Highest Second Quarter Net Income Margin in a Decade
Record Second Quarter Adjusted EBITDA Margin
Second Quarter Fiscal 2023 Highlights Compared to the Prior
-
Revenue of
$200.4 million was up slightly - Same-day constant currency revenue excluding taskforce, divested in the first quarter of fiscal 2023, a non-GAAP measure, grew 5.7%
- Gross margin expanded 180 basis points to 41.1%
- Selling, general and administrative expenses (“SG&A”) improved 10 basis points as a percentage of revenue to 28.3%
-
Net income grew to
$17.4 million (net income margin of 8.7%), up from$14.3 million (net income margin of 7.1%) -
Diluted earnings per common share rose to
$0.51 from$0.42 -
Adjusted EBITDA, a non-GAAP measure, increased to
$29.6 million with a 230 basis point margin improvement to 14.8% -
Cash dividends declared of
$0.14 per share
Management Commentary
“Our strong performance in the second quarter of fiscal 2023, especially continued top line growth and gross margin improvement over a very robust prior year comparative, validates our business model and our clients’ migration toward value-oriented partners,” said
Second Quarter Fiscal 2023 Results
The Company produced a strong revenue performance in the second quarter of fiscal 2023 as it benefited from solid operational execution and stable demand despite the uncertainties of the macro environment. In addition, the labor market remains tight which serves to support the Company’s business in a slowing global economy. There was healthy year-over-year growth in strategic client accounts as well as in core solution areas including finance and accounting, technology and digital, offsetting certain areas that were softer. The Company’s billable hours in the second quarter of fiscal 2023 were off 0.7% due to the divestiture of taskforce at the beginning of the first quarter of fiscal 2023, while average bill rate increased by 0.8%, or 2.4% on a constant currency basis over the prior year quarter. The year-over-year improvement in average bill rate is attributable to an ongoing focus on value-based pricing. Excluding taskforce billable hours increased by 1.4% while average bill rate increased by 4.0% on a constant currency basis. Revenue excluding taskforce grew from
Gross margin for the second quarter of fiscal 2023 was 41.1%, up from 39.3% in the second quarter of fiscal 2022. The increase was primarily due to a 270 basis point improvement in pay/bill ratio driven by ongoing efforts to enhance pricing while offering competitive consultant wages. Also contributing to the improvement in pay/bill ratio was the divestiture of taskforce, which historically had a less favorable pay/bill ratio compared to the core RGP business. This positive impact was partially offset by a rise in employee-related benefits, primarily vacation and self-insured medical costs.
SG&A for the second quarter of fiscal 2023 was
Income tax expense was
With steady revenue and improvement in gross margin, net income increased to
|
|||||||||||
SUMMARY OF CONSOLIDATED FINANCIAL RESULTS |
|||||||||||
(In thousands, except per share amounts) |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
|
|
|
|
|
|
||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
||||
Revenue |
$ |
200,355 |
|
$ |
200,238 |
|
$ |
404,417 |
|
$ |
383,378 |
Direct cost of services |
|
118,005 |
|
|
121,497 |
|
|
238,600 |
|
|
233,204 |
Gross profit |
|
82,350 |
|
|
78,741 |
|
|
165,817 |
|
|
150,174 |
Selling, general and administrative expenses |
|
56,777 |
|
|
56,881 |
|
|
112,964 |
|
|
108,274 |
Amortization expense |
|
1,216 |
|
|
1,184 |
|
|
2,468 |
|
|
2,287 |
Depreciation expense |
|
880 |
|
|
893 |
|
|
1,767 |
|
|
1,812 |
Income from operations |
|
23,477 |
|
|
19,783 |
|
|
48,618 |
|
|
37,801 |
Interest expense, net |
|
199 |
|
|
222 |
|
|
515 |
|
|
438 |
Other income |
|
(31) |
|
|
(311) |
|
|
(338) |
|
|
(617) |
Income before income tax expense |
|
23,309 |
|
|
19,872 |
|
|
48,441 |
|
|
37,980 |
Income tax expense |
|
5,877 |
|
|
5,567 |
|
|
12,869 |
|
|
10,752 |
Net income |
$ |
17,432 |
|
$ |
14,305 |
|
$ |
35,572 |
|
$ |
27,228 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.52 |
|
$ |
0.43 |
|
$ |
1.07 |
|
$ |
0.82 |
Diluted |
$ |
0.51 |
|
$ |
0.42 |
|
$ |
1.04 |
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common and common equivalent shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
33,510 |
|
|
33,221 |
|
|
33,394 |
|
|
33,058 |
Diluted |
|
34,301 |
|
|
33,950 |
|
|
