Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 04, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HACKETT GROUP, INC. | |
Entity Central Index Key | 1,057,379 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,553,558 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Jan. 01, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 14,360,000 | $ 23,503,000 |
Accounts receivable and unbilled revenue, net of allowance of $2,242 and $1,881 at September 30, 2016 and January 1, 2016, respectively | 47,944,000 | 42,046,000 |
Prepaid expenses and other current assets | 2,241,000 | 1,938,000 |
Total current assets | 64,545,000 | 67,487,000 |
Property and equipment, net | 14,283,000 | 14,102,000 |
Other assets | 3,208,000 | 4,206,000 |
Goodwill, net | 73,029,000 | 74,584,000 |
Total assets | 155,065,000 | 160,379,000 |
Current liabilities: | ||
Accounts payable | 6,210,000 | 8,300,000 |
Accrued expenses and other liabilities | 42,688,000 | 41,812,000 |
Total current liabilities | 48,898,000 | 50,112,000 |
Long-term deferred tax liability, net | 10,713,000 | 8,123,000 |
Long-term debt | 12,572,000 | |
Total liabilities | 72,183,000 | 58,235,000 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, $.001 par value, 1,250,000 shares authorized; none issued and outstanding | ||
Common stock, $.001 par value, 125,000,000 shares authorized; 54,742,591 and 53,847,479 shares issued at September 30, 2016 and January 1, 2016, respectively | 55,000 | 54,000 |
Additional paid-in capital | 275,059,000 | 272,887,000 |
Treasury stock, at cost, 26,197,981 and 24,138,694 shares September 30, 2016 and January 1, 2016, respectively | (122,756,000) | (92,691,000) |
Accumulated deficit | (58,783,000) | (70,134,000) |
Accumulated comprehensive loss | (10,693,000) | (7,972,000) |
Total shareholders' equity | 82,882,000 | 102,144,000 |
Total liabilities and shareholders' equity | $ 155,065,000 | $ 160,379,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Jan. 01, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable and unbilled revenue, allowance | $ 2,242 | $ 1,881 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,250,000 | 1,250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 54,742,591 | 53,847,479 |
Treasury stock, at cost, shares | 26,197,981 | 24,138,694 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Revenue: | ||||
Revenue before reimbursements | $ 66,810 | $ 59,992 | $ 196,961 | $ 174,320 |
Reimbursements | 7,308 | 7,225 | 21,548 | 20,266 |
Total revenue | 74,118 | 67,217 | 218,509 | 194,586 |
Cost of service: | ||||
Personnel costs before reimbursable expenses (includes $1,450 and $1,623 and $4,216 and $4,140 of stock compensation expense in the quarters and nine months ended September 30, 2016, and October 2, 2015, respectively) | 42,071 | 37,854 | 125,082 | 110,412 |
Reimbursable expenses | 7,308 | 7,225 | 21,548 | 20,266 |
Total cost of service | 49,379 | 45,079 | 146,630 | 130,678 |
Selling, general and administrative costs (includes $793 and $2,068 and $2,251and $3,123 of stock compensation expense in the quarters and nine months ended September 30, 2016 and October 2, 2015, respectively) | 15,732 | 17,195 | 46,994 | 48,281 |
Total costs and operating expenses | 65,111 | 62,274 | 193,624 | 178,959 |
Income from operations | 9,007 | 4,943 | 24,885 | 15,627 |
Other income (expense): | ||||
Interest income | 1 | 3 | ||
Interest expense | (137) | (102) | (288) | (351) |
Income from operations before income taxes | 8,870 | 4,842 | 24,597 | 15,279 |
Income tax expense | 3,382 | 1,784 | 9,281 | 5,525 |
Net income | $ 5,488 | $ 3,058 | $ 15,316 | $ 9,754 |
Basic net income per common share: | ||||
Income per common share from operations | $ 0.19 | $ 0.11 | $ 0.52 | $ 0.34 |
Weighted average common shares outstanding | 28,579,237 | 28,755,225 | 29,251,459 | 28,674,838 |
Diluted net income per common share: | ||||
Income per common share from operations | $ 0.17 | $ 0.10 | $ 0.47 | $ 0.32 |
Weighted average common and common equivalent shares outstanding | 32,375,498 | 31,488,390 | 32,870,220 | 30,764,732 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share based compensation | $ 6,467 | $ 7,263 | ||
Cost of Sales [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share based compensation | $ 1,450 | $ 1,623 | 4,216 | 4,140 |
Selling General and Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share based compensation | $ 793 | $ 2,068 | $ 2,251 | $ 3,123 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 5,488 | $ 3,058 | $ 15,316 | $ 9,754 |
Foreign currency translation adjustment | (484) | (922) | (2,721) | (1,086) |
Total comprehensive income | $ 5,004 | $ 2,136 | $ 12,595 | $ 8,668 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Oct. 02, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 15,316 | $ 9,754 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 1,875 | 1,926 |
Amortization expense | 825 | 1,642 |
Amortization of debt issuance costs | 84 | 73 |
Non-cash stock compensation expense | 6,467 | 7,263 |
Acquisition consideration reflected as compensation expense | (3,440) | |
(Reversal) provision for doubtful accounts | (11) | 165 |
(Gain) loss on foreign currency translation | (566) | 214 |
Increase in deferred tax liability | 2,590 | 4,694 |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Increase in accounts receivable and unbilled revenue | (5,474) | (6,958) |
(Increase) decrease in prepaid expenses and other assets | (405) | 118 |
Decrease in accounts payable | (2,090) | (1,959) |
(Decrease) increase in accrued expenses and other liabilities | (10) | 5,459 |
