Press release
The Hackett Group Announces Third Quarter 2021 Results
Q3 2021 net revenue of $71.4 million, exceeds high end of guidance Q3 2021 GAAP EPS of $0.25 Q3 2021 pro forma EPS of $0.32, exceeds the high end of guidance
About this update from The Hackett Group, Inc.
[{"type":"text","content":"\n\nQ3 2021 net revenue of $71.4 million, exceeds high end of guidance\n\n\nQ3 2021 GAAP EPS of $0.25\n\n\nQ3 2021 pro forma EPS of $0.32, exceeds the high end of guidance\n\n\nBoard of Directors declares a $0.10 per share quarterly 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 third quarter, which ended on October 1, 2021.\n\nThird quarter 2021 net revenue (gross revenue less reimbursable expenses) from continuing operations was $71.4 million, up 24%, as compared to the same COVID impacted period in the prior year as client engagement and demand continued to improve throughout the quarter.\n\nGAAP diluted earnings per share were $0.25 for the third quarter of 2021, as compared to $0.09 in the same period in the prior year.\n\nThird quarter 2021 pro forma diluted earnings per share were $0.32, as compared to $0.17 in same period of the prior year. Pro forma information is a non-GAAP financial presentation 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 the end of the third quarter of 2021, the Company's cash balances were $52.9 million with no outstanding debt. During the third quarter of 2021, the Company repurchased 121 thousand shares of its common stock at an average price of $18.74 per share for a total of $2.3 million. As of the end of the third quarter of 2021, the Company's remaining share repurchase program authorization was $11.5 million.\n\nSubsequent to the end of the third quarter of 2021, the Company's Board of Directors declared a quarterly dividend of $0.10 per share for its shareholders of record on December 17, 2021, to be paid on December 30, 2021.\n\n“The increasing client demand we have experienced since the end of the second quarter of last year has continued throughout 2021,” stated Ted A. Fernandez, Chairman & CEO of The Hackett Group, Inc. “More importantly, we believe this momentum should continue into fiscal 2022.”\n\nBased on the current economic outlook, the Company's estimates total net revenue for the fourth quarter of 2021 to be in the range of $64.5 million to $66...