Resources Connection, Inc. (the \u201cCompany\u201d), a Delaware corporation, was incorporated on November\u00a016, 1998. The Company\u2019s operating entities provide services primarily under the name Resources Global Professionals (\u201cRGP\u201d). RGP is a global consulting firm focused on project execution services that power clients\u2019 operational needs and change initiatives utilizing on-demand, expert and diverse talent. As a next-generation human capital partner for its clients, the Company specializes in co-delivery of enterprise initiatives typically precipitated by business transformation, strategic transactions or regulatory change. The Company\u2019s principal markets of operations are North America, Europe and Asia Pacific.
The Company\u2019s fiscal year consists of 52 or 53\u00a0weeks, ending on the Saturday in May closest to May\u00a031. The second quarters of fiscal 2024 and 2023 each consisted of 13 weeks. The Company\u2019s fiscal year 2024 will consist of 52 weeks.
"}]},{"name":"rpt:f-435","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriod","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"The Company\u2019s fiscal year consists of 52 or 53\u00a0weeks, ending on the Saturday in May closest to May\u00a031. The second quarters of fiscal 2024 and 2023 each consisted of 13 weeks. The Company\u2019s fiscal year 2024 will consist of 52 weeks."}]},{"name":"rpt:f-436","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriodDuration","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P364D"}]},{"name":"rpt:f-437","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriodDuration","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P371D"}]},{"name":"rpt:f-438","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriodDuration","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"P91D"}]},{"name":"rpt:f-439","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriodDuration","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"P91D"}]},{"name":"rpt:f-440","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriodDuration","xbrl:period":"2023-05-28T00:00:00/2024-05-26T00:00:00","xbrl:entity":"cik:0001084765","srt:StatementScenarioAxis":"us-gaap:ScenarioPlanMember"},"factValues":[{"value":"P364D"}]},{"name":"rpt:f-441","factDimensions":{"xbrl:concept":"us-gaap:SignificantAccountingPoliciesTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"2.\u00a0Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited financial statements of the Company as of and for the three and six months ended November 25, 2023 and November 26, 2022 have been prepared in conformity with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. These financial statements include all adjustments (consisting only of normal recurring adjustments) the Company\u2019s management considers necessary for a fair presentation of its financial position at such dates and the operating results and cash flows for those periods. The financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates and assumptions are adequate, actual results could differ from the estimates and assumptions used.
The fiscal 2023 year-end balance sheet data was derived from audited consolidated financial statements, and certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (\u201cSEC\u201d) rules or regulations; however, the Company believes the disclosures made are adequate to make the information presented not misleading.
The unaudited consolidated results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended May 27, 2023, which are included in the Company\u2019s Annual Report on Form 10-K (\u201cFiscal Year 2023 Form 10-K\u201d) filed with the SEC on July 25, 2023 (File\u00a0No. 0-32113).
A complete listing of the Company\u2019s significant accounting policies is discussed in Note\u00a02 \u2013 Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements included in the Fiscal Year 2023 Form 10-K.
Reporting Segments
Effective May 31, 2022, the Company\u2019s operating segments consist of the following:
\uf0b7RGP \u2013 a global consulting firm focused on project execution services that power clients\u2019 operational needs and change initiatives utilizing on-demand, experienced and diverse talent; and
\uf0b7Sitrick \u2013 a crisis communications and public relations firm which operates under the Sitrick brand, providing corporate, financial, transactional and crisis communication and management services.
Each of these segments reports through a separate management team to the Company\u2019s Chief Executive Officer, who is designated as the Chief Operating Decision Maker (\u201cCODM\u201d) for segment reporting purposes. RGP is the Company\u2019s only reportable segment. Sitrick does not individually meet the quantitative threshold to qualify as a reportable segment. Therefore, Sitrick is disclosed in Other Segments. Each of these segments represents a reporting unit for the purposes of assessing goodwill for impairment.
On November 15, 2023, the Company acquired CloudGo Pte Ltd. and its subsidiaries (collectively, \u201cCloudGo\u201d). CloudGo is reported as part of the RGP operating segment. See Note 4 \u2013 Acquisitions and Dispositions in the Notes to Consolidated Financial Statements for further information.
On May 31, 2022, the Company divested taskforce \u2013 Management on Demand GmbH, and its wholly owned subsidiary skillforce \u2013 Executive Search GmbH, a German professional services firm operating under the taskforce brand (\u201ctaskforce\u201d); see Note\u00a04 \u2013 Acquisitions and Dispositions for further information. Prior to the divestiture, the business operated by taskforce, along with its parent company, Resources Global Professionals (Germany) GmbH (\u201cRGP Germany\u201d), an affiliate of the Company, represented an operating segment of the Company and was reported as a part of Other Segments.
Prior-period comparative segment information was not restated as a result of the divestiture of taskforce as the Company did not have a change in internal organization or the financial information that the CODM uses to assess performance and allocate resources. See Note 13 \u2013 Segment Information and Enterprise Reporting for further information.
Per Share Information
The Company presents both basic and diluted earnings per share (\u201cEPS\u201d). Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Performance stock units are excluded from the basic EPS calculation, since the number of shares subject to the award that will vest will not be determined until after the end of the applicable performance period. Diluted EPS is based upon the weighted-average number of common shares and common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and are excluded from the calculation.
The following table summarizes the calculation of net income per common share for the three and six months ended November 25, 2023 and November 26, 2022 (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Six Months Ended | ||||||||
| November 25, |
| November 26, |
| November 25, |
| November 26, | ||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
Net income | $ | 4,895 |
| $ | 17,432 |
| $ | 8,012 |
| $ | 35,572 |
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares |
| 33,409 |
|
| 33,510 |
|
| 33,410 |
|
| 33,394 |
Effect of dilutive shares: |
|
|
|
|
|
|
|
|
|
|
|
Potentially dilutive stock options |
| 52 |
|
| 377 |
|
| 89 |
|
| 490 |
Potentially dilutive employee stock purchase plan |
| - |
|
| - |
|
| - |
|
| 8 |
Potentially dilutive restricted stock awards |
| 62 |
|
| 66 |
|
| 58 |
|
| 64 |
Potentially dilutive restricted stock units |
| 188 |
|
| 245 |
|
| 200 |
|
| 243 |
Potentially dilutive performance stock units |
| 190 |
|
| 103 |
|
| 188 |
|
| 93 |
Diluted weighted-average shares outstanding |
| 33,901 |
|
| 34,301 |
|
| 33,945 |
|
| 34,292 |
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic | $ | 0.15 |
| $ | 0.52 |
| $ | 0.24 |
| $ | 1.07 |
Diluted | $ | 0.14 |
| $ | 0.51 |
| $ | 0.24 |
| $ | 1.04 |
Anti-dilutive shares not included above |
| 2,254 |
|
| 703 |
|
| 2,005 |
|
| 6 |
Financial Instruments
The fair value of the Company\u2019s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:
Level 1 \u2013 Quoted prices in active markets for identical assets and liabilities.
Level 2 \u2013 Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets.
Level 3 \u2013 Unobservable inputs.
Contingent consideration liability is for estimated future contingent consideration payments related to the Company\u2019s acquisitions. Total contingent consideration liabilities related to the acquisition of CloudGo was preliminarily valued at $4.5 million as of November 25, 2023. The fair value measurement of the liability was based on significant inputs not observed in the market and thus represents a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the contingent consideration liability were the Company\u2019s measures of the estimated payouts based on internally generated financial projections and discount rates. The fair value of contingent consideration liability will be remeasured on a quarterly basis until settlement by the Company using additional information as it becomes available, and any change in the fair value estimates will be recorded in selling, general and administrative expenses in the Company\u2019s Consolidated Statements of Operations. Future revisions to these assumptions could materially change the estimate of the fair value of contingent consideration and therefore could materially affect the Company\u2019s future operating results.
The Company\u2019s remaining financial instruments, including cash and cash equivalents, trade accounts receivable, accounts payable and other accrued expenses and long-term debt are carried at cost, which approximates their fair value because of the short-term maturity of these instruments or because their stated interest rates are indicative of market interest rates.
Capitalized Hosting Arrangements
The capitalized hosting arrangements costs are primarily related to the implementation of a cloud-based enterprise resource planning system and talent acquisition and management systems. Such costs include third party implementation costs and costs associated with internal resources directly involved in the implementation. Capitalized hosting arrangements are stated at historical cost and amortized on a straight-line basis over the estimated useful life of the expected term of the hosting arrangement, taking into consideration several other factors such as, but not limited to, options to extend the hosting arrangement or options to terminate the hosting arrangement. The amortization of capitalized implementation costs for hosting arrangements will commence when the systems are ready for their intended use and will be presented as operating expenses in the Consolidated Statements of Operations consistent with the presentation for expensing the fees for the associated hosting arrangement.
As of November 25, 2023, the capitalized costs related to hosting arrangements incurred during the application development stage were $11.9 million. These capitalized hosting arrangements are included in other non-current assets on the consolidated balance sheet and less than $0.1 million were amortized during the three and six months ended November 25, 2023. There were $6.0 million of capitalized costs recorded as of May 27, 2023 and no costs were amortized during the three and six months ended November 26, 2022.
Share Repurchases
The Company\u2019s stock repurchase program authorizes the Company to repurchase shares at the discretion of the Company\u2019s senior executives based on numerous factors, including, without limitation, share price and other market conditions, the Company\u2019s ongoing capital allocation planning, the levels of cash and debt balances, and other demands for cash. The Company records the shares repurchased as treasury stock based on the amount paid to repurchase its shares. Direct costs incurred to acquire treasury stock are treated like stock issue costs and added to the cost of the treasury stock.
See Note 9 \u2014 Stockholders\u2019 Equity for further information on the repurchased shares.
Recent Accounting Pronouncements
On October 9, 2023, Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) 2023-06, Disclosure Improvements, which closes out a long-running project to incorporate certain SEC disclosure requirements into authoritative accounting guidance (GAAP). The effective date for the ASU is immediately after the new Accounting Standards Codification (\u201cASC\u201d) ASC 260, Earnings Per Share is updated.
ASC 260 currently requires the following disclosures in interim periods: (1) A reconciliation of the numerators and the denominators of the basic and diluted per-share computations for income from continuing operations. (2) The effect that has been given to preferred dividends in arriving at income available to common stockholders in computing basic EPS. (3) Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period(s) presented. (4) The methods used in the diluted EPS computation for each dilutive security, e.g., treasury stock method, if-converted method, two-class method, or reverse treasury stock method. The Company adopted the guidance effective with the quarter ending November 25, 2023 and prior periods to the date of adoption are presented in accordance with ASC 260 \u2013 Earnings Per Share.
