February 16, 2025

Advancing Business Journey

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Resources Connection: A Challenged Business, But One Worth Investing In (NASDAQ:RGP)

Resources Connection: A Challenged Business, But One Worth Investing In (NASDAQ:RGP)

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Resources Connection, Inc. (NASDAQ:RGP) is a management consultancy that boasts a “differentiated agile delivery model” and an ability to help firms in challenging situations or in moments of transformation. Nevertheless, the company itself is facing a challenging period, with revenues in decline

Values in millions

2020

2021

2022

2023

2024

GAAP Net Income

$ 28.29

$ 25.23

$ 67.17

$ 54.36

$ 21.03

Total Hidden Non-Operating Expense, Net

$ 3.92

$ 11.86

$ 0.52

$ (0.67)

$ 1.66

Reported Non-Operating Expense, Net

$ 1.42

$ 0.27

$ 0.47

$ 3.13

$ (1.05)

Total Derived Data for the Net Income to NOPAT Reconciliation

$ 0.03

$ (10.82)

$ 11.17

$ 9.80

$ 1.50

Change in Total Reserves

$ –

$ –

$ –

$ –

$ –

Goodwill Amortisation Expense, Net

$ –

$ –

$ –

$ –

$ –

Employee Stock Options (ESO) Expense

$ –

$ –

$ –

$ –

$ –

Interest for PV of Capitalised Operating, and Variable Leases

$ 1.64

$ 1.66

$ 0.93

$ 0.93

$ 0.71

Classification Disclosure Adjustment

$ –

$ –

$ –

$ –

$ –

Non-Operating Tax Adjustment

$ (1.61)

$ (12.48)

$ 10.23

$ 8.87

$ 0.79

Reported After-Tax Non-Operating Expense/(Income), Net

$ –

$ –

$ –

$ –

$ –

Reported Minority Interest Expense, Net

$ –

$ –

$ –

$ –

$ –

Reported Loss/(Gain) from Discontinued Operations After-Tax, Net

$ –

$ –

$ –

$ –

$ –

Reported Preferred Dividends, Net

$ –

$ –

$ –

$ –

$ –

Reported Dividends on Redeemable Preferred Stock, Net

$ –

$ –

$ –

$ –

$ –

Reported Other After-Tax Charges, Net

$ –

$ –

$ –

$ –

$ –

Net Operating Profit After Tax (NOPAT)

$ 33.66

$ 26.54

$ 79.33

$ 66.62

$ 23.14

Value in millions, except per share amounts

2020

2021

2022

2023

2024

NOPAT

$ 33.66

$ 26.54

$ 79.33

$ 66.62

$ 23.14

WACC

5.25%

6.59%

7.29%

6.41%

6.43%

Excess Cash

$ 60.46

$ 42.92

$ 63.97

$ 78.00

$ 77.25

Net Assets from Discontinued Operations

$ –

$ –

$ –

$ –

$ –

Net Deferred Tax Liability

$ –

$ –

$ –

$ –

$ –

Net Deferred Compensation Assets

$ –

$ –

$ –

$ –

$ –

Fair Value of Unconsolidated Subsidiary Assets (non-op)

$ –

$ –

$ –

$ –

$ 8.91

Fair Value of Total Debt

$ 124.92

$ 80.38

$ 74.96

$ 20.81

$ 15.96

Fair Value of Preferred Capital

$ –

$ –

$ –

$ –

$ –

Fair Value of Minority Interests

$ –

$ –

$ –

$ –

$ –

Value of Outstanding ESO After-Tax

$ 5.48

$ 2.47

$ 12.23

$ 4.75

$ –

Pensions Net Funded Status

$ –

$ –

$ –

$ –

$ –

Economic Book Value (EBV)

$ 571.21

$ 362.86

$ 1,064.94

$ 1,091.76

$ 430.12

Split Adjusted Shares Outstanding (thousands)

32,144.00

32,885.00

33,197.00

33,475.00

33,556.00

EBV per Share

$ 17.77

$ 11.03

$ 32.08

$ 32.61

$ 12.82

Stock Price (closing)

$ 10.99

$ 14.58

$ 18.18

$ 15.57

$ 11.45

Price to Economic Book Value per Share (PEBV)

0.62

1.32

0.57

0.48

0.89

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