Resources Connection Q4 revenue $184.4M beats guidance; diluted EPS $0.35 vs $0.61 YoY

Fourth Quarter Fiscal 2023 Highlights Compared to Prior Year Quarter: Revenue of $184.4 million declined 15.0% compared to $217.0 million, which included $7.7 million of revenue attributed to taskforce , divested at the beginning of fiscal 2023 Same-day constant currency revenue, a non-GAAP measure, declined 11.5% excluding taskforce Gross margin remained strong at 41.1% compared to 41.3% Selling, general and administrative expenses (“SG&A”) of $56.5 million, including $1.9 million of technology transformation costs, or 30.6% of revenue, up 330 basis points Net income of $11.8 million (net income margin of 6.4%) compared to $20.5 million (net income margin of 9.5%) Diluted earnings per common share of $0.35 compared to $0.61 Adjusted EBITDA, a non-GAAP measure, was $23.2 million, or 12.6% Adjusted EBITDA margin compared to 15.4% Cash dividends declared of $0.14 per share consistent with the prior year quarter Available financial liquidity of $291.0 million, up from $224.0 million at fi

Full Fiscal Year 2023 Highlights Compared to Prior Year: Revenue of $775.6 million declined 3.6% compared to $805.0 million, which included $27.6 million of revenue attributed to taskforce Same-day constant currency revenue, a non-GAAP measure, was up 1.1% excluding taskforce Gross margin of 40.4%, an improvement of 110 basis points SG&A of $228.8 million, including $6.4 million of technology transformation costs, or 29.5% of revenue, compared to 27.9% Net income of $54.4 million (net income margin of 7.0%), including goodwill impairment charge of $3.0 million related to Sitrick, compared to $67.2 million (net income margin of 8.3%) Diluted earnings per common share of $1.59 compared to $2.00 Adjusted EBITDA, a non-GAAP measure, of $100.2 million, or 12.9% Adjusted EBITDA margin, up 10 basis points