Resources Connection, Inc. (Nasdaq: RGP) (the “Company”), a
global consulting firm, today announced financial results for its
fiscal second quarter ended November 25, 2023.
Second Quarter Fiscal 2024 Highlights
Compared to the Prior Year Quarter:
- Revenue of $163.1 million compared to $200.4 million
- Same-day constant currency revenue, a non-GAAP measure,
declined 19.2%
- Gross margin of 38.9% compared to 41.1%
- Net income of $4.9 million (net income margin of 3.0%),
compared to $17.4 million (net income margin of 8.7%)
- Diluted earnings per common share of $0.14 compared to
$0.51
- Adjusted EBITDA, a non-GAAP measure, of $16.1 million (Adjusted
EBITDA margin of 9.8%) compared to $29.6 million (Adjusted EBITDA
margin of 14.8%)
- Cash dividends declared of $0.14 per share
- Available financial liquidity of $269.4 million, up from $258.5
million
Management Commentary
“We are pleased to deliver top line revenue and SG&A results
toward the favorable end of our outlook ranges provided in
October,” said Kate W. Duchene, Chief Executive Officer. “We worked
diligently throughout the quarter to extend engagements and close
new business in a persistently uncertain macro environment. In
general, clients continued to take longer to approve budgets and
green light significant new projects so we are staying very close
to be ready when the pent-up demand releases. Given our strong
client retention and the depth of conversations we are having with
our largest clients, we are cautiously optimistic that the buying
environment and our own revenue growth will improve in calendar
2024. In the meantime, we are laser focused on expanding our
consulting capabilities in digital transformation and technology
services, extending offshore talent strategies by building Centers
of Excellence in India and the Philippines to blend project teams,
and delivering on our technology transformation project to drive
even better operating efficiency, all of which will position the
Company for strength as economic conditions gradually recover.”
Second Quarter Fiscal 2024 Results
Revenue of $163.1 million compared to $200.4 million in the
second quarter of fiscal 2023. On a constant currency basis,
revenue decreased by 19.2% reflecting the impact of a persistently
challenging macroeconomic environment. Gross pipeline remained
relatively resilient, as the time to close opportunities in the
pipeline continued to be protracted, typical in a tougher macro
environment when clients are more hesitant to spend on professional
services. Compared to the prior year quarter, billable hours
decreased by 15.1% and the average bill rate declined by 4.7% (or
5.5% on a constant currency basis). The change in average bill rate
was due to a shift in revenue mix across the globe to regions with
lower average bill rate. The United States (U.S.) and Europe
average bill rates increased by 1.3% and 4.7% on a constant
currency basis, respectively, compared to the prior year as a
result of the Company’s initiative focused on value based
pricing.
Gross margin was 38.9% compared to 41.1% in the second quarter
of fiscal 2023. The reduction in gross margin was due to a higher
pay/bill ratio and a spike in healthcare costs that contributed
approximately 130-basis points of adverse impact. While the
pay/bill ratio in the U.S. remained relatively consistent with the
prior year, the enterprise pay/bill ratio was negatively impacted
by an increased proportion of revenue in regions with a higher
pay/bill ratio. The Company continues to execute its value-based
pricing initiative to expand bill pay spread and improve operating
leverage.
SG&A for the second quarter of fiscal 2024 was $53.0
million, or 32.5% of revenue, compared to $56.8 million, or 28.3%
of revenue, for the second quarter of fiscal 2023. The improvement
in SG&A year over year was primarily due to the reduction in
bonuses and commissions by $5.6 million as a result of lower
revenue and profitability achievement compared to the incentive
targets, and a decrease of $1.7 million in stock compensation
expense as a result of forfeitures and remeasurement of achievement
associated with performance‑based equity awards, partially offset
by one-time costs of $2.3 million of employee termination benefits
in connection with the reduction in force during the second quarter
of fiscal 2024 and $1.1 million of costs related to the acquisition
of CloudGo Pte Ltd (“CloudGo”). The acquisition closed on November
15, 2023 and CloudGo’s results of operations through November 25,
2023 were not material.
Income tax expense was $3.8 million (an effective tax rate of
43.4%), compared to $5.9 million (an effective tax rate of 25.2%)
in the prior year quarter. The higher effective tax rate in the
second quarter of fiscal 2024 was attributed primarily to a
nonrecurring increase in forfeiture of stock options, coupled with
the capitalization of acquisition related costs for tax purposes.
