Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Feb. 27, 2021 | Mar. 31, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 27, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-32113 | |
Entity Registrant Name | RESOURCES CONNECTION, INC. | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 33-0832424 | |
Entity Address Address Line 1 | 17101 Armstrong Avenue | |
Entity Address City Or Town | Irvine | |
Entity Address State Or Province | CA | |
Entity Address Postal Zip Code | 92614 | |
City Area Code | 714 | |
Local Phone Number | 430-6400 | |
Security 12b Title | Common stock, par value $0.01 per share | |
Trading Symbol | RGP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,823,022 | |
Current Fiscal Year End Date | --05-29 | |
Amendment Flag | false | |
Entity Central Index Key | 0001084765 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 27, 2021 | May 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 84,008 | $ 95,624 |
Trade accounts receivable, net of allowance for doubtful accounts of $2,406 and $3,067 as of February 27, 2021 and May 30, 2020, respectively | 108,429 | 124,986 |
Prepaid expenses and other current assets | 8,141 | 6,222 |
Income taxes receivable | 11,467 | 4,167 |
Total current assets | 212,045 | 230,999 |
Goodwill | 216,497 | 214,067 |
Intangible assets, net | 20,568 | 20,077 |
Property and equipment, net | 21,252 | 23,644 |
Operating right-of-use assets | 27,702 | 34,287 |
Deferred income taxes | 1,726 | 1,597 |
Other assets | 1,812 | 4,510 |
Total assets | 501,602 | 529,181 |
Current liabilities: | ||
Accounts payable and accrued expenses | 17,450 | 15,799 |
Accrued salaries and related obligations | 57,878 | 52,407 |
Operating lease liabilities, current | 10,636 | 11,223 |
Other liabilities | 17,427 | 15,472 |
Total current liabilities | 103,391 | 94,901 |
Long-term debt | 53,000 | 88,000 |
Operating lease liabilities, noncurrent | 23,996 | 30,672 |
Deferred income taxes | 5,915 | 6,215 |
Other long-term liabilities | 7,709 | 5,732 |
Total liabilities | 194,011 | 225,520 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 5,000 shares authorized; zero shares issued and outstanding | ||
Common stock, $0.01 par value, 70,000 shares authorized; 64,540 and 63,910 shares issued, and 32,799 and 32,144 shares outstanding as of February 27, 2021 and May 30, 2020, respectively | 646 | 639 |
Additional paid-in capital | 487,339 | 477,438 |
Accumulated other comprehensive loss | (8,216) | (13,862) |
Retained earnings | 348,676 | 360,534 |
Treasury stock at cost, 31,741 and 31,766 shares as of February 27, 2021 and May 30, 2020, respectively | (520,854) | (521,088) |
Total stockholders' equity | 307,591 | 303,661 |
Total liabilities and stockholders' equity | $ 501,602 | $ 529,181 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Feb. 27, 2021 | May 30, 2020 |
Consolidated Balance Sheets [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 2,406 | $ 3,067 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 64,540,000 | 63,910,000 |
Common stock, shares outstanding | 32,799,000 | 32,144,000 |
Treasury stock at cost, shares | 31,741,000 | 31,766,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Consolidated Statements Of Operations [Abstract] | ||||
Revenue | $ 156,631 | $ 168,052 | $ 457,199 | $ 524,784 |
Direct cost of services, primarily payroll and related taxes for professional services employees | 99,584 | 106,632 | 284,078 | 321,484 |
Gross profit | 57,047 | 61,420 | 173,121 | 203,300 |
Selling, general and administrative expenses | 52,838 | 55,299 | 158,544 | 166,032 |
Amortization of intangible assets | 1,202 | 1,549 | 4,125 | 4,153 |
Depreciation expense | 963 | 1,120 | 2,954 | 3,913 |
Income from operations | 2,044 | 3,452 | 7,498 | 29,202 |
Interest expense, net | 361 | 493 | 1,316 | 1,526 |
Other income | (64) | (1,069) | (537) | |
Income before income tax expense (benefit) | 1,747 | 2,959 | 7,251 | 28,213 |
Income tax expense (benefit) | 1,057 | (3,983) | 5,270 | 3,995 |
Net income | $ 690 | $ 6,942 | $ 1,981 | $ 24,218 |
Net income per common share: | ||||
Basic (per share) | $ 0.02 | $ 0.22 | $ 0.06 | $ 0.76 |
Diluted (per share) | $ 0.02 | $ 0.21 | $ 0.06 | $ 0.75 |
Weighted average common shares outstanding: | ||||
Basic (shares) | 32,520 | 32,159 | 32,353 | 31,954 |
Diluted (shares) | 32,659 | 32,498 | 32,422 | 32,350 |
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
COMPREHENSIVE INCOME: | ||||
Net income | $ 690 | $ 6,942 | $ 1,981 | $ 24,218 |
Foreign currency translation adjustment, net of tax | 390 | (522) | 5,646 | (1,160) |
Total comprehensive income | $ 1,080 | $ 6,420 | $ 7,627 | $ 23,058 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
Balances at May. 25, 2019 | $ 631 | $ 460,226 | $ (516,103) | $ (12,588) | $ 350,230 | $ 282,396 |
Balances (in shares) at May. 25, 2019 | 63,054,000 | 31,466,000 | ||||
Exercise of stock options | $ 3 | 5,123 | 5,126 | |||
Exercise of stock options (in shares) | 376,000 | |||||
Stock-based compensation expense | 4,427 | 4,427 | ||||
Issuance of common stock under Employee Stock Purchase Plan | $ 4 | 5,126 | 5,130 | |||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 399,000 | |||||
Cancellation of restricted stock (in shares) | (12,000) | |||||
Issuance of restricted stock (in shares) | 10,000 | |||||
Amortization of restricted stock issued out of treasury stock to board of director members | (10) | $ 15 | (5) | |||
Amortization of restricted stock issued out of treasury stock to board of director members (in shares) | (18,000) | |||||
Repurchase of shares | $ (5,000) | (5,000) | ||||
Repurchase of shares (in shares) | 318,000 | |||||
Cash dividends declared | (13,476) | (13,476) | ||||
Issuance of common stock in connection with the acquisition of Accretive | $ 1 | 1,140 | 1,141 | |||
Issuance of common stock in connection with the acquisition of Accretive (in shares) | 83,000 | |||||
Currency translation adjustment | (1,160) | (1,160) | ||||
Net income | 24,218 | 24,218 | ||||
Balances at Feb. 22, 2020 | $ 639 | 476,032 | $ (521,088) | (13,748) | 360,967 | 302,802 |
Balances (in shares) at Feb. 22, 2020 | 63,910,000 | 31,766,000 | ||||
Balances at Nov. 23, 2019 | $ 636 | 470,427 | $ (516,103) | (13,226) | 358,531 | 300,265 |
Balances (in shares) at Nov. 23, 2019 | 63,604,000 | 31,466,000 | ||||
Exercise of stock options | $ 1 | 1,658 | 1,659 | |||
Exercise of stock options (in shares) | 119,000 | |||||
Stock-based compensation expense | 1,428 | 1,428 | ||||
Issuance of common stock under Employee Stock Purchase Plan | $ 2 | 2,529 | 2,531 | |||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 184,000 | |||||
Cancellation of restricted stock (in shares) | (7,000) | |||||
Issuance of restricted stock (in shares) | 10,000 | |||||
Amortization of restricted stock issued out of treasury stock to board of director members | (10) | $ 15 | (5) | |||
Amortization of restricted stock issued out of treasury stock to board of director members (in shares) | (18,000) | |||||
Repurchase of shares | $ (5,000) | (5,000) | ||||
Repurchase of shares (in shares) | 318,000 | |||||
Cash dividends declared | (4,501) | (4,501) | ||||
Currency translation adjustment | (522) | (522) | ||||
Net income | 6,942 | 6,942 | ||||
Balances at Feb. 22, 2020 | $ 639 | 476,032 | $ (521,088) | (13,748) | 360,967 | 302,802 |
Balances (in shares) at Feb. 22, 2020 | 63,910,000 | 31,766,000 | ||||
Balances at May. 30, 2020 | $ 639 | 477,438 | $ (521,088) | (13,862) | 360,534 | $ 303,661 |
Balances (in shares) at May. 30, 2020 | 63,910,000 | 31,766,000 | 32,144,000 | |||
Exercise of stock options | $ 1 | 557 | $ 558 | |||
Exercise of stock options (in shares) | 49,000 | 49,000 | ||||
Stock-based compensation expense | 4,314 | $ 4,314 | ||||
Issuance of common stock under Employee Stock Purchase Plan | $ 5 | 5,058 | 5,063 | |||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 506,000 | |||||
Issuance of restricted stock | $ 1 | (1) | $ (25) | |||
Issuance of restricted stock (in shares) | 75,000 | |||||
Amortization of restricted stock issued out of treasury stock to board of director members | (148) | 234 | (78) | $ 8 | ||
Repurchase of shares (in shares) | 0 | |||||
Cash dividends declared | (13,640) | $ (13,640) | ||||
Dividends equivalents on restricted stock | 121 | (121) | ||||
Currency translation adjustment | 5,646 | 5,646 | ||||
Net income | 1,981 | 1,981 | ||||
Balances at Feb. 27, 2021 | $ 646 | 487,339 | $ (520,854) | (8,216) | 348,676 | $ 307,591 |
Balances (in shares) at Feb. 27, 2021 | 64,540,000 | 31,741,000 | 32,799,000 | |||
Balances at Nov. 28, 2020 | $ 642 | 483,087 | $ (520,892) | (8,606) | 352,716 | $ 306,947 |
Balances (in shares) at Nov. 28, 2020 | 64,199,000 | 31,766,000 | ||||
Exercise of stock options | $ 5 | 54 | 54 | |||
Stock-based compensation expense | 1,490 | 1,490 | ||||
Issuance of common stock under Employee Stock Purchase Plan | $ 3 | 2,600 | 2,603 | |||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 261,000 | |||||
Issuance of restricted stock | $ 1 | (1) | $ (25) | |||
Issuance of restricted stock (in shares) | 75,000 | |||||
Amortization of restricted stock issued out of treasury stock to board of director members | (12) | 38 | (18) | $ 8 | ||
Repurchase of shares (in shares) | 0 | |||||
Cash dividends declared | (4,591) | $ (4,591) | ||||
Dividends equivalents on restricted stock | 121 | (121) | ||||
Currency translation adjustment | 390 | 390 | ||||
Net income | 690 | 690 | ||||
Balances at Feb. 27, 2021 | $ 646 | $ 487,339 | $ (520,854) | $ (8,216) | $ 348,676 | $ 307,591 |
Balances (in shares) at Feb. 27, 2021 | 64,540,000 | 31,741,000 | 32,799,000 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Consolidated Statements Of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Feb. 27, 2021 | Feb. 22, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 1,981 | $ 24,218 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,079 | 8,066 |
Stock-based compensation expense | 4,939 | 4,649 |
Contingent consideration adjustment | 3,052 | (1,120) |
Loss on disposal of assets | 559 | 67 |
Impairment of operating right-of-use assets | 821 | |
Adjustment to allowance for doubtful accounts | (136) | 1,226 |
Non-cash benefit | (46) | |
Deferred income taxes | (318) | 604 |
Changes in operating assets and liabilities, net of effects of business combinations: | ||
Trade accounts receivable | 19,141 | 4,684 |
Prepaid expenses and other current assets | (1,850) | (812) |
Income taxes | (7,208) | (5,298) |
Other assets | 193 | (997) |
Accounts payable and accrued expenses | 19 | (3,276) |
Accrued salaries and related obligations | (1,146) | (12,192) |
Other liabilities | 8,245 | 1,790 |
Net cash provided by operating activities | 35,371 | 21,563 |
Cash flows from investing activities: | ||
Redemption of short-term investments | 5,981 | |
Proceeds from sale of assets | 3 | 105 |
Acquisition of Expertence, net of cash acquired | (254) | |
Acquisition of Veracity, net of cash acquired | (30,258) | |
Acquisition of property and equipment and internal-use software | (2,849) | (2,043) |
Net cash used in investing activities | (2,846) | (26,469) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 576 | 5,126 |
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 5,063 | 5,130 |
Purchase of common stock | (5,000) | |
Payment of contingent consideration | (3,020) | |
Proceeds from Revolving Credit Facility | 35,000 | |
Repayments on Revolving Credit Facility | (35,000) | (29,000) |
Cash dividends paid | (13,625) | (13,080) |
Net cash used in financing activities | (46,006) | (1,824) |
Effect of exchange rate changes on cash | 1,865 | (371) |
Net decrease in cash | (11,616) | (7,101) |
Cash and cash equivalents at beginning of period | 95,624 | 43,045 |
Cash and cash equivalents at end of period | $ 84,008 | $ 35,944 |
Description Of The Company And
Description Of The Company And Its Business | 9 Months Ended |
Feb. 27, 2021 | |
Description Of The Company And Its Business [Abstract] | |
Description Of The Company And Its Business | 1. Description of the Company and its Business Resources Connection, Inc. (“Resources Connection” or the “Company”), a Delaware corporation, was incorporated on November 16, 1998. Resources Connection’s operating entities provide services primarily under the name Resources Global Professionals. Resources Connection is a global consulting firm that enables rapid business outcomes by bringing together the right people to create transformative change. As a human capital partner to its global client base, the Company supports its clients’ needs through both professional staffing and project execution in the areas of transactions, regulations and transformations. The Company’s principal markets of operation are the United States (“U.S.”), Asia, Europe, Australia, Canada and Mexico. The Company’s fiscal year consists of 52 or 53 weeks, ending on the Saturday in May closest to May 31 . The third quarters of fiscal 2021 and 2020 each consisted of 13 weeks. The Company’s fiscal 2021 will consist of 52 weeks. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Feb. 27, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Interim Financial Information The accompanying unaudited financial statements of the Company as of and for the three and nine months ended February 27, 2021 and February 22, 2020 have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) 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) management of the Company considers necessary for a fair presentation of its financial position at such dates and the operating results and cash flows for those periods. The fiscal 2020 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 (“SEC”) 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 30, 2020, which are included in the Company’s Annual Report on Form 10-K (“Fiscal Year 2020 Form 10-K”) filed with the SEC on July 27, 2020 (File No. 0-32113). The Company’s significant accounting policies are described in Note 2 to the audited consolidated financial statements included in the Fiscal Year 2020 Form 10-K. The Company has reviewed its accounting policies and identified those that it believes to be critical to the preparation and understanding of its consolidated financial statements in the list set forth below. See the disclosure under the heading “Critical Accounting Policies” in Item 7 of Part II of the Fiscal Year 2020 Form 10-K for a detailed description of these policies and their potential effects on the Company’s results of operations and financial condition. Allowance for doubtful accounts Income taxes Revenue recognition Stock-based compensation Valuation of long-lived assets Valuation of goodwill Business combinations Effective in the second quarter of fiscal 2021, the Company revised its segment reporting to align with changes made in its internal management structure and its reporting structure of financial information used to assess performance and allocate resources. These changes impacted the Company’s reportable segments but did not impact the Company’s consolidated financial statements. See Note 13 – Segment Information for additional information about the segment change . Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates 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. Net Income Per Share Information The Company presents both basic and diluted earnings per common share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the period, calculated using the treasury stock method. Under the treasury stock method, assumed proceeds include the amount the employee must pay for exercising stock options and the amount of compensation cost for future services the Company has not yet recognized for the Company’s share-based payment awards. 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 periods indicated (in thousands, except per share amounts): Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 Net income $ 690 $ 6,942 $ 1,981 $ 24,218 Basic: Weighted average shares 32,520 32,159 32,353 31,954 Diluted: Weighted average shares 32,520 32,159 32,353 31,954 Potentially dilutive shares 139 339 69 396 Total dilutive shares 32,659 32,498 32,422 32,350 Basic $ 0.02 $ 0.22 $ 0.06 $ 0.76 Dilutive $ 0.02 $ 0.21 $ 0.06 $ 0.75 Anti-dilutive shares not included above 4,657 4,274 5,200 3,749 Financial Instruments The fair value of the Company’s 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 – Quoted prices in active markets for identical assets and liabilities. Level 2 – 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 – Unobservable inputs. Contingent consideration liability is for estimated future contingent consideration payments related to the Company’s acquisitions. Total contingent consideration liabilities were $ 5.7 million and $ 7.9 million as of February 27, 2021 and May 30, 2020, respectively. The fair value measurement of the liability is 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 are the Company’s measures of the estimated payouts based on internally generated financial projections and discount rates. The fair value of contingent consideration liability is reassessed on a quarterly basis by the Company using additional information as it becomes available, and any change in the fair value estimates are recorded in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations. See Note 4 – Acquisition . The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, 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. Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). Under ASU 2016-13, companies are required to present financial assets, measured at amortized cost basis, at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis, such as trade receivables. The measurement of expected credit loss will be based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this guidance using the modified retrospective adoption method beginning with its first quarter of fiscal 2021, and applied it to all applicable accounts. The application of this new guidance did not have a material impact on the Company’s consolidated financial condition, results of operations or cash flows. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Feb. 27, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and contract liabilities. Contract assets represent the Company’s rights to consideration for completed performance under the contract (e.g., 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 $ 35.0 million and $ 30.6 million as of February 27, 2021 and May 30, 2020, respectively. Contract liabilities represent deferred revenue when cash is received in advance of performance and are presented in Other Liabilities in the Consolidated Balance Sheets. Contract liabilities were $ 4.9 million and $ 2.9 million as of February 27, 2021 and May 30, 2020, respectively. Revenues recognized during the three and nine months ended February 27, 2021 that were included in deferred revenues as of May 30, 2020 were $ 0.2 million and $ 1.4 million, respectively. |
Acquisition
Acquisition | 9 Months Ended |
Feb. 27, 2021 | |
Acquisition [Abstract] | |
Acquisition | 4. Acquisition On July 31, 2019, the Company acquired Veracity Consulting Group, LLC (“Veracity”) with a total purchase price of approximately $ 38.6 million. Veracity is a fast-growing, digital transformation firm based in Richmond, Virginia, that delivers innovative solutions to the Fortune 500 and leading healthcare organizations. The purchase agreement requires earn-out payments to be made based on performance after each of the first and second anniversary of the acquisition date. The Company is obligated to pay the former owners of Veracity contingent consideration if certain earnings before interest, taxes, depreciation and amortization (“EBITDA”) requirements are achieved. In determining the fair value of the contingent consideration liability, the Company uses the Monte Carlo simulation modeling which includes the application of an appropriate discount rate (Level 3 fair value) . Each reporting period, the Company estimates changes in the fair value of contingent consideration and records any change in fair value in selling, general and administrative expense in the Company’s Consolidated Statements of Operations. The estimate of fair value of contingent consideration requires very subjective assumptions to be made of various potential EBITDA results and 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’s future operating results. The fair value of the Veracity contingent consideration increased $ 2.7 million and $ 3.1 million during the three and nine months ended February 27, 2021, respectively, due to the remeasurement to fair value each period. In November 2020, the Company paid $ 5.3 million in contingent consideration to the former owners of Veracity relating to the first earn-out period. As of February 27, 2021, the contingent consideration liability related to Veracity for the second and final earn-out period was $ 5.3 million, which is included in Other current liabilities in the Consolidated Balance Sheet. |
Intangible Assets And Goodwill
Intangible Assets And Goodwill | 9 Months Ended |
Feb. 27, 2021 | |
Intangible Assets And Goodwill [Abstract] | |
Intangible Assets And Goodwill | 5. Intangible Assets and Goodwill The following table sets forth the Company’s intangible assets, including acquired intangible assets and internal-use software (amounts in thousands): As of February 27, 2021 As of May 30, 2020 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Customer contracts and relationships ( 3 - 8 years) $ 23,932 $ ( 9,181 ) $ 14,751 $ 23,779 $ ( 6,707 ) $ 17,072 Tradenames ( 3 - 10 years) 5,123 ( 3,525 ) 1,598 4,960 ( 2,735 ) 2,225 Backlog ( 17 months) 1,210 ( 1,210 ) - 1,210 ( 694 ) 516 Consultant list ( 3 years) 845 ( 845 ) - 776 ( 718 ) 58 Non-compete agreements ( 3 years) 966 ( 966 ) - 888 ( 821 ) 67 Computer software ( 2 - 3.5 years) 4,683 ( 464 ) 4,219 185 ( 46 ) 139 Total $ 36,759 $ ( 16,191 ) $ 20,568 $ 31,798 $ ( 11,721 ) $ 20,077 The Company recorded amortization expense of $ 1.2 million and $ 1.5 million for the three months ended February 27, 2021 and February 22, 2020, respectively, and $ 4.1 million and $ 4.2 million for the nine months ended February 27, 2021 and February 22, 2020, respectively. The following table summarizes future estimated amortization expense related to intangible assets (in thousands): 2021 (remaining 3 months) $ 1,184 2022 4,690 2023 4,480 2024 4,285 2025 3,123 2026 2,329 Thereafter 477 Total $ 20,568 The estimates of future intangible asset amortization expense do not incorporate the potential impact of future currency fluctuations when translating the financial results of the Company’s international operations that have amortizable intangible assets into U.S. dollars. As further described in Note 13 – Segment Information , the Company changed its segment reporting effective in the second quarter of fiscal 2021, and reallocated goodwill to the new reporting units on the relative fair value basis. Concurrent with the segment change, the Company completed a goodwill impairment assessment, and concluded that no goodwill impairment existed immediately before and after the change in segment reporting. The following table summarizes the activity in the Company’s goodwill balance. The balance as of May 30, 2020 was recast to reflect the impact of the preceding segment change. Amounts are in thousands. RGP Other Segments Total Company Balance as of May 30, 2020 $ 208,958 $ 5,109 $ 214,067 Impact of foreign currency exchange rate changes - 2,430 2,430 Balance as of February 27, 2021 $ 208,958 $ 7,539 $ 216,497 |
Leases
Leases | 9 Months Ended |
Feb. 27, 2021 | |
Leases [Abstract] | |
Leases | 6. Leases The Company currently leases office space, vehicles and certain equipment under operating leases. The following table summarizes components of the total lease cost, which were included within selling, general and administrative expenses in the Consolidated Statements of Operations (in thousands): Three Months Ended Nine Months Ended February 27, 2021 February 22, 2020 February 27, 2021 February 22, 2020 Operating lease cost $ 2,583 $ 3,159 $ 8,201 $ 9,275 Short-term lease cost 43 124 135 322 Variable lease cost 756 562 2,004 1,762 Sublease income ( 227 ) ( 230 ) ( 671 ) ( 536 ) Total lease cost $ 3,155 $ 3,615 $ 9,669 $ 10,823 Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): Three Months Ended Nine Months Ended February 27, 2021 February 22, 2020 February 27, 2021 February 22, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,209 $ 3,224 $ 10,166 $ 9,783 Right-of-use assets obtained in exchange for new operating lease obligations $ 363 $ 717 $ 1,918 $ 5,101 The weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were as follows: As of As of February 27, 2021 May 30, 2020 Weighted average remaining lease term 3.9 years 4.3 years Weighted average discount rate 3.94 % 4.09 % The m aturities of operating lease liabilities were as follows as of February 27, 2021 (in thousands): Years Ending : Operating Lease Maturity May 29, 2021 $ 3,032 May 28, 2022 11,343 May 27, 2023 8,986 May 25, 2024 7,177 May 31, 2025 3,459 Thereafter 3,377 Total minimum payments $ 37,374 Less: discount ( 2,742 ) Present value of operating lease liabilities $ 34,632 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 building to independent third parties under operating lease agreements expiring through fiscal 2025. Rental income recognized totaled $ 55,000 and $ 53,000 for the three months ended February 27, 2021 and February 22, 2020, respectively, and $ 164,000 and $ 159,000 for the nine months ended February 27, 2021 and February 22, 2020, respectively. Under the terms of these operating lease agreements, rental income is expected to be $ 47,000 , $ 199,000 , $ 226,000 , $ 232,000 and $ 78,000 in the remaining three months of fiscal 2021 and fiscal years 2022 through 2025, respectively. Rental income is included in selling, general and administrative expenses in the Consolidated Statements of Operations. |
Income Taxes
Income Taxes | 9 Months Ended |
Feb. 27, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 7. Income Taxes For the three months ended February 27, 2021 and February 22, 2020, respectively, the Company’s income tax expense (benefit) was $ 1.1 million, an effective tax rate of 60.5 %, and $( 4.0 ) million, an effective tax rate of ( 134.6 %). For the nine months ended February 27, 2021 and February 22, 2020, respectively, the Company’ income tax expense was $ 5.3 million, an effective tax rate of 72.7 %, and $ 4.0 million, an effective tax rate of 14 %. 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 reflect the changes in the mix of earnings (losses) in these jurisdictions. Income tax expense of $ 1.1 million and $ 5.3 million for the three and nine months ended February 27, 2021, respectively, were predominantly associated with pre-tax income from North America and Asia Pacific. For the three and nine months ended February 27, 2021, a significant portion of the restructuring costs were incurred in the Company’s European entities. No tax benefits were recognized due to the required valuation allowances. Additionally, a new valuation allowance on certain deferred tax assets of $ 0.2 million was established in the third quarter of fiscal 2021, further contributing to the effective tax rate for the three and nine months ended February 27, 2021. The income tax (benefit) expense for the three and nine months ended February 22, 2020 benefited from a discrete tax benefit of $ 6.6 million resulting from the deduction of the investment basis in four European entities upon their dissolutions. The Company took a worthless stock deduction of $ 25.8 million related to the excess of the tax basis over the book basis in those four entities, as it determined to no longer invest in these markets. The Company recognized a net tax benefit of approximately $ 0.4 million and a net tax expense of $ 0.7 million from compensation expense related to stock options, restricted stock awards, restricted stock units and disqualifying dispositions under our Employee Stock Purchase Plan (“ESPP”) during the third quarter of fiscal 2021 and fiscal 2020, respectively. The Company recognized a net tax benefit of $ 0.7 million and breakeven from compensation expense related to stock options, restricted stock awards, restricted stock units and disqualifying dispositions under our ESPP during the first nine months of fiscal 2021 and fiscal 2020, respectively. The Company’s total liability for unrecognized tax benefits was $ 0.9 million and $ 0.8 million as of February 27, 2021 and May 30, 2020, respectively, which, if ultimately recognized, would impact the effective tax rate in future periods. The unrecognized tax benefits are included in long-term liabilities in the Consolidated Balance Sheets based on the closing of the statute of limitations. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Feb. 27, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Pursuant to the terms of the Credit Agreement dated October 17, 2016 between the Company and Resources Connection LLC, as borrowers, and Bank of America, N.A. as lender (as amended, the “Credit Agreement”), the Company has a $ 120.0 million secured revolving credit facility (“Facility”) with Bank of America, which, until September 3, 2020, consisted of (i) a $ 90.0 million revolving loan facility (“Revolving Commitment”), which includes a $ 5.0 million sublimit for the issuance of standby letters of credit, and (ii) a $ 30.0 million reducing revolving loan facility (“Reducing Revolving Commitment”), any amounts of which could not be reborrowed after being repaid. On September 3, 2020, the Company and Resources Connection LLC, as borrowers, entered into the Fifth Amendment to the Credit Agreement (the “Fifth Amendment”) with Bank of America, N.A. as lender, which amended the terms of the Facility pursuant to the Credit Agreement. The Fifth Amendment, among other things, (1) eliminates the $ 30.0 million Reducing Revolving Commitment, (2) increases the Revolving Commitment by $ 30.0 million to $ 120.0 million, (3) increases the applicable margin by 0.25 %, and (4) increases the London Interbank Offered Rate (“LIBOR”) interest rate floor from 0 % to 0.25 %. The Facility expires on October 17, 2022. T he Company had $ 1.3 million of outstanding letters of credit issued and $ 65.7 million remaining capacity under the Facility as of February 27, 2021. Borrowings under the Facility bear interest at LIBOR or Base Rate, as defined in the Credit Agreement, plus an applicable margin, which resulted in interest rates ranging from 2.00 % to 2.02 % as of February 27, 2021. The Company was compliant with all financial covenants under the Facility as of February 27, 2021. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Feb. 27, 2021 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Stock Repurchase Program In July 2015, the Company’s board of directors approved a stock repurchase program (the “July 2015 program”), authorizing the repurchase, at the discretion of the Company’s senior executives, of the Company’s common stock for an aggregate dollar limit not to exceed $ 150 million. 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 nine months ended February 27, 2021, the Company made no repurchase of its common stock. As of February 27, 2021, approximately $ 85.1 million remained available for future repurchases of the Company’s common stock under the July 2015 program. Quarterly Dividend Subject to approval each quarter by its board of directors, the Company pays a regular quarterly cash dividend. On January 21, 2021, the Company’s board of directors declared a quarterly cash dividend of $ 0.14 per common share. The dividend of approximately $ 4.6 million was paid on March 18, 2021 to the holders of record on February 18, 2021, and is accrued in the Company’s Consolidated Balance Sheet as of February 27, 2021. Continuation of the quarterly dividend is at the discretion of the board of directors and depends upon the Company’s financial condition, results of operations, capital requirements, general business condition, contractual restrictions contained in the Credit Agreement and other agreements, and other factors deemed relevant by the board of directors. |
Restructuring Activities
Restructuring Activities | 9 Months Ended |
Feb. 27, 2021 | |
Restructuring Activities [Abstract] | |
Restructuring Activities | 10. Restructuring Activities The Company initiated its global restructuring and business transformation plan in North America and Asia Pacific (the “North America and APAC Plan”) in March 2020 and in Europe (the “European Plan”) in September 2020. Both the North America and APAC Plan and the European Plan consist of two key components: (i) an effort to streamline the management and organizational structure and eliminate certain positions as well as exit certain markets to focus on core solution offerings and high growth clients; and (ii) a strategic rationalization of the Company’s physical geographic footprint and real estate spend to focus investment dollars in high growth core markets for greater impact. In connection with the execution of the European Plan, the Company changed its internal management structure and its reporting structure of financial information used to assess performance and allocate resources during the second quarter of fiscal 2021. The Company revised its operating segments accordingly effective in the second quarter of fiscal 2021, resulting in a change to the Company’s reportable segments into RGP and Other Segments. All of the employee termination and facility exit costs associated with the Company’s restructuring initiatives are within its RGP segment, and are recorded in selling, general and administrative expenses in the Company’s Consolidated Statement of Operations. See further discussion about the Company’s segment position in Note 13 – Segment Information . Restructuring costs for the three and nine months ended February 27, 2021 and February 22, 2020 were as follows (in thousands): Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 Employee termination costs (adjustments) $ ( 161 ) $ - $ 6,231 $ - Real estate exit costs 524 - 1,628 - Other costs 289 - 586 - Total restructuring costs $ 652 $ - $ 8,445 $ - The $ 0.5 million real estate exit costs during the three months ended February 27, 2021 consisted of $ 0.3 million of property and equipment write-off, including $ 0.1 million under the European Plan and $ 0.2 million under the North America and APAC Plan, and $ 0.2 million of impairment of right-of-use assets, including $ 0.1 million under both the European Plan and the North America and APAC Plan. The $ 1.6 million real estate exit costs during the nine months ended February 27, 2021 consisted of $ 0.4 million lease early termination costs paid under the European Plan, $ 0.4 million of property and equipment write-off, including $ 0.2 million under the European Plan and $ 0.2 million under the North America and APAC Plan, and $ 0.8 million of impairment of right-of-use assets, including $ 0.1 million under the European Plan and $ 0.7 million under the North America and APAC Plan. The following table summarizes the employee termination activity under both the North America and APAC Plan and the European Plan for the year ended May 30, 2020 and the nine months ended February 27, 2021 (in thousands): Liability balance at May 25, 2019 $ - Increase in liability (restructuring costs) 3,927 Reduction in liability (payments and others) ( 2,053 ) Liability balance at May 30, 2020 1,874 Increase in liability (restructuring costs) 6,231 Reduction in liability (payments and others) ( 5,582 ) Liability balance at February 27, 2021 $ 2,523 Under the North America and APAC Plan, cumulative restructuring costs incurred as of February 27, 2021 totaled $ 7.0 million. This consisted of $ 5.0 million in employee termination costs and $ 2.0 million in costs related to exiting the facilities, including $ 1.3 million in non-cash impairment of operating right-of-use assets and $ 0.7 million in loss on disposal of fixed assets and other real estate exit costs. The Company has substantially completed the planned employee headcount reduction under the North America and APAC Plan, and expects the remaining liability of $ 0.6 million as of February 27, 2021 to be paid out prior to the end of calendar 2021. Under the European Plan, cumulative restructuring costs incurred as of February 27, 2021 totaled $ 6.4 million. This consisted of $ 5.1 million in employee termination costs, $ 0.7 million in costs related to exiting the facilities, including $ 0.1 million in non-cash impairment of operating right-of-use assets and $ 0.6 million in loss on disposal of fixed assets and other real estate exit costs, and $ 0.6 million of other costs primarily related to legal and professional fees incurred to exit certain non-core markets in Europe. As of February 27, 2021, the Company has substantially completed the planned employee headcount reduction under the European Plan and has recognized substantially all of the expected employee termination costs in connection with the reduction in force in Europe. The Company had $ 1.9 million in employee termination liability as of February 27, 2021, which is expected to be paid out prior to the end of calendar 2021. |
Supplemental Disclosure Of Cash
Supplemental Disclosure Of Cash Flow Information | 9 Months Ended |
Feb. 27, 2021 | |
Supplemental Disclosure Of Cash Flow Information [Abstract] | |
Supplemental Disclosure Of Cash Flow Information | 11. Supplemental Disclosure of Cash Flow Information The following table presents information regarding income taxes paid, interest paid and non-cash investing and financing activities (amounts in thousands): Nine Months Ended February 27, February 22, 2021 2020 Income taxes paid $ 12,771 $ 8,163 Interest paid $ 1,299 $ 1,669 Non-cash investing and financing activities: Capitalized leasehold improvements paid directly by landlord $ - $ 59 Acquisition of Veracity: Liability for contingent consideration $ - $ 5,580 Acquisition of taskforce: Liability for contingent consideration $ - $ 1,840 Acquisition of Expertence: Liability for contingent consideration $ - $ 302 Acquisition of Accretive: Issuance of common stock $ - $ 1,141 Dividends declared, not paid $ 4,591 $ 4,501 : |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Feb. 27, 2021 | |
Stock-Based Compensation Plans [Abstract] | |
Stock-Based Compensation Plans | 12. Stock-Based Compensation Plans General T he Company’s stockholders approved the 2020 Performance Incentive Plan (the “2020 Plan”) on October 22, 2020, which replaced and succeeded in its entirety the 2014 Performance Incentive Plan (the “2014 Plan”). 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’s 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 (collectively with the 2014 Plan, the “Prior Plans”) 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, restricted stock units, performance stock units and restricted stock grants, including restricted stock units under the Company’s Directors Deferred Compensation Plan. These stock awards typically vest in equal annual installments over four years , and stock option grants typically terminate ten years from the date of grant. As of February 27, 2021, there were 1,323,307 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 $ 1.8 million and $ 1.5 million for the three months ended February 27, 2021 and February 22, 2020, respectively, and $ 4.9 million and $ 4.6 million for the nine months ended February 27, 2021 and February 22, 2020, respectively. These amounts consisted of stock-based compensation expense related to employee stock options, employee stock purchases made via the Employee Stock Purchase Plan (“ESPP”), restricted stock awards, restricted stock units and stock units credited under the Directors Deferred Compensation Plan. Stock Options The following table summarizes the stock option activity for the nine months ended February 27, 2021 (amounts in thousands, except weighted average exercise price): Shares Weighted Average Exercise Price Outstanding at May 30, 2020 5,755 $ 16.07 Granted - - Exercised ( 49 ) 11.41 Forfeited ( 231 ) 17.51 Expired ( 304 ) 15.98 Outstanding