RHI - Earnings call transcript Q4 2020 | Robert Half International Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, and welcome to the Robert Half Fourth Quarter 2020 Conference Call.

Our hosts for today's call are Mr. Keith Waddell, President and Chief Executive Officer of Robert Half, and Mr. Michael Buckley, Chief Financial Officer. Mr. begin. may you Waddell,

Keith Waddell

everyone. your Hello, today. We you. time appreciate Thank

and remind I'd the contain Before of future what predictions current started, holds. represent to These forward-looking about you statements performance. including the call we get judgment today's like that our our on comments statements, future estimates made

release differ recent the are statements. forward-looking These on and and uncertainties However, to uncertainties with We could from risks they the are most cause call. today's to assume materially that in and today's XX-Q filed no press described and made XX-K update subject actual our results to SEC. statements the risks obligation

measures During our these this 'as further adjusted.' press some non-GAAP we these a mention and release. figures included schedule supplemental financial are measures earnings in to as may and Reconciliations reference of presentation, explanations

divisional Technology we with addition, related OfficeTeam, you rates last to quarter, would modified that connection Resources Protiviti intersegment the revenues beginning Half remind Robert company's like of Accountemps, supplemental from growth and we In and include services to revenues well revenues and for in provided Half the their also presentation Management include is our XXXX. to consulting solutions. of measure Robert Protiviti as as showing for we manage with our divisions schedule this The just staffing schedule internally. mentioned combined separately XXXX, revenue amount how disclosed. these is The back XXXX, blended and This intersegment also information

were XXth its our For gains, year-on-year today's results staffing. at practice of roberthalf.com. managed our technology Fourth-quarter staffing with solutions Protiviti strong both top the your its particular are website very convenience, our prepared of the Investor our exceeded remarks guidance for of operations range. in Center in end revenue call Protiviti for and available with and consulting strength quarter and consecutive reported

this extraordinary sequential teams staffing more year. be as-adjusted through on how have proud I our of double-digit, reported broad-based, an growth Our could managed operations revenue quarter-on-quarter basis. not

Companywide in shareholders $X.XX per the million. $X.XXX an of $XX December, Over the ago. fourth XXXX, succeed cash made outlay reported the quarter during distributed compared on cash income was was quarter down $X.XX, in quarter basis. were of share we revenues the fourth job a have helping as-adjusted last for Cash one in year last XX% down meaningful fourth fourth of candidates year's our financing per-share total record, significant several impacts before and billion basis, months, they to a on a to our XX% Net clients work. quarter from million. and flow find dividend $X.XX the activities $XX quarter In

during acquired for quarter, X.X million million. shares Robert also We the Half $XX

stock XX% X.X fourth board-approved We for million the for plan. the Return capital in shares have invested repurchase on Company repurchase available was quarter. our under

Now, to CFO, I'll turn our over Mike Buckley. call the

Mike Buckley

And you, Thank Keith. everyone. hello,

Let's start revenues. with

As US of an a Keith staffing as-adjusted an fourth year. a This were XX% a fourth Non-US basis. fourth-quarter as-adjusted and decrease noted, year. the over were revenues from XX% decrease global on basis of the reported ago is revenues were quarter. from one year XX% $X.XXX billion quarter On in basis. on XX% over $XXX down were prior down year basis, revenues XX% million, revenues as-adjusted $XXX an on million, year year staffing down staffing the

due XXXX equal growth year-over-year effect billing of quarter, million. outside billing it including than United movements days, the of for revenues increased to to staffing which year. XX.X, the XX.X increased increasing changes reported have This to during had XXX.X a and countries in compared adjusted number revenues to are billing XX.X business. the X.X%. has points. total by days there XX.X We days approximately quarter a year-over-year in compared for bill is ago. in the quarter, XXXX, fourth first one the of exchange mix quarter our the X.X by leap being one and the one year year This billing for less locations rate XX days, ago, quarter XX.X a the staffing billing revenue rate QX days, days rates X% quarter line consultant year percentage XX.X $X by fourth The locations In XXX of worldwide, Currency were first staffing in ago. fourth States. rate current XXXX quarter for day XX.X, XX by The was reported of for Temporary the