Other recent accounting pronouncements or changes in accounting pronouncements issued by the FASB, the America Institute of Certified Public Accountants and the SEC did not, or are not expected to, have a material significance, or have potential material significance, to the Company\u2019s financial statements since those discussed in the Company\u2019s Fiscal Year 2023 Form 10-K."}]},{"name":"rpt:f-442","factDimensions":{"xbrl:concept":"us-gaap:BasisOfAccountingPolicyPolicyTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"Basis of Presentation
The accompanying unaudited financial statements of the Company as of and for the three and six months ended November 25, 2023 and November 26, 2022 have been prepared in conformity with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. These financial statements include all adjustments (consisting only of normal recurring adjustments) the Company\u2019s management considers necessary for a fair presentation of its financial position at such dates and the operating results and cash flows for those periods. The financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates and assumptions are adequate, actual results could differ from the estimates and assumptions used.
The fiscal 2023 year-end balance sheet data was derived from audited consolidated financial statements, and certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (\u201cSEC\u201d) rules or regulations; however, the Company believes the disclosures made are adequate to make the information presented not misleading.
The unaudited consolidated results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended May 27, 2023, which are included in the Company\u2019s Annual Report on Form 10-K (\u201cFiscal Year 2023 Form 10-K\u201d) filed with the SEC on July 25, 2023 (File\u00a0No. 0-32113).
A complete listing of the Company\u2019s significant accounting policies is discussed in Note\u00a02 \u2013 Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements included in the Fiscal Year 2023 Form 10-K.
"}]},{"name":"rpt:f-443","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":" Reporting Segments
Effective May 31, 2022, the Company\u2019s operating segments consist of the following:
\uf0b7RGP \u2013 a global consulting firm focused on project execution services that power clients\u2019 operational needs and change initiatives utilizing on-demand, experienced and diverse talent; and
\uf0b7Sitrick \u2013 a crisis communications and public relations firm which operates under the Sitrick brand, providing corporate, financial, transactional and crisis communication and management services.
Each of these segments reports through a separate management team to the Company\u2019s Chief Executive Officer, who is designated as the Chief Operating Decision Maker (\u201cCODM\u201d) for segment reporting purposes. RGP is the Company\u2019s only reportable segment. Sitrick does not individually meet the quantitative threshold to qualify as a reportable segment. Therefore, Sitrick is disclosed in Other Segments. Each of these segments represents a reporting unit for the purposes of assessing goodwill for impairment.
On November 15, 2023, the Company acquired CloudGo Pte Ltd. and its subsidiaries (collectively, \u201cCloudGo\u201d). CloudGo is reported as part of the RGP operating segment. See Note 4 \u2013 Acquisitions and Dispositions in the Notes to Consolidated Financial Statements for further information.
On May 31, 2022, the Company divested taskforce \u2013 Management on Demand GmbH, and its wholly owned subsidiary skillforce \u2013 Executive Search GmbH, a German professional services firm operating under the taskforce brand (\u201ctaskforce\u201d); see Note\u00a04 \u2013 Acquisitions and Dispositions for further information. Prior to the divestiture, the business operated by taskforce, along with its parent company, Resources Global Professionals (Germany) GmbH (\u201cRGP Germany\u201d), an affiliate of the Company, represented an operating segment of the Company and was reported as a part of Other Segments.
Prior-period comparative segment information was not restated as a result of the divestiture of taskforce as the Company did not have a change in internal organization or the financial information that the CODM uses to assess performance and allocate resources. See Note 13 \u2013 Segment Information and Enterprise Reporting for further information.
"}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"Per Share Information
The Company presents both basic and diluted earnings per share (\u201cEPS\u201d). Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Performance stock units are excluded from the basic EPS calculation, since the number of shares subject to the award that will vest will not be determined until after the end of the applicable performance period. Diluted EPS is based upon the weighted-average number of common shares and common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and are excluded from the calculation.
The following table summarizes the calculation of net income per common share for the three and six months ended November 25, 2023 and November 26, 2022 (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Six Months Ended | ||||||||
| November 25, |
| November 26, |
| November 25, |
| November 26, | ||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
Net income | $ | 4,895 |
| $ | 17,432 |
| $ | 8,012 |
| $ | 35,572 |
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares |
| 33,409 |
|
| 33,510 |
|
| 33,410 |
|
| 33,394 |
Effect of dilutive shares: |
|
|
|
|
|
|
|
|
|
|
|
Potentially dilutive stock options |
| 52 |
|
| 377 |
|
| 89 |
|
| 490 |
Potentially dilutive employee stock purchase plan |
| - |
|
| - |
|
| - |
|
| 8 |
Potentially dilutive restricted stock awards |
| 62 |
|
| 66 |
|
| 58 |
|
| 64 |
Potentially dilutive restricted stock units |
| 188 |
|
| 245 |
|
| 200 |
|
| 243 |
Potentially dilutive performance stock units |
| 190 |
|
| 103 |
|
| 188 |
|
| 93 |
Diluted weighted-average shares outstanding |
| 33,901 |
|
| 34,301 |
|
| 33,945 |
|
| 34,292 |
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic | $ | 0.15 |
| $ | 0.52 |
| $ | 0.24 |
| $ | 1.07 |
Diluted | $ | 0.14 |
| $ | 0.51 |
| $ | 0.24 |
| $ | 1.04 |
Anti-dilutive shares not included above |
| 2,254 |
|
| 703 |
|
| 2,005 |
|
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Six Months Ended | ||||||||
| November 25, |
| November 26, |
| November 25, |
| November 26, | ||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
Net income | $ | 4,895 |
| $ | 17,432 |
| $ | 8,012 |
| $ | 35,572 |
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares |
| 33,409 |
|
| 33,510 |
|
| 33,410 |
|
| 33,394 |
Effect of dilutive shares: |
|
|
|
|
|
|
|
|
|
|
|
Potentially dilutive stock options |
| 52 |
|
| 377 |
|
| 89 |
|
| 490 |
Potentially dilutive employee stock purchase plan |
| - |
|
| - |
|
| - |
|
| 8 |
Potentially dilutive restricted stock awards |
| 62 |
|
| 66 |
|
| 58 |
|
| 64 |
Potentially dilutive restricted stock units |
| 188 |
|
| 245 |
|
| 200 |
|
| 243 |
Potentially dilutive performance stock units |
| 190 |
|
| 103 |
|
| 188 |
|
| 93 |
Diluted weighted-average shares outstanding |
| 33,901 |
|
| 34,301 |
|
| 33,945 |
|
| 34,292 |
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic | $ | 0.15 |
| $ | 0.52 |
| $ | 0.24 |
| $ | 1.07 |
Diluted | $ | 0.14 |
| $ | 0.51 |
| $ | 0.24 |
| $ | 1.04 |
Anti-dilutive shares not included above |
| 2,254 |
|
| 703 |
|
| 2,005 |
|
| 6 |
The fair value of the Company\u2019s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:
Level 1 \u2013 Quoted prices in active markets for identical assets and liabilities.
Level 2 \u2013 Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets.
Level 3 \u2013 Unobservable inputs.
Contingent consideration liability is for estimated future contingent consideration payments related to the Company\u2019s acquisitions. Total contingent consideration liabilities related to the acquisition of CloudGo was preliminarily valued at $4.5 million as of November 25, 2023. The fair value measurement of the liability was based on significant inputs not observed in the market and thus represents a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the contingent consideration liability were the Company\u2019s measures of the estimated payouts based on internally generated financial projections and discount rates. The fair value of contingent consideration liability will be remeasured on a quarterly basis until settlement by the Company using additional information as it becomes available, and any change in the fair value estimates will be recorded in selling, general and administrative expenses in the Company\u2019s Consolidated Statements of Operations. Future revisions to these assumptions could materially change the estimate of the fair value of contingent consideration and therefore could materially affect the Company\u2019s future operating results.
The Company\u2019s remaining financial instruments, including cash and cash equivalents, trade accounts receivable, accounts payable and other accrued expenses and long-term debt are carried at cost, which approximates their fair value because of the short-term maturity of these instruments or because their stated interest rates are indicative of market interest rates.
"}]},{"name":"rpt:f-488","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationContingentConsiderationLiability","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"4500000","decimals":-5}]},{"name":"rpt:f-489","factDimensions":{"xbrl:concept":"us-gaap:InternalUseSoftwarePolicy","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"Capitalized Hosting Arrangements
The capitalized hosting arrangements costs are primarily related to the implementation of a cloud-based enterprise resource planning system and talent acquisition and management systems. Such costs include third party implementation costs and costs associated with internal resources directly involved in the implementation. Capitalized hosting arrangements are stated at historical cost and amortized on a straight-line basis over the estimated useful life of the expected term of the hosting arrangement, taking into consideration several other factors such as, but not limited to, options to extend the hosting arrangement or options to terminate the hosting arrangement. The amortization of capitalized implementation costs for hosting arrangements will commence when the systems are ready for their intended use and will be presented as operating expenses in the Consolidated Statements of Operations consistent with the presentation for expensing the fees for the associated hosting arrangement.
As of November 25, 2023, the capitalized costs related to hosting arrangements incurred during the application development stage were $11.9 million. These capitalized hosting arrangements are included in other non-current assets on the consolidated balance sheet and less than $0.1 million were amortized during the three and six months ended November 25, 2023. There were $6.0 million of capitalized costs recorded as of May 27, 2023 and no costs were amortized during the three and six months ended November 26, 2022."}]},{"name":"rpt:f-490","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostCapitalizedAfterAccumulatedAmortization","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11900000","decimals":-5}]},{"name":"rpt:f-491","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostExpenseAmortization","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-492","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostExpenseAmortization","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-493","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostCapitalizedAfterAccumulatedAmortization","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6000000.0","decimals":-5}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostExpenseAmortization","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-495","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostExpenseAmortization","xbrl:period":"2022-08-28T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-496","factDimensions":{"xbrl:concept":"rgp:ShareRepurchaseAndRetirementPolicyTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"Share Repurchases
The Company\u2019s stock repurchase program authorizes the Company to repurchase shares at the discretion of the Company\u2019s senior executives based on numerous factors, including, without limitation, share price and other market conditions, the Company\u2019s ongoing capital allocation planning, the levels of cash and debt balances, and other demands for cash. The Company records the shares repurchased as treasury stock based on the amount paid to repurchase its shares. Direct costs incurred to acquire treasury stock are treated like stock issue costs and added to the cost of the treasury stock.
