Robert Half Q3 revenue up 43% amid acceleration in demand

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October 22, 2021

Professional staffing provider Robert Half International Inc. (NYSE: RHI) reported third-quarter revenue rose 42.9% year over year on an adjusted basis, which excludes the impact of currencies and billing days. Revenue exceeded the high end of guidance amid an acceleration in demand, President and CEO Keith Waddell said.

“Our permanent placement and Protiviti operations continued to show very strong results, growing year-over-year revenues by 79% and 56%, respectively,” Waddell said. “Our temporary and consultant staffing operations also accelerated in the quarter with year-over-year revenue growth of 35%. Overall, our total revenues were 10% higher than the pre-pandemic third quarter of 2019.”

(US$ thousands) Q3 2021 Q3 2020 % change % change adjusted
Service revenue $1,712,566 $1,189,897 43.9% 42.9%
Gross margin $725,327 $467,346 55.2%  
Gross margin percentage 42.4% 39.3%    
Net income $170,871 $75,749 125.6%  

Third-quarter US revenue rose 43.8% year over year on an adjusted basis while international revenue rose 40.1% on an adjusted basis.

The company’s largest international market is Germany, which represents approximately 6% of total company sales, followed by Belgium, Canada and the UK, at 4% each, and the UK and France, at 2% each.

Revenue by segment

(US$ thousands) Q3 2021 Q3 2020 % change % change adjusted
Accountemps $492,558 $351,598 40.1% 39.1%
OfficeTeam $279,370 $173,685 60.8% 60.0%
Robert Half Technology $215,500 $161,007 33.8% 33.1%
Robert Half Management Resources $239,807 $154,917 54.8% 53.6%
Elimination of intersegment revenue ($172,534) ($59,816)
Protiviti $501,421 $321,303 56.1% 55.1%
         
temp staffing and consulting $1,054,701 $781,391 35.0% 34.0%
perm placement $156,444 $87,203 79.4% 77.7%

Share price and market cap

Shares in Robert Half were up 0.82% to $111.57 as of 12:11 p.m. Eastern time; they had set a new 52-week high today when they reached $112.81, according to FT.com. The company has a market cap of $12.39 billion.

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