ROBERT HALF INTERNATIONAL, INC MENLO PARK, Calif., Oct. 26, 2016 /PRNewswire/ -- Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the third quarter ended September 30, 2016.
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For the quarter ended September 30, 2016, net income was $91 million, or $.71 per share, on revenues of $1.34 billion. Net income for the prior year's third quarter was $97 million, or $.73 per share, on revenues of $1.31 billion.
For the nine months ended September 30, 2016, net income was $266 million, or $2.06 per share, on revenues of $3.99 billion. For the nine months ended September 30, 2015, net income was $264 million, or $1.98 per share, on revenues of $3.79 billion.
"We saw solid demand in the third quarter, particularly for our accounting and finance-related professional staffing and consulting services," said Harold M. Messmer, Jr., chairman and CEO of Robert Half. "Our Accountemps and Robert Half Management Resources staffing divisions and Protiviti reported the highest year-over-year revenue gains. Our international operations also posted strong results."
Messmer added, "Unlevered return on equity for the company remained strong at 33 percent."
Robert Half management will conduct a conference call today at 5 p.m. EDT. The prepared remarks for this call are available now in the Investor Center of the Robert Half website (www.roberthalf.com/investor-center). Simply click on the Quarterly Conference Calls link. The dial-in number to listen to today's conference call is 877-814-0475 (+1-706-643-9224 outside the United States). The password is "Robert Half."
A taped recording of this call will be available for replay beginning at approximately 8 p.m. EDT today and ending at 11:59 p.m. EST on November 26. The dial-in number for the replay is 855-859-2056 (+1-404-537-3406 outside the United States). To access the replay, enter conference ID# 89850299. The conference call also will be archived in audio format on the company's website at www.roberthalf.com/investor-center.
Founded in 1948, Robert Half is the world's first and largest specialized staffing firm and a recognized leader in professional consulting and staffing services. The company's specialized staffing divisions include Accountemps(®), Robert Half(®) Finance & Accounting and Robert Half(®) Management Resources, for temporary, full-time and senior-level project professionals, respectively, in the fields of accounting and finance; OfficeTeam(®), for highly skilled administrative support professionals; Robert Half(®) Technology, for project and full-time technology professionals; Robert Half(®) Legal, for project and full-time staffing of lawyers, paralegals and legal support personnel; and The Creative Group(®), for interactive, design, marketing, advertising and public relations professionals. Robert Half also is the parent company of Protiviti(®), a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit.
Robert Half has staffing and consulting operations in more than 400 locations worldwide.
Certain information contained in this press release and its attachments may be deemed forward-looking statements regarding events and financial trends that may affect the company's future operating results or financial positions. These statements may be identified by words such as "estimate", "forecast", "project", "plan", "intend", "believe", "expect", "anticipate", or variations or negatives thereof, or by similar or comparable words or phrases. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements.
These risks and uncertainties include, but are not limited to, the following: the global financial and economic situation; changes in levels of unemployment and other economic conditions in the United States or foreign countries where the company does business, or in particular regions or industries; reduction in the supply of candidates for temporary employment or the company's ability to attract candidates; the entry of new competitors into the marketplace or expansion by existing competitors; the ability of the company to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions; the impact of competitive pressures, including any change in the demand for the company's services, on the company's ability to maintain its margins; the possibility of the company incurring liability for its activities, including the activities of its temporary employees, or for events impacting its temporary employees on clients' premises; the possibility that adverse publicity could impact the company's ability to attract and retain clients and candidates; the success of the company in attracting, training, and retaining qualified management personnel and other staff employees; the company's ability to comply with governmental regulations affecting personnel services businesses in particular or employer/employee relationships in general; whether there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; the company's reliance on short-term contracts for a significant percentage of its business; litigation relating to prior or current transactions or activities, including litigation that may be disclosed from time to time in the company's SEC filings; the ability of the company to manage its international operations and comply with foreign laws and regulations; the impact of fluctuations in foreign currency exchange rates; the possibility that the additional costs the company will incur as a result of healthcare reform legislation may adversely affect the company's profit margins or the demand for the company's services; the possibility that the company's computer and communications hardware and software systems could be damaged or their service interrupted; and the possibility that the company may fail to maintain adequate financial and management controls and as a result suffer errors in its financial reporting.
Additionally, with respect to Protiviti, other risks and uncertainties include the fact that future success will depend on its ability to retain employees and attract clients; there can be no assurance that there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; failure to produce projected revenues could adversely affect financial results; and there is the possibility of involvement in litigation relating to prior or current transactions or activities.
