NON-GAAP FINANCIAL MEASURES
The financial results of Robert Half Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the SEC. To help readers understand the Company's financial performance, the Company supplements its GAAP financial results with the following non-GAAP measures: adjusted gross margin; adjusted selling, general and administrative expenses; adjusted operating income; and adjusted revenue growth rates.
The following measures: adjusted gross margin, adjusted selling, general and administrative expenses and adjusted operating income, include gains and losses on investments held to fund the Company's obligations under employee deferred compensation plans. The Company provides these measures because they are used by management to review its operational results.
Adjusted revenue growth rates represent year-over-year revenue growth rates after removing the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rates. The Company provides this data because it focuses on the Company's revenue growth rates attributable to operating activities and aids in evaluating revenue trends over time. The impacts from the changes in billing days and foreign currency exchange rates are calculated as follows:
Billing days impact is calculated by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon inputs from all countries and all functional specializations and segments.
Foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period.
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 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.
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ADJUSTED GROSS MARGIN (UNAUDITED):
(in thousands)
Three Months Ended June 30, Relationships Six Months Ended June 30, Relationships As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||
Gross Margin | |||||||||||||||||
Contract talent solutions . . . | $ 292,422 | $ 297,367 | $ 292,422 | $ 297,367 | 39.1% | 39.1% | 39.1% | 39.1% | $ 574,175 | $ 594,300 | $ 574,175 | $ 594,300 | 39.0% | 39.0% | 39.0% | 39.0% | |
Permanent placement talent solutions . . . . . . . . . . . . . | 117,823 | 114,551 | 117,823 | 114,551 | 99.9% | 99.9% | 99.9% | 99.9% | 226,549 | 226,412 | 226,549 | 226,412 | 99.8% | 99.8% | 99.8% | 99.8% | |
Total talent solutions . . . . | 410,245 | 411,918 | 410,245 | 411,918 | 47.4% | 47.1% | 47.4% | 47.1% | 800,724 | 820,712 | 800,724 | 820,712 | 47.1% | 46.9% | 47.1% | 46.9% | |
Protiviti . . . . . . . . . . . . . . . . | 63,782 | 97,556 | 87,170 | 110,357 | 13.5% | 19.7% | 18.5% | 22.3% | 153,212 | 187,807 | 174,596 | 196,569 | 16.3% | 19.3% | 18.6% | 20.2% | |
Total . . . . . . . . . . . . . . . . . | $ 474,027 | $ 509,474 | $ 497,415 | $ 522,275 | 35.5% | 37.2% | 37.2% | 38.1% | $ 953,936 | $ 1,008,519 | $ 975,320 | $ 1,017,281 | 36.2% | 37.1% | 37.0% | 37.4% |
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended June 30, 2026 and 2025:
solutions solutions Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Contract talent solutions Permanent placement talent solutionsTotal talent Protiviti Total
Contract talent solutions Permanent placement talent solutionsTotal talent Protiviti Total
$ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | |
Gross Margin | ||||||||||||||||||||