Additionally, the lower tax effective rate in the second quarter of
fiscal 2023 resulted from a number of one-time tax benefits
recognized and a larger pretax income base lowering the tax expense
ratio.
Net income was $4.9 million (net income margin of 3.0%),
compared to $17.4 million (net income margin of 8.7%) in the prior
year quarter, due primarily to lower gross profit resulting from
the overall macro-environment. The Company delivered an Adjusted
EBITDA margin of 9.8% in the second quarter of fiscal 2024 compared
to 14.8% in the prior year comparable quarter.
RESOURCES CONNECTION,
INC.
SUMMARY OF CONSOLIDATED
FINANCIAL RESULTS
(In thousands, except per
share amounts)
Three Months Ended
Six Months Ended
November 25,
November 26,
November 25,
November 26,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenue
$
163,127
$
200,355
$
333,296
$
404,417
Direct cost of services
99,651
118,005
202,819
238,600
Gross profit
63,476
82,350
130,477
165,817
Selling, general and administrative
expenses
52,993
56,777
112,925
112,964
Amortization expense
1,321
1,216
2,635
2,468
Depreciation expense
810
880
1,687
1,767
Income from operations
8,352
23,477
13,230
48,618
Interest (income) expense, net
(293
)
199
(605
)
515
Other (income)
(3
)
(31
)
(5
)
(338
)
Income before income tax
expense
8,648
23,309
13,840
48,441
Income tax expense
3,753
5,877
5,828
12,869
Net income
$
4,895
$
17,432
$
8,012
$
35,572
Net income per common share:
Basic
$
0.15
$
0.52
$
0.24
$
1.07
Diluted
$
0.14
$
0.51
$
0.24
$
1.04
Weighted-average number of common
and common equivalent shares outstanding:
Basic
33,409
33,510
33,410
33,394
Diluted
33,901
34,301
33,945
34,292
Cash dividends declared per common
share
$
0.14
$
0.14
$
0.28
$
0.28
Revenue by
Geography
North America
$
141,040
$
176,655
$
287,624
$
356,205
Europe
10,251
10,401
21,197
21,576
Asia Pacific
11,836
13,299
24,475
26,636
Total consolidated revenue
$
163,127
$
200,355
$
333,296
$
404,417
Cash
dividend
Total cash dividends paid
$
4,720
$
4,733
$
9,401
$
9,368
Conference Call Information
RGP will hold a conference call for analysts and investors at
5:00 p.m., ET, today, January 3, 2024. A live webcast of the call
will be available on the Events section of the Company’s Investor
Relations website. To access the call by phone, please go to this
link (registration link), and you will be provided with dial in
details. To avoid delays, we encourage participants to dial into
the conference call fifteen minutes ahead of the scheduled start
time. A replay of the webcast will also be available for a limited
time by visiting the https://ir.rgp.com/events section of the
Company’s Investor Relations website.
About RGP
Named among Forbes’ World’s Best Management Consulting Firms for
2023, RGP is a global consulting firm focused on project execution
services that power clients’ operational needs and change
initiatives utilizing on-demand, expert and diverse talent. As a
next-generation human capital partner for our clients, we
specialize in co-delivery of enterprise initiatives typically
precipitated by business transformation, strategic transactions or
regulatory change. Our engagements are designed to leverage human
connection and collaboration to deliver practical solutions and
more impactful results that power our clients’, consultants’ and
partners’ success.
We attract top-caliber professionals with in-demand skill sets
who seek a workplace environment characterized by choice and
control, collaboration and human connection. The trends in today’s
marketplace favor flexibility and agility as businesses confront
transformation pressures and skilled labor shortages even in the
face of macroeconomic contraction. Our client engagement and talent
delivery model offers speed and agility, strongly positioning us to
help our clients transform their businesses and workplaces,
especially at a time where cost reduction initiatives drive an
enhanced reliance on a flexible workforce to execute
transformational projects.
With approximately 4,000 professionals collectively engaged with
over 1,900 clients around the world from 40 physical practice
offices and multiple virtual offices, we are their partner in
delivering on the “now of work.” Headquartered in Irvine,
California, RGP is proud to have served 88% of the Fortune 100.