Because long-term contracts are not a significant part of the company's business, future results cannot be reliably predicted by considering past trends or extrapolating past results. The company undertakes no obligation to update information contained in this release.
A copy of this release is available at www.roberthalf.com/investor-center.
ATTACHED: Summary of Operations
---------
Supplemental Financial
Information
Non-GAAP Financial Measures
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Quarter Ended September 30, Nine Months Ended
September 30,
--- -------------
2016 2015 2016 2015
---- ---- ---- ----
(Unaudited) (Unaudited)
Net service revenues $1,338,541 $1,312,718 $3,985,326 $3,790,339
Direct costs of services 786,032 762,917 2,343,852 2,215,949
------- ------- --------- ---------
Gross margin 552,509 549,801 1,641,474 1,574,390
Selling, general and
administrative expenses 406,142 390,735 1,211,712 1,138,075
Amortization of intangible
assets 326 - 928 -
Interest income, net (283) (240) (695) (400)
---- ---- ---- ----
Income before income taxes 146,324 159,306 429,529 436,715
Provision for income taxes 55,755 62,581 163,928 172,362
------ ------ ------- -------
Net income $90,569 $96,725 $265,601 $264,353
======= ======= ======== ========
Diluted net income per share $.71 $.73 $2.06 $1.98
Shares:
Basic 127,615 131,285 128,491 132,280
Diluted 128,191 132,488 129,216 133,436
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Quarter Ended September 30, Nine Months Ended September 30,
--------------------------- -------------------------------
2016 2015 2016 2015
---- ---- ---- ----
(Unaudited) (Unaudited)
REVENUES:
Accountemps $452,338 33.8% $434,152 33.1% $1,361,118 34.1% $1,277,527 33.7%
OfficeTeam 245,445 18.3% 249,087 19.0% 732,556 18.4% 722,282 19.1%
Robert Half Technology 167,566 12.5% 170,211 13.0% 500,444 12.6% 489,573 12.9%
Robert Half Management
Resources 150,899 11.3% 146,372 11.1% 463,378 11.6% 433,560 11.4%
Robert Half Finance &
Accounting 105,117 7.9% 110,748 8.4% 324,845 8.2% 319,744 8.5%
Protiviti 217,176 16.2% 202,148 15.4% 602,985 15.1% 547,653 14.4%
------- ---- ------- ---- ------- ---- ------- ----
Total $1,338,541 100.0% $1,312,718 100.0% $3,985,326 100.0% $3,790,339 100.0%
========== ===== ========== ===== ========== ===== ========== =====
GROSS MARGIN:
Temporary and consultant
staffing $380,437 37.4% $372,762 37.3% $1,142,980 37.4% $1,087,324 37.2%
Permanent placement staffing 104,865 99.8% 110,610 99.9% 324,232 99.8% 319,226 99.8%
Risk consulting and internal
audit services 67,207 30.9% 66,429 32.9% 174,262 28.9% 167,840 30.6%
------ ---- ------ ---- ------- ---- -------
Total $552,509 41.3% $549,801 41.9% $1,641,474 41.2% $1,574,390 41.5%
======== ==== ======== ==== ========== ==== ========== ====
OPERATING INCOME:
Temporary and consultant
staffing $97,786 9.6% $102,991 10.3% $302,802 9.9% $300,404 10.3%
Permanent placement staffing 20,286 19.3% 24,377 22.0% 66,364 20.4% 67,460 21.1%
Risk consulting and internal
audit services 28,295 13.0% 31,698 15.7% 60,596 10.0% 68,451 12.5%
------ ---- ------ ---- ------ ---- ------
Total $146,367 10.9% $159,066 12.1% $429,762 10.8% $436,315 11.5%
======== ==== ======== ==== ======== ==== ======== ====
SELECTED CASH FLOW
INFORMATION:
Amortization of intangible
assets $326 $ - $928 $ -
Depreciation expense $16,061 $12,919 $46,771 $39,487
Capital expenditures $19,540 $18,753 $63,280 $48,276
Open market repurchases of
common stock (shares) 1,239 1,551 2,933 2,932
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
September 30,
-------------
2016 2015
---- ----
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents $292,451 $251,818
Accounts receivable, less allowances $742,824 $731,574
Total assets $1,871,981 $1,715,272
Current liabilities $729,676 $664,169
Notes payable and other
indebtedness, less current portion $883 $1,046
Total stockholders' equity $1,094,930 $1,006,476
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
The financial results of Robert Half International Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the U.S. Securities and Exchange Commission ("SEC"). To help readers understand the Company's financial performance, the Company supplements its GAAP financial results with revenue growth rates derived from non-GAAP revenue amounts.