at February 27, 2021 5,171 $ 16.05 Exercisable at February 27, 2021 3,812 $ 15.47 Vested and expected to vest at February 27, 2021 5,091 $ 16.03 As of February 27, 2021, there was $ 4.6 million of total unrecognized compensation cost related to unvested employee stock options granted. That cost is expected to be recognized over a weighted-average period of 1.47 years. Employee Stock Purchase Plan On October 15, 2019, the Company’s stockholders approved the ESPP which superseded the Company’s previous Employee Stock Purchase Plan. The maximum number of shares of the Company’s common stock that are authorized for issuance under the ESPP is 1,825,000 . The ESPP allows qualified employees (as defined in the ESPP) to purchase designated shares of the Company’s 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 ESPP’s term expires July 16, 2029. The Company issued 507,000 and 399,000 shares of common stock pursuant to the ESPP during the nine months ended February 27, 2021 and February 22, 2020, respectively. There were 1,134,000 shares of common stock available for issuance under the ESPP as of February 27, 2021. Restricted Stock Awards The following table summarizes the activities for the unvested restricted stock awards for the nine months ended February 27, 2021 (amounts in thousands, except weighted average grant-date fair value): Shares Weighted Average Grant-Date Fair Value Outstanding at May 30, 2020 90 $ 15.90 Granted 99 12.47 Vested ( 62 ) 16.12 Forfeited - - Unvested as of February 27, 2021 127 $ 13.12 Expected to vest as of February 27, 2021 112 $ 13.20 As of February 27, 2021, there was $ 1.6 million of total unrecognized compensation cost related to unvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of 1.85 years. Restricted Stock Units The following table summarizes the activities for the unvested restricted stock units for the nine months ended February 27, 2021 (amounts in thousands, except weighted average grant-date fair value): Shares Weighted Average Grant-Date Fair Value Outstanding at May 30, 2020 87 $ 10.99 Granted 566 11.61 Vested ( 50 ) 12.20 Forfeited - - Unvested as of February 27, 2021 603 $ 11.70 Expected to vest as of February 27, 2021 540 $ 11.72 As of February 27, 2021, there was $ 6.6 million of total unrecognized compensation cost related to unvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 2.25 years. |
Segment Information
Segment Information | 9 Months Ended |
Feb. 27, 2021 | |
Segment Information [Abstract] | |
Segment Information | 13. Segment Information Effective in the second quarter of fiscal 2021, the Company revised its historical one segment position and identified the following new operating segments to align with changes made in its internal management structure and its reporting structure of financial information used to assess performance and allocate resources: RGP – a global business consulting practice which operates primarily under the RGP brand and focuses on professional project consulting and staffing services in areas such as finance and accounting, business strategy and transformation, risk and compliance, and technology and digital; taskforce – a German professional services firm that operates under the taskforce brand. It utilizes a distinct independent contractor/partner business model and infrastructure and focuses on providing senior interim management and project management services to middle market clients in the German market; Sitrick – a crisis communications and public relations firm which operates under the Sitrick brand, providing corporate, financial, transactional and crisis communication and management services. RGP includes the operations of Veracity, which is being integrated with the rest of the RGP business operations. RGP is the Company’s only reportable segment. taskforce and Sitrick do not individually meet the quantitative thresholds to qualify as reportable segments. Therefore, they are combined and disclosed as Other Segments. The tables below reflect the operating results of the Company’s segments consistent with the management and performance measurement system utilized by the Company. All prior year periods presented were recast to reflect the impact of the preceding segment changes. Performance measurement is based on segment Adjusted EBITDA. Adjusted EBITDA is defined as net income before amortization of intangible assets, depreciation expense, interest and income taxes plus stock-based compensation expense, restructuring costs, and plus or minus contingent consideration adjustments. Adjusted EBITDA at the segment level excludes certain shared corporate administrative costs that are not practical to allocate. The Company’s Chief Operating Decision Maker does not evaluate segments using asset information. Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 (Amounts in thousands) Revenues: RGP $ 146,487 $ 158,228 $ 425,598 $ 494,225 Other Segments 10,144 9,824 31,601 30,559 Total revenues $ 156,631 $ 168,052 $ 457,199 $ 524,784 Gross profit: RGP $ 53,980 $ 57,757 $ 162,006 $ 191,223 Other Segments 3,067 3,663 11,115 12,077 Total gross profit $ 57,047 $ 61,420 $ 173,121 $ 203,300 Adjusted EBITDA: RGP $ 15,886 $ 13,894 $ 50,671 $ 61,962 Other Segments 449 320 2,866 2,419 Reconciling items (1) ( 6,866 ) ( 7,460 ) ( 21,455 ) ( 23,047 ) Total Adjusted EBITDA $ 9,469 $ 6,754 $ 32,082 $ 41,334 (1) Reconciling items are generally comprised of u nallocated corporate administrative costs, including management and board compensation, corporate support function costs and other general corporate costs that are not allocated to segments. The below is a reconciliation of the Company's net income to Adjusted EBITDA for all periods presented. Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 Consolidated (Amounts in thousands) Net income $ 690 $ 6,942 $ 1,981 $ 24,218 Adjustments: Amortization of intangible assets 1,202 1,549 4,125 4,153 Depreciation expense 963 1,120 2,954 3,913 Interest expense, net 361 493 1,316 1,526 Income tax expense (benefit) 1,057 ( 3,983 ) 5,270 3,995 EBITDA 4,273 6,121 15,646 37,805 Stock-based compensation expense 1,834 1,491 4,939 4,649 Restructuring costs 652 - 8,445 - Contingent consideration adjustment 2,710 ( 858 ) 3,052 ( 1,120 ) Total Adjusted EBITDA $ 9,469 $ 6,754 $ 32,082 $ 41,334 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Feb. 27, 2021 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 14. 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’s financial position, cash flows or results of operations. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Feb. 27, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Repayment on Revolving Credit Facility On March 24, 2021, the Company repaid $ 10.0 million on its Facility, reducing its outstanding borrowing under the Facility to $ 43.0 million. |
Description of the Company an_2
Description of the Company and Business (Policy) | 9 Months Ended |
Feb. 27, 2021 | |
Description Of The Company And Its Business [Abstract] | |
Fiscal Period | The Company’s fiscal year consists of 52 or 53 weeks, ending on the Saturday in May closest to May 31 . The third quarters of fiscal 2021 and 2020 each consisted of 13 weeks. The Company’s fiscal 2021 will consist of 52 weeks. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Feb. 27, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Interim Financial Information | Interim Financial Information The accompanying unaudited financial statements of the Company as of and for the three and nine months ended February 27, 2021 and February 22, 2020 have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) 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) management of the Company considers necessary for a fair presentation of its financial position at such dates and the operating results and cash flows for those periods. The fiscal 2020 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 (“SEC”) 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 30, 2020, which are included in the Company’s Annual Report on Form 10-K (“Fiscal Year 2020 Form 10-K”) filed with the SEC on July 27, 2020 (File No. 0-32113). The Company’s significant accounting policies are described in Note 2 to the audited consolidated financial statements included in the Fiscal Year 2020 Form 10-K. The Company has reviewed its accounting policies and identified those that it believes to be critical to the preparation and understanding of its consolidated financial statements in the list set forth below. See the disclosure under the heading “Critical Accounting Policies” in Item 7 of Part II of the Fiscal Year 2020 Form 10-K for a detailed description of these policies and their potential effects on the Company’s results of operations and financial condition. Allowance for doubtful accounts Income taxes Revenue recognition Stock-based compensation Valuation of long-lived assets Valuation of goodwill Business combinations Effective in the second quarter of fiscal 2021, the Company revised its segment reporting to align with changes made in its internal management structure and its reporting structure of financial information used to assess performance and allocate resources. These changes impacted the Company’s reportable segments but did not impact the Company’s consolidated financial statements. See Note 13 – Segment Information for additional information about the segment change . |
Principles Of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use Of Estimates | Use of Estimates 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. |
