What changed in this filing

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Item 1. Financial Statements

2025-08-05 compared with 2025-05-02 · 123 added, 83 removed, 489 unchanged (30% of the section changed)

42 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Service revenues $ 1,369,743 $ 1,472,524 $ 2,721,650 $ 2,948,461

4 unchanged sentences

Operating income 1,540 75,543 40,422 116,441

(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses - Note A) 20,171 ( 43,376 )

Income from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses - Note A) ( 57,654 ) ( 15,733 ) ( 37,483 ) ( 59,109 )

Interest income, net ( 2,239 ) ( 5,186 ) ( 5,811 ) ( 11,599 )

15 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

COMPREHENSIVE INCOME (LOSS):

23 unchanged sentences

102,164 $ 102 $ 1,366,786 $ ( 53,666 ) $ — $ 1,313,222

Net income — — — — 40,968 40,968

Other comprehensive income (loss) — — — 23,639 — 23,639

Dividends declared ($ 0.59 per share)

— — ( 39,473 ) — ( 20,811 ) ( 60,284 )

Net issuances of restricted stock 36 — — — — —

Stock-based compensation — — 14,530 — — 14,530

Repurchases of common stock ( 461 ) — — — ( 20,157 ) ( 20,157 )

Balance at June 30, 2025 101,739 $ 102 $ 1,341,843 $ ( 30,027 ) $ — $ 1,311,918

Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Retained Earnings Total

9 unchanged sentences

Balance at March 31, 2024 104,932 $ 105 $ 1,371,479 $ ( 44,005 ) $ 191,666 $ 1,519,245

Net income — — — — 68,156 68,156

Other comprehensive income (loss) — — — ( 6,586 ) — ( 6,586 )

Dividends declared ($ 0.53 per share)

— — — — ( 55,407 ) ( 55,407 )

Net issuances of restricted stock 27 — — — — —

Stock-based compensation — — 15,631 — — 15,631

Repurchases of common stock ( 903 ) ( 1 ) — — ( 60,883 ) ( 60,884 )

Balance at June 30, 2024 104,056 $ 104 $ 1,387,110 $ ( 50,591 ) $ 143,532 $ 1,480,155

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

3 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 58,318 $ 131,857

Adjustments to reconcile net income to net cash used in operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

Allowance for credit losses 2,699 565

2 unchanged sentences

Amortization of intangible assets 825 608

Realized and unrealized (gains) losses from investments held in employee deferred

Realized and unrealized gains from investments held in employee deferred

compensation trusts

10 unchanged sentences

Other assets and liabilities, net ( 12,230 ) ( 8,422 )

Net cash flows used in operating activities ( 59,347 ) ( 15,919 )

Net cash flows provided by operating activities 60,030 126,035

CASH FLOWS FROM INVESTING ACTIVITIES:

2 unchanged sentences

Proceeds from employee deferred compensation trust redemptions 40,081 29,695

Payments for acquisitions, net of cash acquired ( 10,114 ) ( 264 )

Net cash flows used in investing activities ( 48,741 ) ( 37,461 )

9 unchanged sentences

Non-cash items:

Repurchases of common stock awaiting settlement $ 1,029 $ —

Fund exchanges within employee deferred compensation trusts $ 95,312 $ 47,518

Contingent consideration related to acquisition $ — $ 350

Contingent consideration related to acquisitions $ 3,272 $ 26

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

June 30, 2025

Note A— Summary of Significant Accounting Policies

18 unchanged sentences

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.

As of March 31, 2025, such estimates include allowances for credit losses, variable consideration, workers’ compensation losses, accrued medical expenses, income and other taxes, and assumptions used in the Company’s goodwill impairment assessment and in the valuation of stock grants subject to market conditions.

As of June 30, 2025, such estimates include allowances for credit losses, variable consideration, workers’ compensation losses, accrued medical expenses, income and other taxes, and assumptions used in the Company’s goodwill impairment assessment and in the valuation of stock grants subject to market conditions.

Actual results and outcomes may differ from management’s estimates and assumptions.

10 unchanged sentences

The Company expenses all advertising costs as incurred.

Advertising costs were $ 12.0 million and $ 13.2 million for the three months ended March 31, 2025, and 2024, respectively.

(Income) Loss from Investments Held in Employee Deferred Compensation Trusts .