Increase in income taxes payable | 2,211 | 270 |
Net cash provided by operating activities | 20,812 | 19,221 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (2,068) | (2,428) |
Net cash used in investing activities | (2,068) | (2,428) |
Cash flows from financing activities: | ||
Proceeds from the issuance of common stock | 519 | 573 |
Proceeds from borrowings | 30,000 | 2,500 |
Repayment of borrowings | (17,000) | (11,500) |
Debt issuance costs | (237) | |
Dividends paid | (7,163) | (3,067) |
Repurchases of common stock | (33,976) | (3,598) |
Net cash used in financing activities | (27,857) | (15,092) |
Effect of exchange rate on cash | (30) | 29 |
Net (decrease) increase in cash and cash equivalents | (9,143) | 1,730 |
Cash and cash equivalents at beginning of period | 23,503 | 14,608 |
Cash and cash equivalents at end of period | 14,360 | 16,338 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 4,473 | 260 |
Cash paid for interest | $ 187 | $ 292 |
Basis Of Presentation And Gener
Basis Of Presentation And General Information | 9 Months Ended |
Sep. 30, 2016 | |
Basis Of Presentation And General Information [Abstract] | |
Basis Of Presentation And General Information | 1. Basi s of Presentation and General Information Basis of Presentation The accompanying consolidated financial statements of The Hackett Group , Inc. (“Hackett” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company’s accounts and those of its wholly-owned subsidiaries which the Company is required to consolidate. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements reflect all normal and recurring adjustments which are necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods presented. The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these statements do not include all the disclosures normally required by U.S. GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended January 1, 2016, included in the Annual Report on Form 10-K filed by the Company with the SEC. The consolidated results of operations for the quarter and nine months ended September 30, 2016, are not necessarily indicative of the results to be expected for any future period or for the full fiscal year. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Fair Value The Company’s financial instruments consist of cash and cash equivalents, accounts receivable and unbilled revenue, accounts payable, accrued expenses and other liabilities and debt. As of September 30, 2016 and January 1, 2016, the carrying amount of each financial instrument, with the exception of debt, approximated the instrument’s respective fair value due to the short-term nature and maturity of these instruments. The Company uses significant other observable market data or assumptions (Level 2 inputs as defined in accounting guidance) that it believes market participants would use in pricing debt. The fair value of the debt approximated its carrying amount using Level 2 inputs, due to the short-term variable interest rates with commercial lenders that vary with market conditions. Business Combinations The Company applies the provisions of ASC 805, Business Combinations, in the accounting for its acquisitions, which requires recognition of the assets acquired and the liabilities assumed at their acquisition date fair values, separately from goodwill. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the tangible and identifiable intangible assets acquired and liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, that may be up to 12 months from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with a corresponding adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, the impact of any subsequent adjustments is included in the consolidated statements of operations. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued guidance on revenue recognition, which provides for a single, principles-based model for revenue recognition and replaces the existing revenue recognition guidance. The guidance is effective for annual and interim periods beginning on or after December 15, 2017 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is permitted, however not before December 15, 2016. The Company has not yet selected a transition method and is in the process of evaluating the effect this standard will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued amendments to its guidance which are intended to simplify the balance sheet presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. The amendments are effective for annual and interim periods beginning after December 15, 2015 and requires a retrospective transition method. Early adoption is permitted for financial statements that have not been previously issued. This adoption did not have a material impact on the Company’s consolidated financial statements. On November 20, 2015, the FASB issued guidance which requires an entity to present all deferred tax assets and liabilities as non-current in a classified balance sheet. The update becomes effective January 1, 2017, however early adoption is permitted. The Company chose early adoption for the periods presented. In February 2016, the FASB issued guidance on leases which supersedes the current lease guidance . The core principle requires lessees to recognize the assets and liabilities that arise from nearly all leases on the balance sheet . Accounting applied by lessors will remain largely consistent with previous guidance, additional changes set to align lessor accounting with the revised lessee model and the FASB’s revenue recognition guidance. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. In March 2016, the FASB issued guidance on employee share-based payment accounting , which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update becomes effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of this new guidance. Reclassifications Certain prior period amounts in the consolidated financial statements, and notes thereto, have been reclassified to conform to current period presentation. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Net Income Per Common Share [Abstract] | |