34,292 |
|
|
33,652 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.28 |
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Geography |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
176,655 |
|
$ |
167,154 |
|
$ |
356,205 |
|
$ |
319,033 |
|
|
10,401 |
|
|
19,921 |
|
|
21,576 |
|
|
38,786 |
|
|
13,299 |
|
|
13,163 |
|
|
26,636 |
|
|
25,559 |
Total revenue |
$ |
200,355 |
|
$ |
200,238 |
|
$ |
404,417 |
|
$ |
383,378 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividend |
|
|
|
|
|
|
|
|
|
|
|
Total cash dividends paid |
$ |
4,733 |
|
$ |
4,647 |
|
$ |
9,368 |
|
$ |
9,250 |
Conference Call Information
RGP will hold a conference call for analysts and investors at
About RGP
RGP is a global consulting firm focused on project execution services that power clients’ operational needs and change initiatives utilizing on-demand, experienced and diverse talent. As a next-generation human capital partner for our clients, we specialize in co-delivery of enterprise initiatives typically precipitated by business transformation, strategic transactions or regulatory change. Our engagements are designed to leverage human connection and collaboration to deliver practical solutions and more impactful results that power our clients’, consultants’ and partners’ success. Our unique approach to workforce strategy strongly positions us to help our clients transform their businesses and workplaces, especially at a time when high-quality talent is increasingly scarce and the usage of a flexible workforce to execute transformational projects has become the dominant operating model. Our mission as an employer is to connect our team members to meaningful opportunities that further their career ambitions within the context of a supportive talent community of dedicated professionals. With approximately 4,200 professionals collectively engaged with over 2,100 clients around the world from nearly 40 physical practice offices and multiple virtual offices, we are their partner in delivering on the “now of work.” Headquartered in
The Company is listed on the Nasdaq Global Select Market, the exchange’s highest tier by listing standards. To learn more about RGP, visit: http://www.rgp.com. (RGP-F)
Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to expectations concerning matters that are not historical facts. 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 statements regarding our growth and operational plans, the competitiveness of our business model, opportunities in our blue chip client base in 2023, and expectations regarding our continued growth and ability to deliver increased stockholder value. These 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, but are not limited to, the following: risks related to an economic downturn or deterioration of general macroeconomic conditions (including recessionary pressures, decreases in consumer spending power or confidence and significant uncertainty in the global economy and capital markets resulting from rising inflation, volatility in energy and commodity prices, the impact of the
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures to assess our financial and operating performance that are not defined by, or calculated in accordance with, GAAP. 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 Consolidated Statements of Operations; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the comparable GAAP measure so calculated and presented. The following non-GAAP measures are presented in this press release:
-
Same-day constant currency revenue is adjusted for the following items:
- Currency impact. In order to remove the impact of fluctuations in foreign currency exchange rates, the Company calculates same-day constant currency revenue, which represents the outcome that would have resulted had exchange rates in the current period been the same as those in effect in the comparable prior period.
- Business days impact. In order to remove the fluctuations caused by comparable periods having a different number of business days, the Company calculates same-day revenue as current period revenue (adjusted for currency impact) divided by the number of business days in the current period, multiplied by the number of business days in the comparable prior period. The number of business days in each respective period is provided in the “Number of Business Days” section of the “Reconciliation of GAAP to Non-GAAP Financial Measures” table below.
