Revenue Performance - Revenue for the quarter ended February 29, 2024, decreased by approximately $4,554,000 or 18.8% compared to the same quarter in 2023, primarily due to a reduction in clerical and administrative contractors placed with customers[54]. - The average number of consultants on billing decreased from 640 in Q1 2023 to 468 in Q1 2024, with IT contractors averaging 467 in Q1 2023 and 410 in Q1 2024, while clerical and administrative contractors dropped from 173 to 58[54]. Expenses - Selling, general and administrative expenses decreased by approximately $1,267,000 or 11.5% from $11,072,000 in the nine months ended February 28, 2023, to $9,805,000 in the nine months ended February 29, 2024[61]. - Selling, general and administrative expenses as a percentage of revenue increased from 14.5% in the nine months ended February 28, 2023, to 15.4% in the nine months ended February 29, 2024[61]. Cash Flow and Liquidity - Net cash flow from operations was approximately $2,821,000 for the nine months ended February 29, 2024, compared to $2,393,000 in the prior year period[66]. - The Company had no net borrowings outstanding against its Credit Facility as of February 29, 2024, which has a maximum available amount of $2,000,000[65]. - The Company expects its cash and cash equivalents, along with the Credit Facility, to be sufficient to meet liquidity requirements for the next 12 months[65]. Other Income and Tax - Other income for the nine months ended February 29, 2024, included a reversal of approximately $547,000 of advances from customers due to a settlement with the New York State Office of Unclaimed Property[63]. - The effective tax provision decreased to 20.5% for the quarter ended February 29, 2024, from 52.9% for the quarter ended February 28, 2023[57]. Lease Obligations - The net present value of future lease payments was approximately $650,000 as of February 29, 2024[68].
TSR(TSRI) - 2024 Q3 - Quarterly Report