0001564590-17-016573.txt : 20170808 0001564590-17-016573.hdr.sgml : 20170808 20170808163946 ACCESSION NUMBER: 0001564590-17-016573 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170808 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170808 DATE AS OF CHANGE: 20170808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HACKETT GROUP, INC. CENTRAL INDEX KEY: 0001057379 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 650750100 STATE OF INCORPORATION: FL FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-48123 FILM NUMBER: 171015350 BUSINESS ADDRESS: STREET 1: 1001 BRICKELL BAY DRIVE STREET 2: SUITE 3000 CITY: MIAMI STATE: FL ZIP: 33131 BUSINESS PHONE: 3053758005 MAIL ADDRESS: STREET 1: 1001 BRICKELL BAY DRIVE STREET 2: SUITE 3000 CITY: MIAMI STATE: FL ZIP: 33131 FORMER COMPANY: FORMER CONFORMED NAME: ANSWERTHINK INC DATE OF NAME CHANGE: 20000628 FORMER COMPANY: FORMER CONFORMED NAME: ANSWERTHINK CONSULTING GROUP INC DATE OF NAME CHANGE: 19980608 8-K 1 hckt-8k_20170808.htm 8-K hckt-8k_20170808.htm

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 8, 2017

 

 

The Hackett Group, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

FLORIDA

 

333-48123

 

65-0750100

(State or other jurisdiction of

incorporation or organization)

 

(Commission File Number)

 

(I.R.S. Employer

Identification No.)

 

 

 

 

 

1001 Brickell Bay Drive, Suite 3000

Miami, Florida

 

33131

(Address of principal executive offices)

 

(Zip Code)

(305) 375-8005

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02

Results of Operations and Financial Condition.

On August 8, 2017, The Hackett Group, Inc. (the “Company”) issued a press release setting forth its consolidated financial results for the second fiscal quarter ended June 30, 2017. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The information contained in Item 2.02 of this current report on Form 8-K, as well as Exhibit 99.1, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

 

 

Item 9.01     Financial Statements and Exhibits.

 

(d)

Exhibits

See Exhibit Index attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

 

 

THE HACKETT GROUP, INC.

 

 

 

 

Date: August 8, 2017

 

 

 

By:

 

/s/ Robert A. Ramirez

 

 

 

 

 

 

Robert A. Ramirez

 

 

 

 

 

 

Executive Vice President, Finance and Chief Financial Officer


Exhibit Index

 

Exhibit

Number

 

Description

99.1

 

Press Release of The Hackett Group, Inc., dated August 8, 2017.

 

 

 

 

 EX-99.1 2 hckt-ex991_6.htm EX-99.1 hckt-ex991_6.htm

Exhibit 99.1

 

 

 

Contact:

Robert A. Ramirez, CFO, 305-375-8005 or rramirez@thehackettgroup.com

 

The Hackett Group Announces Second Quarter 2017 Results

 

•

Q2 2017 gross revenue of $73.6 million, down 3% from prior year and in line with guidance

•

Q2 2017 net revenue of $67.7 million down 1%, up slightly on a constant currency basis from prior year, and in line with guidance

•

Q2 2017 pro forma EPS of $0.25 per share, up 4% from prior year and at mid-point of guidance, and pro forma EBITDA of $12.2 million, up 3% from prior year

•

Board of Directors announces $5.0 million increase to share repurchase program authorization

 

MIAMI, FL – August 8, 2017 - The Hackett Group, Inc. (NASDAQ: HCKT), a global intellectual property-based strategic consultancy and leading enterprise benchmarking and best practices implementation firm, today announced its financial results for the second quarter, which ended on June 30, 2017.

 

Q2 2017 gross revenue was $73.6 million, down 3%, or 2% in constant currency basis, and net revenue (gross revenue less reimbursable expenses) was $67.7 million, down 1% from prior year and up slightly on a constant currency basis. Q2 2017 pro forma diluted earnings per share were $0.25, up 4% when compared to $0.24 for the same period in 2016. Pro forma information is provided to enhance the understanding of the Company's financial performance and is reconciled to the Company's GAAP information in the accompanying tables.

