RGP 2027 회계연도 1분기 실적 발표 콜: 매출 18.5% 감소, 2분기 가이던스 9,500만~1억 달러

핵심 요약

• RGP는 2027 회계연도 1분기 매출이 9,810만 달러로, 동일 영업일수 및 고정 환율 기준 전년 동기 대비 18.5% 감소했다고 발표했다.
• 매출총이익률은 컨설턴트 가동률 하락과 간접 서비스 비용의 레버리지 효과 감소로 인해 전년 동기 39.5%에서 37.4%로 낮아졌다.
• 조정 EBITDA는 마이너스 360만 달러를 기록했다. 2026 회계연도에 시행된 비용 절감 조치에 따라 런레이트 판매관리비(SG&A)는 전년 동기 대비 9.4% 감소한 4,030만 달러를 기록했다.
• 컨설팅 부문이 여전히 가장 큰 실적 압박 요인으로 작용했다. 해당 부문 매출은 전년 동기 대비 25.8% 감소한 3,240만 달러를 기록했으며, 정규직 컨설턴트 가동률은 50%대 후반에 머물렀다.
• RGP는 분기 말 기준 6,120만 달러의 현금 및 현금성 자산을 보유하고 있으며, 미상환 부채는 없고 회전한도 대출 잔여 한도는 2,410만 달러다.
• 경영진은 2분기 매출을 1분기와 대체로 비슷한 9,500만 달러에서 1억 달러 사이로 전망하며, 비즈니스 활동이 안정화되는 흐름을 보이고 있다고 밝혔다.

주요 재무 실적

사업 및 영업 성과

온디맨드 인재 공급: 매출은 13.2% 감소한 3,860만 달러를 기록했다. 조정 EBITDA는 전년 동기의 440만 달러(이익률 10.0%)에서 감소한 210만 달러(이익률 5.3%)를 나타냈다. 실적 감소는 물량 줄어듦이 주원인이었으나, 평균 청구 단가는 4.1% 상승한 $145를 기록하며 급여 상승률을 상회했다.

컨설팅: 매출은 전년 동기 대비 25.8%, 전분기 대비 11.6% 감소한 3,240만 달러를 기록했다. 청구 가능 시간은 27.1% 감소했으나, 평균 청구 단가가 2.2% 상승한 $162를 기록하며 일부 상쇄됐다. 조정 EBITDA는 전년 동기 510만 달러(이익률 11.6%)에서 170만 달러(이익률 5.1%)로 감소했다. 경영진은 프로젝트 물량, 수주 전환 속도, 컨설턴트 가동률을 단기 핵심 우선과제로 꼽았다.

유럽 및 아시아 태평양: 매출은 전년 동기 대비 14.0% 감소했으나 전분기 대비로는 거의 변동 없는 1,710만 달러를 기록했다. 조정 EBITDA는 전년 동기의 80만 달러(이익률 4.2%)에서 손익분기점에 가까운 수준으로 감소했다. 온보딩 지연과 프로젝트 착수 연기가 지속되면서 시장별 성과는 다르게 나타났다.

외주 서비스: 매출은 전년 동기 대비 0.2% 증가한 1,000만 달러로 안정적인 수준을 유지했다. 조정 EBITDA는 전년 동기의 230만 달러(이익률 23.3%)에서 150만 달러(이익률 15.3%)로 감소했는데, 이는 전년 동기에 반영되었던 높은 가동률과 프로젝트 특수 효과가 재현되지 않은 점을 반영한다.

경영진은 전략적 고객 계정이 예상보다 양호한 성과를 보이며 전분기 대비 성장했다고 밝혔다. 하지만 북미 지역의 파이프라인 생성 증가가 전분기 대비 매출 성장을 견인할 만큼 충분한 계약 체결이나 프로젝트 착수로 이어지지는 못했다.

경영진 전망

2027 회계연도 2분기에 대해 경영진은 다음과 같은 전망을 제시했다.