See Note 9 \u2014 Stockholders\u2019 Equity for further information on the repurchased shares.
"}]},{"name":"rpt:f-497","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"Recent Accounting Pronouncements
On October 9, 2023, Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) 2023-06, Disclosure Improvements, which closes out a long-running project to incorporate certain SEC disclosure requirements into authoritative accounting guidance (GAAP). The effective date for the ASU is immediately after the new Accounting Standards Codification (\u201cASC\u201d) ASC 260, Earnings Per Share is updated.
ASC 260 currently requires the following disclosures in interim periods: (1) A reconciliation of the numerators and the denominators of the basic and diluted per-share computations for income from continuing operations. (2) The effect that has been given to preferred dividends in arriving at income available to common stockholders in computing basic EPS. (3) Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period(s) presented. (4) The methods used in the diluted EPS computation for each dilutive security, e.g., treasury stock method, if-converted method, two-class method, or reverse treasury stock method. The Company adopted the guidance effective with the quarter ending November 25, 2023 and prior periods to the date of adoption are presented in accordance with ASC 260 \u2013 Earnings Per Share.
Other recent accounting pronouncements or changes in accounting pronouncements issued by the FASB, the America Institute of Certified Public Accountants and the SEC did not, or are not expected to, have a material significance, or have potential material significance, to the Company\u2019s financial statements since those discussed in the Company\u2019s Fiscal Year 2023 Form 10-K."}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"3. Revenue Recognition
The timing of revenue recognition, billings and cash collections affects the recognition of trade accounts receivable, contract assets and contract liabilities.
Contract assets represent the Company\u2019s rights to consideration for completed performance under the contract (i.e., unbilled receivables), in which the Company has transferred control of the product or services before there is an unconditional right to payment. Contract assets were $29.2 million and $35.4 million as of November 25, 2023 and May 27, 2023, respectively, which were included in trade accounts receivable in the Consolidated Balance Sheets.
Contract liabilities represent deferred revenue when cash is received in advance of performance of services and are presented in other current liabilities in the Consolidated Balance Sheets. Contract liabilities were $3.1 million as of both November 25, 2023 and May 27, 2023. Revenue recognized during the three and six months ended November 25, 2023 that was included in deferred revenue as of May 27, 2023 were $0.5 million and $2.1 million, respectively.
"}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetNet","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"29200000","decimals":-5}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetNet","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"35400000","decimals":-5}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiability","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3100000","decimals":-5}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiability","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3100000","decimals":-5}]},{"name":"rpt:f-503","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"500000","decimals":-5}]},{"name":"rpt:f-504","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2100000","decimals":-5}]},{"name":"rpt:f-505","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"4.\u00a0Acquisitions and Dispositions
Acquisition of CloudGo
On November 15, 2023, the Company acquired 100% of the equity interests in CloudGo pursuant to the terms of a Share Purchase Agreement entered into by and between the Company, CloudGo, and the shareholders of CloudGo (the \u201cCloudGo SPA\u201d). Headquartered in Singapore, CloudGo is a digital transformation firm primarily focused on technology implementation through the ServiceNow platform. The Company paid an initial cash consideration of $7.2 million (net of $0.5 million cash acquired). The initial consideration is subject to final post-closing adjustments for the final working capital, cash, indebtedness and transaction expenses as described in the CloudGo SPA.
In addition, the CloudGo SPA provides for contingent consideration of up to $12 million to be paid based on CloudGo\u2019s revenue and operating profit margin performance during two one-year performance periods that begin after the acquisition date. The Company determined the fair value of the contingent consideration as of the acquisition date using the Monte Carlo simulation model and the application of an appropriate discount rate (Level 3 fair value). The current preliminary fair value of the contractual obligation to pay the contingent consideration amounted to $4.5 million and was recorded in contingent consideration liabilities and long-term liabilities in the Consolidated Balance Sheet. Each reporting period, the Company will estimate changes in the fair value of contingent consideration and any change in fair value will be recognized in the Company\u2019s Consolidated Statements of Operations. The estimate of fair value of contingent consideration liability requires assumptions to be made of various levels of potential revenue and operating profit performance as well as discount rates. Future revisions to these assumptions could materially change the estimate of the fair value of contingent consideration and therefore could materially affect the Company\u2019s future operating results.
Results of operations of CloudGo are included in the Consolidated Statements of Operations from the date of acquisition. CloudGo contributed $0.2 million of revenue and $0.1 million of operating loss to the consolidated results of operations in the second quarter of fiscal 2024. During the three months ended November 25, 2023, the Company incurred $1.1 million in acquisition costs that were recorded in selling, general and administrative expenses in the Consolidated Statement of Operations.
In accordance with ASC 805, the Company made an initial provisional allocation of the purchase price for CloudGo based on the fair value of the assets acquired and liabilities assumed, with the residual amount recorded as goodwill. The Company\u2019s provisional purchase price allocation considered a number of factors, including the valuation of identifiable intangible assets. In connection with this acquisition, the Company provisionally recorded total intangible assets consisting of $3.1 million for customer relationships (to be amortized over 9 to 12 years) and $0.1 million for tradenames (to be amortized over 1 year). The Company also provisionally recorded $9.9 million of goodwill. The goodwill is attributable primarily to expected synergies and the assembled workforce of CloudGo.
The following table summarizes the consideration for the acquisition of CloudGo and the provisional amounts of the identified assets acquired and liabilities assumed at the acquisition date:
Fair value of consideration transferred (in thousands):
|
|
|
Cash | $ | 7,694 |
Estimated initial contingent consideration |
| 4,500 |
Total | $ | 12,194 |
Recognized provisional amounts of identifiable assets acquired and liabilities assumed (in thousands):
|
|
|
Cash and cash equivalents | $ | 479 |
Trade accounts receivable (1) |
| 780 |
Prepaid expenses and other current assets |
| 84 |
Income taxes receivable |
| 7 |
Intangible assets |
| 3,200 |
Property and equipment |
| 34 |
Total identifiable assets |
| 4,584 |
Accounts payable and other accrued expenses |
| 386 |
Accrued salaries and related obligations |
| 511 |
Deferred tax liabilities |
| 847 |
Other liabilities |
| 584 |
Total liabilities assumed |
| 2,328 |
Net identifiable assets acquired |
| 2,256 |
Goodwill |
| 9,938 |
Net assets acquired | $ | 12,194 |
(1) As of the acquisition date, the gross contractual amount of accounts receivable of $0.8 million was expected to be fully collected.
The purchase price allocation described above is preliminary with respect to the valuation of intangible assets acquired, goodwill, tax related matters, and the amount of contingent consideration. A final determination of fair value of assets acquired and liabilities assumed relating to the acquisition could differ from the preliminary purchase price allocation. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date.
The weighted-average useful lives of the tradename and customer relationships are approximately 1 year and 10.94 years, respectively. The weighted-average useful life of all CloudGo\u2019s intangible assets is 10.63 years.
Sale of taskforce
On April 21, 2022, RGP Germany entered into a Sale and Purchase Agreement (the \u201ctaskforce SPA\u201d) to sell its business in taskforce to MoveVision \u2013 Management-, Beteiligungs- und Servicegesellschaft mbH and Blue Elephant \u2013 Management-, Beteiligungs- und Servicegesellschaft mbH (collectively, the \u201cPurchasers\u201d), owned by the original founder and a member of the senior leadership team of taskforce, respectively. The taskforce SPA provided for the sale of all of the shares of taskforce from RGP Germany to the Purchasers for a purchase price of approximately EUR 5.5 million, subject to final working capital adjustments, with 50% of the consideration to be paid in cash in connection with the closing and the remaining 50% payable on July 1, 2024 and bearing interest based on the Company\u2019s average borrowing interest rate plus 285 basis points, compounded annually.
On May 31, 2022, the Company completed the sale of taskforce. Upon conclusion of the Final Completion Accounts and Calculation (as defined in the taskforce SPA), the final purchase price was determined to be EUR 5.5 million (approximately $6.0 million), of which EUR 2.8 million (approximately $3.0 million) was received in cash and EUR 2.7 million (approximately $3.0 million) shall become due in July 2024 in accordance with the taskforce SPA. During fiscal year 2023, the Company received full payment from the purchasers of taskforce on the note receivable in the amount of EUR 2.7 million (approximately $3.0 million), which included an interest payment. The Company recognized a $0.2 million gain on the sale in the three months ended August 27, 2022, which was recorded in other income in the Company\u2019s Consolidated Statements of Operations. The disposition of taskforce did not qualify as a discontinued operation because it did not represent a strategic shift that has or will have a major effect on the Company\u2019s operations or financial results.
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ity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"9900000","decimals":-5}]},{"name":"rpt:f-521","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"
|
|
|
Cash | $ | 7,694 |
Estimated initial contingent consideration |
| 4,500 |
Total | $ | 12,194 |
|
|
|
Cash and cash equivalents | $ | 479 |
Trade accounts receivable (1) |
| 780 |
Prepaid expenses and other current assets |
| 84 |
Income taxes receivable |
| 7 |
Intangible assets |
| 3,200 |
Property and equipment |
| 34 |
Total identifiable assets |
| 4,584 |
Accounts payable and other accrued expenses |
| 386 |
Accrued salaries and related obligations |
| 511 |
Deferred tax liabilities |
| 847 |
Other liabilities |
| 584 |
Total liabilities assumed |
| 2,328 |
Net identifiable assets acquired |
| 2,256 |
Goodwill |
| 9,938 |
Net assets acquired | $ | 12,194 |
(1) As of the acquisition date, the gross contractual amount of accounts receivable of $0.8 million was expected to be fully collected.
