4    
            6.4      9.8       6.3       3.8      4.0      5.6  5.9    10.3
    Protiviti                                  16.6                        23.3              22.1               19.6    
           19.0     19.0      21.3      24.3     21.7     16.5 18.0    18.4
                                               ----                        ----              ----               ----    
           ----     ----      ----      ----     ----     ---- ----    ----
    Total                                       5.1                         6.6               7.2                7.1    
            7.9     11.0       8.1       6.2      6.3      7.1  7.5    11.4
                                                ===                         ===               ===                ===    
            ===     ====       ===       ===      ===      ===  ===    ====
    International
    Temporary and consultant
     staffing                                 -10.7                        -5.8              -5.9               -4.2    
           -1.2      4.6      -8.2      -6.2     -7.2     -4.2 -1.0     3.3
    Permanent placement
     staffing                                 -16.6                       -10.8              -0.8                0.0    
            8.6     10.6     -12.7     -10.1      1.0      2.7 10.8    10.7
                                              -----                       -----              ----                ---    
            ---     ----     -----     -----      ---      --- ----    ----
    Total staffing                            -11.6                        -6.5              -5.2               -3.6    
            0.1      5.4      -8.8      -6.8     -6.0     -3.3  0.6     4.4
    Protiviti                                   4.3                         4.2              -3.8               12.0    
            0.4      2.4      11.5       7.9      0.2     12.5  0.8    -0.2
                                                ---                         ---              ----               ----    
            ---      ---      ----       ---      ---     ----  ---    ----
    Total                                     -10.2                        -5.5              -5.1               -2.0    
            0.1      5.1      -6.9      -5.2     -5.3     -1.4  0.6     3.9
                                              =====                        ====              ====               ====    
            ===      ===      ====      ====     ====     ====  ===     ===

The non-GAAP financial measures included in the table above adjust for the 
following items:

Foreign Currency Translation.  The "As Reported" revenue growth rates are 
based upon reported revenues, which include the impact of changes in foreign 
currency exchange rates.  In order to calculate "Constant Currency" revenue 
growth rates, as-reported amounts are retranslated using foreign exchange 
rates from the prior year's comparable period.

Billing Days.  The "As Reported" revenue growth rates are based upon reported 
revenues.  Management calculates a global, weighted-average number of billing 
days for each reporting period based upon input from all countries and all 
lines of business.  In order to remove the fluctuations caused by comparable 
periods having different billing days, the company calculates "same billing 
day" revenue growth rates by dividing each comparative period's reported 
revenues by the calculated number of billing days for that period, to arrive 
at a "per billing day" amount.  The "same billing day" growth rates are then 
calculated based upon the "per billing day" amounts.

The term "same billing days and constant currency" means that the impact of 
different billing days has been removed from constant currency calculation.  A 
reconciliation of the non-GAAP year-over-year revenue growth rates to the "As 
Reported" year-over-year revenue growth rates is included herein on Pages 
10-12.
                                                   ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                                                          NON-GAAP FINANCIAL MEASURES
    REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
                                                    Year-Over-Year Revenue Growth - GLOBAL
                                                    --------------------------------------


                                              Q1 2013             Q2 2013             Q3 2013      Q4 2013      Q1 
2014      Q2 2014 
                                              -------             -------             -------      -------      ----
---      ------- 