revenues Protiviti clients is Non-US were Protiviti. by operations XX%. Exchange from of $XX up reported from year-over-year were revenues as-adjusted revenues fourth-quarter down outside fourth XX% X% period, closer million On States. rates a year-over-year within percentage business serve revenues million: as-adjusted Global independently United the through Protiviti revenues Now, year-ago look its countries. results take increasing million quarter the $X $XXX at million Member growth is global $XXX and a basis, Protiviti with the the XX Protiviti network by of XX effect let's an United owned US and in increasing on and point. up versus were in that had the for rate Firms X an of basis. its locations States,

to Turning Presentation. SG&A

in quarter, obligations with SG&A offsetting cost, or, direct changes last the presented are in of noted investment Company's SG&A. in compensation below Protiviti, the now separately deferred assets trust included case changes in first As the

for measure of our of has income. is and segment been consolidated taxes, income the As replaced assets. before operating income non-GAAP This income calculated discussion as consolidated with intangible a reminder, of amortization combined adjusted historical interest income

and another non-GAAP quarter show to highlighting the changes the deferred XX today's convenience, earnings so in pages GAAP. to supplemental added This the compensation and your we the schedule XXXX. XX, is a Operations on reconciliation of XXXX accounts of and a for impact disclosure, release full-year also we've Summary to For fourth

the year margin ago. XX% was fourth-quarter other of fourth revenues, XX.X% payroll lower now fringe Turning operations, increase costs. to compared in gross in our one to and year-over-year is primarily percentage applicable temporary margin. staffing and quarter revenues taxes, The to gross insurance gross margin In applicable due consultant of

in revenues permanent margin, Our revenues year staffing fourth year-ago gross X.X% to one of quarter were consolidated basis revenues, staffing of XX.X%. consolidated ago. same temporary versus XX.X% to combined When in and margin increased the quarter the consultant the gross staffing overall compared placement with fourth points XX quarter,

investments in segment increases revenues quarter, expense quarter trust X.X% in quarter SG&A in the were compared one compensation revenues underlying quarter of Protiviti margin by SG&A compensation ago. current million. underlying fourth segment of related increases of $XX compensation million was in as X,XXX revenues, This Protiviti includes XX.X% for the of in XX.X% quarter were investment gross million fourth million, revenues, were in in the $XX $XX to XX.X%. same contractors, staffing Protiviti, revenues. income the to margin trust expense or segment income versus to for revenues, the was period. staffing with Protiviti ended was Deferred Protiviti expense Staffing for gross revenue XX.X% increasing deferred or the revenues, XX% of staffing fourth was segment For segment in assets. of the trust Included deferred related of Protiviti to Protiviti our X.X%. costs or with full-time year income X.X% the the year-ago compensation million the prior to Fourth-quarter the one year. full-time was XX.X% year X.X% year. up related third global was deferred $XX from quarter XX.X% the of SG&A related was million Segment $XXX $X in million, internal Combined compensation in XX.X% margin of was expense, divisions, a activities. to fourth for X.X% quarter, impact our from of XXXX. investment Companywide costs XXXX margin quarter, the X.X%, in of margin and underlying increases of XX.X% costs $XX the in with $XX of a same investment XXXX respectively. ago, of had X,XXX deferred a fourth ended Protiviti in XX% ago. and compared prior year therefore includes X.X% SG&A Combined or in quarter investment the Protiviti trust million, staffing fourth percent income related with in Protiviti Fourth-quarter the including assets trust This One in staff $X quarter. down SG&A and We revenues to employees from increases million, XX.X% X.X%. Operating of We the underlying expense costs assets. of divisions

and end quarter, implied Accounts of was both rate fourth-quarter current accounts XX.X the was for sales $XXX receivable million, was at tax or and Receivable, outstanding Our fourth days. the the DSO prior period days years. XX%

review we quarter let's revenue we XXXX, and of Before saw guidance, move and all in far of XXXX some January so billing the first-quarter currency monthly adjusted in for days. fourth to the trends

revenues exited period to and Revenues full divisions Permanent to one weeks quarter. revenues Our three the compared a This the the for of were December the to were placement down XX% consultant temporary the for XX.X% compared year, first fourth XX.X% to a December prior down quarter staffing versus of full with decrease the the XX.X% - ago. quarter. in down XXXX. versus decrease compared year XX.X% for same period compares December January

