$HCKT
Hackett Group Inc

2021 Q4 Form 10-Q Financial Statement

#000156459021056210 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q2 2020 Q3
Revenue $71.89M $63.49M $57.92M
YoY Change 20.35% -20.32%
Cost Of Revenue $45.72M $41.25M $39.70M
YoY Change 1.44% -17.75%
Gross Profit $26.18M $22.24M $18.22M
YoY Change 83.95% -25.39%
Gross Profit Margin 36.41% 35.03% 31.46%
Selling, General & Admin $14.77M $12.65M $13.69M
YoY Change 4.26% -9.52%
% of Gross Profit 56.43% 56.87% 75.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.088M $874.0K $1.160M
YoY Change -21.96% 3.57%
% of Gross Profit 4.16% 3.93% 6.37%
Operating Expenses $14.77M $12.65M $13.69M
YoY Change 4.18% -9.52%
Operating Profit $12.00M $8.853M $4.527M
YoY Change -274.34% -51.82%
Interest Expense $26.00K $25.00K -$20.00K
YoY Change -39.02% -66.67%
% of Operating Profit 0.22% 0.28% -0.44%
Other Income/Expense, Net
YoY Change
Pretax Income $11.98M $8.828M $3.143M
YoY Change -272.46% -54.5%
Income Tax $3.248M $2.460M $1.400M
% Of Pretax Income 27.11% 27.87% 44.54%
Net Earnings $16.52M $6.361M $2.986M
YoY Change -261.73% -56.78%
Net Earnings / Revenue 22.98% 10.02% 5.16%
Basic Earnings Per Share $0.55 $0.21 $0.10
Diluted Earnings Per Share $0.50 $0.19 $0.09
COMMON SHARES
Basic Shares Outstanding 29.81M 30.21M 30.05M
Diluted Shares Outstanding 32.88M 32.77M 32.40M

Balance Sheet

Concept 2021 Q4 2021 Q2 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.94M $51.10M $43.20M
YoY Change 36.63% 163.41%
Cash & Equivalents $45.79M $51.11M $43.17M
Short-Term Investments
Other Short-Term Assets $3.168M $2.700M $3.400M
YoY Change -27.03% -8.11%
Inventory
Prepaid Expenses
Receivables $49.61M $38.50M $36.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $102.2M $92.40M $82.70M
YoY Change 18.38% 6.03%
LONG-TERM ASSETS
Property, Plant & Equipment $18.03M $20.10M $27.30M
YoY Change 1.91% -7.14%
Goodwill $85.07M
YoY Change
Intangibles $159.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $620.0K $1.400M $1.800M
YoY Change -31.77% -35.71%
Total Long-Term Assets $105.4M $107.0M $113.4M
YoY Change -6.48% -2.16%
TOTAL ASSETS
Total Short-Term Assets $102.2M $92.40M $82.70M
Total Long-Term Assets $105.4M $107.0M $113.4M
Total Assets $207.5M $199.4M $196.1M
YoY Change 3.61% 1.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.677M $4.900M $5.000M
YoY Change 3.4% -3.85%
Accrued Expenses $29.53M $20.70M $24.10M
YoY Change 3.5% 16.43%
Deferred Revenue $14.62M $9.992M
YoY Change 1.68%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.89M $46.20M $45.10M
YoY Change 9.35% 14.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.962M $3.000M $5.600M
YoY Change -50.82% 0.0%
Total Long-Term Liabilities $1.962M $3.000M $5.600M
YoY Change -50.82% -30.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.89M $46.20M $45.10M
Total Long-Term Liabilities $1.962M $3.000M $5.600M
Total Liabilities $63.69M $56.20M $57.50M
YoY Change 0.57% 4.17%
SHAREHOLDERS EQUITY
Retained Earnings $11.27M
YoY Change
Common Stock $300.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $157.3M
YoY Change
Treasury Stock Shares $28.36M
Shareholders Equity $143.9M $143.2M $138.6M
YoY Change
Total Liabilities & Shareholders Equity $207.5M $199.4M $196.1M
YoY Change 3.61% 1.13%

Cashflow Statement

Concept 2021 Q4 2021 Q2 2020 Q3
OPERATING ACTIVITIES
Net Income $16.52M $6.361M $2.986M
YoY Change -261.73% -56.78%
Depreciation, Depletion And Amortization $1.088M $874.0K $1.160M
YoY Change -21.96% 3.57%
Cash From Operating Activities $6.818M $5.895M $10.09M
YoY Change -59.48% 18.57%
INVESTING ACTIVITIES
Capital Expenditures -$838.0K $525.0K -$150.0K
YoY Change -164.02% -83.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$838.0K -$525.0K -$150.0K
YoY Change -35.98% -83.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.716M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.485M -3.716M -4.130M
YoY Change -1132.22% -47.59%
NET CHANGE
Cash From Operating Activities 6.818M 5.895M 10.09M
Cash From Investing Activities -838.0K -525.0K -150.0K
Cash From Financing Activities -5.485M -3.716M -4.130M
Net Change In Cash 495.0K 1.650M 5.810M
YoY Change -88.29% -2251.85%
FREE CASH FLOW
Cash From Operating Activities $6.818M $5.895M $10.09M
Capital Expenditures -$838.0K $525.0K -$150.0K
Free Cash Flow $7.656M $5.370M $10.24M
YoY Change -65.06% 8.82%

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. 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:6pt;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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CY2020Q3 hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
204747
hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
460058
hckt Dilutive Restricted Stock Units And Common Stock Subject To Vesting Requirements
DilutiveRestrictedStockUnitsAndCommonStockSubjectToVestingRequirements
142223
CY2021Q4 hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2436600
CY2020Q3 hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2145238
hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2373075
hckt Dilutive Stock Options And Stock Appreciation Rights
DilutiveStockOptionsAndStockAppreciationRights
2206450
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32875810
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32403442
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32871382
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32334552
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000
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
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
30755000
CY2021Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
23898000
CY2021Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
20784000
CY2021Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
9485000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1930000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
605000
CY2021Q4 hckt Accounts Receivable And Contract Assets Net
AccountsReceivableAndContractAssetsNet
49609000
CY2021Q1 hckt Accounts Receivable And Contract Assets Net
AccountsReceivableAndContractAssetsNet
32778000
CY2021Q4 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
7794000
CY2021Q1 hckt Accrued Compensation And Benefits
AccruedCompensationAndBenefits
6696000
CY2021Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1781000
CY2021Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
3560000
CY2021Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
11369000
CY2021Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4767000
CY2021Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
3206000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restructuring Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRestructuringLiabilities
825000
CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restructuring Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRestructuringLiabilities
2292000
CY2021Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1398000
CY2021Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2550000
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
825000
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
2292000
CY2021Q4 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
1005000
CY2021Q1 hckt Accrued Share Based Compensation
AccruedShareBasedCompensation
295000
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
5218000
CY2021Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2308000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3019000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2616000
CY2021Q4 hckt Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
35615000
CY2021Q1 hckt Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
25084000
CY2021 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
10500000
CY2021Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
1177000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
1115000
CY2021Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
165000
CY2021Q3 us-gaap Restructuring Reserve
RestructuringReserve
950000
CY2021Q4 us-gaap Payments For Restructuring
PaymentsForRestructuring
125000
us-gaap Operating Lease Cost
OperatingLeaseCost
787000
us-gaap Lease Cost
LeaseCost
787000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
600000
us-gaap Operating Lease Payments
OperatingLeasePayments
1900000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
593000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2298000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
988000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
585000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4464000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
164000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4300000
us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
As of October 1, 2021, the Company does not have any additional operating leases that have not yet commenced
CY2021Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
11500000
CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
167200000
CY2021Q4 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
118000
CY2021Q4 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
155000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1800000
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
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2021Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3300000
CY2021Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3200000
CY2021Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3200000
CY2021Q4 us-gaap Dividends Payable Date Declared Year
DividendsPayableDateDeclaredYear
2021
CY2021Q4 us-gaap Dividends Payable Date To Be Paid Month And Year
DividendsPayableDateToBePaidMonthAndYear
2021-12
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
105644000
CY2021Q1 us-gaap Noncurrent Assets
NoncurrentAssets
107713000
CY2021Q4 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
15100000
CY2021Q1 hckt Goodwill Included In Foreign Asset
GoodwillIncludedInForeignAsset
15300000

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