$HCKT
Hackett Group Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023020428 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q2
Revenue $77.10M $71.23M $75.66M
YoY Change 1.9% 19.18%
Cost Of Revenue $46.89M $44.54M $47.89M
YoY Change -2.09% 16.11%
Gross Profit $21.98M $19.49M $27.78M
YoY Change -20.87% 24.89%
Gross Profit Margin 28.51% 27.36% 36.71%
Selling, General & Admin $17.43M $15.44M $14.37M
YoY Change 21.29% 13.59%
% of Gross Profit 79.28% 79.2% 51.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $806.0K $830.0K $802.0K
YoY Change 0.5% -8.24%
% of Gross Profit 3.67% 4.26% 2.89%
Operating Expenses $17.43M $15.44M $14.37M
YoY Change 21.29% 13.59%
Operating Profit $12.79M $11.25M $13.41M
YoY Change -4.62% 51.46%
Interest Expense $921.0K $859.0K -$28.00K
YoY Change -3389.29% -212.0%
% of Operating Profit 7.2% 7.63% -0.21%
Other Income/Expense, Net
YoY Change
Pretax Income $11.87M $10.39M $13.38M
YoY Change -11.3% 51.57%
Income Tax $3.149M $2.232M $2.876M
% Of Pretax Income 26.53% 21.48% 21.49%
Net Earnings $8.720M $8.161M $10.51M
YoY Change -16.99% 65.15%
Net Earnings / Revenue 11.31% 11.46% 13.88%
Basic Earnings Per Share $0.32 $0.30 $0.33
Diluted Earnings Per Share $0.32 $0.30 $329.9K
COMMON SHARES
Basic Shares Outstanding 27.19M 27.18M 31.45M
Diluted Shares Outstanding 27.55M 27.27M 31.84M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.83M $16.86M $47.75M
YoY Change -66.84% -6.55%
Cash & Equivalents $15.83M $16.86M $47.75M
Short-Term Investments
Other Short-Term Assets $3.203M $3.183M $5.364M
YoY Change -40.29% 98.67%
Inventory
Prepaid Expenses
Receivables $57.80M $51.98M $50.51M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $76.83M $72.03M $103.6M
YoY Change -25.86% 12.15%
LONG-TERM ASSETS
Property, Plant & Equipment $19.86M $19.60M $19.64M
YoY Change 1.12% -2.31%
Goodwill $84.15M $83.84M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $285.0K $268.0K $540.0K
YoY Change -47.22% -61.43%
Total Long-Term Assets $106.1M $105.6M $104.8M
YoY Change 1.22% -2.04%
TOTAL ASSETS
Total Short-Term Assets $76.83M $72.03M $103.6M
Total Long-Term Assets $106.1M $105.6M $104.8M
Total Assets $182.9M $177.7M $208.4M
YoY Change -12.24% 4.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.475M $6.886M $8.041M
YoY Change -31.91% 64.1%
Accrued Expenses $20.58M $15.18M $20.58M
YoY Change -0.01% -0.58%
Deferred Revenue $14.45M $15.58M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.87M $46.26M $47.96M
YoY Change -2.27% 3.81%
LONG-TERM LIABILITIES
Long-Term Debt $52.68M $57.66M $0.00
YoY Change
Other Long-Term Liabilities $1.151M $1.395M $1.180M
YoY Change -2.46% -60.67%
Total Long-Term Liabilities $52.68M $57.66M $1.180M
YoY Change 4364.07% -60.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.87M $46.26M $47.96M
Total Long-Term Liabilities $52.68M $57.66M $1.180M
Total Liabilities $110.0M $114.2M $58.13M
YoY Change 89.29% 3.43%
SHAREHOLDERS EQUITY
Retained Earnings $49.54M $43.81M
YoY Change
Common Stock $311.6M $308.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $274.6M $274.6M
YoY Change
Treasury Stock Shares $33.31M
Shareholders Equity $72.89M $63.44M $150.3M
YoY Change
Total Liabilities & Shareholders Equity $182.9M $177.7M $208.4M
YoY Change -12.24% 4.54%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q2
OPERATING ACTIVITIES
Net Income $8.720M $8.161M $10.51M
YoY Change -16.99% 65.15%
Depreciation, Depletion And Amortization $806.0K $830.0K $802.0K
YoY Change 0.5% -8.24%
Cash From Operating Activities $7.713M -$3.063M $6.054M
YoY Change 27.4% 2.7%
INVESTING ACTIVITIES
Capital Expenditures $1.062M $1.063M $993.0K
YoY Change 6.95% 89.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.062M -$1.063M -$993.0K
YoY Change 6.95% 89.14%
FINANCING ACTIVITIES
Cash Dividend Paid $2.997M
YoY Change
Common Stock Issuance & Retirement, Net $3.066M
YoY Change -17.49%
Debt Paid & Issued, Net $7.000M
YoY Change
Cash From Financing Activities -7.651M -9.247M -3.076M
YoY Change 148.73% -17.22%
NET CHANGE
Cash From Operating Activities 7.713M -3.063M 6.054M
Cash From Investing Activities -1.062M -1.063M -993.0K
Cash From Financing Activities -7.651M -9.247M -3.076M
Net Change In Cash -1.000M -13.39M 1.958M
YoY Change -151.07% 18.67%
FREE CASH FLOW
Cash From Operating Activities $7.713M -$3.063M $6.054M
Capital Expenditures $1.062M $1.063M $993.0K
Free Cash Flow $6.651M -$4.126M $5.061M
YoY Change 31.42% -5.75%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45794000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16864000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
47752000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
330000
CY2022Q2 us-gaap Income Taxes Paid Net
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1000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
861000
CY2023Q1 hckt Non Cash Dividends Declared And Unpaid
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2990000
CY2022Q2 hckt Non Cash Dividends Declared And Unpaid
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3474000
CY2022Q4 us-gaap Stockholders Equity
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58278000
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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-3529000
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
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711000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
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3662000
CY2023Q1 us-gaap Dividends Common Stock Cash
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2990000
CY2023Q1 us-gaap Net Income Loss
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8161000
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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570000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
63441000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
143853000
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
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-2432000
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
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635000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
