Technology
ROBERT HALF REPORTS SECOND-QUARTER FINANCIAL RESULTS
Published
6 months agoon
By
MENLO PARK, Calif., July 24, 2024 /CNW/ — Robert Half Inc. (NYSE: RHI) today reported revenues and earnings for the second quarter ended June 30, 2024.
For the three months ended June 30, 2024, net income was $68 million, or $0.66 per share, on revenues of $1.473 billion. For the three months ended June 30, 2023, net income was $106 million, or $1.00 per share, on revenues of $1.639 billion.
For the six months ended June 30, 2024, net income was $132 million, or $1.27 per share, on revenues of $2.948 billion. For the six months ended June 30, 2023, net income was $228 million, or $2.14 per share, on revenues of $3.356 billion.
“Client and candidate caution continues to impact hiring activity and new project starts as macroeconomic and interest rate uncertainty persist. Second-quarter revenues and earnings were within our guidance range. Protiviti posted strong results, led by U.S. growth in revenues and segment income both on a sequential and year-on-year basis,” said M. Keith Waddell, president and chief executive officer at Robert Half. “We remain confident in our ability to navigate the current climate and optimistic about our growth prospects.
“We’d like to thank our employees across the globe, whose commitment to success made possible a number of new accolades. Robert Half again ranked No. 1 on Forbes’ list of America’s Best Professional Recruiting Firms, and our people-first culture was reflected in our selection as one of Fortune’s Best Workplaces for Millennials, Forbes’ Best Employers for Diversity, and — just yesterday — Forbes’ Best Employers for Women,” Waddell concluded.
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 is 888-394-8218 (+1-323-994-2093 outside the United States and Canada). The confirmation code to access the call is 9156621.
A recording of this call will be available for audio replay beginning at approximately 8 p.m. EDT on July 24 and ending after 12 months. To access the replay, visit https://webcasts.com/RobertHalfQ22024. The conference call also will be archived in audio format on the Company’s website at roberthalf.com.
Robert Half is the world’s first and largest specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and permanent placement solutions in the fields of finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and we also provide executive search services. Robert Half is the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business and technology consulting solutions. In the past 12 months, Robert Half, including Protiviti, has been named Fortune® World’s Most Admired Companies™ and 100 Best Companies to Work For, and a Forbes Best Employer for Diversity.
Certain information contained in Management’s Discussion and Analysis and in other parts of this report may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial positions of Robert Half Inc. (the “Company”). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as “anticipate,” “potential,” “estimate,” “forecast,” “target,” “project,” “plan,” “intend,” “believe,” “expect,” “should,” “could,” “would,” “may,” “might,” “will,” or variations or negatives thereof or by similar or comparable words or phrases. In addition, historical, current, and forward-looking information about the Company’s environmental, social, and governance and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission (“SEC”) or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing, on internal controls, diligence, or processes that are evolving, on representations reviewed or provided by third parties, and on assumptions that are subject to change in the future. Forward-looking statements are estimates only, based on management’s current expectations, currently available information and current strategy, plans, or forecasts, and involve certain known and unknown risks, uncertainties, and assumptions that are difficult to predict and often beyond our control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results, outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements.
These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of United States of America (“U.S.”) or international tax regulations; the global financial and economic situation; changes in levels of unemployment and other economic conditions in the U.S. or foreign countries where the Company does business, or in particular regions or industries; reduction in the supply of candidates for contract employment or the Company’s ability to attract candidates; the development, proliferation and adoption of artificial intelligence (“AI”) by the Company and the third parties it serves; 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 engagement professionals, or for events impacting its engagement professionals 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 impact of extreme weather conditions on the Company and its candidates and clients, 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 health care or other 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 or the Company could experience a cybersecurity breach; 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 broad based consulting, regulatory compliance, technology services, public sector or other high demand advisory 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.
A summary of additional risks and uncertainties can be found in the Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company’s other filings with the U.S. Securities and Exchange Commission.
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, whether as a result of new information, future events, or otherwise, and notwithstanding any historical practice of doing so.
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 INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Service revenues
$ 1,472,524
$ 1,639,478
$ 2,948,461
$ 3,355,813
Costs of services
895,845
979,309
1,808,985
2,005,912
Gross margin
576,679
660,169
1,139,476
1,349,901
Selling, general and administrative expenses
500,832
541,904
1,022,427
1,094,133
Income from investments held in employee deferred compensation trusts
(which is completely offset by related costs and expenses)
(15,733)
(28,347)
(59,109)
(55,638)
Amortization of intangible assets
304
721
608
1,442
Interest income, net
(5,186)
(5,320)
(11,599)
(10,145)
Income before income taxes
96,462
151,211
187,149
320,109
Provision for income taxes
28,306
44,919
55,292
91,812
Net income
$ 68,156
$ 106,292
$ 131,857
$ 228,297
Diluted net income per share
$ 0.66
$ 1.00
$ 1.27
$ 2.14
Weighted average shares:
Basic
103,151
106,102
103,469
106,260
Diluted
103,328
106,422
103,864
106,775
ROBERT HALF INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
SERVICE REVENUES INFORMATION
Contract talent solutions
Finance and accounting
$ 623,120
$ 721,391
$ 1,265,090
$ 1,499,224
Administrative and customer support
190,344
211,023
390,276
430,373
Technology
157,899
181,776
315,869
375,858
Elimination of intersegment revenues (1)
(116,466)
(114,807)
(229,280)
(240,598)
Total contract talent solutions
854,897
999,383
1,741,955
2,064,857
Permanent placement talent solutions
131,063
149,254
255,830
305,991
Protiviti
486,564
490,841
950,676
984,965
Total service revenues
$ 1,472,524
$ 1,639,478
$ 2,948,461
$ 3,355,813
(1)
Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company’s Protiviti segment in connection with the Company’s blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line.
