Third Quarter Fiscal 2020 Highlights:
- Third quarter revenue and gross margin both reflect as-expected holiday impact and impact from COVID-19
-
Revenue of
$168.1 million , down 6.4% from prior year quarter, impacted by extra holidays and COVID-19 inAsia Pacific - Gross margin percentage of 36.5%, a decrease of 130 basis points from prior year quarter
- YTD gross margin percentage of 38.7%, an increase of 40 basis points from prior year
-
Incremental
U.S. tax benefit of$6.6 million related to ceased operations inEurope -
Net income of
$6.9 million , compared to$5.8 million in prior year quarter; includes$6.6 million ofU.S. tax benefit -
Diluted earnings per common share of
$0.21 compared to$0.18 in prior year quarter - Adjusted EBITDA margin of 4.0% compared to 7.8% in the prior year quarter
-
Cash dividends declared of
$0.14 per share
Restructuring Initiative
This quarter we embarked on the latest phase of our transformation journey, performing a deep and strategic review of our global business, focused initially on
We carried out a reduction in force in early March, whereby we eliminated 73 positions in
As a second element of our restructuring plan, we determined that our current physical footprint is not well aligned with our evolving go-to-market strategy or with strong business and industry trends favoring virtual operating models. Our new real estate strategy focuses our real estate investment in a set of core high growth markets where we also host client events and trainings and provides for a shift to virtual operations in most other markets. The transition to virtual is supported by a robust array of enhanced technical tools which enable and accelerate virtual work. While the exact timing of these changes depends on a number of variables, we currently expect to terminate or sublet 26% of our existing real estate leases by the end of the 2020 calendar year. We expect to incur approximately
We believe the actions we are taking to strengthen the business will enable us to operate with greater agility as we seek to ensure our organizational health and resilience in this volatile macro-economic climate.
Management Commentary
“We are operating now in a new normal. Our utmost concern is for our people – our employees and our clients. We have pivoted rapidly to a virtual operating model and are doing everything we can to stay productive, while continuing to serve all of our people with empathy, speed and creativity,” said
RESOURCES CONNECTION, INC. SUMMARY OF CONSOLIDATED FINANCIAL RESULTS (Amounts in thousands, except percentages and per share amounts) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
As reported (GAAP) |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
138,819 |
|
$ |
152,422 |
|
$ |
146,817 |
|
$ |
431,617 |
|
$ |
446,811 |
|
|
11,202 |
|
|
12,716 |
|
|
11,770 |
|
|
37,004 |
|
|
35,286 |
|
|
18,031 |
|
|
19,369 |
|
|
20,911 |
|
|
56,163 |
|
|
64,758 |
Total revenue |
$ |
168,052 |
|
$ |
184,507 |
|
$ |
179,498 |
|
$ |
524,784 |
|
$ |
546,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
$ |
61,420 |
|
$ |
74,377 |
|
$ |
67,911 |
|
$ |
203,300 |
|
$ |
209,483 |
Selling, general and administrative expenses |
$ |
55,299 |
|
$ |
53,755 |
|
$ |
55,587 |
|
$ |
166,032 |
|
$ |
166,912 |
Income before income tax (benefit) expense |
$ |
2,959 |
|
$ |
17,674 |
|
$ |
9,618 |
|
$ |
28,213 |
|
$ |
34,558 |
Net income |
$ |
6,942 |
|
$ |
12,337 |
|
$ |
5,796 |
|
$ |
24,218 |
|
$ |
22,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
-135% |
|
|
30% |
|
|
40% |
|
|
14% |
|
|
36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ |
0.21 |
|
$ |
0.38 |
|
$ |
0.18 |
|
$ |
0.75 |
|
$ |
0.68 |
Cash dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share declared |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.13 |
|
$ |
0.42 |
|
$ |
0.39 |
Total cash dividends paid |
$ |
4,499 |
|
$ |
4,475 |
|
$ |
4,124 |
|
$ |
13,080 |
|
$ |
12,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted (non-GAAP) |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
Constant currency revenue (1)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
138,746 |
|
$ |
146,817 |
|
$ |
431,571 |
|
$ |
446,811 |
|
|
|
|
|
11,225 |
|
|
11,770 |
|
|
37,104 |
|
|
35,286 |
|
|
|
|
|
18,310 |
|
|
20,911 |
|
|
57,977 |
|
|
64,758 |
Total constant currency revenue |
|
|
|
$ |
168,281 |
|
$ |
179,498 |
|
$ |
526,652 |
|
$ |
