Business
Resources Connection, Inc. Reports Financial Results for Third Quarter Fiscal 2022
– Record Third Quarter Revenue – – Operational and SG&A Leverage Drives Margin Expansion – IRVINE, Calif.--(BUSINESS WIRE)-- Resources Connection, Inc.
About this update from Resources Connection, Inc.
[{"type":"text","content":"\n– Record Third Quarter Revenue –\n\n– Operational and SG&A Leverage Drives Margin Expansion –\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 third quarter ended February 26, 2022.\n\nThird Quarter Fiscal 2022 Highlights:\n\n\nRevenue of $204.6 million, up 30.6% from the prior year quarter and 2.2% sequentially\n\n\nSame day constant currency revenue up 31.5% from the prior year quarter and 4.1% sequentially\n\n\nGross margin of 37.5%, up 110 basis points from the prior year quarter\n\n\nSG&A as a percent of revenue improved 580 basis points from prior year quarter to 27.9% of revenue\n\n\nNet income grew to $19.4 million (net income margin of 9.5%), compared to a net income of $0.7 million (net income margin of 0.4%) in the prior year quarter\n\n\nAdjusted EBITDA, a non-GAAP measure, increased to $22.5 million, more than doubling the prior year quarter reflecting 490 basis point margin improvement to 11.0%\n\n\nDiluted earnings per common share grew to $0.58, compared to $0.02 in the prior year quarter\n\n\nAdjusted diluted earnings per common share, a non-GAAP measure, improved to $0.65 compared to $0.14 in the prior year quarter\n\n\nDeclared cash dividends of $0.14 per share\n\n\nRGP to host Investor Day on Tuesday, April 12, 2022, 9 a.m. to 11:30 a.m. ET\n\n\nManagement Commentary\n\n“We delivered record third quarter revenue demonstrating our ability to execute on opportunities that strongly favor RGP’s agile, skills-based delivery model,” said Kate W. Duchene, Chief Executive Officer. “The world of work has fundamentally changed; clients are evolving workforce strategies to achieve transformation with greater speed, efficiency and agility. Likewise, modern consulting professionals want more flexibility and mobility in their work experiences. RGP operates at the center of these converging shifts and is uniquely positioned to support clients and consultants alike as they learn to work differently. We are excited to share more about the positive state of the business, including our HUGO pilot, at our Investor Day next week, April 12 at NASDAQ MarketSite.”\n\n\nThird Quarter Fiscal 2022 Results\n\nRevenue continued to grow in the third quarter of fiscal 2022 despite the...