RGPHIGH SIGNALFINANCIAL10-K

RGP underwent a significant balance sheet contraction with stockholders' equity falling by half and total assets declining substantially, while revenue dropped 13% amid reduced operating cash flow.

The dramatic reduction in stockholders' equity and total assets suggests a major capital return event, restructuring, or accounting change that fundamentally altered RGP's financial position. Combined with declining revenue and operating cash flows, this indicates the company is operating from a much smaller financial base, which could impact its ability to pursue growth opportunities or weather economic downturns.

Comparing 2025-07-28 vs 2024-07-22View on EDGAR →
FINANCIAL ANALYSIS

RGP experienced a comprehensive financial contraction across most metrics, with revenue declining 13% to $551.3M and gross profit falling to $207.4M. The balance sheet saw the most dramatic changes, with stockholders' equity cut in half to $207.1M and total assets falling 40% to $304.7M, while cash reserves dropped to $86.1M. Despite the overall contraction, the company increased share buybacks and reduced interest expenses, suggesting deliberate capital allocation decisions during this period of financial restructuring.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+62.5%
$8.0M→$13.0M

Share repurchases increased 62.5% — management returning capital, signals confidence in intrinsic value.

Stockholders Equity
Balance Sheet
-50.5%
$418.8M→$207.1M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Interest Expense
P&L
-48.1%
$1.1M→$552K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Assets
Balance Sheet
-40.4%
$510.9M→$304.7M

Total assets contracted 40.4% — asset sales, write-downs, or balance sheet optimization underway.

Cash & Equivalents
Balance Sheet
-20.9%
$108.9M→$86.1M

Cash decreased 20.9% — monitor burn rate and upcoming capital needs.

Gross Profit
P&L
-15.7%
$246.1M→$207.4M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Current Assets
Balance Sheet
-15.4%
$240.8M→$203.7M

Current assets declined 15.4% — monitor working capital adequacy and short-term liquidity.

Operating Cash Flow
Cash Flow
-13.8%
$21.9M→$18.9M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Revenue
P&L
-12.9%
$632.8M→$551.3M

Revenue softened 12.9% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2025-07-28
PRIOR — 2024-07-22
ADDED
As of July 18, 2025, there were approximately 33,339,883 shares of common stock, $0.01 par value, outstanding.
FORM 10-K SUMMARY 93 SIGNATURES 94 1 Table o f Contents In this Annual Report on Form 10-K, Resources Global Professionals, Company, we, us and our refer to the business of Resources Connection, Inc.
The fiscal years ended May 25, 2024, and May 27, 2023 each consisted of 52 weeks.
For example, statements discussing, among other things, expectations regarding our operating segments, expectations regarding the macroeconomic environment, expected costs and liabilities, business strategies, growth strategies and initiatives, acquisition strategies, future revenues and future performance, are forward-looking statements.
Overview Resources Global Professionals ( RGP ) is a professional services firm based in Dallas, Texas (with offices worldwide) focused on delivering flexible and high impact solutions to businesses through strategic and execution consulting, on-demand resourcing, and fully outsourcing services.
As a next-generation human capital partner for our clients, we are a trusted partner to the C suite, specializing in navigating complex business challenges typically precipitated by business and technology transformation, strategic transactions, or regulatory compliance.
Our engagements are designed to leverage a combination of bench and agile talent that are highly experienced to deliver practical solutions and more impactful results that power our clients , employees and partners success.
We serve more than 1,600 clients around the world with approximately 3,100 professionals collectively engaged from 41 physical practice offices and multiple virtual offices.
Headquartered in Dallas, Texas, we are proud to have served 88% of the Fortune 100 as of May 2025.
Business Segments During the first quarter of fiscal 2025, the Company reorganized the Company s business by forming multiple discrete operational business units.
REMOVED
As of July 12, 2024, there were approximately 33,560,150 shares of common stock, $0.01 par value, outstanding.
The fiscal years ended May 25, 2024, May 27, 2023, and May 28, 2022 each consisted of 52 weeks.
For example, statements discussing, among other things, expected costs, business strategies, growth strategies and initiatives, acquisition strategies, future revenues and future performance, are forward-looking statements.
Overview Resources Global Professionals ( RGP ) is a global consulting firm based in Irvine, California (with offices worldwide) focused on delivering consulting services that power clients operational needs and change initiatives utilizing a combination of bench and on-demand, expert and diverse talent.
As a next-generation human capital partner for our clients, we specialize in co-delivery of enterprise initiatives typically precipitated by business transformation, strategic transactions or regulatory change.
Our engagements are designed to leverage human connection and collaboration to deliver practical solutions and more impactful results that power our clients , employees and partners success.
Our model is especially relevant at a time where cost reduction initiatives drive an enhanced reliance on a flexible workforce to execute transformational projects.
We are laser-focused on driving long-term growth in our business by seizing favorable macro shifts in workforce strategies and preferences, building an efficient and scalable operating model, and maintaining a distinctive culture and approach to professional services.
Our enterprise initiatives in recent years include refining the operating model for sales, talent and delivery to be more client-centric, cultivating a more robust performance culture by aligning incentives to business performance, building and commercializing our digital engagement platform, enhancing our consulting capabilities in digital transformation to align with market demand, improving operating leverage through pricing, operating efficiency and cost reduction, and driving growth through strategic acquisitions.
We believe our focus and execution on these initiatives will serve as the foundation for growth ahead.
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