0001564590-18-019994.txt : 20180807 0001564590-18-019994.hdr.sgml : 20180807 20180807164245 ACCESSION NUMBER: 0001564590-18-019994 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180807 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180807 DATE AS OF CHANGE: 20180807 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: 18998691 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_20180807.htm 8-K hckt-8k_20180807.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 7, 2018

 

 

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 Instruction 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 7, 2018, The Hackett Group, Inc. (the “Company”) issued a press release setting forth its consolidated financial results for the second fiscal quarter ended June 29, 2018. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated 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

 

Exhibit

Number

 

Description

99.1

 

Press Release of The Hackett Group, Inc., dated August 7, 2018

 

 

 


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 7, 2018

 

 

 

By:

 

/s/ Robert A. Ramirez

 

 

 

 

 

 

Robert A. Ramirez

 

 

 

 

 

 

Executive Vice President, Finance and Chief Financial Officer

 

 EX-99 2 hckt-ex99_6.htm EX-99 hckt-ex99_6.htm

Exhibit 99.1

 

 

 

Contact:

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

 

 

The Hackett Group Announces Second Quarter 2018 Results

 

 

•

Q2 2018 net revenue of $69.6 million, up 3% when compared to prior year and in line with guidance

•

Q2 2018 pro forma diluted EPS of $0.27 per share, up 8% from prior year

•

Declared semi-annual dividend of $0.17 per share, up 13% from prior year

 

 

MIAMI, FL – August 7, 2018 - The Hackett Group, Inc. (NASDAQ: HCKT), a global intellectual property-based strategic consultancy and leading enterprise benchmarking and best practices digital transformation firm, today announced its financial results for the second quarter, which ended on June 29, 2018.

 

Q2 2018 net revenue (gross revenue less reimbursable expenses) was $69.6 million, up 3% from the same period in the prior year. Q2 2018 gross revenue was $75.6 million, up 3% from the same period in the prior year.

 

Q2 2018 pro forma diluted earnings per share were $0.27, up 8% when compared to $0.25 for the same period in 2017. 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 $0.36 for the second quarter of 2018, as compared to $0.15 in the second quarter of 2017. During the second quarter of 2018, the Company recorded a $4.6 million, or $0.14 per diluted share, benefit due to the remeasurement of an acquisition earnout liability. During the second quarter of 2017, the Company recorded acquisition related restructuring of approximately $0.04 per diluted share.

 

At the end of the second quarter of 2018, the Company’s cash balances were $13.3 million. During the quarter, the Company utilized cash to pay down outstanding debt of $5.5 million. During the second quarter of 2018, the Company did not repurchase shares under its stock repurchase program. As of the end of the second quarter of 2018, the Company’s remaining stock repurchase program authorization was $7.2 million.

 

“We continued to report solid operating results due to strong digital transformation, cloud and analytics demand, while continuing to transition our Oracle business from on-premise to cloud implementations,” stated Ted A. Fernandez, Chairman and CEO of The Hackett Group. “With Oracle Cloud revenue now exceeding our on-premise revenue and with cloud growth outpacing the on-premise decline, we are getting closer to seeing the revenue growth fully reflected in our results.”

 

 

 

 

Based on the current economic outlook, the Company estimates total net revenue for the third quarter of 2018 to be in the range of $67.0 million and $69.0 million or gross revenue (inclusive of reimbursable expenses) to be in the range of $73.0 million and $75.0 million. The Company estimates pro forma diluted earnings per share for the third quarter of 2018 to be in the range of $0.26 and $0.28. At the high end of guidance, pro forma diluted earnings per share for the third quarter of 2018 would increase 8%, when compared to the same period in the prior year.

 

Other Highlights

 

Procurement Key Issues Research– The Hackett Group issued new Key Issues Research showing that procurement organizations have significantly shrunk the capability gap in digital transformation over the past year, with two thirds now having a strategy in place and nearly half having the resources and competencies needed to execute. Procurement leaders expect to rely on digital transformation to help them achieve an array of critical objectives in 2018, including cost-cutting,

improving agility, and improving their ability to serve as a trusted advisor to the enterprise.

 

ADP Relationship Expansion - The Hackett Group and ADP announced a further expansion to their strategic alliance that will offer large companies (those with 1000+ employees) using ADP Enterprise HR®, ADP Vantage HCM®, and ADP Workforce Now® access to The Hackett Group’s advisors, best practices, metrics, research, and tools. These offerings are aimed at helping large organizations improve human capital management (HCM) performance, the efficiency and effectiveness of their HR operations and strategic impact to help drive enterprise results.

 

Oracle Cloud Excellence Implementer Program - The Hackett Group, a Cloud Premier and Platinum level member of Oracle PartnerNetwork (OPN), announced it has joined the Oracle Cloud Excellence Implementer (CEI) program and has achieved CEI status for six Oracle Cloud applications in North America, including Oracle Enterprise Planning and Budgeting Cloud, Oracle Financial Consolidation and Close Cloud, Oracle Financials Cloud, Oracle Global Human Resources Cloud, Oracle Benefits Cloud, and Oracle Talent Management Cloud.

 

2018 Digital Awards Launch – The Hackett Group began accepting applications for its 2018 Digital Awards, which recognizes leaders in RPA, intelligent data capture, cognitive automation, advanced analytics, and other areas. Applications are being accepted until August 15 at this link: http://go.poweredbyhackett.com/7bnm

 

On Tuesday, August 7, 2018 senior management will discuss second quarter results in a conference call at 5:00 P.M. ET. The number for the conference call is (800) 593-0486, [Passcode: Second Quarter].  For International callers, please dial (517) 308-9371.

 

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 7, 2018 and will run through 5:00 P.M. ET on Tuesday, August 21, 2018.  To access the rebroadcast, please dial (866) 424-7877.  For International callers, please dial (203) 369-0866.

 

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 7, 2018 and will run through 5:00 P.M. ET on Tuesday, August 21, 2018. 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 digital transformation firm to global companies, offering digital transformation including robotic process automation and enterprise cloud application implementation. Services include business transformation, enterprise analytics, 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 and SAP practices.

 

The Hackett Group has completed more than 15,200 benchmarking and performance studies with major corporations and government agencies, including 97% of the Dow Jones Industrials, 89% of the Fortune 100, 87% of the DAX 30 and 59% 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 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, including these referenced above, 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. Announces Second Quarter Results

 

 

The Hackett Group, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 29,

 

 

June 30,

 

 

June 29,

 

 

June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue before reimbursements ("net revenue")

 

$

69,614

 

 

$

67,726

 

 

$

137,089

 

$

$

132,795

 

Reimbursements

 

 

6,035

 

 

 

5,844

 

 

 

11,293

 

 

 

12,204

 

Total revenue

 

 

75,649

 

 

 

73,570

 

 

 

148,382

 

 

 

144,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs before reimbursable expenses

 

 

42,993

 

 

 

40,947

 

 

 

84,614

 

 

 

81,099

 

Acquisition-related compensation (benefit) expense

 

 

(204

)

 

 

423

 

 

 

(789

)

 

 

423

 

Non-cash stock compensation expense

 

 

1,002

 

 

 

1,226

 

 

 

2,045

 

 

 

2,358

 

Acquisition-related non-cash stock compensation (benefit) expense

 

 

(79

)

 

 

616

 

 

 

721

 

 

 

926

 

Reimbursable expenses

 

 

6,035

 

 

 

5,844

 

 

 

11,293

 

 

 

12,204

 

Total cost of service

 

 

49,747

 

 

 

49,056

 

 

 

97,884

 

 

 

97,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative costs

 

 

15,022

 

 

 

15,190

 

 

 

29,843

 

 

 

29,550

 

Non-cash stock compensation expense

 

 

804

 

 

 

874

 

 

 

1,646

 

 

 

1,533

 

Acquisition-related costs

 

 

—

 

 

 

161

 

 

 

—

 

 

 

267

 

Amortization of intangible assets

 

 

591

 

 

 

532

 

 

 

1,204

 

 

 

918

 

Acquisition-related contingent consideration liability

 

 

(4,553

)

 

 

—

 

 

 

(4,553

)

 

 

—

 

Restructuring costs

 

 

—

 

 

 

1,293

 

 

 

—

 

 

 

1,293

 

Total selling, general, and administrative expenses

 

 

11,864

 

 

 

18,050

 

 

 

28,140

 

 

 

33,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and operating expenses

 

 

61,611

 

 

 

67,106

 

 

 

126,024

 

 

 

130,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

14,038

 

 

 

6,464

 

 

 

22,358

 

 

 

14,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(178

)

 

 

(127

)

 

 

(357

)

 

 

(217

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

 

13,860

 

 

 

6,337

 

 

 

22,001

 

 

 

14,211

 

Income tax expense

 

 

2,339

 

 

 

1,587

 

 

 

3,113

 

 

 

1,587

 

Net income

 

$

11,521

 

 

$

4,750

 

 

$

18,888

 

 

$

12,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share from operations

 

$

0.39

 

 

$

0.16

 

 

$

0.65

 

 

$

0.44

 

Weighted average common shares outstanding

 

 

29,430

 

 

 

29,041

 

 

 

29,260

 

 

 

28,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share from operations

 

$

0.36

 

 

$

0.15

 

 

$

0.59

 

 

$

0.39

 

Weighted average common and common equivalent shares outstanding

 

 

32,235

 

 

 

32,513

 

 

 

32,025

 

 

 

32,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma data (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

$

13,860

 

 

$

6,337

 

 

$

22,001

 

 

$

14,211

 

Acquisition-related compensation (benefit) expense

 

 

(204

)

 

 

423

 

 

 

(789

)

 

 

423

 

Non-cash stock compensation expense

 

 

1,806

 

 

 

2,100

 

 

 

3,691

 

 

 

3,891

 

Acquisition-related non-cash stock compensation (benefit) expense

 

 

(79

)

 

 

616

 

 

 

721

 

 

 

926

 

Acquisition-related costs

 

 

—

 

 

 

161

 

 

 

—

 

 

 

267

 

Acquisition-related contingent consideration liability

 

 

(4,553

)

 

 

—

 

 

 

(4,553

)

 

 

—

 

Restructuring costs

 

 

—

 

 

 

1,293

 

 

 

—

 

 

 

1,293

 

Amortization of intangible assets

 

 

591

 

 

 

532

 

 

 

1,204

 

 

 

918

 

Pro forma income before income taxes

 

 

11,421

 

 

 

11,462

 

 

 

22,275

 

 

 

21,929

 

Pro forma income tax expense

 

 

2,855

 

 

 

3,439

 

 

 

5,569

 

 

 

6,579

 

Pro forma net income

 

$

8,566

 

 

$

8,023

 

 

$

16,706

 

 

$

15,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma basic net income per common share

 

$

0.29

 

 

$

0.28

 

 

$

0.57

 

 

$

0.53

 

Weighted average common shares outstanding

 

 

29,430

 

 

 

29,041

 

 

 

29,260

 

 

 

28,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma diluted net income per common share

 

$

0.27

 

 

$

0.25

 

 

$

0.52

 

 

$

0.47

 

Weighted average common and common equivalent shares outstanding

 

 

32,235

 

 

 

32,513

 

 

 

32,025

 

 

 

32,403

 

 

 

 

 

(1)

The Company provides pro forma earnings results (which exclude the amortization of intangible assets, stock compensation expense, acquisition-related one- time benefit, cash and stock compensation expense (benefit), restructuring expenses 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. Announces Second Quarter Results

 

The Hackett Group, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

 

June 29,

 

 

December 29,

 

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,270

 

 

$

17,512

 

Accounts receivable and unbilled revenue, net

 

 

56,773

 

 

 

55,262

 

Prepaid expenses and other current assets

 

 

3,282

 

 

 

2,511

 

Total current assets

 

 

73,325

 

 

 

75,285

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

22,846

 

 

 

18,851

 

Other assets

 

 

5,025

 

 

 

6,021

 

Goodwill, net

 

 

84,720

 

 

 

85,074

 

Total assets

 

$

185,916

 

 

$

185,231

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,400

 

 

$

8,434

 

Accrued expenses and other liabilities

 

 

34,072

 

 

 

43,014

 

Total current liabilities

 

 

42,472

 

 

 

51,448

 

Non-current accrued expenses and other liabilities

 

 

213

 

 

 

1,268

 

Long-term deferred tax liability, net

 

 

8,099

 

 

 

6,240

 

Long-term debt

 

 

13,500

 

 

 

19,000

 

Total liabilities

 

 

64,284

 

 

 

77,956

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

121,632

 

 

 

107,275

 

Total liabilities and shareholders' equity

 

$

185,916

 

 

$

185,231

 

 

 

 

 

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

 

The Hackett Group, Inc.

SUPPLEMENTAL FINANCIAL DATA

(unaudited)

 

 

 

Quarter Ended

 

 

 

June 29,

 

 

June 30,

 

 

March 30,

 

 

 

2018

 

 

2017

 

 

2018

 

Revenue Breakdown by Group:

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

The Hackett Group (2)

 

$

61,287

 

 

$

57,658

 

 

$

58,898

 

SAP Solutions (3)

 

 

8,327

 

 

 

10,068

 

 

 

8,577

 

Net revenue (4)

 

$

69,614

 

 

$

67,726

 

 

$

67,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Concentration:

 

 

 

 

 

 

 

 

 

 

 

 

(% of total revenue)

 

 

 

 

 

 

 

 

 

 

 

 

Top customer

 

 

6

%

 

 

4

%

 

 

3

%

Top 5 customers

 

 

18

%

 

 

15

%

 

 

12

%

Top 10 customers

 

 

25

%

 

 

25

%

 

 

19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Metrics and Other Financial Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Company:

 

 

 

 

 

 

 

 

 

 

 

 

Consultant headcount

 

 

1,043

 

 

 

1,002

 

 

 

1,016

 

Total headcount

 

 

1,291

 

 

 

1,236

 

 

 

1,257

 

Days sales outstanding (DSO)

 

 

68

 

 

 

61

 

 

 

65

 

Cash (used in) provided by operating activities (in thousands)

 

$

(2,368

)

 

$

4,111

 

 

$

17,203

 

Pro forma return on equity (5)

 

 

31

%

 

 

38

%

 

 

31

%

Depreciation (in thousands)

 

$

624

 

 

$

612

 

 

$

580

 

Amortization (in thousands)

 

$

591

 

 

$

532

 

 

$

613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remaining Plan authorization:

 

 

 

 

 

 

 

 

 

 

 

 

Shares purchased (in thousands)

 

 

-

 

 

 

507

 

 

 

53

 

Cost of shares repurchased (in thousands)

 

$

—

 

 

$

7,617

 

 

$

963

 

Average price per share of shares purchased

 

$

—

 

 

$

15.01

 

 

$

18.33

 

Remaining Plan authorization (in thousands)

 

$

7,174

 

 

$

630

 

 

$

2,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Purchased to Satisfy Employee Net Vesting Obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Shares purchased (in thousands)

 

 

11

 

 

 

21

 

 

 

175

 

Cost of shares purchased (in thousands)

 

$

182

 

 

$

370

 

 

$

3,004

 

Average price per share of shares purchased

 

$

16.22

 

 

$

17.90

 

 

$

17.15

 

 

 

 

 

 

 

 

(2)

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

and excludes AMS.

(3)

SAP Solutions encompasses Best Practice Implementation of ERP Software, the SAP group, approximately 50% of which are offshore resources.

(4)

Net revenue excludes reimbursable expenses which are primarily travel-related expenses passed through to a client with no associated margin.

(5)

Twelve months of pro forma net income divided by average shareholder's equity.

(6)

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

 

 

 

 

 

 

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