$RGP
RESOURCES CONNECTION, INC.

2023 Q3 Form 10-Q Financial Statement

#000108476523000045 Filed on October 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3
Revenue $170.2M
YoY Change -16.61%
Cost Of Revenue $103.2M
YoY Change -14.45%
Gross Profit $67.00M
YoY Change -19.73%
Gross Profit Margin 39.37%
Selling, General & Admin $59.93M
YoY Change 6.67%
% of Gross Profit 89.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $877.0K
YoY Change -1.13%
% of Gross Profit 1.31%
Operating Expenses $59.93M
YoY Change 6.67%
Operating Profit $4.878M
YoY Change -80.6%
Interest Expense $312.0K
YoY Change -1.27%
% of Operating Profit 6.4%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $5.192M
YoY Change -79.34%
Income Tax $2.075M
% Of Pretax Income 39.97%
Net Earnings $3.117M
YoY Change -82.82%
Net Earnings / Revenue 1.83%
Basic Earnings Per Share $0.09
Diluted Earnings Per Share $0.09
COMMON SHARES
Basic Shares Outstanding 33.67M
Diluted Shares Outstanding 34.01M

Balance Sheet

Concept 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.6M
YoY Change 55.15%
Cash & Equivalents $112.6M
Short-Term Investments
Other Short-Term Assets $5.800M
YoY Change 1.58%
Inventory
Prepaid Expenses
Receivables $131.6M
Other Receivables $3.500M
Total Short-Term Assets $253.5M
YoY Change -3.29%
LONG-TERM ASSETS
Property, Plant & Equipment $14.85M
YoY Change -14.28%
Goodwill $206.8M
YoY Change -0.79%
Intangibles $10.42M
YoY Change -28.77%
Long-Term Investments
YoY Change
Other Assets $10.74M
YoY Change 124.88%
Total Long-Term Assets $268.8M
YoY Change -1.11%
TOTAL ASSETS
Total Short-Term Assets $253.5M
Total Long-Term Assets $268.8M
Total Assets $522.4M
YoY Change -2.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.70M
YoY Change 21.51%
Accrued Expenses $57.80M
YoY Change -14.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.89M
YoY Change -8.63%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $3.068M
YoY Change -3.7%
Total Long-Term Liabilities $3.068M
YoY Change -86.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.89M
Total Long-Term Liabilities $3.068M
Total Liabilities $103.5M
YoY Change -27.11%
SHAREHOLDERS EQUITY
Retained Earnings $85.86M
YoY Change 29.93%
Common Stock $384.7M
YoY Change 4.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.81M
YoY Change 77.15%
Treasury Stock Shares
Shareholders Equity $418.8M
YoY Change
Total Liabilities & Shareholders Equity $522.4M
YoY Change -2.18%

Cashflow Statement

Concept 2023 Q3
OPERATING ACTIVITIES
Net Income $3.117M
YoY Change -82.82%
Depreciation, Depletion And Amortization $877.0K
YoY Change -1.13%
Cash From Operating Activities -$2.214M
YoY Change -58.19%
INVESTING ACTIVITIES
Capital Expenditures $548.0K
YoY Change -22.71%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$548.0K
YoY Change -124.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.557M
YoY Change -94.65%
NET CHANGE
Cash From Operating Activities -2.214M
Cash From Investing Activities -548.0K
Cash From Financing Activities -1.557M
Net Change In Cash -4.189M
YoY Change -86.76%
FREE CASH FLOW
Cash From Operating Activities -$2.214M
Capital Expenditures $548.0K
Free Cash Flow -$2.762M
YoY Change -54.0%

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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">1. Description of the Company and its Business </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Resources Connection, Inc. (the “Company”), a Delaware corporation, was incorporated on November 16, 1998. The Company’s operating entities provide services primarily under the name Resources Global Professionals (“RGP”). RGP is a global consulting firm focused on project execution services that power clients’ operational needs and change initiatives utilizing on-demand, experienced and diverse talent. As a next-generation human capital partner for its clients, the Company specializes in co-delivery of enterprise initiatives typically precipitated by business transformation, strategic transactions or regulatory change. The Company’s principal markets of operations are North America, Europe and Asia Pacific.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company’s fiscal year consists of </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">52</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> or </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">53</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> weeks, ending on the </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"><span style="white-space:pre-wrap; -sec-ix-hidden:ct-nonNumeric-921bdbe8-260a-4161-b82c-957c591ad495;">Saturday in May closest to May 31</span></span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">. The first quarters of fiscal 2024 and 2023 each consisted of </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">13</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> weeks. The Company’s fiscal year 2024 will consist of </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">52</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> weeks.</span></p>
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company’s fiscal year consists of </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">52</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> or </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">53</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> weeks, ending on the </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"><span style="white-space:pre-wrap; -sec-ix-hidden:ct-nonNumeric-921bdbe8-260a-4161-b82c-957c591ad495;">Saturday in May closest to May 31</span></span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">. The first quarters of fiscal 2024 and 2023 each consisted of </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">13</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> weeks. The Company’s fiscal year 2024 will consist of </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">52</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> weeks.</span>
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