[July 18, 2018] |
|
Resources Connection, Inc. Reports Fourth Quarter and Year-End Results for Fiscal 2018
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
fourth quarter and year ended May 26, 2018.
Fourth Quarter 2018 Revenue Financial Highlights
-
Revenue of $183.8 million, up $35.2 million (23.7%) over fourth
quarter of fiscal 2017.
-
Revenue includes $22.0 million from operations of recent acquisitions
of taskforce - Management on Demand ("taskforce") and
Accretive.
-
Organic revenue* increased 8.8% (7.3% constant currency**) over fourth
quarter of fiscal 2017.
-
U.S. revenue (organic) increased 5.2% over fourth quarter of fiscal
2017.
-
European revenue (organic) increased 22.1% (11.1% constant currency)
over fourth quarter of fiscal 2017; tenth successive quarter of growth.
-
Asia Pacific revenue increased 12.8% (8.4% constant currency) over
fourth quarter of fiscal 2017.
Management Commentary
"We are pleased with the substantial revenue growth we saw across all
regions in the fourth quarter," said Kate W. Duchene, President and
Chief Executive Officer of RGP. "The first quarter to date is also
trending strongly compared to the first quarter of fiscal 2018 as we
believe our strategic initiatives are having a positive impact on our
business. In addition, our recent acquisitions have opened up
significant new opportunities that we would not have won as standalone
companies. As we head into the new fiscal year, we are focused on
building on our strong momentum by continuing to drive organic growth
across the business."
Other Fourth Quarter 2018 Financial Highlights
-
Gross margin of 38.3% compared to 39.1% in prior year fourth quarter
due to a lower ratio of bill rate to pay rate.
-
Selling, general and administrative ("SG&A") expense of $58.9 million
compared to $48.4 million in fourth quarter of fiscal 2017; fiscal
2018 fourth quarter included $3.8 million (approximately $0.05 per
diluted share) of severance, acquisition, transformation and
integration costs and $7.2 million of Accretive and taskforce
G&A (approximately $0.10 per diluted share). Prior year fourth quarter
included $2.4 million related to severance costs and $1.3 million of
transformation costs (approximately $0.07 per diluted share).
-
Tax rate of 55% in fourth quarter compared to 47% in the comparable
period last year due to non-benefit of losses in international
operations, expense related to unexercised stock options expiring and
impact of withholding taxes on foreign dividend distribution.
-
Pre-tax income increased in the fourth quarter to $8.9 million
compared to $8.3 million in the prior year fourth quarter; net income
of $4.0 million compared to $4.4 million in prior year fourth quarter.
-
Diluted earnings per common share of $0.12 compared to $0.15 in prior
year fourth quarter.
-
Adjusted EBITDA*** as a percentage of revenue was 7.1% compared to
7.4% in prior year fourth quarter. Adjusted EBITDA, a non-GAAP
financial measure, is defined below.
-
Net cash provided by operating activities was $17.6 million, a
decrease from prior year fourth quarter of $3.7 million; primary cause
is payments had not been received at quarter-end for the increased
amount of revenue (and accounts receivable) compared to the prior year.
-
Dividend accrued of $0.12 per share to shareholders in fourth quarter
for $3.8 million (paid in June), compared to $0.11 per share and $3.3
million in the prior year fourth quarter; no share buybacks in
quarter, $120 million remaining for future common stock purchases.
-
Cash and cash equivalents of $56.5 million as of May 26, 2018.
Year End 2018 Financial Highlights
-
During fiscal 2018, the Company completed two acquisitions: in
September 2017, taskforce, a business consulting firm based in
Germany for approximately $13.4 million; and in December 2017,
substantially all operating assets and liabilities of Accretive, a
business consulting firm with operations in the U.S., for
approximately $31.8 million.
-
Revenue of $654.1 million, up $70.7 million (12.1%) over fiscal 2017.
-
Revenue includes $46.9 million from taskforce and Accretive
acquisitions.
-
Organic revenue* increased 4.1% (3.1% constant currency**).
-
U.S. revenue (organic) increased 1.2% over fiscal 2017.