 

GAAP diluted earnings per share were $0.15 for the second quarter of 2017, as compared to $0.17 in the second quarter of 2016. During the second quarter of 2017, the Company recorded acquisition related restructuring and acquisition purchase consideration, reflected as compensation expense, which totaled approximately $0.05.

 

At the end of the second quarter of 2017, the Company’s cash balances were $14.4 million. During the quarter the Company utilized cash to repurchase 528 thousand shares of the Company’s common stock at an average price per share of $15.13 for a total of $8.0 million. As of the end of the second quarter of 2017, the Company’s remaining stock repurchase program authorization was $0.6 million. In its recent meeting, the Company’s Board of Directors approved an additional $5.0 million authorization under the repurchase plan, increasing the total authorization to $132.7 million.

 

“We reported solid operating results but more importantly, we took aggressive actions to allow us to quickly migrate and align our skills and significantly expand our addressable market in the rapidly developing cloud applications space,” stated Ted A. Fernandez, Chairman & CEO of The Hackett Group. “We believe our focus in the emerging cloud applications, robotics process automation, enterprise analytics and our “IP as a Service” offerings provides the organization with significant long term growth opportunities.”

 

 

 

Based on the current economic outlook, the Company estimates total gross revenue for the third quarter of 2017 to be in the range of $69.5 million to $71.5 million or net revenue to be in the range of $64.4 million to $66.2 million. The gross revenue outlook includes an estimated 8% for reimbursable expenses. The Company estimates pro forma diluted earnings per share to be in the range of $0.24 to $0.26.  At the high end of the guidance, pro forma EPS would increase 4% when compared to prior year.  

 

Other Highlights

 

The Hackett Group Wins Accolades from Forbes & Spend Matters – For the second year in a row, Forbes and Statista listed The Hackett Group as one of the “Best Management Consulting Firms for 2017”. The Hackett Group was listed for its work in three sectors: automotive, chemical, and supply chain management. In addition, Spend Matters named The Hackett Group as one of its “50 Providers to Know” for the fourth consecutive year.

 

Aecus Receives Queen’s Award for International Trade – Aecus Ltd, which was acquired by The Hackett Group in April, won the Queen’s Award for International Trade for Outstanding Short Term Growth in overseas sales over the last three years.

 

HR Key Issues Research – New research from The Hackett Group found that most HR organizations remain behind the curve in addressing issues that are central to achieving the most important enterprise goals, including aligning talent strategies to business needs, dealing with critical talent and skill shortages and implementing organizational change. While some crucial development areas are targeted for major improvement in 2017, others – such as finding solutions to critical skills shortages, retention of key staff and strategy execution – will likely not receive the attention they need, according to the research.

 

Supplier Diversity Research – The Hackett Group released new research showing that virtually all diversity suppliers meet or exceed expectations, and top corporate performers in supplier diversity experience no loss in efficiency. In addition, they see improved quality and often extract other benefits, including increased market share and access to new revenue opportunities. The research challenges the attitude of many business leaders, who worry that dedicating resources to supplier diversity will divert attention from other strategic activities.

 

On Tuesday, August 8, 2017, senior management will discuss second quarter results in a conference call at 5:00 P.M. ET. The number for the conference call is (844) 358-9115, [Passcode: Second Quarter]. For International callers, please dial (209) 905-5950.

 

Please dial in at least 5-10 minutes prior to start time. If you are unable to participate on the conference call, a rebroadcast will be available beginning at 8:00 P.M. ET on Tuesday, August 8, 2017 and will run through 5:00 P.M. ET on Tuesday, August 22, 2017. To access the rebroadcast, please dial (855) 859-2056. For International callers, please dial (404) 537-3406, [Passcode: 52261313].

 

In addition, The Hackett Group will also be webcasting this conference call live through the StreetEvents.com service. To participate, simply visit http://www.thehackettgroup.com approximately 10 minutes prior to the start of the call and click on the conference call link provided. An online replay of the call will be available after 8:00 P.M. ET on Tuesday, August 8, 2017 and will run through 5:00 P.M. ET on Tuesday, August 22, 2017. To access the replay, visit www.thehackettgroup.com or http://www.streetevents.com.

 

About The Hackett Group

 

The Hackett Group (NASDAQ: HCKT) is an intellectual property-based strategic consultancy and leading enterprise benchmarking and best practices implementation firm to global companies, offering digital transformation and enterprise application approaches including robotic process automation and cloud computing.

 

 

Services include business transformation, enterprise performance management, working capital management and global business services. ‎The Hackett Group also provides dedicated expertise in business strategy, operations, finance, human capital management, strategic sourcing, procurement and information technology, including its award-winning Oracle EPM and SAP practices.

 

The Hackett Group has completed more than 13,000 benchmarking studies with major corporations and government agencies, including 93% of the Dow Jones Industrials, 87% of the Fortune 100, 87% of the DAX 30 and 58% of the FTSE 100.‎ These studies drive its Best Practice Intelligence Center™ which includes the firm's benchmarking metrics, best practices repository and best practice configuration guides and process flows, which enable The Hackett Group’s clients and partners to achieve world-class performance.

 

More information on The Hackett Group is available at: www.thehackettgroup.com,info@thehackettgroup.com, or by calling (770) 225-3600.

 

 

# # #

 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause The Hackett Group's actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Factors that impact such forward-looking statements include, among others, the ability of our products, services, or offerings mentioned in this release to deliver the desired effect, our ability to effectively integrate acquisitions, including the Jibe Consulting and Aecus Limited acquisitions referenced above, into our operations, our ability to retain existing business, our ability to attract additional business, our ability to effectively market and sell our product offerings and other services, the timing of projects and the potential for contract cancellations by our customers, changes in expectations regarding the business consulting and information technology industries, our ability to attract and retain skilled employees, possible changes in collections of accounts receivable due to the bankruptcy or financial difficulties of our customers, risks of competition, price and margin trends, foreign currency fluctuations, changes in general economic conditions and interest rates, our ability to obtain debt financing through additional borrowings under an amendment to our existing credit facility as well as other risks detailed in our Company's Annual Report on Form 10-K for the most recent fiscal year filed with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

 

 

Page 4 of 6 - The Hackett Group, Inc. Announce Second Quarter Results

 

 

The Hackett Group, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

July 1,

 

 

June 30,

 

 

July 1,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue before reimbursements ("net revenue")

 

$

67,726

 

 

$

68,178

 

 

$

132,795

 

$

$

130,151

 

Reimbursements

 

 

5,844

 

 

 

7,435

 

 

 

12,204

 

 

 

14,240

 

Total revenue

 

 

73,570

 

 

 

75,613

 

 

 

144,999

 

 

 

144,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs before reimbursable expenses

 

 

40,947

 

 

 

41,894

 

 

 

81,099

 

 

 

80,245

 

Acquisition-related compensation expense

 

 

423

 

 

 

—

 

 

 

423

 

 

 

—

 

Non-cash stock compensation expense

 

 

1,226

 

 

 

1,136

 

 

 

2,358

 

 

 

2,183

 

Acquisition-related non-cash stock compensation expense

 

 

616

 

 

 

315

 

 

 

926

 

 

 

583

 

Reimbursable expenses

 

 

5,844

 

 

 

7,435

 

 

 

12,204

 

 

 

14,240

 

Total cost of service

 

 

49,056

 

 

 

50,780

 

 

 

97,010

 

 

 

97,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative costs

 

 

15,190

 

 

 

15,059

 

 

 

29,550

 

 

 

29,254

 

Non-cash stock compensation expense

 

 

874

 

 

 

861

 

 

 

1,533

 

 

 

1,458

 

Acquisition-related costs

 

 

161

 

 

 

—

 

 

 

267

 

 

 

—

 

Amortization of intangible assets

 

 

532

 

 

 

275

 

 

 

918

 

 

 

550

 

Restructuring costs

 

 

1,293

 

 

 

—

 

 

 

1,293

 

 

 

—

 

Total selling, general, and administrative expenses

 

 

18,050

 

 

 

16,195

 

 

 

33,561

 

 

 

31,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and operating expenses

 

 

67,106

 

 

 

66,975

 

 

 

130,571

 

 

 

128,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

6,464

 

 

 

8,638

 

 

 

14,428

 

 

 

15,878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(127

)