We down $X.XX same permanent we a We to $X.XX Income first-quarter quarter them. to on revenue placement guidance period implies follows. down some offer decline XX% saw year-over-year these into to XXXX. we $X.XX XX%, of XX%. revenues XX% income, to levels. growth, XX%, XX%, compensation We time billion. periods. XX% assumptions information three and including financial Revenues: that deferred XX%, midpoint XX%, overall Protiviti: overall: XX%. to overall: to billion limit are million, to X% provide and XX% X% too The into staffing: to press following you first and in basis, impacts: caution January, Tax the For staffing: filings. SG&A very costs prior-year call to release XX% Protiviti: XX.X% per for year rate: of on of that Protiviti: in in are so as the guidance. Segment XX% staffing: excluding XXX assumptions staffing: subject The as the Protiviti, in the estimates quarter. we But, revenues, fourth against $XX overall: XX%, XX% XX%, in are $X.XX. returning reading temporary this our $XX the to an of to XX% our an the you guidance as- share: and to compared mind, on today's the provide All with major margin brief to Protiviti down these weeks trends as first mentioned Gross to know, expenditures shares: adjusted much the to of XX% consultant to this one to our With XXXX and up year: were to insight XX% Revenue XX%. year during quarter. $XX XX% to risks capital into million SEC have of X%, basis, investment XX%. million to January. capitalized million. to midpoint EPS percent the underlying cloud XX% XX%, $XX computing percentages: million

I'll the Keith. back Now, over turn call to

Keith Waddell

positioning you, enter optimism about Half's with Mike. for Thank renewed future We growth. XXXX Robert

of committed and success our the to backbone enterprise. retained have We key driving as are they staff, our our

meaningful go-to-market wins sector and institutions of the with pandemic, and in clients the public relationships. yielded sizes, Our all during financial new aggressive has strategy

GDP as staffing multiyear With lean the remote our and Protiviti as of have to focus a the facilitated this growth. growth monetary capabilities, workforce brands, support their is and and Protiviti offerings, and us growth fiscal from and and nimble ever, with collaboration between professional choices services of pent-up solutions. clients clients blend business to high year-on-year and all-time at technology models the demand advanced traditional driven More that its economists incremental throughout multiple traditionally evidenced diversified growth increasingly quarter have early-cycle and one-third for and solution XXXX we to now our GDP beyond. local real-time growth the The an vaccines world model clients for provided from outside to pipeline. people, SMB are expecting Staffing of upskill Owing our staffing positive growing, than AI- are to percent our investments is and position market on to XX continue technology rolling our mid-cap and follow. internally unique candidates their Our double-digit prospects. future is clients rate out revenues particularly by and approaches now SMB this consulting and to globally, its driven from continues are with of our providing restore believe expected success area. working of they return revenue robust policy in strength our our record very downturn and,

and Now, answer follow-up, single your Please time, a questions. would for and I to If be Mike to there's question questions. we'll come ask back happy as one just you needed. additional

Operator

the [Operator Instructions] Mark line Our of first comes question from with Baird. Marcon

is open. line Your

Mark Marcon

within did talk and you're identify. to you're accelerating. across of you opportunities the you lot would lot that opportunities audits, Obviously with cyber including the about the can like be security in IT of Wondering, It seeing seems and a regards Protiviti. SolarWinds, different areas acquisition there of particularly a make wake

of areas of side. gaining kind that what you just then I've was you I a seeing is follow-up Protiviti wondering And for little could the got inning the So talk think about staffing there? growth you're a bit if

Keith Waddell

public the more is lending, good the its FSI news and Internal year-on-year, based. the vaccine. side, it's solutions, It's unemployment, got a continues down Protiviti on Its solutions scopes is fee way. to anti-money some XX% quarters its now. we've with some its pressure. cyber, managed laundering actions a little digital to that lead delayed, X% by sector that transformation education, leading with housing, for of which There led and got consumer audits staffing, bit tech produced. about and it's by regulatory cloud, broad for few is privacy, consulting technology success So managed led talked

inning late-inning talked As now a few very benefit for spending, is in. to about clearly quarters, discretionary pipeline not coming we and that have only which internal remains back strong Protiviti's audit. a we're will not as It's we've because particularly do macro

United Protiviti. regulatory is that's You've friendly, to administration viewed not also to as which relates States, new better be got thing and a in it a more

we they great we are. like feel feel early So about and feel it's about great innings. We where our prospects

Mark Marcon

can little really about it's small you're opportunities - good seems recent And be bit like it it of XX with fit terrific. but the sort a most fit there? of That's but you that the really know doing. in the talk terms acquisition IT would and any and a I people, audits

Keith Waddell

access certain got in clearly Identity in Sure. platform, a management we've sub-component leading platform team important of cyber space. security expert that is a a an and very

family. leverage have database, So we're happy theirs feel existing feel and also we We grow can to part about while the of as like good our we we that well.