-
European revenue (organic) increased 21.3% (13.1% constant currency)
over fiscal 2017.
-
Asia Pacific revenue increased 2.0% (0.9% constant currency) over
fiscal 2017.
-
Gross margin of 37.6% compared to 37.9% in prior year.
-
SG&A expense of $209.0 million compared to $183.5 million in fiscal
2017; fiscal 2018 included $14.0 million (approximately $0.29 per
diluted share) of severance, acquisition, transformation and
integration costs and $14.2 million (approximately $0.29 per diluted
share) of Accretive and taskforce G&A. Prior year included $3.9
million related to severance costs and $1.3 million of transformation
costs (approximately $0.09 per diluted share).
-
Tax rate of 35% for fiscal 2018 compared to 45% in prior year;
decrease primarily due to impact of Tax Cuts and Jobs Act, offset by
non-benefit of losses in international operations and expense related
to unexercised stock options expiring.
-
Pre-tax income of $28.9 million in fiscal 2018 compared to $33.8
million in the prior year; net income of $18.8 million compared to
$18.7 million in prior fiscal year.
-
Diluted earnings per common share of $0.60 compared to $0.56 in prior
year.
-
Adjusted EBITDA*** as a percentage of revenue was 6.6% compared to
7.5% in prior year.
-
Net cash provided by operating activities was $15.4 million, a
decrease from prior year of $12.9 million; primary cause is payments
had not been received at year-end for the increased amount of revenue
(and accounts receivable) compared to the prior year.
-
Dividends paid during year of $0.48 per share to shareholders for
total of $14.3 million compared to $0.44 per share and $14.2 million
in the prior year; share buybacks during year of $5.1 million.
Update on Strategic Initiatives and Acquisitions
RGP has largely completed the implementation in North America of the
strategic initiatives it laid out in fiscal 2017, and is now focused on
implementation in Europe and Asia Pacific. These initiatives are already
contributing meaningfully to the Company's bottom line:
-
Sales Culture Transformation: In fiscal 2019, RGP will
implement a new bonus reward program for individuals focused on
revenue generation, marking one of the final steps in its sales
culture transformation.
-
Business Model Redesign: The implementation of the Company's
new operating model for sales, talent and integrated solutions within
RGP for North America delivered improved revenue growth and customer
experience in fiscal 2018. The rollout of the operating model will
continue in Europe and Asia Pacific during fiscal 2019.
-
Cost Containment: The Company remains focused on reducing SG&A
expenses as a percent of revenue. With integration and special
transformation costs largely complete, RGP expects SG&A to taper off
in the coming quarters.
The Company has also substantially completed the integration of both the
taskforce and Accretive acquisitions. The principal operations of
Accretive have been fully integrated into RGP's business model effective
with the first day of fiscal 2019. Both businesses are now driving
significant new opportunities for revenue growth in their respective
markets, as well as in RGP's core business and with the Company's
existing clients.
Footnotes
*In order to provide a more comprehensive view of revenue trends in our
business, organic revenue is presented and defined as revenue without
the revenue of taskforce and Accretive for the applicable period. A
table is provided below with revenue data on an as-reported basis (GAAP)
for the respective periods and revenue without the acquisitions in the
same periods and the impact on revenue of exchange rate fluctuations
between the United States dollar and currencies in countries in which
the Company operates.
**Year over year constant currency results for international revenue are
computed using the comparable fourth quarter fiscal 2017 conversion
rates, and the sequential quarter constant currency international
revenue is computed using the comparable third quarter fiscal 2018
conversion rates.
***Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings
before interest, income taxes, depreciation, amortization and
stock-based compensation. Reconciliation table provided below.
Conference Call Information
RGP will hold a conference call for analysts and investors at 5:00 p.m.,
ET today, July 18, 2018. This conference call will be available for
listening via a webcast on the Company's website: http://www.rgp.com.