- EBITDA is calculated as net income before amortization expense, depreciation expense, interest and income taxes.
- Adjusted EBITDA is calculated as EBITDA plus or minus stock-based compensation expense, technology transformation costs, restructuring costs, and contingent consideration adjustments. Adjusted EBITDA at the segment level excludes certain shared corporate administrative costs that are not practical to allocate.
- Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenue.
- Cash tax rate excludes the non-cash tax impact of stock option expirations, non-cash tax impact of valuation allowances on international deferred tax assets, and other non-cash tax items.
- Adjusted income tax expense is calculated based on the Company’s cash tax rates (as defined above).
- Adjusted diluted earnings per common share is calculated as diluted earnings per common share, plus or minus the per share impact of stock-based compensation expense, technology transformation costs, restructuring costs, contingent consideration adjustments, and adjusted for the related tax effects of these adjustments.
We believe the above-mentioned non-GAAP financial measures, which are used by management to assess the core performance of our Company, provide useful information and additional clarity of our operating results to our investors in their own evaluation of the core performance of our Company and facilitate a comparison of such performance from period to period. These are not measurements of financial performance or liquidity under GAAP and should not be considered in isolation or construed as substitutes for revenue, net income or other cash flow data prepared in accordance with GAAP for purposes of analyzing our revenue, profitability or liquidity. These measures should be considered in addition to, and not as a substitute for, revenue, net income, earnings per share, cash flows or other measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies, as other companies may calculate such financial results differently.
|
|||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||
(In thousands, except number of business days) |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||
Revenue by Geography |
|
|
|
|
|
|
|
||||
|
2022 (1) |
|
2021 (1) |
|
2022 (1) |
|
2021 (1) |
||||
|
(Unaudited) |
|
|
(Unaudited) |
|||||||
|
|
|
|
|
|
||||||
As reported (GAAP) |
$ |
176,655 |
|
$ |
167,154 |
|
$ |
356,205 |
|
$ |
319,033 |
Currency impact |
|
(22) |
|
|
|
|
|
26 |
|
|
|
Business days impact |
|
– |
|
|
|
|
|
– |
|
|
|
Same-day constant currency revenue |
$ |
176,633 |
|
|
|
|
$ |
356,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported (GAAP) |
$ |
10,401 |
|
$ |
19,921 |
|
$ |
21,576 |
|
$ |
38,786 |
Currency impact |
|
1,801 |
|
|
|
|
|
3,374 |
|
|
|
Business days impact |
|
43 |
|
|
|
|
|
106 |
|
|
|
Same-day constant currency revenue |
$ |
12,245 |
|
|
|
|
$ |
25,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported (GAAP) |
$ |
13,299 |
|
$ |
13,163 |
|
$ |
26,636 |
|
$ |
25,559 |
Currency impact |
|
2,038 |
|
|
|
|
|
3,473 |
|
|
|
Business days impact |
|
(73) |
|
|
|
|
|
38 |
|
|
|
Same-day constant currency revenue |
$ |
15,264 |
|
|
|
|
$ |
30,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated |
|
|
|
|
|
|
|
|
|
|
|
As reported (GAAP) |
$ |
200,355 |
|
$ |
200,238 |
|
$ |
404,417 |
|
$ |
383,378 |
Currency impact |
|
3,817 |
|
|
|
|
|
6,873 |
|
|
|
Business days impact |
|
(30) |