 

 

(110

)

 

 

(217

)

 

 

(151

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

 

6,337

 

 

 

8,528

 

 

 

14,211

 

 

 

15,727

 

Income tax expense

 

 

1,587

 

 

 

3,082

 

 

 

1,587

 

 

 

5,899

 

Net income

 

$

4,750

 

 

$

5,446

 

 

$

12,624

 

 

$

9,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share from operations

 

$

0.16

 

 

$

0.19

 

 

$

0.44

 

 

$

0.33

 

Weighted average common shares outstanding

 

 

29,041

 

 

 

29,285

 

 

 

28,955

 

 

 

29,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share from operations

 

$

0.15

 

 

$

0.17

 

 

$

0.39

 

 

$

0.30

 

Weighted average common and common equivalent shares outstanding

 

 

32,513

 

 

 

32,882

 

 

 

32,403

 

 

 

33,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma data (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

$

6,337

 

 

$

8,528

 

 

$

14,211

 

 

$

15,727

 

Acquisition-related compensation expense

 

 

423

 

 

 

—

 

 

 

423

 

 

 

—

 

Non-cash stock compensation expense

 

 

2,100

 

 

 

1,997

 

 

 

3,891

 

 

 

3,641

 

Acquisition-related non-cash stock compensation expense

 

 

616

 

 

 

315

 

 

 

926

 

 

 

583

 

Acquisition-related costs

 

 

161

 

 

 

—

 

 

 

267

 

 

 

—

 

Restructuring costs

 

 

1,293

 

 

 

—

 

 

 

1,293

 

 

 

—

 

Amortization of intangible assets

 

 

532

 

 

 

275

 

 

 

918

 

 

 

550

 

Pro forma income before income taxes

 

 

11,462

 

 

 

11,115

 

 

 

21,929

 

 

 

20,501

 

Pro forma income tax expense

 

 

3,439

 

 

 

3,335

 

 

 

6,579

 

 

 

6,150

 

Pro forma net income

 

$

8,023

 

 

$

7,781

 

 

$

15,350

 

 

$

14,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma basic net income per common share

 

$

0.28

 

 

$

0.27

 

 

$

0.53

 

 

$

0.49

 

Weighted average common shares outstanding

 

 

29,041

 

 

 

29,285

 

 

 

28,955

 

 

 

29,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma diluted net income per common share

 

$

0.25

 

 

$

0.24

 

 

$

0.47

 

 

$

0.43

 

Weighted average common and common equivalent shares outstanding

 

 

32,513

 

 

 

32,882

 

 

 

32,403

 

 

 

33,118

 

 

 

 

 

(1)

The Company provides pro forma earnings results (which exclude the amortization of intangible assets, stock compensation expense, acquisition-related costs and include a normalized tax rate, which is our long term projected cash tax rate) as a complement to results provided in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP results are provided to enhance the overall users' understanding of the Company's current financial performance and its prospects for the future. The Company believes the non-GAAP results provide useful information to both management and investors and by excluding certain expenses that it believes are not indicative of its core operating results. The non-GAAP measures are included to provide investors and management with an alternative method for assessing operating results in a manner that is focused on the performance of ongoing operations and to provide a more consistent basis for comparison between quarters. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting in future periods. In addition, since the Company has historically reported non-GAAP results to the investment community, it believes the continued inclusion of non-GAAP results provides consistency in its financial reporting. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.

 

 

 

Page 5 of 6 - The Hackett Group, Inc. Announce Second Quarter Results

 

The Hackett Group, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

June 30,

 

 

December 30,

 

 

 

2017

 

 

2016

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,419

 

 

$

19,710

 

Accounts receivable and unbilled revenue, net

 

 

50,361

 

 

 

47,399

 

Prepaid expenses and other current assets

 

 

3,222

 

 

 

1,704

 

Total current assets

 

 

68,002

 

 

 

68,813

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

16,477

 

 

 

14,774

 

Other assets

 

 

5,174

 

 

 

3,336

 

Goodwill, net

 

 

85,273

 

 

 

72,376

 

Total assets

 

$

174,926

 

 

$

159,299

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

8,171

 

 

$

9,089

 

Accrued expenses and other liabilities

 

 

37,067

 

 

 

46,725

 

Total current liabilities

 

 

45,238

 

 

 

55,814

 

Non-current accrued expenses and other liabilities

 

 

7,029

 

 

 

-

 

Long-term deferred tax liability, net

 

 

10,812

 

 

 

10,216

 

Long-term debt

 

 

20,000

 

 

 

7,000

 

Total liabilities

 

 

83,079

 

 

 

73,030

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

91,847

 

 

 

86,269

 

Total liabilities and shareholders' equity

 

$

174,926

 

 

$

159,299

 

 

 

 

 

Page 6 of 6 - The Hackett Group, Inc. Announce Second Quarter Results

 

The Hackett Group, Inc.

SUPPLEMENTAL FINANCIAL DATA

(unaudited)

 

 

Quarter Ended

 

 

 

June 30,

 

 

July 1,

 

 

March 31,

 

 

 

2017

 

 

2016

 

 

2017

 

Revenue Breakdown by Group:

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

The Hackett Group (2)

 

$

62,472

 

 

$

65,747

 

 

 

60,249

 

SAP Solutions (3)

 

 

11,098

 

 

 

9,866

 

 

 

11,180

 

Total revenue

 

$

73,570

 

 

$

75,613

 

 

$

71,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Concentration:

 

 

 

 

 

 

 

 

 

 

 

 

(% of total revenue)

 

 

 

 

 

 

 

 

 

 

 

 

Top customer

 

 

4

%

 

 

4

%

 

 

4

%

Top 5 customers

 

 

15

%

 

 

15

%

 

 

18

%

Top 10 customers

 

 

25

%

 

 

25

%

 

 

30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Metrics and Other Financial Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Company:

 

 

 

 

 

 

 

 

 

 

 

 

Consultant headcount

 

 

1,002

 

 

 

926

 

 

 

922

 

Total headcount

 

 

1,246

 

 

 

1,134

 

 

 

1,142

 

Days sales outstanding (DSO)

 

 

61

 

 

 

57

 

 

 

64

 

Cash provided by operating activities (in thousands)

 

$

4,111

 

 

$

7,243

 

 

$

4,876

 

Depreciation (in thousands)

 

$

612

 

 

$

621

 

 

$

639

 

Amortization (in thousands)

 

$

532

 

 

$

275

 

 

$

386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Hackett Group (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

The Hackett Group annualized net revenue per professional (2)

 

$

317

 

 

$

352

 

 

$

322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SAP Solutions:

 

 

 

 

 

 

 

 

 

 

 

 

SAP Solutions consultant utilization rate (3)

 

 

78

%

 

 

78

%

 

 

75

%

SAP Solutions gross billing rate per hour (3)

 

$

133

 

 

$

119

 

 

$

134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Repurchased Under the Share Repurchase Plan:

 

 

 

 

 

 

 

 

 

 

 

 

Shares purchased (in thousands)

 

 

507

 

 

 

1,722

 

 

 

59

 

Cost of shares repurchased (in thousands)

 

$

7,617

 

 

$

25,361

 

 

$

1,186

 

Average price per share of shares purchased

 

$

15.01

 

 

$

14.73

 

 

$

20

 

Remaining Plan authorization (in thousands)

 

$

630

 

 

$

4,883

 

 

$

3,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Purchased to Satisfy Employee Net Vesting Obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Shares purchased (in thousands)

 

 

21

 

 

 

29

 

 

 

174

 

Cost of shares purchased (in thousands)

 

$

370

 

 

$

422

 

 

$

2,906

 

Average price per share of shares purchased

 

$

17.90

 

 

$

14.36

 

 

$

16.72

 

 

(2)

The Hackett Group encompasses the Benchmarking, Business Transformation and Executive Advisory groups, and EPM Groups

and excludes AMS.  Annualized revenue per professional previously utilized gross revenue; the statistics have been amended to utilize net revenue.  Prior periods have been restated.

(3)

SAP Solutions encompasses Best Practice Implementation of ERP Software, the SAP group, approximately 40% of which are offshore resources.

(4)

Certain reclassifications have been made to conform with current reporting requirements.

 

 

 

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