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
(Unaudited)
(Unaudited)
BUSINESS SEGMENT INCOME INFORMATION:
Contract talent solutions
$ 38,146
4.5 %
$ 81,316
8.1 %
$ 88,264
5.1 %
$ 183,462
8.9 %
Permanent placement talent solutions
$ 16,148
12.3 %
$ 21,730
14.6 %
$ 28,003
10.9 %
$ 45,557
14.9 %
Protiviti
$ 37,286
7.7 %
$ 43,566
8.9 %
$ 59,891
6.3 %
$ 82,387
8.4 %
June 30,
2024
2023
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents
$ 547,370
$ 722,763
Accounts receivable, net
$ 893,467
$ 974,008
Total assets
$ 2,937,749
$ 3,067,641
Total current liabilities
$ 1,263,264
$ 1,276,571
Total stockholders’ equity
$ 1,480,155
$ 1,625,271
Six Months Ended June 30,
2024
2023
(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation
$ 25,520
$ 25,229
Capitalized cloud computing implementation costs
$ 15,557
$ 20,184
Capital expenditures
$ 24,174
$ 19,093
Open market repurchases of common stock (shares)
1,660
1,137
ROBERT HALF INC.
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; combined segment income; and as adjusted revenue growth rates.
The following measures: adjusted gross margin and adjusted selling, general and administrative expenses, 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.
Combined segment income is income before income taxes, adjusted for interest income and amortization of intangible assets. The Company provides combined segment income because it is how management evaluates performance.
As 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.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
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 Adjusted
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Gross Margin
Contract talent solutions
$ 336,161
$ 398,636
$ 336,161
$ 398,636
39.3 %
39.9 %
39.3 %
39.9 %
$ 686,731
$ 822,261
$ 686,731
$ 822,261
39.4 %
39.8 %
39.4 %
39.8 %
Permanent placement talent
solutions
130,801
148,975
130,801
148,975
99.8 %
99.8 %
99.8 %
99.8 %
255,349
305,370
255,349
305,370
99.8 %
99.8 %
99.8 %
99.8 %
Total talent solutions
466,962
547,611
466,962
547,611
47.4 %
47.7 %
47.4 %
47.7 %
942,080
1,127,631
942,080
1,127,631
47.2 %
47.6 %
47.2 %
47.6 %
Protiviti
109,717
112,558
112,947
117,882
22.5 %
22.9 %
23.2 %
24.0 %
197,396
222,270
208,983
232,366
20.8 %
22.6 %
22.0 %
23.6 %
Total
$ 576,679
$ 660,169
$ 579,909
$ 665,493
39.2 %
40.3 %
39.4 %
40.6 %
$ 1,139,476
$ 1,349,901
$ 1,151,063
$ 1,359,997
38.6 %
40.2 %
39.0 %
40.5 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended June 30, 2024 and 2023:
Three Months Ended June 30, 2024
Three Months Ended June 30, 2023
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
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
$ 336,161
39.3 %
$ 130,801
99.8 %
$ 466,962
47.4 %
$ 109,717
22.5 %
$ 576,679
39.2 %
$ 398,636
39.9 %
$ 148,975
99.8 %
$ 547,611
47.7 %
$ 112,558
22.9 %
$ 660,169
40.3 %
Adjustments (1)
—
—
—
—
—
—
3,230
0.7 %
3,230
0.2 %
—
—
—
—
—
—
5,324
1.1 %
5,324
0.3 %
As Adjusted
$ 336,161
39.3 %
$ 130,801
99.8 %
$ 466,962
47.4 %
$ 112,947
23.2 %
$ 579,909
39.4 %
$ 398,636
39.9 %
$ 148,975
99.8 %
$ 547,611
47.7 %
$ 117,882
24.0 %
$ 665,493
40.6 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the six months ended June 30, 2024 and 2023:
Six Months Ended June 30, 2024
Six Months Ended June 30, 2023
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
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
$ 686,731
39.4 %
$ 255,349