RGP is listed on the Nasdaq Global Select Market, the exchange’s
highest tier by listing standards. To learn more about RGP, visit:
http://www.rgp.com. (RGP-F)
Forward-Looking Statements
Certain statements in this press release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements relate to expectations
concerning matters that are not historical facts. Such
forward-looking statements may be identified by words such as
“anticipates,” “believes,” “can,” “continue,” “could,” “estimates,”
“expects,” “intends,” “may,” “plans,” “potential,” “predicts,”
“remain,” “should” or “will” or the negative of these terms or
other comparable terminology. In this press release, such
statements include statements regarding our growth and operational
plans, our ability to capture demand when the buying environment
improves and expectations regarding our continued growth and
ability to deliver increased stockholder value. These statements
and all phases of the Company’s operations are subject to known and
unknown risks, uncertainties and other factors that could cause our
actual results, levels of activity, performance or achievements and
those of our industry to differ materially from those expressed or
implied by these forward-looking statements. Risks and
uncertainties include, but are not limited to, the following: risks
related to an economic downturn or deterioration of general
macroeconomic conditions, the highly competitive nature of the
market for professional services, risks related to the loss of a
significant number of our consultants, or an inability to attract
and retain new consultants, the possible impact on our business
from the loss of the services of one or more key members of our
senior management, risks related to potential significant increases
in wages or payroll-related costs, our ability to secure new
projects from clients, our ability to achieve or maintain a
suitable pay/bill ratio, our ability to compete effectively in the
competitive bidding process, risks related to unfavorable
provisions in our contracts which may permit our clients to, among
other things, terminate the contracts partially or completely at
any time prior to completion, potential adverse effects to our and
our clients’ liquidity and financial performances from bank
failures or other events affecting financial institutions, risks
arising from epidemic diseases or pandemics, our ability to realize
the level of benefit that we expect from our restructuring
initiatives, risks that our recent digital expansion and technology
transformation efforts may not be successful, our ability to build
an efficient support structure as our business continues to grow
and transform, our ability to grow our business, manage our growth
or sustain our current business, our ability to serve clients
internationally, additional operational challenges from our
international activities including due to social, political,
regulatory, legal and economic risks in the countries and regions
in which we operate, possible disruption of our business from our
past and future acquisitions, the possibility that our recent
rebranding efforts may not be successful, our potential inability
to adequately protect our intellectual property rights, risks that
our computer hardware and software and telecommunications systems
are damaged, breached or interrupted, risks related to the failure
to comply with data privacy laws and regulations and the adverse
effect it may have on our reputation, results of operations or
financial condition, our ability to comply with governmental,
regulatory and legal requirements and company policies, the
possible legal liability for damages resulting from the performance
of projects by our consultants or for our clients’ mistreatment of
our personnel, risks arising from changes in applicable tax laws or
adverse results in tax audits or interpretations, the possible
adverse effect on our business model from the reclassification of
our independent contractors by foreign tax and regulatory
authorities, the possible difficulty for a third party to acquire
us and resulting depression of our stock price, the operating and
financial restrictions from our credit facility, risks related to
the variable rate of interest in our credit facility, the
possibility that we are unable to or elect not to pay our quarterly
dividend payment, and other factors and uncertainties as are
identified in our most recent Annual Report on Form 10-K for the
year ended May 27, 2023 and our other public filings made with the
Securities and Exchange Commission (File No. 0-32113). Additional
risks and uncertainties not presently known to us or that we
currently deem immaterial may also affect our business or operating
results. Readers are cautioned not to place undue reliance on the
forward-looking statements included herein, which speak only as of
the date of this press release. The Company does not intend, and
undertakes no obligation, to update the forward-looking statements
in this press release to reflect events or circumstances after the
date of this press release or to reflect the occurrence of
unanticipated events, unless required by law to do so.
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures to assess
our financial and operating performance that are not defined by, or
calculated in accordance with, GAAP. A non-GAAP financial measure
is defined as a numerical measure of a company’s financial
performance that (i) excludes amounts, or is subject to adjustments
that have the effect of excluding amounts, that are included in the
comparable measure calculated and presented in accordance with GAAP
in the Consolidated Statements of Operations; or (ii) includes
amounts, or is subject to adjustments that have the effect of
including amounts, that are excluded from the comparable GAAP
measure so calculated and presented. The following non-GAAP
measures are presented in this press release:
- Same-day constant currency revenue is adjusted for the
following items:
- Currency impact. In order to remove the impact of fluctuations
in foreign currency exchange rates, the Company calculates same-day
constant currency revenue, which represents the outcome that would
have resulted had exchange rates in the current period been the
same as those in effect in the comparable prior period.
- Business days impact. In order to remove the fluctuations
caused by comparable periods having a different number of business
days, the Company calculates same-day revenue as current period
revenue (adjusted for currency impact) divided by the number of
business days in the current period, multiplied by the number of
business days in the comparable prior period. The number of
business days in each respective period is provided in the “Number
of Business Days” section of the “Reconciliation of GAAP to
Non-GAAP Financial Measures” table below.
- EBITDA is calculated as net income before amortization expense,
depreciation expense, interest and income taxes.
- Adjusted EBITDA is calculated as EBITDA plus or minus
stock-based compensation expense, technology transformation costs,
one-time acquisition costs and restructuring costs. Adjusted EBITDA
at the segment level excludes certain shared corporate
administrative costs that are not practical to allocate.
- Adjusted EBITDA Margin is calculated by dividing Adjusted
EBITDA by revenue.
- Cash tax rate excludes the non-cash tax impact of stock option
expirations, non-cash tax impact of valuation allowances on
international deferred tax assets, and other non-cash tax
items.
- Adjusted income tax expense is calculated based on the
Company’s cash tax rates (as defined above).
- Adjusted diluted earnings per common share is calculated as
diluted earnings per common share, plus or minus the per share
impact of stock-based compensation expense, technology
transformation costs, one-time acquisition costs, restructuring
costs and adjusted for the related tax effects of these
adjustments.
We believe the above-mentioned non-GAAP financial measures,
which are used by management to assess the core performance of our
Company, provide useful information and additional clarity of our
operating results to our investors in their own evaluation of the
core performance of our Company and facilitate a comparison of such
performance from period to period. These are not measurements of
financial performance or liquidity under GAAP and should not be
considered in isolation or construed as substitutes for revenue,
net income or other cash flow data prepared in accordance with GAAP
for purposes of analyzing our revenue, profitability or liquidity.
These measures should be considered in addition to, and not as a
substitute for, revenue, net income, earnings per share, cash flows
or other measures of financial performance prepared in accordance
with GAAP. In addition, these non-GAAP financial measures may not
provide information that is directly comparable to that provided by
other companies, as other companies may calculate such financial
results differently.
RESOURCES CONNECTION,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands, except number
of business days)
Three Months Ended
Six Months Ended
Revenue by
Geography
November 25,
November 26,
November 25,
November 26,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
North
America
As reported (GAAP)
$
141,040
$
176,655
$
287,624
$
356,205
Currency impact
(561
)
(1,257
)
Business days impact
-
-
Same-day constant currency revenue
$
140,479
$
286,367
Europe
As reported (GAAP)
$
10,251
$
10,401
$
21,197
$
21,576
Currency impact
(721
)
(1,280
)
Business days impact
(79
)
6
Same-day constant currency revenue
$
9,451
$
19,923
Asia
Pacific
As reported (GAAP)
$
11,836
$
13,299
$
24,475
$
26,636
Currency impact
154
650
Business days impact
(5
)
(201
)
Same-day constant currency revenue
$
11,985
$
24,924
Total
Consolidated
As reported (GAAP)
$
163,127
$
200,355
$
333,296
$
404,417
Currency impact
(1,128
)
(1,887
)
Business days impact
(84
)
(195
)
Same-day constant currency revenue
$
161,915
$
331,214
Number of
Business Days
North America (1)
62
62
125
125
Europe (2)
65
64
128
128
Asia Pacific (2)
61
61
125
124
(1) This represents the number of business
days in the United States.
(2) The business days in international regions represents the
weighted average number of business days.