546,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic revenue (4) |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
$ |
133,409 |
|
$ |
146,817 |
|
$ |
419,024 |
|
$ |
446,811 |
|
|
|
|
|
11,202 |
|
|
11,770 |
|
|
37,004 |
|
|
35,286 |
|
|
|
|
|
17,814 |
|
|
18,297 |
|
|
53,729 |
|
|
55,036 |
Consolidated (2)(3) |
|
|
|
$ |
162,425 |
|
$ |
176,884 |
|
$ |
509,757 |
|
$ |
537,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant currency organic revenue (1)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
133,336 |
|
$ |
146,817 |
|
$ |
418,977 |
|
$ |
446,811 |
|
|
|
|
|
11,225 |
|
|
11,770 |
|
|
37,104 |
|
|
35,286 |
|
|
|
|
|
18,082 |
|
|
18,297 |
|
|
55,387 |
|
|
55,036 |
Consolidated |
|
|
|
$ |
162,643 |
|
$ |
176,884 |
|
$ |
511,468 |
|
$ |
537,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash tax rate (4) |
|
|
|
|
-194% |
|
|
37% |
|
|
6% |
|
|
32% |
Adjusted net income (4) |
|
|
|
$ |
8,713 |
|
$ |
6,091 |
|
$ |
26,521 |
|
$ |
23,499 |
Adjusted diluted EPS (4) |
|
|
|
$ |
0.27 |
|
$ |
0.19 |
|
$ |
0.82 |
|
$ |
0.72 |
Adjusted EBITDA (4) |
|
|
|
$ |
6,754 |
|
$ |
13,929 |
|
$ |
41,334 |
|
$ |
47,156 |
(1) |
Constant currency revenue and constant currency organic revenue, for the three and nine months ended |
||
(2) |
Veracity was acquired on |
||
(3) |
We exited the Nordics and |
||
(4) |
See definitions of Non-GAAP measures and Reconciliation of GAAP to Non-GAAP financial measures below. |
Third Quarter Fiscal 2020
Revenue for the third quarter of fiscal 2020 decreased 6.4% compared to the third quarter of fiscal 2019 and decreased 8.9% as compared to the second quarter of fiscal 2020. On a constant currency basis, revenue decreased 6.2% from the third quarter of fiscal 2019 and decreased 9.1% from the second quarter of fiscal 2020. Revenue in the third quarter of fiscal 2020 included
Revenue decreased sequentially primarily reflecting the impact of three additional holidays in the
In
Gross margin for the third quarter was 36.5%, decreasing 130 basis points from the third quarter of fiscal 2019, and 380 basis points sequentially. The year-over-year and sequential decreases are related primarily to an increase in holiday pay for consultants in the
SG&A was
Sequentially, SG&A as a percentage of revenue increased by 380 basis points from 29.1% in the second quarter of fiscal 2020. The primary reasons for the increase were: (1) a
Our income tax provision primarily includes tax expense (benefit) on operating results of our
The third quarter of fiscal 2020 had an income tax benefit of
First Nine Months of Fiscal 2020
Revenue for the first nine months of fiscal 2020 decreased 4.0% compared to the prior year period. On a constant currency basis, revenue decreased 3.7%. Revenue in the first nine months of fiscal 2020 included
Gross margin for the first nine months of fiscal 2020 was 38.7%, increasing 40 basis points from the first nine months of fiscal 2019. The year-over-year improvement is related primarily to an improved bill/pay ratio.
SG&A was
Income tax expense was
For all periods presented, the Company is unable to benefit from, or has limitations on the benefit of, tax losses in certain foreign jurisdictions. To a lesser extent, the accounting treatment under GAAP for the cost associated with unexercised expiring stock options and shares purchased through the Employee Stock Purchase Plan has caused volatility in the Company’s effective tax rate.
Conference Call Information
RGP will hold a conference call for analysts and investors at
About RGP
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 our clients, we specialize in solving today’s most pressing business problems across the enterprise in the areas of Business Strategy & Transformation, Finance & Accounting, Risk & Compliance and Technology & Digital Innovation. Our engagements are designed to leverage human connection and collaboration to deliver practical solutions and more impactful results that power our clients, consultants and partners’ success.
RGP was founded in 1996 to help finance executives with operational needs and special projects created by workforce gaps. Our first-to-market, agile human capital model disrupted the professional services industry at a time when traditional talent models prevailed. Today’s new ecosystem for work embraces our founding principle – quickly align the right resource for the work at hand with a premium placed on value, efficiency and ease of use.
Our pioneering approach to workforce strategy uniquely positions us to support our clients on their transformation journeys. With more than 4,000 professionals, we annually engage with over 2,400 clients around the world from more than 70 practice offices. We are their partner in delivering on the future of work. Headquartered in
The Company is listed on the Nasdaq Global Select Market, the exchange’s highest tier by listing standards. To learn more about RGP, visit: http://www.rgp.com. (RGP-F)
Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by words such as “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “remain,” “should” or “will” or the negative of these terms or other comparable terminology. In this press release, such statements include statements regarding our expectations for growth, the expected impact of our recent restructuring actions, the expected impact of the COVID-19 pandemic on our business and operating results and the expected impact of our previously-announced operational initiatives and our new business pipeline. Such statements and all phases of the Company’s operations are subject to known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievements and those of our industry to differ materially from those expressed or implied by these forward-looking statements. Risks and uncertainties include uncertainties regarding the impact of the COVID-19 pandemic on our business and the economy generally; our ability to successfully execute on our strategic initiatives, our ability to compete effectively in the highly competitive professional services market and to secure new projects from clients, our ability to successfully integrate any acquired companies, seasonality, overall economic conditions and other factors and uncertainties as are identified in our most recent Annual Report on Form 10-K for the year ended
Use of Non-GAAP Financial Measures
The Company utilizes certain financial measures and key performance indicators that are not defined by, or calculated in accordance with, GAAP to assess our financial and operating performance. A non-GAAP financial measure is defined as a numerical measure of a company’s financial performance that (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the comparable measure calculated and presented in accordance with GAAP in the statement of operations; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the comparable measure so calculated and presented. The following are the Company’s non-GAAP measures:
- Constant currency revenue amounts represent the outcome that would have resulted had exchange rates in the reported period been the same as those in effect in the comparable prior year period.
- Organic revenue is calculated as GAAP revenue less revenues from acquired businesses and revenues related to businesses that the Company disposed of either through sale or abandonment.
- Constant currency organic revenue amounts represent the outcome that would have resulted had exchange rates in the reported period been the same as those in effect and applied to the same organic revenue in the comparable prior year period.
- Adjusted EBITDA is calculated as net income before amortization of intangible assets, depreciation expense, interest and income taxes plus stock-based compensation expense and plus or minus contingent consideration adjustments.
- Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue.
-
Cash tax rate excludes the non-cash tax impact of stock-based compensation expense, non-cash tax benefits related to the Tax Cuts and Jobs Act in the
U.S. , and non-cash impact of valuation allowances on international deferred tax assets. - Adjusted income tax (benefit) expense, adjusted net income and adjusted diluted earnings per common share were calculated based on the Company's cash tax rates, which exclude the non-cash tax impact of stock-based compensation expense, non-cash tax benefits related to the Tax Cuts and Jobs Act, and non-cash tax impact of valuation allowances on international deferred tax assets.
