Resources Connection, Inc. (NASDAQ:RGP) Q3 2024 Results Conference Call April 3, 2024 5:00 PM ET
Company Participants
Kate Duchene - CEO
Jenn Ryu - CFO
Conference Call Participants
Mark Marcon - Baird
Andrew Steinerman - JPMorgan
Marc Riddick - Sidoti
Operator
Good afternoon, ladies and gentlemen, and welcome to Resources Connections, Inc. Conference Call. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. 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 third quarter ended February 24, 2024. 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 reviewed in the Investor Relations sections 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 sections in RGP's report on Form 10-K for the year ended May 27, 2023 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, Kate Duchene.
Kate Duchene
Thank you, operator. Good afternoon, everyone, and thank you for joining us today.
In Q3, we delivered solid performance across the enterprise despite a macro environment that continues to be sluggish and uncertain. In the quarter, client engagement extensions and client retention have been robust, with new project starts still taking longer to convert than previous cycles.
On revenue, we performed consistent with expectations, while also continuing to deliver strong cash flow conversion this fiscal year. On SG&A and therefore, adjusted EBITDA, we well exceeded our expectations, remaining disciplined on cost in this environment and driving efficiencies in headcount.
Our balance sheet remains pristine. During Q3, we saw a positive momentum in certain regions. Asia Pacific returned to growth from earlier quarters in the fiscal year. Our Mexico, India and Switzerland practices all grew year-over-year as we delivered long-term projects for large strategic clients.