RESOURCES CONNECTION,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands, except per
share amounts and percentages)
Three Months Ended
November 25,
% of
November 26,
% of
Adjusted
EBITDA
2023
Revenue
2022
Revenue
(Unaudited)
(Unaudited)
Net income
$
4,895
3.0
%
$
17,432
8.7
%
Adjustments:
Amortization expense
1,321
0.8
1,216
0.6
Depreciation expense
810
0.5
880
0.4
Interest (income) expense, net
(293
)
(0.2
)
199
0.1
Income tax expense
3,753
2.3
5,877
3.0
EBITDA
10,486
6.4
25,604
12.8
Stock-based compensation expense
516
0.3
2,237
1.1
Technology transformation costs (1)
1,678
1.0
1,748
0.9
Acquisition costs (2)
1,126
0.7
-
-
Restructuring costs (3)
2,255
1.4
42
-
Adjusted EBITDA
$
16,061
9.8
%
$
29,631
14.8
%
Adjusted Diluted
Earnings per Common Share
Diluted earnings per common share, as
reported
$
0.14
$
0.51
Stock-based compensation expense
0.02
0.07
Technology transformation costs (1)
0.05
0.05
Acquisition costs (2)
0.03
-
Restructuring costs (3)
0.07
-
Income tax impact of adjustments
(0.03
)
(0.04
)
Adjusted diluted earnings per common
share
$
0.28
$
0.59
Adjusted
Provision for Income Taxes and Cash Tax Rate
Income tax expense
$
3,753
$
5,877
Effect of non-cash tax items:
Stock option expirations
(271
)
(16
)
Valuation allowance on international
deferred tax assets
(31
)
(349
)
Net uncertain tax position adjustments
(18
)
(13
)
Other adjustments
-
218
Adjusted provision for income taxes
$
3,433
$
5,717
Effective tax rate
43.4
%
25.2
%
Total effect of non-cash tax items on
effective tax rate
(3.7
%)
(0.7
%)
Cash tax rate
39.7
%
24.5
%
(1) Technology transformation costs
represent costs included in net income related to the Company’s
initiative to upgrade its technology platform globally, including a
cloud-based enterprise resource planning system and talent
acquisition and management systems. Such costs primarily include
hosting and certain other software licensing costs, third-party
consulting fees and costs associated with dedicated internal
resources that are not capitalized.
(2) Acquisition costs represent one-time costs included in net
income related to the Company’s acquisition of CloudGo, which
include fees paid to the Company’s broker and other professional
services firms. (3) The Company initiated a U.S. restructuring plan
in October 2023 and substantially completed the U.S. restructuring
plan during the second quarter of fiscal 2024. In fiscal 2021, the
Company substantially completed global restructuring plans and the
remaining accrued restructuring liability on the books was released
in fiscal 2023.
Six Months Ended
November 25,
% of
November 26,
% of
Adjusted
EBITDA
2023
Revenue
2022
Revenue
(Unaudited)
(Unaudited)
Net income
$
8,012
2.4
%
$
35,572
8.8
%
Adjustments:
Amortization expense
2,635
0.8
2,468
0.6
Depreciation expense
1,687
0.5
1,767
0.4
Interest (income) expense, net
(605
)
(0.2
)
515
0.1
Income tax expense
5,828
1.8
12,869
3.3
EBITDA
17,557
5.3
53,191
13.2
Stock-based compensation expense
3,068
0.9
4,766
1.1
Technology transformation costs (1)
3,601
1.1
2,739
0.7
Acquisition costs (2)
1,126
0.3
-
-
Restructuring costs (3)
2,255
0.7
(355
)
(0.1
)
Adjusted EBITDA
$
27,607
8.3
%
$
60,341
14.9
%
Adjusted Diluted
Earnings per Common Share
Diluted earnings per common share, as
reported
$
0.24
$
1.04
Stock-based compensation expense
0.09
0.14
Technology transformation costs (1)
0.11
0.08
Acquisition costs (2)
0.03
-
Restructuring costs (3)
0.07
(0.01
)
Income tax impact of adjustments
(0.06
)
(0.06
)
Adjusted diluted earnings per common
share
$
0.48
$
1.19
Adjusted
Provision for Income Taxes and Cash Tax Rate
Income tax expense
$
5,828
$
12,869
Effect of non-cash tax items:
Stock option expirations
(293
)
(17
)
Valuation allowance on international
deferred tax assets
(127
)
(557
)
Net uncertain tax position adjustments
(34
)
(24
)
Other adjustments
-
272
Adjusted provision for income taxes
$
5,374
$
12,543
Effective tax rate
42.1
%
26.6
%
Total effect of non-cash tax items on
effective tax rate
(3.3
%)
(0.7
%)
Cash tax rate
38.8
%
25.9
%
(1) Technology transformation costs
represent costs included in net income related to the Company’s
initiative to upgrade its technology platform globally, including a
cloud-based enterprise resource planning system and talent
acquisition and management systems. Such costs primarily include
hosting and certain other software licensing costs, third-party
consulting fees and costs associated with dedicated internal
resources that are not capitalized.
(2) Acquisition costs represent one-time
costs included in net income related to the Company’s acquisition
of CloudGo, which include fees paid to the Company’s broker and
other professional services firms.