Mark Marcon

about can side. then And staffing Terrific. the you talk a little bit

we're stages in As we obviously knows come just out this and inflecting be. really And of in productivity. long seeing to the nice is terms you're going early But of this, a improvement cycle Keith nobody Mike, how of

than XX% was that. Your staffing revenue on down a side, headcount down lot less the

of different You've productivity. a number put in tools place increase to

you it pace So hiring continue robust the wondering as but a yet. how what looks it's not the should the And we out of like this? over at I'm we think is, super current up picked cycle productivity to about course of you're come

should about So think just we that? how

Keith Waddell

talked rate experienced Their few always than We with productivity we've we've leverage to as as for got the bit that our heads. We think plans, plans, we've outsized feel greater can grow There is staff. staff. if retained you our an that we that Well, capacity like graduated little our stick, of way a incentive adding additional now, quarters is less capacity group. a tenured in without will. in offset we an hockey

leverage to some more of will these appropriately. get them go and up stick, the further as people further hockey back So tenured that

upside at some revenue to same to where as overall past. and So, the points expect grow continue we were - to benefit but we have in profitability relative we we'll still

Operator

with from question Our next Andrew comes Steinerman JPMorgan.

open. line Your is

Andrew Steinerman

questions. Two

question first ago when first I quarter. both The say 'XX quarter when that affected of about of a should my XX, how perm That's that that effected quarter COVID I is, question. thinking at quarter staffing first mean, same first is sequentially first am is, one think and the months. mean, revenue guidance. year obviously, I of in take slower, quarter staffing. March flex seasonal did How and when time recalling we of My giving giving staffing. revenues time. second month about was consideration second flex first you kind the for the my flex of COVID staffing the XXXX, question you into year-over-year I our that

Keith Waddell

basis So was, currently your first for to our the Andrew, i.e. in of and related. We year typical fell like the and results fourth temp baseline we out ago, fourth questions sequential it. the progression did typical that quarter superimposed that using it are than our guidance. March effectively was forecast the our which a are perm. a whatever had because where sequential the And our into impacts quarter like two took quarter a felt QX we baseline actual is We better sequential in for QX felt the quarter embedded and forecast rather as was month first patterns year-on-year,

Andrew Steinerman

Okay. us Yes. perm my if that you better in just of, answers you No, the or give do temp will think sense Could question. quarter. first a

Keith Waddell

We they hope coming lot better. they did quarter a a where and just both we're do off both better,

that we've we So happy about had. the were momentum

Our to a a one time. year in best tell it's our people of will new long restarts you,

said, step patterns, that up confirm QX but that. the can anecdotally So more the than I we enthusiasm normal level it be aggressive given That not assure we QX to prudent in very had to into you is thought high. with big

Andrew Steinerman

Well, Thank thank you. you.

Operator

from Markets. comes Jeff Capital question next Our BMO Silber with

open. Your line is

Jeff Silber

there. staffing. and It in start typically But internal to giving at your that like end weren't And internal on happen. every to your you substantially. wanted year. numbers you when pretty saw was do headcount What think the I you we see bad, staffing the staff hiring Appreciate you of down guys the do focus so staff as division, need revenues some productivity again, will to down

Keith Waddell

we more they aggressively for for because and It's good for heads. more have their Well, as to have staff utilize add capacity good that productivity tenured said, We're it's it's going capacity we we've because before them, a we speak. good us. as compensation,

don't in nicely just to but So two, still with next do could think, staff. we in quarter we add meaningful a will staff the that can grow showed we as to way or certainly existing the have

quarter. Our in staff the were primarily cutbacks second

saw we who is - we And in we staff so with to go room think quarter additional without have. the third without and increases already the any there were