    Accountemps
    As Reported                                           -2.3                 -0.7               -0.8         -0.4     
     1.7          6.5
    Billing Days Impact                                    2.5                 -0.6               -1.1          0.2     
    -0.5          0.4
    Currency Impact                                        0.0                  0.0               -0.1         -0.1     
     0.2         -0.4
                                                           ---                  ---               ----         ----     
     ---         ----
    Same Billing Days and
     Constant Currency                                     0.2                 -1.3               -2.0         -0.3     
     1.4          6.5
                                                           ---                 ----               ----         ----     
     ---          ---
    OfficeTeam
    As Reported                                            0.6                  2.4                2.5          3.0     
     4.7          9.1
    Billing Days Impact                                    2.5                 -0.7               -1.2          0.2     
    -0.5          0.5
    Currency Impact                                        0.0                 -0.1               -0.5         -0.4     
    -0.2         -0.6
                                                           ---                 ----               ----         ----     
    ----         ----
    Same Billing Days and
     Constant Currency                                     3.1                  1.6                0.8          2.8     
     4.0          9.0
                                                           ---                  ---                ---          ---     
     ---          ---
    Robert Half Technology
    As Reported                                            4.6                 10.2               11.8         14.1     
     9.3          7.8
    Billing Days Impact                                    2.7                 -0.8               -1.4          0.3     
    -0.5          0.5
    Currency Impact                                        0.1                  0.1                0.4          0.5     
     0.7          0.2
                                                           ---                  ---                ---          ---     
     ---          ---
    Same Billing Days and
     Constant Currency                                     7.4                  9.5               10.8         14.9     
     9.5          8.5
                                                           ---                  ---               ----         ----     
     ---          ---
    Robert Half Management Resources
    As Reported                                           -3.1                 -1.2               -0.2          0.7     
     5.6         12.4
    Billing Days Impact                                    2.4                 -0.8               -1.1          0.2     
    -0.4          0.6
    Currency Impact                                        0.4                  0.5                0.4          0.2     
     0.1         -0.8
                                                           ---                  ---                ---          ---     
     ---         ----
    Same Billing Days and
     Constant Currency                                    -0.3                 -1.5               -0.9          1.1     
     5.3         12.2
                                                          ----                 ----               ----          ---     
     ---         ----
    Temporary and consultant staffing
    As Reported                                           -0.8                  1.6                1.9          2.7     
     4.1          8.2
    Billing Days Impact                                    2.5                 -0.8               -1.2          0.3     
    -0.5          0.5
    Currency Impact                                        0.1                  0.1                0.0         -0.1     
     0.2         -0.4
                                                           ---                  ---                ---         ----     
     ---         ----
    Same Billing Days and
     Constant Currency                                     1.8                  0.9                0.7          2.9     
     3.8          8.3
                                                           ---                  ---                ---          ---     
     ---          ---
    Permanent placement staffing
    As Reported                                            0.6                  1.4                7.9          6.6     
    11.1         13.8
    Billing Days Impact                                    2.6                 -0.7               -1.2          0.2     
    -0.5          0.6
    Currency Impact                                        0.8                  0.5                1.2          1.0     
     1.0         -0.2
                                                           ---                  ---                ---          ---     
     ---         ----
    Same Billing Days and
     Constant Currency                                     4.0                  1.2                7.9          7.8     
    11.6         14.2
                                                           ---                  ---                ---          ---     
    ----         ----
    Total staffing
    As Reported                                           -0.6                  1.6                2.5          3.1     
     4.8          8.7
    Billing Days Impact                                    2.5                 -0.7               -1.3          0.2     
    -0.5          0.6
    Currency Impact                                        0.1                  0.1                0.1          0.0     
     0.2         -0.4
                                                           ---                  ---                ---          ---     
     ---         ----
    Same Billing Days and
     Constant Currency                                     2.0                  1.0                1.3          3.3     
     4.5          8.9
                                                           ---                  ---                ---          ---     
     ---          ---
    Protiviti
    As Reported                                           13.6                 18.7               16.3         18.0     
    14.8         15.5
    Billing Days Impact                                    4.6                  0.9               -0.4         -3.2     
    -1.0         -0.7
    Currency Impact                                        0.7                  0.7                1.0          0.8     
     0.3         -0.4
                                                           ---                  ---                ---          ---     
     ---         ----
    Same Billing Days and
     Constant Currency                                    18.9                 20.3               16.9         15.6     
    14.1         14.4
                                                          ----                 ----               ----         ----     
    ----         ----
    Total
    As Reported                                            0.8                  3.4                4.1          4.8     
     5.9          9.6
    Billing Days Impact                                    2.9                 -0.4               -1.0          0.0     
    -0.4          0.4
    Currency Impact                                        0.2                  0.2                0.2          0.1     
     0.2         -0.4
                                                           ---                  ---                ---          ---     
     ---         ----
    Same Billing Days and
     Constant Currency                                     3.9                  3.2                3.3          4.9     
     5.7          9.6
                                                           ---                  ---                ---          ---     
     ---          ---
                                                   ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                                                             NON-GAAP FINANCIAL MEASURES
    REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):


                                                                                               Year-Over-Year 
Revenue Growth - UNITED STATES 
                                                                                               ---------------------
------------------------ 
                                                                                               Q1 2013      Q2      
Q3      Q4      Q1      Q2 
                                                                                                           2013     
2013     2013     2014     2014 
                                                                                                -------   -----    -
----    -----    -----    ----- 


    Temporary and consultant
     staffing


As Reported                                                                                         2.9      4.0    
  4.5      5.0      5.9      9.3 
Billing Days 
 Impact                                                                                             2.6     -0.7    
 -1.2      0.2     -0.5      0.5 
Currency Impact                                                                                       ?       ?     
  ?       ?       ?       ? 
                                                                                                    ---     ---     
---     ---     ---     --- 


    Same Billing Days
     and Constant


 Currency                                                                                           5.5      3.3    
  3.3      5.2      5.4      9.8 
                                                                                                    ---      ---    
  ---      ---      ---      --- 
Permanent placement staffing 
As Reported                                                                                        14.9     10.3    
 13.8     11.0     12.6     15.8 
Billing Days 
 Impact                                                                                             2.9     -0.7    
 -1.3      0.3     -0.5      0.5 
Currency Impact                                                                                       ?       ?     
  ?       ?       ?       ? 
                                                                                                    ---     ---     
---     ---     ---     --- 


    Same Billing Days
     and Constant


 Currency                                                                                          17.8      9.6    
 12.5     11.3     12.1     16.3 
                                                                                                   ----      ---    
 ----     ----     ----     ---- 
Total staffing 
As Reported                                                                                         3.7      4.5    
  5.2      5.4      6.4      9.8 
Billing Days 
 Impact                                                                                             2.6     -0.7    
 -1.2      0.2     -0.5      0.5 
Currency Impact                                                                                       ?       ?     
  ?       ?       ?       ? 
                                                                                                    ---     ---     
---     ---     ---     --- 


    Same Billing Days
     and Constant


 Currency                                                                                           6.3      3.8    
  4.0      5.6      5.9     10.3 
                                                                                                    ---      ---    
  ---      ---      ---     ---- 
Protiviti 
As Reported                                                                                        16.6     23.3    
 22.1     19.6     19.0     19.0 
Billing Days 
 Impact                                                                                             4.7      1.0    
 -0.4     -3.1     -1.0     -0.6 


    Currency Impact                                                                                       −       − 
      −       −       ?       ?