An audio replay of the conference call will be available through July
25, 2018 at 855-859-2056. The conference ID number for the replay is
4753368. The call will also be archived on the RGP website for 30 days.
About RGP
RGP, the operating subsidiary of Resources Connection, Inc. (NASDAQ:
RECN), is a multinational business consulting firm that helps leaders
execute internal initiatives. Partnering with business leaders, we drive
internal change across all parts of a global enterprise - accounting;
finance; governance, risk and compliance management; corporate advisory,
strategic communications and restructuring; information management;
human capital; supply chain management; and legal and regulatory.
RGP was founded in 1996 within a Big Four accounting firm. Today, we are
a publicly traded company with over 4,100 professionals, annually
serving over 2,400 clients around the world from 74 practice offices.
Headquartered in Irvine, California, RGP has served 86 of the Fortune
100 companies.
The Company is listed on the Nasdaq Global Select Market, the exchange's
highest tier by listing standards. More information about RGP is
available at http://www.rgp.com.
(RECN-F)
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 expectations
regarding the Accretive and taskforce acquisitions, the Company's
strategic initiatives and continued revenue and earnings growth. 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 our ability to successfully execute on our
strategic initiatives, seasonality, overall economic conditions and
other factors and uncertainties as are identified in our most recent
Quarterly Report on Form 10-Q and our other public filings made with the
Securities and Exchange Commission (File No. 0-32113). Additional risks
and uncertainties not presently known to us or that we currently deem
immaterial may also affect our business or operating results. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company does not
intend, and undertakes no obligation, to update the forward-looking
statements in this press release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, unless required by law to do so.
|
RESOURCES CONNECTION, INC.
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Amounts in thousands, except per share amounts)
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
May 26,
|
|
May 27,
|
|
May 26,
|
|
May 27,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue
|
|
$
|
183,791
|
|
|
$
|
148,620
|
|
|
$
|
654,129
|
|
|
$
|
583,411
|
|
Direct cost of services
|
|
|
113,363
|
|
|
|
90,579
|
|
|
|
408,074
|
|
|
|
362,086
|
|
Gross margin
|
|
|
70,428
|
|
|
|
58,041
|
|
|
|
246,055
|
|
|
|
221,325
|
|
Selling, general and administrative expenses (1)
|
|
|
58,861
|
|
|
|
48,425
|
|
|
|
209,042
|
|
|
|
183,471
|
|
|
|
|
|
|
|
|
|
|
Operating income before amortization and depreciation (1)
|
|
|
11,567
|
|
|
|
9,616
|
|
|
|
37,013
|
|
|
|
37,854
|
|
Amortization of intangible assets
|
|
|
972
|
|
|
|
-
|
|
|
|
2,298
|
|
|
|
-
|
|
Depreciation expense
|
|
|
1,115
|
|
|
|
941
|
|
|
|
4,091
|
|
|
|
3,452
|
|
Operating income (1)
|
|
|
9,480
|
|
|
|
8,675
|
|
|
|
30,624
|
|
|
|
34,402
|
|
Interest expense
|
|
|
591
|
|
|
|
358
|
|
|
|
1,867
|
|
|
|
773
|
|
Interest income
|
|
|
(38
|
)
|
|
|
(18
|
)
|
|
|
(132
|
)
|
|
|
(144
|
)
|
Income before provision for income taxes (1)
|
|
|
8,927
|
|
|
|
8,335
|
|
|
|
28,889
|
|
|
|
33,773
|
|
Provision for income taxes (2)
|
|
|
4,946
|
|
|
|
3,898
|
|
|
|
10,063
|
|
|
|
15,122
|
|
Net income (1), (2)
|
|
$
|
3,981
|
|
|
$
|
4,437
|
|
|
$
|
18,826
|
|
|
$
|
18,651
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
Basic (1), (2)
|
|
$
|
0.13
|
|
|
$
|
0.15
|
|
|
$
|
0.61
|
|
|
$
|
0.57
|
|
Diluted (1), (2)
|
|
$
|
0.12
|
|
|
$
|
0.15
|
|
|
$
|
0.60
|
|
|
$
|
0.56
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,545
|
|
|
|
29,654
|
|
|
|
30,741
|
|
|
|
32,851
|
|
Diluted
|
|
|
32,137
|
|
|
|
30,234
|
|
|
|
31,210
|
|
|
|
33,471
|
|
Cash dividends declared per common share
|
|
$
|
0.12
|
|
|
$
|
0.11
|
|
|
$
|
0.48
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
EXPLANATORY NOTES
(1) Selling, general and administrative expenses include non-cash
compensation expense for employee stock option grants, restricted share
grants and employee stock purchases of $1.5 million and $1.4 million for
the three months ended May 26, 2018 and May 27, 2017, respectively and
$6.0 million and $6.1 million for the years ended May 26, 2018 and May
27, 2017, respectively. The expense for the year ended May 26, 2018
includes approximately $140,000 related to accelerated vesting of stock
options as part of the agreement with a departing senior executive; the
expense for the year ended May 27, 2017 includes approximately $400,000,
or $0.01 per share, related to accelerated vesting of options as part of
the agreement with a departing senior executive.