매출총이익률 전망에는 추수감사절 연휴에 따른 예상 영향이 반영되어 있다. 비런레이트 및 비현금성 비용은 주로 주식 기반 보상과 자본화된 시스템 전환 비용의 상각으로 구성될 것으로 예상된다.

경영진은 최근 채용된 영업 인력이 대체로 예상대로 적응하고 있으며, 실질적인 효과는 대부분 2027 회계연도 마지막 두 분기에 나타날 것으로 여전히 전망한다고 밝혔다. 또한 회사는 매출 창출 역량에 대한 목표 투자를 유지하는 한편, 운영 모델의 추가적인 단순화를 추진할 계획이다.

리스크 및 주시 영역

• 고객사의 의사결정은 특히 대규모 재량적 프로젝트에서 여전히 신중한 태도를 보이고 있다. 승인 주기가 길어지고 착수 일정이 계속 연기되고 있으며, 계약 체결 및 온보딩에 더 많은 시간이 소요되고 있다.
• 컨설팅 가동률은 여전히 부진한 상태로, 이번 분기 정규직 컨설턴트 가동률은 50%대 후반에 머물렀다.
• 파이프라인 활동이 실제 계약 체결 및 활성화된 프로젝트로 지속해서 전환되지는 못하고 있다.
• 매출 규모 축소로 인해 온디맨드 인재 공급 및 컨설팅 사업 전반에 걸쳐 영업 레버리지 효과가 감소하고 있다.
• 경영진은 업황이 안정화되고 있는 것으로 보인다며 향후 전분기 대비 성장에 대한 기대감을 나타냈지만, 이러한 결과에는 여전히 불확실성이 존재한다는 점도 인정했다.

애널리스트 Q&A 주요 내용

수년간의 실적 감소 이후 회복 시점에 대한 질문에 로저 칼라일(Roger Carlile) CEO는 RGP의 비즈니스 활동이 저점을 지나고 있는 것으로 보인다고 답했다. 그는 향후 전분기 대비 일정 수준의 성장을 기대하고 있지만, 이러한 추세가 현실화될지는 더 두고봐야 한다고 덧붙였다.

경영진은 컨설팅과 온디맨드 인재 공급 사업이 상호 보완하도록 설계되었다고 설명했다. 특히 고객이 특정 지역에 조속한 팀 투입을 필요로 할 때 대형 컨설팅 프로젝트에 추가적인 온디맨드 전문 인력이 요구될 수 있다.

비용 부문과 관련해 경영진은 추가 조치가 판매관리비와 매출총이익률 모두에 영향을 미칠 수 있다고 언급했다. 회사는 매출 창출을 지원하는 자원을 줄이지 않는 선에서 관리 비용을 검토하는 한편, 정규직 컨설턴트의 수용 능력을 수요에 맞게 조정하고 있다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good afternoon, and welcome to RGP's First Quarter Fiscal 2027 Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. At this time, I would like to remind everyone that management will be commenting on results for the first quarter ended August 29, 2026. They will also refer to certain non-GAAP financial measures. An explanation and reconciliation of these measures to the most comparable GAAP financial measures are included in the press release issued today. Today's press release can be viewed in the Investor Relations section of RGP's website and filed today with the SEC. Also during this call, management may make forward-looking statements regarding plans, initiatives and strategies and the anticipated financial performance of the company.

Such statements are predictions and actual events or results may differ materially. Please see the Risk Factors section in RGP's report on Form 10-K for the year ended May 30, 2026, for a discussion of risks, uncertainties and other factors that may cause the company's business, results of operations and financial condition to differ materially from what is expressed or implied by forward-looking statements made during this call. I will now turn the call over to RGP's CEO, Roger Carlile.

Roger Carlile

Thank you, operator, and welcome, everyone, to RGP's First Quarter Fiscal 2027 Earnings Call. Before commenting on our Q1 results, I want to acknowledge Jenn Ryu's service as RGP's CFO for the last 6.5 years. Jenn stepped into the CFO role in February 2020, a moment when almost nothing about the world of our business was predictable. She has led our finance organization through one of the most consequential stretches in RGP's history, a global pandemic, the reshaping of how and where professional work gets done and significant changes across our markets. Through all of this, Jenn has provided the disciplined capital stewardship that kept us on solid footing throughout. We wish Jenn well in her future endeavors.