Advertising costs were $ 11.8 million and $ 23.8 million for the three and six months ended June 30, 2025, respectively, and $ 14.6 million and $ 27.9 million for the three and six months ended June 30, 2024, respectively.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2025

Income from Investments Held in Employee Deferred Compensation Trusts .

Under the Company’s employee deferred compensation plans, employees direct the investment of their account balances, and the Company invests amounts held in the associated investment trusts consistent with these directions.

1 unchanged sentence

The value of the related investment trust assets also changes by an equal and offsetting amount, leaving no net cost to the Company, and therefore no effect on reported net income.

The Company’s (income) loss from investments held in employee deferred compensation trusts consists of unrealized and realized gains and losses, and dividend income from trust investments and is presented separately on the Condensed Consolidated Statements of Operations.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

The following table presents the Company’s (income) loss from investments held in employee deferred compensation trusts (in thousands):

The Company’s income from investments held in employee deferred compensation trusts consists of unrealized and realized gains and losses, and dividend income from trust investments and is presented separately on the Condensed Consolidated Statements of Operations.

The following table presents the Company’s income from investments held in employee deferred compensation trusts (in thousands):

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Dividend income $ ( 3,055 ) $ ( 2,627 ) $ ( 4,995 ) $ ( 4,698 )

Realized and unrealized (gains) losses 22,111 ( 41,305 )

(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses) $ 20,171 $ ( 43,376 )

The following table presents the Company’s increase (decrease) in employee deferred compensation costs and expense related to changes in the fair value of trust assets for its nonqualified employee deferred compensation plans (in thousands):

Realized and unrealized gains ( 54,599 ) ( 13,106 ) ( 32,488 ) ( 54,411 )

Income from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses) $ ( 57,654 ) $ ( 15,733 ) $ ( 37,483 ) $ ( 59,109 )

The following table presents the Company’s increase in employee deferred compensation costs and expense related to changes in the fair value of trust assets for its nonqualified employee deferred compensation plans (in thousands):

Three Months Ended

Increase (decrease) in employee deferred compensation costs and expense related to changes in the fair value of trust assets $ ( 20,171 ) $ 43,376

June 30, Six Months Ended

2025 2024 2025 2024

Increase in employee deferred compensation costs and expense related to changes in the fair value of trust assets $ 57,654 $ 15,733 $ 37,483 $ 59,109

Comprehensive Income (Loss).

10 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

June 30, 2025

The following tables summarize the Company’s financial instruments by significant category and fair value measurement on a recurring basis (in thousands):

Fair Value Measurements Using

Balance at March 31, 2025

Balance at June 30, 2025

Quoted Prices

32 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

The following table sets forth the activity in the allowance for credit losses from December 31, 2024, through March 31, 2025 (in thousands):

June 30, 2025

The following table sets forth the activity in the allowance for credit losses from December 31, 2024, through June 30, 2025 (in thousands):

Allowance for Credit Losses

3 unchanged sentences

Other, including foreign currency translation adjustments 1,285

Balance as of March 31, 2025

Balance as of June 30, 2025

Note B— New Accounting Pronouncements

8 unchanged sentences

Early adoption is permitted.

The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

The Company has concluded its evaluation of the newly issued guidance and anticipates changes to its income tax disclosures.

However, it does not expect any effect on its operating results, cash flows, or financial position

Income Statement Disclosures.

16 unchanged sentences

The Company records contract talent solutions revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses.

The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and

The Company has concluded that gross reporting is appropriate because the

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

establish their price and duties, and (iii) bears the risk for services that are not fully paid for by customers.

June 30, 2025

Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and establish their price and duties, and (iii) bears the risk for services that are not fully paid for by customers.

Fees paid to time management or vendor management service providers selected by clients are recorded as a reduction of revenues, as the Company is not the primary obligor with respect to those services.

17 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Contract talent solutions

13 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

June 30, 2025

Contracts with multiple performance obligations are recognized as performance obligations are delivered, and contract value is allocated based on relative stand-alone selling values of the services and products in the arrangement.

As of March 31, 2025, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 227.4 million.

As of June 30, 2025, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 213.7 million.

Of this amount, $ 199.6 million is expected to be recognized within the next 12 months.

As of March 31, 2024, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 176.1 million.