                                                                                                    ---     ---     
---     ---     ---     --- 


    Same Billing Days
     and Constant


 Currency                                                                                          21.3     24.3    
 21.7     16.5     18.0     18.4 
                                                                                                   ----     ----    
 ----     ----     ----     ---- 
Total 
As Reported                                                                                         5.1      6.6    
  7.2      7.1      7.9     11.0 
Billing Days 
 Impact                                                                                             3.0     -0.4    
 -0.9      0.0     -0.4      0.4 


    Currency Impact                                                                                       −       − 
      −       −       ?       ?


                                                                                                    ---     ---     
---     ---     ---     --- 


    Same Billing Days
     and Constant


 Currency                                                                                           8.1      6.2    
  6.3      7.1      7.5     11.4 
                                                                                                    ---      ---    
  ---      ---      ---     ---- 


                                                      ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                                                                NON-GAAP FINANCIAL MEASURES
    REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
                                     Year-Over-Year Revenue Growth - INTERNATIONAL
                                     ---------------------------------------------


                                          Q1 2013             Q2 2013             Q3 2013         Q4 2013      Q1 
2014      Q2 2014 
                                          -------             -------             -------         -------      -----
--      ------- 
Temporary and consultant staffing 
As Reported                                      -10.7                 -5.8                -5.9           -4.2       
-1.2          4.6 
Billing Days 
 Impact                                            2.2                 -0.7                -1.2            0.2       
-0.4          0.4 


    Currency Impact                                    0.3                  0.3                -0.1           -0.2      
    0.6         -1.7
                                                       ---                  ---                ----           ----      
    ---         ----
    Same Billing Days
     and Constant


 Currency                                         -8.2                 -6.2                -7.2           -4.2       
-1.0          3.3 
                                                  ----                 ----                ----           ----       
----          --- 


    Permanent placement staffing
    As Reported                                      -16.6                -10.8                -0.8            0.0      
    8.6         10.6
    Billing Days


 Impact                                            2.1                 -0.6                -1.2            0.3       
-0.5          0.5 


    Currency Impact                                    1.8                  1.3                 3.0            2.4      
    2.7         -0.4
                                                       ---                  ---                 ---            ---      
    ---         ----
    Same Billing Days
     and Constant


 Currency                                        -12.7                -10.1                 1.0            2.7       
10.8         10.7 
                                                 -----                -----                 ---            ---       
----         ---- 


    Total staffing
    As Reported                                      -11.6                 -6.5                -5.2           -3.6      
    0.1          5.4
    Billing Days


 Impact                                            2.3                 -0.7                -1.1            0.1       
-0.4          0.5 


    Currency Impact                                    0.5                  0.4                 0.3            0.2      
    0.9         -1.5
                                                       ---                  ---                 ---            ---      
    ---         ----
    Same Billing Days
     and Constant
     Currency                                         -8.8                 -6.8                -6.0           -3.3      
    0.6          4.4
                                                      ----                 ----                ----           ----      
    ---          ---
    Protiviti
    As Reported                                        4.3                  4.2                -3.8           12.0      
    0.4          2.4
    Billing Days


 Impact                                            4.4                  0.8                -0.3           -3.0       
-0.8         -0.6 


    Currency Impact                                    2.8                  2.9                 4.3            3.5      
    1.2         -2.0
                                                       ---                  ---                 ---            ---      
    ---         ----
    Same Billing Days
     and Constant
     Currency                                         11.5                  7.9                 0.2           12.5      
    0.8         -0.2
                                                      ----                  ---                 ---           ----      
    ---         ----
    Total
    As Reported                                      -10.2                 -5.5                -5.1           -2.0      
    0.1          5.1
    Billing Days


 Impact                                            2.6                 -0.4                -0.9            0.1       
-0.5          0.4 


    Currency Impact                                    0.7                  0.7                 0.7            0.5      
    1.0         -1.6
                                                       ---                  ---                 ---            ---      
    ---         ----
    Same Billing Days
     and Constant
     Currency                                         -6.9                 -5.2                -5.3           -1.4      
    0.6          3.9
                                                      ----                 ----                ----           ----      
    ---          ---



SOURCE  Robert Half 
M. Keith Waddell, Vice Chairman, President and Chief Financial Officer, (650) 
234-6000 
CO: Robert Half
ST: California
NI: FIN ERN CONF  
-0- Jul/22/2014 20:02 GMT
 
 
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