99.8 %
$ 942,080
47.2 %
$ 197,396
20.8 %
$ 1,139,476
38.6 %
$ 822,261
39.8 %
$ 305,370
99.8 %
$ 1,127,631
47.6 %
$ 222,270
22.6 %
$ 1,349,901
40.2 %
Adjustments (1)
—
—
—
—
—
—
11,587
1.2 %
11,587
0.4 %
—
—
—
—
—
—
10,096
1.0 %
10,096
0.3 %
As Adjusted
$ 686,731
39.4 %
$ 255,349
99.8 %
$ 942,080
47.2 %
$ 208,983
22.0 %
$ 1,151,063
39.0 %
$ 822,261
39.8 %
$ 305,370
99.8 %
$ 1,127,631
47.6 %
$ 232,366
23.6 %
$ 1,359,997
40.5 %
(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 is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income 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
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 Adjusted
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Selling, General and
Administrative Expenses
Contract talent solutions
$ 308,886
$ 337,742
$ 298,015
$ 317,320
36.1 %
33.8 %
34.9 %
31.8 %
$ 640,474
$ 679,464
$ 598,467
$ 638,799
36.8 %
32.9 %
34.4 %
30.9 %
Permanent placement talent
solutions
116,285
129,846
114,653
127,245
88.7 %
87.0 %
87.5 %
85.3 %
232,861
264,690
227,346
259,813
91.0 %
86.5 %
88.9 %
84.9 %
Total talent solutions
425,171
467,588
412,668
444,565
43.1 %
40.7 %
41.9 %
38.7 %
873,335
944,154
825,813
898,612
43.7 %
39.8 %
41.3 %
37.9 %
Protiviti
75,661
74,316
75,661
74,316
15.6 %
15.1 %
15.6 %
15.1 %
149,092
149,979
149,092
149,979
15.7 %
15.2 %
15.7 %
15.2 %
Total
$ 500,832
$ 541,904
$ 488,329
$ 518,881
34.0 %
33.1 %
33.2 %
31.6 %
$ 1,022,427
$ 1,094,133
$ 974,905
$ 1,048,591
34.7 %
32.6 %
33.1 %
31.2 %
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, 2024 and 2023:
Three Months Ended June 30, 2024
Three Months Ended June 30, 2023
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 308,886
36.1 %
$ 116,285
88.7 %
$ 425,171
43.1 %
$ 75,661
15.6 %
$ 500,832
34.0 %
$ 337,742
33.8 %
$ 129,846
87.0 %
$ 467,588
40.7 %
$ 74,316
15.1 %
$ 541,904
33.1 %
Adjustments (1)
(10,871)
(1.2 %)
(1,632)
(1.2 %)
(12,503)
(1.2 %)
—
—
(12,503)
(0.8 %)
(20,422)
(2.0 %)
(2,601)
(1.7 %)
(23,023)
(2.0 %)
—
—
(23,023)
(1.5 %)
As Adjusted
$ 298,015
34.9 %
$ 114,653
87.5 %
$ 412,668
41.9 %
$ 75,661
15.6 %
$ 488,329
33.2 %
$ 317,320
31.8 %
$ 127,245
85.3 %
$ 444,565
38.7 %
$ 74,316
15.1 %
$ 518,881
31.6 %
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, 2024 and 2023:
Six Months Ended June 30, 2024
Six Months Ended June 30, 2023
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 640,474
36.8 %
$ 232,861
91.0 %
$ 873,335
43.7 %
$ 149,092
15.7 %
$ 1,022,427
34.7 %
$ 679,464
32.9 %
$ 264,690
86.5 %
$ 944,154
39.8 %
$ 149,979
15.2 %
$ 1,094,133
32.6 %
Adjustments (1)
(42,007)
(2.4 %)
(5,515)
(2.1 %)
(47,522)
(2.4) %
—
—
(47,522)
(1.6 %)
(40,665)
(2.0 %)
(4,877)
(1.6 %)
(45,542)
(1.9 %)
—
—
(45,542)
(1.4 %)
As Adjusted
$ 598,467
34.4 %
$ 227,346
88.9 %
$ 825,813
41.3 %
$ 149,092
15.7 %
$ 974,905
33.1 %
$ 638,799
30.9 %
$ 259,813
84.9 %
$ 898,612
37.9 %
$ 149,979
15.2 %
$ 1,048,591
31.2 %
(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 is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income 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
COMBINED SEGMENT INCOME (UNAUDITED):
(in thousands)
The following tables provide reconciliations of the non-GAAP combined segment income to reported income before income
taxes for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Income before income taxes
$ 96,462
6.6 %
$ 151,211
9.2 %
$ 187,149
6.3 %
$ 320,109
9.5 %
Interest income, net
(5,186)
(0.4 %)
(5,320)
