2022 Q1 Form 10-K Financial Statement

#000143774922008182 Filed on April 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q1
Revenue $64.92M $203.9M $41.16M
YoY Change 57.73% 35.55% -8.6%
Cost Of Revenue $47.13M $150.8M $30.47M
YoY Change 54.67% 35.14% -10.88%
Gross Profit $17.79M $53.12M $10.69M
YoY Change 66.45% 36.72% -1.41%
Gross Profit Margin 27.41% 26.06% 25.97%
Selling, General & Admin $12.62M $42.02M $9.950M
YoY Change 26.86% 11.19% -2.8%
% of Gross Profit 70.94% 79.1% 93.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $232.0K $1.102M $360.0K
YoY Change -35.56% -20.49% 7.46%
% of Gross Profit 1.3% 2.07% 3.37%
Operating Expenses $12.69M $38.99M $10.31M
YoY Change 23.04% -21.72% -44.63%
Operating Profit $5.109M $14.14M $380.0K
YoY Change 1244.47% -229.1% -104.89%
Interest Expense $7.000K -$170.0K -$180.0K
YoY Change -103.89% -83.0% -51.35%
% of Operating Profit 0.14% -1.2% -47.37%
Other Income/Expense, Net $0.00 -$222.0K -$40.00K
YoY Change -100.0% -79.95% -90.22%
Pretax Income $7.098M $13.91M -$2.060M
YoY Change -444.56% -215.4% -74.83%
Income Tax $1.124M $2.925M -$370.0K
% Of Pretax Income 15.84% 21.02%
Net Earnings $5.974M $10.99M -$1.690M
YoY Change -453.49% -223.9% -71.57%
Net Earnings / Revenue 9.2% 5.39% -4.11%
Basic Earnings Per Share $1.00
Diluted Earnings Per Share $519.2K $0.95 -$147.9K
COMMON SHARES
Basic Shares Outstanding 11.04M
Diluted Shares Outstanding 11.63M

Balance Sheet

Concept 2022 Q1 2022 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $235.0K $235.0K $700.0K
YoY Change -66.43% -66.43% 16.67%
Cash & Equivalents $235.0K $235.0K $734.0K
Short-Term Investments
Other Short-Term Assets $2.486M $2.486M $4.700M
YoY Change -47.11% -47.11% 20.51%
Inventory
Prepaid Expenses
Receivables $48.24M $49.25M $36.01M
Other Receivables $1.010M $0.00 $2.494M
Total Short-Term Assets $51.97M $51.97M $43.93M
YoY Change 18.29% 18.38% -23.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.939M $3.816M $2.078M
YoY Change -6.69% -15.2% -16.65%
Goodwill $16.35M $16.35M
YoY Change 0.0% 0.0%
Intangibles $0.00 $95.00K
YoY Change -100.0% -71.73%
Long-Term Investments
YoY Change
Other Assets $711.0K $711.0K $3.500M
YoY Change -79.69% -79.69% 75.0%
Total Long-Term Assets $20.88M $20.88M $24.41M
YoY Change -14.44% -14.42% -8.62%
TOTAL ASSETS
Total Short-Term Assets $51.97M $51.97M $43.93M
Total Long-Term Assets $20.88M $20.88M $24.41M
Total Assets $72.85M $72.85M $68.34M
YoY Change 6.6% 6.66% -18.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.37M $11.37M $12.80M
YoY Change -11.17% -11.17% 50.59%
Accrued Expenses $14.53M $14.53M $14.80M
YoY Change -1.83% -1.83% 74.12%
Deferred Revenue $3.418M $398.0K
YoY Change 758.79%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $437.0K $437.0K $200.0K
YoY Change 118.5% 118.5% -33.33%
Total Short-Term Liabilities $29.86M $29.86M $28.74M
YoY Change 3.88% 4.03% -43.17%
LONG-TERM LIABILITIES
Long-Term Debt $14.65M $14.65M $12.00M
YoY Change 22.11% 22.11% 11900.0%
Other Long-Term Liabilities $2.231M $2.231M $5.000M
YoY Change -55.38% -55.38% -21.88%
Total Long-Term Liabilities $16.88M $16.88M $17.00M
YoY Change -0.68% -0.68% 161.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.86M $29.86M $28.74M
Total Long-Term Liabilities $16.88M $16.88M $17.00M
Total Liabilities $46.88M $46.88M $46.10M
YoY Change 1.7% 1.7% -19.71%
SHAREHOLDERS EQUITY
Retained Earnings -$56.99M -$67.97M
YoY Change -16.17% 4.5%
Common Stock $845.0K $811.0K
YoY Change 4.19% 1.76%
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.26M $17.22M
YoY Change 52.52% 14.88%
Treasury Stock Shares $6.612M $4.681M
Shareholders Equity $25.97M $25.97M $22.24M
YoY Change
Total Liabilities & Shareholders Equity $72.85M $72.85M $68.34M
YoY Change 6.6% 6.66% -18.6%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q1
OPERATING ACTIVITIES
Net Income $5.974M $10.99M -$1.690M
YoY Change -453.49% -223.9% -71.57%
Depreciation, Depletion And Amortization $232.0K $1.102M $360.0K
YoY Change -35.56% -20.49% 7.46%
Cash From Operating Activities -$3.907M $915.0K $1.460M
YoY Change -367.6% -96.38% 57.16%
INVESTING ACTIVITIES
Capital Expenditures -$76.00K $568.0K -$60.00K
YoY Change 26.67% 23.48% -271.43%
Acquisitions $0.00
YoY Change
Other Investing Activities $269.0K $6.859M $0.00
YoY Change 17047.5%
Cash From Investing Activities $193.0K $6.291M -$60.00K
YoY Change -421.67% -1467.61% 71.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.043M
YoY Change 305.52%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.197M -$7.554M -1.440M
YoY Change -183.13% -70.53% -25.54%
NET CHANGE
Cash From Operating Activities -3.907M $915.0K 1.460M
Cash From Investing Activities 193.0K $6.291M -60.00K
Cash From Financing Activities 1.197M -$7.554M -1.440M
Net Change In Cash -2.517M -$499.0K -40.00K
YoY Change 6192.5% -55.17% -96.68%
FREE CASH FLOW
Cash From Operating Activities -$3.907M $915.0K $1.460M
Capital Expenditures -$76.00K $568.0K -$60.00K
Free Cash Flow -$3.831M $347.0K $1.520M
YoY Change -352.04% -98.6% 70.02%

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StockSubscribedDuringPeriodValueNewIssues
420000 USD
CY2022 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-149000 USD
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1358000 USD
CY2022 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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0 USD
CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
20000 USD
CY2022 us-gaap Treasury Stock Value Acquired Cost Method
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9043000 USD
CY2022 us-gaap Net Income Loss
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10989000 USD
CY2022Q1 us-gaap Stockholders Equity
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25969000 USD
CY2022 us-gaap Net Income Loss
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10989000 USD
CY2021 us-gaap Net Income Loss
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-8869000 USD
