$RGP
RESOURCES CONNECTION, INC.

2020 Q1 Form 10-Q Financial Statement

#000108476520000004 Filed on April 02, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $168.1M $179.5M $188.8M
YoY Change -6.38% 4.11% 20.46%
Cost Of Revenue $106.6M $111.6M $115.4M
YoY Change -4.44% 1.53% 18.56%
Gross Profit $61.42M $67.91M $73.42M
YoY Change -9.56% 8.64% 23.56%
Gross Profit Margin 36.55% 37.83% 38.89%
Selling, General & Admin $55.30M $55.59M $54.96M
YoY Change -0.52% 0.58% 15.71%
% of Gross Profit 90.03% 81.85% 74.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.120M $2.110M $2.150M
YoY Change -46.92% 0.96% 69.29%
% of Gross Profit 1.82% 3.11% 2.93%
Operating Expenses $55.30M $55.59M $54.96M
YoY Change -0.52% 0.58% 15.71%
Operating Profit $3.452M $10.21M $16.31M
YoY Change -66.2% 98.35% 53.14%
Interest Expense $493.0K $595.0K $608.0K
YoY Change -17.14% 9.78% 53.15%
% of Operating Profit 14.28% 5.83% 3.73%
Other Income/Expense, Net
YoY Change
Pretax Income $2.959M $9.618M $15.71M
YoY Change -69.23% 107.24% 52.67%
Income Tax -$3.983M $3.822M $5.141M
% Of Pretax Income -134.61% 39.74% 32.73%
Net Earnings $6.942M $5.796M $10.56M
YoY Change 19.77% 26.14% 29.81%
Net Earnings / Revenue 4.13% 3.23% 5.6%
Basic Earnings Per Share $0.22 $0.18 $0.33
Diluted Earnings Per Share $0.21 $0.18 $0.33
COMMON SHARES
Basic Shares Outstanding 32.16M 31.89M 31.72M
Diluted Shares Outstanding 32.50M 32.37M 32.45M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.90M $48.00M $40.80M
YoY Change -25.21% 11.11% -27.53%
Cash & Equivalents $35.94M $47.97M $40.82M
Short-Term Investments $0.00
Other Short-Term Assets $8.000M $8.100M $7.000M
YoY Change -1.23% 17.39% 37.25%
Inventory
Prepaid Expenses
Receivables $130.9M $138.5M $146.5M
Other Receivables $7.100M $3.500M $1.100M
Total Short-Term Assets $182.0M $198.0M $195.4M
YoY Change -8.1% 9.9% 14.63%
LONG-TERM ASSETS
Property, Plant & Equipment $24.87M $25.75M $23.70M
YoY Change -3.4% 11.46% 6.27%
Goodwill $213.5M $191.1M $191.2M
YoY Change 11.67% -1.26% 5.5%
Intangibles $21.62M $15.57M $16.52M
YoY Change 38.88%
Long-Term Investments
YoY Change
Other Assets $4.176M $3.218M $3.061M
YoY Change 29.77% -8.06% -9.97%
Total Long-Term Assets $304.0M $237.1M $235.9M
YoY Change 28.21% -1.17% 11.36%
TOTAL ASSETS
Total Short-Term Assets $182.0M $198.0M $195.4M
Total Long-Term Assets $304.0M $237.1M $235.9M
Total Assets $486.0M $435.1M $431.3M
YoY Change 11.68% 3.58% 12.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.60M $22.40M $22.30M
YoY Change -16.96% -8.94% 9.85%
Accrued Expenses $58.50M $46.60M $52.00M
YoY Change 25.54% 8.12% 18.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $90.77M $81.32M $85.59M
YoY Change 11.61% 3.86% 18.37%
LONG-TERM LIABILITIES
Long-Term Debt $49.00M $58.00M $58.00M
YoY Change -15.52% -7.94% 20.83%
Other Long-Term Liabilities $4.092M $8.206M $7.062M
YoY Change -50.13% 1.31% -12.81%
Total Long-Term Liabilities $53.09M $66.21M $65.06M
YoY Change -19.81% -6.88% 15.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.77M $81.32M $85.59M
Total Long-Term Liabilities $53.09M $66.21M $65.06M
Total Liabilities $183.2M $151.8M $153.9M
YoY Change 20.64% 0.42% 18.83%
SHAREHOLDERS EQUITY
Retained Earnings $361.0M $345.0M $343.8M
YoY Change 4.64%
Common Stock $476.7M $458.6M $445.7M
YoY Change 3.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $521.1M $508.5M $499.7M
YoY Change 2.48%
Treasury Stock Shares $31.77M $30.98M $30.45M
Shareholders Equity $302.8M $283.3M $277.4M
YoY Change
Total Liabilities & Shareholders Equity $486.0M $435.1M $431.3M
YoY Change 11.68% 3.58% 12.81%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $6.942M $5.796M $10.56M
YoY Change 19.77% 26.14% 29.81%
Depreciation, Depletion And Amortization $1.120M $2.110M $2.150M
YoY Change -46.92% 0.96% 69.29%
Cash From Operating Activities $4.340M $11.83M $18.27M
YoY Change -63.31% -404.11% 23.7%
INVESTING ACTIVITIES
Capital Expenditures -$780.0K -$2.530M -$2.340M
YoY Change -69.17% 201.19% 485.0%
Acquisitions
YoY Change
Other Investing Activities -$220.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$1.000M -$2.530M -$2.340M
YoY Change -60.47% -87.88% -38.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.31M -2.320M -1.630M
YoY Change 344.4% -120.83% -33.2%
NET CHANGE
Cash From Operating Activities 4.340M 11.83M 18.27M
Cash From Investing Activities -1.000M -2.530M -2.340M
Cash From Financing Activities -10.31M -2.320M -1.630M
Net Change In Cash -6.970M 6.980M 14.30M
YoY Change -199.86% -151.21% 68.24%
FREE CASH FLOW
Cash From Operating Activities $4.340M $11.83M $18.27M
Capital Expenditures -$780.0K -$2.530M -$2.340M
Free Cash Flow $5.120M $14.36M $20.61M
YoY Change -64.35% -570.82% 35.86%

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;">1.&nbsp;Description of the Company and its Business </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Resources Connection, Inc. (&#x201C;Resources Connection&#x201D;), a Delaware corporation, was incorporated on November&nbsp;16, 1998. The Company&#x2019;s operating entities provide services primarily under the name Resources Global Professionals (&#x201C;RGP&#x201D;, the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;our&#x201D; or &#x201C;us&#x201D;)). RGP is a global consulting firm that enables rapid business outcomes by bringing together the right people to create transformative change. As a human capital partner for its clients, the Company specializes in solving today&#x2019;s most pressing business problems across the enterprise in the areas of Business Strategy &amp; Transformation, Finance &amp; Accounting, Risk &amp; Compliance and Technology &amp; Digital Innovation. The Company has offices in the United States (&#x201C;U.S.&#x201D;), Asia, Australia, Canada, Europe and Mexico.</font> </p> <p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company&#x2019;s fiscal year consists of 52 or 53&nbsp;weeks, ending on the last Saturday in May.&nbsp;&nbsp;The third quarters of fiscal 2020 and 2019 each consisted of 13 weeks.&nbsp;&nbsp;The Company&#x2019;s fiscal 2020 will consist of 53 weeks.</font> </p> <p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div>
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us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 11.5pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 11.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates and assumptions are adequate, actual results could differ from the estimates and assumptions used.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Variable Lease Cost
VariableLeaseCost
1762000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
562000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
644000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
480000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31784000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31890000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31954000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32159000

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