"}]},{"name":"rpt:f-526","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"479000","decimals":-3}]},{"name":"rpt:f-527","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"780000","decimals":-3}]},{"name":"rpt:f-528","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"84000","decimals":-3}]},{"name":"rpt:f-529","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"7000","decimals":-3}]},{"name":"rpt:f-530","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"3200000","decimals":-3}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"34000","decimals":-3}]},{"name":"rpt:f-532","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"4584000","decimals":-3}]},{"name":"rpt:f-533","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"386000","decimals":-3}]},{"name":"rpt:f-534","factDimensions":{"xbrl:concept":"rgp:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedSalaryAndRelatedObligations","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"511000","decimals":-3}]},{"name":"rpt:f-535","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"847000","decimals":-3}]},{"name":"rpt:f-536","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesOther","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"584000","decimals":-3}]},{"name":"rpt:f-537","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"2328000","decimals":-3}]},{"name":"rpt:f-538","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"2256000","decimals":-3}]},{"name":"rpt:f-539","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"9938000","decimals":-3}]},{"name":"rpt:f-540","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"12194000","decimals":-3}]},{"name":"rpt:f-541","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables","xbrl:period":"2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"800000","decimals":-5}]},{"name":"rpt:f-542","factDimensions":{"xbrl:concept":"us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife","xbrl:period":"2023-11-15T00:00:00/2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:TradeNamesMember"},"factValues":[{"value":"P1Y"}]},{"name":"rpt:f-543","factDimensions":{"xbrl:concept":"us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife","xbrl:period":"2023-11-15T00:00:00/2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:CustomerRelationshipsMember"},"factValues":[{"value":"P10Y11M8D"}]},{"name":"rpt:f-544","factDimensions":{"xbrl:concept":"us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife","xbrl:period":"2023-11-15T00:00:00/2023-11-16T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:BusinessAcquisitionAxis":"rgp:CloudgoMember"},"factValues":[{"value":"P10Y7M17D"}]},{"name":"rpt:f-545","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationConsideration","xbrl:period":"2022-04-22T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:EUR","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"5500000","decimals":-5}]},{"name":"rpt:f-546","factDimensions":{"xbrl:concept":"rgp:PercentOfConsiderationToBePaidAtClosing","xbrl:period":"2022-04-21T00:00:00/2022-04-22T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"0.50"}]},{"name":"rpt:f-547","factDimensions":{"xbrl:concept":"rgp:PercentOfConsiderationPayable","xbrl:period":"2022-04-22T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"0.50"}]},{"name":"rpt:f-548","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentBasisSpreadOnVariableRate1","xbrl:period":"2022-04-21T00:00:00/2022-04-22T00:00:00","xbrl:entity":"cik:0001084765","dei:LegalEntityAxis":"rgp:PurchasersMember","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"0.0285","decimals":4}]},{"name":"rpt:f-549","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationConsideration","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:EUR","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"5500000","decimals":-5}]},{"name":"rpt:f-550","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationConsideration","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"6000000.0","decimals":-5}]},{"name":"rpt:f-551","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2022-05-31T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:EUR","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"2800000","decimals":-5}]},{"name":"rpt:f-552","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2022-05-31T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"3000000.0","decimals":-5}]},{"name":"rpt:f-553","factDimensions":{"xbrl:concept":"rgp:ReceivableFromDispositionOfBusiness","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:EUR","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"2700000","decimals":-5}]},{"name":"rpt:f-554","factDimensions":{"xbrl:concept":"rgp:ReceivableFromDispositionOfBusiness","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"3000000.0","decimals":-5}]},{"name":"rpt:f-555","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromCollectionOfNotesReceivable","xbrl:period":"2022-05-29T00:00:00/2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:EUR","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"2700000","decimals":-5}]},{"name":"rpt:f-556","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromCollectionOfNotesReceivable","xbrl:period":"2022-05-29T00:00:00/2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"3000000.0","decimals":-5}]},{"name":"rpt:f-557","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSaleOfBusiness","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"rgp:TaskforceMember"},"factValues":[{"value":"200000","decimals":-5}]},{"name":"rpt:f-558","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"5.\u00a0Goodwill and Intangible Assets
The following table summarizes the activity in the Company\u2019s goodwill balance (in thousands):
|
|
|
|
|
|
|
|
|
| RGP |
| Other Segments |
| Total | |||
Balance as of May 27, 2023 | $ | 206,722 |
| $ | - |
| $ | 206,722 |
Acquisition (see Note 4) |
| 9,938 |
|
| - |
|
| 9,938 |
Impact of foreign currency exchange rate changes |
| 374 |
|
| - |
|
| 374 |
Balance as of November 25, 2023 | $ | 217,034 |
| $ | - |
| $ | 217,034 |
The following table presents details of the Company\u2019s intangible assets, estimated lives and related accumulated amortization (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of November 25, 2023 |
| As of May 27, 2023 | ||||||||||||||
| Estimated |
| Gross |
|
|
| Net |
| Gross |
|
|
| Net | ||||||
| Useful |
| Carrying |
| Accumulated |
| Carrying |
| Carrying |
| Accumulated |
| Carrying | ||||||
| Life |
| Amount |
| Amortization |
| Amount |
| Amount |
| Amortization |
| Amount | ||||||
Customer contracts and relationships | 3 - 12 years |
| $ | 25,100 |
| $ | (15,258) |
| $ | 9,842 |
| $ | 22,000 |
| $ | (13,802) |
| $ | 8,198 |
Computer software | 2 - 3.5 years |
|
| 7,870 |
|
| (5,396) |
|
| 2,474 |
|
| 7,541 |
|
| (4,218) |
|
| 3,323 |
Tradenames | 1 year |
|
| 100 |
|
| - |
|
| 100 |
|
| - |
|
| - |
|
| - |
Total |
|
| $ | 33,070 |
| $ | (20,654) |
| $ | 12,416 |
| $ | 29,541 |
| $ | (18,020) |
| $ | 11,521 |
The Company recorded amortization expense of $1.3 million and $1.2 million for the three months ended November 25, 2023 and November 26, 2022, respectively, and $2.6 million and $2.5 million for the six months ended November 25, 2023 and November 26, 2022, respectively.
The following table presents future estimated amortization expense based on existing intangible assets (in thousands):
Fiscal Years:
|
|
|
2024 (remaining six months) | $ | 2,794 |
2025 |
| 4,147 |
2026 |
| 2,793 |
2027 |
| 593 |
2028 and thereafter |
| 2,089 |
Total | $ | 12,416 |
Actual future estimated amortization expense could differ from these estimated amounts as a result of future acquisitions, dispositions, impairments, and other factors or changes."}]},{"name":"rpt:f-559","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"
|
|
|
|
|
|
|
|
|
| RGP |
| Other Segments |
| Total | |||
Balance as of May 27, 2023 | $ | 206,722 |
| $ | - |
| $ | 206,722 |
Acquisition (see Note 4) |
| 9,938 |
|
| - |
|
| 9,938 |
Impact of foreign currency exchange rate changes |
| 374 |
|
| - |
|
| 374 |
Balance as of November 25, 2023 | $ | 217,034 |
| $ | - |
| $ | 217,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of November 25, 2023 |
| As of May 27, 2023 | ||||||||||||||
| Estimated |
| Gross |
|
|
| Net |
| Gross |
|
|
| Net | ||||||
| Useful |
| Carrying |
| Accumulated |
| Carrying |
| Carrying |
| Accumulated |
| Carrying | ||||||
| Life |
| Amount |
| Amortization |
| Amount |
| Amount |
| Amortization |
| Amount | ||||||
Customer contracts and relationships | 3 - 12 years |
| $ | 25,100 |
| $ | (15,258) |
| $ | 9,842 |
| $ | 22,000 |
| $ | (13,802) |
| $ | 8,198 |
Computer software | 2 - 3.5 years |
|
| 7,870 |
|
| (5,396) |
|
| 2,474 |
|
| 7,541 |
|
| (4,218) |
|
| 3,323 |
Tradenames | 1 year |
|
| 100 |
|
| - |
|
| 100 |
|
| - |
|
| - |
|
| - |
Total |
|
| $ | 33,070 |
| $ | (20,654) |
| $ | 12,416 |
| $ | 29,541 |
| $ | (18,020) |
| $ | 11,521 |
|
|
|
2024 (remaining six months) | $ | 2,794 |
2025 |
| 4,147 |
2026 |
| 2,793 |
2027 |
| 593 |
2028 and thereafter |
| 2,089 |
Total | $ | 12,416 |
The Company currently leases office space, vehicles and certain equipment under operating leases through fiscal 2030. In addition, the Company owns its headquarters office building located in Irvine, California and leases approximately 13,000 square feet of the approximately 57,000 square feet of the building to independent third parties pursuant to operating lease agreements with terms through fiscal 2025.
Lease cost components included within selling, general and administrative expenses in the Consolidated Statements of Operations were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
| Six Months Ended | |||||||||
|
| November 25, 2023 |
|
| November 26, 2022 |
|
| November 25, 2023 |
| November 26, 2022 | ||||
Operating lease cost (1) |
| $ | 1,852 |
|
| $ | 1,944 |
|
| $ | 3,716 |
| $ | 3,473 |
Short-term lease cost |
|
| 45 |
|
|
| 7 |
|
|
| 102 |
|
| 32 |
Variable lease cost |
|
| 435 |
|
|
| 343 |
|
|
| 808 |
|
| 589 |
Sublease income (2) |
|
| (202) |
|
|
| (141) |
|
|
| (331) |
|
| (289) |
Total lease cost |
| $ | 2,130 |
|
| $ | 2,153 |
|
| $ | 4,295 |
| $ | 3,805 |
(1) Operating lease cost for the six months ended November 26, 2022 includes a $0.4 million reduction resulting from a one-time settlement of a lease liability involving an office space.
(2) Sublease income does not include rental income received from owned property, which is not material.