|
|
|
|
|
144 |
|
|
|
Same-day constant currency revenue |
$ |
204,142 |
|
|
|
|
$ |
411,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Business Days |
|
|
|
|
|
||||||
|
|
62 |
|
|
62 |
|
|
125 |
|
|
125 |
|
|
64 |
|
|
65 |
|
|
128 |
|
|
129 |
|
|
61 |
|
|
61 |
|
|
124 |
|
|
124 |
(1) |
Total consolidated revenue and |
|
(2) |
This represents the number of business days in |
|
(3) |
The business days in international regions represents the weighted average number of business days. |
|
|||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||
(In thousands, except per share amounts and percentages) |
|||||||||||
|
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
% of |
|
|
|
% of |
||||
Adjusted EBITDA |
2022 |
|
Revenue |
|
2021 |
|
Revenue |
||||
|
(Unaudited) |
|
(Unaudited) |
||||||||
Net income |
$ |
17,432 |
|
8.7 |
% |
|
$ |
14,305 |
|
7.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
|
1,216 |
|
0.6 |
|
|
|
1,184 |
|
0.6 |
|
Depreciation expense |
|
880 |
|
0.4 |
|
|
|
893 |
|
0.5 |
|
Interest expense, net |
|
199 |
|
0.1 |
|
|
|
222 |
|
0.1 |
|
Income tax expense |
|
5,877 |
|
3.0 |
|
|
|
5,567 |
|
2.8 |
|
EBITDA |
|
25,604 |
|
12.8 |
|
|
|
22,171 |
|
11.1 |
|
Stock-based compensation expense |
|
2,237 |
|
1.1 |
|
|
|
2,019 |
|
1.0 |
|
Technology transformation costs (1) |
|
1,748 |
|
0.9 |
|
|
|
229 |
|
0.1 |
|
Restructuring costs (2) |
|
42 |
|
– |
|
|
|
583 |
|
0.3 |
|
Contingent consideration adjustment |
|
– |
|
– |
|
|
|
(54) |
|
– |
|
Adjusted EBITDA |
$ |
29,631 |
|
14.8 |
% |
|
$ |
24,948 |
|
12.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted Earnings per Common Share |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share, as reported |
$ |
0.51 |
|
|
|
|
$ |
0.42 |
|
|
|
Stock-based compensation expense |
|
0.07 |
|
|
|
|
|
0.06 |
|
|
|
Technology transformation costs (1) |
|
0.05 |
|
|
|
|
|
0.01 |
|
|
|
Restructuring costs (2) |
|
– |
|
|
|
|
|
0.02 |
|
|
|
Contingent consideration adjustment |
|
– |
|
|
|
|
|
– |
|
|
|
Income tax impact of adjustments |
|
(0.04) |
|
|
|
|
|
(0.04) |
|
|
|
Adjusted diluted earnings per common share |
$ |
0.59 |
|
|
|
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Provision for Income Taxes and Cash Tax Rate |
|||||||||||
Income tax expense |
$ |
5,877 |
|
|
|
|
$ |
5,567 |
|
|
|
Effect of non-cash tax items: |
|
|
|
|
|
|
|
|
|
|
|
Stock option expirations |
|
(16) |
|
|
|
|
|
(139) |
|
|
|
Valuation allowance on international deferred tax assets |
|
(349) |
|
|
|
|
|
254 |
|
|
|
Net uncertain tax position adjustments |
|
(13) |
|
|
|
|
|
(6) |
|
|
|
Other adjustments |
|
218 |
|
|
|
|
|
(16) |
|
|
|
Adjusted provision for income taxes |
$ |
5,717 |
|
|
|
|
$ |
5,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
25.2% |
|
|
|
|
|
28.0% |
|
|
|
Total effect of non-cash tax items on effective tax rate |
|
(0.7%) |
|
|
|
|
|
0.5% |
|
|
|
Cash tax rate |
|
24.5% |
|
|
|
|
|
28.5% |
|
|
|
(1) |
Technology transformation costs represent costs included in net income related to the Company’s initiative to upgrade its technology platform globally, including a cloud-based enterprise resource planning system and talent acquisition and management system. Such costs primarily include software licensing costs, third-party consulting fees and costs associated with dedicated internal resources that are not capitalized. |
|
(2) |
