Slide 1June 5, 2018
Company Background
• Originated in 1948 as boutique financial recruitment firm
• In 2002, entered risk consulting and internal audit business through formation of Protiviti
• Now offer full spectrum of staffing and consulting solutions
• In 1986, acquired the business from Bob Half; it had just two employees
• Built corporate infrastructure, bought back franchises and expanded global office network; introduced new professional staffing brands
2
Barron’s 400 Index
“Best Places to Work” lists around the world
Barron’s 400 Index“Most Admired Companies” (19982018)
America’s Best Professional Recruiting Firm (2017)
“
Reprinted with permission of Barron’s
Awards and Recognition
Global Operations More Than 400 Offices in 20 Countries Worldwide
Europe Austria Belgium France Germany Italy Luxembourg Netherlands Switzerland United Kingdom
Middle East UAE
Asia-Pacific Australia China India Japan New Zealand Singapore
4
Robert Half Revenue Mix — By Geography
International
Robert Half Revenue Mix — International
6
International
25% 75%
Other 1%
Robert Half Revenue Mix — Continental Europe Percentage of Global Staffing Revenues
Germany 6%
Belgium 5%
France 2%
Continental Europe
Robert Half Revenue Mix — Business Segment
OfficeTeam 19%
Accountemps 34%
Robert Half Technology
8
Our Brands
Specialized Staffing
Project Skills
20-Year Revenue History
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
$5.3BOther Services
10
Chart1
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
2015
2016
2016
2017
2017
0
$ 5,266,789
$ 5,250,399
$ 5,094,933
2013
1,859.00
2,387.00
2014
2,011.00
2,684.00
AT/FA
2,204,880
2,205,590
2,137,321
2015
2,137.32
2,957.61
Others
3,061,909
3,044,809
2,957,612
2016
2,205.59
3,044.81
5,250.40
2017
2,204.88
3,061.91
5,266.79
5,266,789
5,250,399
5,094,933
To resize chart data range, drag lower right corner of range.
© 2018 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
20-Year Cash Flow From Operations
$453.0M
11
Chart1
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Column1
189.1
157.3
267.1
275.8
161.2
112.8
161.8
327.5
376.2
411.2
447.1
240.2
175.9
256.3
289.2
309.2
340.7
438.2
442.1
453
Sheet1
Column1
1998
189.10
516
1999
157.30
791.7
2000
267.10
971.1
2001
275.80
1,281.40
2002
161.2
1,175.40
2003
112.8
964.8
2004
161.80
1,057.10
2005
327.50
1,546.40
2006
376.20
1,889.00
2007
411.20
2,192.20
2008
447.10
2,456.80
2009
240.20
2,439.00
2010
175.90
1,640.00
2011
256.30
1,739.00
2012
289.2
2,069.00
2013
309.2
2,250.00
2014
340.7
2015
438.2
2016
442.1
2017
453.0
To resize chart data range, drag lower right corner of range.
© 2018 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.
Return on Invested Capital (20-Year Average & Q1 2018)
*Through March 31, 2018
35.0%
To resize chart data range, drag lower right corner of range.
© 2018 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.
Business Strategy
• Clients value specialization in professional segments
• Middle-market accounts are smaller, less price-sensitive; clients are demanding, quality is key
• Internal staff possess specialized skills
• Protiviti provides consulting; project management; co-sourcing and outsourcing; and managed services capabilities
13
Accounting Staffing Demand
• U.S. job growth for financial analysts, accountants and auditors expected to outpace national average between 2016 and 2026*
• Accountants and auditors among top 20 occupations with highest projected job growth between 2016 and 2026**
• Low unemployment in many roles***
– Financial managers: 0.5% – Financial analysts: 0.7% – Accountants and auditors: 1.9%
*BLS Occupational Outlook Handbook, 2016-2017 Edition **BLS Employment Projections 2016-2026 ***U.S. Bureau of Labor Statistics, Q1 2018
14
Technology Staffing Opportunity
• IT staffing market is 3-4 times larger than accounting staffing
• Low unemployment for IT positions*
– Computer and information systems managers: 0.9% – Computer systems analysts: 1.0% – Software developers, applications and systems software: 2.1%
• Growing need for customized software, websites, mobile and social media
*U.S. Bureau of Labor Statistics, Q1 2018 15
© 2018 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.