As Reported............. | $ 292,422 | 39.1% | $ 117,823 | 99.9% | $ 410,245 | 47.4% | $ 63,782 | 13.5% | $ 474,027 | 35.5% | $ 297,367 | 39.1% | $ 114,551 | 99.9% | $ 411,918 | 47.1% | $ 97,556 | 19.7% | $ 509,474 | 37.2% |
Adjustments (1).... | - | - | - | - | - | - | 23,388 | 5.0% | 23,388 | 1.7% | - | - | - | - | - | - | 12,801 | 2.6% | 12,801 | 0.9% |
As Adjusted............. | $ 292,422 | 39.1% | $ 117,823 | 99.9% | $ 410,245 | 47.4% | $ 87,170 | 18.5% | $ 497,415 | 37.2% | $ 297,367 | 39.1% | $ 114,551 | 99.9% | $ 411,918 | 47.1% | $ 110,357 | 22.3% | $ 522,275 | 38.1% |
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the six months ended June 30, 2026 and 2025:
solutions solutions Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Contract talent solutions Permanent placement talent solutionsTotal talent Protiviti Total
Contract talent solutions Permanent placement talent solutionsTotal talent Protiviti Total
$ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | |
Gross Margin | ||||||||||||||||||||
As Reported ........... | $ 574,175 | 39.0% | $ 226,549 | 99.8% | $ 800,724 | 47.1% | $ 153,212 | 16.3% | $ 953,936 | 36.2% | $ 594,300 | 39.0% | $ 226,412 | 99.8% | $ 820,712 | 46.9% | $ 187,807 | 19.3% | $1,008,519 | 37.1% |
Adjustments (1)... | - | - | - | - | - | - | 21,384 | 2.3% | 21,384 | 0.8% | - | - | - | - | - | - | 8,762 | 0.9% | 8,762 | 0.3% |
As Adjusted ........... | $ 574,175 | 39.0% | $ 226,549 | 99.8% | $ 800,724 | 47.1% | $ 174,596 | 18.6% | $ 975,320 | 37.0% | $ 594,300 | 39.0% | $ 226,412 | 99.8% | $ 820,712 | 46.9% | $ 196,569 | 20.2% | $1,017,281 | 37.4% |
(1) Changes in the Company's employee deferred compensation plan obligations related to Protiviti operations are included in costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED):
(in thousands)
Three Months Ended June 30, Relationships Six Months Ended June 30, Relationships As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||
Selling, General and Administrative Expenses | |||||||||||||||||
Contract talent solutions . . . | $ 343,038 | $ 318,871 | $ 274,618 | $ 278,944 | 45.9% | 42.0% | 36.7% | 36.7% | $ 610,119 | $ 595,083 | $ 547,058 | $ 569,186 | 41.4% | 39.1% | 37.2% | 37.4% | |
Permanent placement talent solutions . . . . . . . . . . . . . | 115,999 | 111,218 | 106,929 | 106,292 | 98.3% | 97.0% | 90.6% | 92.7% | 217,805 | 217,353 | 209,599 | 214,529 | 96.0% | 95.8% | 92.3% | 94.6% | |
Total talent solutions . . . . | 459,037 | 430,089 | 381,547 | 385,236 | 53.0% | 49.2% | 44.1% | 44.1% | 827,924 | 812,436 | 756,657 | 783,715 | 48.7% | 46.4% | 44.5% | 44.8% | |
Protiviti . . . . . . . . . . . . . . . . | 77,289 | 77,845 | 77,289 | 77,845 | 16.4% | 15.7% | 16.4% | 15.7% | 151,400 | 155,661 | 151,400 | 155,661 | 16.2% | 16.0% | 16.2% | 16.0% | |
Total . . . . . . . . . . . . . . . . . | $ 536,326 | $ 507,934 | $ 458,836 | $ 463,081 | 40.1% | 37.1% | 34.3% | 33.8% | $ 979,324 | $ 968,097 | $ 908,057 | $ 939,376 | 37.1% | 35.6% | 34.4% | 34.5% |
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the three months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Contract talent solutions Permanent placement talent Total talent solutionsProtiviti Total Contract talent