(2) The Company's effective tax rate was approximately 55% and
approximately 47% for the three months ended May 26, 2018 and May 27,
2017, respectively and approximately 35% and 45% for the years ended May
26, 2018 and May 27, 2017, respectively. On December 22, 2017, U.S.
federal tax reform was enacted which lowered the US statutory federal
tax rate from 35% to 21% effective January 1, 2018, resulting in a
blended US statutory federal tax rate of approximately 29% for the
fiscal year ended May 26, 2018.
For the year ended May 26, 2018, the Company reported amounts related to
the impact of US federal tax reform, including a tax benefit of $0.8
million due to re-measurement of U.S. deferred tax assets and
liabilities at the reduced rates. The year ended May 26, 2018 also
includes the reversal of approximately $2.4 million of valuation
allowances on the deferred tax assets of certain foreign entities and
the year ended May 27, 2017 includes the reversal of approximately $0.2
million of tax valuation allowances. 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.
|
RESOURCES CONNECTION, INC.
|
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
|
(Dollars in thousands)
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
May 26,
|
|
May 27,
|
|
May 26,
|
|
May 27,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
3,981
|
|
|
$
|
4,437
|
|
|
$
|
18,826
|
|
|
$
|
18,651
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
972
|
|
|
|
-
|
|
|
|
2,298
|
|
|
|
-
|
|
Depreciation expense
|
|
|
1,115
|
|
|
|
941
|
|
|
|
4,091
|
|
|
|
3,452
|
|
Interest expense
|
|
|
591
|
|
|
|
358
|
|
|
|
1,867
|
|
|
|
773
|
|
Interest income
|
|
|
(38
|
)
|
|
|
(18
|
)
|
|
|
(132
|
)
|
|
|
(144
|
)
|
Provision for income taxes
|
|
|
4,946
|
|
|
|
3,898
|
|
|
|
10,063
|
|
|
|
15,122
|
|
EBITDA
|
|
|
11,567
|
|
|
|
9,616
|
|
|
|
37,013
|
|
|
|
37,854
|
|
Stock-based compensation expense
|
|
|
1,534
|
|
|
|
1,410
|
|
|
|
6,033
|
|
|
|
6,068
|
|
Adjusted EBITDA
|
|
$
|
13,101
|
|
|
$
|
11,026
|
|
|
$
|
43,046
|
|
|
$
|
43,922
|
|
Revenue
|
|
$
|
183,791
|
|
|
$
|
148,620
|
|
|
$
|
654,129
|
|
|
$
|
583,411
|
|
Adjusted EBITDA Margin
|
|
|
7.1
|
%
|
|
|
7.4
|
%
|
|
|
6.6
|
%
|
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
EXPLANATORY NOTE
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.
