On this page of StockholderLetter.com we present the latest annual shareholder letter from ROBERT HALF INC. — ticker symbol RHI. Reading current and past RHI letters to shareholders can bring important insights into the investment thesis.

 •  4/12/2024 Letter Continued (Full PDF)
 •  4/13/2023 RHI Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  RHI Benford's Law Stock Score = 69

RHI Shareholder/Stockholder Letter Transcript:

2023
Annual
Report

INTEGRIT Y    INCLUSION    INNOVATION    COMMITMENT TO SUCCESS
About Robert Half
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. Robert Half o   ers contract talent,
permanent placement and executive search services, and
is the parent company of Protiviti  , a global consulting
firm. Protiviti helps companies solve increasingly
complex business challenges, often through managed
solutions where our talent solutions operations and
Protiviti work together.
As an innovator, Robert Half   s proprietary matching
artificial intelligence strengthens our ability to connect top
talent with hard-to-fill positions and plays an increasing
role in the hundreds of thousands of placements we make
annually. But the world-class experience our clients and
candidates have come to expect from us requires more
than technology alone. It also requires the skills, judgment
and expertise of our specialized recruiting professionals. It
is our unique and powerful combination of both that sets
us apart in the marketplace.
Robert Half   s enterprise values     integrity, inclusion,
innovation and commitment to success     serve as the
cornerstone for everything we do. These values are
embedded in the organizational culture of Robert Half,
including Protiviti. They reflect who we are and how we
connect, thrive and grow as individuals, as teams and
as an enterprise.
We foster a positive and inclusive work environment,
helping employees thrive and feel valued in their
roles. Our work philosophy allows us to provide our
professionals with greater location and schedule
flexibility while continuing to meet the needs of the
business. We are a socially responsible corporate citizen,
supporting our communities by volunteering our time
and donating to deserving causes.
Robert Half
313
O   ce Locations
Protiviti
19
Countries
89
O   ce Locations*
15,000
Full-Time
Internal Sta   
174,400
Professionals
Placed**
400+
Locations
Globally
Robert Half and Protiviti*
* Includes Member Firms, which are independent legal entities operating under the Protiviti name
** Those placed on engagements and in full-time positions in 2023
29
Countries*

Commitment to
Our Values
Robert Half is a people business, and we are
proud of our recognition as an employer of
choice. We build rewarding careers for our
employees and job candidates, embrace
inclusion and strive to positively impact the
communities where we live and work. Our
results for 2023 underscore our commitment
to our people and our values.
92

54%
34

74,500+
EMPLOYEE ENGAGEMENT
Employees globally who said we
are a great place to work
WOMEN
Women employees in our global
internal workforce
RACI AL AND ETHNIC DI VERSI TY
Individuals from historically
underrepresented groups in our
U.S. internal workforce
EMPLOYEE VOLUNTEER HOURS
Employee hours volunteered
globally during 2023, more than
double the hours in 2022
Company Recognition
Robert Half is certified as a Great Place to Work in 16 countries, and we received numerous other accolades
in 2023 and Q1 2024, including:
2023
Forbes award logos are printed with permission of Forbes.
Disclaimer: From Fortune.    2024 Fortune Media IP Limited. All rights reserved. Fortune is a registered trademark of Fortune Media IP Limited and is used under
license. Fortune and Fortune Media IP Limited are not a   liated with, and do not endorse products or services of, Robert Half Inc.
2023 Annual Report
Robert Half
1

Selected
Financial Data
(in millions, except per share amounts)
YEAR ENDED DECEMBER 31,
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Service revenues
$ 6,392.5
$ 7,238.1
$ 6,461.4
$ 5,109.0
$ 6,074.4
$ 5,800.3
$ 5,266.8
$ 5,250.4
$ 5,094.9
$ 4,695.0
$ 4,245.9
Net income