Net Income Per Common Share | 2. Net Income per Common Share Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. With regard to common stock subject to vesting requirements and restricted stock units issued to the Company’s employees and non-employee members of its Board of Directors, the calculation includes only the vested portion of such stock and units. Dilutive net income per common share is computed by dividing net income by the weighted average number of common shares outstanding, increased by the assumed conversion of other potentially dilutive securities during the period. The following table reconciles basic and dilutive weighted average common shares: Quarter Ended Nine Months Ended September 30, October 2, September 30, October 2, 2016 2015 2016 2015 Basic weighted average common shares outstanding 28,579,237 28,755,225 29,251,459 28,674,838 Effect of dilutive securities: Unvested restricted stock units and common stock subject to vesting requirements issued to employees and non-employees 1,472,927 1,919,882 1,327,491 1,419,441 Common stock issuable upon the exercise of stock options and SARs 2,323,333 813,283 2,291,271 670,454 Dilutive weighted average common shares outstanding 32,375,498 31,488,390 32,870,220 30,764,732 Approximately 0.8 million and 0.9 million shares of common stock equivalents were excluded from the computations of diluted net income per common share for the quarter and nine months ended September 30, 2016, respectively, as compared to 0.5 million for both the quarter and nine months ended October 2, 2015, respectively, as their inclusion would have had an anti-dilutive effect on diluted net income per common share. |
Accounts Receivable And Unbille
Accounts Receivable And Unbilled Revenue, Net | 9 Months Ended |
Sep. 30, 2016 | |
Accounts Receivable And Unbilled Revenue, Net [Abstract] | |
Accounts Receivable And Unbilled Revenue, Net | 3. Accounts Receivable and Unbilled Revenue, Net Accounts receivable and unbilled revenue, net, consisted of the following (in thousands): September 30, January 1, 2016 2016 Accounts receivable $ 35,924 $ 33,159 Unbilled revenue 14,262 10,768 Allowance for doubtful accounts (2,242) (1,881) Accounts receivable and unbilled revenue, net $ 47,944 $ 42,046 Accounts receivable is net of uncollected advanced billings. Unbilled revenue includes recognized recoverable costs and accrued profits on contracts for which billings had not been presented to clie nts. |
Accrued Expenses And Other Liab
Accrued Expenses And Other Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Accrued Expenses And Other Liabilities [Abstract] | |
Accrued Expenses And Other Liabilities | 4. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): September 30, January 1, 2016 2016 Accrued compensation and benefits $ 9,269 $ 3,934 Accrued bonuses 9,972 13,279 Accrued dividend payable — 3,199 Deferred revenue 9,452 11,433 Accrued sales, use, franchise and VAT tax 3,069 1,946 Non-cash stock compensation accrual 3,454 2,704 Income tax payable 5,299 3,087 Other accrued expenses 2,173 2,230 Total accrued expenses and other liabilities $ 42,688 $ 41,812 |
Credit Facility
Credit Facility | 9 Months Ended |
Sep. 30, 2016 | |
Credit Facility [Abstract] | |
Credit Facility | 5. Credit Facility The Company entered into a credit agreement with Bank of America, N.A. ("Bank of America"), pursuant to which Bank of America agreed to lend the Company up to $20.0 million pursuant to a revolving line of credit (the “Revolver”) and up to $47.0 million pursuant to a term loan (“the Term Loan ”, and together with the Revolver, the “Credit Facility”) . During 2015, the Company paid off the remaining balance on both the Term Loan and Revolver. As of January 1, 2016, the Company had fully utilized and paid off its Term Loan and had no outstanding balance on the Revolver. On May 9, 2016, the Company amended and restated the credit agreement with Bank of America to: · Provide for up to an additional $25.0 million of borrowing under the Revolver for a total borrowing capacity of $45.0 million; and to · Extend the maturity date on the Revolver to May 9, 2021 , five years from the date of this amendment of the Credit Agreement. The obligations of Hackett under the Credit Facility are guaranteed by active existing and future material U.S. subsidiaries of Hackett (the “U.S. Subsidiaries”), and are secured by substantially all of the existing and future property and assets of Hackett and the U.S. Subsidiaries, a 100% pledge of the capital stock of the U.S. Subsidiaries, and a 66% pledge of the capital stock of Hackett’s direct foreign subsidiaries (subject to certain exceptions). The interest rates per annum applicable to loans under the Credit Facility will be, at the Company’s option, equal to either a base rate or a LIBOR base rate, plus an applicable margin percentage. The applicable margin percentage is based on the consolidated leverage ratio, as defined in the Credit