Resources Connection, Inc. Files Q1 2025 10-Q

TL;DR

RGP filed Q1 2025 10-Q. Financials out.

AI Summary

Resources Connection, Inc. filed a 10-Q for the period ending August 24, 2024. The filing covers the first quarter of fiscal year 2025. Key financial data and operational details for this period are presented in the report.

Why It Matters

This filing provides investors with an update on Resources Connection's financial performance and operational status for the first quarter of their fiscal year 2025.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• Resources Connection, Inc. (company) — Filer of the 10-Q
• 0001084765-24-000144.txt (document) — Accession number for the filing
• 20240824 (date) — End of the reporting period
• 20241004 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich Registered Common stock, par value $0.01 per share RGP The Nasdaq Stock Market

Filing Documents

• rgp-20240824.htm (10-Q) — 1043KB
• rgp-20240824xexx311.htm (EX-31.1) — 10KB
• rgp-20240824xexx312.htm (EX-31.2) — 10KB
• rgp-20240824xexx321.htm (EX-32.1) — 5KB
• rgp-20240824xexx322.htm (EX-32.2) — 5KB
• 0001084765-24-000144.txt ( ) — 6392KB
• rgp-20240824.xsd (EX-101.SCH) — 40KB
• rgp-20240824_cal.xml (EX-101.CAL) — 82KB
• rgp-20240824_def.xml (EX-101.DEF) — 217KB
• rgp-20240824_lab.xml (EX-101.LAB) — 611KB
• rgp-20240824_pre.xml (EX-101.PRE) — 457KB
• rgp-20240824_htm.xml (XML) — 776KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION ITEM 1. Consolidated Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of August 2 4 , 202 4 and May 2 5 , 202 4 3 Consolidated Statements of Operations for the Three Months Ended August 24 , 202 4 and August 26, 20 23 4 Consolidated Statements of Comprehensive Income for the Three Months Ended Aug ust 24 , 202 4 and August 26, 20 2 3 5 Consolidated Statements of Stockholders' Equity for the Three Months Ended August 2 4 , 202 4 and Aug ust 26, 202 3 6 Consolidated Statements of Cash Flows for the Three Months Ended August 2 4 , 202 4 and August 26 , 202 3 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 ITEM 4.

Controls and Procedures

Controls and Procedures 37

—OTHER INFORMATION

PART II—OTHER INFORMATION ITEM 1A.

Risk Factors

Risk Factors 38 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 ITEM 5. Other Information 38 ITEM 6. Exhibits 39

Signatures

Signatures 40 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS. RESOURCES CONNECTION, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except par value per share) August 24, 2024 May 25, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 89,625 $ 108,892 Trade accounts receivable, net of allowances of $ 2,640 and $ 2,755 as of August 24, 2024 and May 25, 2024, respectively 106,469 108,515 Prepaid expenses and other current assets 7,242 6,888 Assets held for sale - 8,909 Income taxes receivable 8,132 7,551 Total current assets 211,468 240,755 Goodwill 219,965 216,579 Intangible assets, net 23,808 9,573 Property and equipment, net 3,507 3,763 Operating lease right-of-use assets 23,398 11,899 Deferred tax assets 11,798 11,312 Other non-current assets 18,925 17,033 Total assets $ 512,869 $ 510,914 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and other accrued expenses $ 14,019 $ 15,223 Accrued salaries and related obligations 44,302 41,999 Operating lease liabilities, current 5,540 4,735 Other current liabilities 10,728 10,476 Total current liabilities 74,589 72,433 Long-term debt - - Operating lease liabilities, non-current 19,334 8,586 Deferred tax liabilities 9,311 8,680 Other non-current liabilities 2,420 2,452 Total liabilities 105,654 92,151 Commitments and contingencies (see Note 13) Stockholders' equity: Preferred stock, $ 0.01 par value, 5,000 shares authorized; zero shares issued and outstanding - - Common stock, $ 0.01 par value, 70,000 shares authorized; 36,540 and 36,194 shares issued, and 33,472 and 33,556 shares outstanding as of August 24, 2024 and May 25, 2024, respectively 366 363 Additional paid-in capital 392,885 389,720 Accumulated other comprehensive loss ( 16,882 ) ( 17,713 ) Retained earnings 78,048 88,595 Treasury stock at cost, 3,068 and 2,638 shares as of August 24, 2024 and May 25, 2024, respectively ( 47,202 ) ( 42,202 ) Total stockholders' equity 407,215 418,763 Tota

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Description of the Company and its Business 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 delivering consulting services that power clients' operational needs and change initiatives utilizing a combination of bench and on-demand, expert 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. The Company's fiscal year consists of 52 or 53 weeks, ending on the Saturday in May closest to May 31. The first quarters of fiscal 2025 and 2024 each consisted of 13 weeks. The Company's fiscal year 2025 will consist of 53 weeks. 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements of the Company as of and for the three months ended August 24, 2024 and August 26, 2023 have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. These financial statements include all adjustments (consisting only of normal recurring adjustments) the Company's management considers necessary for a fair presentation of its financial position at such dates and the operating results and cash flows for those periods. The financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformit

View Full Filing

View this 10-Q filing on SEC EDGAR