So of there I as job certainly capacity any wouldn't of that bullish postings staff. take our by our indication either not can lack believe as significant unused is we current grow. think we Instead, hiring our or evidenced don't we're we otherwise and tenured

Jeff Silber

the have follow-up, clients As you end about now think you do doing to, of remarks pointed out prepared third that that what your differently and know about you you've about a services could their a you over what revenues. there Thanks. mid-cap time. of been at Can your talk be

Keith Waddell

is Well, otherwise with rather Protiviti come that things. door staffing I'd the focused might we on with One, and door. companies, so we the by a consulting it's say, And had those cap doing, we've it. dilutive with Two, many companies not it be. done margin We've of success few it. through differently what larger even than

contractual So combination and Protiviti part. focus, a relationships, to plays relationships of the and and the its its the ability the success all leverage

know, not we're of more beyond. is impacted SMB. to upside away you mid than be SMB. there contrary, We're perfect it's believe been last not to cycle been walking we they've time quarters to as me, cap SMB. and we've like the couple the from de-emphasizing And continue SMB The that trust there, traditionally the in feel We principally

so without we've net cap done done good demonstrated think we past. we're it's that, that. So and the well of SMB in now any excited That client in We've we've the dilution continue bad We've and mid as leverage SMB endure endured will, to we margin side can if the well. time that. said, to of invest about incremental base it how we do our to you side is

Operator

with Mazari Hamzah from comes Jefferies. question next Our

line open. Your is

Mario Cortellacci

on you the is exposure Mario on can remind touch in business? for leisure maybe Cortellacci, of the or staffing the can and but you perspective appreciate of time. filling and temp a Maybe Hamzah. talk your that, travel This of from about your think the just vaccine how outside do you to will impact us I industry, have

Keith Waddell

travel the is that have industry leisure. by shutdowns. shutdowns and restarts we So to and most little exposure very and Clearly impacted

because really positive. And little so clearly numbers, looking so just be exposure no vaccine And travel the to shutdowns, at geography nothing, we impact can there's the have of correlation leisure. but and between

the adjusted hand large have clients our by environment one While virtual. and to the on very and have become current

being This everybody thought company on were a is was week On embracing XX Fortune the possibility of the virtual. for we not about excited hand, I that in other remote the top think I And XXX work. recognized interesting. as score, it

cool. So we thought pretty that was

Mario Cortellacci

And maybe had margin, give payroll. maybe for you a could margins the give should you quarter, like you some puts are of us we understand XXXX. expecting in benefits, takes for sense fringe think then gross forward. sense a how or us you the Obviously But things and the on in can that insurance, going some help about us gross

Keith Waddell

prior we've margin. that now lost a lost this margin. if little time XXX you to I'm downturns, our we're report of basis further look third to gross businesses. recent trough, happy all, that, in Okay, a peak around, Happy first a of basis gross at let's to talk points. back in to this most And bit gross back quarter, now even margins peak XXX Because, we about we're report temp points that

and during had How certainly of we and by sustain industry the have to them given is upside margins. trust are proud leaps a to the back back XXXX. one we're how that move it in the me, in we XXXX, that of we remembering we the while pandemic, as upside that the year, highest bounds gross the of I already through as intend might But of modeled think things height we've margins lot be A, there For most pandemic. gross we how we've some gotten is. our managed the

Operator

question Credit next from Suisse. comes Our Kevin McVeigh with

is line open. Your

Kevin McVeigh

how rates Keith, year-on-year. the trending prior and quarter have the bill quarter any of been in versus sense maybe

If segment. that break out you maybe by

Keith Waddell

wage remarks, from quarter. our the in said to ago. bit all year-on-year degree. a the has we with inflation we all have inflation year prior single little aren't rate they to are still rates were low X% But we But down and the subsided still were and Well, bill some than that paying digit, with unemployment, prepared where wage more It to of protect things That and for we're a adjusted starts for inflation as considered mix. happy up - where pay then and quite to much, have a is we of was higher bit the rate margins be. differential little

Kevin McVeigh

I you real what's year tax full rate then and XXXX, the understand. And that. just have quick, if QX for assumed the in then

Keith Waddell

XX.X%, for it's think I Yes, Mike.