Net Income Per Share Information | Net Income Per Share Information The Company presents both basic and diluted earnings per common share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the period, calculated using the treasury stock method. Under the treasury stock method, assumed proceeds include the amount the employee must pay for exercising stock options and the amount of compensation cost for future services the Company has not yet recognized for the Company’s share-based payment awards. 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 periods indicated (in thousands, except per share amounts): Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 Net income $ 690 $ 6,942 $ 1,981 $ 24,218 Basic: Weighted average shares 32,520 32,159 32,353 31,954 Diluted: Weighted average shares 32,520 32,159 32,353 31,954 Potentially dilutive shares 139 339 69 396 Total dilutive shares 32,659 32,498 32,422 32,350 Basic $ 0.02 $ 0.22 $ 0.06 $ 0.76 Dilutive $ 0.02 $ 0.21 $ 0.06 $ 0.75 Anti-dilutive shares not included above 4,657 4,274 5,200 3,749 |
Financial Instruments | Financial Instruments The fair value of the Company’s 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 – Quoted prices in active markets for identical assets and liabilities. Level 2 – 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 – Unobservable inputs. Contingent consideration liability is for estimated future contingent consideration payments related to the Company’s acquisitions. Total contingent consideration liabilities were $ 5.7 million and $ 7.9 million as of February 27, 2021 and May 30, 2020, respectively. The fair value measurement of the liability is 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 are the Company’s measures of the estimated payouts based on internally generated financial projections and discount rates. The fair value of contingent consideration liability is reassessed on a quarterly basis by the Company using additional information as it becomes available, and any change in the fair value estimates are recorded in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations. See Note 4 – Acquisition . The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, 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. |
Recent Accounting Pronouncements Adopted | Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). Under ASU 2016-13, companies are required to present financial assets, measured at amortized cost basis, at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis, such as trade receivables. The measurement of expected credit loss will be based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this guidance using the modified retrospective adoption method beginning with its first quarter of fiscal 2021, and applied it to all applicable accounts. The application of this new guidance did not have a material impact on the Company’s consolidated financial condition, results of operations or cash flows. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Calculation Of Net (Loss) Income Per Share | Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 Net income $ 690 $ 6,942 $ 1,981 $ 24,218 Basic: Weighted average shares 32,520 32,159 32,353 31,954 Diluted: Weighted average shares 32,520 32,159 32,353 31,954 Potentially dilutive shares 139 339 69 396 Total dilutive shares 32,659 32,498 32,422 32,350 Basic $ 0.02 $ 0.22 $ 0.06 $ 0.76 Dilutive $ 0.02 $ 0.21 $ 0.06 $ 0.75 Anti-dilutive shares not included above 4,657 4,274 5,200 3,749 |
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Intangible Assets And Goodwill [Abstract] | |
Summary Of Intangible Assets And Related Accumulated Amortization | As of February 27, 2021 As of May 30, 2020 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Customer contracts and relationships ( 3 - 8 years) $ 23,932 $ ( 9,181 ) $ 14,751 $ 23,779 $ ( 6,707 ) $ 17,072 Tradenames ( 3 - 10 years) 5,123 ( 3,525 ) 1,598 4,960 ( 2,735 ) 2,225 Backlog ( 17 months) 1,210 ( 1,210 ) - 1,210 ( 694 ) 516 Consultant list ( 3 years) 845 ( 845 ) - 776 ( 718 ) 58 Non-compete agreements ( 3 years) 966 ( 966 ) - 888 ( 821 ) 67 Computer software ( 2 - 3.5 years) 4,683 ( 464 ) 4,219 185 ( 46 ) 139 Total $ 36,759 $ ( 16,191 ) $ 20,568 $ 31,798 $ ( 11,721 ) $ 20,077 |
Summary Of Future Estimated Amortization Expense | 2021 (remaining 3 months) $ 1,184 2022 4,690 2023 4,480 2024 4,285 2025 3,123 2026 2,329 Thereafter 477 Total $ 20,568 |
Summary Of Activity In Goodwill Balance | RGP Other Segments Total Company Balance as of May 30, 2020 $ 208,958 $ 5,109 $ 214,067 Impact of foreign currency exchange rate changes - 2,430 2,430 Balance as of February 27, 2021 $ 208,958 $ 7,539 $ 216,497 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Leases [Abstract] | |
Lease Cost Components | Three Months Ended Nine Months Ended February 27, 2021 February 22, 2020 February 27, 2021 February 22, 2020 Operating lease cost $ 2,583 $ 3,159 $ 8,201 $ 9,275 Short-term lease cost 43 124 135 322 Variable lease cost 756 562 2,004 1,762 Sublease income ( 227 ) ( 230 ) ( 671 ) ( 536 ) Total lease cost $ 3,155 $ 3,615 $ 9,669 $ 10,823 |
Supplemental Cash Flow Information Related To Operating Leases | Three Months Ended Nine Months Ended February 27, 2021 February 22, 2020 February 27, 2021 February 22, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,209 $ 3,224 $ 10,166 $ 9,783 Right-of-use assets obtained in exchange for new operating lease obligations $ 363 $ 717 $ 1,918 $ 5,101 |
Lease Term And Discount Rate | As of As of February 27, 2021 May 30, 2020 Weighted average remaining lease term 3.9 years 4.3 years Weighted average discount rate 3.94 % 4.09 % |
Maturities Of Operating Lease Liabilities | Years Ending : Operating Lease Maturity May 29, 2021 $ 3,032 May 28, 2022 11,343 May 27, 2023 8,986 May 25, 2024 7,177 May 31, 2025 3,459 Thereafter 3,377 Total minimum payments $ 37,374 Less: discount ( 2,742 ) Present value of operating lease liabilities $ 34,632 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Restructuring Activities [Abstract] | |
Summary Of Restructuring Costs | Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 Employee termination costs (adjustments) $ ( 161 ) $ - $ 6,231 $ - Real estate exit costs 524 - 1,628 - Other costs 289 - 586 - Total restructuring costs $ 652 $ - $ 8,445 $ - |
Summary Of Employee Separation Activity | Liability balance at May 25, 2019 $ - Increase in liability (restructuring costs) 3,927 Reduction in liability (payments and others) ( 2,053 ) Liability balance at May 30, 2020 1,874 Increase in liability (restructuring costs) 6,231 Reduction in liability (payments and others) ( 5,582 ) Liability balance at February 27, 2021 $ 2,523 |
Supplemental Disclosure Of Ca_2
Supplemental Disclosure Of Cash Flow Information (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Supplemental Disclosure Of Cash Flow Information [Abstract] | |
Schedule Of Additional Information Regarding Cash Flows | Nine Months Ended February 27, February 22, 2021 2020 Income taxes paid $ 12,771 $ 8,163 Interest paid $ 1,299 $ 1,669 Non-cash investing and financing activities: Capitalized leasehold improvements paid directly by landlord $ - $ 59 Acquisition of Veracity: Liability for contingent consideration $ - $ 5,580 Acquisition of taskforce: Liability for contingent consideration $ - $ 1,840 Acquisition of Expertence: Liability for contingent consideration $ - $ 302 Acquisition of Accretive: Issuance of common stock $ - $ 1,141 Dividends declared, not paid $ 4,591 $ 4,501 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Stock-Based Compensation Plans [Abstract] | |
Summary Of Stock Option Activity | Shares Weighted Average Exercise Price Outstanding at May 30, 2020 5,755 $ 16.07 Granted - - Exercised ( 49 ) 11.41 Forfeited ( 231 ) 17.51 Expired ( 304 ) 15.98 Outstanding at February 27, 2021 5,171 $ 16.05 Exercisable at February 27, 2021 3,812 $ 15.47 Vested and expected to vest at February 27, 2021 5,091 $ 16.03 |
Summary Of Unvested Restricted Shares Outstanding | Shares Weighted Average Grant-Date Fair Value Outstanding at May 30, 2020 90 $ 15.90 Granted 99 12.47 Vested ( 62 ) 16.12 Forfeited - - Unvested as of February 27, 2021 127 $ 13.12 Expected to vest as of February 27, 2021 112 $ 13.20 |
Summary Unvested Restricted Stock Unit Activity | Shares Weighted Average Grant-Date Fair Value Outstanding at May 30, 2020 87 $ 10.99 Granted 566 11.61 Vested ( 50 ) 12.20 Forfeited - - Unvested as of February 27, 2021 603 $ 11.70 Expected to vest as of February 27, 2021 540 $ 11.72 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Segment Information [Abstract] | |
Summary Of Operating Results Of Segments | Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 (Amounts in thousands) Revenues: RGP $ 146,487 $ 158,228 $ 425,598 $ 494,225 Other Segments 10,144 9,824 31,601 30,559 Total revenues $ 156,631 $ 168,052 $ 457,199 $ 524,784 Gross profit: RGP $ 53,980 $ 57,757 $ 162,006 $ 191,223 Other Segments 3,067 3,663 11,115 12,077 Total gross profit $ 57,047 $ 61,420 $ 173,121 $ 203,300 Adjusted EBITDA: RGP $ 15,886 $ 13,894 $ 50,671 $ 61,962 Other Segments 449 320 2,866 2,419 Reconciling items (1) ( 6,866 ) ( 7,460 ) ( 21,455 ) ( 23,047 ) Total Adjusted EBITDA $ 9,469 $ 6,754 $ 32,082 $ 41,334 (1) Reconciling items are generally comprised of u nallocated corporate administrative costs, including management and board compensation, corporate support function costs and other general corporate costs that are not allocated to segments. |
Reconciliation of Net Income (Loss) to Adjusted EBITDA | Three Months Ended Nine Months Ended February 27, February 22, February 27, February 22, 2021 2020 2021 2020 Consolidated (Amounts in thousands) Net income $ 690 $ 6,942 $ 1,981 $ 24,218 Adjustments: Amortization of intangible assets 1,202 1,549 4,125 4,153 Depreciation expense 963 1,120 2,954 3,913 Interest expense, net 361 493 1,316 1,526 Income tax expense (benefit) 1,057 ( 3,983 ) 5,270 3,995 EBITDA 4,273 6,121 15,646 37,805 Stock-based compensation expense 1,834 1,491 4,939 4,649 Restructuring costs 652 - 8,445 - Contingent consideration adjustment 2,710 ( 858 ) 3,052 ( 1,120 ) Total Adjusted EBITDA $ 9,469 $ 6,754 $ 32,082 $ 41,334 |
Description of the Company an_3
Description of the Company and its Business (Narrative) (Details) | 9 Months Ended |
Feb. 27, 2021 | |
Minimum [Member] | |
Description of the Company and its Business [Line Items] | |
Fiscal period duration | 364 days |
Maximum [Member] | |
Description of the Company and its Business [Line Items] | |
Fiscal period duration | 371 days |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | Feb. 27, 2021 | May 30, 2020 |
