Press release
The Hackett Group Announces First Quarter 2022 Results
MIAMI--(BUSINESS WIRE)-- The Hackett Group, Inc. (NASDAQ: HCKT), a global intellectual property-based strategic consultancy and leading enterprise
About this update from The Hackett Group, Inc.
[{"type":"text","content":" 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 April 1, 2022.\n\nFinancial Highlights\n\n\nRevenue increased 19% to $75.7 million and revenue before reimbursements increased 18% to $75.1 million, as compared to the first quarter of 2021, which exceeded high end of guidance.\n\n\n\nGAAP diluted earnings per share increased 74% to $0.33, as compared to the first quarter of 2021, primarily as a result of increased revenue and margins.\n\n\n\nAdjusted diluted earnings per share, a non-GAAP measure, increased 41% to $0.38, as compared to the first quarter of 2021, which exceeded high end of guidance. Adjusted financial 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 table.\n\n\n\nThe Company repurchased 157 thousand shares of its stock at an average price of $19.51 for a total of $3.1 million. As of the end of the first quarter of 2022, the Company's remaining share repurchase program authorization was $10.6 million.\n\n\n\nSubsequent to the end of the first quarter, the Company's Board of Directors declared a quarterly dividend of $0.11 per share for its shareholders of record on June 24, 2022, to be paid on July 8, 2022. As of April 1, 2022, the Company's cash balances were $47.8 million, with no outstanding debt.\n\n\n“We reported better than expected results as we continued to experience strong demand for our IP centric digital transformation offerings,” stated Ted A. Fernandez, Chairman & CEO of The Hackett Group, Inc. “Our ability to define and roll out new Hackett Digital World Class standards for organizations to compare and enable their digital performance are key elements of our go-to-market success.”\n\nBusiness Outlook for the Second Quarter of 2022\n\nBased on the Company's current economic outlook:\n\n\nThe Company estimates total revenue before reimbursements for the second quarter of 2022 will be in the range of $71.0 million to $73.0 million.\n\n\n\nThe Company estimates adjusted diluted earnings per share for the second quarter of 2022 to be in the range of $0.33 and ...