Agreement. As of September 30 , 2016, the applicable margin percentage was 1.50% per annum based on the consolidated leverage ratio, in the case of LIBOR rate advances, and 0.75% per annum, in the case of base rate advances. The Company is subject to certain covenants, including total consolidated leverage, fixed cost coverage, adjusted fixed cost coverage and liquidity requirements, each as set forth in the Credit Agreement, subject to certain exceptions. As of Se ptember 30, 2016, the Company was in compliance with all covenants. During the quarter ended July 1, 2016, the Company borrowed $25.0 million on the Revolver and paid down $3.0 million. During the quarter ended September 30 , 2016 , the Company paid down an additional $9.0 million, leaving $13.0 million outstanding under the Revolver, excluding the debt issuance costs of $0.4 million as of September 30, 2016 . |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2016 | |
Acquisition [Abstract] | |
Acquisition | 6. Acquisition During the quarter ended March 28, 2014, the Company acquired the U.S., Canada and Uruguay operations of Technolab International Corporation ("Technolab"). At closing, the Seller received $3.0 million in cash, not subject to vesting, and $1.0 million in shares subject to vesting, which is being recorded as non-cash compensation over the service vesting period. The seller also earned an additional $8.0 million in a combination of cash, not subject to service vesting, and stock, subject to service vesting, based on a one-year profitability-based earn- out contingent upon actual results achieved. The stock portion of the earn-out is being recorded as compensation expense over the service vesting period. During the third quarter of 2015, the Company settled the contingent earn-out with cash and stock issuances in accordance with the agreement. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | 7. Stock Based Compensation During the nine months ended September 30, 2016, the Company issued 575,045 restricted stock units at a weighted average grant-date fair value of $ 13.37 per share. As of September 30, 2016, the Company had 1,799,440 restricted stock units outstanding at a weighted average grant-date fair value of $8 .97 per share. As of September 30, 2016, $9.7 million of total restricted stock unit compensation expense related to unvested awards had not been recognized and is expected to be recognized over a weighted average period of approximately 1.7 years. During the nine months ended September 30, 2016, no shares of common stock subject to vesting requirements were issued. As of September 30, 2016, the Company had 505,060 shares of common stock subject to vesting requirements outstanding at a weighted average grant-date fair value of $10.95 per share. As of September 30, 2016, $ 3.1 million of compensation expense related to common stock subject to vesting requirements had not been recognized and is expected to be recognized over a weighted average period of approximately 1.8 years. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Stock Appreciation Rights (“SARs”) In 2012, the Company’s CEO and COO agreed to give up 50% of their equity inc entive compensation awards for p lan years 2012 through 2015 in exchange for 2.9 million SARs with an exercise price of $4.00 , only to be earned upon the achievement of 50% growth in pro forma earnings per share and 50% growth in pro forma EBITDA from a base year of 2011. The grants would have expired if neither target were achieved during a six -year term. In the first quarter of 2015, the outstanding SARs awards for the achievement of 50% growth in pro forma earnings per share vested with the Audit Committee’s approval of the Company’s 2014 financial statements. In the first quarter of 2016, the outstanding SARs awards for the Company’s achievement of over 50% growth of pro forma EBITDA vested with the Audit Committee’s approval of the Company’s 2015 financial statements . As of September 30, 2016, no SARs had been exercised. As of January 1, 2016, all non-cash stock compensation expense relating to the outstanding SARs had been recognized . Treasury Stock Under the Company’s share repurchase plan, the Company may buy back shares of its outstanding stock either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions. During the quarter ended September 30, 2016, the Company repurchased 30 thousand shares of its common stock at an average price of $14.84 per share for a total cost of $449 thousand. During the nine months ended September 30, 2016, the Company repurchased 2.1 million shares of its common stock at an average price of $14.60 per share for a total cost of $30.1 million. As of September 30, 2016, the Company had $ 4.4 million available under its share repurchase plan authorization. During the quarter ended October 2, 2015 , the Company did not repurchase any of its common stock. During the nine months ended October 2, 2015 , the Company repurchased approximately 149 thousand shares of its common stock at an average price of $9.10 per share for a total cost of approximately $1.4 million. On May 6, 2016, the Company’s Board of Directors approved the repurchase of 697 thousand shares of its common stock from the Company’s CEO, 732 thousand shares of its common stock from the Company’s COO, and 73 thousand shares of its common stock from the Company’s CFO for a total of approximately 1.5 million shares at a purchase price of $14.77 per share. The transaction was approved by the Audit Committee of the Board of Directors which is comprised solely of independent directors and was effected as part of the Company’s share repurchase program. Following the transaction, Mr. Fernandez, Mr. Dungan and Mr. Ramirez remained the beneficial owners of 11.8% , 4.9% and 0.9% shares, respectively, of the outstanding common stock. One of the primary reasons for this transaction was to lower the Company’s weighted average shares outstanding which had increased by 11% from the first quarter of 2015 as a result of the vesting of the SARs and appreciation in share price. The repurchase reduces weighted average shares outstanding by approximately 4% and is $0.03 to $0.04 accretive on an annualized basis. Based on the most recent SEC filings, including shares of Company common stock beneficially owned and shares that could be acquired upon the exercise of the SARs, Mr. Ferna ndez continues to be the largest beneficial shareholder of the Company. In addition, the Board of Directors approved an additional authorization of $5.0 million during the quarter ended July 1, 2016, to a total of $127.2 million. As of September 30, 2016, the remaining authorization was $4.4 million. There is no expiration of the authorization. In reviewing and approving the transaction, the independent directors of the Board considered, among other factors, the benefits to the Company’s stockholders of this transaction such as the fact that (i) the share repurchase transaction is expected to be accretive to earnings per share, and (ii) the transaction was a unique opportunity to repurchase a large block of shares in an orderly manner. The transaction w as funded from borrowings under the Company’s Credit Facility which was amended on May 9, 2016 in order to provide an additional $25.0 million in borrowing capacity for an aggregate amount of up to $45.0 million from time to time pursuant to the Revolver. There were no amounts outstanding under the Credit Facility prior to the repurchase described above. The shares repurchased under the share repurchase plan during the quarter and nine months ended September 30, 2016, do not include 4 thousand and 288 thousand shares for a cost of $50 thousand and $3.9 million, respectively, which the Company bought back to satisfy employee net vesting-related tax obligations. During the quarter and nine months ended October 2, 2015, the Company bought back 5 thousand and 281 thousand shares at a cost of $0.1 million and $2.2 million, respectively, to satisfy employee net vesting-related tax obligations. Dividend Program In 2015, the Company increased the annual dividend from $0.12 per share to $0.20 per share to be paid on a semi-annual basis which resulted in aggregate dividends of $3.1 million and $3.2 million paid to shareholders on record on June 29, 2015 and December 28, 2015, respectively. These dividends were paid from U.S. domestic sources and are accounted for as an increase to accumulated deficit. The dividend declared in December 2015 was paid in January 2016. During the quarter ended April 1, 2016, the Company increased its annual dividend to $0.26 per share to be paid on a semi-annual basis. During the quarter ended July 1, 2016, the Board of Directors declared the semi-annual dividend payment of $0.13 per share, or a total of $4.0 million, for shareholders of record on June 30, 2016, which was paid on July 11, 2016. Subsequent to quarter end, the Company declared its semi-annual dividend of $0.13 per share for shareholders of record as of December 22, 2016 which is to be paid on January 5, 2017. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2016 | |
Litigation [Abstract] | |
Litigation | 9 . Litigation The Company is involved in legal proceedings, claims, and litigation arising in the ordinary course of business not specifically discussed herein. In the opinion of management, the final disposition of such matters will not have a material adverse effect on the Company’s financial position, cash flows or results of operations. |
Geographic And Group Informatio
Geographic And Group Information | 9 Months Ended |
Sep. 30, 2016 | |
Geographic And Group Information [Abstract] | |
Geographic And Group Information | 10 . Geographic and Group Information Revenue , which is primarily based on the count ry of the contracting entity and differs from the Company’s non-GAAP reporting, was attributed to the following geographical areas (in thousands): Quarter Ended Nine Months Ended September 30, October 2, September 30, October 2, 2016 2015 2016 2015 Revenue: North America $ 64,136 $ 57,060 $ 188,666 $ 161,025 International (primarily European countries) 9,982 10,157 29,843 33,561 Total revenue $ 74,118 $ 67,217 $ 218,509 $ 194,586 Long-lived assets are attributable to the following geographic areas (in thousands): September 30, January 1, 2016 2016 Long-lived assets: North America $ 77,523 $ 78,230 International (primarily European countries) 12,997 14,662 Total long-lived assets $ 90,520 $ 92,892 As of September 30, 2016 and January 1, 2016, foreign assets included $1 2.6 million and $14.1 million, respectively, of goodwill related to acquisitions. In the following table, the Hackett Group service group encompasses Benchmarking, Business Transformation, Executive Advisory and EPM and EPM Application Maintenance and Support groups. The ERP Solutions service group encompasses SAP ERP Implementation and SAP Maintenance groups (in thousands): Quarter Ended Nine Months Ended September 30, October 2, September 30, October 2, 2016 2015 2016 2015 The Hackett Group $ 62,610 $ 58,174 $ 186,302 $ 165,757 ERP Solutions 11,508 9,043 32,207 28,829 Total revenue $ 74,118 $ 67,217 $ 218,509 $ 194,586 |