Permanent placement talent Total talent solutions Protiviti Totalsolutions solutions
solutions % of $ Revenue $ % of Revenue $ % of Revenue $ % of Revenue $ % of Revenue $ % of Revenue $ % of Revenue $ % of Revenue $ % of Revenue $ % of RevenueSelling, General and Administrative Expenses | ||||||||||||||||||||
As Reported ................ | $ 343,038 | 45.9% | $ 115,999 | 98.3% | $ 459,037 | 53.0% | $ 77,289 | 16.4% | $ 536,326 | 40.1% | $ 318,871 | 42.0% | $ 111,218 | 97.0% | $ 430,089 | 49.2% | $ 77,845 | 15.7% | $ 507,934 | 37.1% |
Adjustments (1) ....... | (68,420) | (9.2%) | (9,070) | (7.7%) | (77,490) | (8.9%) | - | - | (77,490) | (5.8%) | (39,927) | (5.3%) | (4,926) | (4.3%) | (44,853) | (5.1%) | - | - | (44,853) | (3.3%) |
As Adjusted ................ | $ 274,618 | 36.7% | $ 106,929 | 90.6% | $ 381,547 | 44.1% | $ 77,289 | 16.4% | $ 458,836 | 34.3% | $ 278,944 | 36.7% | $ 106,292 | 92.7% | $ 385,236 | 44.1% | $ 77,845 | 15.7% | $ 463,081 | 33.8% |
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the six months ended June 30, 2026 and 2025:
solutions Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Contract talent solutions Permanent placement talent Total talent solutionsProtiviti Total Contract talent
Permanent placement talent Total talent solutions Protiviti Totalsolutions solutions
$ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | |
Selling, General and Administrative Expens | es | |||||||||||||||||||
As Reported................. | $ 610,119 | 41.4% | $ 217,805 | 96.0% | $ 827,924 | 48.7% | $ 151,400 | 16.2% | $ 979,324 | 37.1% | $ 595,083 | 39.1% | $ 217,353 | 95.8% | $ 812,436 | 46.4% | $ 155,661 | 16.0% | $ 968,097 | 35.6% |
Adjustments (1)........ | (63,061) | (4.2%) | (8,206) | (3.7%) | (71,267) | (4.2%) | - | - | (71,267) | (2.7%) | (25,897) | (1.7%) | (2,824) | (1.2%) | (28,721) | (1.6%) | - | - | (28,721) | (1.1%) |
As Adjusted................. | $ 547,058 | 37.2% | $ 209,599 | 92.3% | $ 756,657 | 44.5% | $ 151,400 | 16.2% | $ 908,057 | 34.4% | $ 569,186 | 37.4% | $ 214,529 | 94.6% | $ 783,715 | 44.8% | $ 155,661 | 16.0% | $ 939,376 | 34.5% |
(1) Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in selling, general and administrative expenses, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ADJUSTED OPERATING INCOME (UNAUDITED):
(in thousands)
As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Operating (Loss) Income Three Months Ended June 30, Relationships Six Months Ended June 30, RelationshipsContract talent solutions . . . | $ (50,616) | $ (21,504) | $ 17,804 | $ 18,423 | (6.8%) | (2.8%) | 2.4% | 2.4% | $ (35,944) | $ (783) | $ 27,117 | $ 25,114 | (2.4%) | (0.1%) | 1.8% | 1.6% |
Permanent placement talent solutions . . . . . . . . . . . . . | 1,824 | 3,333 | 10,894 | 8,259 | 1.5% | 2.9% | 9.2% | 7.2% | 8,744 | 9,059 | 16,950 | 11,883 | 3.9% | 4.0% | 7.5% | 5.2% |
Total talent solutions . . . . | (48,792) | (18,171) | 28,698 | 26,682 | (5.6%) | (2.1%) | 3.3% | 3.1% | (27,200) | 8,276 | 44,067 | 36,997 | (1.6%) | 0.5% | 2.6% | 2.1% |
Protiviti . . . . . . . . . . . . . . . . | (13,507) | 19,711 | 9,881 | 32,512 | (2.9%) | 4.0% | 2.1% | 6.6% | 1,812 | 32,146 | 23,196 | 40,908 | 0.2% | 3.3% | 2.5% | 4.2% |
