$RGP
RESOURCES CONNECTION, INC.

2018 Q3 Form 10-Q Financial Statement

#000119312518293149 Filed on October 04, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $178.6M $141.2M
YoY Change 26.47% -1.54%
Cost Of Revenue $110.4M $87.49M
YoY Change 26.2% -1.59%
Gross Profit $68.15M $53.70M
YoY Change 26.92% -1.47%
Gross Profit Margin 38.17% 38.03%
Selling, General & Admin $56.37M $47.42M
YoY Change 18.88% 8.75%
% of Gross Profit 82.71% 88.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.020M $940.0K
YoY Change 114.89% 18.99%
% of Gross Profit 2.96% 1.75%
Operating Expenses $56.37M $47.42M
YoY Change 18.88% 6.79%
Operating Profit $9.761M $5.343M
YoY Change 82.69% -47.1%
Interest Expense $526.0K $337.0K
YoY Change 56.08% 237.0%
% of Operating Profit 5.39% 6.31%
Other Income/Expense, Net
YoY Change
Pretax Income $9.235M $5.034M
YoY Change 83.45% -50.65%
Income Tax $3.494M $2.922M
% Of Pretax Income 37.83% 58.05%
Net Earnings $5.741M $2.112M
YoY Change 171.83% -62.29%
Net Earnings / Revenue 3.22% 1.5%
Basic Earnings Per Share $0.18 $0.07
Diluted Earnings Per Share $0.18 $0.07
COMMON SHARES
Basic Shares Outstanding 31.74M 29.81M
Diluted Shares Outstanding 32.47M 30.06M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.10M $49.60M
YoY Change -45.36% -51.8%
Cash & Equivalents $27.05M $49.61M
Short-Term Investments
Other Short-Term Assets $6.800M $5.500M
YoY Change 23.64% 17.02%
Inventory
Prepaid Expenses
Receivables $137.6M $99.00M
Other Receivables $1.000M $0.00
Total Short-Term Assets $172.5M $154.1M
YoY Change 11.91% -24.42%
LONG-TERM ASSETS
Property, Plant & Equipment $22.59M $22.90M
YoY Change -1.37% 6.51%
Goodwill $191.8M $172.3M
YoY Change 11.31%
Intangibles $17.57M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.516M $2.800M
YoY Change -10.14% -54.84%
Total Long-Term Assets $236.0M $198.0M
YoY Change 19.18% -0.45%
TOTAL ASSETS
Total Short-Term Assets $172.5M $154.1M
Total Long-Term Assets $236.0M $198.0M
Total Assets $408.4M $352.1M
YoY Change 16.0% -12.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.00M $14.50M
YoY Change 51.72% 7.41%
Accrued Expenses $38.10M $31.00M
YoY Change 22.9% -2.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.64M $54.60M
YoY Change 33.03% -0.55%
LONG-TERM LIABILITIES
Long-Term Debt $58.00M $48.00M
YoY Change 20.83%
Other Long-Term Liabilities $6.836M $4.700M
YoY Change 45.45% 20.51%
Total Long-Term Liabilities $64.84M $52.70M
YoY Change 23.03% 1251.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.64M $54.60M
Total Long-Term Liabilities $64.84M $52.70M
Total Liabilities $140.1M $108.3M
YoY Change 29.38% 84.18%
SHAREHOLDERS EQUITY
Retained Earnings $337.4M
YoY Change
Common Stock $436.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $494.2M
YoY Change
Treasury Stock Shares $30.11M
Shareholders Equity $268.3M $243.8M
YoY Change
Total Liabilities & Shareholders Equity $408.4M $352.1M
YoY Change 16.0% -12.59%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $5.741M $2.112M
YoY Change 171.83% -62.29%
Depreciation, Depletion And Amortization $2.020M $940.0K
YoY Change 114.89% 18.99%
Cash From Operating Activities -$16.60M -$13.13M
YoY Change 26.45% 85.96%
INVESTING ACTIVITIES
Capital Expenditures $1.073M $383.0K
YoY Change 180.16% -135.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.073M -$382.0K
YoY Change 180.89% -102.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.462M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.67M -465.0K
YoY Change 2409.03% -91.7%
NET CHANGE
Cash From Operating Activities -16.60M -13.13M
Cash From Investing Activities -1.073M -382.0K
Cash From Financing Activities -11.67M -465.0K
Net Change In Cash -29.42M -12.72M
YoY Change 131.23% -1125.97%
FREE CASH FLOW
Cash From Operating Activities -$16.60M -$13.13M
Capital Expenditures $1.073M $383.0K
Free Cash Flow -$17.67M -$13.51M
YoY Change 30.8% 125.95%