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3632000
CY2022Q2 us-gaap Dividends Common Stock Cash
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3474000
CY2022Q2 us-gaap Net Income Loss
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10505000
CY2022Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-1134000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
150315000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
3
CY2022Q4 us-gaap Goodwill
Goodwill
83502000
CY2023Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-338000
CY2023Q1 us-gaap Goodwill
Goodwill
83840000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7700000
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6900000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71229000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75664000
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1500000
CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1600000
CY2023Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
200000
CY2022Q2 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
400000
CY2023Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2022Q2 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27026460
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31449408
CY2023Q1 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
242157
CY2022Q2 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
370033
CY2022Q2 hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
24122
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27268617
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31843563
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
33225000
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
28913000
CY2023Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
19686000
CY2022Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
20319000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
930000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
856000
CY2023Q1 hckt Accounts Receivable And Contract Assets Net
AccountsReceivableAndContractAssetsNet
51981000
CY2022Q4 hckt Accounts Receivable And Contract Assets Net
AccountsReceivableAndContractAssetsNet
48376000
CY2023Q1 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
7300000
CY2022Q4 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
9320000
CY2023Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1390000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
12171000
CY2023Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
2990000
CY2022Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
2997000
CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restructuring Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRestructuringLiabilities
175000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restructuring Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRestructuringLiabilities
106000
CY2023Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2462000
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2572000
CY2023Q1 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
27000
CY2022Q4 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
1241000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2627000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2546000
CY2023Q1 hckt Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
16971000
CY2022Q4 hckt Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
30953000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
286000
CY2023Q1 us-gaap Lease Cost
LeaseCost
286000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1033000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
977000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
259000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
222000
CY2023Q1 hckt Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
365000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2856000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
261000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2595000
CY2023Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
As of March 31, 2023, the Company does not have any additional operating leases that have not yet commenced
CY2002Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000.0
CY2022Q3 hckt Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
287200000
CY2022 hckt Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
120000000.0
CY2023Q1 hckt Stock Repurchase Program Cumulative Purchase Amount
StockRepurchaseProgramCumulativePurchaseAmount
273200000
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
14000000.0
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3000000.0
CY2023Q1 us-gaap Dividends Payable Date To Be Paid Month And Year
DividendsPayableDateToBePaidMonthAndYear
2023-04
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71229000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75664000
CY2023Q1 us-gaap Gross Profit
GrossProfit
19490000
CY2022Q2 us-gaap Gross Profit
GrossProfit
22587000
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4961000
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5633000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2447000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2599000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
830000
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
946000
CY2023Q1 us-gaap Interest Expense
InterestExpense
859000
CY2022Q2 us-gaap Interest Expense
InterestExpense
28000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10393000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13381000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71229000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75664000
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
105635000
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
103827000
CY2023Q1 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
14500000
CY2022Q4 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
13500000

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