To ensure continuity, as announced in early September, Jessica Block has stepped in as Interim Chief Financial Officer. Many of you know Jessica, who joined us in March as our Chief AI Officer. She has more than 20 years of experience leading professional services organizations through growth and transformation, including a year as Interim CFO at Factor Law. In addition to the strategic and operational skills Jessica brings to her role as Interim CFO, she is now afforded the direct ability to observe and assess how AI can be used in our accounting, finance and reporting processes to further improve efficiency and costs.

As part of this transition and also announced last month, we have promoted Trisha Jenks to the role of Chief Accounting Officer. Trisha joined RGP in 2019 and most recently served as our Senior Vice President and Corporate Controller. Prior to that, she served as our Senior Vice President of Global Revenue Accounting. I look forward to working with Jessica and Trisha in these important roles for RGP.

Turning to our first quarter results. Our revenue and gross margin were within the outlook ranges we provided in July, while our run rate SG&A expense was better than our outlook. That said, our revenue and profitability remain below our long-run potential. Revenue for the quarter was $98.1 million, gross margin was 37.4% and adjusted SG&A expense was $40.3 million. The largest source of revenue pressure continued to be lower project volume and resulting utilization in our Consulting segment. The On-Demand Talent segment also experienced lower volume, while outsourced services remained stable. This reflects 2 realities. First, client decision-making remains cautious, particularly for larger discretionary projects. Sales cycles remain longer, project start dates continue to move and contracting and onboarding requirements are taking more time in several parts of the business.

Second, we have work to do within RGP. We need to generate more opportunities, convert more of those opportunities into wins, mobilize projects more quickly, improve Consulting segment utilization and execute with greater consistency across our markets and capabilities. We are not satisfied with the current financial performance, and we are addressing these issues with urgency and accountability. At the same time, we are seeing several indicators that reinforce our confidence in the long-term demand for our business model and in the actions that we are taking. These include the benefit from disciplined pricing and on-demand talent, opportunities in our pipeline, strong performance across our largest client relationships, stability in our Outsourced Services segment and traction in several of our Consulting segment capabilities.

Next, I'd like to address 3 areas: the demand environment, a review by segment of the progress we're making and an update on our strategic priorities. Beginning with the market, conditions remain mixed. We continue to see demand for specialized expertise and execution support across finance, risk, technology, data, AI and business transformation. Clients are dealing with significant change, including cost pressure, enterprise technology modernization, regulatory demands, operating model transformation, M&A transactions and the adoption of AI. Those needs align well with RGP's capabilities. However, the existence of client need does not always translate immediately into project starts. Many organizations continue to apply significant scrutiny to discretionary spending, extend approval cycles, divide larger programs into smaller phases or delay commitments until they have greater budget visibility.

The result is a demand environment in which client discussions and pipeline activity can be healthy, while revenue conversion remains slower and less predictable. This quarter illustrated that distinction. Across North America, our pipeline creation increased sequentially, including growth in Consulting segment pipeline. However, closed won dollars stagnated and project starts did not occur at a sufficient pace to drive sequential revenue growth, considering successful project completions and normal summer seasonality. One of the more encouraging indicators continues to be the performance of our strategic client accounts portfolio. Our largest strategic relationships collectively performed better than we anticipated during the first quarter and grew sequentially. Several of these relationships expanded across new buying centers, geographies and service offerings.

This supports what we discussed last quarter following our Voice of the Customer survey. Clients value RGP for the quality of our people, our flexibility, our speed and our ability to connect expertise with execution. The performance of these accounts also demonstrates the opportunity available when we manage client relationships strategically, coordinate our capabilities and engage multiple executive buyers rather than pursuing isolated assignments. Our objective is to apply the same discipline to a broader group of clients. This includes identifying additional buying centers, bringing the right combination of on-demand talent, consulting and managed services to each opportunity and establishing clear accountability for growth.