411.1

657.9

598.6

306.3

454.4

434.3

290.6

343.4

357.8

305.9

252.2
Diluted net income
per share

3.88

6.03

5.36

2.70

3.90

3.57

2.33

2.67

2.69

2.26

1.83
INCOME
STATEMENT
Diluted shares
Dividends declared
per share
106.1
109.2
111.7
113.3
116.4
121.6
124.9
128.8
132.9
135.5
137.6

1.92

1.72

1.52

1.36

1.24

1.12

.96

.88

.80

.72

.64
Capital
expenditures*

80.8

101.5

67.9

66.6

89.8

42.5

40.8

83.0

75.1

62.8

53.7
Net cash flows before
financing activities

524.6

567.1

515.5

606.0

417.5

483.8

374.5

329.8

320.3

252.1

211.4
Repurchase of
common stock

254.6

319.9

287.7

159.2

277.5

353.5

231.7

176.0

271.1

153.8

168.0
Dividends paid

205.9

189.3

170.6

155.9

145.6

136.4

121.0

114.2

107.6

97.6

89.2
Accounts receivable, net

860.9
$ 1,018.3

984.7

714.2

832.8

794.4

732.4

703.2

704.6

657.7

551.9
Total assets
$ 3,010.8
$ 2,964.5
$ 2,952.4
$ 2,557.4
$ 2,311.4
$ 1,903.1
$ 1,867.5
$ 1,778.0
$ 1,671.0
$ 1,620.8
$ 1,497.7
Stockholders    equity
$ 1,588.4
$ 1,568.6
$ 1,381.1
$ 1,205.3
$ 1,143.7
$ 1,063.2
$ 1,105.3
$ 1,086.6
$ 1,003.8


CASH FLOW DATA
BALANCE SHEET
979.9
919.6
*Capital expenditures for the years ended December 31, 2023, 2022, 2021, 2020 and 2019 include capitalized cloud computing implementation costs.
2023 Annual Report
Robert Half
2

Financial
Highlights
Service Revenues
Net Income
(in millions)
(in millions)
$7,238.1
$6,392.5
$6,461.4
$6,074.4
$598.6
$411.1
$454.4
$5,109.0
2019
$657.9
2020
$306.3
2021
2022
2023
2019
2020
Diluted Net Income
Dividends Declared
Per Share
Per Share
2021
2022
2023
$1.92
$1.72
$6.03
$5.36
$3.90
$1.36
$3.88
$1.24
2023
2019
$1.52
$2.70
2019
2020
2021
2022
Disclaimer:
Certain information contained herein and in other parts of this report may be deemed forward-looking
statements, including those regarding our plans, goals and objectives, and events and financial trends
that may a   ect the future operating results or financial positions of Robert Half Inc. (the    Company   ).
Forward-looking statements reflect management   s current expectations and speak only as of the date
of this report. These statements may be identified by words such as    anticipate,       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. Such statements are
subject to risks and uncertainties that could cause our results to di   er materially fromthose anticipated
in the corresponding forward-looking statements. Forward-looking statements are not guarantees or
promises that goals or targets will be met. In addition, historical, current, and forward-looking information about the Company   s environmental, social, and governance (   ESG   ) and compliance programs,
2023 Annual Report
Robert Half
2020
2021
2022
2023
including targets or goals, may not be considered material for the Securities and Exchange Commission (   SEC   ) reporting purposes and may be based on standards for measuring progress that are still
developing, on internal controls, diligence, or processes that are evolving, and on assumptions that
are subject to change in the future. For information regarding risks and uncertainties associated with
our business and a discussion of some of the factors that may cause actual results to di   er materially
fromthose expressed in the forward-looking statements, such as changes in laws and regulations
and changes in economic conditions, please refer to the    Management   s Discussion and Analysis of
Financial Condition and Results of Operations,    and the    Risk Factors    and    Legal Proceedings    sections
of this 2023 Annual Report on Form10-K and subsequent SEC filings for a discussion of risk factors as
they relate to forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances except as required by law.
3



 4/12/2024 Letter Continued (Full PDF)