(3) The Company initiated a U.S.
restructuring plan in October 2023 and substantially completed the
U.S. restructuring plan during the second quarter of fiscal 2024.
In fiscal 2021, the Company substantially completed global
restructuring plans and the remaining accrued restructuring
liability on the books was released in fiscal 2023.
Segment Results
On May 31, 2022, the Company divested taskforce – Management on
Demand GmbH, and its wholly owned subsidiary skillforce – Executive
Search GmbH, a German professional services firm operating under
the taskforce brand (“taskforce”). Since the second quarter of
fiscal 2021, the business operated by taskforce, along with its
parent company, Resources Global Professionals (Germany) GmbH, an
affiliate of the Company, represented an operating segment of the
Company and was reported as a part of Other Segments.
Effective May 31, 2022, the Company’s operating segments consist
of RGP and Sitrick. Prior-period comparative segment information
was not restated as a result of the divestiture of taskforce as the
Company did not have a change in internal organization or the
financial information that the Chief Operating Decision Maker uses
to assess performance and allocate resources.
RGP is the Company’s only operating segment that meets the
quantitative threshold of a reportable segment. Sitrick does not
individually meet the quantitative threshold to qualify as a
reportable segment. Therefore, Sitrick is disclosed in Other
Segments. On November 15, 2023, the Company acquired CloudGo, which
is reported as part of the RGP operating segment.
The following table discloses the Company’s revenue and Adjusted
EBITDA by segment for each of the periods presented (in
thousands):
Three Months Ended
Six Months Ended
November 25,
November 26,
November 25,
November 26,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
Revenue:
RGP
$
160,875
$
197,584
$
328,378
$
398,579
Other Segments
2,252
2,771
4,918
5,838
Total revenue
$
163,127
$
200,355
$
333,296
$
404,417
Adjusted EBITDA:
RGP
$
23,523
$
37,664
$
44,320
$
76,011
Other Segments
(533
)
332
(462
)
648
Reconciling items (1)
(6,929
)
(8,365
)
(16,251
)
(16,318
)
Total Adjusted EBITDA (2)
$
16,061
$
29,631
$
27,607
$
60,341
(1) Reconciling items are generally
comprised of unallocated corporate administrative costs, including
management and board compensation, corporate support function costs
and other general corporate costs that are not allocated to
segments.
(2) A reconciliation of the Company’s net
income to Adjusted EBITDA on a consolidated basis is presented in
the tables on page 7 and 8.
RESOURCES CONNECTION,
INC.
SELECTED BALANCE SHEET, CASH
FLOW AND OTHER INFORMATION
(In thousands, except
consultant headcount and average rates)
November 25,
May 27,
SELECTED BALANCE SHEET INFORMATION:
2023
2023
(Unaudited)
Cash and cash equivalents
$
95,773
$
116,784
Trade accounts receivable, net of
allowance for doubtful accounts
$
129,952
$
137,356
Total assets
$
524,864
$
531,999
Current liabilities
$
86,755
$
97,084
Long-term debt
$
-
$
-
Total liabilities
$
111,260
$
117,479
Total stockholders’ equity
$
413,604
$
414,520
Six Months Ended
November 25,
November 26,
SELECTED CASH FLOW INFORMATION:
2023
2022
(Unaudited)
(Unaudited)
Cash flow -- operating activities
$
(1,756
)
$
23,654
Cash flow -- investing activities
$
(8,100
)
$
1,824
Cash flow -- financing activities
$
(11,232
)
$
(38,445
)
Three Months Ended
November 25,
November 26,
SELECTED OTHER INFORMATION:
2023
2022
(Unaudited)
(Unaudited)
Consultant headcount, end of period
3,167
3,255
Average bill rate (1)
$
122
$
128
Average pay rate (1)
$
58
$
60
Common shares outstanding, end of
period
33,507
33,635
(1) Rates represent the weighted average
bill rates and pay rates across the countries in which we operate.
Such weighted average rates are impacted by the mix of our business
across the geographies as well as fluctuations in currency rates.
Constant currency average bill and pay rates using the same
exchange rates in the second quarter of fiscal 2023 were $121 and
$58, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240103098069/en/
Analyst Contact: Jennifer Ryu, Chief Financial Officer
(US+) 1-714-430-6500 Jennifer.Ryu@rgp.com
Media Contact: Michael Sitrick (US+) 1-310-788-2850
mike_sitrick@sitrick.com
Resources Connection (NASDAQ:RGP)
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