Press release
The Hackett Group Announces Second 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 second quarter, which ended on June 30, 2023.\n\n\nFinancial Highlights\n\n\n\nTotal revenue in the second quarter of 2023 was $77.1 million and revenue before reimbursements was $75.6 million, which was above the high end of our guidance. This compares to total revenue of $75.9 million and revenue before reimbursements of $74.8 million in the second quarter of the prior year.\n\n\n\n\nGAAP diluted earnings per share was $0.32 in both the second quarter of 2023 and 2022.\n\n\n\n\nSecond quarter 2023 adjusted diluted earnings per share, a non-GAAP measure, was $0.39, which was at the high end of our guidance, as compared to $0.38 in the second 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 June 30, 2023, the Company’s cash balances were $15.8 million, with a $53.0 million outstanding balance on the Company’s credit facility. During the second quarter of 2023, the Company paid down $5.0 million of its debt balance. As of the end of the second quarter of 2023, the Company's remaining share repurchase program authorization was $13.9 million.\n\n\n\n\nSubsequent to the end of the second quarter, the Company’s Board of Directors declared its third quarter 2023 dividend of $0.11 per share for its shareholders of record on September 22, 2023, to be paid on October 6, 2023.\n\n\n\n“We reported solid operating results with 8% sequential revenue growth while continuing to increase our investment in program development and sales resources in our recurring high margin executive advisory and market intelligence offerings,” stated Ted A. Fernandez, Chairman & CEO of The Hackett Group, Inc. “More importantly, the current momentum is expected to continue into the third quarter and bodes well for the balance of the year.”\n\n\nBusiness Outlook for the Third Quarter of 2023\n\n\nBased on the Company’s current outlook:\n\n\n\nThe Company estimates total revenue before reimbursements for the third quarter of 2023 will be in...