The weighted-average lease term and weighted-average discount rate for operating leases as of November 25, 2023 and May 27, 2023 are presented in the following table:
|
|
|
|
|
|
|
|
| As of |
| As of |
|
|
| November 25, 2023 |
| May 27, 2023 |
Weighted-average remaining lease term |
|
| 3.6 years |
| 3.4 years |
Weighted-average discount rate |
|
| 4.35% |
| 3.97% |
Cash flow and other noncash information related to operating leases is included in the following table (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
| Six Months Ended | |||||||||
|
| November 25, 2023 |
|
| November 26, 2022 |
|
| November 25, 2023 |
| November 26, 2022 | ||||
Cash paid for amounts included in the measurement of operating lease liabilities |
| $ | 2,120 |
|
| $ | 2,303 |
|
| $ | 4,329 |
| $ | 4,776 |
Right-of-use assets obtained in exchange for new operating lease obligations |
| $ | 1,937 |
|
| $ | 388 |
|
| $ | 2,920 |
| $ | 3,989 |
Future maturities of operating lease liabilities as of November 25, 2023 are presented in the following table (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Years: |
|
|
|
|
|
|
|
|
| Operating Lease Maturity | |
2024 (remaining six months) |
|
|
|
|
|
|
|
|
| $ | 3,980 |
2025 |
|
|
|
|
|
|
|
|
|
| 5,030 |
2026 |
|
|
|
|
|
|
|
|
|
| 3,470 |
2027 |
|
|
|
|
|
|
|
|
|
| 2,204 |
2028 |
|
|
|
|
|
|
|
|
|
| 1,871 |
Thereafter |
|
|
|
|
|
|
|
|
|
| 1,369 |
Total future lease payments |
|
|
|
|
|
|
|
|
|
| 17,924 |
Less: interest |
|
|
|
|
|
|
|
|
|
| (1,375) |
Present value of operating lease liabilities |
|
|
|
|
|
|
|
|
| $ | 16,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
| Six Months Ended | |||||||||
|
| November 25, 2023 |
|
| November 26, 2022 |
|
| November 25, 2023 |
| November 26, 2022 | ||||
Operating lease cost (1) |
| $ | 1,852 |
|
| $ | 1,944 |
|
| $ | 3,716 |
| $ | 3,473 |
Short-term lease cost |
|
| 45 |
|
|
| 7 |
|
|
| 102 |
|
| 32 |
Variable lease cost |
|
| 435 |
|
|
| 343 |
|
|
| 808 |
|
| 589 |
Sublease income (2) |
|
| (202) |
|
|
| (141) |
|
|
| (331) |
|
| (289) |
Total lease cost |
| $ | 2,130 |
|
| $ | 2,153 |
|
| $ | 4,295 |
| $ | 3,805 |
(1) Operating lease cost for the six months ended November 26, 2022 includes a $0.4 million reduction resulting from a one-time settlement of a lease liability involving an office space.
(2) Sublease income does not include rental income received from owned property, which is not material.
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T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"400000","decimals":-5}]},{"name":"rpt:f-630","factDimensions":{"xbrl:concept":"rgp:LesseeOperatingLeasesTermsTableTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"
|
|
|
|
|
|
|
|
| As of |
| As of |
|
|
| November 25, 2023 |
| May 27, 2023 |
Weighted-average remaining lease term |
|
| 3.6 years |
| 3.4 years |
Weighted-average discount rate |
|
| 4.35% |
| 3.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
| Six Months Ended | |||||||||
|
| November 25, 2023 |
|
| November 26, 2022 |
|
| November 25, 2023 |
| November 26, 2022 | ||||
Cash paid for amounts included in the measurement of operating lease liabilities |
| $ | 2,120 |
|
| $ | 2,303 |
|
| $ | 4,329 |
| $ | 4,776 |
Right-of-use assets obtained in exchange for new operating lease obligations |
| $ | 1,937 |
|
| $ | 388 |
|
| $ | 2,920 |
| $ | 3,989 |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Years: |
|
|
|
|
|
|
|
|
| Operating Lease Maturity | |
2024 (remaining six months) |
|
|
|
|
|
|
|
|
| $ | 3,980 |
2025 |
|
|
|
|
|
|
|
|
|
| 5,030 |
2026 |
|
|
|
|
|
|
|
|
|
| 3,470 |
2027 |
|
|
|
|
|
|
|
|
|
| 2,204 |
2028 |
|
|
|
|
|
|
|
|
|
| 1,871 |
Thereafter |
|
|
|
|
|
|
|
|
|
| 1,369 |
Total future lease payments |
|
|
|
|
|
|
|
|
|
| 17,924 |
Less: interest |
|
|
|
|
|
|
|
|
|
| (1,375) |
Present value of operating lease liabilities |
|
|
|
|
|
|
|
|
| $ | 16,549 |
On November 12, 2021, the Company and Resources Connection LLC, as borrowers, and all of the Company\u2019s domestic subsidiaries, as guarantors, entered into a credit agreement with the lenders that are party thereto and Bank of America, N.A. as administrative agent for the lenders (the \u201cCredit Agreement\u201d). The Credit Agreement provides for a $175.0 million senior secured revolving loan (the \u201cCredit Facility\u201d), which includes a $10.0 million sublimit for the issuance of standby letters of credit and a swingline sublimit of $20.0 million. The Credit Facility also includes an option to increase the amount of the revolving loan up to an additional $75.0 million, subject to the terms of the Credit Agreement. The Credit Facility matures on November 12, 2026. The obligations under the Credit Facility are secured by substantially all assets of the Company, Resources Connection LLC and all of the Company\u2019s domestic subsidiaries.
Future borrowings under the Credit Facility bear interest at a rate per annum of either, at the Company\u2019s election, (i) Term SOFR (as defined in the Credit Agreement) plus a margin ranging from 1.25% to 2.00% or (ii) the Base Rate (as defined in the Credit Agreement), plus a margin of 0.25% to 1.00% with the applicable margin depending on the Company\u2019s consolidated leverage ratio. In addition, the Company pays an unused commitment fee on the average daily unused portion of the Credit Facility, which ranges from 0.20% to 0.30% depending on the Company\u2019s consolidated leverage ratio.
The Credit Agreement contains both affirmative and negative covenants. Covenants include, but are not limited to, limitations on the Company\u2019s and its subsidiaries\u2019 ability to incur liens, incur additional indebtedness, make certain restricted payments, merge or consolidate and make dispositions of assets. In addition, the Credit Agreement requires the Company to comply with financial covenants including limitations on the Company\u2019s total funded debt, minimum interest coverage ratio and maximum leverage ratio. The Company was compliant with all financial covenants under the Credit Agreement as of November 25, 2023.
As of November 25, 2023 and May 27, 2023, the Company had no debt outstanding under the Credit Facility. In addition, the Company had $1.4 million and $0.8 million of outstanding letters of credit issued under the Credit Facility as of November 25, 2023 and May 27, 2023, respectively. As of November 25, 2023, there was $173.6 million remaining capacity under the Credit Facility.
On November 2, 2022, Resources Global Enterprise Consulting (Beijing) Co., Ltd. (a wholly-owned subsidiary of the Company), as borrower, and the Company, as guarantor, entered into a RMB 13.4 million ($1.8 million based on the prevailing
exchange rate on November 2, 2022) revolving credit facility with Bank of America, N.A. (Beijing) as the lender (the \u201cBeijing Revolver\u201d). The Beijing Revolver bears interest at loan prime rate plus 0.80%. Interest incurred on borrowings will be payable monthly in arrears. As of November 25, 2023, the Company had no debt outstanding under the Beijing Revolver and RMB 13.4 million ($1.9 million based on the prevailing exchange rate on November 25, 2023) in available credit. The availability of proceeds under the Beijing Revolver is at the lender's absolute discretion and may be terminated at any time by the lender, with or without prior notice to the borrower.
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"xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:LetterOfCreditMember","us-gaap:DebtInstrumentAxis":"rgp:NewCreditFacilityMember"},"factValues":[{"value":"800000","decimals":-5}]},{"name":"rpt:f-670","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"rgp:NewCreditFacilityMember"},"factValues":[{"value":"173600000","decimals":-5}]},{"name":"rpt:f-671","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity","xbrl:period":"2022-11-03T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:CNY","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"13400000","decimals":-5}]},{"name":"rpt:f-672","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity","xbrl:period":"2022-11-03T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-673","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentBasisSpreadOnVariableRate1","xbrl:period":"2022-11-02T00:00:00/2022-11-03T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember","us-gaap:VariableRateAxis":"us-gaap:PrimeRateMember"},"factValues":[{"value":"0.0080","decimals":4}]},{"name":"rpt:f-674","factDimensions":{"xbrl:concept":"us-gaap:LineOfCredit","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-675","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:CNY","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"13400000","decimals":-5}]},{"name":"rpt:f-676","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"1900000","decimals":-5}]},{"name":"rpt:f-677","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxDisclosureTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"8.\u00a0Income Taxes
For the three months ended November 25, 2023 and November 26, 2022, the Company\u2019s income tax expense was $3.8 million, an effective tax rate of 43.4%, and $5.9 million, an effective tax rate of 25.2%, respectively. For the six months ended November 25, 2023 and November 26, 2022, the Company\u2019s income tax expense was $5.8 million, an effective tax rate of 42.1%, and $12.9 million, an effective tax rate of 26.6%, respectively. The higher effective tax rate in the second quarter of fiscal 2024 was attributed primarily to a nonrecurring increase in forfeiture of stock options, coupled with a capitalization of acquisition related costs for tax purposes. Additionally, the lower effective tax rate in three months ended November 26, 2022 resulted from a number of one-time tax benefits recognized and a larger pretax income base lowering the tax expense ratio.
The Company operates in an international environment. Accordingly, the consolidated effective tax rate is a composite rate reflecting the earnings (losses) in various locations and the applicable tax rates in those jurisdictions, and fluctuations in the consolidated effective tax rate year over year, are due to the changes in the mix of operating income and losses amongst the various jurisdictions in which the Company operates.
For the three months ended November 25, 2023 and November 26, 2022, the Company recognized a tax benefit of approximately $1.0 million and $1.1 million, respectively, associated with the exercise of nonqualified stock options, vesting of restricted stock awards, restricted stock units, and disqualifying dispositions by employees of shares acquired under the Employee Stock Purchase Plan (\u201cESPP\u201d). For the six months ended November 25, 2023 and November 26, 2022, the Company recognized a tax benefit of approximately $1.2 million and $1.7 million, respectively, associated with the exercise of nonqualified stock options, vesting of restricted stock awards, restricted stock units, and disqualifying dispositions by employees of shares acquired under the ESPP.
The Company\u2019s total liability for unrecognized gross tax benefits, including accrued interest and penalties, was $1.0 million as of both November 25, 2023 and May 27, 2023, which, if ultimately recognized, would impact the effective tax rate in future periods. The unrecognized tax benefits are included in other long-term liabilities in the Consolidated Balance Sheets. None of the unrecognized tax benefits are short-term liabilities as the Company does not anticipate any cash payments within 12 months to settle the liability.
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Stock Repurchase Program
The Company\u2019s board of directors has previously approved a stock repurchase program authorizing the repurchase, at the discretion of the Company\u2019s senior executives, of the Company\u2019s common stock for a designated aggregate dollar limit. The current program was authorized in July 2015 (the \u201cJuly 2015 Program\u201d) and set an aggregate dollar limit not to exceed $150 million. Subject to the aggregate dollar limit, the currently authorized stock repurchase program does not have an expiration date. Repurchases under the program may take place in the open market or in privately negotiated transactions and may be made pursuant to a Rule 10b5-1 plan. During the three and six months ended November 25, 2023, the Company purchased 353,858 shares of its common stock on the open market at an average price of $14.13 per share, for an aggregate total purchase price of approximately $5.0 million. As of November 25, 2023, approximately $45.2 million remained available for future repurchases of the Company\u2019s common stock under the July 2015 Program. During the three and six months ended November 26, 2022, the Company purchased 318,438 shares of its common stock on the open market at an average price of $16.80 per share, for an aggregate total purchase price of approximately $5.4 million.
Quarterly Dividend
Subject to approval each quarter by its board of directors, the Company pays a regular dividend. On October 19, 2023, the board of directors declared a regular quarterly dividend of $0.14 per share of the Company\u2019s common stock. The dividend was paid on December 14, 2023 to stockholders of record at the close of business on November 16, 2023. As of both November 25, 2023 and May 27, 2023, $4.7 million was accrued and recorded in other current liabilities in the Company\u2019s Consolidated Balance Sheets for dividends declared but not yet paid. Continuation of the quarterly dividend is at the discretion of the board of directors and depends upon the Company\u2019s financial condition, results of operations, capital requirements, general business condition, contractual restrictions contained in the Credit Facility and other agreements, and other factors deemed relevant by the board of directors.
"}]},{"name":"rpt:f-695","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2015-08-01T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"150000000","decimals":-6}]},{"name":"rpt:f-696","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockSharesAcquired","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"353858"}]},{"name":"rpt:f-697","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockSharesAcquired","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"353858"}]},{"name":"rpt:f-698","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockAcquiredAverageCostPerShare","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"14.13","decimals":2}]},{"name":"rpt:f-699","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockAcquiredAverageCostPerShare","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"14.13","decimals":2}]},{"name":"rpt:f-700","factDimensions":{"xbrl:concept":"us-gaap:PaymentsForRepurchaseOfCommonStock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"5000000.0","decimals":-5}]},{"name":"rpt:f-701","factDimensions":{"xbrl:concept":"us-gaap:PaymentsForRepurchaseOfCommonStock","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"5000000.0","decimals":-5}]},{"name":"rpt:f-702","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"45200000","decimals":-5}]},{"name":"rpt:f-703","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockSharesAcquired","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"318438"}]},{"name":"rpt:f-704","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockSharesAcquired","xbrl:period":"2022-08-28T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"318438"}]},{"name":"rpt:f-705","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockAcquiredAverageCostPerShare","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"16.80","decimals":2}]},{"name":"rpt:f-706","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockAcquiredAverageCostPerShare","xbrl:period":"2022-08-28T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"16.80","decimals":2}]},{"name":"rpt:f-707","factDimensions":{"xbrl:concept":"us-gaap:PaymentsForRepurchaseOfCommonStock","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"5400000","decimals":-5}]},{"name":"rpt:f-708","factDimensions":{"xbrl:concept":"us-gaap:PaymentsForRepurchaseOfCommonStock","xbrl:period":"2022-08-28T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:ShareRepurchaseProgramAxis":"rgp:ShareRepurchaseProgram2015Member"},"factValues":[{"value":"5400000","decimals":-5}]},{"name":"rpt:f-709","factDimensions":{"xbrl:concept":"us-gaap:CommonStockDividendsPerShareCashPaid","xbrl:period":"2023-10-19T00:00:00/2023-10-20T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.14"}]},{"name":"rpt:f-710","factDimensions":{"xbrl:concept":"us-gaap:DividendsPayableCurrent","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4700000","decimals":-5}]},{"name":"rpt:f-711","factDimensions":{"xbrl:concept":"us-gaap:DividendsPayableCurrent","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4700000","decimals":-5}]},{"name":"rpt:f-712","factDimensions":{"xbrl:concept":"us-gaap:RestructuringAndRelatedActivitiesDisclosureTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"10.\u00a0Restructuring Activities
During the second quarter of fiscal 2024, the Company initiated a cost reduction plan, including a reduction in force, (the \u201cUnited States (U.S.) Restructuring Plan\u201d) intended to reduce costs and streamline operations. The U.S. Restructuring Plan resulted in a reduction of force of approximately 8% of the Company\u2019s U.S. management and administrative workforce. The Company incurred employee termination costs associated with the U.S. Restructuring Plan within its RGP segment, and were recorded in selling, general and administrative expenses in its Consolidated Statements of Operations. The U.S. Restructuring Plan was substantially completed during the second quarter of fiscal 2024. Restructuring costs were $2.3 million for the three and six months ended November 25, 2023.
The Company previously initiated global restructuring and business transformation plans in North America, Asia Pacific and Europe (the \u201cGlobal Restructuring Plans\u201d) during calendar year 2020 that were substantially completed in fiscal 2021. Restructuring adjustments, including real estate exit costs and adjustments to employee termination costs, associated with the restructuring activities was zero and ($0.4) million for the three and six months ended November 26, 2022. The restructuring liability was $0.3 million and zero as of November 25, 2023 and May 27, 2023, respectively.
"}]},{"name":"rpt:f-713","factDimensions":{"xbrl:concept":"rgp:RestructuringActitivitiesWorkforceReductionPercent","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:RestructuringPlanAxis":"rgp:UnitedStatesRestructuringPlanMember"},"factValues":[{"value":"0.08","decimals":2}]},{"name":"rpt:f-714","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCharges","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"rgp:UnitedStatesRestructuringPlanMember"},"factValues":[{"value":"2300000","decimals":-5}]},{"name":"rpt:f-715","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCharges","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"rgp:UnitedStatesRestructuringPlanMember"},"factValues":[{"value":"2300000","decimals":-5}]},{"name":"rpt:f-716","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCharges","xbrl:period":"2022-08-28T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"rgp:GlobalRestructuringPlanMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-717","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCharges","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"rgp:GlobalRestructuringPlanMember"},"factValues":[{"value":"-400000","decimals":-5}]},{"name":"rpt:f-718","factDimensions":{"xbrl:concept":"us-gaap:RestructuringReserve","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"rgp:GlobalRestructuringPlanMember"},"factValues":[{"value":"300000","decimals":-5}]},{"name":"rpt:f-719","factDimensions":{"xbrl:concept":"us-gaap:RestructuringReserve","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"rgp:GlobalRestructuringPlanMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-720","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"11.\u00a0Stock-Based Compensation Plans
General
The Company\u2019s stockholders approved the Resources Connection, Inc. 2020 Performance Incentive Plan (the \u201c2020 Plan\u201d) on October 22, 2020, which replaced and succeeded in its entirety the Resources Connection, Inc. 2014 Performance Incentive Plan (the \u201c2014 Plan\u201d). Executive officers and certain employees, as well as non-employee directors of the Company and certain consultants and advisors are eligible to participate in the 2020 Plan. The maximum number of shares of the Company\u2019s common stock that may be issued or transferred pursuant to awards under the 2020 Plan equals: (1) 1,797,440 (which represents the number of shares that were available for additional award grant purposes under the 2014 Plan immediately prior to the termination of the authority to grant new awards under the 2014 Plan as of October 22, 2020), plus (2) the number of any shares subject to stock options granted under the 2014 Plan or the Resources Connection, Inc. 2004 Performance Incentive Plan (together with the 2014 Plan, the \u201cPrior Plans\u201d) and outstanding as of October 22, 2020 which expire, or for any reason are cancelled or terminated, after that date without being exercised, plus (3) the number of any shares subject to restricted stock and restricted stock unit awards granted under the Prior Plans that are outstanding and unvested as of October 22, 2020 which are forfeited, terminated, cancelled, or otherwise reacquired after that date without having become vested.
Awards under the 2020 Plan may include, but are not limited to, stock options, stock appreciation rights, restricted stock, performance stock, stock units, stock bonuses and other forms of awards granted or denominated in shares of common stock or units of common stock, as well as certain cash bonus awards. Historically, the Company has granted restricted stock, restricted stock units and stock option awards under the 2020 Plan that typically vest in equal annual installments, and performance stock unit awards under the 2020 Plan that vest upon the achievement of certain Company-wide performance targets at the end of the defined performance period. Stock option grants typically terminate ten years from the date of grant. Vesting periods for restricted stock, restricted stock units and stock option awards range from three to four years. The performance periods for the performance stock unit awards are three years. As of November 25, 2023, there were 1,086,317 shares available for further award grants under the 2020 Plan.
Stock-Based Compensation Expense
Stock-based compensation expense included in selling, general and administrative expenses was $0.5 million and $2.2 million for the three months ended November 25, 2023 and November 26, 2022, respectively, and $3.1 million and $4.8 million for the six months ended November 25, 2023 and November 26, 2022, respectively. These amounts consisted of stock-based compensation expense related to employee stock options, restricted stock awards, restricted stock unit awards and performance stock unit awards under the 2020 Plan and Prior Plans, employee stock purchases made via the ESPP, and stock units credited under the Directors Deferred Compensation Plan. The Company recognized a near zero tax benefit and a tax benefit of $0.3 million associated with such stock-based compensation expense during the three months ended November 25, 2023 and November 26, 2022, respectively, and $0.6 million and $1.0 million during the six months ended November 25, 2023 and November 26, 2022, respectively.
The Company recognizes stock-based compensation expense on time-vesting equity awards ratably over the applicable vesting period based on the grant date fair value, net of estimated forfeitures. Expense related to the liability-classified awards reflects the change in fair value during the reporting period. The number of performance stock units earned at the end of the applicable performance period may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met. During each reporting period, the Company uses the latest forecasted results to estimate the number of shares to be issued at the end of the performance period. Any resulting changes to stock compensation expense are adjusted in the period in which the change in estimates occur.
Stock Options
The following table summarizes the stock option activity for the six months ended November 25, 2023 (in thousands, except weighted-average exercise price):
|
|
|
|
|
| Number of Options |
| Weighted-Average Exercise Price | |
Outstanding at May 27, 2023 | 2,648 |
| $ | 16.44 |
Exercised | (26) |
|
| 14.75 |
Forfeited | (9) |
|
| 17.44 |
Expired | (271) |
|
| 16.91 |
Outstanding at November 25, 2023 | 2,342 |
| $ | 16.40 |
Exercisable at November 25, 2023 | 2,336 |
| $ | 16.41 |
Vested and expected to vest at November 25, 2023 (1) | 2,342 |
| $ | 16.40 |
(1) The options expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to options not yet vested of 6,875 shares as of November 25, 2023.
