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View All NewsRobert Half revenue up 29.8% in first quarter, perm placement leads the way
Robert Half International Inc. (NYSE: RHI) reported first-quarter revenue rose 29.8% year over year.
“Our permanent placement talent solutions operations again led the way, achieving year-over-year revenue growth of 67%,” President and CEO Keith Waddell said. “Our contract talent solutions and Protiviti also continued to post very strong results, growing year-over-year revenues by 30% and 19%, respectively.”
| (US$ thousands) | Q1 2022 | Q1 2021 | % change | % change adjusted |
| Service revenue | $1,814,834 | $1,398,380 | 29.8% | 30.9% |
| Gross margin | $771,846 | $561,711 | 37.4% | |
| Gross margin percentage | 42.5% | 40.2% | ||
| Net income | $168,239 | $110,598 | 52.1% |
US revenue at Robert Half rose 31.7% year over year in the first quarter. International revenue was up 23.4% or 28.7% on an adjusted basis.
Adjusted growth refers to revenue growth excluding the impact of billing days and currencies.
Revenue by business line
| (US$ thousands) | Q1 2022 | Q1 2021 | % change | % change adjusted |
| Finance and accounting | $801,690 | $600,387 | 33.5% | 34.6% |
| Administrative and customer support | $284,906 | $220,467 | 29.2% | 30.5% |
| Technology | $213,327 | $172,239 | 23.9% | 24.6% |
| Elimination of intersegment revenue | ($144,200) | ($103,818) | - | - |
| Total contract talent solutions | $1,155,723 | $889,275 | 30.0% | 31.0% |
| Permanent placement talent solutions | $186,782 | $111,703 | 67.2% | 68.8% |
| Protiviti | $472,329 | $397,402 | 18.9% | 20.0% |
The company recently completed a multiyear process to unify its family of Robert Half-endorsed divisional brands to one single specialized brand, Robert Half. In the first quarter, the company’s financial disclosures for contract talent solutions (formerly temporary and consultant staffing) are based on functional specialization rather than the previously branded divisions.
The functional specializations are finance and accounting, administrative and customer support, and technology. Finance and accounting combines the former Accountemps and Robert Half Management Resources. Administrative and customer support was previously OfficeTeam, and technology was formerly Robert Half Technology. Protiviti and permanent placement talent solutions continue to be reported separately. What was previously referred to as staffing operations is now referred to as talent solutions. There is no change to the underlying business operations or organization.
Share price and market cap
Shares in Robert Half were down 7.73% to $100.91 as of 12:29 p.m. Eastern time; they were 20.91% above their 52-week low, according to FT.com. The company had a market cap of $12.12 billion.