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP
financial measures. EBITDA is calculated as net income before
amortization of intangible assets, depreciation expense, interest and
income taxes. Adjusted EBITDA is calculated as EBITDA plus stock-based
compensation expense. Adjusted EBITDA Margin is calculated by dividing
Adjusted EBITDA by revenue. We believe that EBITDA, Adjusted EBITDA and
Adjusted EBITDA Margin, which are used by management to assess the core
performance of our Company, also 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 and compare
it to the Company's peers. EBITDA, Adjusted EBITDA and Adjusted EBITDA
Margin 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 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.
|
CONSTANT CURRENCY REVENUE COMPARISON
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
Three Months Ended
|
|
|
WITH ACQUISITIONS
|
|
May 26,
|
|
May 27,
|
|
|
|
|
2018
|
|
2017
|
|
% Change
|
Consolidated Revenue -- GAAP
|
|
$
|
183,791
|
|
$
|
148,620
|
|
23.7
|
%
|
Consolidated Revenue -- Constant Currency (1)
|
|
$
|
181,039
|
|
|
|
21.8
|
%
|
United States Revenue -- GAAP
|
|
$
|
144,033
|
|
$
|
119,641
|
|
20.4
|
%
|
Europe Revenue -- GAAP
|
|
$
|
23,446
|
|
$
|
16,027
|
|
46.3
|
%
|
Europe Revenue -- Constant Currency (1)
|
|
$
|
21,248
|
|
|
|
32.6
|
%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
WITH ACQUISITIONS
|
|
May 26,
|
|
February 24,
|
|
|
|
|
2018
|
|
2018
|
|
% Change
|
Revenue -- GAAP
|
|
$
|
183,791
|
|
$
|
172,414
|
|
6.6
|
%
|
Revenue -- Constant Currency (2)
|
|
$
|
183,644
|
|
|
|
6.5
|
%
|
United States Revenue -- GAAP
|
|
$
|
144,033
|
|
$
|
134,334
|
|
7.2
|
%
|
Europe Revenue -- GAAP
|
|
$
|
23,446
|
|
$
|
23,149
|
|
1.3
|
%
|
Europe Revenue -- Constant Currency (2)
|
|
$
|
23,417
|
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
WITHOUT ACQUISITIONS
|
|
May 26,
|
|
May 27,
|
|
|
|
|
2018
|
|
2017
|
|
% Change
|
Revenue -- GAAP
|
|
$
|
161,771
|
|
$
|
148,620
|
|
8.8
|
%
|
Revenue -- Constant Currency (1)
|
|
$
|
159,466
|
|
|
|
7.3
|
%
|
United States Revenue -- GAAP
|
|
$
|
125,896
|
|
$
|
119,641
|
|
5.2
|
%
|
Europe Revenue -- GAAP
|
|
$
|
19,563
|
|
$
|
16,027
|
|
22.1
|
%
|
Europe Revenue -- Constant Currency (1)
|
|
$
|
17,812
|
|
|
|
11.1
|
%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
WITHOUT ACQUISITIONS
|
|
May 26,
|
|
February 24,
|
|
|
|
|
2018
|
|
2018
|
|
% Change
|
Revenue -- GAAP
|
|
$
|
161,771
|
|
$
|
151,257
|
|
7.0
|
%
|
Revenue -- Constant Currency (2)
|
|
$
|
161,659
|
|
|
|
6.9
|
%
|
United States Revenue -- GAAP
|
|
$
|
125,896
|
|
$
|
117,006
|
|
7.6
|
%
|
Europe Revenue -- GAAP
|
|
$
|
19,563
|
|
$
|
19,320
|
|
1.3
|
%
|
Europe Revenue -- Constant Currency (2)
|
|
$
|
19,568
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
Years Ended
|
|
|
WITH ACQUISITIONS
|
|
May 26,
|
|
May 27,
|
|
|
|
|
2018
|
|
2017
|
|
% Change
|
Revenue -- GAAP
|
|
$
|
654,129
|
|
$
|
583,411
|
|
12.1
|
%
|
Revenue -- Constant Currency (3)
|
|
$
|
647,055
|
|
|
|
10.9
|
%
|
United States Revenue -- GAAP
|
|
$
|
510,935
|
|
$
|
469,846
|
|
8.7
|
%
|
Europe Revenue -- GAAP
|
|
$
|
84,705
|
|
$
|
60,461
|
|
40.1
|
%
|
Europe Revenue -- Constant Currency (3)
|
|
$
|
78,658
|
|
|
|
30.1
|
%
|
|
|
|
|
|
|
|
|
|
Years Ended
|
|
|
WITHOUT ACQUISITIONS
|
|
May 26,
|
|
May 27,
|
|
|
|
|
2018
|
|
2017
|
|
% Change
|
Revenue -- GAAP
|
|
$
|
607,273
|
|
$
|
583,411
|
|
4.1
|
%
|
Revenue -- Constant Currency (3)
|
|
$
|
601,338
|
|
|
|
3.1
|
%
|
United States Revenue -- GAAP
|
|
$
|
475,470
|
|
$
|
469,846
|
|
1.2
|
%
|
Europe Revenue -- GAAP
|
|
$
|
73,314
|
|
$
|
60,461
|
|
21.3
|
%
|
Europe Revenue -- Constant Currency (3)
|
|
$
|
68,407
|
|
|
|
13.1
|
%
|
|
|
|
|
|
|
|
(1)
|
|
The percentage change in revenue on a constant currency basis is
calculated using the average foreign exchange rates for the fourth
quarter of fiscal 2017 and applying those rates to
foreign-denominated revenue in the fourth quarter of fiscal 2018.
