Business
Resources Connection, Inc. Reports Financial Results for First Quarter Fiscal 2022
– Strongest First Quarter Revenue and Margin Performance in More than Ten Years – IRVINE, Calif.--(BUSINESS WIRE)-- Resources Connection, Inc. (Nasdaq: RGP),
About this update from Resources Connection, Inc.
[{"type":"text","content":"\n– Strongest First Quarter Revenue and Margin Performance in More than Ten Years –\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nResources Connection, Inc. (Nasdaq: RGP), a multinational business consulting firm operating as RGP (the “Company”), today announced financial results for its fiscal first quarter ended August 28, 2021.\n\nFirst Quarter Fiscal 2022 Highlights:\n\n\nRevenue of $183.1 million, an increase of 24.3%, or 25.0% on a same day constant currency basis, compared to first quarter fiscal 2021, and a sequential increase of 6.3%, or 8.5% on a same day constant currency basis\n\n\nSG&A as a percentage of revenue of 28.1%, an improvement of 660 basis points from first quarter fiscal 2021\n\n\nNet income grew to $12.9 million (net income margin of 7.1%) compared to $2.3 million (net income margin of 1.6%) in first quarter fiscal 2021\n\n\nAdjusted EBITDA, a non-GAAP measure, increased to $22.4 million, compared to $10.2 million in first quarter fiscal 2021, reflecting an Adjusted EBITDA margin of 12.2%, up 530 basis points from first quarter fiscal 2021\n\n\nDiluted earnings per common share grew to $0.39 compared to $0.07 in first quarter fiscal 2021\n\n\nAdjusted diluted earnings per common share, a non-GAAP measure, improved to $0.43 compared to $0.14 in first quarter fiscal 2021\n\n\nDeclared cash dividends of $0.14 per share\n\n\nManagement Commentary\n\n“Our performance in Q1 supporting clients’ migration to more agile work is the trajectory we expected,” said Kate W. Duchene, chief executive officer. “We have grown top line to levels not experienced in any first quarter period in more than ten years, while significantly improving our bottom-line return. This level of performance reflects three years of transformative work within the organization and favorable macro opportunities. We have experienced growth in most large markets and industry verticals, including healthcare, financial services, and technology. Digital transformation initiatives continued to drive demand and double-digit growth in our Veracity business. We remain optimistic about our ability to compete and win as our business model attracts in-demand talent who desire more choice, transparency and diversity of experience.”\n\nFirst Quarter Fiscal 2022 Results\n\nRevenue growth in the first quarter of fiscal 2022 was propelled by strong client demand and ...