(0.3 %)
(11,599)
(0.3 %)
(10,145)
(0.2 %)
Amortization of intangible assets
304
0.0 %
721
0.0 %
608
0.0 %
1,442
0.0 %
Combined segment income
$ 91,580
6.2 %
$ 146,612
8.9 %
$ 176,158
6.0 %
$ 311,406
9.3 %
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)
2023
2024
2023
2024
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Global
Finance and accounting
-3.0
-11.0
-16.0
-17.2
-17.5
-13.6
-3.1
-10.8
-15.2
-17.8
-17.0
-13.5
Administrative and customer support
-23.0
-23.0
-21.5
-18.7
-8.9
-9.8
-23.2
-23.0
-21.2
-19.4
-8.3
-9.8
Technology
-9.0
-16.7
-21.3
-21.7
-18.6
-13.1
-9.3
-16.2
-20.0
-21.8
-17.8
-13.1
Elimination of intersegment revenues (1)
-12.8
-16.5
-24.2
-26.6
-10.3
1.4
-12.7
-16.5
-23.8
-27.2
-9.9
1.3
Total contract talent solutions
-7.8
-14.3
-17.3
-17.2
-16.7
-14.5
-8.0
-14.0
-16.4
-17.7
-16.2
-14.4
Permanent placement talent solutions
-16.1
-25.4
-23.3
-22.0
-20.4
-12.2
-15.8
-25.0
-22.5
-22.6
-19.8
-12.0
Total talent solutions
-9.0
-15.9
-18.1
-17.8
-17.2
-14.2
-9.1
-15.6
-17.3
-18.3
-16.7
-14.0
Protiviti
4.6
-1.2
-6.0
-7.1
-6.1
-0.9
4.4
-1.0
-4.9
-7.5
-5.4
-0.9
Total
-5.4
-12.0
-14.7
-14.7
-14.0
-10.2
-5.6
-11.7
-13.8
-15.2
-13.4
-10.1
United States
Contract talent solutions
-8.6
-16.0
-20.7
-20.5
-19.1
-15.7
-9.9
-15.9
-19.2
-20.3
-18.6
-15.8
Permanent placement talent solutions
-16.9
-26.2
-26.9
-22.6
-19.3
-11.5
-18.1
-26.1
-25.5
-22.5
-18.7
-11.7
Total talent solutions
-9.7
-17.4
-21.5
-20.7
-19.1
-15.2
-11.0
-17.2
-20.0
-20.6
-18.6
-15.3
Protiviti
7.5
-2.4
-7.4
-7.3
-4.8
3.3
5.9
-2.3
-5.6
-7.2
-4.2
3.1
Total
-5.2
-13.3
-17.5
-16.8
-14.9
-9.6
-6.6
-13.2
-15.9
-16.7
-14.3
-9.7
International
Contract talent solutions
-4.7
-7.6
-3.1
-4.4
-8.4
-10.0
-1.2
-6.2
-4.9
-7.5
-7.5
-9.4
Permanent placement talent solutions
-14.0
-23.4
-13.0
-20.6
-23.2
-13.8
-10.5
-21.9
-14.2
-22.8
-22.1
-13.0
Total talent solutions
-6.4
-10.6
-4.8
-7.2
-10.8
-10.7
-2.9
-9.2
-6.6
-10.1
-9.9
-10.0
Protiviti
-5.7
3.3
0.3
-6.1
-11.3
-16.2
-1.5
4.2
-1.5
-8.9
-10.1
-15.9
Total
-6.2
-7.0
-3.5
-6.9
-10.9
-12.2
-2.5
-5.8
-5.3
-9.8
-10.0
-11.6
(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 10-12.
ROBERT HALF INC
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – GLOBAL
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Finance and accounting
As Reported
-3.0
-11.0
-16.0
-17.2
-17.5
-13.6
Billing Days Impact
-1.3
0.1
1.6
0.1
0.7
-0.3
Currency Impact
1.2
0.1
-0.8
-0.7
-0.2
0.4
As Adjusted
-3.1
-10.8
-15.2
-17.8
-17.0
-13.5
Administrative and customer support
As Reported
-23.0
-23.0
-21.5
-18.7
-8.9
-9.8
Billing Days Impact
-1.1
0.1
1.4
0.2
0.8
-0.3
Currency Impact
0.9
-0.1
-1.1
-0.9
-0.2
0.3
As Adjusted
-23.2
-23.0
-21.2
-19.4
-8.3
-9.8
Technology
As Reported
-9.0
-16.7
-21.3
-21.7
-18.6
-13.1
Billing Days Impact
-1.3
0.1
1.5
0.1
0.7
-0.3
Currency Impact
1.0
0.4
-0.2
-0.2
0.1
0.3
As Adjusted
-9.3
-16.2
-20.0
-21.8
-17.8
-13.1
Elimination of intersegment revenues
As Reported
-12.8
-16.5
-24.2
-26.6
-10.3
1.4
Billing Days Impact
-1.3
0.1
1.4
0.1
0.7
-0.3
Currency Impact
1.4
-0.1
-1.0
-0.7
-0.3
0.2
As Adjusted
-12.7
-16.5
-23.8
-27.2
-9.9
1.3
Total contract talent solutions
As Reported
-7.8
-14.3
-17.3
-17.2
-16.7
-14.5
Billing Days Impact
-1.3
0.1
1.6
0.2
0.6
-0.3
Currency Impact
1.1
0.2
-0.7
-0.7
-0.1
0.4
As Adjusted
-8.0
-14.0
-16.4
-17.7
-16.2
-14.4
Permanent placement talent solutions
As Reported
-16.1
-25.4
-23.3
-22.0
-20.4
-12.2
Billing Days Impact
-1.1
0.1
