$HCKT
HACKETT GROUP, INC.

2019 Q3 Form 10-Q Financial Statement

#000156459019041115 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q3
Revenue $72.69M $73.52M $73.72M
YoY Change -1.4% -1.35% 11.79%
Cost Of Revenue $48.27M $47.52M $48.30M
YoY Change -0.06% -4.48% 1.13%
Gross Profit $24.42M $26.00M $25.41M
YoY Change -3.9% 4.92% 7.17%
Gross Profit Margin 33.59% 35.36% 34.47%
Selling, General & Admin $15.13M $16.20M $16.36M
YoY Change -7.52% 5.4% 8.34%
% of Gross Profit 61.96% 62.31% 64.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.120M $1.080M $1.250M
YoY Change -10.4% -10.74% 8.7%
% of Gross Profit 4.59% 4.15% 4.92%
Operating Expenses $15.13M $16.19M $16.36M
YoY Change -7.52% 5.34% 8.34%
Operating Profit $9.396M $9.759M $8.254M
YoY Change 13.84% -31.48% 13.39%
Interest Expense -$60.00K $105.0K -$160.0K
YoY Change -62.5% -41.01% -186.96%
% of Operating Profit -0.64% 1.08% -1.94%
Other Income/Expense, Net
YoY Change
Pretax Income $6.907M $9.654M $5.671M
YoY Change 21.8% -31.36% -26.25%
Income Tax $2.400M $2.600M $2.430M
% Of Pretax Income 34.75% 26.93% 42.85%
Net Earnings $6.909M $6.989M $5.157M
YoY Change 33.97% -39.34% -2.5%
Net Earnings / Revenue 9.5% 9.51% 7.0%
Basic Earnings Per Share $0.23 $0.23 $0.17
Diluted Earnings Per Share $0.21 $0.22 $0.16
COMMON SHARES
Basic Shares Outstanding 29.88M 29.82M 29.48M
Diluted Shares Outstanding 32.57M 32.37M 32.59M

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.40M $16.70M $13.20M
YoY Change 24.24% 25.56% -18.52%
Cash & Equivalents $16.42M $16.68M $13.18M
Short-Term Investments
Other Short-Term Assets $3.700M $4.100M $3.700M
YoY Change 0.0% 24.24% 27.59%
Inventory
Prepaid Expenses
Receivables $57.90M $54.50M $56.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $78.00M $75.32M $73.79M
YoY Change 5.7% 2.75% -1.21%
LONG-TERM ASSETS
Property, Plant & Equipment $29.40M $21.11M $24.31M
YoY Change 20.92% -7.4% 35.83%
Goodwill $84.21M $84.61M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.800M $3.116M $4.386M
YoY Change -36.16% -37.68% -6.68%
Total Long-Term Assets $115.9M $116.1M $113.3M
YoY Change 2.28% 3.07% 5.41%
TOTAL ASSETS
Total Short-Term Assets $78.00M $75.32M $73.79M
Total Long-Term Assets $115.9M $116.1M $113.3M
Total Assets $193.9M $191.4M $187.1M
YoY Change 3.63% 2.94% 2.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.200M $6.767M $5.119M
YoY Change 1.58% -19.44% -40.48%
Accrued Expenses $20.70M $16.70M $21.80M
YoY Change -5.05% -1.18% -9.17%
Deferred Revenue $9.827M $10.50M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.40M $42.29M $39.18M
YoY Change 0.55% -0.5% -12.14%
LONG-TERM LIABILITIES
Long-Term Debt $2.500M $4.500M $11.50M
YoY Change -78.26% -66.67% -47.73%
Other Long-Term Liabilities $5.600M $5.200M $200.0K
YoY Change 2700.0% 2500.0% -97.1%
Total Long-Term Liabilities $8.100M $9.700M $11.70M
YoY Change -30.77% -29.2% -59.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.40M $42.29M $39.18M
Total Long-Term Liabilities $8.100M $9.700M $11.70M
Total Liabilities $55.20M $60.17M $58.73M
YoY Change -6.02% -6.43% -30.16%
SHAREHOLDERS EQUITY
Retained Earnings -$17.13M -$19.87M
YoY Change
Common Stock $299.4M $294.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $139.7M $136.4M
YoY Change
Treasury Stock Shares $27.28M $27.28M $27.07M
Shareholders Equity $138.7M $131.2M $128.4M
YoY Change
Total Liabilities & Shareholders Equity $193.9M $191.4M $187.1M
YoY Change 3.63% 2.94% 2.69%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q3
OPERATING ACTIVITIES
Net Income $6.909M $6.989M $5.157M
YoY Change 33.97% -39.34% -2.5%
Depreciation, Depletion And Amortization $1.120M $1.080M $1.250M
YoY Change -10.4% -10.74% 8.7%
Cash From Operating Activities $8.510M $11.27M $9.520M
YoY Change -10.61% -575.53% -4.42%
INVESTING ACTIVITIES
Capital Expenditures -$900.0K -$1.310M -$2.110M
YoY Change -57.35% -53.21% 7.11%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$900.0K -$1.310M -$2.110M
YoY Change -57.35% -53.21% 6.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.880M -4.030M -7.510M
YoY Change 4.93% -23.96% 21.32%
NET CHANGE
Cash From Operating Activities 8.510M 11.27M 9.520M
Cash From Investing Activities -900.0K -1.310M -2.110M
Cash From Financing Activities -7.880M -4.030M -7.510M
Net Change In Cash -270.0K 5.930M -100.0K
YoY Change 170.0% -156.64% -105.59%
FREE CASH FLOW
Cash From Operating Activities $8.510M $11.27M $9.520M
Capital Expenditures -$900.0K -$1.310M -$2.110M
Free Cash Flow $9.410M $12.58M $11.63M
YoY Change -19.09% 2825.58% -2.51%