Basis Of Presentation And Gen18
Basis Of Presentation And General Information (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Basis Of Presentation And General Information [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of The Hackett Group , Inc. (“Hackett” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company’s accounts and those of its wholly-owned subsidiaries which the Company is required to consolidate. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements reflect all normal and recurring adjustments which are necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods presented. The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these statements do not include all the disclosures normally required by U.S. GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended January 1, 2016, included in the Annual Report on Form 10-K filed by the Company with the SEC. The consolidated results of operations for the quarter and nine months ended September 30, 2016, are not necessarily indicative of the results to be expected for any future period or for the full fiscal year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Fair Value | Fair Value The Company’s financial instruments consist of cash and cash equivalents, accounts receivable and unbilled revenue, accounts payable, accrued expenses and other liabilities and debt. As of September 30, 2016 and January 1, 2016, the carrying amount of each financial instrument, with the exception of debt, approximated the instrument’s respective fair value due to the short-term nature and maturity of these instruments. The Company uses significant other observable market data or assumptions (Level 2 inputs as defined in accounting guidance) that it believes market participants would use in pricing debt. The fair value of the debt approximated its carrying amount using Level 2 inputs, due to the short-term variable interest rates with commercial lenders that vary with market conditions. |
Business Combinations | Business Combinations The Company applies the provisions of ASC 805, Business Combinations, in the accounting for its acquisitions, which requires recognition of the assets acquired and the liabilities assumed at their acquisition date fair values, separately from goodwill. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the tangible and identifiable intangible assets acquired and liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, that may be up to 12 months from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with a corresponding adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, the impact of any subsequent adjustments is included in the consolidated statements of operations. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued guidance on revenue recognition, which provides for a single, principles-based model for revenue recognition and replaces the existing revenue recognition guidance. The guidance is effective for annual and interim periods beginning on or after December 15, 2017 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is permitted, however not before December 15, 2016. The Company has not yet selected a transition method and is in the process of evaluating the effect this standard will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued amendments to its guidance which are intended to simplify the balance sheet presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. The amendments are effective for annual and interim periods beginning after December 15, 2015 and requires a retrospective transition method. Early adoption is permitted for financial statements that have not been previously issued. This adoption did not have a material impact on the Company’s consolidated financial statements. On November 20, 2015, the FASB issued guidance which requires an entity to present all deferred tax assets and liabilities as non-current in a classified balance sheet. The update becomes effective January 1, 2017, however early adoption is permitted. The Company chose early adoption for the periods presented. In February 2016, the FASB issued guidance on leases which supersedes the current lease guidance . The core principle requires lessees to recognize the assets and liabilities that arise from nearly all leases on the balance sheet . Accounting applied by lessors will remain largely consistent with previous guidance, additional changes set to align lessor accounting with the revised lessee model and the FASB’s revenue recognition guidance. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. In March 2016, the FASB issued guidance on employee share-based payment accounting , which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update becomes effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of this new guidance. |
Reclassifications | Reclassifications Certain prior period amounts in the consolidated financial statements, and notes thereto, have been reclassified to conform to current period presentation. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Net Income Per Common Share [Abstract] | |
Basic And Diluted Weighted Average Shares | Quarter Ended Nine Months Ended September 30, October 2, September 30, October 2, 2016 2015 2016 2015 Basic weighted average common shares outstanding 28,579,237 28,755,225 29,251,459 28,674,838 Effect of dilutive securities: Unvested restricted stock units and common stock subject to vesting requirements issued to employees and non-employees 1,472,927 1,919,882 1,327,491 1,419,441 Common stock issuable upon the exercise of stock options and SARs 2,323,333 813,283 2,291,271 670,454 Dilutive weighted average common shares outstanding 32,375,498 31,488,390 32,870,220 30,764,732 |
