<p>Resources Connection Inc. ((RGP)) 举行了第三季度财报电话会议。以下是会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
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<p>Resources Connection Inc. 在最新的财报电话会议上采取了谨慎的语气，承认收入大幅下降，同时强调成本控制、利润稳定和坚实的资产负债表。管理层将 2027 财年视为恢复增长的可能拐点，但承认未来几个季度将面临压力，因为需求和定价正在适应放缓的市场和人工智能驱动的角色转变。</p>
<h2>收入下滑被更好的利润率抵消</h2>
<p>第三季度合并收入降至 1.079 亿美元，反映出同比大幅下降，但毛利率提高至 35.7%，比去年上升 60 个基点。企业平均账单费率在恒定汇率基础上降至 120 美元，尽管公司专注于更高价值的工作，但仍显示出组合和定价压力。</p>
<h2>按需人才显示出利润率韧性</h2>
<p>按需人才的收入同比下降 16.3%，降至 4090 万美元，但该部门的调整后 EBITDA 提升至 290 万美元，利润率为 7.0%，而去年为 5.5%。更高的账单费率为 146 美元、减少的员工人数和更严格的成本控制帮助保护了盈利能力，尽管这一核心产品的顶线需求较弱。</p>
<h2>SG&amp;A 削减带来显著成本节约</h2>
<p>第三季度企业的 SG&amp;A 费用降至 3940 万美元，比去年同期的 4370 万美元改善了 10%，管理层收紧了支出。公司预计年化成本节约约为 1200 万至 1400 万美元，尽管其中一些资金将被重新投入到增长项目和客户服务能力中。</p>
<h2>健康的流动性支撑资本灵活性</h2>
<p>Resources Connection 在本季度末拥有 8280 万美元的现金及现金等价物，且没有未偿债务，提供了强大的流动性缓冲。公司还维持了资本回报，支付了 230 万美元的季度股息，并在股票回购授权中保留了 7900 万美元。</p>
<h2>新的技术领导层加速人工智能战略</h2>
<p>管理层强调了关键领导职位的任命，包括首席人工智能官和首席信息官，以推动技术现代化的下一个阶段。公司将人工智能视为净积极因素，旨在简化运营并建立能够捕捉新兴客户需求的差异化能力。</p>
<h2>咨询整合旨在简化市场进入</h2>
<p>传统咨询部门已在新高级领导下合并为一个咨询部门，以简化结构和销售方式。这一整合旨在简化与按需人才的交叉销售，减少内部复杂性，并最终改善各服务线的客户参与度。</p>
<h2>有选择的再投资以支持未来增长</h2>
<p>在积极削减成本的同时，Resources Connection 正在有选择地将节省的资金再投资于领导力、销售能力和前线客户资源。管理层预计这些有针对性的投资将在 2027 财年下半年开始对增长产生重要贡献，为公司在周期性复苏中做好准备。</p>
<h2>国际和外包服务的稳定性</h2>
<p>尽管存在一些时机效应，欧洲和亚太地区在日本、印度和荷兰等市场提供了相对亮点，实现了稳健的同比增长。外包服务也显示出韧性，第三季度实现了适度的环比收入增长，并维持了健康的 15.1% 利润率。</p>
<h2>收入和咨询部门面临压力</h2>
<p>在同日恒定汇率基础上，合并收入同比下降 19.6%，凸显出整个投资组合的广泛压力。咨询部门尤其疲软，收入下降 32.5%，降至 3690 万美元，调整后的 EBITDA 降至 170 万美元，利润率为 4.6%，因利用率降低。</p>
<h2>负调整后 EBITDA 突显运营压力</h2>
<p>在合并层面，调整后 EBITDA 为负 140 万美元，显示公司尚未在当前的收入基础上恢复运营杠杆。管理层的行动旨在恢复盈利能力，但投资者希望在这些努力完全发挥作用之前看到收入的稳定。</p>
<h2>账单费率和组合逆风持续</h2>
<p>企业平均账单费率在恒定汇率基础上从 123 美元降至 120 美元，主要受向低价地区的组合转变影响。在亚太地区，平均账单费率从 59 美元降至 57 美元，突显出竞争和地理因素对整体定价指标的影响。</p>
<h2>劳动力行动和一次性费用对短期施压</h2>
<p>公司在 1 月份进行了另一轮裁员，反映出持续努力将成本与较低需求对齐。管理层预计将有 1300 万至 1500 万美元的非经常性和非现金费用，包括处置和分离费用以及基于股票的补偿，这将对短期报告结果施加压力。</p>
<h2>通过 Sitrick 退出简化投资组合</h2>
<p>Resources Connection 签署了一项具有约束力的协议，出售其 Sitrick 危机传播业务，该业务每年产生约 900 万美元的收入。这一举措简化了整体投资组合，但削减了收入基础，并在短期内产生额外的处置相关费用。</p>
<h2>人工智能和自动化取代部分角色</h2>
<p>管理层指出，自动化和人工智能的采用正在减少对某些低级别财务和运营会计角色的需求，造成这些工作流的短期逆风。随着时间的推移，公司看到有机会转向更高价值的咨询和项目基础工作，这些工作将由这些技术推动。</p>
<h2>指引信号持续的短期收入压力</h2>
<p>对于第四季度，Resources Connection 指导收入为 1.04 亿至 1.09 亿美元，最高端意味着在有机同日恒定汇率基础上同比下降约 16%，且早期趋势低于第三季度。公司预计毛利率为 36.5% 至 37.5%，销售及管理费用年化为 3900 万至 4100 万美元，年化成本节约约为 1200 万至 1400 万美元，同时还有显著的非经常性和非现金费用。</p>
<p>管理层在电话会议结束时强调，尽管接下来的几个季度将面临挑战，但他们正在构建一个更精简、更具技术支持的平台，并拥有强大的流动性。对于投资者而言，这个故事是短期收入和利润压力与切实的成本措施、健康的资产负债表以及旨在到 2027 财年恢复增长的战略之间的平衡。</p>

<p>Resources Connection Inc. (RGP) 在其第三季度财报电话会议中报告了谨慎的前景，指出收入显著下降但毛利率有所改善。尽管市场需求和定价面临持续压力，公司预计 2027 财年将是潜在的复苏点。第三季度收入降至 1.079 亿美元，毛利率为 35.7%。成本削减措施使销售和管理费用减少了 10%。该公司保持强劲的流动性，现金为 8280 万美元且没有债务。新领导层旨在增强人工智能能力，同时计划进行有选择的再投资以支持未来的增长</p>

<p>Resources Connection Inc. ((RGP)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Resources Connection Inc. ((RGP)) 举行了第三季度财报电话会议。以下是会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领袖的投资组合，使用智能投资者精选</li>
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</div><p>Resources Connection Inc. struck a cautious tone on its latest earnings call, acknowledging sharp revenue declines while emphasizing cost discipline, margin stabilization and a rock‑solid balance sheet. Management framed fiscal 2027 as the likely inflection point for renewed growth, but conceded that the next few quarters will remain pressured as demand and pricing adjust to a slower market and AI‑driven role shifts.</p>
<div class="lb-trans"><p>Resources Connection Inc. 在最新的财报电话会议上采取了谨慎的语气，承认收入大幅下降，同时强调成本控制、利润稳定和坚实的资产负债表。管理层将 2027 财年视为恢复增长的可能拐点，但承认未来几个季度将面临压力，因为需求和定价正在适应放缓的市场和人工智能驱动的角色转变。</p>
</div><h2>Revenue Slide Offset by Better Margins</h2>
<div class="lb-trans"><h2>收入下滑被更好的利润率抵消</h2>
</div><p>Consolidated Q3 revenue fell to $107.9 million, reflecting a steep year‑over‑year decline, yet gross margin improved to 35.7%, up 60 basis points from a year ago. The enterprise average bill rate slipped to $120 on a constant‑currency basis, signaling mix and pricing pressure even as the company focused on higher‑value work.</p>
<div class="lb-trans"><p>第三季度合并收入降至 1.079 亿美元，反映出同比大幅下降，但毛利率提高至 35.7%，比去年上升 60 个基点。企业平均账单费率在恒定汇率基础上降至 120 美元，尽管公司专注于更高价值的工作，但仍显示出组合和定价压力。</p>
</div><h2>On‑Demand Talent Shows Margin Resilience</h2>
<div class="lb-trans"><h2>按需人才显示出利润率韧性</h2>
</div><p>On‑Demand Talent revenue dropped 16.3% year over year to $40.9 million, but segment adjusted EBITDA improved to $2.9 million, a 7.0% margin versus 5.5% last year. Higher bill rates of $146, reduced headcount and tighter cost controls helped protect profitability despite softer top‑line demand in this core offering.</p>
<div class="lb-trans"><p>按需人才的收入同比下降 16.3%，降至 4090 万美元，但该部门的调整后 EBITDA 提升至 290 万美元，利润率为 7.0%，而去年为 5.5%。更高的账单费率为 146 美元、减少的员工人数和更严格的成本控制帮助保护了盈利能力，尽管这一核心产品的顶线需求较弱。</p>
</div><h2>SG&amp;A Cuts Drive Significant Cost Savings</h2>
<div class="lb-trans"><h2>SG&amp;A 削减带来显著成本节约</h2>
</div><p>Enterprise run‑rate SG&amp;A fell to $39.4 million in Q3, a 10% improvement from $43.7 million a year earlier as management tightened spending. The company expects approximately $12 million to $14 million in annualized cost savings, though some of these funds will be redirected into growth initiatives and client‑facing capabilities.</p>
<div class="lb-trans"><p>第三季度企业的 SG&amp;A 费用降至 3940 万美元，比去年同期的 4370 万美元改善了 10%，管理层收紧了支出。公司预计年化成本节约约为 1200 万至 1400 万美元，尽管其中一些资金将被重新投入到增长项目和客户服务能力中。</p>
</div><h2>Healthy Liquidity Underpins Capital Flexibility</h2>
<div class="lb-trans"><h2>健康的流动性支撑资本灵活性</h2>
</div><p>Resources Connection ended the quarter with $82.8 million in cash and cash equivalents and no outstanding debt, providing a strong liquidity cushion. The company also maintained capital returns, paying $2.3 million in quarterly dividends and leaving $79 million on its share repurchase authorization.</p>
<div class="lb-trans"><p>Resources Connection 在本季度末拥有 8280 万美元的现金及现金等价物，且没有未偿债务，提供了强大的流动性缓冲。公司还维持了资本回报，支付了 230 万美元的季度股息，并在股票回购授权中保留了 7900 万美元。</p>
</div><h2>New Tech Leadership to Accelerate AI Strategy</h2>
<div class="lb-trans"><h2>新的技术领导层加速人工智能战略</h2>
</div><p>Management highlighted key leadership hires, including a Chief Artificial Intelligence Officer and a Chief Information Officer, to drive the next phase of technology modernization. The company views AI as a net positive, aiming to simplify operations and build differentiated capabilities that can capture emerging client demand.</p>
<div class="lb-trans"><p>管理层强调了关键领导职位的任命，包括首席人工智能官和首席信息官，以推动技术现代化的下一个阶段。公司将人工智能视为净积极因素，旨在简化运营并建立能够捕捉新兴客户需求的差异化能力。</p>
</div><h2>Consulting Integration Targets Simpler Go‑to‑Market</h2>
<div class="lb-trans"><h2>咨询整合旨在简化市场进入</h2>
</div><p>Legacy consulting units have been combined into a single Consulting segment under new senior leadership to simplify the structure and sales approach. This integration is intended to streamline cross‑selling with On‑Demand Talent, reduce internal complexity and ultimately improve client engagement across service lines.</p>
<div class="lb-trans"><p>传统咨询部门已在新高级领导下合并为一个咨询部门，以简化结构和销售方式。这一整合旨在简化与按需人才的交叉销售，减少内部复杂性，并最终改善各服务线的客户参与度。</p>
</div><h2>Selective Reinvestment to Support Future Growth</h2>
<div class="lb-trans"><h2>有选择的再投资以支持未来增长</h2>
</div><p>While cutting costs aggressively, Resources Connection is selectively reinvesting savings into leadership, sales capacity and frontline client resources. Management expects these targeted investments to begin contributing meaningfully to growth by the second half of fiscal 2027, positioning the firm for a cyclical upturn.</p>
<div class="lb-trans"><p>在积极削减成本的同时，Resources Connection 正在有选择地将节省的资金再投资于领导力、销售能力和前线客户资源。管理层预计这些有针对性的投资将在 2027 财年下半年开始对增长产生重要贡献，为公司在周期性复苏中做好准备。</p>
</div><h2>Stability in International and Outsourced Services</h2>
<div class="lb-trans"><h2>国际和外包服务的稳定性</h2>