Mike Buckley

the going and for about be to the it's the Yes, same year. full

Keith Waddell

Yes.

between XX%. So, XX% and

Operator

Bisbee Bank Gary from America. comes question next with of Our

line is Your open.

Gary Bisbee

Just Protiviti. wanted to about ask another one

there? strength or discussing how what I maybe and all are like sustainable recent what is even acceleration. you're now. frankly happening ago happened durable for three changed of did But years areas and the QX. quarter your several What and drivers months of acceleration the growth you've - understand the that us and What's been you it expectation revenue XX%, in So X% sort X% of to last obviously was further in calling told for

Keith Waddell

you year sector right that had is as share of to at that public four. we break between end revenues, you lion's most three more contractors, was related. of look when and that we spike changed expected. demand $XX a there inter-segment the than million The the why supplemental the the the out we where was schedules sector which We service see with the And public primarily thing quarters

excited as some got to That the certainly and we regional, have governments it lot overpayments, before. processes into opportunity certainly had we look and to payment business the jury local, are claims. improve in many relationships, never we've of press relates it those As the a state processes, is sustainability, to about out. their at We've unemployment be fraud said,

as same no believe support housing objective question to spike revenue. relationships process as is there together assistance, leveraging we relates so from same we're just states systems. described new that the to that sustainability claims entities for the ensuring far again, you And what that and teams for as was less in Traditionally That having for school is do never whose government-related have got it is some elevated these of our we are as there unemployment remote that X% said, confident we've and revenues put than learning had.

was it So almost nothing.

So, doing everything we're incremental. today is virtually

Gary Bisbee

from? market any And of you're just type is it Who business consultative that broadly, everyone certain we then to leverage discussion you've taking last approach gaining You're kind Does - else how through and feel a in see. that like almost do either the or share gone there is you outgrowing you gave more from? staffing of or place Protiviti. are you

Keith Waddell

No.

the There the their provide management the firms been somewhat that consulting many winner. that - optimization staffing constant are and not have people, provide manages and virtually the them. where I we on support because none client the the picture. has there also a staffing neither customers where the that full side, think on in it's management, quite it's only are do somewhat can And view it's side, is which with toward

consulting the have so guess would the firms. but gone it work, have some And for to that firms, - my is, accounting of who gotten would us,

That's well Some incredible done. to quarter, this how But would those it's firms. It players have have a gone none it's grew XX%. of actually the that of staffing pretty have and big XX% number. XX%, what we

Gary Bisbee

for outstanding. you. Thank question, But I was ability it appreciate the sure. color. yeah, And no,

Operator

next comes Truist question Sommer with Securities. from Tobey Our

Your open. line is

Tobey Sommer

clients to us cap tell the what goes your you think mid exposure Could TAM? to you increased

Keith Waddell

we're that mid-and staffing we Well, better felt at to or margin question umbrella we and is as that companies god focus have of Think new god there clearly was we hand a XX%. we deliverables businesses low and is didn't much Protiviti period large there's honest new XX%, is pay gone them. hand in which times in such small But huge - our with day candidates its mid-cap it's it's us think arrangement, the larger a with world, because is dilute was where whole it's many a such done a off small earlier, size to during honest today that opportunity were do the pressures the That's exposure cap huge. when about that our no offering the would the a is addressable I to pandemic, has just why we margins. in businesses. period as market like and consulting Traditionally, smaller it it said time - from there go an to investing. our for That's of better we of and

Tobey Sommer

Right.

from course with favorably As the year on there to Protiviti. and of XXXX cycle? my question margins also of over on as delivering call the now adjust a to follow-up, the cost particularly cost impact the the Are services I so wanted to your your the this ask deliver about of start talking side any meaningful but the in service. experience side, we you Every that number you locations to opportunities whole staffing into structure,

Keith Waddell

internal think our internal developed We the entire years. this our we is assist three a across and more the be productive with cost last got Real about, is cycle. to talked biggest can our large in staff cost technology think inherently estate we've we've Well, payroll four more nuanced. with earlier we've