The Company substantially completed our global restructuring and business transformation plan (the “Restructuring Plans”) in fiscal 2021. All employee termination and facility exit costs incurred under the Restructuring Plans were considered completed as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||||||||
|
|
|
% of |
|
|
|
% of |
||||
Adjusted EBITDA |
2022 |
|
Revenue |
|
2021 |
|
Revenue |
||||
|
(Unaudited) |
|
(Unaudited) |
||||||||
Net income |
$ |
35,572 |
|
8.8 |
% |
|
$ |
27,228 |
|
7.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
|
2,468 |
|
0.6 |
|
|
|
2,287 |
|
0.6 |
|
Depreciation expense |
|
1,767 |
|
0.4 |
|
|
|
1,812 |
|
0.5 |
|
Interest expense, net |
|
515 |
|
0.1 |
|
|
|
438 |
|
0.1 |
|
Income tax expense |
|
12,869 |
|
3.3 |
|
|
|
10,752 |
|
2.8 |
|
EBITDA |
|
53,191 |
|
13.2 |
|
|
|
42,517 |
|
11.1 |
|
Stock-based compensation expense |
|
4,766 |
|
1.1 |
|
|
|
3,648 |
|
0.9 |
|
Technology transformation costs (1) |
|
2,739 |
|
0.7 |
|
|
|
229 |
|
0.1 |
|
Restructuring costs (2) |
|
(355) |
|
(0.1) |
|
|
|
739 |
|
0.2 |
|
Contingent consideration adjustment |
|
– |
|
– |
|
|
|
167 |
|
– |
|
Adjusted EBITDA |
$ |
60,341 |
|
14.9 |
% |
|
$ |
47,300 |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted Earnings per Common Share |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share, as reported |
$ |
1.04 |
|
|
|
|
$ |
0.81 |
|
|
|
Stock-based compensation expense |
|
0.14 |
|
|
|
|
|
0.11 |
|
|
|
Technology transformation costs (1) |
|
0.08 |
|
|
|
|
|
0.01 |
|
|
|
Restructuring costs (2) |
|
(0.01) |
|
|
|
|
|
0.02 |
|
|
|
Contingent consideration adjustment |
|
– |
|
|
|
|
|
– |
|
|
|
Income tax impact of adjustments |
|
(0.06) |
|
|
|
|
|
(0.04) |
|
|
|
Adjusted diluted earnings per common share |
$ |
1.19 |
|
|
|
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Provision for Income Taxes and Cash Tax Rate |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
$ |
12,869 |
|
|
|
|
$ |
10,752 |
|
|
|
Effect of non-cash tax items: |
|
|
|
|
|
|
|
|
|
|
|
Stock option expirations |
|
(17) |
|
|
|
|
|
(245) |
|
|
|
Valuation allowance on international deferred tax assets |
|
(557) |
|
|
|
|
|
564 |
|
|
|
Net uncertain tax position adjustments |
|
(24) |
|
|
|
|
|
(15) |
|
|
|
Other adjustments |
|
272 |
|
|
|
|
|
(15) |
|
|
|
Adjusted provision for income taxes |
$ |
12,543 |
|
|
|
|
$ |
11,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
26.6% |
|
|
|
|
|
28.3% |
|
|
|
Total effect of non-cash tax items on effective tax rate |
|
(0.7%) |
|
|
|
|
|
0.8% |
|
|
|
Cash tax rate |
|
25.9% |
|
|
|
|
|
29.1% |
|
|
|
(1) |
Technology transformation costs represent costs included in net income related to the Company’s initiative to upgrade its technology platform globally, including a cloud-based enterprise resource planning system and talent acquisition and management system. Such costs primarily include software licensing costs, third-party consulting fees and costs associated with dedicated internal resources that are not capitalized. |
|
(2) |
The Company substantially completed the Restructuring Plans in fiscal 2021. All employee termination and facility exit costs incurred under the Restructuring Plans were considered completed as of |
Segment Results
On
RGP is the Company’s only operating segment that meets the quantitative threshold of a reportable segment. Sitrick does not individually meet the quantitative threshold to qualify as a reportable segment. Therefore, Sitrick is disclosed in Other Segments.