1.5
0.1
0.7
-0.3
Currency Impact
1.4
0.3
-0.7
-0.7
-0.1
0.5
As Adjusted
-15.8
-25.0
-22.5
-22.6
-19.8
-12.0
Total talent solutions
As Reported
-9.0
-15.9
-18.1
-17.8
-17.2
-14.2
Billing Days Impact
-1.2
0.1
1.5
0.2
0.6
-0.2
Currency Impact
1.1
0.2
-0.7
-0.7
-0.1
0.4
As Adjusted
-9.1
-15.6
-17.3
-18.3
-16.7
-14.0
Protiviti
As Reported
4.6
-1.2
-6.0
-7.1
-6.1
-0.9
Billing Days Impact
-1.5
0.2
1.8
0.2
0.7
-0.3
Currency Impact
1.3
0.0
-0.7
-0.6
0.0
0.3
As Adjusted
4.4
-1.0
-4.9
-7.5
-5.4
-0.9
Total
As Reported
-5.4
-12.0
-14.7
-14.7
-14.0
-10.2
Billing Days Impact
-1.4
0.2
1.6
0.1
0.7
-0.3
Currency Impact
1.2
0.1
-0.7
-0.6
-0.1
0.4
As Adjusted
-5.6
-11.7
-13.8
-15.2
-13.4
-10.1
ROBERT HALF INC
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – UNITED STATES
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Contract talent solutions
As Reported
-8.6
-16.0
-20.7
-20.5
-19.1
-15.7
Billing Days Impact
-1.3
0.1
1.5
0.2
0.5
-0.1
Currency Impact
―
―
―
―
―
―
As Adjusted
-9.9
-15.9
-19.2
-20.3
-18.6
-15.8
Permanent placement talent solutions
As Reported
-16.9
-26.2
-26.9
-22.6
-19.3
-11.5
Billing Days Impact
-1.2
0.1
1.4
0.1
0.6
-0.2
Currency Impact
―
―
―
―
―
―
As Adjusted
-18.1
-26.1
-25.5
-22.5
-18.7
-11.7
Total talent solutions
As Reported
-9.7
-17.4
-21.5
-20.7
-19.1
-15.2
Billing Days Impact
-1.3
0.2
1.5
0.1
0.5
-0.1
Currency Impact
―
―
―
―
―
―
As Adjusted
-11.0
-17.2
-20.0
-20.6
-18.6
-15.3
Protiviti
As Reported
7.5
-2.4
-7.4
-7.3
-4.8
3.3
Billing Days Impact
-1.6
0.1
1.8
0.1
0.6
-0.2
Currency Impact
―
―
―
―
―
―
As Adjusted
5.9
-2.3
-5.6
-7.2
-4.2
3.1
Total
As Reported
-5.2
-13.3
-17.5
-16.8
-14.9
-9.6
Billing Days Impact
-1.4
0.1
1.6
0.1
0.6
-0.1
Currency Impact
―
―
―
―
―
―
As Adjusted
-6.6
-13.2
-15.9
-16.7
-14.3
-9.7
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – INTERNATIONAL
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Contract talent solutions
As Reported
-4.7
-7.6
-3.1
-4.4
-8.4
-10.0
Billing Days Impact
-1.7
0.6
1.8
0.1
1.5
-1.1
Currency Impact
5.2
0.8
-3.6
-3.2
-0.6
1.7
As Adjusted
-1.2
-6.2
-4.9
-7.5
-7.5
-9.4
Permanent placement talent solutions
As Reported
-14.0
-23.4
-13.0
-20.6
-23.2
-13.8
Billing Days Impact
-1.6
0.5
1.6
0.1
1.3
-1.0
Currency Impact
5.1
1.0
-2.8
-2.3
-0.2
1.8
As Adjusted
-10.5
-21.9
-14.2
-22.8
-22.1
-13.0
Total talent solutions
As Reported
-6.4
-10.6
-4.8
-7.2
-10.8
-10.7
Billing Days Impact
-1.7
0.6
1.7
0.2
1.4
-1.0
Currency Impact
5.2
0.8
-3.5
-3.1
-0.5
1.7
As Adjusted
-2.9
-9.2
-6.6
-10.1
-9.9
-10.0
Protiviti
As Reported
-5.7
3.3
0.3
-6.1
-11.3
-16.2
Billing Days Impact
-1.7
0.7
1.8
0.2
1.4
-1.0
Currency Impact
5.9
0.2
-3.6
-3.0
-0.2
1.3
As Adjusted
-1.5
4.2
-1.5
-8.9
-10.1
-15.9
Total
As Reported
-6.2
-7.0
-3.5
-6.9
-10.9
-12.2
Billing Days Impact
-1.7
0.5
1.7
0.1
1.3
-1.0
Currency Impact
5.4
0.7
-3.5
-3.0
-0.4
1.6
As Adjusted
-2.5
-5.8
-5.3
-9.8
-10.0
-11.6
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SOURCE Robert Half
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Huawei and IUCN Launch Tech4Nature Project to Protect Kenya’s Coral Reefs
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January 10, 2025By
NAIROBI, Kenya, Jan. 10, 2025 /PRNewswire/ — Huawei, International Union for Conservation of Nature (IUCN), and local partner Kenya Wildlife Service (KWS) have launched a Tech4Nature project to monitor and protect coral reef and biodiversity in Kenya’s Kisite-Mpunguti Marine Park and Reserve.
Aligned with Huawei’s TECH4ALL initiative and the IUCN Green List, the objective of the three-year project is to strengthen monitoring and management efficacy of the protected area. Located on the southern coast of Kenya, Kisite-Mpunguti Marine Park and Reserve faces a number of nature conservation challenges. These include:
Illegal fishing and insufficient human resources to effectively patrol the area.A lack of remote monitoring of the reserve’s three coral islands coupled with pressures created by tourism, as the fringing reefs are popular diving sites.Limited community awareness of the importance of reef and biodiversity protection.Insufficient communications network infrastructure for underpinning tech-driven monitoring.
“Tech4Nature is an expansive project that falls under Huawei’s digital inclusion initiative TECH4ALL, where we look at ways to implement technology and innovation in various sectors of our day today life and improving global standards and ensure that we have a sustainable way of life in the world,” said Khadija Mohamed, Director of Media and Government Relations for Huawei Kenya.
Underwater cameras, photogrammetry, and audio monitoring technologies will be deployed to monitor marine life, including the biomass and population of parrot fish. In many coral reef ecosystems, parrot fish are a keystone species that, due to their diet, help prevent coral from being smothered by seaweed and algae. The solution will also monitor substrate cover in the reef ecosystems, seagrass cover, and the occurrence of green turtles and bottlenose dolphins, which are classified on the IUCN Red List as endangered and vulnerable, respectively.
“The technology we are introducing is a groundbreaking development for marine conservation in Kenya. It will serve as the first monitoring tool for data collection, analysis, and management in a marine protected area. Additionally, this innovation presents an opportunity to assist the park in attaining IUCN Green List certification, aligning with the sustainability goals valued by tourists and ensuring that future generations can continue to benefit from our marine parks,” said Innocent Kabenga, Country Representative for the IUCN Kenya Country Office.
AI trained to recognize specific target species by sight or sound will provide real-time data-driven insights into the behaviors, populations, and distribution of biodiversity in the reserve and reef ecosystem. The system will also be able to identify boats used for illegal fishing, and send alerts for rangers to intervene in near real time.
A digital power solution and improved network connectivity covering the park and watch tower will enable the rapid transmission of collected data to a cloud server for analysis by AI.
The project will be implemented in partnership with Kenya Wildlife Service (KWS) and Wildlife Research and Training Institute (WRTI). Based on the project’s data-driven insights, the Tech4Nature partners will be able to develop targeted conservation measures for the reserve.
“For us to deliver our mandate of protecting and conserving our wildlife in both terrestrial and marine ecosystems, you have to understand your resources very well. We are partnering with Huawei and IUCN to deploy underwater cameras to acquire some data on marine mammal, corals, and fisheries to make informed decisions. The advantage of this technology it can be deployed in wider area that we couldn’t patrol every single day to get data for day and night for us to make good, informed decisions,” said Adan Kala, Senior Assistant Director, Coast Conservation Area, Kenya Wildlife Service.
In addition, the project will include community outreach to raise awareness about biodiversity changes over time and the presence of different species, including those that are threatened, vulnerable, or endangered.
The site will be assessed against the IUCN Green List Standard, with the goal being that the reserve obtains Green List certification.
About Tech4Nature
Huawei and IUCN launched the Tech4Nature global partnership in 2020 to scale up success in nature conservation through technological innovation. Aligned with Huawei’s TECH4ALL initiative and the IUCN Green List, Tech4Nature has supported 11 flagship projects in 8 countries with tailored solutions to conservation challenges.
Visit the Tech4Nature website: https://tech4nature.iucngreenlist.org/what-is-tech4nature/
About TECH4ALL
TECH4ALL is Huawei’s long-term digital inclusion initiative and action plan. Enabled by innovative technologies and partnerships, TECH4ALL is designed to enable inclusion and sustainability in the digital world.
Visit the Huawei TECH4ALL website at https://www.huawei.com/en/tech4all
Follow us on X at https://x.com/HUAWEI_TECH4ALL
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CES 2025 | AAC Technologies Unveils Comprehensive Automotive Solutions, Paving the Way for Cabin Experience Evolution
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LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — At the Consumer Electronics Show (CES) 2025, AAC Technologies, a pioneer in sensory experience, showcased its industry leadership by introducing a full spectrum of automotive solutions that span “acoustics, haptics, sensing, and image recognition.” Drawing on over three decades of expertise in the development and manufacturing of cutting-edge consumer electronics micro-components, AAC is now poised to offer a comprehensive, precise, real-time, and immersive sensory experience to the automotive sector, reinforcing its position as a trusted partner ready to meet the industry’s evolving technological and product demands.
Catering to the surging market demand, AAC presents a ready-to-deploy portfolio of automotive product solutions that address the critical aspects of intelligent driving and cabin experiences. The company is committed to expanding its innovative product offerings to lead the industry. AAC has been steadily expanding in the automotive industry since 2019, largely driven by the growing adoption of its automotive solutions. These solutions are playing an important role in advancing the capabilities of intelligent cockpits.
AAC’s Automotive Acoustic Solutions for Digital Cockpits
AAC Technologies has unveiled its cutting-edge digital cockpit solutions, showcasing a fusion of innovation in acoustics. AAC offers a holistic approach to audio system design, encompassing hardware, algorithms, and fine-tuning, all aimed at delivering a supremely immersive audio experience across various scenarios.
At CES, AAC set up a state-of-the-art 7.1.4 listening room, showcasing its self-developed advanced automotive audio algorithms such as Independent Sound Zones, NLC PRO (distortion suppression), Audio Track Separation, Virtual Surround (Plus), Virtual Venue, and 3D Chime. In collaboration with Premium Sound Solutions (PSS), a world-leading provider in acoustic components and sound systems, AAC has presented an array of top-tier offerings, including automotive speaker products and solutions, which garnered significant attention.
AAC also introduced the “Smart Audio Box,” a joint creation with Smart that marks the industry’s first all-scenario portable Hi-Fi speaker system designed for vehicles. Debuted on the Smart #5 model, this speaker system offers a unique audio experience, blending the boundaries between driving and the wild world of sound.
AAC’s Automotive Haptic Seat Solutions
The automotive industry is now redefining the car as more than just a way to get around—it’s becoming an extension of our living spaces. With this shift, expectations for the in-car experience are soaring, particularly when it comes to the haptic feedback and auditory elements of smart cockpits. At CES, AAC unveiled its groundbreaking haptic seat solution for vehicles, which fuses advanced haptic and acoustic technologies to create a more tranquil driving safety alert system , amp up entertainment with immersive sound, and even simulate engine sounds for an authentic driving feel, all while providing a space for relaxation and meditation. This innovation, a joint effort with Porsche China’s Innovation Office as part of the Rhythm Space project, is set to redefine comfort and pleasure in the driving experience for all on board.
AAC’s Automotive Sensing Solutions
AAC is leading the way in providing advanced sensing solutions and sensor technologies tailored for the automotive industry. AAC’s automotive-grade MEMS microphones boast a compact design, exceptional signal clarity(SNR), minimal distortion(THD), and a consistent frequency response. They also excel in maintaining uniform sensitivity and phase alignment, which translates to enhanced voice services and reliability in both the cabin and exterior environments. This innovation significantly boosts the user experience in voice interactions across a range of applications.
In addition, AAC has unveiled a line of vehicular inertial products, highlighted by our trio of high-performing MEMS IMUs. These units are engineered for accuracy and stability, designed to meet the diverse demands of various applications. They play a pivotal role in ensuring precise vehicle positioning and safety during the critical phases of advanced driver assistance and autonomous driving, reinforcing our dedication to advancing automotive safety and interaction.
AAC’s Automotive Image Recognition Solutions
In the ongoing quest for enhanced intelligent driving, ensuring safety and comfort has become a primary focus in the automotive industry. At this year’s CES, AAC showcased its complete lineup of lenses and camera modules. This includes those for intelligent driving applications like ADAS and surround view, as well as those for intelligent cockpit features such as DMS and OMS. Furthermore, AAC presented an integrated cockpit monitoring system. Collectively, these innovations provide accurate data for machine vision, thereby enhancing safety and intelligent driving capabilities. AAC’s solutions are designed to meet rigorous industry standards, including the EU’s DDAW (Driver Drowsiness and Attention Warning), E-NCAP (European New Car Assessment Programme), and China’s GB/T 41797-2022 “Performance Requirements and Test Methods for Driver Attention Monitoring Systems”.
AAC has also expanded its product line with a variety of automotive motor solutions. For example, AAC’s brushless motors, known for their quiet performance and adaptability, ensure a smooth and quiet experience for seat adjustments. AAC also offers linear control brake motors (EMB motors), linear control steering motors (RWA and HWA motors), and general EPS motors for advanced chassis applications, all of which have been tested and validated in multiple vehicle models. As the automotive industry advances towards higher levels of driving assistance, the adoption of linear control systems for chassis is becoming crucial. These motors use sensors to detect environmental information, replacing mechanical connections with electrical signals. This technology offers high precision, fast response times, compact designs, and lightweight construction, making it suitable for mass production. In scenarios such as highway driving, navigating narrow roads, and parking, these systems greatly enhance user comfort and meet the increasing demands for improved vehicle maneuverability and active safety.
