Hackett Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Hackett Group, Inc. has filed its 2023 10-K report, detailing financial performance and business operations for the fiscal year ending December 29, 2023.</b>

AI Summary

HACKETT GROUP, INC. (HCKT) filed a Annual Report (10-K) with the SEC on March 1, 2024. The Hackett Group, Inc. filed its 2023 Form 10-K on March 1, 2024, reporting on the fiscal year ending December 29, 2023. The company's primary business is management consulting services, classified under SIC code 8742. The filing details financial data, including retained earnings, accumulated other comprehensive income, and treasury stock. Key dates mentioned include fiscal year-end (December 30) and various reporting periods throughout 2022 and 2023. The report references specific business segments such as Oracle Solutions, SAP Solutions, and Global S&BT.

Why It Matters

For investors and stakeholders tracking HACKETT GROUP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hackett Group's financial health, operational segments, and strategic initiatives for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and risk factors within the report are essential for understanding the company's market position, potential challenges, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — HACKETT GROUP, INC. shows moderate risk based on this filing. The company operates in the management consulting services sector, which can be subject to economic downturns and competitive pressures, as indicated by the various business segments and geographic operations mentioned.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Hackett Group's performance and strategic direction.

Key Numbers

• 2023-12-29 — Fiscal Year End (Conformed period of report)
• 2024-03-01 — Filing Date (Date the 10-K was filed)
• 8742 — SIC Code (Services-Management Consulting Services)
• 333-48123 — SEC File Number (SEC file number for the company)
• 24708890 — Film Number (Film number for the filing)

Key Players & Entities

• HACKETT GROUP, INC. (company) — Filer name
• ANSWERTHINK INC (company) — Former company name
• ANSWERTHINK CONSULTING GROUP INC (company) — Former company name
• 8742 (industry_code) — Standard Industrial Classification
• FL (location) — State of incorporation and business address
• 3053758005 (phone_number) — Business phone number
• Oracle Solutions (business_segment) — Mentioned business segment
• SAP Solutions (business_segment) — Mentioned business segment

FAQ

Risk Factors

• Market Conditions [medium — market]: The company's business is sensitive to general economic conditions and the demand for consulting services, which can be impacted by economic downturns.
• Dependence on Key Personnel [medium — operational]: The success of the company depends on its ability to attract and retain highly qualified professional staff.
• Credit Facility [low — financial]: The company has a revolving credit facility, and its ability to draw on it is subject to certain conditions and covenants.

Key Dates

• 2023-12-29: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Official date the 10-K was submitted to the SEC.

Filing Documents

• hckt-20231229.htm (10-K) — 2411KB
• hckt-ex21_1.htm (EX-21.1) — 13KB
• hckt-ex23_1.htm (EX-23.1) — 3KB
• hckt-ex31_1.htm (EX-31.1) — 15KB
• hckt-ex31_2.htm (EX-31.2) — 14KB
• hckt-ex32.htm (EX-32) — 9KB
• hckt-ex97_1.htm (EX-97.1) — 23KB
• img154204592_0.jpg (GRAPHIC) — 165KB
• 0000950170-24-023702.txt (&nbsp;) — 10894KB
• hckt-20231229.xsd (EX-101.SCH) — 1364KB
• hckt-20231229_htm.xml (XML) — 2077KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 11 ITEM 1B. Unresolved Staff Comments 17 ITEM 1C. Cybersecurity 17 ITEM 2.

Properties

Properties 18 ITEM 3.

Legal Proceedings

Legal Proceedings 18 ITEM 4. Mine Safety Disclosures 18 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 ITEM 6. [Reserved] 20 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 28 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54 ITEM 9A.

Controls and Procedures

Controls and Procedures 54 ITEM 9B. Other Information 56 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection. 56 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 56 ITEM 11.

Executive Compensation

Executive Compensation 56 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 56 ITEM 14. Principal Accounting Fees and Services 56 PART IV ITEM 15. Exhibits and Financial Statement Schedules 57 ITEM 16. Form 10-K Summary 57 Index to Exhibits 58

Signatures

Signatures 60 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and the information incorporated by reference in it include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in these sections. All statements regarding our expected financial position and operating results, our business strategy, our financing plans and forecasted demographic and economic trends relating to our industry are forward-looking statements. These statements can sometimes be identified by our use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. We cannot promise you that our expectations reflected in such forward-looking statements will turn out to be correct. Factors that could impact such forward-looking statements include, among others, changes in worldwide and U.S. economic conditions that impact business confidence and the demand for our products and services, our ability to effectively integrate acquisitions into our operations, our ability to retain existing business, our ability to attract additional business, our ability to effectively market and sell our product offerings and other services, the timing of projects and the potential for contract cancellation by our customers, changes in expectations regarding the business consulting and information technology industries, our ability to attract and retain skilled employees, possible changes in collections of accoun

B USINESS

ITEM 1. B USINESS GENERAL In this Annual Report on Form 10-K, unless the context otherwise requires, "The Hackett Group," "Hackett," the "Company," "we," "us," and "our" refer to The Hackett Group, Inc. and its subsidiaries and predecessors. We were originally incorporated on April 23, 1997. Hackett (NASDAQ: HCKT) is a global IP-based executive advisory, strategic consulting and digital transformation firm. The Hackett Group provides dedicated expertise in Generative Artificial Intelligence ("Gen AI") strategy, operations, finance, human capital management, strategic sourcing, procurement, and information technology, including its highly recognized Oracle, SAP, OneStream and Coupa implementation offerings. The firm recently launched our AI XPLR offering which helps define an organizations' Gen AI enablement opportunities. Using AI XPLR, our artificial intelligence ("AI") assessment platform, our experienced professionals guide organizations to harness the power of Gen AI to digitally transform their operations and seek to achieve quantifiable, breakthrough results, allowing us to be key architects of our clients' Gen AI journey. The Hackett Group has completed over 26,600 benchmarking and performance studies with major organizations. These studies are executed utilizing our Quantum Leap platform which drives our Digital Transformation Platform ("DTP" or "Hackett DTP"). This includes the firm's benchmarking metrics, best practices repository, and best practice configuration and process flow accelerators, which enables our clients and partners to achieve digital world-class performance. Our expertise is grounded in best practices insights from benchmarking the world's leading businesses – including 97% of the Dow Jones Industrials, 89% of the Fortune 100, 70% of the DAX 40 and 55% of the FTSE 100, which are delivered through our Hackett Connect, Quantum Leap and DTP platforms. The rapid development and move to cloud applications and infrastructure along

View Full Filing

View this 10-K filing on SEC EDGAR