$HCKT
HACKETT GROUP, INC.

2019 Q1 Form 10-Q Financial Statement

#000156459019017066 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $67.16M $72.73M
YoY Change -7.67% 1.83%
Cost Of Revenue $44.59M $48.14M
YoY Change -7.37% 0.38%
Gross Profit $22.57M $24.60M
YoY Change -8.25% 4.78%
Gross Profit Margin 33.6% 33.82%
Selling, General & Admin $14.34M $16.28M
YoY Change -11.89% 4.93%
% of Gross Profit 63.55% 66.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $606.0K $580.0K
YoY Change 4.48% -9.23%
% of Gross Profit 2.69% 2.36%
Operating Expenses $14.34M $16.28M
YoY Change -11.89% 4.93%
Operating Profit $8.590M $8.280M
YoY Change 3.74% 8.8%
Interest Expense $101.0K $179.0K
YoY Change -43.58% 98.89%
% of Operating Profit 1.18% 2.16%
Other Income/Expense, Net
YoY Change
Pretax Income $8.489M $8.101M
YoY Change 4.79% 2.88%
Income Tax $1.440M $800.0K
% Of Pretax Income 16.96% 9.88%
Net Earnings $7.094M $7.367M
YoY Change -3.71% -6.44%
Net Earnings / Revenue 10.56% 10.13%
Basic Earnings Per Share $0.24 $0.25
Diluted Earnings Per Share $0.22 $0.23
COMMON SHARES
Basic Shares Outstanding 29.68M 29.09M
Diluted Shares Outstanding 32.29M 31.81M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.70M $23.70M
YoY Change -54.85% 38.6%
Cash & Equivalents $10.66M $23.67M
Short-Term Investments
Other Short-Term Assets $4.000M $3.500M
YoY Change 14.29% 34.62%
Inventory
Prepaid Expenses
Receivables $56.00M $51.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $70.71M $79.07M
YoY Change -10.57% 13.6%
LONG-TERM ASSETS
Property, Plant & Equipment $20.64M $20.65M
YoY Change -0.04% 30.71%
Goodwill $84.58M $85.69M
YoY Change -1.3%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.469M $5.641M
YoY Change -38.5% 101.46%
Total Long-Term Assets $117.0M $112.0M
YoY Change 4.47% 22.79%
TOTAL ASSETS
Total Short-Term Assets $70.71M $79.07M
Total Long-Term Assets $117.0M $112.0M
Total Assets $187.7M $191.0M
YoY Change -1.75% 18.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.400M $8.621M
YoY Change -25.76% -26.32%
Accrued Expenses $17.20M $23.20M
YoY Change -25.86% 8.41%
Deferred Revenue $11.22M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.59M $48.42M
YoY Change -24.44% 5.73%
LONG-TERM LIABILITIES
Long-Term Debt $7.500M $19.00M
YoY Change -60.53% 111.11%
Other Long-Term Liabilities $5.700M $600.0K
YoY Change 850.0%
Total Long-Term Liabilities $13.20M $19.60M
YoY Change -32.65% 117.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.59M $48.42M
Total Long-Term Liabilities $13.20M $19.60M
Total Liabilities $57.95M $75.67M
YoY Change -23.42% 16.95%
SHAREHOLDERS EQUITY
Retained Earnings -$18.33M -$31.15M
YoY Change -41.16%
Common Stock $297.0M $290.3M
YoY Change 2.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.2M $136.4M
YoY Change 1.36%
Treasury Stock Shares $57.01M $27.07M
Shareholders Equity $129.7M $115.4M
YoY Change
Total Liabilities & Shareholders Equity $187.7M $191.0M
YoY Change -1.76% 18.81%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $7.094M $7.367M
YoY Change -3.71% -6.44%
Depreciation, Depletion And Amortization $606.0K $580.0K
YoY Change 4.48% -9.23%
Cash From Operating Activities $6.759M $17.20M
YoY Change -60.71% 252.52%
INVESTING ACTIVITIES
Capital Expenditures $1.505M $2.363M
YoY Change -36.31% 44.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.505M -$2.363M
YoY Change -36.31% 44.97%
FINANCING ACTIVITIES
Cash Dividend Paid $5.407M $4.656M
YoY Change 16.13% 15.73%
Common Stock Issuance & Retirement, Net $3.990M $3.967M
YoY Change 0.58% -2.55%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.397M -8.623M
YoY Change -2.62% 46.4%
NET CHANGE
Cash From Operating Activities 6.759M 17.20M
Cash From Investing Activities -1.505M -2.363M
Cash From Financing Activities -8.397M -8.623M
Net Change In Cash -3.143M 6.217M
YoY Change -150.55% -335.49%
FREE CASH FLOW
Cash From Operating Activities $6.759M $17.20M
Capital Expenditures $1.505M $2.363M
Free Cash Flow $5.254M $14.84M
YoY Change -64.6% 357.18%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S.&#160;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. </p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior period amounts in the consolidated financial statements, and notes thereto, have been reclassified to conform to current period presentation.</p>
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CapitalizedContractCostNet
1400000
CY2018Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
100000
CY2019Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
300000
CY2018Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2019Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9000000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9000000
CY2019Q1 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
239047
CY2019Q1 hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2372515
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21
CY2019Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
37140000
CY2018Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
35794000
CY2019Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
20062000
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
20454000
CY2019Q1 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
8286000
CY2018Q4 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
5012000
CY2019Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
389000
CY2019Q1 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
1359000
CY2018Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
2559000
CY2019Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
11216000
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8259000
CY2019Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2221000
CY2018Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
3077000
CY2019Q1 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
525000
CY2018Q4 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
872000
CY2019Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1167000
CY2018Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1769000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1776000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2479000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
690000
CY2019Q1 us-gaap Lease Cost
LeaseCost
690000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y4M24D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
700000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1978000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2067000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1622000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1380000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
501000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1726000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9274000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
973000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8301000
CY2019Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
As of March 29, 2019, the Company does not have any additional operating leases that have not yet commenced.
CY2019Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
5300000
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
142200000
CY2019Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
123000
CY2018Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
175000
CY2019Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
2400000
CY2018Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
3000000
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.36
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
5400000
CY2019Q1 us-gaap Noncurrent Assets
NoncurrentAssets
108687000
CY2018Q4 us-gaap Noncurrent Assets
NoncurrentAssets
107661000
CY2019Q1 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
14600000
CY2018Q4 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
14500000

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