$HCKT
Hackett Group Inc

2024 Q2 Form 10-Q Financial Statement

#000095017024055642 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $77.66M $77.19M $71.23M
YoY Change 0.72% 8.36%
Cost Of Revenue $47.16M $47.23M $44.54M
YoY Change 0.57% 6.04%
Gross Profit $21.37M $20.20M $19.49M
YoY Change -2.77% 3.62%
Gross Profit Margin 27.52% 26.17% 27.36%
Selling, General & Admin $17.99M $18.33M $15.44M
YoY Change 3.21% 18.74%
% of Gross Profit 84.16% 90.76% 79.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $941.0K $942.0K $830.0K
YoY Change 16.75% 13.49%
% of Gross Profit 4.4% 4.66% 4.26%
Operating Expenses $17.99M $18.33M $15.44M
YoY Change 3.21% 18.74%
Operating Profit $12.52M $11.53M $11.25M
YoY Change -2.14% 2.43%
Interest Expense $512.0K $472.0K $859.0K
YoY Change -44.41% -45.05%
% of Operating Profit 4.09% 4.1% 7.63%
Other Income/Expense, Net
YoY Change
Pretax Income $12.00M $11.05M $10.39M
YoY Change 1.14% 6.35%
Income Tax $3.256M $2.322M $2.232M
% Of Pretax Income 27.12% 21.01% 21.48%
Net Earnings $8.748M $8.731M $8.161M
YoY Change 0.32% 6.98%
Net Earnings / Revenue 11.27% 11.31% 11.46%
Basic Earnings Per Share $0.32 $0.32 $0.30
Diluted Earnings Per Share $0.31 $0.32 $0.30
COMMON SHARES
Basic Shares Outstanding 27.61M 27.60M 27.18M
Diluted Shares Outstanding 27.94M 27.68M 27.27M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.15M $12.96M $16.86M
YoY Change 20.91% -23.16%
Cash & Equivalents $19.15M $12.96M $16.86M
Short-Term Investments
Other Short-Term Assets $2.981M $2.730M $3.183M
YoY Change -6.93% -14.23%
Inventory
Prepaid Expenses
Receivables $58.13M $57.98M $51.98M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $80.26M $73.67M $72.03M
YoY Change 4.46% 2.28%
LONG-TERM ASSETS
Property, Plant & Equipment $19.99M $20.05M $19.60M
YoY Change 0.67% 2.31%
Goodwill $84.11M $84.10M $83.84M
YoY Change -0.05% 0.31%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $375.0K $283.0K $268.0K
YoY Change 31.58% 5.6%
Total Long-Term Assets $107.3M $105.7M $105.6M
YoY Change 1.1% 0.01%
TOTAL ASSETS
Total Short-Term Assets $80.26M $73.67M $72.03M
Total Long-Term Assets $107.3M $105.7M $105.6M
Total Assets $187.5M $179.3M $177.7M
YoY Change 2.51% 0.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.290M $6.215M $6.886M
YoY Change -21.64% -9.74%
Accrued Expenses $21.94M $17.65M $15.18M
YoY Change 6.61% 16.23%
Deferred Revenue $13.30M $14.96M $15.58M
YoY Change -7.98% -4.02%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.81M $44.30M $46.26M
YoY Change -0.13% -4.24%
LONG-TERM LIABILITIES
Long-Term Debt $26.75M $30.73M $57.66M
YoY Change -49.22% -46.7%
Other Long-Term Liabilities $2.122M $678.0K $1.395M
YoY Change 84.36% -51.4%
Total Long-Term Liabilities $26.75M $30.73M $57.66M
YoY Change -49.22% -46.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.81M $44.30M $46.26M
Total Long-Term Liabilities $26.75M $30.73M $57.66M
Total Liabilities $85.30M $85.84M $114.2M
YoY Change -22.48% -24.85%
SHAREHOLDERS EQUITY
Retained Earnings $72.23M $66.52M $43.81M
YoY Change 45.79% 51.82%
Common Stock $319.3M $316.2M $308.5M
YoY Change 2.48% 2.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $275.7M $275.7M $274.6M
YoY Change 0.38% 0.39%
Treasury Stock Shares $33.31M
Shareholders Equity $102.2M $93.48M $63.44M
YoY Change
Total Liabilities & Shareholders Equity $187.5M $179.3M $177.7M
YoY Change 2.51% 0.93%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $8.748M $8.731M $8.161M
YoY Change 0.32% 6.98%
Depreciation, Depletion And Amortization $941.0K $942.0K $830.0K
YoY Change 16.75% 13.49%
Cash From Operating Activities $13.72M $2.792M -$3.063M
YoY Change 77.87% -191.15%
INVESTING ACTIVITIES
Capital Expenditures $884.0K $948.0K $1.063M
YoY Change -16.76% -10.82%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$884.0K -$948.0K -$1.063M
YoY Change -16.76% -10.82%
FINANCING ACTIVITIES
Cash Dividend Paid $2.996M $2.997M
YoY Change -0.03%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.000M $7.000M
YoY Change -71.43%
Cash From Financing Activities -6.644M -9.833M -9.247M
YoY Change -13.16% 6.34%
NET CHANGE
Cash From Operating Activities 13.72M 2.792M -3.063M
Cash From Investing Activities -884.0K -948.0K -1.063M
Cash From Financing Activities -6.644M -9.833M -9.247M
Net Change In Cash 6.191M -7.999M -13.39M
YoY Change -719.1% -40.27%
FREE CASH FLOW
Cash From Operating Activities $13.72M $2.792M -$3.063M
Capital Expenditures $884.0K $948.0K $1.063M
Free Cash Flow $12.84M $1.844M -$4.126M
YoY Change 92.98% -144.69%

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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13391000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
20957000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30255000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12958000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16864000
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
114000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
330000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
596000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
861000
CY2024Q1 hckt Non Cash Dividends Declared And Unpaid
NonCashDividendsDeclaredAndUnpaid
3036000
CY2023Q1 hckt Non Cash Dividends Declared And Unpaid
NonCashDividendsDeclaredAndUnpaid
2990000
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
90080000
CY2024Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-3782000
CY2024Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1055000
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2874000
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3036000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
8731000
CY2024Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-331000
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
93481000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
58278000
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-3529000
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
711000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
3662000
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2990000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
8161000
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
570000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
63441000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
3
CY2023Q4 us-gaap Goodwill
Goodwill
84242000
CY2024Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-143000
CY2024Q1 us-gaap Goodwill
Goodwill
84099000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5700000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7700000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
77187000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71229000
CY2023Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1700000
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1500000
CY2024Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
300000
CY2023Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
200000
CY2024Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27422461
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27026460
CY2024Q1 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
253465
CY2023Q1 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
242157
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27675926
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27268617
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
35209000
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
35640000
CY2024Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
23637000
CY2023Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
17545000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
867000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1072000
CY2024Q1 hckt Accounts Receivable And Contract Assets Net
AccountsReceivableAndContractAssetsNet
57979000
CY2023Q4 hckt Accounts Receivable And Contract Assets Net
AccountsReceivableAndContractAssetsNet
52113000
CY2024Q1 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
8898000
CY2023Q4 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
9162000
CY2024Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2524000
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
8246000
CY2024Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
3036000
CY2023Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
2997000
CY2024Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2688000
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2862000
CY2024Q1 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
132000
CY2023Q4 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
408000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2592000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3126000
CY2024Q1 hckt Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
19870000
CY2023Q4 hckt Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
26801000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
285000
CY2024Q1 us-gaap Lease Cost
LeaseCost
285000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
400000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
711000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
262000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
222000
CY2024Q1 hckt Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
365000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1560000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
71000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1489000
CY2024Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
As of March 29, 2024, the Company does not have any additional operating leases that have not yet commenced
CY2022Q3 hckt Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
287200000
CY2024Q1 hckt Stock Repurchase Program Cumulative Purchase Amount
StockRepurchaseProgramCumulativePurchaseAmount
274300000
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
12900000
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3000000
CY2024Q1 us-gaap Dividends Payable Date To Be Paid Month And Year
DividendsPayableDateToBePaidMonthAndYear
2024-04
CY2024Q1 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
985000
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
77187000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71229000
CY2024Q1 us-gaap Gross Profit
GrossProfit
20196000
CY2023Q1 us-gaap Gross Profit
GrossProfit
19490000
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5028000
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4961000
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2599000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2447000
CY2024Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
102000
CY2024Q1 us-gaap Depreciation
Depreciation
942000
CY2023Q1 us-gaap Depreciation
Depreciation
830000
CY2024Q1 us-gaap Interest Expense
InterestExpense
472000
CY2023Q1 us-gaap Interest Expense
InterestExpense
859000
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11053000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10393000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
77187000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71229000
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
105650000
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
105990000
CY2024Q1 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
14100000
CY2023Q4 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
14300000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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