Accounts Receivable And Unbil20
Accounts Receivable And Unbilled Revenue, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounts Receivable And Unbilled Revenue, Net [Abstract] | |
Accounts Receivable And Unbilled Revenue, Net | September 30, January 1, 2016 2016 Accounts receivable $ 35,924 $ 33,159 Unbilled revenue 14,262 10,768 Allowance for doubtful accounts (2,242) (1,881) Accounts receivable and unbilled revenue, net $ 47,944 $ 42,046 |
Accrued Expenses And Other Li21
Accrued Expenses And Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accrued Expenses And Other Liabilities [Abstract] | |
Components Of Accrued Expenses And Other Liabilities | September 30, January 1, 2016 2016 Accrued compensation and benefits $ 9,269 $ 3,934 Accrued bonuses 9,972 13,279 Accrued dividend payable — 3,199 Deferred revenue 9,452 11,433 Accrued sales, use, franchise and VAT tax 3,069 1,946 Non-cash stock compensation accrual 3,454 2,704 Income tax payable 5,299 3,087 Other accrued expenses 2,173 2,230 Total accrued expenses and other liabilities $ 42,688 $ 41,812 |
Geographic And Group Informat22
Geographic And Group Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Geographic And Group Information [Abstract] | |
Geographic Revenue | Quarter Ended Nine Months Ended September 30, October 2, September 30, October 2, 2016 2015 2016 2015 Revenue: North America $ 64,136 $ 57,060 $ 188,666 $ 161,025 International (primarily European countries) 9,982 10,157 29,843 33,561 Total revenue $ 74,118 $ 67,217 $ 218,509 $ 194,586 |
Long-Lived Assets Attributable To Geographic Area | September 30, January 1, 2016 2016 Long-lived assets: North America $ 77,523 $ 78,230 International (primarily European countries) 12,997 14,662 Total long-lived assets $ 90,520 $ 92,892 |
Revenue By Service Group | Quarter Ended Nine Months Ended September 30, October 2, September 30, October 2, 2016 2015 2016 2015 The Hackett Group $ 62,610 $ 58,174 $ 186,302 $ 165,757 ERP Solutions 11,508 9,043 32,207 28,829 Total revenue $ 74,118 $ 67,217 $ 218,509 $ 194,586 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Net Income Per Common Share [Abstract] | ||||
Antidilutive common share equivalents | 0.8 | 0.5 | 0.9 | 0.5 |
Net Income Per Common Share (Ba
Net Income Per Common Share (Basic And Diluted Weighted Average Shares) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Net Income Per Common Share [Abstract] | ||||
Basic weighted average common shares outstanding | 28,579,237 | 28,755,225 | 29,251,459 | 28,674,838 |
Unvested restricted stock units and common stock subject to vesting requirements issued to employees and non-employees | 1,472,927 | 1,919,882 | 1,327,491 | 1,419,441 |
Common stock issuable upon the exercise of stock options and SARs | 2,323,333 | 813,283 | 2,291,271 | 670,454 |
Diluted weighted average common shares outstanding | 32,375,498 | 31,488,390 | 32,870,220 | 30,764,732 |
Accounts Receivable And Unbil25
Accounts Receivable And Unbilled Revenue, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jan. 01, 2016 |
Accounts Receivable And Unbilled Revenue, Net [Abstract] | ||
Accounts receivable | $ 35,924 | $ 33,159 |
Unbilled revenue | 14,262 | 10,768 |
Allowance for doubtful accounts | (2,242) | (1,881) |
Accounts receivable and unbilled revenue, net | $ 47,944 | $ 42,046 |
Accrued Expenses And Other Li26
Accrued Expenses And Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jan. 01, 2016 |
Accrued Expenses And Other Liabilities [Abstract] | ||
Accrued compensation and benefits | $ 9,269 | $ 3,934 |
Accrued bonuses | 9,972 | 13,279 |
Accrued dividend payable | 3,199 | |
Deferred revenue | 9,452 | 11,433 |
Accrued sales, use, franchise and VAT tax | 3,069 | 1,946 |
Non-cash stock compensation accrual | 3,454 | 2,704 |
Income taxes payable | 5,299 | 3,087 |
Other accrued expenses | 2,173 | 2,230 |
Total accrued expenses and other liabilities | $ 42,688 | $ 41,812 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Jul. 01, 2016 | Sep. 30, 2016 | May 09, 2016 | Jan. 01, 2016 | |
Revolving line of credit facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity under credit facility | $ 20,000,000 | $ 25,000,000 | $ 20,000,000 | $ 45,000,000 | |
Credit facility amount outstanding | 13,000,000 | 13,000,000 | 0 | ||
Repayment of debt | 9,000,000 | $ 3,000,000 | |||
Debt issuance costs | 400,000 | $ 400,000 | |||
Additional borrowing capacity | $ 25,000,000 | ||||
Maturity date | May 9, 2021 | ||||
Pledge of capital stock to U.S. subsidiaries | 100.00% | ||||
Pledge of capital stock to direct foreign subsidiaries | 66.00% | ||||
Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity under credit facility | $ 47,000,000 | $ 47,000,000 | |||
Revolving Line Of Credit Facility And Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility amount outstanding | $ 0 | ||||
LIBOR Rate [Member] | Revolving line of credit facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Margin percentage base rate | 1.50% | ||||
Base Rate [Member] | Revolving line of credit facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Margin percentage base rate | 0.75% |
Acquisition (Details)
Acquisition (Details) $ in Millions | 3 Months Ended |
Mar. 28, 2014USD ($) | |
Acquisition [Abstract] | |
Purchase price | $ 3 |
Shares granted to sellers | 1 |