We believe that constant currency revenue, organic revenue, constant currency organic revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted income tax (benefit) expense, Adjusted net income, and Adjusted diluted earnings per common share, which are used by management to assess the core performance of our Company, provide useful information to our investors because they are alternative financial measures that investors can also use to assess the core performance of our Company from period to period and compare it to the Company’s peers. Constant currency revenue, organic revenue, constant currency organic revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and Adjusted diluted earnings per common share are not measurements of financial performance or liquidity under GAAP and should not be considered in isolation or construed as substitutes for net income or other cash flow data prepared in accordance with GAAP for purposes of analyzing our profitability or liquidity. These measures, as well as the Adjusted income tax (benefit) expense and cash tax rate should be considered in addition to, and not as a substitute for, net income, earnings per share, cash flows or other measures of financial performance prepared in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
RESOURCES CONNECTION, INC. |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(Amounts in thousands, except per share amounts) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
||||||
Revenue |
|
$ |
168,052 |
|
$ |
179,498 |
|
$ |
524,784 |
|
$ |
546,855 |
Direct cost of services |
|
|
106,632 |
|
|
111,587 |
|
|
321,484 |
|
|
337,372 |
Gross margin |
|
|
61,420 |
|
|
67,911 |
|
|
203,300 |
|
|
209,483 |
Selling, general and administrative expenses |
|
|
55,299 |
|
|
55,587 |
|
|
166,032 |
|
|
166,912 |
Operating income before amortization |
|
|
|
|
|
|
|
|
|
|
|
|
and depreciation |
|
|
6,121 |
|
|
12,324 |
|
|
37,268 |
|
|
42,571 |
Amortization of intangible assets |
|
|
1,549 |
|
|
948 |
|
|
4,153 |
|
|
2,855 |
Depreciation expense |
|
|
1,120 |
|
|
1,163 |
|
|
3,913 |
|
|
3,429 |
Operating income |
|
|
3,452 |
|
|
10,213 |
|
|
29,202 |
|
|
36,287 |
Interest expense |
|
|
493 |
|
|
595 |
|
|
1,526 |
|
|
1,729 |
Other (income)/expense |
|
|
- |
|
|
- |
|
|
(537) |
|
|
- |
Income before income tax (benefit) expense |
|
|
2,959 |
|
|
9,618 |
|
|
28,213 |
|
|
34,558 |
Income tax (benefit) expense |
|
|
(3,983) |
|
|
3,822 |
|
|
3,995 |
|
|
12,457 |
Net income |
|
$ |
6,942 |
|
$ |
5,796 |
|
$ |
24,218 |
|
$ |
22,101 |
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.22 |
|
$ |
0.18 |
|
$ |
0.76 |
|
$ |
0.70 |
Diluted |
|
$ |
0.21 |
|
$ |
0.18 |
|
$ |
0.75 |
|
$ |
0.68 |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
32,159 |
|
|
31,890 |
|
|
31,954 |
|
|
31,784 |
Diluted |
|
|
32,498 |
|
|
32,370 |
|
|
32,350 |
|
|
32,428 |
Cash dividends declared per common share |
|
$ |
0.14 |
|
$ |
0.13 |
|
$ |
0.42 |
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
RESOURCES CONNECTION, INC. |
|||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||
(Amounts in thousands, except per share amounts and percentages) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
Organic Revenue |
|
|
|
|
|
|
|
||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
Revenue (GAAP) |
(Unaudited) |
|
(Unaudited) |
||||||||
|
$ |
138,819 |
|
$ |
146,817 |
|
$ |
431,617 |
|
$ |
446,811 |
|
|
11,202 |
|
|
11,770 |
|
|
37,004 |
|
|
35,286 |
|
|
18,031 |
|
|
20,911 |
|
|
56,163 |
|
|
64,758 |
Total revenue |
$ |
168,052 |
|
$ |
179,498 |
|
$ |
524,784 |
|
$ |
546,855 |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Impact of Acquisitions and Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,410 |
|
$ |
- |
|
$ |
12,594 |
|
$ |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
217 |
|
|
2,614 |
|
|
2,435 |
|
|
9,722 |
Total revenue |
$ |
5,627 |
|
$ |
2,614 |
|
$ |
15,029 |
|
$ |
9,722 |
|
|
|
|
|
|
|
|
|
|
|
|
Organic Revenue |
|
|
|
|
|
|
|
||||
|
$ |
133,409 |
|
$ |
146,817 |
|
$ |
419,023 |
|
$ |
446,811 |
|
|
11,202 |
|
|
11,770 |
|
|
37,004 |
|
|
35,286 |
|
|
17,814 |
|
|
18,297 |
|
|
53,728 |
|
|
55,036 |
Total revenue |
$ |
162,425 |
|
$ |
176,884 |
|
$ |
509,755 |
|
$ |
537,133 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Revenue related to Veracity |
|
|
|
|
|
|
|
|
|
|
|
(2) Revenue related to the Nordics and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESOURCES CONNECTION, INC. |
||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||
(Amounts in thousands, except per share amounts and percentages) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA |
2020 |
|
2019 |
|
|
2020 |
|
2019 |
||||
|
(Unaudited) |
|
|
(Unaudited) |
||||||||
Net income |
$ |
6,942 |
|
$ |
5,796 |
|
|
$ |
24,218 |
|
$ |
22,101 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
1,549 |
|
|
948 |
|
|
|
4,153 |
|
|
2,855 |
Depreciation expense |
|
1,120 |
|
|
1,163 |
|
|
|
3,913 |
|
|
3,429 |
Interest expense |
|
493 |
|
|
595 |
|
|
|
1,526 |
|
|
1,729 |
Income tax (benefit) expense |
|
(3,983) |
|
|
3,822 |
|
|
|
3,995 |
|
|
12,457 |
EBITDA |
|
6,121 |
|
|
12,324 |
|
|
|
37,805 |
|
|
42,571 |
Stock-based compensation expense |
|
1,491 |
|
|
1,948 |
|
|
|
4,649 |
|
|
4,961 |
Contingent consideration adjustment |
|
(858) |
|
|
(343) |
|
|
|
(1,120) |
|
|
(376) |
Adjusted EBITDA |
$ |
6,754 |
|
$ |
13,929 |
|
|
$ |
41,334 |
|
$ |
47,156 |
Revenue |
$ |
168,052 |
|
$ |
179,498 |
|
|
$ |
524,784 |
|
$ |
546,855 |
Adjusted EBITDA Margin |
|
4.0% |
|
|
7.8% |
|
|
|
7.9% |
|
|
8.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income Tax (Benefit) Expense, Annual Cash Tax Rate, Adjusted Net Income and Adjusted Earnings Per Diluted Common Share |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
||||
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
||||
|
(Unaudited) |
|
|
(Unaudited) |
||||||||
Income tax (benefit) expense |
$ |
(3,983) |
|
$ |
3,822 |
|
|
$ |
3,995 |
|
$ |
12,457 |
Effect of non-cash tax items: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(991) |
|
|
(66) |
|
|
|
(1,067) |
|
|
(861) |
Valuation allowance on international deferred tax assets |
|
(221) |
|
|
(251) |
|
|
|
(669) |
|
|
(556) |
Net uncertain tax position adjustments |
|
(629) |
|
|
- |
|
|
|
(629) |
|
|
- |
Other non-cash tax items |
|
70 |
|
|
22 |
|
|
|
62 |
|
|
19 |
Adjusted income tax (benefit) expense |
$ |
(5,754) |
|
$ |
3,527 |
|
|
$ |
1,692 |
|
$ |
11,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
(135%) |
|
|
40% |
|
|
|
14% |
|
|
36% |
Total effect of non-cash tax items on effective tax rate |
|
(59%) |
|
|
(3%) |
|
|
|
(8%) |
|
|
(4%) |
Cash tax rate |
|
(194%) |
|
|
37% |
|
|
|
6% |
|
|
32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
6,942 |
|
$ |
5,796 |
|
|
$ |
24,218 |
|
$ |
22,101 |
Total effect of non-cash tax items on net income |
|
1,771 |
|
|
295 |
|
|
|
2,303 |
|
|
1,398 |
Adjusted net income |
$ |
8,713 |
|
$ |
6,091 |
|
|
$ |
26,521 |
|
$ |
23,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
$ |
0.21 |
|
$ |
0.18 |
|
|
$ |
0.75 |
|
$ |
0.68 |
Effect of non-cash tax items on diluted earnings per common share |
|
0.06 |
|
|
0.01 |
|
|
|
0.07 |
|
|
0.04 |
Adjusted diluted earnings per common share |
$ |
0.27 |
|
$ |
0.19 |
|
|
$ |
0.82 |
|
$ |
0.72 |
|
|
|
|
|
|
RESOURCES CONNECTION, INC. |
|||||
SELECTED BALANCE SHEET, CASH FLOW AND OTHER INFORMATION |
|||||
(Amounts in thousands, except consultant headcount and average rates) |
|||||
|
|
|
|
|
|
|
|
|
|
||
SELECTED BALANCE SHEET INFORMATION: |
2020 |
|
2019 |
||
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
35,944 |
|
$ |
43,045 |
Accounts receivable, less allowances |
$ |
130,908 |
|
$ |
133,304 |
Total assets |
$ |
485,974 |
|
$ |
428,370 |
Current liabilities |
$ |
90,766 |
|
$ |
91,416 |
Total liabilities |
$ |
183,172 |
|
$ |
145,974 |
Total stockholders’ equity |
$ |
302,802 |
|
$ |
282,396 |
|
|
|
|
|
|
|
Nine Months Ended |
||||
|
|
|
|
||
SELECTED CASH FLOW INFORMATION: |
2020 |
|
2019 |
||
|
|
|
|
|
|
|
(Unaudited) |
||||
|
|
|
|
|
|
Cash flow -- operating activities |
$ |
21,563 |
|
$ |
13,496 |
Cash flow -- investing activities |
$ |
(26,469) |
|
$ |
(5,939) |
Cash flow -- financing activities |
$ |
(1,824) |
|
$ |
(15,624) |
|
|
|
|
|
|
|
|
|
|
||
SELECTED OTHER INFORMATION: |
2020 |
|
2019 |
||
Consultant headcount, end of period |
|
2,894 |
|
|
2,965 |
Average bill rate, third quarter |
|
|
|
|
|
Average pay rate, third quarter |
|
|
|
|
|
Average bill rate (constant currency-Q3 19), third quarter |
|
|
|
|
-- |
Average pay rate (constant currency-Q3 19), third quarter |
|
|
|
|
-- |
Common shares outstanding, end of period |
|
32,144 |
|
|
31,588 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200402005779/en/
Media Contact:
(US+) 1-310-788-2850
mike_sitrick@sitrick.com
Analyst Contact:
(US+) 1-714-430-6500
jennifer.ryu@rgp.com
Source: Resources Connection, Inc.