Moving forward, AAC Technologies will continue to collaborate closely with automotive industry partners. By staying attuned to user preferences and driving technological advancements, AAC aims to lead the industry trend. The company’s focus is on delivering an outstanding intelligent cockpit experience, making every drive a source of joy and immersive sensory pleasure.
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January 10, 2025By
DELRAY BEACH, Fla., Jan. 10, 2025 /PRNewswire/ — The smart food packaging market is estimated at USD 26.42 billion in 2024 and is projected to reach USD 35.69 billion by 2029, at a CAGR of 6.2% from 2024 to 2029, according to a report published by MarketsandMarkets™.
The study ‘Active Packaging in the Food Industry’, published in October 2024, explores the growing significance of active packaging in response to changing consumer demands and market trends. Unlike traditional packaging, which is designed to be inert, active packaging interacts with the product and its environment to extend shelf life and maintain food quality. This can involve incorporating additives into packaging systems, such as oxygen and ethylene scavengers, antimicrobial agents, antioxidants, and flavor-absorbing or releasing compounds. Intelligent packaging systems, like time-temperature indicators and gas detectors, are also discussed, emphasizing the importance of consumer acceptance for the commercial success of these technologies. The study reviews key mechanisms used in active packaging, including oxygen scavengers, which reduce the presence of oxygen in food packaging by using iron-based or ascorbic acid-based systems. These methods help maintain product freshness by limiting oxidative damage. Carbon dioxide-generating systems are also used to suppress microbial growth, particularly in meat, poultry, fish, and cheese packaging. Furthermore, ethylene scavengers are vital for extending the shelf life of fruits and vegetables by controlling ripening processes.
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Other applications discussed include the use of flavor and odor absorbers/releasers, which enhance the sensory properties of packaged food, and antimicrobial packaging that inhibits microbial growth to ensure food safety. The potential of nanotechnology to develop new and more effective active and intelligent packaging solutions is highlighted, paving the way for further innovations in the food packaging industry. This study underscores the need for advanced packaging technologies to meet consumer demand for fresh, safe, and high-quality food products and their critical role in prolonging shelf life and improving food safety.
The Meat, Poultry & Seafood is the having a largest share within the application sector of the smart food packaging market.
Due to growing global demand, meat, poultry, and seafood accounts for the highest market share of application in the smart food packaging market. Its needs lie in extending shelf life, safety, and traceability. As per data provided by the USDA from October 2024, Brazil dominates global chicken meat exports during 2025 as the production will be 11.8 million tons. Australia’s poultry production will increase by 2 percent to 2.6 million tons, as high global demand is expected. Beef exports from Australia will also reach a record 1.9 million tons in the year, as its demand increases in the US. These trends point towards the increasing international meat trade and export opportunities.
Increased production and exports require more advanced smart packaging technologies, such as modified atmosphere packaging and active packaging, for freshness, less food waste, and greater safety. This will fuel innovation and adoption of smart packaging solutions, especially in global markets like East Asia and North America.
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The active packaging segment holds significant market share in the smart food packaging market during the forecasted period 2024-2029.
Active food packaging accounts for a major market share in the smart food packaging industry, which is mainly attributed to the quality improvement, safety, and shelf life that active packaging can offer. Technologies, including oxygen scavengers, moisture absorbers, and antimicrobial agents, respond to some of the most important consumer needs related to freshness and reduction of food waste.
It is primarily gaining adoption across key industries, including meat, poultry, seafood, and dairy, where growing concerns about global food safety and sustainability are driving growth. Additionally, increasing export of perishable food products, particularly in North America, Europe, and Asia-Pacific, further supports the increasing demand for active packaging. As manufacturers look for more innovative ways to meet their regulatory requirements and consumer demands, active packaging will maintain its position in the market.
Based on region, Europe has a significant share in the smart food packaging market.
The growth of the food and beverage industry in Europe is a major driving force for the smart food packaging market, which is motivated by the increasing demand for advanced packaging solutions that would ensure food safety, traceability, and extended shelf life. According to European Commission data (March 2024), the food and drinks industry generates ~USD 245 billion (€227 billion) in added value and employs 4.6 million people, making it the EU’s largest manufacturing sector in terms of jobs and value. SMEs are over 99% of businesses in this ecosystem. The sector has also recorded a food trade surplus, with exports doubled over the last decade to exceed ~USD 196 billion (€182 billion), contributing a positive balance of nearly ~USD 32 billion (€30 billion). These strong figures, combined with growing trade opportunities and EU Single Market benefits, are driving demand for smart food packaging technologies to support efficient, sustainable, and competitive food supply chains.
The report profiles key players such as Amcor plc (Switzerland), Mondi (UK), Sealed Air (US), Berry Global Inc. (US), Toyo Seikan Group Holdings, Ltd. (Japan), THE TETRA LAVAL GROUP (Switzerland), Crown (US), 3M (US), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), Multisorb (US), Huhtamäki Oyj (Finland), Timestrip UK LTD (UK), Stepac (Israel), Checkpoint Systems, Inc. (US), and Novipax Buyer, LLC (US).
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