Press release
The Hackett Group Announces Fourth Quarter 2021 Results
Q4 2021 net revenue of $69.8 million, up 18% year over year, which exceeds high end of guidance Q4 2021 GAAP EPS of $0.50, includes a tax benefit of $0.23
About this update from The Hackett Group, Inc.
[{"type":"text","content":"\n\nQ4 2021 net revenue of $69.8 million, up 18% year over year, which exceeds high end of guidance\n\n\nQ4 2021 GAAP EPS of $0.50, includes a tax benefit of $0.23 per share from SARs exercise\n\n\nQ4 2021 pro forma EPS of $0.33, up 43% year over year, which exceeds high end of guidance\n\n\nCompany announces annual dividend increase of 10% and declares $0.11 per share first quarter dividend\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 fourth quarter, which ended on December 31, 2021.\n\nFourth quarter 2021 net revenue (gross revenue less reimbursable expenses) from continuing operations was $69.8 million, up 18%, as compared to the same period in the prior year.\n\nGAAP diluted earnings per share were $0.50 for the fourth quarter of 2021, as compared to GAAP diluted earnings per share of $0.03 in the same period in the prior year. GAAP results for the fourth quarter of 2021 included a $7.7 million, or $0.23 per diluted share, tax benefit related to the exercise of 2.9 million outstanding share appreciation rights (SARs). GAAP results for the fourth quarter of 2020 included a $5.5 million, or $0.12 per diluted share, restructuring and asset impairment charge primarily related to the reduction in the Company's leased office space.\n\nPro forma diluted earnings per share were $0.33 for the fourth quarter of 2021, as compared to pro forma diluted earnings per share of $0.23 in the same period in the prior year, as demand for our services resulted in increased revenues from higher rates and utilization as well as an increase in the revenue mix from higher margin IP based offerings. 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\nAt its most recent meeting, the Company's Board of Directors authorized a 10% increase in its annual dividend from $0.40 to $0.44 per share, to be paid quarterly, and declared a quarterly dividend of $0.11 per share for its shareholders of record on March 25, 2022, to be paid on April 8, 2022.\n\nAt the end of the fourth quarter of 2021, the Company's cash balan...