10-Q Filing

HACKETT GROUP, INC. CIK: 1057379 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-019425`
Period End Date	20220331
Filing Date	20220511
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	hckt-10q_20220401_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 37 Cash Flow Statement 56 Stockholders Equity 20 Comprehensive Income 6

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable and unbilled revenue, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.70M	USD	Point-in-time
Accounts receivable and unbilled revenue, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.92M	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.25M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$45.79M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$47.75M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.25M	shares	Point-in-time
Accounts receivable and contract assets, net of allowance of $3,925 and $2,702 at April 1, 2022 and December 31, 2021, respectively	`AccountsReceivableAndContractAssetsNet`	$50.62M	USD	Point-in-time
Accounts receivable and contract assets, net of allowance of $3,925 and $2,702 at April 1, 2022 and December 31, 2021, respectively	`AccountsReceivableAndContractAssetsNet`	$50.51M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.77M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$102.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$103.63M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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`	$18.03M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.21M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	59.63M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	60.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$620.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$540.00K	USD	Point-in-time
Goodwill	`Goodwill`	$84.64M	USD	Point-in-time
Goodwill	`Goodwill`	$85.07M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockShares`	28.39M	shares	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockShares`	28.36M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.65M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.42M	USD	Point-in-time
Total assets	`Assets`	$207.54M	USD	Point-in-time
Total assets	`Assets`	$208.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.04M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$21.98M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$30.30M	USD	Point-in-time
Contract liabilities (deferred revenue)	`ContractWithCustomerLiabilityCurrent`	$14.62M	USD	Point-in-time
Contract liabilities (deferred revenue)	`ContractWithCustomerLiabilityCurrent`	$15.86M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.30M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$47.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.89M	USD	Point-in-time
Non-current deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$7.33M	USD	Point-in-time
Non-current deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$8.99M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.18M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$63.69M	USD	Point-in-time
Total liabilities	`Liabilities`	$58.13M	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; 60,004,457 and 59,631,003 shares issued at April 1, 2022 and December 31, 2021, respectively	`CommonStockValue`	$60.00K	USD	Point-in-time
Common stock, $0.001 par value, 125,000,000 shares authorized; 60,004,457 and 59,631,003 shares issued at April 1, 2022 and December 31, 2021, respectively	`CommonStockValue`	$60.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$300.29M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$301.49M	USD	Point-in-time
Treasury stock, at cost, 28,388,144 and 28,357,145 shares April 1, 2022 and December 31, 2021, respectively	`TreasuryStockValue`	$157.29M	USD	Point-in-time
Treasury stock, at cost, 28,388,144 and 28,357,145 shares April 1, 2022 and December 31, 2021, respectively	`TreasuryStockValue`	$157.93M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.27M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-11.61M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.47M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$140.89M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$150.31M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$143.85M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$143.18M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$208.44M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$207.54M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Total share based compensation	`ShareBasedCompensation`	$2.60M	USD	1 Quarter
Total share based compensation	`ShareBasedCompensation`	$2.59M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$75.66M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$63.49M	USD	1 Quarter
Total cost of service	`CostOfGoodsAndServicesSold`	$47.89M	USD	1 Quarter
Total cost of service	`CostOfGoodsAndServicesSold`	$41.25M	USD	1 Quarter
Selling, general and administrative costs (includes $933 and $740 of stock compensation expense in 2022 and 2021, respectively)	`SellingGeneralAndAdministrativeExpense`	$13.39M	USD	1 Quarter
Selling, general and administrative costs (includes $933 and $740 of stock compensation expense in 2022 and 2021, respectively)	`SellingGeneralAndAdministrativeExpense`	$14.37M	USD	1 Quarter
Total costs and operating expenses	`CostsAndExpenses`	$54.63M	USD	1 Quarter
Total costs and operating expenses	`CostsAndExpenses`	$62.26M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.41M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$8.85M	USD	1 Quarter
Interest expense	`InterestExpense`	$25.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$28.00K	USD	1 Quarter
Income from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.83M	USD	1 Quarter
Income from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.38M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.88M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.46M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$6.37M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$10.51M	USD	1 Quarter
Loss from discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$-7.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.51M	USD	1 Quarter
Income per common share from continuing operations	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.33	USD	1 Quarter
Income per common share from continuing operations	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.21	USD	1 Quarter
Loss per common share from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Net income per common share	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Net income per common share	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Income per common share from continuing operations	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.19	USD	1 Quarter
Income per common share from continuing operations	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.33	USD	1 Quarter
Loss per common share from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Net income per common share	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Net income per common share	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	31.45M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	30.21M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.77M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.84M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$10.51M	USD	1 Quarter
Net income	`ProfitLoss`	$6.36M	USD	1 Quarter
Plus loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-7.00K	USD	1 Quarter
Net income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$6.37M	USD	1 Quarter
Net income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$10.51M	USD	1 Quarter
Depreciation expense	`Depreciation`	$874.00K	USD	1 Quarter
Depreciation expense	`Depreciation`	$802.00K	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$261.00K	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$144.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$14.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$11.00K	USD	1 Quarter
Total share based compensation	`ShareBasedCompensation`	$2.60M	USD	1 Quarter
Total share based compensation	`ShareBasedCompensation`	$2.59M	USD	1 Quarter
(Reversal) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$137.00K	USD	1 Quarter
(Reversal) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-23.00K	USD	1 Quarter
(Gain) loss on foreign currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$298.00K	USD	1 Quarter
(Gain) loss on foreign currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-61.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$1.38M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$1.64M	USD	1 Quarter
Decrease (increase) in accounts receivable and contract assets	`IncreaseDecreaseInAccountsReceivablesAndContractAssets`	$-177.00K	USD	1 Quarter
Decrease (increase) in accounts receivable and contract assets	`IncreaseDecreaseInAccountsReceivablesAndContractAssets`	$6.09M	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-640.00K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-182.00K	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$363.00K	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.16M	USD	1 Quarter
Decrease in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.99M	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`	$-5.04M	USD	1 Quarter
Increase in income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.24M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.89M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.05M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$525.00K	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`	$-525.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$10.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$3.72M	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`	$-3.72M	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-27.00K	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-4.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.96M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.65M	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$45.79M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.45M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.75M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$51.10M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$45.79M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.45M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.75M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$51.10M	USD	Point-in-time
Cash paid (refunded) for income taxes	`IncomeTaxesPaidNet`	$-181.00K	USD	1 Quarter
Cash paid (refunded) for income taxes	`IncomeTaxesPaidNet`	$1.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$14.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$140.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$150.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$143.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$143.18M	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-2.43M	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.60M	USD	1 Quarter
Treasury stock purchased	`TreasuryStockValueAcquiredCostMethod`	$635.00K	USD	1 Quarter
Treasury stock purchased	`TreasuryStockValueAcquiredCostMethod`	$2.11M	USD	1 Quarter
Amortization of restricted stock units and common stock subject to vesting requirements	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$3.63M	USD	1 Quarter
Amortization of restricted stock units and common stock subject to vesting requirements	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$2.63M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$3.47M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$3.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.51M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.13M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$269.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$140.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$150.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$143.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$143.18M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.51M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.13M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$269.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.63M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$9.37M	USD	1 Quarter

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