</div><p>Europe and Asia Pacific provided a relative bright spot, with solid year‑over‑year growth in markets such as Japan, India and the Netherlands, despite some timing effects. Outsourced Services also showed resilience, delivering modest sequential revenue growth and maintaining a healthy 15.1% margin in Q3.</p>
<div class="lb-trans"><p>尽管存在一些时机效应，欧洲和亚太地区在日本、印度和荷兰等市场提供了相对亮点，实现了稳健的同比增长。外包服务也显示出韧性，第三季度实现了适度的环比收入增长，并维持了健康的 15.1% 利润率。</p>
</div><h2>Revenue and Consulting Segment Under Pressure</h2>
<div class="lb-trans"><h2>收入和咨询部门面临压力</h2>
</div><p>On a same‑day constant‑currency basis, consolidated revenue fell 19.6% year over year, underscoring broad pressure across the portfolio. Consulting was particularly weak, with revenue down 32.5% to $36.9 million and segment adjusted EBITDA sliding to $1.7 million, or a 4.6% margin, on lower utilization.</p>
<div class="lb-trans"><p>在同日恒定汇率基础上，合并收入同比下降 19.6%，凸显出整个投资组合的广泛压力。咨询部门尤其疲软，收入下降 32.5%，降至 3690 万美元，调整后的 EBITDA 降至 170 万美元，利润率为 4.6%，因利用率降低。</p>
</div><h2>Negative Adjusted EBITDA Highlights Operating Strain</h2>
<div class="lb-trans"><h2>负调整后 EBITDA 突显运营压力</h2>
</div><p>At the consolidated level, adjusted EBITDA came in at negative $1.4 million, showing the company has not yet restored operating leverage at today’s revenue base. Management’s actions are aiming to restore profitability, but investors will want to see revenue stabilization before those efforts fully flow through.</p>
<div class="lb-trans"><p>在合并层面，调整后 EBITDA 为负 140 万美元，显示公司尚未在当前的收入基础上恢复运营杠杆。管理层的行动旨在恢复盈利能力，但投资者希望在这些努力完全发挥作用之前看到收入的稳定。</p>
</div><h2>Bill Rate and Mix Headwinds Persist</h2>
<div class="lb-trans"><h2>账单费率和组合逆风持续</h2>
</div><p>The enterprise average bill rate declined from $123 to $120 on a constant‑currency basis, driven mainly by mix shifts toward lower‑priced regions. In EAPAC, average bill rates eased to $57 from $59, highlighting competitive and geographic factors that are weighing on overall pricing metrics.</p>
<div class="lb-trans"><p>企业平均账单费率在恒定汇率基础上从 123 美元降至 120 美元，主要受向低价地区的组合转变影响。在亚太地区，平均账单费率从 59 美元降至 57 美元，突显出竞争和地理因素对整体定价指标的影响。</p>
</div><h2>Workforce Actions and One‑Time Charges Weigh Near Term</h2>
<div class="lb-trans"><h2>劳动力行动和一次性费用对短期施压</h2>
</div><p>The company executed another reduction in force in January, reflecting ongoing efforts to align costs with lower demand. Management expects $13 million to $15 million of non‑run‑rate and noncash expenses, including disposition and separation charges and stock‑based compensation, which will pressure near‑term reported results.</p>