Turning to progress being made. I will begin with on-demand talent, where our principal challenge is volume rather than billing rate. We have made meaningful changes to strengthen execution. We have added sales capacity, clarified regional accountability, aligned more of our talent organization with sales leadership, introduced additional sales training and increased the rigor of activity and pipeline management. We are also rebuilding talent metrics around the outcomes that matter most to revenue, including request volume, speed of response, submissions, fill rates and time to fill. The sales professionals we hired during the first half of this calendar year are at different stages of their ramp. Several are already building encouraging pipelines and producing initial wins. We are also investing in additional business development and demand generation capabilities to expand our pipeline, increase client engagement and create more qualified opportunities. The objective is straightforward: create more opportunities, respond faster, present the right people and win a greater share of client demand.

Turning to our Consulting segment. This is the area where we have the most immediate work to do. Our Q1 revenue reflects lower project volume, slower conversion of pursuits into active engagements and project completions. The impact was not uniform across the Consulting business with certain of our capability areas experiencing better revenue and utilization during the quarter than others. Improving consulting utilization is one of our highest near-term priorities, and we are focused on project staffing and resource management. The goal is to deploy our people more quickly and reduce the time between assignments. We are aligning capacity with realistic demand. We will invest where capabilities are gaining traction, but will also act where capacity is not supported by near-term demand or a credible pipeline.

There were encouraging results within the quarter. We saw strength in several areas of the consulting portfolio and won meaningful engagements across a range of client priorities, including technology, data, finance transformation, supply chain and transaction-related work. These wins demonstrate the breadth and relevance of our capabilities. Our task is to make that performance more consistent across the portfolio and to improve the economics of delivery. Regarding our effort to align our cost structure with revenue and simplify how we operate, our adjusted SG&A expense was $40.3 million, a 9.4% improvement from the prior year quarter and better than the outlook we provided in July. This reflects the cost actions implemented during fiscal 2026, including lower employee-related costs and reduced spending in several corporate areas.

We've made progress, but the current revenue levels require additional action. The next phase is not simply a broad cost reduction exercise. It's about building a simpler, more scalable operating model. That means clarifying roles, reducing duplicative work, improving systems and processes, aligning incentives, increasing accountability and using technology more effectively. We'll remain disciplined in balancing cost actions with selected investments in the client-facing capabilities needed to grow. Our focus is on improving the efficiency and scalability of the business so the growth translates more effectively into profitability and cash flow.

So as we move through fiscal 2027, our strategic priorities remain clear. First, refocus and strengthen on-demand talent. We are increasing sales activity, improving pipeline quality and conversion, deepening our strategic client relationships and maintaining price discipline. Second, scale consulting with discipline. We are focused on improving project staffing and utilization and scaling the capabilities where we have demonstrated client demand and differentiation. Third, advance AI and data as practical business capabilities. That means developing solutions designed to produce measurable client outcomes and revenue while also using AI to improve productivity and decision-making within RGP. Fourth, simplify how we operate and align our cost structure with current revenue. We are reducing complexity, improving processes and systems and creating clear accountability for results throughout the organization.

We remain confident in the long-term demand for RGP's integrated model. Clients increasingly need a combination of specialized expertise, consulting rigor, flexible delivery and accountability for execution. Our ability to provide on-demand talent, consulting and managed services gives us a differentiated way to meet that need. We have strong client relationships, talented people, relevant capabilities and a differentiated platform. Our responsibility is to bring those assets together more effectively, operate with discipline and deliver measurable progress. With that, I will turn the call over to Jessica to provide additional detail on our first quarter financial results and our outlook for the second quarter.

Jessica Block

Thanks, Roger, and good afternoon, everyone. Our performance in the first quarter was largely in line with expectations and reflective of normal summer seasonality. Consolidated revenue and gross margin were both within our outlook ranges, while SG&A expense was more favorable than our outlook. Adjusted EBITDA for the quarter was negative $3.6 million. Consolidated revenue for the quarter was $98.1 million, representing an 18.5% decline on a same-day constant currency basis compared with the prior year quarter, again, consistent with our outlook and taking into account continued stabilization.