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EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17000
CY2019Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
5789000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
6989000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2615000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13808000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16423000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3410000
us-gaap Interest Paid Net
InterestPaidNet
227000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-2372000
CY2019Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-672000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
131201000
CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-88000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1781000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
107275000
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-3003000
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
964000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
3557000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
7367000
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1152000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
115384000
CY2018Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
205000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2264000
CY2018Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
5396000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
11521000
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-2346000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
121632000
CY2018Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-123000
CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2138000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
128372000
us-gaap Interest Paid Net
InterestPaidNet
450000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13177000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5406000
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3800000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
12000000
CY2018Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4200000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14000000
us-gaap Use Of Estimates
UseOfEstimates
<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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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>
CY2018Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1200000
CY2017Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1400000
CY2019Q3 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
400000
us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
900000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000
CY2019Q3 hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2343432
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39000
CY2019Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
41208000
CY2018Q3 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
100000
us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
700000
CY2019Q3 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2018Q3 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
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
CY2019Q3 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
350842
CY2018Q3 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
684045
CY2018Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
35794000
CY2019Q3 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
17392000
CY2018Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
20454000
CY2019Q3 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
9392000
CY2018Q4 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
5012000
CY2019Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2063000
CY2018Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
5064000
CY2018Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
5407000
CY2019Q3 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
1112000
CY2018Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
2559000
CY2019Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
9827000
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8259000
CY2019Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2956000
CY2018Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
3077000
CY2019Q3 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
689000
CY2018Q4 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
872000
CY2019Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3591000
CY2018Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1769000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1820000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2479000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
692000
us-gaap Operating Lease Cost
OperatingLeaseCost
2091000
CY2019Q3 us-gaap Lease Cost
LeaseCost
692000
us-gaap Lease Cost
LeaseCost
2091000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M6D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
700000
us-gaap Operating Lease Payments
OperatingLeasePayments
2000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
688000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2362000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1931000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1676000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
733000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1831000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9221000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
928000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8293000
us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
As of September 27, 2019, the Company does not have any additional operating leases that have not yet commenced that create significant rights and obligations for the Company.
CY2019Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
3900000
CY2019Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
142200000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
129000
CY2018Q3 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
8000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
191000
CY2019Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
88000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
2500000
CY2018Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
100000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
3300000
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2019Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2019-07-10
CY2019Q3 us-gaap Noncurrent Assets
NoncurrentAssets
115956000
CY2018Q4 us-gaap Noncurrent Assets
NoncurrentAssets
107661000
CY2019Q3 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
13800000
CY2018Q3 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
14500000
CY2019Q3 hckt Operating Lease Right Of Use Assets Included In Foreign Assets
OperatingLeaseRightOfUseAssetsIncludedInForeignAssets
5600000

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