Total . . . . . . . . . . . . . . . . . | $ (62,299) | $ 1,540 | $ 38,579 | $ 59,194 | (4.7%) | 0.1% | 2.9% | 4.3% | $ (25,388) | $ 40,422 | $ 67,263 | $ 77,905 | (1.0%) | 1.5% | 2.6% | 2.9% |
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating (loss) income for the three months ended June 30, 2026 and 2025:
solutions Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Contract talent solutions Permanent placement talent solutions Total talent solutionsProtiviti Total Contract talent
Permanent placement talent solutions Total talent solutions Protiviti Total% of | % of | % of | % of | % of | % of | % of | % of | % of | % of | |||||||||||
$ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | |
Operating (Loss) Income | ||||||||||||||||||||
As Reported..................... | $ (50,616) | (6.8%) | $ 1,824 | 1.5% | $ (48,792) | (5.6%) | $ (13,507) | (2.9%) | $ (62,299) | (4.7%) | $ (21,504) | (2.8%) | $ 3,333 | 2.9% | $ (18,171) | (2.1%) | $ 19,711 | 4.0% | $ 1,540 | 0.1% |
Adjustments (1) ............ | 68,420 | 9.2% | 9,070 | 7.7% | 77,490 | 8.9% | 23,388 | 5.0% | 100,878 | 7.6% | 39,927 | 5.2% | 4,926 | 4.3% | 44,853 | 5.2% | 12,801 | 2.6% | 57,654 | 4.2% |
As Adjusted ..................... | $ 17,804 | 2.4% | $ 10,894 | 9.2% | $ 28,698 | 3.3% | $ 9,881 | 2.1% | $ 38,579 | 2.9% | $ 18,423 | 2.4% | $ 8,259 | 7.2% | $ 26,682 | 3.1% | $ 32,512 | 6.6% | $ 59,194 | 4.3% |
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating (loss) income for the six months ended June 30, 2026 and 2025:
solutions Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Contract talent solutions Permanent placement talent solutions Total talent solutionsProtiviti Total Contract talent
Permanent placement talent solutions Total talent solutions Protiviti Total% of | % of | % of | % of | % of | % of | % of | % of | % of | % of | |||||||||||
$ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | $ | Revenue | |
Operating (Loss) Income | ||||||||||||||||||||
As Reported..................... | $ (35,944) | (2.4%) | $ 8,744 | 3.9% | $ (27,200) | (1.6%) | $ 1,812 | 0.2% | $ (25,388) | (1.0%) | $ (783) | (0.1%) | $ 9,059 | 4.0% | $ 8,276 | 0.5% | $ 32,146 | 3.3% | $ 40,422 | 1.5% |
Adjustments (1) ............ | 63,061 | 4.2% | 8,206 | 3.6% | 71,267 | 4.2% | 21,384 | 2.3% | 92,651 | 3.6% | 25,897 | 1.7% | 2,824 | 1.2% | 28,721 | 1.6% | 8,762 | 0.9% | 37,483 | 1.4% |
As Adjusted ..................... | $ 27,117 | 1.8% | $ 16,950 | 7.5% | $ 44,067 | 2.6% | $ 23,196 | 2.5% | $ 67,263 | 2.6% | $ 25,114 | 1.6% | $ 11,883 | 5.2% | $ 36,997 | 2.1% | $ 40,908 | 4.2% | $ 77,905 | 2.9% |
(1) Changes in the Company's employee deferred compensation plan obligations are included in operating (loss) income. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC.NON-GAAP FINANCIAL MEASURES REVENUE GROWTH RATES (%) (UNAUDITED):
Year-Over-Year Growth Rates (As Reported) Non-GAAP Year-Over-Year Growth Rates (As Adjusted) 2025 2026 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2Global | ||||||||||||
Finance and accounting . . . . . . . . . | -12.3 | -10.8 | -9.9 | -6.9 | -4.3 | -0.7 | -10.0 | -10.8 | -10.7 | -7.8 | -6.3 | -1.3 |
Administrative and customer support . . . . . . . . . . . . . . . . . . . . | -17.2 | -13.0 | -11.1 | -11.4 | -9.8 | -6.5 | -15.2 | -13.3 | -12.1 | -12.5 | -11.8 | -6.9 |
