$HCKT
Hackett Group Inc

2020 Q3 Form 10-Q Financial Statement

#000156459020050362 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q1 2019 Q4
Revenue $57.92M $69.53M $69.11M
YoY Change -20.32% 3.54% 8.54%
Cost Of Revenue $39.70M $47.05M $45.43M
YoY Change -17.75% 5.53% 13.29%
Gross Profit $18.22M $22.48M $23.68M
YoY Change -25.39% -0.38% 0.47%
Gross Profit Margin 31.46% 32.33% 34.26%
Selling, General & Admin $13.69M $14.14M $15.42M
YoY Change -9.52% -1.44% 7.76%
% of Gross Profit 75.14% 62.88% 65.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.160M $800.0K $1.140M
YoY Change 3.57% 32.01% -4.2%
% of Gross Profit 6.37% 3.56% 4.81%
Operating Expenses $13.69M $14.14M $15.66M
YoY Change -9.52% -1.44% 9.43%
Operating Profit $4.527M $7.708M $3.593M
YoY Change -51.82% -10.27% 28.46%
Interest Expense -$20.00K $37.00K -$40.00K
YoY Change -66.67% -63.37% -66.67%
% of Operating Profit -0.44% 0.48% -1.11%
Other Income/Expense, Net
YoY Change
Pretax Income $3.143M $7.671M $2.287M
YoY Change -54.5% -9.64% -15.76%
Income Tax $1.400M $2.136M $1.260M
% Of Pretax Income 44.54% 27.85% 55.09%
Net Earnings $2.986M $5.527M $2.285M
YoY Change -56.78% -22.09% -1780.15%
Net Earnings / Revenue 5.16% 7.95% 3.31%
Basic Earnings Per Share $0.10 $0.19 $0.08
Diluted Earnings Per Share $0.09 $0.17 $0.07
COMMON SHARES
Basic Shares Outstanding 30.05M 29.89M
Diluted Shares Outstanding 32.40M 32.26M

Balance Sheet

Concept 2020 Q3 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.20M $23.30M $26.00M
YoY Change 163.41% 117.76% 88.41%
Cash & Equivalents $43.17M $23.28M $25.95M
Short-Term Investments
Other Short-Term Assets $3.400M $3.300M $2.900M
YoY Change -8.11% -17.5% -34.09%
Inventory
Prepaid Expenses
Receivables $36.20M $53.40M $49.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $82.70M $80.00M $78.63M
YoY Change 6.03% 13.15% 7.57%
LONG-TERM ASSETS
Property, Plant & Equipment $27.30M $29.10M $19.92M
YoY Change -7.14% 40.97% 0.84%
Goodwill $84.58M
YoY Change 0.44%
Intangibles $2.116M
YoY Change -31.52%
Long-Term Investments
YoY Change
Other Assets $1.800M $2.200M $2.652M
YoY Change -35.71% -36.58% -28.4%
Total Long-Term Assets $113.4M $115.1M $115.1M
YoY Change -2.16% -1.62% 6.92%
TOTAL ASSETS
Total Short-Term Assets $82.70M $80.00M $78.63M
Total Long-Term Assets $113.4M $115.1M $115.1M
Total Assets $196.1M $195.1M $193.7M
YoY Change 1.13% 3.94% 7.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.000M $8.300M $8.494M
YoY Change -3.85% 29.69% 14.34%
Accrued Expenses $24.10M $15.90M $17.20M
YoY Change 16.43% -7.56% -9.95%
Deferred Revenue $9.992M $11.92M $9.583M
YoY Change 1.68% 6.29% 16.03%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.10M $38.90M $43.68M
YoY Change 14.47% 6.32% -1.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $5.600M $6.600M $5.300M
YoY Change 0.0% 15.79%
Total Long-Term Liabilities $5.600M $6.600M $5.300M
YoY Change -30.86% -50.0% -18.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.10M $38.90M $43.68M
Total Long-Term Liabilities $5.600M $6.600M $5.300M
Total Liabilities $57.50M $54.30M $56.12M
YoY Change 4.17% -6.29% -1.82%
SHAREHOLDERS EQUITY
Retained Earnings -$13.71M
YoY Change -46.06%
Common Stock $303.8M
YoY Change 2.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $141.9M
YoY Change 3.87%
Treasury Stock Shares $27.43M
Shareholders Equity $138.6M $140.8M $137.6M
YoY Change
Total Liabilities & Shareholders Equity $196.1M $195.1M $193.7M
YoY Change 1.13% 3.95% 7.18%