Variations in the Company's financial results include the impact of changes in foreign currency exchange rates and billing days. The Company provides "same billing days and constant currency" revenue growth calculations to remove the impact of these items. These calculations show the year-over-year revenue growth rates for the Company's lines of business on both a reported basis and also on a same-day, constant-currency basis for global, U.S. and international operations. This information is presented for each of the six most recent quarters. The Company has provided this data because management believes it better reflects the Company's actual revenue growth rates and aids in evaluating revenue trends over time. The Company expresses year-over-year revenue changes as calculated percentages using the same number of billing days and constant currency exchange rates.
The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to actual revenue growth derived from revenue amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided on the following pages.
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATES (%) (UNAUDITED):
Year-Over-Year Growth Rates Non-GAAP Year-Over-Year Growth Rates
(As Reported) (Same Billing Days and Constant Currency)
------------ ----------------------------------------
2015 2016 2015 2016
---- ---- ---- ----
Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3
--- --- --- --- --- --- --- --- --- --- --- ---
Global
Accountemps 6.6 4.3 5.8 8.4 7.1 4.2 10.1 7.6 7.5 8.3 6.5 4.9
OfficeTeam 6.9 4.8 4.1 4.2 1.8 -1.5 10.8 8.3 5.8 3.7 0.6 -1.3
RH Technology 16.6 13.3 9.6 6.8 1.8 -1.6 18.8 15.4 10.2 6.2 0.9 -1.4
RH Management Resources 2.0 -2.4 4.0 7.5 10.2 3.1 7.9 2.9 7.1 7.7 9.4 3.7
--- ---- --- --- ---- --- --- --- --- --- --- ---
Temporary and consultant staffing 7.5 4.8 5.7 7.0 5.4 1.6 11.3 8.3 7.4 6.7 4.5 2.1
Permanent placement staffing 7.5 8.2 5.1 8.0 2.6 -5.1 13.0 13.6 8.2 8.6 2.1 -4.5
--- --- --- --- --- ---- ---- ---- --- --- --- ----
Total staffing 7.5 5.1 5.7 7.1 5.1 1.0 11.5 8.8 7.5 6.9 4.3 1.5
Protiviti 20.4 20.5 13.9 14.4 9.2 7.4 23.4 23.0 15.4 13.7 8.3 7.8
---- ---- ---- ---- --- --- ---- ---- ---- ---- --- ---
Total 9.2 7.2 6.8 8.1 5.7 2.0 13.1 10.9 8.7 7.8 4.9 2.4
=== === === === === === ==== ==== === === === ===
United States
Temporary and consultant staffing 12.4 9.9 9.2 8.5 4.6 0.4 12.4 9.8 8.2 7.3 3.5 0.6
Permanent placement staffing 18.7 16.2 11.5 12.9 3.8 -5.2 18.6 16.1 10.5 11.6 2.7 -5.0
---- ---- ---- ---- --- ---- ---- ---- ---- ---- --- ----
Total staffing 12.9 10.4 9.4 8.9 4.5 -0.1 12.9 10.3 8.4 7.6 3.4 0.1
Protiviti 24.3 24.6 15.5 16.2 7.6 6.1 24.1 24.4 15.1 14.9 6.5 6.3
---- ---- ---- ---- --- --- ---- ---- ---- ---- --- ---
Total 14.5 12.5 10.3 9.9 5.0 0.9 14.5 12.6 9.5 8.7 3.9 1.1
==== ==== ==== === === === ==== ==== === === === ===
International
Temporary and consultant staffing -9.3 -12.8 -7.2 0.5 8.6 7.0 7.7 3.1 4.4 4.5 8.9 8.8
Permanent placement staffing -11.9 -7.3 -7.8 -2.8 -0.3 -4.9 3.1 8.9 3.5 2.0 0.8 -3.4
----- ---- ---- ---- ---- ---- --- --- --- --- --- ----
Total staffing -9.7 -12.1 -7.3 0.0 7.2 5.3 7.0 3.9 4.3 4.1 7.7 7.0
Protiviti 4.0 1.2 6.0 5.4 17.3 15.2 20.4 16.4 16.9 8.0 17.5 16.6
--- --- --- --- ---- ---- ---- ---- ---- --- ---- ----
Total -8.2 -10.7 -5.8 0.6 8.4 6.5 8.5 5.3 5.9 4.6 8.9 8.1
==== ===== ==== === === === === === === === === ===
The non-GAAP financial measures included in the table above adjust for the following items:
Foreign Currency Translation. The "As Reported" revenue growth rates are based upon reported revenues, which include the impact of changes in foreign currency exchange rates. In order to calculate "Constant Currency" revenue growth rates, as-reported amounts are retranslated using foreign exchange rates from the prior year's comparable period.
Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all lines of business. In order to remove the fluctuations caused by comparable periods having different billing days, the company calculates "same billing day" revenue growth rates by dividing each comparative period's reported revenues by the calculated number of billing days for that period, to arrive at a "per billing day" amount. The "same billing day" growth rates are then calculated based upon the "per billing day" amounts.
The term "same billing days and constant currency" means that the impact of different billing days has been removed from constant currency calculation. A reconciliation of the non-GAAP year-over-year revenue growth rates to the "As Reported" year-over-year revenue growth rates is included herein on Pages 8-10.
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth - GLOBAL
--------------------------------------
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
------- ------- ------- ------- ------- -------
Accountemps
As Reported 6.6 4.3 5.8 8.4 7.1 4.2
Billing Days Impact -0.1 -0.2 -0.9 -1.2 -1.1 0.2
Currency Impact 3.6 3.5 2.6 1.1 0.5 0.5
Same Billing Days and Constant
Currency 10.1 7.6 7.5 8.3 6.5 4.9
---- --- --- --- --- ---
OfficeTeam
As Reported 6.9 4.8 4.1 4.2 1.8 -1.5
Billing Days Impact -0.1 -0.2 -1.0 -1.2 -1.1 0.2
Currency Impact 4.0 3.7 2.7 0.7 -0.1 0.0
Same Billing Days and Constant
Currency 10.8 8.3 5.8 3.7 0.6 -1.3
---- --- --- --- --- ----
Robert Half Technology
As Reported 16.6 13.3 9.6 6.8 1.8 -1.6
Billing Days Impact 0.0 -0.1 -1.0 -1.2 -1.1 0.2
Currency Impact 2.2 2.2 1.6 0.6 0.2 0.0
Same Billing Days and Constant
Currency 18.8 15.4 10.2 6.2 0.9 -1.4
---- ---- ---- --- --- ----
Robert Half Management
Resources
As Reported 2.0 -2.4 4.0 7.5 10.2 3.1
Billing Days Impact 0.0 0.0 -1.0 -1.3 -1.2 0.2
Currency Impact 5.9 5.3 4.1 1.5 0.4 0.4
Same Billing Days and Constant
Currency 7.9 2.9 7.1 7.7 9.4 3.7
--- --- --- --- --- ---
Temporary and consultant
staffing
As Reported 7.5 4.8 5.7 7.0 5.4 1.6
Billing Days Impact 0.0 -0.1 -1.0 -1.3 -1.2 0.2
Currency Impact 3.8 3.6 2.7 1.0 0.3 0.3
Same Billing Days and Constant
Currency 11.3 8.3 7.4 6.7 4.5 2.1
---- --- --- --- --- ---
Permanent placement staffing
As Reported 7.5 8.2 5.1 8.0 2.6 -5.1
Billing Days Impact 0.0 -0.2 -0.9 -1.2 -1.2 0.2
Currency Impact 5.5 5.6 4.0 1.8 0.7 0.4
Same Billing Days and Constant
Currency 13.0 13.6 8.2 8.6 2.1 -4.5
---- ---- --- --- --- ----
Total staffing
As Reported 7.5 5.1 5.7 7.1 5.1 1.0
Billing Days Impact 0.0 -0.1 -1.0 -1.3 -1.1 0.2
Currency Impact 4.0 3.8 2.8 1.1 0.3 0.3
Same Billing Days and Constant
Currency 11.5 8.8 7.5 6.9 4.3 1.5
---- --- --- --- --- ---
Protiviti
As Reported 20.4 20.5 13.9 14.4 9.2 7.4
Billing Days Impact -0.1 -0.2 -0.4 -1.4 -1.1 0.2
Currency Impact 3.1 2.7 1.9 0.7 0.2 0.2
Same Billing Days and Constant
Currency 23.4 23.0 15.4 13.7 8.3 7.8
---- ---- ---- ---- --- ---
Total
As Reported 9.2 7.2 6.8 8.1 5.7 2.0
Billing Days Impact 0.0 0.0 -0.8 -1.3 -1.1 0.1
Currency Impact 3.9 3.7 2.7 1.0 0.3 0.3
Same Billing Days and Constant
Currency 13.1 10.9 8.7 7.8 4.9 2.4
---- ---- --- --- --- ---
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth - UNITED STATES
---------------------------------------------
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
------- ------- ------- ------- ------- -------
Temporary and consultant
staffing
As Reported 12.4 9.9 9.2 8.5 4.6 0.4
Billing Days Impact 0.0 -0.1 -1.0 -1.2 -1.1 0.2
Currency Impact - - - - - -
--- --- --- --- ---
Same Billing Days and
Constant Currency 12.4 9.8 8.2 7.3 3.5 0.6
---- --- --- --- --- ---
Permanent placement
staffing
As Reported 18.7 16.2 11.5 12.9 3.8 -5.2
Billing Days Impact 0.0 -0.1 -1.0 -1.3 -1.1 0.2
Currency Impact - - - - - -
--- --- --- --- --- ---
Same Billing Days and
Constant Currency 18.7 16.1 10.5 11.6 2.7 -5.0
---- ---- ---- ---- --- ----
Total staffing
As Reported 12.9 10.4 9.4 8.9 4.5 -0.1
Billing Days Impact 0.0 -0.1 -1.0 -1.3 -1.1 0.2
Currency Impact - - - - - -
--- --- --- --- --- ---
Same Billing Days and
Constant Currency 12.9 10.3 8.4 7.6 3.4 0.1
---- ---- --- --- --- ---
Protiviti
As Reported 24.3 24.6 15.5 16.2 7.6 6.1
Billing Days Impact -0.2 -0.2 -0.4 -1.3 -1.1 0.2
Currency Impact - - - - - -
--- --- --- --- --- ---
Same Billing Days and
Constant Currency 24.1 24.4 15.1 14.9 6.5 6.3
---- ---- ---- ---- --- ---
Total
As Reported 14.5 12.5 10.3 9.9 5.0 0.9
Billing Days Impact 0.0 0.1 -0.8 -1.2 -1.1 0.2
Currency Impact - - - - - -
--- --- --- --- --- ---
Same Billing Days and
Constant Currency 14.5 12.6 9.5 8.7 3.9 1.1
---- ---- --- --- --- ---
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth - INTERNATIONAL
---------------------------------------------
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
------- ------- ------- ------- ------- -------
Temporary and consultant
staffing
As Reported -9.3 -12.8 -7.2 0.5 8.6 7.0
Billing Days Impact 0.0 -0.2 -1.0 -1.2 -1.2 0.3
Currency Impact 17.0 16.1 12.6 5.2 1.5 1.5
Same Billing Days and
Constant Currency 7.7 3.1 4.4 4.5 8.9 8.8
--- --- --- --- --- ---
Permanent placement
staffing
As Reported -11.9 -7.3 -7.8 -2.8 -0.3 -4.9
Billing Days Impact 0.0 -0.1 -1.0 -1.1 -1.1 0.2
Currency Impact 15.0 16.3 12.3 5.9 2.2 1.3
Same Billing Days and
Constant Currency 3.1 8.9 3.5 2.0 0.8 -3.4
--- --- --- --- --- ----
Total staffing
As Reported -9.7 -12.1 -7.3 0.0 7.2 5.3
Billing Days Impact 0.0 -0.1 -1.0 -1.2 -1.1 0.2
Currency Impact 16.7 16.1 12.6 5.3 1.6 1.5
Same Billing Days and
Constant Currency 7.0 3.9 4.3 4.1 7.7 7.0
--- --- --- --- --- ---
Protiviti
As Reported 4.0 1.2 6.0 5.4 17.3 15.2
Billing Days Impact -0.1 -0.2 -0.4 -1.3 -1.3 0.3
Currency Impact 16.5 15.4 11.3 3.9 1.5 1.1
Same Billing Days and
Constant Currency 20.4 16.4 16.9 8.0 17.5 16.6
---- ---- ---- --- ---- ----
Total
As Reported -8.2 -10.7 -5.8 0.6 8.4 6.5
Billing Days Impact 0.0 0.0 -0.7 -1.1 -1.1 0.2
Currency Impact 16.7 16.0 12.4 5.1 1.6 1.4
Same Billing Days and
Constant Currency 8.5 5.3 5.9 4.6 8.9 8.1
--- --- --- --- --- ---
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SOURCE Robert Half