Summary Of Significant Accounting Policies [Abstract] | ||
Contingent consideration liability | $ 5.7 | $ 7.9 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Calculation Of Net (Loss) Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | ||||
Net income | $ 690 | $ 6,942 | $ 1,981 | $ 24,218 |
Basic: | ||||
Weighted average shares | 32,520 | 32,159 | 32,353 | 31,954 |
Diluted: | ||||
Weighted average shares | 32,520 | 32,159 | 32,353 | 31,954 |
Potentially dilutive shares | 139 | 339 | 69 | 396 |
Total dilutive shares | 32,659 | 32,498 | 32,422 | 32,350 |
Net income per common share: | ||||
Basic (per share) | $ 0.02 | $ 0.22 | $ 0.06 | $ 0.76 |
Dilutive (per share) | $ 0.02 | $ 0.21 | $ 0.06 | $ 0.75 |
Anti-dilutive shares not included above | 4,657 | 4,274 | 5,200 | 3,749 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Feb. 27, 2021 | Feb. 27, 2021 | May 30, 2020 | |
Revenue Recognition [Abstract] | |||
Contract assets | $ 35 | $ 35 | $ 30.6 |
Contract liabilities | 4.9 | 4.9 | $ 2.9 |
Deferred revenue recognized | $ 0.2 | $ 1.4 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Thousands | Jul. 31, 2019 | Nov. 30, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | May 30, 2020 |
Business Acquisition [Line Items] | |||||||
Contingent consideration adjustment | $ 2,710 | $ (858) | $ 3,052 | $ (1,120) | |||
Contingent consideration liability | 5,700 | 5,700 | $ 7,900 | ||||
Veracity [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Consideration paid | $ 38,600 | ||||||
Earn-out payment | $ 5,300 | ||||||
Contingent consideration adjustment | 2,700 | 3,100 | |||||
Contingent consideration liability | $ 5,300 | $ 5,300 |
Intangible Assets And Goodwil_2
Intangible Assets And Goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Intangible Assets And Goodwill [Abstract] | ||||
Amortization expense | $ 1,202,000 | $ 1,549,000 | $ 4,125,000 | $ 4,153,000 |
Goodwill impairment | $ 0 | $ 0 |
Intangible Assets And Goodwil_3
Intangible Assets And Goodwill (Summary Of Intangible Assets And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Feb. 27, 2021 | May 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 36,759 | $ 31,798 |
Accumulated Amortization | (16,191) | (11,721) |
Net | 20,568 | 20,077 |
Customer Contracts And Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 23,932 | 23,779 |
Accumulated Amortization | (9,181) | (6,707) |
Net | $ 14,751 | 17,072 |
Customer Contracts And Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 3 years | |
Customer Contracts And Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 8 years | |
Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 5,123 | 4,960 |
Accumulated Amortization | (3,525) | (2,735) |
Net | $ 1,598 | 2,225 |
Tradenames [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 3 years | |
Tradenames [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 10 years | |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 17 months | |
Gross | $ 1,210 | 1,210 |
Accumulated Amortization | $ (1,210) | (694) |
Net | 516 | |
Consultant List [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 3 years | |
Gross | $ 845 | 776 |
Accumulated Amortization | $ (845) | (718) |
Net | 58 | |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 3 years | |
Gross | $ 966 | 888 |
Accumulated Amortization | (966) | (821) |
Net | 67 | |
Computer Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 4,683 | 185 |
Accumulated Amortization | (464) | (46) |
Net | $ 4,219 | $ 139 |
Computer Software [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 2 years | |
Computer Software [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful lives | 3 years 6 months |
Intangible Assets And Goodwil_4
Intangible Assets And Goodwill (Summary Of Future Estimated Amortization Expense) (Details) $ in Thousands | Feb. 27, 2021USD ($) |
Intangible Assets And Goodwill [Abstract] | |
2021 (remaining 3 months) | $ 1,184 |
2022 | 4,690 |
2023 | 4,480 |
2024 | 4,285 |
2025 | 3,123 |
2026 | 2,329 |
Thereafter | 477 |
Total | $ 20,568 |
Intangible Assets And Goodwil_5
Intangible Assets And Goodwill (Summary Of Activity In Goodwill Balance) (Details) $ in Thousands | 9 Months Ended |
Feb. 27, 2021USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning of period | $ 214,067 |
Impact of foreign currency exchange rate changes | 2,430 |
Goodwill, end of period | 216,497 |
RGP [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning of period | 208,958 |
Goodwill, end of period | 208,958 |
Other Segments [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning of period | 5,109 |
Impact of foreign currency exchange rate changes | 2,430 |
Goodwill, end of period | $ 7,539 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021USD ($)ft² | Feb. 22, 2020USD ($) | Feb. 27, 2021USD ($)ft² | Feb. 22, 2020USD ($) | |
Area of real estate property | ft² | 57,000 | 57,000 | ||
Rental income | $ 55,000 | $ 53,000 | $ 164,000 | $ 159,000 |
Expected rental income from third party leases in fiscal 2021 | 47,000 | 47,000 | ||
Expected rental income from third party leases in fiscal 2022 | 199,000 | 199,000 | ||
Expected rental income from third party leases in fiscal 2023 | 226,000 | 226,000 | ||
Expected rental income from third party leases in fiscal 2024 | 232,000 | 232,000 | ||
Expected rental income from third party leases in fiscal 2025 | $ 78,000 | $ 78,000 | ||
Leases To Independent Third Parties [Member] | ||||
Area of real estate property | ft² | 13,000 | 13,000 |
Leases (Lease Cost Components)
Leases (Lease Cost Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,583 | $ 3,159 | $ 8,201 | $ 9,275 |
Short-term lease cost | 43 | 124 | 135 | 322 |
Variable lease cost | 756 | 562 | 2,004 | 1,762 |
Sublease income | (227) | (230) | (671) | (536) |
Total lease cost | $ 3,155 | $ 3,615 | $ 9,669 | $ 10,823 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 3,209 | $ 3,224 | $ 10,166 | $ 9,783 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 363 | $ 717 | $ 1,918 | $ 5,101 |
Leases (Lease Term And Discount
Leases (Lease Term And Discount Rate) (Details) | Feb. 27, 2021 | May 30, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term | 3 years 10 months 24 days | 4 years 3 months 18 days |
Weighted average discount rate | 3.94% | 4.09% |
Leases (Maturities Of Operating
Leases (Maturities Of Operating Lease Liabilities) (Details) $ in Thousands | Feb. 27, 2021USD ($) |
Leases [Abstract] | |
May 29, 2021 | $ 3,032 |
May 28, 2022 | 11,343 |
May 27, 2023 | 8,986 |
May 25, 2024 | 7,177 |
May 31, 2025 | 3,459 |
Thereafter | 3,377 |
Total minimum payments | 37,374 |
Less: discount | (2,742) |
Present value of operating lease liabilities | $ 34,632 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | May 30, 2020 | |
Income Taxes Disclosure [Line Items] | |||||
Income tax expense | $ 1,057,000 | $ (3,983,000) | $ 5,270,000 | $ 3,995,000 | |
Effective tax rate | 60.50% | (134.60%) | 72.70% | 14.00% | |
Change in valuation allowance | $ 200,000 | ||||
Discrete tax benefit | $ 6,600,000 | $ 6,600,000 | |||
Worthless stock deduction | 25,800,000 | ||||
Tax expense (benefit) from stock option compensation | (400,000) | $ 700,000 | $ (700,000) | $ (700,000) | |
Unrecognized tax benefits | 900,000 | 900,000 | $ 800,000 | ||
Operating Loss Carryforwards [Member] | |||||
Income Taxes Disclosure [Line Items] | |||||
Change in valuation allowance | $ 0 | $ 0 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - Credit Facility [Member] - USD ($) $ in Millions | Sep. 03, 2020 | Sep. 02, 2020 | Feb. 27, 2021 |
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 120 | ||
Increase in interest rate spread | 0.25% | ||
Credit facility, remaining borrowing capacity | 65.7 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 120 | $ 90 | |
Credit facility, increase (decrease) in borrowing capacity | $ 30 | ||
Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | 5 | ||
Credit facility, outstanding balance | $ 1.3 | ||
Reducing Revolving Commitment [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 30 | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, effective interest rate | 2.00% | ||
Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest spread on variable rate | 0.00% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, effective interest rate | 2.02% | ||
Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest spread on variable rate | 0.25% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 18, 2021 | Feb. 27, 2021 | Feb. 27, 2021 | Feb. 22, 2020 | Jan. 21, 2021 | Jul. 31, 2015 |
Stockholders' Equity Disclosure [Line Items] | ||||||
Purchase of common stock (in shares) | 0 | 0 | ||||
Dividends payable (per share) | $ 0.14 | |||||
Cash dividends paid | $ 13,625 | $ 13,080 | ||||
Subsequent Event [Member] | ||||||
Stockholders' Equity Disclosure [Line Items] | ||||||
Cash dividends paid | $ 4,600 | |||||
July 2015 Program [Member] | ||||||
Stockholders' Equity Disclosure [Line Items] | ||||||
Amount authorized under a stock repurchase program | $ 150,000 | |||||
Stock repurchase plan, remaining amount | $ 85,100 | $ 85,100 |
Restructuring Activities (Narra
Restructuring Activities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Feb. 27, 2021 | Feb. 27, 2021 | May 30, 2020 | May 25, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of operating right-of-use assets | $ 821 | |||
Restructuring costs | $ 652 | 8,445 | ||
North America And Asia Pacific Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 7,000 | 7,000 | ||
Restructuring liability | 600 | 600 | ||
European Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 6,400 | 6,400 | ||
Employee Termination Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability | 2,523 | 2,523 | $ 1,874 | |
Restructuring costs | (161) | 6,231 | $ 3,927 | |
Employee Termination Costs [Member] | North America And Asia Pacific Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 5,000 | 5,000 | ||
Employee Termination Costs [Member] | European Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 5,100 | 5,100 | ||