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1102000 USD
CY2021 us-gaap Increase Decrease In Employee Related Liabilities
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4557000 USD
CY2022 rcmt Increase Decrease In Right Of Use Assets
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1919000 USD
CY2021 rcmt Increase Decrease In Right Of Use Assets
IncreaseDecreaseInRightOfUseAssets
1529000 USD
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-436000 USD
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
304000 USD
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
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3020000 USD
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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52000 USD
CY2022 us-gaap Increase Decrease In Deposit Other Assets
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7000 USD
CY2021 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-41000 USD
CY2022 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-10074000 USD
CY2021 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
34113000 USD
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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915000 USD
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1386000 USD
CY2022 rcmt Net Book Value Of Property And Equipment Transferred In Sale Of Assets
NetBookValueOfPropertyAndEquipmentTransferredInSaleOfAssets
-2420000 USD
CY2021 rcmt Net Book Value Of Property And Equipment Transferred In Sale Of Assets
NetBookValueOfPropertyAndEquipmentTransferredInSaleOfAssets
0 USD
CY2022 us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentConsiderationTransferred
1713000 USD
CY2021 us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentConsiderationTransferred
-0 USD
CY2022 us-gaap Operating Lease Impairment Loss
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0 USD
CY2021 us-gaap Operating Lease Impairment Loss
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2231000 USD
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
52000 USD
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
145000 USD
CY2022 us-gaap Share Based Compensation
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1358000 USD
CY2021 us-gaap Share Based Compensation
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1108000 USD
CY2022 us-gaap Deferred Income Taxes And Tax Credits
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20000 USD
CY2021 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
0 USD
CY2022 us-gaap Provision For Doubtful Accounts
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-208000 USD
CY2021 us-gaap Provision For Doubtful Accounts
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7911000 USD
CY2022 us-gaap Increase Decrease In Deferred Income Taxes
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-2542000 USD
CY2021 us-gaap Increase Decrease In Deferred Income Taxes
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3712000 USD
CY2022 rcmt Rightofuse Asset Amortization Expense
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1057000 USD
CY2021 rcmt Rightofuse Asset Amortization Expense
RightofuseAssetAmortizationExpense
1490000 USD
CY2022 us-gaap Increase Decrease In Accounts Receivable
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14710000 USD
CY2021 us-gaap Increase Decrease In Accounts Receivable
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-15947000 USD
CY2022 us-gaap Increase Decrease In Other Receivables
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1317000 USD
CY2021 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-2757000 USD
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1838000 USD
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
162000 USD
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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1518000 USD
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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1587000 USD
CY2022 us-gaap Increase Decrease In Employee Related Liabilities
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149000 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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25244000 USD
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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568000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
460000 USD
CY2022 us-gaap Proceeds From Sale Of Productive Assets
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6859000 USD
CY2021 us-gaap Proceeds From Sale Of Productive Assets
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0 USD
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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6291000 USD
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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-460000 USD
CY2022 us-gaap Proceeds From Long Term Lines Of Credit
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110481000 USD
CY2021 us-gaap Proceeds From Long Term Lines Of Credit
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73238000 USD
CY2022 us-gaap Repayments Of Long Term Lines Of Credit
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108220000 USD
CY2021 us-gaap Repayments Of Long Term Lines Of Credit
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96109000 USD
CY2022 us-gaap Proceeds From Stock Plans
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137000 USD
CY2021 us-gaap Proceeds From Stock Plans
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208000 USD
CY2022 rcmt Increase Decrease In Finance Lease Liability
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-415000 USD
CY2021 rcmt Increase Decrease In Finance Lease Liability
IncreaseDecreaseInFinanceLeaseLiability
-394000 USD
CY2022 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
494000 USD
CY2021 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
345000 USD
CY2022 us-gaap Payments For Repurchase Of Common Stock
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9043000 USD
CY2021 us-gaap Payments For Repurchase Of Common Stock
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2230000 USD
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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-25632000 USD
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-265000 USD
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-499000 USD
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
734000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1847000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
235000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
734000 USD
CY2022 us-gaap Interest Paid Net
InterestPaidNet
417000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1026000 USD
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
1010000 USD
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
264000 USD
CY2022 rcmt Issuance Of Accrued Sharebased Compensation
IssuanceOfAccruedSharebasedCompensation
580000 USD
CY2021 rcmt Issuance Of Accrued Sharebased Compensation
IssuanceOfAccruedSharebasedCompensation
492000 USD
CY2022 rcmt Right Of Use Assets Obtained In Exchange For Lease Obligations Operating And Finance Leases
RightOfUseAssetsObtainedInExchangeForLeaseObligationsOperatingAndFinanceLeases
1832000 USD
CY2021 rcmt Right Of Use Assets Obtained In Exchange For Lease Obligations Operating And Finance Leases
RightOfUseAssetsObtainedInExchangeForLeaseObligationsOperatingAndFinanceLeases
258000 USD
CY2022Q1 rcmt Annual Depreciation Rate
AnnualDepreciationRate
0.20 pure
CY2022 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1256000 USD
CY2021 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
305000 USD
CY2022Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
1350000 USD
CY2021Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
1389000 USD
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
203875000 USD
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
150409000 USD
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3400000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
400000 USD
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
400000 USD
CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 26pt;"><b><i>Concentration</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">During the fiscal year ended <em style="font: inherit;"> January 1, 2022, </em><em style="font: inherit;">no</em> client accounted for <em style="font: inherit;">10%</em> or more of total revenues.  As of <em style="font: inherit;"> January 1, 2022, </em>the following clients represented more than <em style="font: inherit;">10.0%</em> of the Company’s accounts receivable, net: Ginkgo Bioworks was <span style="-sec-ix-hidden:c82820645">15.3%</span> and Hawaii Department of Education was <span style="-sec-ix-hidden:c82820646">14.2%.</span>  <em style="font: inherit;">No</em> other customer accounted for <em style="font: inherit;">10%</em> or more of the Company’s accounts receivable, net. The Company’s <span style="-sec-ix-hidden:c82820650">five</span>, <span style="-sec-ix-hidden:c82820651">ten</span> and <span style="-sec-ix-hidden:c82820653">twenty</span> largest customers accounted for approximately 35.8%, 52.5% and <span style="-sec-ix-hidden:c82820656">65.1%,</span> respectively, of the Company’s revenues for the fiscal year ended <em style="font: inherit;"> January 1, 2022.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">During the fiscal year ended <em style="font: inherit;"> January 2, 2021, </em>New York City Board of Education represented 10.6% of the Company’s revenues.  <em style="font: inherit;">No</em> other client accounted for <em style="font: inherit;">10%</em> or more of total revenues during the year.  As of <em style="font: inherit;"> January 2, 2021, </em>the following clients represented more than <em style="font: inherit;">10.0%</em> of the Company’s accounts receivable, net: New York City Board of Education was 11.8% and Hawaii Department of Education was <span style="-sec-ix-hidden:c82820664">10.6%.</span>  <em style="font: inherit;">No</em> other customer accounted for <em style="font: inherit;">10%</em> or more of the Company’s accounts receivable, net. The Company’s <span style="-sec-ix-hidden:c82820668">five</span>, ten and twenty largest customers accounted for approximately <span style="-sec-ix-hidden:c82820671">33.4%,</span> 46.6% and <span style="-sec-ix-hidden:c82820674">60.7%,</span> respectively, of the Company’s revenues for the fiscal year ended <em style="font: inherit;"> January 2, 2021.</em></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;"/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;"> </p>
CY2022 us-gaap Advertising Expense
AdvertisingExpense
914000 USD
CY2021 us-gaap Advertising Expense
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800000 USD
CY2022 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;"><b><i>Reclassification</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">Certain prior year amounts have been reclassified to conform with the current year presentation.  These classifications had <em style="font: inherit;">no</em> effect on the previously reported results of operations.</p>
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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1197000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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1750000 USD
CY2022Q1 us-gaap Accounts Receivable Net Current
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48240000 USD
CY2021Q1 us-gaap Accounts Receivable Net Current
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36007000 USD
CY2022 us-gaap Goodwill Purchase Accounting Adjustments
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0 USD