As of June 30, 2024, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 182.9 million.

Contract liabilities are recorded when cash payments are received or due in advance of performance and are reflected in accounts payable and accrued expenses on the unaudited Condensed Consolidated Statements of Financial Position.

The following table sets forth the activity in contract liabilities from December 31, 2024, through March 31, 2025 (in thousands):

The following table sets forth the activity in contract liabilities from December 31, 2024, through June 30, 2025 (in thousands):

Contract Liabilities

3 unchanged sentences

Other, including translation adjustments 1,141

Balance as of March 31, 2025

Balance as of June 30, 2025

Note D— Other Current Assets

2 unchanged sentences

Prepaid expenses $ 71,180 $ 64,185

Unamortized cloud computing implementation costs 26,832 28,417

Unamortized cloud computing implementation costs, current 24,957 28,417

Other 57,583 53,712

12 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

June 30, 2025

Note F— Other Noncurrent Assets

1 unchanged sentence

2025 December 31,

Unamortized cloud computing implementation costs $ 10,001 $ 10,517

Unamortized cloud computing implementation costs, noncurrent $ 10,969 $ 10,517

Other intangible assets, net 2,874 1,218

3 unchanged sentences

The Company’s leases have remaining lease terms of less than one year to 11 years, some of which include options to extend the leases for up to seven years , and some of which include options to terminate the leases within one year .

Operating lease expense was $ 20.0 million and $ 21.2 million for the three months ended March 31, 2025 and 2024, respectively.

Operating lease expense was $ 19.8 million and $ 39.8 million for the three and six months ended June 30, 2025, respectively, and $ 21.2 million and $ 42.4 million for the three and six months ended June 30, 2024, respectively.

Supplemental cash flow information related to leases consisted of the following (in thousands):

Three Months Ended

Six Months Ended

Cash paid for operating lease liabilities $ 39,082 $ 45,284

4 unchanged sentences

Weighted average discount rate for operating leases 4.0 % 3.9 %

Future minimum lease payments under noncancelable leases as of March 31, 2025, were as follows (in thousands):

2025 (excluding the three months ended March 31, 2025)

Future minimum lease payments under noncancelable leases as of June 30, 2025, were as follows (in thousands):

2025 (excluding the six months ended June 30, 2025)

Thereafter 43,801

2 unchanged sentences

(a) Includes the current portion of $ 69.3 million for operating leases.

As of March 31, 2025, the Company had additional future minimum lease obligations totaling $ 27.2 million under executed operating lease contracts that had not yet commenced.

These operating leases include agreements for corporate and field office facilities with lease terms of three to 10 years.

As of June 30, 2025, the Company had additional future minimum lease obligations totaling $ 30.4 million under executed operating lease contracts that had not yet commenced.

These operating leases include agreements for corporate and field office facilities with lease terms of one year to 10 years.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

June 30, 2025

Note H— Goodwill

The following table sets forth the activity in goodwill from December 31, 2024 through March 31, 2025 (in thousands):

The following table sets forth the activity in goodwill from December 31, 2024 through June 30, 2025 (in thousands):

Contract talent solutions Permanent placement talent solutions Protiviti Total

1 unchanged sentence

$ 133,938 $ 26,063 $ 77,179 $ 237,180

Acquisitions (a) 1,205 235 10,667 12,107

Foreign currency translation adjustments 607 118 1,139 1,864

Balance as of March 31, 2025

Balance as of June 30, 2025

$ 135,750 $ 26,416 $ 88,985 $ 251,151

(a) In April 2025, the Company expanded its operations through two acquisitions.

These transactions, executed via the Company’s wholly owned subsidiaries, resulted in the recognition of $ 12.1 million in goodwill.

The Company completed its annual assessment of the recoverability of goodwill during the three months ended June 30, 2025, and determined there were no events or circumstances that would more likely than not reduce the fair value of the Company’s reporting units below their carrying value.

Note I— Accrued Payroll and Benefit Costs

11 unchanged sentences

These plans include provisions for salary deferrals and discretionary contributions.

The asset value of the nonqualified plans was $ 671.4 million and $ 673.2 million as of March 31, 2025 and December 31, 2024, respectively.

The asset value of the nonqualified plans was $ 716.8 million and $ 673.2 million as of June 30, 2025 and December 31, 2024, respectively.

