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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)-- Resources Connection, Inc. (Nasdaq: RGP) (the
About this update from Resources Connection, Inc.
[{"type":"text","content":"\nSustained Strong Financial Performance\n\nHighest Revenue in Over a Decade\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nResources 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.\n\nFourth Quarter Fiscal 2022 Highlights:\n\n\nRevenue increased 25.9% year over year and 6.1% sequentially, to $217.0 million\n\n\nSame-day constant currency revenue, a non-GAAP measure, was up 27.5% from the prior year quarter and 1.3% sequentially\n\n\nGross profit improved to $89.7 million, up 31.3% from the prior year quarter\n\n\nGross margin was 41.3%, an improvement of 170 basis points over the prior year quarter\n\n\nSelling, general and administrative expenses (“SG&A”) as a percentage of revenue improved 220 basis points from the prior year quarter to 27.3%\n\n\nNet 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\n\n\nDiluted earnings per common share of $0.61 compared to $0.70 in the prior year quarter\n\n\nAdjusted 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\n\n\nCash dividends declared of $0.14 per share, consistent with the prior year quarter\n\n\nFull Fiscal Year 2022 Highlights:\n\n\nRevenue grew 27.9% to $805.0 million compared to $629.5 million the prior year\n\n\nSame-day constant currency revenue was up 28.7% from the prior year\n\n\nGross profit improved to $316.6 million, up 31.2% from the prior year\n\n\nGross margin was 39.3%, an improvement of 100 basis points from the prior year\n\n\nSG&A as a percentage of revenue improved 540 basis points from the prior year to 27.9%\n\n\nNet 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\n\n\nAdjusted EBITDA margin, a non-GAAP measure, was 12.8%, up 440 basis points compared to the prior year\n\n\nAvailable financial liquidity was $224.0 million, up from $150.1 million at fiscal year-end 2021\n\n\nManagement Commentary\n\n“We are very excited to have prod...