CY2022Q1 us-gaap Goodwill
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16354000 USD
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability
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2858000 USD
CY2022 us-gaap Payment For Contingent Consideration Liability Financing Activities
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494000 USD
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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52000 USD
CY2022 us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentConsiderationTransferred
1713000 USD
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability
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703000 USD
CY2022 us-gaap Goodwill Impairment Loss
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0 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
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4378000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
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5185000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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2439000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3107000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1939000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2078000 USD
CY2022 rcmt Write Off Of Fully Depreciated Property And Equipment
WriteOffOfFullyDepreciatedPropertyAndEquipment
1671000 USD
CY2021 rcmt Write Off Of Fully Depreciated Property And Equipment
WriteOffOfFullyDepreciatedPropertyAndEquipment
1529000 USD
CY2022 us-gaap Depreciation
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1007000 USD
CY2021 us-gaap Depreciation
Depreciation
1065000 USD
CY2022Q1 rcmt Estimated Future Contingent Consideration Payments Year One
EstimatedFutureContingentConsiderationPaymentsYearOne
103000 USD
CY2022Q1 rcmt Estimated Future Contingent Consideration Payments Year Two
EstimatedFutureContingentConsiderationPaymentsYearTwo
600000 USD
CY2022Q1 rcmt Estimated Future Contingent Consideration Payments
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703000 USD
CY2021 us-gaap Payment For Contingent Consideration Liability Financing Activities
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345000 USD
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
145000 USD
CY2019Q4 us-gaap Goodwill
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16354000 USD
CY2021 us-gaap Goodwill Purchase Accounting Adjustments
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0 USD
CY2021Q1 us-gaap Goodwill
Goodwill
16354000 USD
CY2022 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0 USD
CY2022 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0 USD
CY2022 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0 USD
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 USD
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
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0 USD
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
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95000 USD
CY2022 us-gaap Amortization Of Intangible Assets
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95000 USD
CY2021 us-gaap Amortization Of Intangible Assets
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321000 USD
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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11035361
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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12152042
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
589740
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11625101
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12152042
CY2022Q1 rcmt Future Grants Of Options Or Shares
FutureGrantsOfOptionsOrShares
107924
CY2021Q1 rcmt Future Grants Of Options Or Shares
FutureGrantsOfOptionsOrShares
520929
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
448110
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
149894
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1101662
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1380628
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1358000 USD
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1108000 USD
CY2021Q4 us-gaap Share Price
SharePrice
7.12
CY2022 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1930911
CY2022 us-gaap Treasury Stock Acquired Average Cost Per Share
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4.68
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
10100000 USD
CY2020Q2 us-gaap Treasury Stock Shares Acquired
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1858139
CY2020Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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1.20
CY2020Q2 us-gaap Treasury Stock Value Acquired Cost Method
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2200000 USD
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
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203875000 USD
CY2022 us-gaap Cost Of Goods And Services Sold
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150751000 USD
CY2022 us-gaap Gross Profit
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53124000 USD
CY2022 us-gaap Selling General And Administrative Expense
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42019000 USD
CY2022 us-gaap Depreciation Nonproduction
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1007000 USD
CY2022 us-gaap Amortization Of Intangible Assets
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95000 USD
CY2022 us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
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1713000 USD
CY2022 us-gaap Gain Loss On Sale Of Business
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2420000 USD
CY2022 us-gaap Operating Income Loss
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14136000 USD
CY2022Q1 us-gaap Assets