The Company holds these assets to satisfy the Company’s liabilities under its deferred compensation plans.

The liability value for the nonqualified plans was $ 648.5 million and $ 678.4 million as of March 31, 2025 and December 31, 2024, respectively.

Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $ 13.8 million and $ 13.4 million for the three months ended March 31, 2025 and 2024, respectively.

The liability value for the nonqualified plans was $ 700.0 million and $ 678.4 million as of June 30, 2025 and December 31, 2024, respectively.

Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $ 11.6 million and $ 25.3 million for the three and six months ended June 30, 2025, respectively, and $ 11.4 million and $ 24.8 million for the three and six months ended June 30, 2024, respectively.

The Company has statutory defined contribution plans and defined benefit plans outside the United States of America, which are not material.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2025

Note K— Commitments and Contingencies

3 unchanged sentences

Gentry also seeks recovery of an unspecified amount for the alleged failure of the Company to provide her and the putative class with accurate wage statements.

Gentry also seeks an unspecified amount of other damages, attorneys’ fees and statutory penalties, including penalties for allegedly not paying all wages due upon separation to former employees and

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

statutory penalties on behalf of herself and other allegedly “aggrieved employees” as defined by California’s Labor Code Private Attorneys General Act (“PAGA”).

Gentry also seeks an unspecified amount of other damages, attorneys’ fees and statutory penalties, including penalties for allegedly not paying all wages due upon separation to former employees and statutory penalties on behalf of herself and other allegedly “aggrieved employees” as defined by California’s Labor Code Private Attorneys General Act (“PAGA”).

On January 4, 2016, the Court denied a motion by the Company to compel all of Gentry’s claims, except the PAGA claim, to individual arbitration.

18 unchanged sentences

Legal costs associated with the resolution of claims, lawsuits and other contingencies are expensed as incurred.

The Company has an unsecured revolving credit facility (the “Credit Agreement”) of $ 100 million, which matures May 2026.

Borrowings under the Credit Agreement will bear interest in accordance with the terms of the borrowing which will be calculated according to the adjusted term Secured Overnight Financing Rate (“SOFR”), or an alternative base rate, plus an applicable margin.

The Credit Agreement is subject to certain financial covenants, and the Company was in compliance with these covenants as of March 31, 2025.

There were no borrowings under the Credit Agreement as of March 31, 2025, or December 31, 2024.

On May 28, 2025, the Company entered into a $ 100.0 million credit agreement (the “2025 Credit Agreement”) which matures in May 2030.

Borrowings under the 2025 Credit Agreement will bear interest in accordance with the terms of the borrowing, which typically will be calculated according to the adjusted term Secured Overnight Financing Rate (“SOFR”), plus an applicable margin.

The 2025 Credit Agreement is subject to certain financial covenants, and the Company was in compliance with these covenants as of June 30, 2025.

As of June 30, 2025, the Company had no cash borrowings under the 2025 Credit Agreement, and maintained $ 10.2 million in standby letters of credit to satisfy workers’ compensation insurer’s collateral requirements.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2025

Note L— Stockholders’ Equity

Stock Repurchase Program.

As of March 31, 2025, the Company is authorized to repurchase, from time to time, up to 6.6 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions.

The number and the cost of common stock shares repurchased during the three months ended March 31, 2025 and 2024, are reflected in the following table (in thousands):

Three Months Ended

As of June 30, 2025, the Company is authorized to repurchase, from time to time, up to 6.2 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions.

The number and the cost of common stock shares repurchased during the six months ended June 30, 2025 and 2024, are reflected in the following table (in thousands):

Six Months Ended

Common stock repurchased (in shares) 1,128 1,660

Common stock repurchased $ 59,378 $ 121,272

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of applicable statutory withholding taxes.

The number and the cost of employee stock plan repurchases made during the three months ended March 31, 2025 and 2024, are reflected in the following table (in thousands):

Three Months Ended

The number and the cost of employee stock plan repurchases made during the six months ended June 30, 2025 and 2024, are reflected in the following table (in thousands):

Six Months Ended

Repurchases related to employee stock plans (in shares) 191 271

2 unchanged sentences

Treasury stock is accounted for using the cost method.