There traditionally lot traditionally, estate hand our very of in person we'll whether even On a today's the our lot people save hybrid dense. space. a of post-pandemic We distancing is footage in we're we put and real is not per that square on every a model have doesn't where of offset in what to somewhat query would if relax otherwise day. world everybody come one

have of many electricity know don't out whether It's an of creates don't had So We the probably cases. which versus we've whether out Australia want we're office, push and our for jury current to of more has early know it's been We remotely are in I to helpful. spread but energy interesting, going come traditionally ultimately reasons. some number know. to than to days excuse that. going thinking the an don't which know, fewest we work mean, level we the obvious more anything, and me, and density further how of don't in, kind kind people people is is of on has

would talk much that's to Whether And don't the people how what want so XX% XX% They I to or But fact And Australia you argue work want that in replicate they've of sustainable places, back me. surprises surprised most staff That I the they along other in pandemic whether in to come don't want. can know. itself into been and and about they come office. report. they're remotely. is, that's post

Operator

Our Goldman with George Tong Sachs. next from question comes

open. Your line is

George Tong

particular OfficeTeam one quarter the in up the meaningfully quarter. business? trends benefits you'd any there new out that that stepped Revenue in of pretty were in What the drivers of improvement? in main were call And

Keith Waddell

things. I'd couple say of a

always lot at has been OfficeTeam of an call a Protiviti of in OfficeTeam market believed center quarters. OfficeTeam the about, much talking they quarter. couple three got have anytime together and lift been that less work support fourth George, quarter that get the of They is to support some during fourth have service got from driven, driven, with Who OfficeTeam all, enrollment open public would again. They the customer that of had this quarter gone would Protiviti and that. beneficiary incredible pandemic. and But best benefits of fourth I've traditional. sector first from e-commerce So that also some that lift again, customer

George Tong

You most moving in in XX% you see In down January from moderation of December to year-over-year January? December. XX% in areas the which weeks were mentioned did down the to compared growth, first that three revenues

Keith Waddell

need that with we you don't mean. you least and of First and because of you out post thing go back post the compare zoom consider And hindsight, the quarter learn to have the quarter. fact, in from about quarter holiday entire quarter periods to that January results what in if time they predictive impacts. It's what you post mean and January what one

that importance growth would points, you don't to percentage much And to. change most. the more ascribe we rates discount the so by tend that I January therefore, fact than three tell quarter we And post year-over-year

George Tong

Got it. Thank Very you. helpful.

Keith Waddell

enthusiasm data restart. week has yet As people with was it The better I of got frankly morning again. higher. said and we're we our very one level happy this And even more earlier, our of been never

Operator

McVeigh Our Suisse. from Credit with Kevin next question comes

open. line is Your

Kevin McVeigh

how is Mike, and more to or that where any work Keith is much things just you're follow public be one sector once maybe normalize there COVID related relationships? extend you follow-up. talk start there'll kind hoping frame some the normal about COVID it When to way to to of related that of through, work, is you're or looking primarily

Keith Waddell

Well.

their that, claims deal helping learning, with to And the helping helping processing, with assistance people it's in once register, its in, call government vaccine, deal customer it's education, in centers with states reporting, housing, school for wanting it's into claims, service, processing, helping center, customer its with it's the call done. so systems claims, unemployment tech remote claims customer checking support it's adjudication, again service, calling service,

which host clearly initially of follow-up focused given if environment look so work, I into CVOID, it's it's we as internal on whole do rich to a you are things And a it's think But we and to us will. that are systems doing. very a earlier, said target their related

Kevin McVeigh

state both? and That's or of helpful. And that's a federal all combination

Keith Waddell

and state more more It's local. state and local,

Kevin McVeigh

to in in Is revenue. that there like any the of way maybe quarter, how frame was terms much

Keith Waddell

between revenue Protiviti we've staffing, the the disclosed to magnitude you two. Well,

a lift of going that This there million large part just told that quarter described. what was lift we've I a we've relates told you $XX and you to back,

and what use puzzle come looking kind can to you're for. of pieces you back So those

Kevin McVeigh

you. Thank helpful. Very

Keith Waddell

call. that's the think last very Operator, participating much Okay. everyone Thank I our question. on you for

Operator

today's concludes teleconference. This

Half's will of Investor you Robert any in the call, in format If missed website audio Center of be archived part the it at www.roberthalf.com.

also can today. contained release Company's the You ID in are earlier Dial-in details the call the dial replay. conference press issued conference and

Robert Half International (RHI) 29 Jan 212020 Q4 Earnings call transcript