<div class="lb-trans"><p>公司在 1 月份进行了另一轮裁员，反映出持续努力将成本与较低需求对齐。管理层预计将有 1300 万至 1500 万美元的非经常性和非现金费用，包括处置和分离费用以及基于股票的补偿，这将对短期报告结果施加压力。</p>
</div><h2>Portfolio Simplification via Sitrick Exit</h2>
<div class="lb-trans"><h2>通过 Sitrick 退出简化投资组合</h2>
</div><p>Resources Connection signed a binding agreement to divest its Sitrick crisis communications business, which generated about $9 million of annual revenue. The move simplifies the overall portfolio but trims the revenue base and creates additional disposition‑related charges in the short term.</p>
<div class="lb-trans"><p>Resources Connection 签署了一项具有约束力的协议，出售其 Sitrick 危机传播业务，该业务每年产生约 900 万美元的收入。这一举措简化了整体投资组合，但削减了收入基础，并在短期内产生额外的处置相关费用。</p>
</div><h2>AI and Automation Displace Some Roles</h2>
<div class="lb-trans"><h2>人工智能和自动化取代部分角色</h2>
</div><p>Management noted that automation and AI adoption is reducing demand for certain lower‑level finance and operational accounting roles, creating a near‑term headwind in those work streams. Over time, the company sees opportunity to pivot toward higher‑value advisory and project‑based work enabled by these technologies.</p>
<div class="lb-trans"><p>管理层指出，自动化和人工智能的采用正在减少对某些低级别财务和运营会计角色的需求，造成这些工作流的短期逆风。随着时间的推移，公司看到有机会转向更高价值的咨询和项目基础工作，这些工作将由这些技术推动。</p>
</div><h2>Guidance Signals Ongoing Near‑Term Revenue Pressure</h2>
<div class="lb-trans"><h2>指引信号持续的短期收入压力</h2>
</div><p>For Q4, Resources Connection guided revenue to $104 million to $109 million, with the top end implying about a 16% year‑over‑year decline on an organic same‑day constant‑currency basis and early trends running below Q3. The company expects gross margin of 36.5% to 37.5%, run‑rate SG&amp;A of $39 million to $41 million, and annualized cost savings of roughly $12 million to $14 million, alongside notable non‑run‑rate and noncash charges.</p>
<div class="lb-trans"><p>对于第四季度，Resources Connection 指导收入为 1.04 亿至 1.09 亿美元，最高端意味着在有机同日恒定汇率基础上同比下降约 16%，且早期趋势低于第三季度。公司预计毛利率为 36.5% 至 37.5%，销售及管理费用年化为 3900 万至 4100 万美元，年化成本节约约为 1200 万至 1400 万美元，同时还有显著的非经常性和非现金费用。</p>
</div><p>Management closed the call emphasizing that while the next few quarters will remain challenging, they are building a leaner, more tech‑enabled platform supported by strong liquidity. For investors, the story is one of short‑term revenue and profit pressure balanced against tangible cost actions, a clean balance sheet and a strategy aimed at returning to growth by fiscal 2027.</p>
<div class="lb-trans"><p>管理层在电话会议结束时强调，尽管接下来的几个季度将面临挑战，但他们正在构建一个更精简、更具技术支持的平台，并拥有强大的流动性。对于投资者而言，这个故事是短期收入和利润压力与切实的成本措施、健康的资产负债表以及旨在到 2027 财年恢复增长的战略之间的平衡。</p>
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Resources Connection 在收入压力下期待 2027 年复苏