Restructuring liability | 1,900 | 1,900 | ||
Legal And Professional Fees [Member] | European Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 600 | 600 | ||
Real Estate Exit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 524 | 1,628 | ||
Real Estate Exit Costs [Member] | North America And Asia Pacific Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 2,000 | 2,000 | ||
Real Estate Exit Costs [Member] | European Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 700 | 700 | ||
Property And Equipment Write Off [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 300 | 400 | ||
Property And Equipment Write Off [Member] | North America And Asia Pacific Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 200 | 200 | ||
Property And Equipment Write Off [Member] | European Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 100 | 200 | ||
Impairment Of Operating Right Of Use Assets [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 200 | 800 | ||
Impairment Of Operating Right Of Use Assets [Member] | North America And Asia Pacific Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of operating right-of-use assets | 1,300 | |||
Restructuring costs | 700 | |||
Impairment Of Operating Right Of Use Assets [Member] | European Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 100 | 100 | ||
Restructuring costs | 100 | |||
Impairment Of Operating Right Of Use Assets [Member] | North America And Asia Pacific And European Plans [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 100 | |||
Gain Loss On Disposal Of Fixed Assets [Member] | North America And Asia Pacific Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | 700 | 700 | ||
Gain Loss On Disposal Of Fixed Assets [Member] | European Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs incurred to date | $ 600 | 600 | ||
Lease Early Termination Costs [Member] | European Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 400 |
Restructuring Activities (Summa
Restructuring Activities (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Feb. 27, 2021 | Feb. 27, 2021 | May 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 652 | $ 8,445 | |
Employee Termination Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | (161) | 6,231 | $ 3,927 |
Real Estate Exit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 524 | 1,628 | |
Other Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 289 | $ 586 |
Restructuring Activities (Sum_2
Restructuring Activities (Summary Of Employee Separation Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Feb. 27, 2021 | Feb. 27, 2021 | May 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Increase in liability (restructuring costs) | $ 652 | $ 8,445 | |
Employee Termination Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability balance, beginning of period | 1,874 | ||
Increase in liability (restructuring costs) | (161) | 6,231 | 3,927 |
Reduction in liability (payments and others) | (5,582) | (2,053) | |
Liability balance, end of period | $ 2,523 | $ 2,523 | $ 1,874 |
Supplemental Disclosure Of Ca_3
Supplemental Disclosure Of Cash Flow Information (Schedule Of Additional Information Regarding Cash Flows) (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Feb. 27, 2021 | Feb. 22, 2020 | |
Business Acquisition [Line Items] | ||
Income taxes paid | $ 12,771 | $ 8,163 |
Interest paid | 1,299 | 1,669 |
Capitalized leasehold improvements paid directly by landlord | $ 59 | |
Issuance of common stock | 1,141 | |
Dividends declared, not paid | $ 4,591 | $ 4,501 |
Veracity [Member] | ||
Business Acquisition [Line Items] | ||
Liability for contingent consideration | 5,580 | |
Taskforce [Member] | ||
Business Acquisition [Line Items] | ||
Liability for contingent consideration | 1,840 | |
Expertence [Member] | ||
Business Acquisition [Line Items] | ||
Liability for contingent consideration | $ 302 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,834 | $ 1,491 | $ 4,939 | $ 4,649 |
Performance Incentive Plan 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock made available for awards | 1,797,440 | 1,797,440 | ||
Stock options vesting period | 4 years | |||
Stock options termination period | 10 years | |||
Shares available for grant | 1,323,307 | 1,323,307 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock made available for awards | 1,825,000 | 1,825,000 | ||
Shares available for grant | 1,134,000 | 1,134,000 | ||
Percentage of exercise price per share out of fair market value | 85.00% | |||
Common stock issued | 507,000 | 399,000 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost related to stock-based compensation | $ 4,600 | $ 4,600 | ||
Weighted-average period of cost to be recognized | 1 year 5 months 19 days | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost related to stock-based compensation | 1,600 | $ 1,600 | ||
Weighted-average period of cost to be recognized | 1 year 10 months 6 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost related to stock-based compensation | $ 6,600 | $ 6,600 | ||
Weighted-average period of cost to be recognized | 2 years 3 months |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Details) shares in Thousands | 9 Months Ended |
Feb. 27, 2021$ / sharesshares | |
Stock-Based Compensation Plans [Abstract] | |
Outstanding, Beginning balance | shares | 5,755 |
Granted, at fair market value | shares | |
Exercised | shares | (49) |
Forfeited | shares | (231) |
Expired | shares | (304) |
Outstanding, Ending balance | shares | 5,171 |
Exercisable | shares | 3,812 |
Vested and expected to vest | shares | 5,091 |
Beginning balance, Weighted Average Exercise Price (per share) | $ / shares | $ 16.07 |
Granted, at fair market value, Weighted Average Exercise Price (per share) | $ / shares | |
Exercised, Weighted Average Exercise Price (per share) | $ / shares | 11.41 |
Forfeited, Weighted Average Exercise Price (per share) | $ / shares | 17.51 |
Expired, Weighted Average Exercise Price (per share) | $ / shares | 15.98 |
Ending balance, Weighted Average Exercise Price (per share) | $ / shares | 16.05 |
Exercisable, Weighted Average Exercise Price (per share) | $ / shares | 15.47 |
Vested and expected to vest, Weighted Average Exercise Price (per share) | $ / shares | $ 16.03 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Summary Of Unvested Restricted Shares Outstanding) (Details) - Restricted Stock [Member] shares in Thousands | 9 Months Ended |
Feb. 27, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding, beginning balance | shares | 90 |
Granted, Shares | shares | 99 |
Vested, Shares | shares | (62) |
Unvested, ending balance, Shares | shares | 127 |
Expected to vest, Shares | shares | 112 |
Outstanding, beginning balance, Weighted Average Grant-Date Fair Value | $ / shares | $ 15.90 |
Granted, Weighted Average Grant-Date Fair Value | $ / shares | 12.47 |
Vested, Weighted Average Grant-Date Fair Value | $ / shares | 16.12 |
Unvested, ending balance, Weighted Average Grant-Date Fair Value | $ / shares | 13.12 |
Expected to vest, Weighted Average Grant-Date Fair Value | $ / shares | $ 13.20 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Summary Unvested Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 9 Months Ended |
Feb. 27, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding, beginning balance | shares | 87 |
Granted, Shares | shares | 566 |
Vested, Shares | shares | (50) |
Forfeited, Shares | shares | |
Unvested, ending balance, Shares | shares | 603 |
Expected to vest, Shares | shares | 540 |
Outstanding, beginning balance, Weighted Average Grant-Date Fair Value | $ / shares | $ 10.99 |
Granted, Weighted Average Grant-Date Fair Value | $ / shares | 11.61 |
Vested, Weighted Average Grant-Date Fair Value | $ / shares | 12.20 |
Forfeited, Weighted Average Grant-Date Fair Value | $ / shares | |
Unvested, ending balance, Weighted Average Grant-Date Fair Value | $ / shares | 11.70 |
Expected to vest, Weighted Average Grant-Date Fair Value | $ / shares | $ 11.72 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Aug. 29, 2020segment | |
Segment Information [Abstract] | |
Number of operating segments | 1 |
Segment Information (Summary Of
Segment Information (Summary Of Operating Results Of Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 156,631 | $ 168,052 | $ 457,199 | $ 524,784 |
Gross profit | 57,047 | 61,420 | 173,121 | 203,300 |
Adjusted EBITDA | 9,469 | 6,754 | 32,082 | 41,334 |
Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | (6,866) | (7,460) | (21,455) | (23,047) |
RGP [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 146,487 | 158,228 | 425,598 | 494,225 |
Gross profit | 53,980 | 57,757 | 162,006 | 191,223 |
Adjusted EBITDA | 15,886 | 13,894 | 50,671 | 61,962 |
Other Segments [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,144 | 9,824 | 31,601 | 30,559 |
Gross profit | 3,067 | 3,663 | 11,115 | 12,077 |
Adjusted EBITDA | $ 449 | $ 320 | $ 2,866 | $ 2,419 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Net Income (Loss) to Adjusted EBITDA) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 22, 2020 | Feb. 27, 2021 | Feb. 22, 2020 | |
Segment Information [Abstract] | ||||
Net income | $ 690 | $ 6,942 | $ 1,981 | $ 24,218 |
Amortization of intangible assets | 1,202 | 1,549 | 4,125 | 4,153 |
Depreciation expense | 963 | 1,120 | 2,954 | 3,913 |
Interest expense, net | 361 | 493 | 1,316 | 1,526 |
Income tax expense (benefit) | 1,057 | (3,983) | 5,270 | 3,995 |
EBITDA | 4,273 | 6,121 | 15,646 | 37,805 |
Stock-based compensation expense | 1,834 | 1,491 | 4,939 | 4,649 |
Restructuring costs | 652 | 8,445 | ||
Contingent consideration adjustment | 2,710 | (858) | 3,052 | (1,120) |
Total Adjusted EBITDA | $ 9,469 | $ 6,754 | $ 32,082 | $ 41,334 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands | Mar. 24, 2021 | Feb. 27, 2021 | Feb. 22, 2020 |
Subsequent Event [Line Items] | |||
Repayment of Revolving Credit Facility | $ 35,000 | $ 29,000 | |
Credit Facility [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Repayment of Revolving Credit Facility | $ 10,000 | ||
Credit facility, outstanding balance | $ 43,000 |