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72852000 USD
CY2022 rcmt Capital Expenditures
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1576000 USD
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
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150409000 USD
CY2021 us-gaap Cost Of Goods And Services Sold
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111554000 USD
CY2021 us-gaap Gross Profit
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38855000 USD
CY2021 us-gaap Selling General And Administrative Expense
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37791000 USD
CY2021 us-gaap Depreciation Nonproduction
DepreciationNonproduction
1065000 USD
CY2021 us-gaap Amortization Of Intangible Assets
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321000 USD
CY2021 rcmt Writeoff Of Receivables Related To Arbitration
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8397000 USD
CY2021 us-gaap Operating Lease Impairment Loss
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2231000 USD
CY2021 us-gaap Operating Income Loss
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-10950000 USD
CY2021Q1 us-gaap Assets
Assets
68339000 USD
CY2021 rcmt Capital Expenditures
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460000 USD
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
203875000 USD
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
150409000 USD
CY2022Q1 us-gaap Assets
Assets
72852000 USD
CY2021Q1 us-gaap Assets
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<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">16.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>CONTINGENCIES </b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">From time to time, the Company is a defendant or plaintiff in various legal actions that arise in the ordinary business course.  These matters <em style="font: inherit;"> may </em>relate to professional liability, tax, compensation, contract, competitor disputes, and employee-related matters and include individual and class action lawsuits, as well as inquiries and investigations by governmental agencies regarding the Company’s employment and compensation practices. Additionally, some of the Company’s clients <em style="font: inherit;"> may </em>also become subject to claims, governmental inquiries and investigations, and legal actions relating to the Company’s professional services. Depending upon the particular facts and circumstances, the Company <em style="font: inherit;"> may </em>also be subject to indemnification obligations under its contracts with such clients relating to these matters.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">As such, the Company is required to assess the likelihood of any adverse outcomes to these matters as well as potential ranges of losses and possible recoveries.  The Company <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> be covered by insurance as it pertains to some or all of these matters.  A determination of the amount of the provision required for these commitments and contingencies, if any, which would be charged to earnings, is made after careful analysis of each matter.  The Company records a liability when management believes an adverse outcome from a loss contingency is both probable and the amount, or a range, can be reasonably estimated. From time to time, the Company must estimate the potential loss even though the party adverse to the Company has <em style="font: inherit;">not</em> asserted any specific amounts.  Significant judgment is required to determine both probability of loss and the estimated amount. The Company reviews its loss contingencies at least quarterly and adjusts its accruals and/or disclosures to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, or other new information, as deemed necessary. Once established, a provision <em style="font: inherit;"> may </em>change in the future due to new developments or changes in circumstances and could increase or decrease the Company’s earnings in the period that the changes are made. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">The Company is exposed to various asserted claims as of <em style="font: inherit;"> January 1, 2022, </em>where the Company believes it has a probability of loss. Additionally, the Company is exposed to other asserted claims whereby an amount of loss has <em style="font: inherit;">not</em> been declared, and the Company cannot determine the potential loss. Any of these various claims could result in an unfavorable outcome or settlement that exceeds the accrued amounts. However, the Company believes that such matters will <em style="font: inherit;">not,</em> either individually or in the aggregate, have a material adverse effect on its business, consolidated financial position, results of operations, or cash flows. As of <em style="font: inherit;"> January 1, 2022, </em>the Company has accrued $2.9 million for asserted claims.  Included in the <em style="font: inherit;"> January 1, 2022 </em>accrual of <span style="-sec-ix-hidden:c82821442">$2.9</span> million, the Company has reserved $1.6 million for the settlement of a class-action suit in California that alleges the Company did <em style="font: inherit;">not</em> properly pay its travel nurses overtime wages. While the Company believes it did <em style="font: inherit;">not</em> violate any overtime wage laws, it decided to settle this class action lawsuit in <em style="font: inherit;"> December 2020.  </em>The Company paid the $1.6 million settlement in early <em style="font: inherit;"> January 2022.</em></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;"/><table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"><tbody><tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 105.7%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i/></p> </td></tr> </tbody></table>
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