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Resources Connection, Inc. (RGP) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, May 28, 2022

Resources Connection Inc

CIK: 1084765 Ticker: RGP
Exhibit 99.1

Resources Connection, Inc. Reports Financial Results for Fourth Quarter and Full Fiscal Year 2022

Sustained Strong Financial Performance

Highest Revenue in Over a Decade

IRVINE, Calif.--(BUSINESS WIRE)--July 28, 2022--Resources Connection, Inc. (Nasdaq:

RGP) (the “Company”), a global consulting firm, today announced its financial results for its fourth quarter and full fiscal year ended May 28, 2022.

Fourth Quarter Fiscal 2022 Highlights:

  • Revenue increased 25.9% year over year and 6.1% sequentially, to $217.0 million
  • Same-day constant currency revenue, a non-GAAP measure, was up 27.5% from the prior year quarter and 1.3% sequentially
  • Gross profit improved to $89.7 million, up 31.3% from the prior year quarter
  • Gross margin was 41.3%, an improvement of 170 basis points over the prior year quarter
  • Selling, general and administrative expenses (“SG&A”) as a percentage of revenue improved 220 basis points from the prior year quarter to 27.3%
  • Net income was $20.5 million (net income margin of 9.5%) compared to $23.2 million (net income margin of 13.5%) in the prior year quarter, which included a $7.8 million tax benefit
  • Diluted earnings per common share of $0.61 compared to $0.70 in the prior year quarter
  • Adjusted EBITDA, a non-GAAP measure, increased to $33.4 million, or 15.4% Adjusted EBITDA margin, a 340 basis point margin improvement compared to the prior year quarter
  • Cash dividends declared of $0.14 per share, consistent with the prior year quarter

Full Fiscal Year 2022 Highlights:

  • Revenue grew 27.9% to $805.0 million compared to $629.5 million the prior year
  • Same-day constant currency revenue was up 28.7% from the prior year
  • Gross profit improved to $316.6 million, up 31.2% from the prior year
  • Gross margin was 39.3%, an improvement of 100 basis points from the prior year
  • SG&A as a percentage of revenue improved 540 basis points from the prior year to 27.9%
  • Net income was $67.2 million (net income margin of 8.3%), or $2.00 diluted earnings per common share, more than doubling the $25.2 million (net income margin of 4.0%), or $0.78 diluted earnings per common share in the prior year
  • Adjusted EBITDA margin, a non-GAAP measure, was 12.8%, up 440 basis points compared to the prior year
  • Available financial liquidity was $224.0 million, up from $150.1 million at fiscal year-end 2021

Management Commentary

“We are very excited to have produced the strongest revenue and Adjusted EBITDA we’ve seen in over ten years for both the fourth quarter and full fiscal year. We accomplished this by successfully executing on our record pipeline of opportunities across all businesses, while remaining disciplined on the cost front,” stated Kate W. Duchene, Chief Executive Officer. “Project size and duration continued to grow as we expanded the depth of our relationships and the breadth of our services within our global client base. As we look ahead, we are greatly encouraged by the solid trajectory of our pipeline supported by reoccurring projects from our strategic clients as they leverage RGP’s experienced talent to help them execute on transformations and fill on-demand talent gaps.”

Ms. Duchene continued, “With our flexible platform, we continue to attract a premier professional workforce that is focused and motivated to outperform client expectations. In a permanently changing world, we are building the ideal professional home for the best talent who wants to work in new ways. Our successful execution, coupled with favorable secular trends including rapid adoption of workforce agility, workforce gaps caused by the tightening labor market, the persistent demand for digital transformation services, and the increase in client spending on significant transformational initiatives, should continue to enable us to deliver increased shareholder value.”


The following information was filed by Resources Connection Inc (RGP) on Thursday, July 28, 2022 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Resources Connection Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accrued Salaries And Related Obligations
Accrued Salaries And Related Obligations (Schedule Of Accrued Salaries And Related Obligations) (Details)
Accrued Salaries And Related Obligations (Tables)
Acquisitions And Dispositions
Acquisitions And Dispositions (Narrative) (Details)
Assets And Liabilities Held For Sale
Assets And Liabilities Held For Sale (Narrative) (Details)
Assets And Liabilities Held For Sale (Summary Of Information Related To Major Classes Of Assets And Liabilities Classified As Held For Sale) (Details)
Assets And Liabilities Held For Sale (Tables)
Benefit Plan
Benefit Plan (Narrative) (Details)
Commitments And Contingencies
Concentrations Of Credit Risk
Concentrations Of Credit Risk (Narrative) (Details)
Description Of The Company And Its Business
Description Of The Company And Its Business (Narrative) (Details)
Description Of The Company And Its Business (Policy)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Current And Deferred Income Tax Provision For Federal, State And Foreign Income Taxes Attributable To Operations) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Before Provision For Income Taxes) (Details)
Income Taxes (Schedule Of The Components Of Net Deferred Tax Asset (Liability)) (Details)
Income Taxes (Summary Of Activity In Valuation Allowance) (Details)
Income Taxes (Summary Of Net Operating Loss Expiration Periods) (Details)
Income Taxes (Summary Of The Activity Related To Gross Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
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 (Narrative) (Details)
Leases (Supplemental Cash Flow Information Related To Operating Leases) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Property And Equipment
Property And Equipment (Schedule Of Property And Equipment) (Details)
Property And Equipment (Tables)
Restructuring Activities
Restructuring Activities (Narrative) (Details)
Restructuring Activities (Summary Of Employee Termination Activity) (Details)
Restructuring Activities (Summary Of Restructuring Costs) (Details)
Restructuring Activities (Tables)
Revenue Recognition
Revenue Recognition (Narrative) (Details)
Segment Information And Enterprise Reporting
Segment Information And Enterprise Reporting (Narrative) (Details)
Segment Information And Enterprise Reporting (Reconciliation Of Net Income (Loss) To Adjusted Ebitda) (Details)
Segment Information And Enterprise Reporting (Summary Of Operating Results Of Segments) (Details)
Segment Information And Enterprise Reporting (Summary Of Revenue And Long-Lived Assets By Geographic Location) (Details)
Segment Information And Enterprise Reporting (Tables)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Narrative) (Details)
Stock-Based Compensation Plans (Schedule Of Share-Based Payment Award, Valuation Assumptions) (Details)
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Details)
Stock-Based Compensation Plans (Summary Of Unvested Performance Stock Units Activity) (Details)
Stock-Based Compensation Plans (Summary Of Unvested Restricted Stock Awards) (Details)
Stock-Based Compensation Plans (Summary Of Unvested Restricted Stock Unit Activity) (Details)
Stock-Based Compensation Plans (Tables)
Stockholders' Equity
Stockholders' Equity (Narrative) (Details)
Subsequent Events
Subsequent Events (Narrative) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Calculation Of Net Income Per Common Share) (Details)
Summary Of Significant Accounting Policies (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Property And Equipment) (Details)
Summary Of Significant Accounting Policies (Summary Of The Activity In Allowance For Doubtful Accounts) (Details)
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)
Ticker: RGP
CIK: 1084765
Form Type: 10-K Annual Report
Accession Number: 0001084765-22-000009
Submitted to the SEC: Thu Jul 28 2022 5:10:28 PM EST
Accepted by the SEC: Thu Jul 28 2022
Period: Saturday, May 28, 2022
Industry: Business Services

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