Technology . . . . . . . . . . . . . . . . . . | -3.4 | 0.3 | -1.5 | -1.0 | 0.8 | 2.4 | -1.3 | 0.4 | -1.9 | -1.2 | -0.3 | 2.3 |
Elimination of intersegment revenues (1) . . . . . . . . . . . . . . . . | 4.5 | 2.9 | 1.1 | 3.0 | -0.9 | 1.3 | 6.8 | 2.5 | 0.2 | 2.2 | -2.8 | 1.2 |
Total contract talent solutions . . . . | -14.0 | -11.1 | -10.1 | -8.2 | -5.0 | -1.6 | -11.8 | -11.1 | -10.9 | -9.0 | -6.8 | -2.1 |
Permanent placement talent solutions . . . . . . . . . . . . . . . . . . . | -10.2 | -12.5 | -10.7 | -5.1 | -2.8 | 2.9 | -7.8 | -12.6 | -11.4 | -5.9 | -4.7 | 2.5 |
Total talent solutions . . . . . . . . | -13.5 | -11.3 | -10.2 | -7.9 | -4.7 | -1.0 | -11.3 | -11.3 | -11.0 | -8.6 | -6.6 | -1.5 |
Protiviti . . . . . . . . . . . . . . . . . . . . . | 2.7 | 1.8 | -2.6 | -2.0 | -2.2 | -4.9 | 4.7 | 1.5 | -3.4 | -2.8 | -3.8 | -5.0 |
Total . . . . . . . . . . . . . . . . . . . . . . . . | -8.4 | -7.0 | -7.5 | -5.8 -3.8 -2.4 | -6.2 | -7.1 | -8.3 | -6.6 | -5.6 | -2.8 | ||
United States | ||||||||||||
Contract talent solutions . . . . . . . . | -11.8 | -10.7 | -10.3 | -9.5 | -7.6 | -2.1 | -10.7 | -10.7 | -10.4 | -9.2 | -7.5 | -1.8 |
Permanent placement talent solutions . . . . . . . . . . . . . . . . . . . | -8.5 | -13.2 | -11.3 | -5.8 | -5.9 | 6.0 | -7.3 | -13.2 | -11.4 | -5.5 | -5.7 | 6.3 |
Total talent solutions . . . . . . . . | -11.4 | -11.0 | -10.4 | -9.0 | -7.4 | -1.1 | -10.3 | -11.0 | -10.5 | -8.8 | -7.3 | -0.8 |
Protiviti . . . . . . . . . . . . . . . . . . . . . | 2.3 | -0.7 | -5.5 | -5.9 | -6.4 | -5.8 | 3.6 | -0.7 | -5.6 | -5.6 | -6.3 | -5.5 |
Total . . . . . . . . . . . . . . . . . . . . . . . . | -6.9 | -7.4 | -8.6 | -7.9 -7.1 -2.9 | -5.7 | -7.4 | -8.7 | -7.6 | -6.9 | -2.5 | ||
International | ||||||||||||
Contract talent solutions . . . . . . . . | -20.7 | -12.5 | -9.7 | -4.0 | 4.3 | -0.1 | -16.2 | -12.9 | -12.4 | -8.7 | -3.4 | -3.5 |
Permanent placement talent solutions . . . . . . . . . . . . . . . . . . . | -14.5 | -10.6 | -9.0 | -3.5 | 5.7 | -4.8 | -10.1 | -11.2 | -11.2 | -7.0 | -0.9 | -7.1 |
Total talent solutions . . . . . . . . | -19.8 | -12.2 | -9.6 | -3.9 | 4.5 | -0.9 | -15.3 | -12.6 | -12.2 | -8.4 | -3.0 | -4.1 |
Protiviti . . . . . . . . . . . . . . . . . . . . . | 4.4 | 13.1 | 11.1 | 14.7 | 16.0 | -1.2 | 7.9 | 10.7 | 7.5 | 9.1 | 8.1 | -3.1 |
Total . . . . . . . . . . . . . . . . . . . . . . . . | -13.6 | -5.3 | -3.8 | 1.8 8.1 -1.0 | -9.4 | -6.3 | -6.7 | -3.0 | 0.4 | -3.8 | ||
(1) Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line item.
The non-GAAP financial measures included in the table above adjust for the following items:
Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates the billing day impact by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all functional specializations and segments.
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. The foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period.
The term "As Adjusted" means that the impact of different billing days and constant currency fluctuations are removed from the revenue growth rate 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 6-8.
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