|
(2)
|
|
The percentage change in revenue on a constant currency basis is
calculated using the average foreign exchange rates for the third
quarter of fiscal 2018 and applying those rates to
foreign-denominated revenue in the fourth quarter of fiscal 2018.
|
(3)
|
|
The percentage change in revenue on a constant currency basis is
calculated using the average foreign exchange rates for each
period of fiscal 2017 and applying those rates to
foreign-denominated revenue in each period of fiscal 2018.
|
|
|
|
EXPLANATORY NOTE
In order to provide a more comprehensive view of trends in our business,
this table shows revenue data on an as-reported basis (GAAP) for the
respective periods and relative change in the same periods from the
impact on revenue of exchange rate fluctuations between the United
States dollar and currencies in countries in which the Company operates.
|
RESOURCES CONNECTION, INC.
|
SELECTED BALANCE SHEET, CASH FLOW AND OTHER INFORMATION
|
(Amounts in thousands, except consultant headcount and average
rates)
|
|
|
|
May 26,
|
|
May 27,
|
SELECTED BALANCE SHEET INFORMATION:
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
56,470
|
|
|
$
|
62,329
|
|
Accounts receivable, less allowances
|
|
$
|
130,452
|
|
|
$
|
98,222
|
|
Total assets
|
|
$
|
432,674
|
|
|
$
|
364,128
|
|
Current liabilities
|
|
$
|
94,524
|
|
|
$
|
71,771
|
|
Total stockholders' equity
|
|
$
|
268,825
|
|
|
$
|
238,142
|
|
|
|
|
|
|
|
|
For the Years Ended
|
|
|
May 26,
|
|
May 27,
|
SELECTED CASH FLOW INFORMATION:
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Cash flow -- operating activities
|
|
$
|
15,370
|
|
|
$
|
28,265
|
|
Cash flow -- investing activities
|
|
$
|
(25,666
|
)
|
|
$
|
20,409
|
|
Cash flow -- financing activities
|
|
$
|
3,474
|
|
|
$
|
(76,876
|
)
|
|
|
|
|
|
|
|
May 26,
|
|
May 27,
|
SELECTED OTHER INFORMATION:
|
|
2018
|
|
2017
|
Consultant headcount, end of period
|
|
|
3,247
|
|
|
|
2,569
|
|
Average bill rate, fourth quarter
|
|
$
|
124
|
|
|
$
|
120
|
|
Average pay rate, fourth quarter
|
|
$
|
64
|
|
|
$
|
60
|
|
Average bill rate (constant currency-Q4 17), fourth quarter
|
|
$
|
123
|
|
|
|
--
|
|
Average pay rate (constant currency-Q4 17), fourth quarter
|
|
$
|
63
|
|
|
|
--
|
|
Common shares outstanding, end of period
|
|
|
31,614
|
|
|
|
29,662
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180718005862/en/
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