Our first quarter gross margin was 37.4% compared with 39.5% in the prior year quarter, primarily reflecting less favorable leverage of indirect cost of services and lower consultant utilization. Enterprise-wide average bill rate was $114 on a constant currency basis compared with $121 a year ago. The year-over-year comparison reflects the May 2026 divestiture of Sitrick, which had significantly higher average bill rate as well as the shift in geographic mix, including greater contribution from Asia Pacific, which has lower bill rates. At the segment level, average bill rates in our North America segments remained strong. On-Demand Talent average bill rate increased to $145 from $140 a year ago, while consulting increased to $162 from $160.

First quarter run rate SG&A expense was $40.3 million. The year-over-year improvement reflects the benefit of cost actions taken during fiscal 2026, including lower employee-related costs and reduced spending in several corporate areas, even as we continue to make targeted investments to support future growth.

Next, I'll review results by segment. And as a reminder, all year-over-year revenue comparisons are adjusted for business days and currency impacts and segment adjusted EBITDA excludes certain shared corporate costs. On-Demand Talent revenue was $38.6 million, down 13.2% from the prior year quarter. Segment adjusted EBITDA was $2.1 million or a 5.3% margin compared with $4.4 million or a 10% margin. The revenue decline was volume related, while pricing remained solid. Average bill rate increased approximately 4.1% year-over-year, and the increase in bill rates exceeded the increase in pay rates. The decline in segment-adjusted EBITDA primarily reflects the effect of lower revenue volume on operating leverage despite favorable bill rate performance.

Consulting revenue was $32.4 million, down 25.8% year-over-year and approximately 11.6% sequentially. Billable hours decreased 27.1% year-over-year, partially offset by an approximately 2.2% increase in average bill rate. Segment-adjusted EBITDA was $1.7 million or a 5.1% margin compared with $5.1 million or an 11.6% margin in the prior year quarter. The decline in segment-adjusted EBITDA and margin primarily reflects lower project volume and reduced utilization, which resulted in less favorable operating leverage. Europe and Asia Pacific revenue was $17.1 million, down 14% year-over-year and approximately flat sequentially. Segment-adjusted EBITDA was near breakeven compared with $0.8 million or a 4.2% margin in the prior year quarter.

Performance varied across the segment with certain markets experiencing stronger activity levels, while others continue to be affected by slower onboarding and delayed project starts. Geographic mix continued to influence the segment's average bill rate. Outsourced Services revenue was $10 million, up 0.2% year-over-year. Segment-adjusted EBITDA was $1.5 million or a 15.3% margin compared with $2.3 million or a 23.3% margin in the prior year quarter. The prior year comparison reflects stronger utilization and certain project-specific factors last year that did not repeat in the current quarter. Our balance sheet remains strong. We ended the quarter with $61.2 million in cash and cash equivalents and no outstanding debt. The sequential decline in cash primarily reflects the expected payment of annual bonuses, which occurs in the first quarter of each fiscal year, expected payment of nonrecurring costs related to executive transition and restructuring activities as well as our operating results for the quarter.

We remain confident that our strong cash position and available borrowing capacity of $24.1 million under our revolver provide ample liquidity to support the business as operating performance recovers. Quarterly dividend payments totaled $2.4 million. I'll conclude with our outlook for the second quarter of fiscal 2027. We expect second quarter revenue to be broadly consistent with first quarter levels, ranging from $95 million to $100 million. We expect gross margin to be between 36% and 37%, reflecting the impact of the Thanksgiving holiday in the second quarter. Run rate SG&A expense is expected to be in the range of $40 million to $42 million, reflecting the targeted reinvestments we've made in the business and cost reductions completed over the past year.

Non-run rate and noncash expenses are expected to range from $2 million to $3 million and consist primarily of noncash stock-based compensation expense and amortization of capitalized system transformation costs. In summary, first quarter revenue and gross margin were within our outlook ranges. SG&A was better than our outlook and the longer-term demand indicators for our business remain compelling. We entered the second quarter with a strong balance sheet and remain focused on improving utilization, conversion and operating efficiency. With that, we'll open the call for questions.