As of November 25, 2023, there was less than $0.1 million of unrecognized compensation costs related to unvested and outstanding employee stock options. The cost is expected to be recognized over a weighted-average period of 0.19\u00a0years.
Employee Stock Purchase Plan
On October 20, 2022, the Company\u2019s stockholders approved an amendment and restatement of the 2019 ESPP that increased the number of shares authorized for issuance under the ESPP by 1,500,000, resulting in a maximum number of shares of the Company\u2019s common stock authorized for issuance under the ESPP of 3,325,000 shares.
The Company\u2019s ESPP allows qualified employees (as defined in the ESPP) to purchase designated shares of the Company\u2019s common stock at a price equal to 85% of the lesser of the fair market value of common stock at the beginning or end of each semi-annual stock purchase period. The Company issued 198,150 and 183,000\u00a0shares of common stock pursuant to the ESPP during the six months ended November 25, 2023 and November 26, 2022, respectively. There were 1,580,774 shares of common stock available for issuance under the ESPP as of November 25, 2023.
Restricted Stock Awards (\u201cRSAs\u201d)
The following table summarizes the activities for the unvested RSAs for the six months ended November 25, 2023 (in thousands, except weighted-average grant-date fair value):
|
|
|
|
|
| Shares |
| Weighted-Average Grant-Date Fair Value | |
Outstanding at May 27, 2023 | 209 |
| $ | 17.19 |
Granted | 77 |
|
| 13.70 |
Vested | (77) |
|
| 16.40 |
Forfeited | - |
|
| - |
Unvested as of November 25, 2023 | 209 |
| $ | 16.18 |
Expected to vest as of November 25, 2023 | 180 |
| $ | 16.28 |
As of November 25, 2023, there was $2.6 million of total unrecognized compensation costs related to unvested RSAs. The cost is expected to be recognized over a weighted-average period of 1.57 years.
Restricted Stock Units (\u201cRSUs\u201d)
The Company may issue either equity-classified RSUs, which are awards granted to employees under the 2020 Plan that settle in shares of the Company\u2019s common stock, or liability-classified RSUs, which are awards credited to board of director members under the Directors Deferred Compensation Plan that settle in cash.
The following table summarizes the activities for the unvested RSUs, including both equity- and liability-classified RSUs, for the six months ended November 25, 2023 (in thousands, except weighted-average grant-date fair value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity-Classified RSUs |
| Liability-Classified RSUs |
| Total RSUs | |||||||||
| Shares | Weighted-Average Grant-Date Fair Value |
| Shares | Weighted-Average Grant-Date Fair Value |
| Shares | Weighted-Average Grant-Date Fair Value | ||||||
Outstanding at May 27, 2023 | 631 |
| $ | 15.78 |
| 60 |
| $ | 16.55 |
| 691 |
| $ | 15.85 |
Granted (1) | 292 |
|
| 13.63 |
| 3 |
|
| 15.59 |
| 295 |
|
| 13.65 |
Vested | (183) |
|
| 14.89 |
| (18) |
|
| 16.39 |
| (201) |
|
| 15.02 |
Forfeited | (140) |
|
| 15.58 |
| - |
|
| - |
| (140) |
|
| 15.58 |
Unvested as of November 25, 2023 | 600 |
| $ | 15.05 |
| 45 |
| $ | 16.55 |
| 645 |
| $ | 15.15 |
Expected to vest as of November 25, 2023 | 521 |
| $ | 15.06 |
| 45 |
| $ | 16.55 |
| 566 |
| $ | 15.18 |
(1) The dividend equivalents are included in the granted shares.
As of November 25, 2023, there was $7.4 million of total unrecognized compensation costs related to unvested equity-classified RSUs. The cost is expected to be recognized over a weighted-average period of 1.93 years.
As of November 25, 2023, there was $0.6 million of total unrecognized compensation costs related to unvested liability-classified RSUs. The cost is expected to be recognized over a weighted-average period of 1.66 years.
Performance Stock Units (\u201cPSUs\u201d)
The Company has issued PSUs to certain members of management and other select employees. The total number of shares that would vest under the PSUs will be determined at the end of the applicable three-year performance period based on the Company\u2019s achievement of certain revenue and Adjusted EBITDA (as defined below in Note 13 \u2013 Segment Information and Enterprise Reporting) percentage targets over the applicable performance period. The total number of shares that may be earned for these awards based on performance over the performance period ranges from zero to 150% of the target number of shares.
The following table summarizes the activities for the unvested PSUs for the six months ended November 25, 2023 (in thousands, except weighted-average grant-date fair value):
|
|
|
|
|
| Shares (1) |
| Weighted-Average Grant-Date Fair Value | |
Outstanding at May 27, 2023 | 434 |
| $ | 18.32 |
Granted (2) | 288 |
|
| 13.63 |
Vested | - |
|
| - |
Forfeited | (92) |
|
| 18.33 |
Unvested as of November 25, 2023 | 630 |
| $ | 16.17 |
Expected to vest as of November 25, 2023 | 527 |
| $ | 16.46 |
(1) Shares are presented in this table at the stated target, which represents the base number of shares that would vest over the applicable performance period. Actual shares that vest may be zero to 150% of the target based on the achievement of the specific company-wide performance targets.
(2) The dividend equivalents are included in the granted shares.
As of November 25, 2023, there was $4.2 million of total unrecognized compensation costs related to unvested PSUs. The cost is expected to be recognized over a weighted-average period of 2.00 years."}]},{"name":"rpt:f-721","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"rgp:PerformanceIncentivePlan2020Member"},"factValues":[{"value":"1797440"}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:PlanNameAxis":"rgp:PerformanceIncentivePlan2020Member"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-723","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","srt:RangeAxis":"srt:MaximumMember","us-gaap:PlanNameAxis":"rgp:PerformanceIncentivePlan2020Member"},"factValues":[{"value":"P4Y"}]},{"name":"rpt:f-724","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:PlanNameAxis":"rgp:PerformanceIncentivePlan2020Member"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-725","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"rgp:PerformanceIncentivePlan2020Member"},"factValues":[{"value":"1086317"}]},{"name":"rpt:f-726","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"500000","decimals":-5}]},{"name":"rpt:f-727","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2022-08-28T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2200000","decimals":-5}]},{"name":"rpt:f-728","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3100000","decimals":-5}]},{"name":"rpt:f-729","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4800000","decimals":-5}]},{"name":"rpt:f-730","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense","xbrl:period":"2023-08-27T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-731","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense","xbrl:period":"2022-08-28T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"300000","decimals":-5}]},{"name":"rpt:f-732","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"600000","decimals":-5}]},{"name":"rpt:f-733","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000.0","decimals":-5}]},{"name":"rpt:f-734","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"
|
|
|
|
|
| Number of Options |
| Weighted-Average Exercise Price | |
Outstanding at May 27, 2023 | 2,648 |
| $ | 16.44 |
Exercised | (26) |
|
| 14.75 |
Forfeited | (9) |
|
| 17.44 |
Expired | (271) |
|
| 16.91 |
Outstanding at November 25, 2023 | 2,342 |
| $ | 16.40 |
Exercisable at November 25, 2023 | 2,336 |
| $ | 16.41 |
Vested and expected to vest at November 25, 2023 (1) | 2,342 |
| $ | 16.40 |
(1) The options expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to options not yet vested of 6,875 shares as of November 25, 2023.
"}]},{"name":"rpt:f-735","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"2648000","decimals":-3}]},{"name":"rpt:f-736","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"16.44","decimals":2}]},{"name":"rpt:f-737","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"26000","decimals":-3}]},{"name":"rpt:f-738","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"14.75","decimals":2}]},{"name":"rpt:f-739","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"9000","decimals":-3}]},{"name":"rpt:f-740","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"17.44","decimals":2}]},{"name":"rpt:f-741","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"271000","decimals":-3}]},{"name":"rpt:f-742","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"16.91","decimals":2}]},{"name":"rpt:f-743","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"2342000","decimals":-3}]},{"name":"rpt:f-744","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"16.40","decimals":2}]},{"name":"rpt:f-745","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"2336000","decimals":-3}]},{"name":"rpt:f-746","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"16.41","decimals":2}]},{"name":"rpt:f-747","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"2342000","decimals":-3}]},{"name":"rpt:f-748","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"16.40","decimals":2}]},{"name":"rpt:f-749","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"6875"}]},{"name":"rpt:f-750","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-751","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"P0Y2M8D"}]},{"name":"rpt:f-752","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized","xbrl:period":"2022-10-20T00:00:00/2022-10-21T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:EmployeeStockOwnershipPlanESOPDisclosuresByPlanAxis":"rgp:EmployeeStockPurchasePlanMember"},"factValues":[{"value":"1500000","decimals":0}]},{"name":"rpt:f-753","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:EmployeeStockOwnershipPlanESOPDisclosuresByPlanAxis":"rgp:EmployeeStockPurchasePlanMember"},"factValues":[{"value":"3325000","decimals":0}]},{"name":"rpt:f-754","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","us-gaap:EmployeeStockOwnershipPlanESOPDisclosuresByPlanAxis":"rgp:EmployeeStockPurchasePlanMember"},"factValues":[{"value":"0.85"}]},{"name":"rpt:f-755","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:EmployeeStockOwnershipPlanESOPDisclosuresByPlanAxis":"rgp:EmployeeStockPurchasePlanMember"},"factValues":[{"value":"198150"}]},{"name":"rpt:f-756","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans","xbrl:period":"2022-05-29T00:00:00/2022-11-27T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:EmployeeStockOwnershipPlanESOPDisclosuresByPlanAxis":"rgp:EmployeeStockPurchasePlanMember"},"factValues":[{"value":"183000"}]},{"name":"rpt:f-757","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant","xbrl:period":"2023-11-26T00:00:00","xbrl:entity":"cik:0001084765","xbrl:unit":"xbrla:shares","us-gaap:EmployeeStockOwnershipPlanESOPDisclosuresByPlanAxis":"rgp:EmployeeStockPurchasePlanMember"},"factValues":[{"value":"1580774","decimals":0}]},{"name":"rpt:f-758","factDimensions":{"xbrl:concept":"us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"
|
|
|
|
|
| Shares |
| Weighted-Average Grant-Date Fair Value | |
Outstanding at May 27, 2023 | 209 |
| $ | 17.19 |
Granted | 77 |
|
| 13.70 |
Vested | (77) |
|
| 16.40 |
Forfeited | - |
|
| - |
Unvested as of November 25, 2023 | 209 |
| $ | 16.18 |
Expected to vest as of November 25, 2023 | 180 |
| $ | 16.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity-Classified RSUs |
| Liability-Classified RSUs |
| Total RSUs | |||||||||
| Shares | Weighted-Average Grant-Date Fair Value |
| Shares | Weighted-Average Grant-Date Fair Value |
| Shares | Weighted-Average Grant-Date Fair Value | ||||||
Outstanding at May 27, 2023 | 631 |
| $ | 15.78 |
| 60 |
| $ | 16.55 |
| 691 |
| $ | 15.85 |
Granted (1) | 292 |
|
| 13.63 |
| 3 |
|
| 15.59 |
| 295 |
|
| 13.65 |
Vested | (183) |
|
| 14.89 |
| (18) |
|
| 16.39 |
| (201) |
|
| 15.02 |
Forfeited | (140) |
|
| 15.58 |
| - |
|
| - |
| (140) |
|
| 15.58 |
Unvested as of November 25, 2023 | 600 |
| $ | 15.05 |
| 45 |
| $ | 16.55 |
| 645 |
| $ | 15.15 |
Expected to vest as of November 25, 2023 | 521 |
| $ | 15.06 |
| 45 |
| $ | 16.55 |
| 566 |
| $ | 15.18 |
(1) The dividend equivalents are included in the granted shares.
