10-Q Filing

HACKETT GROUP, INC. CIK: 1057379 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-020428`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	hckt-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 28 Cash Flow Statement 58 Stockholders Equity 20 Comprehensive Income 6

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable and unbilled revenue, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$930.00K	USD	Point-in-time
Accounts receivable and unbilled revenue, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$856.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$16.86M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$30.25M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.25M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.25M	shares	Point-in-time
Accounts receivable and contract assets, net of allowance of $930 and $856 at March 31, 2023 and December 30, 2022, respectively	`AccountsReceivableAndContractAssetsNet`	$48.38M	USD	Point-in-time
Accounts receivable and contract assets, net of allowance of $930 and $856 at March 31, 2023 and December 30, 2022, respectively	`AccountsReceivableAndContractAssetsNet`	$51.98M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.54M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.18M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$72.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$81.17M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.36M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$268.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	60.15M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	60.49M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$268.00K	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockShares`	33.31M	shares	Point-in-time
Goodwill	`Goodwill`	$83.84M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockShares`	33.28M	shares	Point-in-time
Goodwill	`Goodwill`	$83.50M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$698.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.93M	USD	Point-in-time
Total assets	`Assets`	$177.66M	USD	Point-in-time
Total assets	`Assets`	$184.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.89M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$16.97M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$30.95M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$15.58M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$13.28M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.61M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.76M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$870.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$46.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$59.60M	USD	Point-in-time
Non-current deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$8.91M	USD	Point-in-time
Non-current deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$6.88M	USD	Point-in-time
Long term debt, net	`LongTermDebtNoncurrent`	$57.66M	USD	Point-in-time
Long term debt, net	`LongTermDebtNoncurrent`	$59.65M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$584.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$114.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$126.72M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 1,250,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 1,250,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 125,000,000 shares authorized; 60,490,616 and 60,147,720 shares issued at March 31, 2023 and December 30, 2022, respectively	`CommonStockValue`	$60.00K	USD	Point-in-time
Common stock, $0.001 par value, 125,000,000 shares authorized; 60,490,616 and 60,147,720 shares issued at March 31, 2023 and December 30, 2022, respectively	`CommonStockValue`	$60.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$308.46M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$308.32M	USD	Point-in-time
Treasury stock, at cost, 33,314,926 and 33,277,459 shares March 31, 2023 and December 30, 2022, respectively	`TreasuryStockValue`	$273.87M	USD	Point-in-time
Treasury stock, at cost, 33,314,926 and 33,277,459 shares March 31, 2023 and December 30, 2022, respectively	`TreasuryStockValue`	$274.58M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$43.81M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$38.64M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.88M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.31M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$63.44M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$143.85M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$150.31M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$58.28M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$184.99M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$177.66M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total share based compensation	`ShareBasedCompensation`	$2.60M	USD	1 Quarter
Total share based compensation	`ShareBasedCompensation`	$2.45M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$75.66M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$71.23M	USD	1 Quarter
Total cost of service	`CostOfGoodsAndServicesSold`	$47.89M	USD	1 Quarter
Total cost of service	`CostOfGoodsAndServicesSold`	$44.54M	USD	1 Quarter
Selling, general and administrative costs (includes $921 and $933 of non-cash stock based compensation expense in the three months ended March 31, 2023 and April 1, 2022, respectively)	`SellingGeneralAndAdministrativeExpense`	$14.37M	USD	1 Quarter
Selling, general and administrative costs (includes $921 and $933 of non-cash stock based compensation expense in the three months ended March 31, 2023 and April 1, 2022, respectively)	`SellingGeneralAndAdministrativeExpense`	$15.44M	USD	1 Quarter
Total costs and operating expenses	`CostsAndExpenses`	$62.26M	USD	1 Quarter
Total costs and operating expenses	`CostsAndExpenses`	$59.98M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.41M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$11.25M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$28.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$859.00K	USD	1 Quarter
Income from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.38M	USD	1 Quarter
Income from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.39M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.88M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.51M	USD	1 Quarter
Income per common share from operations	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Income per common share from operations	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
Weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	27.03M	shares	1 Quarter
Weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	31.45M	shares	1 Quarter
Income per common share from operations	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter
Income per common share from operations	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter
Weighted average common and common equivalent shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.27M	shares	1 Quarter
Weighted average common and common equivalent shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.84M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$10.51M	USD	1 Quarter
Net income	`ProfitLoss`	$8.16M	USD	1 Quarter
Depreciation expense	`Depreciation`	$802.00K	USD	1 Quarter
Depreciation expense	`Depreciation`	$830.00K	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$144.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$18.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$14.00K	USD	1 Quarter
Non-cash stock based compensation expense	`ShareBasedCompensation`	$2.60M	USD	1 Quarter
Non-cash stock based compensation expense	`ShareBasedCompensation`	$2.45M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-23.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$16.00K	USD	1 Quarter
Loss (gain) on foreign currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-237.00K	USD	1 Quarter
Loss (gain) on foreign currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$298.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$1.96M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$1.64M	USD	1 Quarter
(Increase) decrease in accounts receivable and contract assets	`IncreaseDecreaseInAccountsReceivablesAndContractAssets`	$3.68M	USD	1 Quarter
(Increase) decrease in accounts receivable and contract assets	`IncreaseDecreaseInAccountsReceivablesAndContractAssets`	$-177.00K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-640.00K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.80M	USD	1 Quarter
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$363.00K	USD	1 Quarter
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.85M	USD	1 Quarter
(Decrease) in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-11.56M	USD	1 Quarter
(Decrease) in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-11.76M	USD	1 Quarter
Increase in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-1.25M	USD	1 Quarter
Increase in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-2.31M	USD	1 Quarter
Decrease in income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-146.00K	USD	1 Quarter
Net cash (used in)provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.06M	USD	1 Quarter
Net cash (used in)provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.05M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.06M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$993.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-993.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.06M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$10.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$13.00K	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromBorrowings`	$5.00M	USD	1 Quarter
Repayment of borrowings	`RepaymentOfBorrowings`	$7.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$3.00M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$4.24M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$3.07M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.08M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.25M	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-27.00K	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-18.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-13.39M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.96M	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.86M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$45.79M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$30.25M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.75M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.86M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$45.79M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$30.25M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.75M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$330.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$861.00K	USD	1 Quarter
Dividend declared during the quarter and paid the following quarter	`NonCashDividendsDeclaredAndUnpaid`	$3.47M	USD	1 Quarter
Dividend declared during the quarter and paid the following quarter	`NonCashDividendsDeclaredAndUnpaid`	$2.99M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$63.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$143.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$150.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$58.28M	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-3.53M	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-2.43M	USD	1 Quarter
Treasury stock purchased	`TreasuryStockValueAcquiredCostMethod`	$711.00K	USD	1 Quarter
Treasury stock purchased	`TreasuryStockValueAcquiredCostMethod`	$635.00K	USD	1 Quarter
Amortization of restricted stock units and common stock subject to vesting requirements	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$3.66M	USD	1 Quarter
Amortization of restricted stock units and common stock subject to vesting requirements	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$3.63M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$2.99M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$3.47M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.51M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$570.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.13M	USD	1 Quarter
Balance	`StockholdersEquity`	$63.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$143.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$150.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$58.28M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.51M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$570.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.13M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$9.37M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.73M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.