Contingent consideration | $ 8 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average period, Common stock | 1 year 9 months 18 days |
Number of shares granted subject to vesting requirements | 0 |
Shares subject to vesting requirements | 505,060 |
Nonvested weighted average grant-date fair value, Common stock | $ / shares | $ 10.95 |
Compensation expense related to common stock subject to vesting requirements | $ | $ 3.1 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units granted | 575,045 |
Weighted average grant-date fair value | $ / shares | $ 13.37 |
Weighted average period, Restricted stock units | 1 year 8 months 12 days |
Restricted stock units outstanding | 1,799,440 |
Nonvested weighted average grant-date fair value | $ / shares | $ 8.97 |
Compensation expenses related to unvested restricted stock unit based awards | $ | $ 9.7 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | Jul. 11, 2016 | May 06, 2016 | Dec. 28, 2015 | Jun. 29, 2015 | Apr. 03, 2015 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | Dec. 28, 2012 | Nov. 08, 2016 | May 09, 2016 | Jan. 01, 2016 |
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Equity incentive compensation awards given up | 50.00% | ||||||||||||||
Additional stock repurchase authorized | $ 5,000,000 | ||||||||||||||
Stock repurchase authorized | 127,200,000 | $ 127,200,000 | |||||||||||||
Repurchase of common stock | 1,500,000 | ||||||||||||||
Purchase price per share | $ 14.77 | ||||||||||||||
Weighted average shares outstanding | 4.00% | 11.00% | |||||||||||||
Weighted average shares outstanding accretive on an annualized basis | $ 0.04 | $ 0.03 | |||||||||||||
Amount available under repurchase plan | $ 4,400,000 | $ 4,400,000 | |||||||||||||
Shares repurchased for employee net vesting obligations, shares | 4,000 | 5,000 | 288,000 | 281,000 | |||||||||||
Shares repurchased for employee net vesting obligations, value | $ 50,000 | $ 100,000 | $ 3,900,000 | $ 2,200,000 | |||||||||||
Dividend paid, per share | $ 0.20 | $ 0.12 | $ 0.13 | $ 0.26 | |||||||||||
Dividend paid, cash value | $ 4,000,000 | $ 3,200,000 | $ 3,100,000 | ||||||||||||
Chief Executive Officer [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Repurchase of common stock | 697,000 | ||||||||||||||
Beneficial owners | 11.80% | ||||||||||||||
Chief Operating Officer [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Repurchase of common stock | 732,000 | ||||||||||||||
Beneficial owners | 4.90% | ||||||||||||||
Chief Financial Officer [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Repurchase of common stock | 73,000 | ||||||||||||||
Beneficial owners | 0.90% | ||||||||||||||
Stock Appreciation Rights (SARs) [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
SARs exchanged | 2,900,000 | ||||||||||||||
Exercise price | $ 4 | ||||||||||||||
Target achievement, pro forma Earnings per share | 50.00% | ||||||||||||||
Target achievement, pro forma EBITDA | 50.00% | ||||||||||||||
Target achievement, Term | 6 years | ||||||||||||||
SARs exercised | 0 | ||||||||||||||
Stock Repurchase A [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Repurchase of common stock | 30,000 | 0 | 2,100,000 | 149,000 | |||||||||||
Purchase price per share | $ 14.84 | $ 14.60 | $ 9.10 | ||||||||||||
Total cost | $ 449,000 | $ 30,100,000 | $ 1,400,000 | ||||||||||||
Subsequent Event [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Dividend declared | $ 0.13 | ||||||||||||||
Revolving line of credit facility [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Additional borrowing capacity | $ 25,000,000 | ||||||||||||||
Borrowing capacity under credit facility | 20,000,000 | $ 25,000,000 | 20,000,000 | 45,000,000 | |||||||||||
Credit facility amount outstanding | 13,000,000 | 13,000,000 | $ 0 | ||||||||||||
Term Loan [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Borrowing capacity under credit facility | $ 47,000,000 | $ 47,000,000 | |||||||||||||
Revolving Line Of Credit Facility And Term Loan [Member] | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Credit facility amount outstanding | $ 0 |
Geographic And Group Informat31
Geographic And Group Information (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Jan. 01, 2016 |
Geographic And Group Information [Abstract] | ||
Goodwill included in foreign assets | $ 12.6 | $ 14.1 |
Geographic And Group Informat32
Geographic And Group Information (Geographic Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 74,118 | $ 67,217 | $ 218,509 | $ 194,586 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 64,136 | 57,060 | 188,666 | 161,025 |
International (Primarily European Countries) [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 9,982 | $ 10,157 | $ 29,843 | $ 33,561 |
Geographic And Group Informat33
Geographic And Group Information (Long-Lived Assets Attributable To Geographic Area) (Details) - USD ($) | Sep. 30, 2016 | Jan. 01, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 90,520,000 | $ 92,892,000 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 77,523,000 | 78,230,000 |
International (Primarily European Countries) [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 12,997,000 | $ 14,662,000 |
Geographic And Group Informat34
Geographic And Group Information (Revenue By Service Group) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 74,118 | $ 67,217 | $ 218,509 | $ 194,586 |
The Hackett Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 62,610 | 58,174 | 186,302 | 165,757 |
ERP Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 11,508 | $ 9,043 | $ 32,207 | $ 28,829 |