The following table discloses the Company’s revenue and Adjusted EBITDA by segment for each of the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|||||||
|
|
|
|
|
|
|
|
||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
(Unaudited) |
|
(Unaudited) |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
RGP |
$ |
197,584 |
|
$ |
189,400 |
|
$ |
398,579 |
|
$ |
362,333 |
Other Segments (1) |
|
2,771 |
|
|
10,838 |
|
|
5,838 |
|
|
21,045 |
Total revenue |
$ |
200,355 |
|
$ |
200,238 |
|
$ |
404,417 |
|
$ |
383,378 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
RGP |
$ |
37,664 |
|
$ |
32,121 |
|
$ |
76,011 |
|
$ |
61,177 |
Other Segments (1) |
|
332 |
|
|
1,232 |
|
|
648 |
|
|
2,238 |
Reconciling items (2) |
|
(8,365) |
|
|
(8,405) |
|
|
(16,318) |
|
|
(16,115) |
Total Adjusted EBITDA (3) |
$ |
29,631 |
|
$ |
24,948 |
|
$ |
60,341 |
|
$ |
47,300 |
(1) |
Amounts reported in Other Segments for the three and six months ended |
|
(2) |
Reconciling items are generally comprised of unallocated corporate administrative costs, including management and board compensation, corporate support function costs and other general corporate costs that are not allocated to segments. |
|
(3) |
A reconciliation of the Company’s net income to Adjusted EBITDA on a consolidated basis is presented in the tables on page 7 and 8. |
|
SELECTED BALANCE SHEET, CASH FLOW AND OTHER INFORMATION |
(In thousands, except consultant headcount and average rates) |
|
|
|
|
|
|
|
|
|
|
||
SELECTED BALANCE SHEET INFORMATION: |
2022 |
|
2022 |
||
|
(Unaudited) |
|
|
|
|
Cash and cash equivalents |
$ |
89,449 |
|
$ |
104,224 |
Accounts receivable, net of allowance for doubtful accounts |
$ |
153,762 |
|
$ |
153,154 |
Total assets |
$ |
550,512 |
|
$ |
581,473 |
Current liabilities |
$ |
100,990 |
|
$ |
124,322 |
Long-term debt |
$ |
20,000 |
|
$ |
54,000 |
Total liabilities |
$ |
148,366 |
|
$ |
209,024 |
Total stockholders’ equity |
$ |
402,146 |
|
$ |
372,449 |
|
|
|
|
|
|
|
Six Months Ended |
||||
|
|
|
|
||
SELECTED CASH FLOW INFORMATION: |
2022 |
|
2021 |
||
|
(Unaudited) |
|
(Unaudited) |
||
Cash flow — operating activities |
$ |
23,654 |
|
$ |
3,460 |
Cash flow — investing activities |
$ |
1,824 |
|
$ |
(2,271) |
Cash flow — financing activities |
$ |
(38,445) |
|
$ |
(3,295) |
|
|
|
|
|
|
|
Three Months Ended |
||||
|
|
|
|
||
SELECTED OTHER INFORMATION: |
2022 |
|
2021 |
||
|
(Unaudited) |
|
(Unaudited) |
||
Consultant headcount, end of period |
|
3,255 |
|
|
3,319 |
Average bill rate (1) |
$ |
128 |
|
$ |
127 |
Average pay rate (1) |
$ |
60 |
|
$ |
63 |
Common shares outstanding, end of period |
|
33,635 |
|
|
33,683 |
(1) |
Rates represent the weighted average bill rates and pay rates across the countries in which we operate. Such weighted average rates are impacted by the mix of our business across the geographies as well as fluctuations in currency rates. Constant currency average bill and pay rates using the same exchange rates in the second quarter of fiscal 2022 were |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230104005427/en/
Investor Contact:
(US+) 1-714-430-6500
Jennifer.Ryu@rgp.com
Media Contact:
(US+) 1-310-788-2850
mike_sitrick@sitrick.com
Source: