Press release
The Hackett Group Announces First Quarter 2020 Results
Q1 2020 net revenue of $65.2 million, up 5%, and pro forma EPS of $0.24, up 9%, both in line with guidance Q1 2020 GAAP EPS of $0.17, as compared to GAAP EPS
About this update from The Hackett Group, Inc.
[{"type":"text","content":"\n\nQ1 2020 net revenue of $65.2 million, up 5%, and pro forma EPS of $0.24, up 9%, both in line with guidance\n\n\nQ1 2020 GAAP EPS of $0.17, as compared to GAAP EPS of $0.22 in the same period in the prior year\n\n\nQ1 2020 ending cash balance of $23.3 million and no outstanding debt\n\n\n MIAMI--(BUSINESS WIRE)--\nThe 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 first quarter, which ended on March 27, 2020.\n\n\nQ1 2020 net revenue (gross revenue less reimbursable expenses) was $65.2 million, up 5%, as compared to the same period in the prior year. Q1 2020 gross revenue was $69.5 million, up 4%, from the same period in the prior year.\n\n\nQ1 2020 pro forma diluted earnings per share were $0.24, up 9%, when compared to the same period in the prior year. 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.\n\n\nGAAP diluted earnings per share were $0.17 for the first quarter of 2020, as compared to earnings per share of $0.22 in the first quarter of 2019. GAAP results for the first quarter of 2019 included a $1.1 million benefit due to adjustments to contingent earnout liabilities relating to acquisitions and favorable GAAP income tax expenses, both of which benefited GAAP earnings by $0.05 when compared to the first quarter of 2020.\n\n\nAt the end of the first quarter of 2020, the Company’s cash balances were $23.3 million. During the quarter, the Company repurchased 198 thousand shares under its share repurchase program at an average price of $15.00 for a total of $3.0 million. As of the end of the first quarter of 2020, the Company’s remaining share repurchase program authorization was $5.6 million.\n\n\n“We reported solid operating results even though we started to experience the economic disruption from the coronavirus in the latter part of the quarter,” stated Ted A. Fernandez, Chairman & CEO of The Hackett Group. “I am very proud of our associates as they quickly took the appropriate precautions to ensure their safety while also successfully adapting to our client’s virtual service delivery requirements. Given the s...