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|
|
|
|
|
| Shares (1) |
| Weighted-Average Grant-Date Fair Value | |
Outstanding at May 27, 2023 | 434 |
| $ | 18.32 |
Granted (2) | 288 |
|
| 13.63 |
Vested | - |
|
| - |
Forfeited | (92) |
|
| 18.33 |
Unvested as of November 25, 2023 | 630 |
| $ | 16.17 |
Expected to vest as of November 25, 2023 | 527 |
| $ | 16.46 |
(1) Shares are presented in this table at the stated target, which represents the base number of shares that would vest over the applicable performance period. Actual shares that vest may be zero to 150% of the target based on the achievement of the specific company-wide performance targets.
(2) The dividend equivalents are included in the granted shares.
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Commitments and Contingencies
Legal Proceedings
The Company is involved in certain legal matters arising in the ordinary course of business. In the opinion of management, none of such matters, if disposed of unfavorably, would have a material adverse effect on the Company\u2019s financial position, cash flows or results of operations.
"}]},{"name":"rpt:f-828","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"13. Segment Information and Enterprise Reporting
The tables below reflect the operating results of the Company\u2019s segments consistent with the management and performance measurement system utilized by the Company. Upon completing the sale of the taskforce operating segment, effective May 31, 2022, the Company\u2019s operating segments consist of RGP and Sitrick. Prior-period comparative segment information was not restated. See Note 2 \u2013 Summary of Significant Accounting Policies for further discussion about the Company\u2019s operating and reportable segments.
Performance measurement is based on segment Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA is defined as net income before amortization expense, depreciation expense, interest and income taxes plus or minus stock-based compensation expense, technology transformation costs, one-time acquisition costs and restructuring costs. Adjusted EBITDA at the segment level excludes certain shared corporate administrative costs that are not practical to allocate. The Company\u2019s CODM does not evaluate segments using asset information.
The following table discloses the Company\u2019s revenue and Adjusted EBITDA by segment for both periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
| Six Months Ended | |||||||
| November 25, |
| November 26, |
| November 25, |
| November 26, | ||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
RGP | $ | 160,875 |
| $ | 197,584 |
| $ | 328,378 |
| $ | 398,579 |
Other Segments |
| 2,252 |
|
| 2,771 |
|
| 4,918 |
|
| 5,838 |
Total revenue | $ | 163,127 |
| $ | 200,355 |
| $ | 333,296 |
| $ | 404,417 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
RGP | $ | 23,523 |
| $ | 37,664 |
| $ | 44,320 |
| $ | 76,011 |
Other Segments |
| (533) |
|
| 332 |
|
| (462) |
|
| 648 |
Reconciling items (1) |
| (6,929) |
|
| (8,365) |
|
| (16,251) |
|
| (16,318) |
Total Adjusted EBITDA (2) | $ | 16,061 |
| $ | 29,631 |
| $ | 27,607 |
| $ | 60,341 |
(1) 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.
(2) A reconciliation of the Company\u2019s net income to Adjusted EBITDA on a consolidated basis is presented below.
The table below represents a reconciliation of the Company\u2019s net income to Adjusted EBITDA for both periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
| Six Months Ended | |||||||
| November 25, |
| November 26, |
| November 25, |
| November 26, | ||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
Net income | $ | 4,895 |
| $ | 17,432 |
| $ | 8,012 |
| $ | 35,572 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
| 1,321 |
|
| 1,216 |
|
| 2,635 |
|
| 2,468 |
Depreciation expense |
| 810 |
|
| 880 |
|
| 1,687 |
|
| 1,767 |
Interest (income) expense, net |
| (293) |
|
| 199 |
|
| (605) |
|
| 515 |
Income tax expense |
| 3,753 |
|
| 5,877 |
|
| 5,828 |
|
| 12,869 |
EBITDA |
| 10,486 |
|
| 25,604 |
|
| 17,557 |
|
| 53,191 |
Stock-based compensation expense |
| 516 |
|
| 2,237 |
|
| 3,068 |
|
| 4,766 |
Technology transformation costs (1) |
| 1,678 |
|
| 1,748 |
|
| 3,601 |
|
| 2,739 |
Acquisition costs (2) |
| 1,126 |
|
| - |
|
| 1,126 |
|
| - |
Restructuring costs (3) |
| 2,255 |
|
| 42 |
|
| 2,255 |
|
| (355) |
Adjusted EBITDA | $ | 16,061 |
| $ | 29,631 |
| $ | 27,607 |
| $ | 60,341 |
(1) Technology transformation costs represent costs included in net income related to the Company\u2019s initiative to upgrade its technology platform globally, including a cloud-based enterprise resource planning system and talent acquisition and management systems. Such costs primarily include hosting and certain other software licensing costs, third-party consulting fees and costs associated with dedicated internal resources that are not capitalized.
(2) Acquisition costs represent one-time costs included in net income related to the Company\u2019s acquisition of CloudGo, which include fees paid to the Company\u2019s brokers and other professional services firms. See Note 4 \u2013 Acquisitions and Dispositions in the Notes to Consolidated Financial Statements for further discussion.
(3) The Company initiated the U.S. Restructuring Plan in October 2023 and substantially completed the plan during the second quarter of fiscal 2024. In fiscal 2021, the Company substantially completed the Global Restructuring Plans and the remaining accrued restructuring liability on the books was released in fiscal 2023."}]},{"name":"rpt:f-829","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2023-05-28T00:00:00/2023-11-26T00:00:00","xbrl:entity":"cik:0001084765"},"factValues":[{"value":"
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
| Six Months Ended | |||||||
| November 25, |
| November 26, |
| November 25, |
| November 26, | ||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
RGP | $ | 160,875 |
| $ | 197,584 |
| $ | 328,378 |
| $ | 398,579 |
Other Segments |
| 2,252 |
|
| 2,771 |
|
| 4,918 |
|
| 5,838 |
Total revenue | $ | 163,127 |
| $ | 200,355 |
| $ | 333,296 |
| $ | 404,417 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
RGP | $ | 23,523 |
| $ | 37,664 |
| $ | 44,320 |
| $ | 76,011 |
Other Segments |
| (533) |
|
| 332 |
|
| (462) |
|
| 648 |
Reconciling items (1) |
| (6,929) |
|
| (8,365) |
|
| (16,251) |
|
| (16,318) |
Total Adjusted EBITDA (2) | $ | 16,061 |
| $ | 29,631 |
| $ | 27,607 |
| $ | 60,341 |
(1) 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.
(2) A reconciliation of the Company\u2019s net income to Adjusted EBITDA on a consolidated basis is presented below.
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|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
| Six Months Ended | |||||||
| November 25, |
| November 26, |
| November 25, |
| November 26, | ||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
Net income | $ | 4,895 |
| $ | 17,432 |
| $ | 8,012 |
| $ | 35,572 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
| 1,321 |
|
| 1,216 |
|
| 2,635 |
|
| 2,468 |
Depreciation expense |
| 810 |
|
| 880 |
|
| 1,687 |
|
| 1,767 |
Interest (income) expense, net |
| (293) |
|
| 199 |
|
| (605) |
|
| 515 |
Income tax expense |
| 3,753 |
|
| 5,877 |
|
| 5,828 |
|
| 12,869 |
EBITDA |
| 10,486 |
|
| 25,604 |
|
| 17,557 |
|
| 53,191 |
Stock-based compensation expense |
| 516 |
|
| 2,237 |
|
| 3,068 |
|
| 4,766 |
Technology transformation costs (1) |
| 1,678 |
|
| 1,748 |
|
| 3,601 |
|
| 2,739 |
Acquisition costs (2) |
| 1,126 |
|
| - |
|
| 1,126 |
|
| - |
Restructuring costs (3) |
| 2,255 |
|
| 42 |
|
| 2,255 |
|
| (355) |
Adjusted EBITDA | $ | 16,061 |
| $ | 29,631 |
| $ | 27,607 |
| $ | 60,341 |
(1) Technology transformation costs represent costs included in net income related to the Company\u2019s initiative to upgrade its technology platform globally, including a cloud-based enterprise resource planning system and talent acquisition and management systems. Such costs primarily include hosting and certain other software licensing costs, third-party consulting fees and costs associated with dedicated internal resources that are not capitalized.
(2) Acquisition costs represent one-time costs included in net income related to the Company\u2019s acquisition of CloudGo, which include fees paid to the Company\u2019s brokers and other professional services firms. See Note 4 \u2013 Acquisitions and Dispositions in the Notes to Consolidated Financial Statements for further discussion.
(3) The Company initiated the U.S. Restructuring Plan in October 2023 and substantially completed the plan during the second quarter of fiscal 2024. In fiscal 2021, the Company substantially completed the Global Restructuring Plans and the remaining accrued restructuring liability on the books was released in fiscal 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