Press release
The Hackett Group Announces First Quarter 2023 Results
MIAMI--(BUSINESS WIRE)-- The Hackett Group, Inc. (NASDAQ: HCKT), a leading benchmarking, research advisory and strategic consultancy firm that enables
About this update from The Hackett Group, Inc.
[{"type":"text","content":" MIAMI--(BUSINESS WIRE)--\nThe Hackett Group, Inc. (NASDAQ: HCKT), a leading benchmarking, research advisory and strategic consultancy firm that enables organizations to achieve Digital World Class® performance, today announced its financial results for the first quarter, which ended on March 31, 2023.\n\n\nFinancial Highlights\n\n\n\nTotal revenue in the first quarter of 2023 was $71.2 million and revenue before reimbursements was $69.8 million, which was in line with our guidance. This compares to total revenue of $75.7 million and revenue before reimbursements of $75.1 million in the first quarter of the prior year.\n\n\n\n\nGAAP diluted earnings per share was $0.30 in the first quarter of 2023, as compared to $0.33 in the first quarter of 2022.\n\n\n\n\nFirst quarter 2023 adjusted diluted earnings per share, a non-GAAP measure, was $0.37, which was also in line with our guidance, as compared to $0.39 in the first quarter of 2022. 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 tables.\n\n\n\n\nAs of March 31, 2023, the Company’s cash balances were $16.9 million, with a $58.0 million outstanding balance on its credit facility. During the first quarter, the Company repurchased 199 thousand shares of its stock to satisfy employee net vesting obligations and Board repurchases at an average price of $21.23 for a total of $4.2 million. As of the end of the first quarter of 2023, the Company's remaining share repurchase program authorization was $14.0 million.\n\n\n\n\nSubsequent to the end of the first quarter, the Company’s Board of Directors also declared its second quarter 2023 dividend of $0.11 per share for its shareholders of record on June 23, 2023, to be paid on July 7, 2023.\n\n\n\n“We reported solid quarterly results in spite of increased economic headwinds, while we continued to increase our investment in program development and sales resources in our recurring high margin IPaaS, executive advisory and market intelligence offerings,” stated Ted A. Fernandez, Chairman & CEO of The Hackett Group, Inc. “It was also important to see that our Oracle Solutions Segment had a very strong sales quarter that more than offset the volatility we experienced at the end of the year and is expected to b...