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:9pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">1.&nbsp;Description of the Company and its Business </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Resources Connection, Inc. (&#x201C;Resources Connection&#x201D;), a Delaware corporation, was incorporated on November&nbsp;16, 1998.&nbsp;&nbsp;Resources Connection is a multinational </font><font style="display: inline;font-size:10pt;">business consulting</font><font style="display: inline;font-size:10pt;"> firm; its operating entities provide services </font><font style="display: inline;font-size:10pt;">primarily </font><font style="display: inline;font-size:10pt;">under the name Resources Global Professionals (&#x201C;RGP&#x201D; or the &#x201C;Company&#x201D;).&nbsp; </font><font style="display: inline;font-size:10pt;">The Company provides agile consulting services and talent to its global client base utilizing experienced professionals </font><font style="display: inline;font-size:10pt;">in the areas of accounting; finance; governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; and legal and regulatory.&nbsp;&nbsp;The Company has offices in the United States (&#x201C;U.S.&#x201D;), Asia, Australia, Canada, Europe and Mexico. </font> </p> <p style="margin:6pt 0pt 0pt;text-indent:27pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company&#x2019;s fiscal year consists of 52 or 53&nbsp;weeks, ending on the last Saturday in May.&nbsp;&nbsp;The </font><font style="display: inline;font-size:10pt;">first</font><font style="display: inline;font-size:10pt;"> quarters of fiscal 201</font><font style="display: inline;font-size:10pt;">9</font><font style="display: inline;font-size:10pt;"> and 201</font><font style="display: inline;font-size:10pt;">8</font><font style="display: inline;font-size:10pt;"> each consisted of 13 weeks.&nbsp; </font> </p> <p><font size="1"> </font></p> </div> </div>
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NetCashProvidedByUsedInInvestingActivities
-1073000
CY2017Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13129000
CY2018Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16601000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
2112000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
5741000
CY2018Q2 us-gaap Noncurrent Assets
NoncurrentAssets
232894000
CY2018Q3 us-gaap Noncurrent Assets
NoncurrentAssets
231987000
CY2018Q3 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2
CY2018Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
5343000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
9761000
CY2018Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
12826000
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
12507000
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6325000
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6836000
CY2018Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7462000
CY2017Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3254000
CY2018Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3792000
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
383000
CY2018Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1073000
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7230000
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6801000
CY2017Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
2259000
CY2018Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
2178000
CY2017Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000
CY2017Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
530000
CY2018Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2409000
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
303000
CY2018Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
487000
CY2018Q3 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
5000000
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
335741000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
337387000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
141186000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
178558000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
47415000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
56366000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1612000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1361000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2503000
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7664000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4361000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
14.88
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
73000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
800000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
169000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
82000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12310000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8550000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6869000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6432000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.10
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.03
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y6M
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y4M10D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
8508000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
6276000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
15.02
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y3M7D
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.90
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
20.07
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.24
CY2018Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P3Y11M9D
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
268825000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
268321000
CY2017Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0
CY2018Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0
CY2018Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
186000
CY2018Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2178000
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2409000
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
29638000
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
30106000
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
486722000
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
494184000
CY2018Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7462000
CY2018Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:9pt 0pt 0pt 12.25pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Use of Estimates </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">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.&nbsp;&nbsp;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>
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
250000
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
726000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30059000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32468000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29809000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31742000

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