Cashflow Statement

Concept 2020 Q3 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $2.986M $5.527M $2.285M
YoY Change -56.78% -22.09% -1780.15%
Depreciation, Depletion And Amortization $1.160M $800.0K $1.140M
YoY Change 3.57% 32.01% -4.2%
Cash From Operating Activities $10.09M $6.521M $15.82M
YoY Change 18.57% -3.52% 96.28%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K $533.0K -$850.0K
YoY Change -83.33% -64.58% -64.14%
Acquisitions
YoY Change
Other Investing Activities -$1.010M
YoY Change
Cash From Investing Activities -$150.0K -$533.0K -$1.860M
YoY Change -83.33% -64.58% -21.52%
FINANCING ACTIVITIES
Cash Dividend Paid $5.790M
YoY Change 7.08%
Common Stock Issuance & Retirement, Net $2.969M
YoY Change -25.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.130M -8.759M -4.390M
YoY Change -47.59% 4.31% -14.42%
NET CHANGE
Cash From Operating Activities 10.09M 6.521M 15.82M
Cash From Investing Activities -150.0K -533.0K -1.860M
Cash From Financing Activities -4.130M -8.759M -4.390M
Net Change In Cash 5.810M -2.674M 9.570M
YoY Change -2251.85% -14.92% 1608.93%
FREE CASH FLOW
Cash From Operating Activities $10.09M $6.521M $15.82M
Capital Expenditures -$150.0K $533.0K -$850.0K
Free Cash Flow $10.24M $5.988M $16.67M
YoY Change 8.82% 13.97% 59.83%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;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. 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:12pt;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> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;"> </p>
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CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29876468
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29985879
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29794091
CY2020Q3 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
204747
CY2019Q3 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
350842
hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
142223
hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
270776
CY2020Q3 hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2145238
CY2019Q3 hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2343432
hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2206450
hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2348248
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32403442
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32570742
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32334552
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32413115
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14000
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
13000
CY2020Q3 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
11317000
CY2019Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
14637000
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1263000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
743000
CY2020Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
26167000
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
35884000
CY2020Q3 hckt Accounts Receivable And Contract Assets Net
AccountsReceivableAndContractAssetsNet
36221000
CY2019Q4 hckt Accounts Receivable And Contract Assets Net
AccountsReceivableAndContractAssetsNet
49778000
CY2020Q3 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
8709000
CY2019Q4 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
3987000
CY2020Q3 hckt Accrued Deferred Employers Portion Of Social Security Taxes
AccruedDeferredEmployersPortionOfSocialSecurityTaxes
2857000
CY2020Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2963000
CY2019Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
3932000
CY2020Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
3042000
CY2019Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
5791000
CY2020Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restructuring Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRestructuringLiabilities
1180000
CY2019Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restructuring Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRestructuringLiabilities
1584000
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
9992000
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
9583000
CY2020Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2523000
CY2019Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2460000
CY2020Q3 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
304000
CY2019Q4 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
339000
CY2020Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2804000
CY2019Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2611000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2864000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2195000
CY2020Q3 hckt Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
37238000
CY2019Q4 hckt Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
32482000
CY2019 us-gaap Restructuring Charges
RestructuringCharges
3300000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
1584000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
3231000
CY2020Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
2051000
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
1180000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
668000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1315000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
982000
us-gaap Operating Lease Cost
OperatingLeaseCost
1835000
CY2020Q3 us-gaap Lease Cost
LeaseCost
668000
us-gaap Lease Cost
LeaseCost
1835000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
0
us-gaap Operating Lease Payments
OperatingLeasePayments
1800000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2281000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
689000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2572000
CY2020Q3 hckt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1251000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9090000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
817000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8273000
us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
As of September 25, 2020, the Company does not have any additional operating leases that have not yet commenced. The
CY2020Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
4700000
CY2020Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
147200000
CY2020Q3 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
135000
CY2020Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
111000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
2100000
CY2019Q3 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
5000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
129000
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
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.38
CY2019Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
5800000
us-gaap Dividends Payable Nature
DividendsPayableNature
During the second quarter of 2020, the Company announced its transition to a quarterly dividend payment cycle, subject to declaration.
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3100000
CY2020Q3 us-gaap Noncurrent Assets
NoncurrentAssets
113389000
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
115108000
CY2020Q3 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
14300000
CY2019Q4 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
14600000

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