Treasury stock activity for the three months ended March 31, 2025 and 2024, (consisting of purchases of shares for the treasury) is presented in the unaudited Condensed Consolidated Statements of Stockholders’ Equity.

Treasury stock activity for the six months ended June 30, 2025 and 2024, (consisting of purchases of shares for the treasury) is presented in the unaudited Condensed Consolidated Statements of Stockholders’ Equity.

Repurchases of shares and issuances of dividends are applied first to the extent of retained earnings and any remaining amounts are applied to additional paid-in capital.

Note M— Net Income Per Share

The calculation of net income per share for the three months ended March 31, 2025 and 2024, is reflected in the following table (in thousands, except per share amounts):

The calculation of net income per share for the three and six months ended June 30, 2025 and 2024, is reflected in the following table (in thousands, except per share amounts):

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net income $ 40,968 $ 68,156 $ 58,318 $ 131,857

8 unchanged sentences

Diluted $ 0.41 $ 0.66 $ 0.58 $ 1.27

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2025

Note N— Business Segments

3 unchanged sentences

The contract talent solutions reportable segment results from the aggregation of three operating segments with similar economic and qualitative characteristics:

finance and accounting, administration and customer support, and technology.

finance and accounting, administrative and customer support, and technology.

The contract talent solutions and permanent placement talent solutions segments provide specialized engagement professionals and full-time personnel, respectively, for finance and accounting, technology, marketing and creative, legal, and administrative and customer support roles.

The Protiviti segment provides business and technology risk consulting and internal audit services.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

The CODM uses segment income to evaluate performance and allocate resources to each segment.

Segment income excludes interest income, income taxes and the impacts of the (income) loss from investments held in employee deferred compensation trusts, along with the related compensation costs and expenses.

Segment income excludes interest income, income taxes and the impacts of the income from investments held in employee deferred compensation trusts, along with the related compensation costs and expenses.

The CODM considers variances between actual results and expectations as well as historical trends for segment income when making decisions about allocating capital and personnel resources to each segment.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

Contract Talent Solutions 2025 2024 2025 2024

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

Permanent Placement Talent Solutions 2025 2024 2025 2024

2 unchanged sentences

Segment costs of services (2)

162 262 392 481

Compensation expenses (3)

3 unchanged sentences

Segment income $ 8,259 $ 16,148 $ 11,883 $ 28,003

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2025

Three Months Ended

June 30, Six Months Ended

Protiviti 2025 2024 2025 2024

8 unchanged sentences

Segment income $ 32,512 $ 36,982 $ 40,908 $ 59,283

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

Three Months Ended

June 30, Six Months Ended

Combined Segment 2025 2024 2025 2024

11 unchanged sentences

(1) Service revenues presented above are shown net of eliminations of intersegment revenues.

Intersegment revenues between the contract talent solutions segment and the Protiviti segment were $ 117.9 million and $ 112.8 million for the three months ended March 31, 2025 and 2024, respectively.

Intersegment revenues between the contract talent solutions segment and the Protiviti segment were $ 119.8 million and $ 237.7 million for the three and six months ended June 30, 2025, respectively, and $ 116.5 million and $ 229.3 million for the three and six months ended June 30, 2024, respectively.

Service revenues related to the intersegment activity are reflected in the Protiviti segment.

2 unchanged sentences

For further information on costs of services, see Note A—“Summary of Significant Accounting Policies.”

(3) Includes payroll and applicable taxes, employee incentive compensation and other employee costs not included in direct cost as noted above.

(3) Includes payroll and applicable taxes, employee incentive compensation and other employee costs not included in direct costs as noted above.

(4) Other selling, general and administrative expenses is comprised of advertising, as well as other allocated expenses including lease expense, depreciation, cloud computing service costs and overhead costs.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Depreciation expense

5 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2025

June 30, 2025

Note O— Subsequent Events

During April 2025, the Company acquired Adamantia, a management consulting firm in France, for approximately $ 14 million in a strategic transaction that will enhance the capabilities of the Company.

On May 1, 2025, the Company announced the following:

On August 4, 2025, the Company announced the following:

Quarterly dividend per share $ 0.59

Declaration date May 1, 2025

Record date May 23, 2025

Payment date June 13, 2025

Declaration date August 4, 2025

Record date August 25, 2025

Payment date September 15, 2025

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements