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Last10K.com | 10-Q Quarterly Report Thu Jan 02 2020
Exhibit 99.1
Resources Connection, Inc. Reports Second Quarter Results for Fiscal 2020
Second Quarter Fiscal 2020 Highlights:
- Revenue $184.5 million, down 2.3% from prior year quarter, up 7.1% sequentially
- Gross margin percentage of 40.3%, an improvement of 140 basis points from prior year quarter
- SG&A as a percent of revenue improves 400 basis points sequentially
- Net income of $12.3 million, up 16.8% from $10.6 million in prior year quarter
- Diluted earnings per common share of $0.38, up 15.2% from $0.33 in prior year quarter
- Adjusted EBITDA increases to $22.7 million compared to $20.0 million in prior year quarter
- Adjusted EBITDA margin improves by 170 basis points to 12.3% compared to prior year quarter
- Cash dividends declared of $0.14 per share
IRVINE, Calif.--(BUSINESS WIRE)--January 2, 2020--Resources Connection, Inc. (Nasdaq: RECN), a multinational business consulting firm, operating as Resources Global Professionals (the “Company” or “RGP”), today announced its financial results for the second quarter ended November 23, 2019.
Management Commentary
“We experienced an improvement in revenue in North America this quarter and modest strengthening in Europe – both good developments since the previous quarter,” said Kate W. Duchene, chief executive officer. “Despite the slight revenue dip year-over-year, we are actively managing the business to deliver more profit through gross margin improvement and lower SG&A. The pipeline is stronger heading into Q3 than it has been in 12 months and while year-over-year revenue is a tough comparable because of the peak of lease accounting project revenue in Q2 and Q3 last year, we are replacing that revenue stream with other opportunities, particularly in our Strategic Client Program with program and project management.”
The following information was filed by Resources Connection Inc (RECN) on Thursday, January 2, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Resources Connection Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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Financial - Earnings Highlight
Further, Adjusted EBITDA and Adjusted EBITDA Margin have the following limitations: Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements; Equity based compensation is an element of our long-term incentive compensation program, although we exclude it as an expense from Adjusted EBITDA when evaluating our ongoing operating performance for a particular period; We exclude the changes in the fair value of the contingent consideration obligation related to business acquisitions from Adjusted EBITDA; and Other companies in our industry may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently than we do, limiting their usefulness as a comparative measure.
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Revenue - Product Highlight
While we believe these efforts have already delivered improved revenue growth and improved customer experience throughout fiscal 2019, we are focused on continued improvement from this initiative into fiscal 2020.
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Financial - Expense Highlight
The primary reasons for the decrease were: (1) severance cost of $0.4 million in the first quarter related to a former officer of the Company, (2) $0.7 million of costs related to exit activities in Sweden and Belgium in the first quarter, (3) $0.6 million of acquisition costs related to Veracity in the first quarter, (4) $0.5 million in retention bonuses in the first quarter and (5) a decrease of $0.7 million in business expenses as management continues to closely manage discretionary spend.
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Financial - Earnings Highlight
We believe Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to our investors because they are financial measures used by management to assess the core performance of the Company.
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Other - Other Highlight
Financing Activities The primary sources of cash in financing activities are borrowings under the Company's revolving credit facility, cash proceeds from the exercise of employee stock options and proceeds from issuance of Employee Stock Purchase Plan ("ESPP").
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Financial - Earnings
The following table presents Adjusted...Read more
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Other - Other
Such forward-looking statements may be...Read more
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We define Adjusted EBITDA as...Read more
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Revenue - Geography
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Other - Other
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Revenue - Product
19 Through fiscal 2019, we...Read more
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M & A - Other
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Other - Other
We believe the professional services...Read more
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Other - Other
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statement Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Acquisition And Dispositions
Acquisition And Dispositions (Narrative) (Details)
Acquisition And Dispositions (Summary Of Fair Value Of Consideration Transferred) (Details)
Acquisition And Dispositions (Summary Of Recognized Amounts Of Assets Acquired And Liabilities Assumed) (Details)
Acquisition And Dispositions (Tables)
Description Of The Company And Its Business
Income Taxes
Income Taxes (Narrative) (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Narrative) (Details)
Intangible Assets And Goodwill (Summary Of Activity In Goodwill Balance) (Details)
Intangible Assets And Goodwill (Summary Of Future Estimated Amortization Expense) (Details)
Intangible Assets And Goodwill (Summary Of Intangible Assets And Related Accumulated Amortization) (Details)
Intangible Assets And Goodwill (Tables)
Leases
Leases (Lease Cost Components) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Maturities Of Operating Lease Liabilities) (Details)
Leases (Supplemental Cash Flow Information Related To Operating Leases) (Details)
Leases (Tables)
Legal Proceedings
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Segment Information And Enterprise Reporting
Segment Information And Enterprise Reporting (Narrative) (Details)
Segment Information And Enterprise Reporting (Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas) (Details)
Segment Information And Enterprise Reporting (Tables)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Narrative) (Details)
Stock-Based Compensation Plans (Summary Of Share-Based Award Activity) (Details)
Stock-Based Compensation Plans (Tables)
Stockholders' Equity
Stockholders' Equity (Narrative) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Calculation Of Net Income Per Share) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Tables)
Supplemental Disclosure Of Cash Flow Information
Supplemental Disclosure Of Cash Flow Information (Schedule Of Additional Information Regarding Cash Flows) (Details)
Supplemental Disclosure Of Cash Flow Information (Tables)
Material Contracts, Statements, Certifications & more
Resources Connection Inc provided additional information to their SEC Filing as exhibits
Ticker: RECN
CIK: 1084765
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-000684
Submitted to the SEC: Thu Jan 02 2020 10:04:53 PM EST
Accepted by the SEC: Thu Jan 02 2020
Period: Saturday, November 23, 2019
Industry: Business Services
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