Operator

[Operator Instructions] Our first question comes from Joe Gomes with NOBLE Capital.

질의응답

Joseph Gomes

So Roger, I wanted to start out. I understand what you're saying here in the big picture and longer term, it looks promising for demand. But we're in a multiyear decline here. It doesn't look like we're seeing any real improvement here in the fiscal second quarter. I mean, what do you see today in your crystal ball as the timing of a recovery here? It just seems to have been very, very elongated.

Roger Carlile

Yes. Well, certainly, I think, longer than I'm sure anybody wants and also the entirety of my time here. So that's not fun. I don't think -- as you know, I'm not one to blame the market. But I think when I look at the market and I look at our competitors, I think what we're experiencing is not radically different. What we -- the positive thing that we referred to that we see is that we think that things are stabilizing. We're bottoming out in terms of activity, and we think we will be experiencing some sequential growth as we look forward. So those are all positives. It remains to be seen if that plays out that way, but it feels like we're experiencing that type of environment.

Joseph Gomes

Okay. And on the consultants, I might have missed it. Did you say what their utilization rate was for the quarter? I know it was low 60% last quarter. And then seeing as the salaried consultant utilization is below where you want it to be. I mean, how is that impacting retention of the non-salaried consultants? It would seem to be that's somewhat of a juggling act for management.

Roger Carlile

We did not mention the utilization. I'll let Jessica comment on that in a moment. But in terms of the juggling act, they're really -- our view is those businesses have to be their best versions of themselves. So it's not like one necessarily impacts the other. What is more likely than not is, and we have some very good examples of that in this quarter, when we secure a major consulting project, particularly if the client would like to have all of those people or majority of those people now in their office in a given part of the U.S., we would have to supplement our own employed -- fully employed consulting team with on-demand talent. So it's really an A, which is the power of this model as opposed to any type of balancing act between them.

Jessica Block

Yes. Just to follow up on that. Salaried consultant utilization was similar, slightly lower sort of high 50s.

Operator

Our next question comes from Kartik Mehta with Northcoast Research.

Kartik Mehta

Roger, you made a comment during the prepared remarks about the new salespeople you've hired and you said, obviously, some are performing at or above expectations and others are still ramping up. As you look at the time frame of all these investments that you've made, in aggregate, is it where you expected, better than you expected? I'm curious as to how you would frame how the sales part of this new salespeople are doing in terms of aggregate.

Roger Carlile

Yes. I think by and large, the investment in the sales team is probably ramping about as expected. I think if you went back at the end of the last fiscal year, the last quarter, we spoke about the time to ramp and the likelihood that you would see the majority of that impact in the latter 2 quarters of this fiscal year. So I don't think we actually commented that anybody was more or ahead or behind the ramp, just that we've already had some that are doing quite well against their ramp, and so we're seeing that benefit. But I think everything is progressing at this point at about the pace we would expect.

Kartik Mehta

And then just a follow-up, Jessica, on the SG&A for the second quarter guidance, it looks like it's in line with what is the first quarter. I think Roger, you talked about potential cost actions. I'm wondering, when you talk about cost actions, is that more about kind of maintaining where the SG&A levels are? Or do you think there's an opportunity to even lower them if revenue kind of stays in that $100 million a quarter range?

Roger Carlile

Well, it's both, actually. I mean we are -- while the bulk of the investment that we were making is done, we still have some of that, that comes in and has a full year impact effect. So you have a little bit of that. All of that is in go-to-market activity. So it's things that drive revenue. At the same time, we are focused on looking at both things that would lower the SG&A costs. And as we talked about, looking at the utilization of our salaried consultants, that where it doesn't impact revenue but also improve gross margin. So it really would have an impact in both of those areas.

Operator

I would now like to turn the call back over to Roger Carlile for any closing remarks.

Roger Carlile

All right. Thank you, operator, and thanks, everyone, for joining our call today. We appreciate your interest in RGP, and don't hesitate to reach out with any additional questions. Thank you.

Operator

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.