Unique Robert Half / Protiviti Delivery Model
Staffing ConsultingBlended
Global and regional consulting firms that compete with Protiviti lack the
flexible resource capabilities
at an attractive price.
consulting methodologies
Marketing Approach
• Traditional media for broad brand awareness – Radio – Locally directed advertising and events
• Digital media for specific target audiences – Search — paid and natural – Digital advertising and retargeting – Email/direct marketing – Social media
17
• Brands still critical
• Proactive digital outreach to targeted client and candidate prospects
• Leverage extensive databases of current and former candidates and clients
• Use proprietary data insights for competitive advantage: – Temp candidate assignment performance – Perm candidate placeability
• AI for hard skills, education, work experience
• Staffing professionals for soft skills, culture fit, attitude, professionalism
Digital Strategy
• In-demand candidates have multiple offers/counteroffers
and must be sold on given opportunities
• Candidate availability for immediate temporary employment
is fluid and ever-changing
omissions coverage, independent contractor misclassification
Order Fulfillment Remains Labor Intensive
19
0.63
1.35
1.40
0.45
0.55
0.65
0.75
0.85
0.95
1.05
1.15
1.25
1.35
1.45
1Q'00 3Q'00 1Q'01 3Q'01 1Q'02 3Q'02 1Q'03 3Q'03 1Q'04 3Q'04 1Q'05 3Q'05 1Q'06 3Q'06 1Q'07 3Q'07 1Q'08 3Q'08 1Q'09 3Q'09 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 1Q'13 3Q'13 1Q'14 3Q'14 1Q'15 3Q'15 1Q'16 3Q'16 1Q'17 3Q'17 1Q'18
Robert Half Annual Global Revenues ($ in Billions)
20
Robert Half Same-Day, Constant-Currency Year-Over-Year Revenue Growth
27%
5% 6% 10%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
1Q'00 3Q'00 1Q'01 3Q'01 1Q'02 3Q'02 1Q'03 3Q'03 1Q'04 3Q'04 1Q'05 3Q'05 1Q'06 3Q'06 1Q'07 3Q'07 1Q'08 3Q'08 1Q'09 3Q'09 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 1Q'13 3Q'13 1Q'14 3Q'14 1Q'15 3Q'15 1Q'16 3Q'16 1Q'17 3Q'17 1Q'18
21
Chart1
1Q'00
2Q'00
3Q'00
4Q'00
1Q'01
2Q'01
3Q'01
4Q'01
1Q'02
2Q'02
3Q'02
4Q'02
1Q'03
2Q'03
3Q'03
4Q'03
1Q'04
2Q'04
3Q'04
4Q'04
1Q'05
2Q'05
3Q'05
4Q'05
1Q'06
2Q'06
3Q'06
4Q'06
1Q'07
2Q'07
3Q'07
4Q'07
1Q'08
2Q'08
3Q'08
4Q'08
1Q'09
2Q'09
3Q'09
4Q'09
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
1Q'12
2Q'12
3Q'12
4Q'12
1Q'13
2Q'13
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
1Q'17
2Q'17
3Q'17
4Q'17
1Q'18
0.268494848
0.357873902
0.3446447592
0.2695463664
0.1665150711
-0.0247474983
-0.1689238094
-0.2703412549
-0.3269684792
-0.2513710079
-0.173484521
-0.0777006103
-0.0140656321
-0.0237284973
0.0138351314
0.0592541008
0.1714664637
0.3111134598
0.3921458769
0.426001924
0.3404379432
0.2508841242
0.2192111211
0.1978035204
0.2253101134
0.2179200468
0.2088530664
0.2000874359
0.1468431818
0.1575791777
0.1216206101
0.1083140358
0.0974241913
0.0282068429
-0.0394553247
-0.1522320862
-0.2768747544
-0.3491207763
-0.3614378407
-0.2777199832
-0.1345968014
0.023767148
0.1372701831
0.1655706704
0.1726878759
0.1772045209
0.1745765672
0.1555366378
0.1477369648
0.121475556
0.0820668495
0.0491479213
0.0388342704
0.0318260548
0.0332265384
0.049413182
0.0573997871
0.0959830154
0.134203914
0.1491655618
0.1591934116
0.1313414736
0.1091672265
0.0872460035
0.07833021
0.0485263826
0.02447427
-0.0102109898
-0.02
-0.009
-0.002
0.0497357595
0.067
Sheet1
Column1
Column2
1Q'00
27%
2Q'00
36%
3Q'00
34%
4Q'00
27%
1Q'01
17%
2Q'01
-2%
3Q'01
-17%
4Q'01
-27%
1Q'02
-33%
2Q'02
-25%
3Q'02
-17%
4Q'02
-8%
1Q'03
-1%
2Q'03
-2%
3Q'03
1%
4Q'03
6%
1Q'04
17%
2Q'04
31%
3Q'04
39%
4Q'04
43%
1Q'05
34%
2Q'05
25%
3Q'05
22%
4Q'05
20%
1Q'06
23%
2Q'06
22%
3Q'06
21%
4Q'06
20%
1Q'07
15%
2Q'07
16%
3Q'07
12%
4Q'07
11%
1Q'08
10%
2Q'08
3%
3Q'08
-4%
4Q'08
-15%
1Q'09
-28%
2Q'09
-35%
3Q'09
-36%
4Q'09
-28%
1Q'10
-13%
2Q'10
2%
3Q'10
14%
4Q'10
17%
1Q'11
17%
2Q'11
18%
3Q'11
17%
4Q'11
16%
1Q'12
15%
2Q'12
12%
3Q'12
8%
4Q'12
5%
1Q'13
4%
2Q'13
3%
3Q'13
3%
4Q'13
5%
1Q'14
6%
2Q'14
10%
3Q'14
13%
4Q'14
15%
1Q'15
16%
2Q'15
13%
3Q'15
11%
4Q'15
9%
1Q'16
8%
2Q'16
5%
3Q'16
2%
4Q'16
-1%
1Q'17
-2%
2Q'17
-1%
3Q'17
-0%
4Q'17
5%
1Q'18
7%
28%
12%
U.S. International: Restated in Constant Currency
—
24%
28%29% 25%
20%19%19%21%19%18%17%15%16% 14%12%
10% 2%
13% 8%
4% 2%
58%
81%
58%
50%
16%
-16%
-40%
-52%
-58%
-52%
-40%
-25%
-19%
-12%
-8%
4%
23%
40%
-65%
-45%
-25%
-5%
15%
35%
55%
75%
1Q'00 3Q'00 1Q'01 3Q'01 1Q'02 3Q'02 1Q'03 3Q'03 1Q'04 3Q'04 1Q'05 3Q'05 1Q'06 3Q'06 1Q'07 3Q'07 1Q'08 3Q'08 1Q'09 3Q'09 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 1Q'13 3Q'13 1Q'14 3Q'14 1Q'15 3Q'15 1Q'16 3Q'16 1Q'17 3Q'17 1Q'18
Temporary Staffing vs. Permanent Placement Same-Day, Constant-Currency Year-Over-Year Revenue Growth
Temporary Staffing Permanent Placement
$352
$624
$196 $208
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3 mos. 2017
3 mos. 2018
3 mos. 2018 4.7% growth y/y (same-day, constant-currency)
24
Chart1
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
9.5%
7.6%
9.8%10.2%9.8% 8.9% 9.2% 9.1%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3 mos. 2017
3 mos. 2018
25
Chart1
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
25.3%
10.8%
-6.8%
2.7%
12.5%
19.9% 20.2% 19.1%
17.7% 17.7% 18.4%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3 mos. 2017
3 mos. 2018
26
Chart1
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Protiviti Operating Income % (2004 – Q1 2018)
27
Chart1
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Strong Financial Position
As of 3/31/18
Cash $292 million
© 2018 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.
Amounts shown are through Dec. 31, 2017 *Cash flow from operations net of cash used for investing activities
Cash Returned to Shareholders ($ Millions)
1 Year 5 Years
Share Repurchases 197 62% 868 62%
Total $ 318 100% $1,398 100%
Free Cash Flow $374* $1,488*
29
Robert Half Quarterly Dividend History Since Dividend Inception
Compound Annual Growth Rate 11.6%
30
Chart1
25-May-2004
25-May-2004
25-Aug-2004
25-Aug-2004
24-Nov-2004
24-Nov-2004
25-Feb-2005
25-Feb-2005
25-May-2005
25-May-2005
25-Aug-2005
25-Aug-2005
25-Nov-2005
25-Nov-2005
27-Feb-2006
27-Feb-2006
25-May-2006
25-May-2006
25-Aug-2006
25-Aug-2006
22-Nov-2006
22-Nov-2006
26-Feb-2007
26-Feb-2007
25-May-2007
25-May-2007
24-Aug-2007
24-Aug-2007
26-Nov-2007
26-Nov-2007
25-Feb-2008
25-Feb-2008
23-May-2008
23-May-2008
25-Aug-2008
25-Aug-2008
25-Nov-2008
25-Nov-2008
25-Feb-2009
25-Feb-2009
26-May-2009
26-May-2009
25-Aug-2009
25-Aug-2009
25-Nov-2009
25-Nov-2009
25-Feb-2010
25-Feb-2010
25-May-2010
25-May-2010
25-Aug-2010
25-Aug-2010
25-Nov-2010
25-Nov-2010
25-Feb-2011
25-Feb-2011
25-May-2011
25-May-2011
25-Aug-2011
25-Aug-2011
23-Nov-2011
23-Nov-2011
24-Feb-2012
24-Feb-2012
25-May-2012
25-May-2012
24-Aug-2012
24-Aug-2012
26-Nov-2012
26-Nov-2012
25-Feb-2013
25-Feb-2013
24-May-2013
24-May-2013
26-Aug-2013
26-Aug-2013
25-Feb-2014
25-Feb-2014
23-May-2014
23-May-2014
25-Aug-2014
25-Aug-2014
25-Nov-2014
25-Nov-2014
25-Feb-2015
25-Feb-2015
22-May-2015
22-May-2015
25-Aug-2015
25-Aug-2015
25-Nov-2015
25-Nov-2015
25-Feb-2016
25-Feb-2016
22-May-2016
22-May-2016
25-Aug-2016
25-Aug-2016
25-Nov-2016
25-Nov-2016
25-Feb-2017
25-Feb-2017
22-May-2017
22-May-2017
25-Aug-2017
25-Aug-2017
24-Nov-2017
24-Nov-2017
23-Feb-2018
23-Feb-2018
25-May-2018
25-May-2018
Shares (millions) %
Market Opportunity — Staffing Services
• Annual global revenues for staffing industry exceed $400B USD
• Temp penetration rate at historical high in the U.S.
• Favorable economic conditions: Moderate GDP growth and tight labor markets in our specialty areas*
• Small business optimism improving
• Combination of personal service and digital service offerings a competitive differentiator
*BLS JOLTS report, May 8, 2018 32
© 2018 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.
Market Opportunity — Protiviti
• Solid base of recurring internal audit and financial controls demand
• Growing suite of consulting services – Financial services — regulatory risk and compliance – Technology privacy, security and controls – Operations, data, analytics, governance
• Protiviti/staffing blended solutions
Baird 2018 Global Consumer, Technology & Services ConferenceJune 5, 2018
Company Background
Global OperationsMore Than 400 Offices in 20 Countries Worldwide
Robert Half Revenue Mix — By Geography
Robert Half Revenue Mix — International
Robert Half Revenue Mix — Continental Europe
Robert Half Revenue Mix — Business Segment
Our Brands
Return on Invested Capital(20-Year Average & Q1 2018)
Business Strategy
Marketing Approach
Digital Strategy
Robert Half Annual Global Revenues ($ in Billions)
Slide Number 21
Temporary and Consulting Operating Income %(2000 Q1 2018)
Permanent Placement Operating Income %(2000 Q1 2018)
Protiviti Operating Income %(2004 – Q1 2018)
Strong Financial Position
Robert Half Quarterly Dividend History Since Dividend InceptionCompound Annual Growth Rate 11.6%
Share Count Reduction12/31/2017
Market Opportunity — Staffing Services